News List
BMI revises 2024 iron-ore price forecast lower to $110/t
Market analysis firm BMI, a Fitch Solutions company, has revised down its 2024 iron-ore price forecast from an average of $120/t to $110/t, as subdued demand in mainland China amid the ongoing property downturn continues to exert downward pressure on the iron-ore market. In its market commentary published on August 22, the company said…
Iran exports $2.6 bln of steel products in 5-month period
Over $2.566 worth billion of steel products were exported from the country in the first five months of the current Iranian calendar year (started March 21, 2024), Islamic Republic of Iran Customs Administration (IRICA) said. Iran exported 4.979 million tons of steel products overseas from March 21 to August 22, 2024, IRICA said. According…
Mohammad Aghajanloo is being appointed as the new caretaker of IMIDRO:
The ceremony of honoring and introducing the caretaker of IMIDRO was held in the presence of Vajiollah Jafari, advisor and representative of the Minister of Mine, Industry & Trade, in Imidro,s building. During this ceremony, which was held yesterday, August 28, in the presence of members of the executive board, deputies, managers, as well…
Industry Ministry to focus on increasing domestic production, says new minister
Iran’s new Industry, Mining, and Trade Minister Mohammad Atabak has said his programs will be mainly focused on realizing production leap under the framework of the Seventh National Development Plan. On his first day of work as the minister, Atabak held a meeting with his deputies on Thursday, in which he said: “With two…
Brazilian company Vale Invests in the Middle East / Construction of Three Steel Mega hubs in the Persian Gulf
The world’s largest iron ore company stated: we plan to build three mega hubs of steel in the Persian Gulf countries. The world’s largest iron ore producer, Brazilian company Vale announced its plan to produce three mega hubs in Ras Al Khair Industrial City in Saudi Arabia, the Khalifa Economic Zone in Abu…
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…
