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Arab Steel Summit

Finished Products

UAE: Rebar prices rise by 8% during the first quarter of 2024

Rebar prices in the UAE markets moved in a narrow range during the first quarter of 2024, ranging around 2,745 dirhams/ton, compared to an average of 2,538 dirhams/ton during the same period in 2023, an increase of 8%. Prices reached levels of 2,680 dirhams/ton in January of this year, while they ranged around 2,734 dirhams/ton …

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US intends to increase duties 3 times on imports of Chinese steel and aluminum

US President Joe Biden called for increasing customs duties on steel imported from China by three times “to protect American producers from the flood of cheap imports coming from Beijing.” This step reflects the intersection of Biden’s international trade policy with his efforts to attract voters in Pennsylvania, which is likely to play a pivotal …

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China’s steel exports almost hit 10 million mt in March, highest since July 2016

In March, China’s finished steel exports amounted to 9.888 million mt, up 37.9% month on month, according to the latest data released by China’s General Administration of Customs (GACC). The finished steel exports in March hit the highest level since July 2016, when they had totaled 10.3 million mt. The strong exports caused market players …

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Report : Global steel demand is expected to grow by 1.7% in 2024

The World Steel Organization expected global steel demand to rise by 1.7 percent to 1.793 billion metric tons during the current year, driven by increased demand in India as Chinese demand continues to decline. The report indicated that after two years of decline and severe market fluctuations following the Corona pandemic, there are clear signs …

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US opens an expanded investigation into a major acquisition deal in the steel sector

The US Justice Department has opened an expanded antitrust investigation into Nippon Steel’s $14.1 billion takeover bid for United States Steel Corp, creating additional legal hurdles to completing the deal, according to people familiar with the matter. On command. Regulators at the ministry are seeking more information for antitrust reasons, according to the people, who …

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India’s steel exports and imports rise in fiscal year 2023-24

India’s steel imports were initially estimated at 8.32 million tonnes in FY 2023-24, up 38% year-on-year making the country a net importer of steel, data from the Joint Plants Committee (JPC) of the Ministry of Steel showed. According to the data, India’s steel exports were initially estimated at 7.48 million tonnes during 2023-24, an increase …

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Turkey’s steel export value up 25.4% in January – February 2023

According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK), in February this year Turkey’s foreign trade deficit decreased by 44.2% to $6.77 billion compared to February 2023. In the January-February period this year, Turkey’s foreign trade deficit went down by 51.0% year on year to $12.95 billion. In February, Turkey’s …

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China’s steel associations call for limiting steel production

Chinese steel associations are calling for a curb on steel production to curb the rapid fall in rolled steel prices that has been observed recently due to lower-than-expected demand and weak margins at mills along with high inventories. Some associations have already announced plans to reduce steel production. In particular, on March 7, Yunnan province …

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Egypt’s steel imports decreased by 18% to $4.2 billion in 2023

Egypt’s imports of iron and steel declined by 17.8% during 2023, to record about $4.216 billion, compared to $5.133 billion during 2022, accounting for 5.1% of total Egyptian imports during this year. The data of the Central Agency for Public Mobilization and Statistics explained. 10 countries accounted for 83.5% of Egypt’s total iron and steel …

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

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 …

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