ASEAN steel markets are very quiet as buyers and traders continue to watch with trepidation the rapid steel price erosion of recent weeks. Market players are bracing themselves for further price declines because there are no positive signs that could bolster market sentiment or demand, Kallanish notes. Speculative traders have been blamed for driving regional…
Rio Tinto said Friday uncertainty surrounding the global economy and China’s Covid-zero policy weighed on the prospects of copper demand in Q2 2022, Kallanish reports. Prices started trending down in late April, after reaching a record quarterly average price in Q1. The LME copper price declined 20% at the end of the second quarter to…
In 2021, the world’s steel production will be 1.95 billion tons, of which EAF steel will account for 28.9%, and the crude steel output of the 27 EU countries will be 152.6 million tons, of which EAF steel will account for 43.9%, which is 15 percentage points higher than the global EAF steel proportion. At…
Britain’s Liberty Steel Group said recently that it has signed a contract with manufacturer Danieli to deliver two hybrid electric arc furnaces to the Ostrava complex in the Czech Republic. The combined production capacity of the new furnaces will reach 3.5 million tonnes/year, and by 2027, will reduce the total CO2 emissions of the Ostrava…
Turkey says it has discovered the world’s second-largest rare earth reserve in its central Anatolia region, with a pilot processing facility planned by year-end, Kallanish reports. According to the country’s energy and natural resources ministry, the field located in the Beylikova district of Eskişehir has reserves of 694 million tonnes of rare earth elements. It…
Russia’s Kaliningrad enterprise Avtotor plans to launch seven new plants in 2023 as part of a special investment contract (SPIC) with the government, the company says. The facilities will producemostly electric vehicles and auto components, including well robotic equipment, electric motors, exhaust systems, driver assistance systems, bumpers, seats, and plastic products. The SPIC between Russia’s…
Indonesia’s PT Krakatau Steel Tbk (KRAS) estimates its net profit to reachIDR 941.4 billion ($62.85 million) in the first half of 2022, an increase of 89.6% compared to the same period in 2021. By increasing production, KRAS was able to increase revenue by 29.8% to IDR 20.6 trillion in H1 2022, Kallanish learns from the company’s public data. Meanwhile,…
Since the beginning of the year, steel prices in Russia have fallen by more than a third and rolled back to 2020 levels, the Russian Steel Association confirms to Kallanish. “Steel prices have fallen by 35% since the beginning of the year, while the costs increased by almost 50%,” Russian Steel Association vice president Andrei…
On June 29, 2022, the Colombian Ministry of Trade, Industry and Tourism published Resolution No. 150 on June 28, 2022 in the official daily No. 52080, in response to the application submitted by the Colombian domestic enterprise TENARIS TUBOCARIBE LTDA. China’s non-stainless steel oil and gas well pipes [Spanish: Tubos no inoxidables de Entubación (“Casing”)…
It is reported that Hefa Group, the largest steel producer in Southeast Asia, increased its crude steel output year-on-year in the first half of this year, but its sales volume fell by about 5% year-on-year due to insufficient demand from the domestic construction and manufacturing industries. Recently, the import and export market has lacked momentum,…