News List
Iran’s CBI to launch new currency exchange market
The Central Bank of Iran (CBI) is planning to launch a new currency exchange market in a bid to control the prices and to make it easier for importers to access hard currency generated from exports. CBI Governor Mohammad Reza Farzin said on Wednesday that the Currency Market of Mutually-Agreed Prices will be a…
Australia risks losing its iron ore dominance, Fortescue CEO says
Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday. Australia is the world’s biggest supplier of seaborne iron ore,…
Operation of the first phase of Iran’s largest solar power plant by Mobarakeh Steel company
Managing director of Mobarakeh Steel Company stated: The 600 MW Mobarakeh Steel Power Plant in east part of Isfahan, as the largest solar power plant in Iran and the 25th largest solar power plant in the world, is ready to be used. Mohammad Yaser Tayebnia added: “The first phase of this power plant…
World Bank estimates global commodity prices falling to 5-year lows in 2025
The World Bank estimates global commodity prices will fall to their lowest levels in five years in 2025 and keep falling the following year due to an oil surplus, according to the recently released Commodity Markets Outlook report for October 2024. The oil surplus would be large enough to limit the price effects of…
Coking coal prices rose in October amid China’s incentives
The coking coal market has shown some optimism since the end of September amid the stimulus announced by Beijing, but is in a state of uncertainty at the end of the current month. On August 23, Australian high-quality coking coal prices fell below $200/t FOB for the first time in a year and remained…
IMF forecasts economic growth, inflation reduction for Iran
The International Monetary Fund (IMF) has reassessed Iran’s economic outlook, improving its forecasts for both inflation and economic growth compared to previous reports. In its latest report, the IMF said that inflation in Iran will decrease to 31.7% this year, dropping 5.8 percentage points from earlier estimates made in April. It also projected Iran’s…
Middle East: Imported HRC offers drop w-o-w in recent deals
The Middle East hot-rolled coil (HRC) market witnessed price volatility this week as major suppliers, such as China, India, and Japan, revised their export offers in response to shifting global market conditions. These adjustments directly impacted import costs for Middle Eastern buyers. Imported HRC offers from China to the Middle East (ME) remained range-bound…
A record of 4 million tons extraction of iron ore in Sangan is registered
The contractor of Group A of Sangan Complex set a record of 4 million tons of iron ore extraction and tailings during October of this year. According to Sangan Complex, this achievement is the result of the extensive investment of the complex in the import of advanced machinery and equipment in recent…
The third scientific & operational competitions of the firefighters of steel projects of National Iranian Steel Company in the Ghaenat Steel Complex
According to the Public Relations of National Iranian Steel Company, the 3rd Scientific-Operational Olympiad of Firefighters of Steel Projects will be held tomorrow with the presence of firefighters of steel projects affiliated to IMIDRO&NISCO at the Ghaenat Steel Complex. In this round of competitions, which will be held for two days from tomorrow with…
India could face 2031 iron ore deficit
India’s iron ore demand is set to rise dramatically in the coming years, driven by increased steel production, market participants highlighted at Mjunction’s Indian Steel Market Conference in Bhubaneswar this week, attended by Kallanish. Current projections show a significant shift, with demand expected to increase from today’s 194 million tonnes to 350mt by the…
