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Kazakhstan: Kazakhmys suspends all mines operation
Wed, 29 Nov 2023 10:35:47 GMT
On November 27, the management of the Kazakhmys Group of Companies decided to suspend all mining works following an accident at the Chzhaisan mine, when 2 miners perished. Checks will be carried out at mines headed by chief engineers. Additional payment will be made to the miners who will stay idle during checks. (Ukrainian


Iron ore poised to hit $150 in 2024 on Chinese stimulus, analysts ...
Wed, 29 Nov 2023 00:00:00 GMT
Seaborne iron ore prices are set to climb to as much as $150 per ton in the first half of 2024, according to analysts who have lifted their estimates on expectations of increased demand in China after recent stimulus measures. The price outlook compares with earlier estimates of $130 per ton, and Mondays level of $135 per ton. It is, however, still far below the record $232.5 a ton reached in May 2021, according to data from consultancy Steelhome. Iron ore has rallied in recent weeks after


Iron ore falls over 2% as China continues to monitor prices
Wed, 29 Nov 2023 00:00:00 GMT
Dalian iron ore futures hit a one-week low on Tuesday as the Chinese government continued to monitor prices and intervene in the market to curb a price rally. The most-traded January iron ore on Chinas Dalian Commodity Exchange DCIOcv1 recorded its steepest decline in more than a month and fell 2.6% to 951 yuan ($132.96) per metric ton at closing. On the Singapore Exchange, the benchmark December iron ore SZZFZ3 was down 3.2% at $132.69 a ton. Borrowing a wrestling term, we are now


China takes aim at illegal activities in the iron ore market
Wed, 29 Nov 2023 00:00:00 GMT
The price of iron ore fell 1.2 per cent on Monday morning, to 104.67 ($132.20) per tonne, bringing to a halt five weeks of gains after Chinese officials warned the country may intervene in the market. The National Development and Reform Commission (NDRC) said on Friday it had met with major port operators to discuss iron ore inventory and storage. The NDRC has also cautioned against hype and illegal activities in the iron ore market. Beijing is looking to curb rising iron ore prices amid


The FabricationandMetals Industries' Leadership Conference
Tue, 28 Nov 2023 08:07:00 GMT
Participate alongside numerous executives and leaders representing fabricators, manufacturers, steel producers, distributors, service centers, and suppliers in Clearwater from February 27-29. Seize the chance to reestablish connections with strategic partners and cultivate new relationships


Singapore iron ore eases after China intensifies intervention
Tue, 28 Nov 2023 00:00:00 GMT
Singapore iron ore futures retreated on Monday as caution mounted after the worlds top consumer issued warnings on enhancing supervision on the market, and as investors awaited details from the government on property-related stimulus. The benchmark December iron ore contract on the Singapore Exchange was down 0.64% at $133 a metric ton, as of 0705 GMT. The most-traded January iron ore contract on Chinas Dalian Commodity Exchange (DCE) ended daytime trading 0.36% higher at 980.5 yuan


Iran produces over 25 mn tons of crude steel in 10 month
Tue, 28 Nov 2023 00:00:00 GMT
In its latest report, the World Steel Association said the major steel production companies in the world produced more than 1.5 billion tons of crude steel from January to October 2023, showing a 0.2 percent hike compared to last years corresponding period. According to the report, Iran managed to retain its 10th rank among the worlds major steel producers in steel production terms. The 71 giant steel producers in the world produced 150 million tons of crude steel in October 2023,


EU urges US to make steel import quotas less rigid
Tue, 28 Nov 2023 00:00:00 GMT
The United States needs to make quotas for imported EU steel far less rigid, assuming they are extended beyond the end of this year, European Commission Vice President Valdis Dombrovskis said on Monday. Washington suspended import tariffs of 25% on EU steel and 10% on EU aluminium for two years from January 2022, replacing tariffs imposed by former President Donald Trump with quotas. The two sides were supposed to agree on measures to address overcapacity and promote low-carbon production,


China says boosts iron ore concentrate capacity to secure supplies
Tue, 28 Nov 2023 00:00:00 GMT
China has added 50 million metric tons of iron ore concentrate capacity from 2022, state media quoted an official at the industry association as saying on Monday, part of a plan to boost production of the key steelmaking ingredient. China, the worlds top steel manufacturer, needs to import 80% of its iron ore. It has pledged to increase domestic supply to 370 million tons by 2025 from 286 million tons in 2022. Luo Tiejun, vice chairman of the state-backed China Iron and Steel Association


Steel raw materials markets moving into Q1 with optimism on demand ...
Mon, 27 Nov 2023 00:00:00 GMT
Steel raw materials markets hoped for stronger demand and higher forward pricing cues this week, with buyers and traders converging in Dubai showing cautious optimism after a weak fourth quarter. At a Liberty Steel event Nov. 21 around a regional industry conference, iron ore suppliers, steel and ferroalloy producers and traders discussed the restart of a blast furnace at Galati in Romania a week earlier as a sign of better times for the industry. Feeding expectations of further restarts and


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