Metallurgy news
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MMK's environmental projects were highly appreciatedThis year, MMK launched a new aspiration system with a cleaning efficiency of more than 99%. His significant contribution to environmental protection was jointly praised by the Ministry of Natural Resources and Ecology of the Russian Federation, the Ministry of Energy of the Russian Federation and…
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Iron ore price rises as Chinese demand hopes persistIron ore prices continued to rally as traders clung to hopes that recent policy moves in China will spur demand. Overall, sentiment remained bullish despite October data showing new home prices fell at the fastest pace since 2015. Futures for steel and other metallurgical resources in China also…
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Andrew Forrest donates $500 million to the Ukraine Reconstruction FundAustralian iron ore magnate Andrew Forrest announced on Thursday a $500 million commitment to set up a $25 billion international investment fund to help Ukraine recover. According to a press release from the Forrest Tattarang family office, the Green Growth Initiative in Ukraine will focus on…
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Outokumpu reaches agreement to sell Argentine subsidiary MirgorOutokumpu, Europe's leading stainless steel producer based in Finland, has announced an agreement with Mirgor, an Argentinean consumer electronics and auto parts manufacturer, on terms for the sale of a 100% stake in its Argentinean subsidiary, Outokumpu Fortinox. SA Fortinox will continue as the…
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Steel production in China in January-October decreased by 2.2% year on yearAccording to the latest data released by the country's National Bureau of Statistics (NBS) on 15 November. In October alone, China produced 79.76 million tons of crude steel, up 11% from last year. And the country's daily steel output averaged 2.57 million tons per day, down 11.2% from the previous…
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POSCO Stainless Steel Hot Rolling Mill Resumes OperationsPOSCO's hot rolling mill resumed operations in October, but its annealing and pickling lines at its stainless steel plants were not up and running at the same time. POSCO Annealing Line No. 2 was expected to resume operation in December. Therefore, POSCO Zhangjiagang is currently processing AP hot…
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Suppliers dramatically increase Chinese HRC supply to VietnamOn Friday, the offer prices for Chinese HRC rose in the Vietnamese hot-rolled steel market. It is also seen that suppliers are leaving the market. Sentiment in China's domestic steel market recovered strongly amid some easing of Covid restrictions and a rally in U.S. stocks. Offers for 3-12mm thick…
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Indonesia plans to introduce an export duty on nickel pig ironThe Indonesian government planned to adopt a nickel export tax policy in the third quarter of this year, but it has yet to be implemented. However, the news surfaced again last week. According to the agreement, the introduction of taxes on nickel pig iron (NPI) and ferronickel is a matter of time…
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Chinese group CAYI opens a subsidiary in SingaporeChinese group CAYI opens a subsidiary in Singapore CAYI Group, one of China's stainless steel thermoses and related products, plans to set up a subsidiary in Singapore. This new company will be called Cayi Holding Private Limited (Cayi). This Singapore subsidiary will be used as a holding platform…
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Vietnamese company Ha Tinh Steel cut production by 15%Due to sluggish demand in Vietnam's domestic market and multiple sources of imports from China and South Korea, many Vietnamese steel mills have stopped or reduced production. Vietnam's Formosa Ha Tinh Steel Corporation (FHS) was also hit by oversupply and tried to boost exports. However, demand…
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