Metallurgy news
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Export duties on steel in India will be reducedThe 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…
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China's steel industry is sounding the alarm due to crisis conditionsPresident 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 sharpest…
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Nippon Steel completes construction of new galvanizing line in IndonesiaNippon 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 is…
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Russia to extend duties on scrap metal exports until the end of 2022According 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…
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Reducing steel production in South Korea and JapanA 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 is…
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Crude steel production in India increasedIndia'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 closed…
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China may report a 2-3% reduction in crude steel production in 2022According 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 by…
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G7 to propose $600bn plan to compete with ChinaThe 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…
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Philippines builds first integrated steel plant with 20,000 jobsA 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 stage…
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Russia will review the program for the development of hydrogen energyAfter the termination of cooperation with Europe, the Ministry of Energy of Russia initiates a revision of the hydrogen energy development program, taking into account the priority of supplies to the domestic market and to the Asia-Pacific countries. Nikolay Shulginov, Russian Minister of Energy…
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