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Iron ore scales over 3-week high on China demand, supply risks
Sat, 12 Jun 2021 00:00:00 GMT
Iron ore futures jumped on Friday to their highest in more than three weeks, as a rebound in steel inventory in top producer China suggested that demand for the raw material remained brisk. The most-traded September iron ore on Chinas Dalian Commodity Exchange rose as much as 4.1% to 1,226 yuan ($191.96) a tonne, its loftiest since May 19, and was set for a second consecutive weekly rise. The July iron ore contract on the Singapore Exchange climbed 2.8% to $214 a tonne, rising for a fourth

US trade associations ask Biden to end steel, aluminum tariffs
Thu, 10 Jun 2021 00:00:00 GMT
A group of over 30 US trade associations sent a letter to President Joe Biden June 9, requesting an end to the Section 232 steel and aluminum tariffs and quotas on trade allies. The tariffs, intended to help the steel and aluminum producing industries, imposed substantial costs on a much broader segment of the US economy, the group said in the letter. The restriction on the supply of goods and raw materials resulting from the tariffs has sent a ripple throughout downstream industries,

Large steel mills grow larger on improved supply-chain efficiencies: ...
Thu, 10 Jun 2021 00:00:00 GMT
Large steel makers took huge strides in terms of both operations and financial performance last fiscal, increasing their market share by 500 basis points (bps) on-year to 58 per cent despite their share of industry capacity remaining unchanged, said a Crisil report today. The improvement was driven by supply-chain efficiencies, higher exports, and captive mines that limited the impact of iron ore shortage, said the report. Their capacity share is expected to increase this fiscal in FY22

Dalian iron ore extends fall as China steel demand dims
Wed, 09 Jun 2021 00:00:00 GMT
Benchmark Dalian iron ore futures fell for a third straight session on Tuesday, as a slide in steel prices in China spurred by signs of slowing demand dragged down the raw material. The most-traded iron ore for September delivery on Chinas Dalian Commodity Exchange ended daytime trading 0.7% lower at 1,149 yuan ($179.81) a tonne, after dropping as much as 4.5% to its lowest since June 1. The decline in Chinas inventory of construction steel rebar slowed sharply last week, indicating easing

Russia is looking at possible extra tax for steel producers in ...
Fri, 04 Jun 2021 00:00:00 GMT
Russia will decide about whether to impose additional taxes on steel producers this year, TASS news agency reported on Wednesday, citing First Deputy Prime Minister Andrei Belousov. Russian metals producers may face a demand to pay 100 billion roubles ($1.4 billion) in additional tax to the government. The changes are being considered only for producers of ferrous metals, Belousov was quoted as saying, adding that producers of base metals were expected to remain unaffected. We need to find

Scrap trade inches down, US overtakes Korea: BIR
Thu, 03 Jun 2021 00:00:00 GMT
Global external steel scrap trading including internal EU-28 trade amounted to 99.3 million tonnes in 2020, down only 1.3% on-year despite the Covid-19 impact on major scrap-using regions, the Bureau of International Recycling (BIR) points out. The EU-28 remained the worlds leading steel scrap exporter, growing its outbound shipments in 2020 by

Dalian iron ore futures jump on hopes of output curb easing in ...
Wed, 02 Jun 2021 00:00:00 GMT
Chinas benchmark iron ore futures jumped more than 7% on Tuesday, rallying for a third straight session, boosted by reports that steel hub Tangshan plans to ease requirement for production cuts at its mills. The Tangshan government held a symposium on Monday, mulling to lower output curtailment ratio for some mills that had finished ultra-low emission upgrades, according to state-backed Securities Times, citing media report. Authorities had urged local long-process steel producers to cut

IMIDRO allocates over $238m to developing mining infrastructure
Tue, 01 Jun 2021 13:04:06 GMT
TEHRAN - Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) is going to spend 10 trillion rials (about $238.1 million) for developing mining infrastructure across the country in the current Iranian calendar year (started on March 21), an official with the organization

Gaines sees little global iron ore production growth
Tue, 01 Jun 2021 00:00:00 GMT
Fortescue Metals Group boss Elizabeth Gaines has hosed down concerns that the revival of Brazilian producer Vale or China backing development of the Simandou deposit in west Africa will crimp Australias economy-defining iron ore exports. Ms Gaines told the Australian Shareholders Association conference that Simandou was a very complex project and its likely development was coinciding with a drop in Chinas domestic iron ore production. The Fortescue chief executive sees the market

This is how the steel industry is forging a path to net-zero
Mon, 31 May 2021 00:00:00 GMT
The modern world is built from steel 1.8 gigatons (Gt) were produced last year, 90% of all metal produced globally. From wind turbines to electric vehicles, steel will be an integral enabler of the energy transition. But steel production is a major source of greenhouse gas (GHG) emissions. Most steel is still made using coal to reduce iron ore, a process that emits roughly two metric tons of CO2 per ton of steel. The industry accounts for 7% of global GHG emissions from the energy system

Iron ore benchmarks rise on Chinas steel output plans
Sat, 29 May 2021 00:00:00 GMT
Iron ore futures in Asia rose on Friday, but were set for a third weekly decline on persistent price-control concerns. Top steel producer Chinas recent statements on steel capacity reforms had sparked worries about tight supply prospects, pushing prices to record highs earlier this month. Surging prices had led to strong margins, encouraging steel producers to ramp up output and their purchases of iron ore. On Chinas Dalian Commodity Exchange DCIOcv1 iron ore for September delivery ended

Dalian iron ore jumps over 5% on Chinas plans to cut steel output
Fri, 28 May 2021 00:00:00 GMT
Asias iron ore futures rose on Friday, underpinned by Chinas revved-up campaign to curb steel output to meet its peak carbon emission target, but were set for their third straight weekly decline as price-control worries lingered. Iron ore for September delivery on Chinas Dalian Commodity Exchange DCIOcv1 rose as much as 5.2% to 1,074.50 yuan ($168.51) a tonne. The most-traded contract, however, has fallen more than 5% so far this week. June iron ore on the Singapore Exchange SZZFM1

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