Mill announcements, trade measures, statistics and market moves across the Middle East and the global steel trade.
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Iron ore futures declined on Monday as persistent weak fundamentals continued to weigh on market sentiment. The majority of Chinese steel mills are cutting production to mitigate losses due to weak downstream steel…
India's JSW Steel Limited's Board of Directors has approved the acquisition of up to 66.67pct economic interest in M Res NSW HCC Pty Ltd for USD 120 mln through its wholly owned subsidiary, JSW Steel (Netherlands) B.V…
Vietnam's finished steel production is expected to reach 30 mln tons this year, a 7pct increase from last year, according to the Ministry of Industry and Trade (MoIT). However, the sector faces challenges, including…
The Federation of Thai Industries (FTI) has warned that the Thai steel industry may face dominance by Chinese companies establishing factories in the country, according to local media reports. FTI Chairman Kriengkrai…
The United Kingdom's regulator, Trade Remedies Authority (TRA) has proposed revising the tariff rate quota (TRQ) for category 1 steel, non-alloy and alloy hot rolled sheets and strips, due to recent changes affecting…
Turkey's scrap import prices fell this week as weak steel demand and lower billet import offers limited scrap buying activity. Prices were assessed at USD 380 per ton CFR, down USD 10 per ton from the previous week…
Saudi Steel Pipe Co. (SSP) has been awarded a SAR 138 million (USD 36.7 million) contract to supply oil and gas steel pipes to Saudi Aramco, according to a stock exchange filing. The contract is set to last for 12…
Iron ore futures recovered on Friday, helped by improved economic data, though concerns about weak demand persist. China's consumer price index (CPI) rose by 0.5pct YoY in July, according to the National Bureau of…
The European Union has launched an anti-dumping investigation into imports of hot-rolled flat steel from Egypt, India, Japan, and Vietnam, as announced in the Official Journal of the European Union. The investigation…
Turkey's Ministry of Trade has assigned preliminary antidumping duties on HRC imports from China, India, Japan, and Russia, according to the market sources. The new dumping margins are set at 20.56-57.75pct for Chinese…
Vale S.A. has reached a definitive agreement with the private equity investment firm, Apollo, under which Apollo-managed affiliates, funds, and long-term investors will invest USD 600 mln to acquire a 50pct interest in…
Iron ore futures fell on Thursday, pressured by weak steel demand and market sentiment. Persistent sluggishness in downstream steel demand has led steel producers to cut output, reducing iron ore demand. Additionally, a…
Jindal Steel & Power Limited (JSPL) has strategically diversified its coking coal sources to manage geographical risks and reduce cost pressures, the company announced. This move supports India's goal of reaching 300…
Swiss multinational commodity trading and mining company, Glencore has abandoned plans to separate its coal division, a move announced after acquiring a 77pct stake in Elk Valley Resources (EVR). The decision came after…
Saudi Arabia's East Pipes Integrated Company for Industry has secured a pipe supply contract valued at over SAR 235 mln (USD 62.5 mln) from Esnad Al-Turuq for General Contracting, including VAT. The 24-month contract…
Iron ore futures extended their losses on Wednesday due to a dim demand outlook driven by weak steel demand. Analysts expect that reduced steel profitability may lead mills to cut operations and limit production. Rising…
China's steel exports rose by 7.5pct YoY in July 2024 to 7.83 mln tons, though this marked a decrease from May's 8.75 mln tons and represents the second consecutive month-on-month decline. From January to July 2024…
India's Shyam Metalics and Energy reported substantial gains in stainless steel sales, which surged 219pct YoY to 5,699 tons in July 2024, up from 1,786 tons in July 2023. Carbon steel sales, including billets and long…
Dongkuk Coated Metal Co. (Dongkuk CM), a subsidiary of South Korea's Dongkuk Holdings Co., has agreed to acquire Aju Steel Co., a color-coated steel specialist, in a USD 93.4 mln deal. This acquisition will position…
Tata Steel Nederland has selected Primetals Technologies to provide a pellet pot testing facility for its pilot plant in IJmuiden, the Netherlands. Primetals will design, supply, and implement the equipment, including a…
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