On July 4, the Guinean government suspended the development of the Simandou iron ore project because Rio Tinto and Win Alliance failed to reach a cooperation agreement. It is reported that Guinea Mines Minister Moussa Magassouba sent a letter to Rio Tinto and Win Alliance on July 3, reminding them that they should establish a…
Due to the continued sluggish demand for steel for automobiles and white goods in Europe, the steel industry still accumulates a large amount of inventory, and most middlemen refuse to replenish the inventory, which has led to the recent decline in European steel prices. Arvedi and Acciaierie d’Italia, Italy’s main and largest flat-plate makers, intend…
ArcelorMittal has restarted this week a blast furnace with an annual capacity of 1.7 million tonnes at its Eisenhüttenstadt steelworks in eastern Germany, which had been shut down for maintenance on May 20 as planned. The shutdown was mainly due to high energy costs and oversupply in the market. ArcelorMittal also shut down a blast…
Vale’s Sao Luis pellet plant in Maranhão, Brazil will use natural gas as fuel from 2024, thereby reducing greenhouse gas emissions by up to 28%; all Vale pellet plants will use lower emissions from now on of natural gas as fuel. According to a recently signed contract by Vale, Vale’s Sao Luis pellet plant in…
According to comprehensive media news, U.S. coal prices rose above record highs amid sharply higher global electricity demand, rising summer temperatures and limited supplies of the most polluting fossil fuels. Spot coal prices in the Illinois Basin surged by $190.25 a short ton in the week to July 1, data from the U.S. Energy Information…
According to the “Turkish Daily” reported by the Russian Satellite News Agency, a large amount of rare earth resources have been discovered in Eskisehir Province in northwestern Turkey, and its reserves can meet the world’s needs for 1,000 years. The deposit discovered in Eskisehir province contains about 694 million tons of rare earths, which could…
According to reports, Ternium S.A. plans to start production in November 2020 at the new Ternium Atlantico steel plant in Palmar de Varela, Colombia. Sebastian Castro, executive president of Ternium Colombia, said the steel plant was preparing to start production tests in March in order to start commercial production in April. But the spread of…
South Korean steelmaker Hyundai Steel has announced that its Incheon, Dangjin and Pohang plants will cut purchase prices for all grades of scrap by KRW 20,000/t ($16/t) on July 1, and July 2 The daily reduction is 10,000 won/ton ($8/ton), and the total reduction is 30,000 won/ton ($24/ton). Previously, the company cut its buying prices…
According to foreign media sources, relevant data shows that after steel manufacturers in India announced that they would stop importing raw materials from Russia, they have not completely stopped importing coal from Russia. Cheap coal resources are crucial for the country’s steelmakers since the Indian government slashed tariffs. Following Tata Steel’s announcement in April to…
The recent duty imposition on steel exports is not going to impact JSW Steel’s growth plan as the firm believes the duties are only a short-term measure to control inflation. “We view the export duties imposed on steel in May 2022 as a short-term headwind, since they have been imposed with the objective of controlling…