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Arab Steel Summit

mtaha

India intends to increase steel capacity by more than 22 million tons in 2024

News, Public Reports / By mtaha

India’s leading steel companies, including JSW Steel and Tata Steel, plan to invest heavily in increasing steel capacity by at least 22 million tons per year in the 2024/2025 fiscal year. This was reported by Nasdaq. Indian companies are trying to increase production capacity to record levels to capitalize on growing domestic demand for steel …

India intends to increase steel capacity by more than 22 million tons in 2024 Read More »

Rebar prices in Egypt March 19, 2024

News / By mtaha

Rebar prices in Egypt witnessed stability this week, as prices ranged between EGP 39,000 – EGP 47,000. The prices were as follows: Ezz Steel EGP 46,500, Suez Steel EGP46,500, Bishay Steel EGP 47,000, El Marakby Steel EGP 46,500, Egyptian Steel EGP 46,500, Ashry Steel EGP 46,500, Garhy Steel EGP 46,300, Misr Steel EGP 40,500, El …

Rebar prices in Egypt March 19, 2024 Read More »

Rebar prices in the Kingdom of Saudi Arabia

News / By mtaha

According to the General Authority for Statistics, the average price of a ton of rebar in the Kingdom of Saudi Arabia was recorded in February 2024.

Iron ore rebounds to $100 per ton despite increasing Chinese stocks

News / By mtaha

Iron ore prices turned higher during Monday’s trading following the release of mixed data on economic activity in China at a time when the world’s second largest economy is suffering from a real estate crisis affecting demand for steel. The prices of iron ore futures contracts traded in Singapore for April delivery rose by 1.5% …

Iron ore rebounds to $100 per ton despite increasing Chinese stocks Read More »

US warns Europe against filing a complaint against it at the World Trade Organization in the steel issue

News / By mtaha

The United States has notified the European Union that it is prepared to risk derailing attempts to reform one of the pillars of multilateral trade cooperation if the Union reopens a case in the World Trade Organization against Washington over the steel and aluminum dispute in the Trump era. European diplomats and officials said that …

US warns Europe against filing a complaint against it at the World Trade Organization in the steel issue Read More »

Steel prices in the third week of March 2024

News / By mtaha

According to the prices announced in the global steel markets, scrap prices amounted to $380/ tonne, $4 up compared to last week’s prices, and iron ore prices $101/ tonne, $17 down compared to lastt week’s prices. While the prices of billets ranged between 505– 590 Dollars per tonne, while it was between 505– 570 dollars …

Steel prices in the third week of March 2024 Read More »

Fitch confirms Kuwait’s rating at “AA-” with a stable outlook

News / By mtaha

Fitch Ratings maintained the credit rating of Kuwait’s long-term foreign currency bonds at “AA-” with a stable outlook. Fitch Ratings said in its report that Kuwait’s rating is supported by its “exceptionally strong” financial and external balance sheet. On the other hand, the agency pointed out the limitations surrounding the classification, which are summarized in …

Fitch confirms Kuwait’s rating at “AA-” with a stable outlook Read More »

Iron ore price falls below $100 amid China’s real estate crisis

News / By mtaha

Iron ore futures fell below the level of $100 per ton for the first time in 7 months, as investors expect that the years-long real estate crisis in China will continue throughout 2024, which may hinder the rise in demand for steel. The price of the metal used in the steel industry has declined by …

Iron ore price falls below $100 amid China’s real estate crisis Read More »

Biden opposes Japan’s Nippon Steel’s acquisition of US Steel

News / By mtaha

US President Joe Biden announced on Thursday his opposition to the agreement reached for the Japanese Nippon Steel Group to acquire the American steel manufacturer US Steel. Biden said in a statement, “US Steel has been a model American steel company for more than a century, and remaining a domestically owned and operated American steel …

Biden opposes Japan’s Nippon Steel’s acquisition of US Steel Read More »

National Steel Committee elects Mr. Bandar Al-Salim as Chairman, and Mr. Jassim Al Abbas as Vice-Chairman

News / By mtaha

National Committee for the Iron Industry announced that it held its first meeting and elected Mr. Bandar bin Abdullah Al-Salim as Chairman and Mr. Jassim Bin Mohamed Al Abbas as Vice-Chairman for the session (1444-1447).

