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Arab Steel Summit

Iron Ore

Price of iron ore may fall to $100 per ton again at the end of 2024

The price of iron ore is expected to relapse to $100 per ton again by the end of this year, before falling further to reach $85 per ton in 2025, in light of the worsening Chinese housing market crisis, according to estimates by Capital Economics. Declining steel production and combating emissions from highly polluting ore …

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Iron ore rises again above $100 amid expectations of increased demand

Iron ore rose – with futures rising above $100 per ton – amid speculation that demand may rise in China, the largest country with steel makers. Futures contracts rose more than 4% to trade near $103 a ton in Singapore, rebounding from a second straight weekly loss during which they reached their lowest level since …

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Arcelormittal Nippon Steel India Selects Danieli For A New Pelletizing Plant

Indian steel producer ArcelorMittal Nippon Steel has awarded Danieli Corus an order for a new greenfield pellet plant project, to be implemented at the Visakhapatnam site, in India. This new travelling-grate pellet plant will increase ArcelorMittal Nippon Steel pellet production capacity in Visakhapatnam from 8 to 12 Mtpy. Pelletizing plant #3 is part of the …

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Egypt: 19.1 million pounds in iron and steel sales to mines during February 2024

The Iron and Steel Company for Mines and Quarries announced that it achieved total sales during the month of February of 19.086 million pounds. The company explained, in a statement to the Egyptian Stock Exchange today, that sales of Bahariya Oasis mines during December amounted to 19.08 million pounds. She added that the sales value …

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Iron ore price records best weekly gains since September thanks to China’s outlook

Iron ore achieved its largest weekly rise in 6 months amid gradually increasing optimism about the chances of economic recovery in China, which is the largest crude consuming country. Chinese Premier Li Qiang downplayed the seriousness of the crises afflicting his country’s economy in a speech he delivered before the China Development Forum yesterday, Sunday, …

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

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% …

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

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 …

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Iron ore prices fall to their lowest levels in 4 months with weak demand in China

Iron ore prices fell during Monday’s trading, as investors’ hopes for a recovery in Chinese steel demand after the end of the Lunar New Year holiday faded. Iron ore futures prices traded in Singapore fell by 3.5% to $115.90 per ton after touching their lowest level since October 27 earlier in the session, with the …

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Vale’s net profit declines to $8.105 billion in 2023

Brazilian mining company Vale recorded net profits of $8.105 billion for 2023, compared to $18.870 billion for 2022. On the same comparative basis, net sales revenue decreased 4.7% to $41.78 billion, and gross profit decreased 10.7% to $17.69 billion. Operating profit decreased by 17.5%, to $14.21 billion. The company said that the decline in performance …

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Egypt: Iron and Steel Mines targets 447.9 million pounds in profits during 2024-2025

The Board of Directors of the Iron and Steel Company for Mines and Quarries approved the estimated budget for the next fiscal year 2024-2025. The company said in a statement to the Egyptian Stock Exchange. It aims to achieve a net profit after taxes of about 447.9 million pounds during the next fiscal year. It …

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Mining stocks decline in London and iron ore declines amid concerns about China

Shares of global mining companies listed on the London Stock Exchange fell during trading on Tuesday, amid concerns about weak growth in China and with iron ore prices falling to their lowest levels in three months. Standard iron ore futures in Singapore fell by 5.15% to $120.85 per ton, at 06:48 pm Mecca time, the …

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AISU trained a group from Bahrain Steel in the field of iron ore pelletizing

Within the framework of the objectives of the Arab Iron and Steel Union to focus on human development and raising skills in the field of iron and steel, the Union trained a group of engineers and technicians at the Bahrain Steel Company through the training program “Iron Ore Pelletization Technology” . The program addresses the …

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39.3 million pounds in iron and steel sales to mines and quarries in December

The Iron and Steel Company for Mines and Quarries announced that it achieved total sales in last December amounting to 39.3 million pounds. The company explained, in a statement to the Egyptian Stock Exchange today, that sales of Bahariya Oasis mines in December amounted to 39.28 million pounds. The Company added that the sales value …

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