Mining giant Rio Tinto on Wednesday reported a 29% drop in first-half profit and cut its dividend by more than half as cooling demand, rising costs and labor shortages weighed on weaker iron ore prices. Iron ore prices have come under increasing pressure in recent months as demand has cooled. Iron ore prices have fallen…
Turkish long products maker Kardemir cut its billet, rebar and wire rod prices again on July 26, after lowering prices on July 19, as demand continues to be sluggish. The results of the price adjustments are as follows: 150×150 S235 billets are priced at $630/t EXW; 150×150 B420 billets are priced at $635/t EXW. Excluding…
South Korea’s Hyundai Steel said it was on strike at its Ulsan plant as union workers wanted the company to rise. A month ago, on June 6, Hyundai Steel also had to suspend production for a week due to a massive strike by truck drivers. The shutdown time is expected to be 12 hours, starting…
Major Turkish steelmaker Habas plans to increase hot rolling capacity with a new 1.25 million ton rolling mill to meet growing demand from both domestic and export markets. An environmental impact assessment is expected in the coming months. Execution will be expedited upon approval of the assessment. The new plant will produce regular and ribbed…
Iranian billet prices are under pressure from government intervention in iron ore prices, sources say. The government controls prices on the Iran Mercantile Exchange to offer the domestic market lower prices than export markets. Iranian mills have struggled to compete against discounted Russian billet prices preferred by buyers in export markets until the beginning of…
Indian hot rolled coil prices have softened by a further $15-20/tonne this week; however, mills are still reluctant to quote low numbers and are instead asking buyers to send them bids. Buyers – aware of Indian offers in different markets – are seen throwing out lower bids in the hope of concluding deals at huge…
The Thai domestic long products market is falling, Kallanish understands. Prices for billet and rebar are expected to decline further as domestic scrap prices are on the downtrend. Leading domestic Thai electric arc and induction furnace mill operators are currently buying Busheling grade scrap at THB 11,700-12,400/tonne ($320-339/t). The conversion cost has likely gone up…
Suppliers of Chinese hot rolled coil hiked export offer prices in Vietnam at the start of this week, in tandem with the rebound in Chinese steel futures, Kallanish notes. Demand in Vietnam, however, still remains very depressed. Export offers of 3-12mm thickness Chinese-origin SS400 grade HRC for September shipment rose to $590/tonne cfr Vietnam this…
According to media reports, Ukrainian steelmaker ArcelorMittal Kryvyi Rih has resumed the operation of its rebar production line DS-250-5, producing the first batch of 16mm rebar on the 11th. In addition, the company will expand its rebar product category, rolling more sizes of rebar as well as round bars. More information friendship Link： LMM Totai…
Vale informs that the construction of the Zhongzhai Concentrate Mixing Project (the “Project”), in cooperation with Vale, Jiangsu Shagang Group Co., Ltd. (“Shagang”) and Ningbo Zhoushan Port Co., Ltd. (“Ningbo Zhoushan Port”), has started. The project will be constructed by Ningbo Zhoushan Port and is expected to be put into operation in the second half…