ArcelorMittal buys a stake in Valorac for $1 billion

News / By mtaha

ArcelorMittal has agreed to buy a $1.04 billion (€955 million) stake in steel pipe maker Vallourec, as it seeks to boost its exposure to more value-added products. ArcelorMittal said that it had signed a share purchase agreement to acquire a 28% stake in Valorac from funds managed by Apollo Global Management. The French pipe maker …

ArcelorMittal buys a stake in Valorac for $1 billion Read More »

Saudi Arabia: Rebar prices fell by 14.5% within a year

News / By mtaha

Rebar prices continued their continuous decline after a wave of increases, the largest in iron prices in the Kingdom during the past three years. The lowest decline in rebar prices during January was 14.5% for 8 mm national rebar, whose price fell from 3212.92 riyals in January 2023 to 2747.05 riyals in January 2024. A …

Saudi Arabia: Rebar prices fell by 14.5% within a year Read More »

Iron ore falls to its lowest level in seven months

News / By mtaha

Iron ore continued its decline, closing at a seven-month low and approaching $100 per ton, a level that is halting some high-cost production. The raw material for steelmaking fell from more than $140 per ton early this year to less than $106 due to concerns about the outlook for demand in China. Steel consumption did …

Iron ore falls to its lowest level in seven months Read More »

Tata Steel chooses Danieli for pickling and galvanizing line investment

News / By mtaha

Indian steelmaker Tata Steel has ordered a combined pickling and galvanizing line from Italy-based plantmaker Danieli to install at its Tarapur mill in India, with the purpose of producing different coated grades and processing strips of different thicknesses and widths, Danieli said in a statement. Accordingly, with the investment, Tata Steel plans to enlarge its …

Tata Steel chooses Danieli for pickling and galvanizing line investment Read More »

US steel exports up 25.4% in January 2024

News / By mtaha

According to export data from the US Department of Commerce, monthly steel exports in January 2024 increased 25.4% from December to total 699,122 mt. A year-on-year comparison shows a 5.7% increase. In terms of value, US steel exports in January totaled $1.25 billion, compared to $1.02 billion in December and $1.23 million in January 2023. …

US steel exports up 25.4% in January 2024 Read More »

Launching the first training course for workers of the National Iron and Steel Company to exploit the Gara Jbeilat mine

News / By mtaha

The Governor of the state of Tindouf, Mr. Dahou Mustafa, and the President and Director General of the SONARAM complex, Mr. Mohamed Sakher Harami, in the state of Tindouf, supervised the signing ceremonies of work contracts for young people from the state of Tindouf, in the presence of the presidents and general directors of the …

Launching the first training course for workers of the National Iron and Steel Company to exploit the Gara Jbeilat mine Read More »

Trump intends to raise tariffs by 10% if he wins the presidency

News / By mtaha

Donald Trump defended his proposal to impose a 10% tariff on imports, noting that tax cuts could contribute to alleviating their impact on families. During an interview with CNBC, US President Joe Biden’s Republican rival in next November’s elections said that “taxes could be reduced” when asked about the potential negative repercussions of his proposal. …

Trump intends to raise tariffs by 10% if he wins the presidency Read More »

Iron ore prices continue to fall as inventories continue to rise in China

News / By mtaha

The price of iron ore fell by about 5%, heading to $110 per ton, as disappointing demand from China left the market with a glut of inventory. The price of crude oil used to make steel fell by nearly a quarter in early January from its highest levels, amid continuing pressure on real estate and …

Iron ore prices continue to fall as inventories continue to rise in China Read More »

Rebar prices in Egypt March 11, 2024

News / By mtaha

Rebar prices in Egypt witnessed stability this week, as prices ranged between EGP 40,500 – EGP 47,000. The prices were as follows: Ezz Steel EGP 46,500, Suez Steel EGP46,500, Bishay Steel EGP 47,000, El Marakby Steel EGP 46,500, Egyptian Steel EGP 46,500, Ashry Steel EGP 46,500, Garhy Steel EGP 46,300, Misr Steel EGP 42,000, El …

Rebar prices in Egypt March 11, 2024 Read More »

China increased steel exports by 32.6% y/y in January-February 2024

News / By mtaha

In January-February 2024, Chinese steel companies increased their exports of steel products by 32.6% compared to the same period in 2023, to 15.91 million tons. The average export price amounted to $791.7/t, up 32.1% y/y. This is according to the China Iron and Steel Association (CISA). Steel imports to China in January-February 2024 amounted to …

China increased steel exports by 32.6% y/y in January-February 2024 Read More »

Watani Steel’s profits decreased to 4.2 million riyals (-91%) by the end of 2023

News / By mtaha

The profits of Watani Steel, which works in the production and manufacture of iron blocks and rebar, decreased to 4.2 million riyals by the end of 2023, by 91%, compared to the profits of 49.6 million riyals that the company had achieved last year. The company said that the reason for the decrease in profits …

