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Iron ore extends rally as China stimulus hopes persist
Fri, 09 Jun 2023 00:00:00 GMT
Iron ore futures climbed on Thursday, with the Dalian benchmark hitting a fresh seven-week high, while prices in Singapore rose for a seventh straight session, as Chinas big banks cut deposit rates in a move seen as supportive of economic growth. Chinas state-backed banks lowered the rates on yuan deposits in actions that could ease pressure on profit margins and reduce lending costs, providing some relief for the financial sector and wider economy. Analysts say the move opens the door for

India: Steel ministry may go to FM for duty cover
Fri, 09 Jun 2023 00:00:00 GMT
The steel ministry is likely to take up the issue of duty protection on certain steel products with the finance ministry to safeguard the domestic industry from dumping by China. Steel minister Jyotiraditya Scindia said on Wednesday that a few steel companies have proposed imposing a higher import duty on certain steel products.This is now being examined and will be discussed with the finance ministry for appropriate action. There is a concern on rising imports of steel in certain

Central European HRC traded at competitive prices in Germany
Fri, 09 Jun 2023 00:00:00 GMT
Central European steelmakers have sold hot-rolled coil to Germany at competitive prices, threatening Northwest European prices, sources told S&P Global Commodity Insights June 8. Deals from Central European mills have been reported at Eur650-660/mt delivered Germany. Northwest European mills, in the meantime, have been offering HRC at Eur700-730/mt ex-works Ruhr. And market participants estimated

Domestic Iron Ore Prices In China Showed V-Shaped Pattern In ...
Thu, 08 Jun 2023 00:00:00 GMT
In May, the average price index of domestic iron ore dropped by 65 yuan/mt, showing a trend of falling at first and then rebounding. In early May, steel mills purchased iron ore as needed and kept raw material stocks at low levels due to poor profits. Steel mills lowered iron ore purchase prices. In mid-to-late May, some steel mills restarted blast furnaces as falling coke prices improved their profits, boosting iron ore demand and prices. Source:

China: Imported Iron Ore Prices To Go Down In June As Supply-Demand ...
Thu, 08 Jun 2023 00:00:00 GMT
In June, overseas mines will step up shipments whereas domestic pig iron output is likely to fall, which will exacerbate supply-demand imbalance. Market players should keep an eye on domestic policies, steel mills profits and changes in market expectations. It is expected that imported iron ore prices will go down in June. Source:

Iron ore scales 7-week peak on China property stimulus hopes
Wed, 07 Jun 2023 00:00:00 GMT
Iron ore futures rose on Tuesday to their highest levels in about seven weeks, as hopes grew for more property sector-focused stimulus measures in top steel producer China. Steel benchmarks and other steelmaking ingredients in China also advanced as real estate stocks listed in Hong Kong jumped nearly 8% on hopes that Beijing would soon roll out supportive measures to bolster the embattled property sector. The most-traded September iron ore on Chinas Dalian Commodity Exchange ended morning

Iron ore climbs on China demand hopes, stimulus chatter
Sat, 03 Jun 2023 00:00:00 GMT
Dalian iron ore rose on Friday to a six-week peak, while the steelmaking ingredients benchmark price in Singapore hit the highest in two weeks, extending a rally spurred by surprise growth in Chinas factory activity in May. Iron ore also headed for sharp weekly gains, as market commentators continued to speculate about top steel producer China rolling out additional stimulus to support an uneven and fragile post-COVID economic recovery. The most-traded September iron ore on Chinas Dalian

Carbon-neutral green steel price premiums likely to be linked ...
Sat, 03 Jun 2023 00:00:00 GMT
Green steel price premiums are likely to be linked to carbon market prices, participants in a webinar on prospects for the green steel market organized by the Brazilian Association of Metallurgy, Materials and Mining (ABM) said May 31. Price premiums paid in the future for green steel products should help finance steelworks installations of new technologies to be able to produce that carbon-neutral green steel. However, government financing or subsidies for instance to help cover the

Iron ore at two-week high on stimulus hope, supply disruption ...
Fri, 02 Jun 2023 00:00:00 GMT
Dalian and Singapore iron ore futures hit their highest in two weeks on Thursday as sentiment improved on the prospects of Chinese stimulus policies to revive the economy, better-than-expected factory activity data and supply disruption worries. Weak manufacturing data has raised expectations of policy support for industry, analysts at investment bank ANZ said in a morning note. The official manufacturing purchasing managers index (PMI) released on Wednesday fell to a five-month low of

Lull persists in European CRC, HDG markets
Fri, 02 Jun 2023 00:00:00 GMT
Trading activity in Europe for cold-rolled and hot-dipped galvanized coil remained frozen in the week to Wednesday May 31, with buyers expecting prices to hit rock bottom in June, Fastmarkets heard.The spot market has remained quiet across Europe, with both mills and buyers continuing to hold back from trading. The level of stock at

Low demand likely to drive EU HRC prices down further
Fri, 02 Jun 2023 00:00:00 GMT
Domestic prices for hot-rolled coil in Europe were expected to move down due to slow trading activity and competitive import offers, sources told S&P Global Commodity Insights June 1. Platts assessed domestic prices in Northwest Europe down by Eur5/mt day on day to Eur725/mt ex-works Ruhr June 1. German mills have been offering HRC

Bearish sentiment inhibits trading in Northern European rebar ...
Fri, 02 Jun 2023 00:00:00 GMT
Weak consumption and a wait-and-see attitude among buyers resulted in flat markets for steel rebar and wire rod in Northern Europe in the week ended Wednesday May 31. Production stoppages could create resistance to a further downtrend in rebar and wire rod prices, sources said. Fastmarkets weekly price assessment for steel reinforcing bar (rebar),

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