Metallurgy news

• China's auto industry recovers, pushing steel demand up Auto sales in June were expected to reach 2.45 million vehicles, up 34.4% m/m and 20.9% y/y, according to the China Association of Automobile Manufacturers (CAAM) forecast. Sales are expected to reach 12 million vehicles in the first six months of 2022, down 7.1% year on year. Due to the... 11.07.2022  11:41

• Export duties on steel in India will be reduced The Government of India plans to reduce or eliminate the recently introduced export duties on key steel products, as well as increase the tax on the shipment of iron ore. The move comes amid concerns voiced by steelmakers that while domestic demand has remained weak in recent months, companies are... 11.07.2022  11:36

• China's steel industry is sounding the alarm due to crisis conditions President Xi Jinping has called for massive infrastructure development to save the economy, but this is unlikely to fully offset the loss of demand from the real estate sector. China's steel mills are sounding the alarm about the industry's downturn as margins tumble on weak demand. The... 09.07.2022  10:43

• Nippon Steel completes construction of new galvanizing line in Indonesia Nippon Steel Engineering Co., Ltd. announced the completion of a continuous galvanizing line for Indonesian steelmaker PT. Alexindo. The new galvanizing line will be used to produce hot dip galvanized steel and 55% aluminum zinc coated steel with excellent weather resistance and durability. This... 09.07.2022  10:39

• Russia to extend duties on scrap metal exports until the end of 2022 According to the report, the Russian Ministry of Industry and Energy proposed to extend export duties on scrap from August 1, 2022 until the end of the year. At the end of May, the Russian government extended this export tariff until 31 July. The ministry has previously said it does not plan to... 09.07.2022  10:33

• Reducing steel production in South Korea and Japan A large-scale strike by Hyundai truck drivers in early July delayed the delivery of some 400,000 tons of steel. The strike also affected POSCO by suspending its wire rod and cold coil production lines. However, with the end of the strike at the end of July, production resumed. POSCO's production... 07.07.2022  14:15

• Crude steel production in India increased India's crude production in the second quarter was about 31.4 million tonnes, up 12.2% year on year, of which June production was up 11.5% year on year but down 1.6% from May 2022 of the year. 15% export duty on some steel products, resulting in a reduction in production. For example, JSW... 07.07.2022  13:47

• China may report a 2-3% reduction in crude steel production in 2022 According to industry sources, China is likely to announce a reduction in the 2022 steel production cut target in July by 20-30 million tons, or 2-3% year on year. A reduction in steel output at this level may not provide much of a boost to the Chinese steel market as annual steel demand, dented... 06.07.2022  14:06

• G7 to propose $600bn plan to compete with China The Group of Seven (G7), an intergovernmental organization made up of the world's largest developed economies, planned to raise $600 billion to build infrastructure in developing countries to compete with China's Belt and Road Initiative. The US and EU will offer US$200 billion and €300 billion, ... 05.07.2022  11:48

• Philippines builds first integrated steel plant with 20,000 jobs A Davao-based company in Zamboanga Sibugay, Philippines, has begun construction on a 100-hectare industrial park and the country's first integrated bar and smelter. Mount Zynai Industrial Park (MZIP) chairman and chief operating officer said the project cost about US$1 billion. At the first... 05.07.2022  11:44