Mill announcements, trade measures, statistics and market moves across the Middle East and the global steel trade.
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VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of International Industries Limited (IIL) at 'AA-/A-1'. The 'AA-' rating reflects high credit quality with strong protection factors, while the…
Iron ore futures extended losses on Wednesday as weakening fundamentals and lower forecasts for China's economic recovery weighed on market sentiment. Shrinking margins for steel mills may lead to reduced output, with…
Primetals Technologies has completed the installation of a new combination mill at Baoshan Iron and Steel in Shanghai, China, featuring both a wire rod mill outlet and a bar-in-coil line capable of producing 600,000…
Voestalpine has finalized negotiations for the sale of its German subsidiary, Buderus Edelstahl, to Mutares SE & Co. KGaA, a well-known investment company based in Wetzlar, Hessen. The sale is pending approval from the…
Turkish steelmaker Kardemir has secured the operating rights for 11 mining sites, according to a stock exchange filing. The mining sites, located in Balikesir, Kutahya, Sivas, and Kirikkale, were awarded through tenders…
Vallourec, a global leader in seamless tubular solutions, has signed a Memorandum of Understanding (MoU) with Advanced Supply Management Operations (ASMO), a joint venture between DHL and Aramco's Saudi Aramco…
The delay in implementing budgetary measures to modify the tax regime for steel producers sourcing local scrap from unregistered suppliers has cost the government over PKR 30 bln (USD 108 mln) since July. The measures…
Iron ore futures declined on Tuesday as lower steel production and weakening demand dampened market sentiment. In September 2024, China's crude steel output in key steelmaking regions dropped nearly 7pct YoY to 54 mln…
Chinese special steel producer Huaigang Special Steel, part of the Jiangsu Shagang Group, has awarded Primetals Technologies a final acceptance certificate (FAC) for an 80-ton EAF Quantum electric arc furnace installed…
Turkey's welded steel pipe exports increased by 11.6pct in the first eight months of 2024, totaling approximately 1.33 mln tons compared to the same period last year. Romania emerged as Turkey's largest market, with…
Lower electricity supplies to Iranian steel producers caused a significant drop in output during the first half of the calendar year, which began in late March, according to the Iranian Steel Producers Association…
Iron ore futures rose on Monday, supported by Beijing's latest interest rate cut despite ongoing concerns about softening steel demand. China reduced its benchmark lending rates after the central bank lowered interest…
Gensol Engineering has partnered with Matrix Gas & Renewables to develop India's first and largest green steel production facility, using 100pct green hydrogen. This facility is part of three pilot projects under the…
Turkey's scrap import prices fell this week due to weakening demand for Turkish finished steel. Scrap import prices are now assessed at USD 365-370 per ton CFR, down from USD 385-390 per ton CFR last week. Last week's…
Turkey's Kocaer Steel was recently recognized by ResponsibleSteel, a global initiative focused on socially and environmentally responsible, net-zero steel production. The company is committed to supporting Turkey's 2053…
Turkey imported about 879,000 tons of pig iron in the first eight months of 2024, a 1.7pct decrease compared to the same period last year, according to the Turkish Statistical Institute (TUIK). Russia remained Turkey's…
UAE's leading steel producer, EMSTEEL (formerly Emirates Steel Arkan), has signed an agreement with e& UAE, the telecommunications arm of a global technology group, for a pioneering collaboration in the manufacturing…
Dalian iron ore futures fell on Friday, as weaker-than-expected economic data and reduced steel production dampened market sentiment. China's economy grew by 4.6pct YoY in Q3, according to official data, but this was…
JSW Steel has announced that its wholly owned subsidiary, Jsquare Electrical Steel Nashik Private Limited, has signed a share purchase agreement to acquire 100pct equity interest in Thyssenkrupp Electrical Steel India…
India's Jindal Saw reported robust net profit growth for the quarter ending September 30, 2024. The company's net consolidated profit rose 33.6pct YoY to INR 4.75 bln (USD 56.5 mln), while revenue increased by 12.1pct…
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