Watani Steel’s profits decreased to 4.2 million riyals (-91%) by the end of 2023 Read More »

Steel prices in the second week of March 2024

News / By mtaha

According to the prices announced in the global steel markets, scrap prices amounted to $376/ tonne, $14 down compared to last week’s prices, and iron ore prices $118/ tonne, $6 up compared to lastt week’s prices. While the prices of billets ranged between 505– 570 Dollars per tonne, while it was between 505– 585 dollars …

Steel prices in the second week of March 2024 Read More »

After stopping more than 20 years…Reopening of the iron and steel factory in Basra

News / By mtaha

Prime Minister Muhammad Shiaa Al-Sudani opened the iron and steel factory in Basra Governorate, after it had been closed since 2003. Al-Sudani’s office said in a statement received by ABC Arabia, “Prime Minister Muhammad Shia’ al-Sudani opened in Basra the rolling mill, one of the factories of State Company For Iron and Steel, with a …

After stopping more than 20 years…Reopening of the iron and steel factory in Basra Read More »

Japan’s steel scrap exports down 18.8% in January

News / By mtaha

According to customs statistics, in January this year, Japan’s steel scrap exports reached 458,014 tons, down 18.8% compared to 571,533 tons in the same month of the previous year. During the given month, Vietnam was the largest importer of Japanese scrap, importing 209,028 tons, an increase of 55.4% year-on-year. Vietnam was followed by South Korea …

Japan’s steel scrap exports down 18.8% in January Read More »

National Housing Company (NHC) and “Saudi Talaat Mustafa Group” sign the launching ceremony of the Banan City project in the Al Forsan suburb.

News / By mtaha

Today, Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs and Housing, witnessed the launch ceremony of the Banan project in the Al-Fursan suburb of Riyadh, in the presence of Mohammed bin Saleh Al-Bati, CEO of the National Housing Company, and Hisham Talaat Mustafa. Chairman of the Board of Directors of “Talaat Mustafa Group – …

National Housing Company (NHC) and “Saudi Talaat Mustafa Group” sign the launching ceremony of the Banan City project in the Al Forsan suburb. Read More »

Jordan Steel announces the prices of rebar for March 2024

News / By mtaha

Jordan Steel Company announced rebar prices for March 2024, unchanged from last month’s prices. The prices for Grade 60 EXW, between 420 and 432 dinars per tonne, excluding sales tax. However, with sales tax, it is between 500 and about 515 dinars per tonne. Grade Price without tax Price with tax Sales / tonnes …

Jordan Steel announces the prices of rebar for March 2024 Read More »

Rebar prices in Egypt, March 5, 2024

News / By mtaha

Rebar prices in Egypt witnessed stability this week, as prices ranged between EGP 44,500 – EGP 54,000. The prices were as follows: Ezz Steel EGP 46,500, Suez Steel EGP 53,520, Bishay Steel EGP 47,000, El Marakby Steel EGP 53,520, Egyptian Steel EGP 46,500, Ashry Steel EGP 46,500, Garhy Steel EGP 45,158, Misr Steel EGP 45,500, …

Rebar prices in Egypt, March 5, 2024 Read More »

Arab Iron and Steel Union holds the eighth meeting of the Economic Committee in Algeria

News / By mtaha

The Arab Iron and Steel Union held the eighth meeting of the Economic Committee in Algiers, Republic of Algeria, during the period from 4 to 5 March. The committee meeting was attended by representatives of the following countries: the Arab Republic of Egypt – the Republic of Algeria – the State of Kuwait – the …

Arab Iron and Steel Union holds the eighth meeting of the Economic Committee in Algeria Read More »

Steel prices in the first week of March 2024

News / By mtaha

According to the prices announced in the global steel markets, scrap prices amounted to $390/ tonne, $21 down compared to last week’s prices, and iron ore prices $115/ tonne, $6 down compared to lastt week’s prices. While the prices of billets ranged between 505– 585 Dollars per tonne, while it was between 515– 600 dollars …

Steel prices in the first week of March 2024 Read More »

Egypt: Suez Steel announces a decline in the prices of rebar

News / By mtaha

Suez Steel Company announced the prices of rebar starting from Mrach 01, 2024, to become EGP 46,500 per ton, aa decrease of EGP 7,020. And flat steel, including value-added tax. Statement including VAT Rebar 46,500