News List
Iron-ore rises for third day on China policy support optimism
The steelmaking staple climbed as much as 3.5% in Singapore following a report late on Tuesday that Beijing is considering allowing local governments to buy unsold homes by issuing so-called special bonds. The potential move comes after a series of rescue packages failed to prop up the real estate market, which is a major…
The world’s largest steel industry is going through a ‘winter’ amid a supply glut and weak demand
China steel rebar prices are down over 20% year to date at 3,208 Chinese yuan ($450) per ton, data from financial information provider Wind showed. “Chinese demand has been a major disappointment for metals across the board,” said Sarbin Chowdhury, head of commodities analysis at BMI. Prices of China iron ore, the key material…
Atabak Becomes Minister of Industry, Mines & Trade
The members of the Islamic Consultative Assembly voted confidence in the President’s proposed Minister of Industry, Mines and Trade. Thus, Seyed Mohammad Atabak was introduced as the Minister of Industry, Mines and Trade with 231 votes in favor of the Islamic Consultative Assembly.
Russia hosts 8th BRICS Industry Ministers’ Meeting
The meeting was convened on August 16 with Iran’s Deputy Industry, Mining, and Trade Minister Mohammad Mousavi in attendance. The Iranian official, during the meeting, elaborated on the country’s breakthroughs in the domains of new technologies, such as artificial intelligence, and the Internet of Things. He also outlined the achievements of the Islamic Republic…
The strategic plan document for Sangan Iron Ore Complex with a sustainable development approach was unveiled
At the unveiling ceremony of the strategic plan document of the complex (Horizon 1407 Iranian calendar), Ali Rasoulian, the director of Sangan Iron Ore Complex, stated: this document draws the future roadmap of the complex, continuing: “The main mission of Sangan Iron Ore Complex is to create added value through the exploration, extraction and…
Chinese steel is on the verge of a serious and new crisis
Bao Steel Group in China, as the world’s largest steelmaking unit, warns that the country’s steel industry is facing a more serious crisis than the recessions of 2008 to 2015. reported by Mehr News, Bao steel group in China in the position of the world’s largest steel manufacturing unit compared to the steel industry…
NICICO production capacity rises 25%
The managing director of the National Iranian Copper Industries Company (NICICO) said the company’s nominal production capacity has increased by 25 percent in the first four months of the current Iranian calendar year (March 20-July 21), IRIB reported. According to Hossein Modarres Khiabani, the mentioned increase was achieved after the company implemented several new…
Iron ore prices fell to a 14-month low
China’s continued weak real estate sector is putting downward pressure on steel demand expectations January iron ore futures, the most traded on the Dalian Commodity Exchange, fell by 8.2% to 698 yuan/t ($97.52/t) for the period August 1-15, 2024. On the Singapore Exchange, quotes for September benchmark futures as of August 15, 2024, decreased…
Iranians keen on investing in Afghanistan’s mines, oil, gas sector: Afghan ministry
The Ministry of Mines and Petroleum of the caretaker government of Afghanistan has announced that Iranian investors are interested in investing and operating in the mining sector of metals and oil and gas in the neighboring country. In a statement, officials of Afghanistan’s Ministry of Mines and Petroleum said that Deputy Minister Zia ur-Rahman…
Gold price tops $2,500 for first time on outlook for lower rates
Gold topped $2,500 an ounce for the first time, bolstered by hopes that the US Federal Reserve is edging closer to cutting interest rates. Spot bullion climbed as much as 1.8% on Friday, exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations of fast and…
