Metallurgy news
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Austrian company OMV cooperates with Russia despite EU sanctionsAustrian oil and gas group OMV has announced that it is firmly committed to its planned partnership with Russia's Gazprom. Thus, OMV opposes political pressure from the US and the EU to push back Russia's influence in the European energy sector. Despite tensions between the West and Russia, OMV is…
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Vale ends 2015 with record productionVale, Brazil's largest mining company, posted a 4.3 percent increase in iron ore production over the previous year, despite global glut. The company stepped up its production from October to December, which seriously hurt other manufacturers and destroyed small competitors. The iron ore giant…
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Downsizing in China's steel industry could spark social unrestThe downsizing of China's massive metallurgy will not happen fast enough for the rest of the world, it will take years for steelmakers to feel relieved. The cut in capacity of China's steel industry is the largest industrial restructuring ever to take place in the world. For most of the globe, this…
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Poland calls on NTO to strengthen its position in EuropeAn adviser to the Polish president says the US mistakenly perceives Syria as the root of all evil and called on the West to be prepared for Russian expansion. Krzysztof Szczerski told the Guardian: “Currently there is a geopolitical confrontation, so Putin's next blows are not guaranteed only in…
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Russia intends to reduce oil productionThe Russian Energy Ministry believes that oil production can be reduced by 14 percent in the next five years, and in the worst case, by 10 years. Crude oil output could fall to 460 million tons (9.2 million barrels per day) between 2020-2025 from 534 million tons last year. In the worst case, the…
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Indonesia will revise the rules of the ban on the export of oresIndonesia will consider rules banning the export of partially processed metal ores, including copper and zinc, as they fell short amid low commodity prices, the country's mining minister said. Indonesia banned the export of metal ores in early 2014 to encourage firms to build factories that will…
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Trade investigations have minimal impact on Chinese exportsA wave of trade and anti-dumping investigations aimed at curbing Chinese steel exports are unlikely to stop the flow, Morgan Stanley said in a report. China exported 9.7 million tonnes of steel in January, up from a monthly average of 9.4 million tonnes last year, despite the fact that 19…
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Russia accused Ukraine in court in England over debtRussia continues to dispute with Ukraine over the repayment of $ 3 billion in debt in court. Russia intends to demand the return of the neighboring country's debt in court in London, said Russian Finance Minister Anton Siluanov. Ukraine has been repeatedly called for "constructive dialogue" on debt…
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China reduced imports of scrap steelChina's scrap steel imports fell more than 9 percent throughout 2015, further declining last December. Scrap steel imports to China during December last year fell sharply from the previous year. However, imports have increased compared to November 2015. The import of scrap metal into the country in…
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Iran and Russia find a win-win option to supply oil to EuropeIran and Russia are stepping up in new strategic cooperation in the oil market, said Merdad Emadi, a consultant to the British international consultancy Betamatrix, commenting on Russia's purchase of oil produced in Iran. LUKOIL recently purchased crude oil from Iran for delivery to its refinery in…
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