Energy shortages, the Netherlands restarts coal power generation Following the restart of coal power generation in Germany and Austria, on the 20th local time, the Netherlands also resumed the use of coal power and said it would lift all restrictions on fossil fuel power stations to deal with energy shortages. The Dutch government has also…
South Korean steelmaker Hyundai Steel plans to suspend some production to relieve inventory pressure from last week’s strike by truck drivers. It is reported by local media that Hyundai Steel has decided to temporarily suspend the operation of electric arc furnaces at its Incheon and Pohang plants. One 120-tonne EAF at Incheon plant will be…
Russian miner Nornickel is implementing a project to create additional copper production in Monchegorsk, Murmansk region. The new plant will increase the company’s copper production by 40%, it claims. However, its launch may be postponed from 2025 to 2027 due to adjustments caused by geopolitical changes. The project is part of the steel company’s strategy…
India’s recent 15% duty imposition on steel exports makes shipments abroad less attractive and will bring down Indian steel exports by 25% on-year in the current fiscal year ending 31 March 2023 (FY23), says rating agency ICRA. The rating agency, however, expects a 40% rise in semi-finished steel exports in FY23, Kallanish notes. “India’s finished…
Indian steel giant Tata Steel has announced an agreement with Dutch company Van Dam Shipping to jointly develop a hydrogen-powered cargo ship. This new ship concept will be completely zero-emissions, cutting around 3,000 tonnes of CO2 per year compared to ships sailing on LNG and fuel oil. This type of ship has a deadweight of…
On June 15, 2022, the Ministry of Economy of Mexico issued an announcement in the Official Gazette, making a final ruling on anti-dumping sunset review on steel and zinc alloy handles (Spanish: jaladeras de acero y de zamac) originating in or imported from China. Necessary and sufficient evidence shows that if the anti-dumping measures are…
The Vietnamese hot rolled coil market continues to deteriorate, Kallanish notes. Vietnamese producer, Formosa Ha Tinh Steel has lowered the domestic price for its August shipments further. At the same time, traders are pressing down the import market more quickly than expected by short-selling. Formosa has cut the offer price for its new allocations of…
Following the steel export duty imposition, India’s domestic market has witnessed a sharp fall in steel prices, and sentiment has turned favourable for downstream units. This, however, is impacting large steel producers, who have surplus inventories that can be shifted only in the domestic market. Some are heard preferring temporary shutdowns over selling steel at…
Turkey’s Tosyali Demir Celik plans to start production at its new modern integrated steelworks project in Iskenderun in December 2023. It is understood that the company has decided to increase the production capacity of the new smelting workshop and integrated continuous casting facility from 2.65 million tons to 4.55 million tons, and will add 1.9…
The Baltic index of dry bulk freight rose for a third straight session on Thursday, as freight rates for all types of ships rose. The Baltic overall dry bulk index rose 75 points, or 3.1%, to 2,462. The Capesize index rose 151 points, or 5.9%, to 2,702. Average daily earnings for Capesize vessels rose $1,254…