Metallurgy news

• Iron ore price rises as Chinese demand hopes persist Iron 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... 18.11.2022  12:00

• Andrew Forrest donates $500 million to the Ukraine Reconstruction Fund Australian 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... 18.11.2022  11:56

• Outokumpu reaches agreement to sell Argentine subsidiary Mirgor Outokumpu, 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... 17.11.2022  12:46

• Steel production in China in January-October decreased by 2.2% year on year According 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... 16.11.2022  12:49

• POSCO Stainless Steel Hot Rolling Mill Resumes Operations POSCO'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... 16.11.2022  12:46

• Suppliers dramatically increase Chinese HRC supply to Vietnam On 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... 14.11.2022  09:39

• Indonesia plans to introduce an export duty on nickel pig iron The 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... 14.11.2022  09:31

• Chinese group CAYI opens a subsidiary in Singapore Chinese 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... 14.11.2022  09:29

• 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... 11.11.2022  10:17

• Strike continues at Hyundai Steel plants South Korean steel maker Hyundai Steel is considering exporting semi-finished products as strikes by workers at its factories in Dangjin and Pohang continue. Local industry reports show that Hyundai Steel is pushing ahead with a plan to export semi-finished products such as boards produced at... 11.11.2022  10:14