News List
Iron ore price retreats as China’s bourse plans to limit trading volumes
Iron ore prices fell on Tuesday after a state-backed bourse in China said it would limit trading volumes of futures contracts for the key steelmaking ingredient. According to Fastmarkets, benchmark 62% Fe fines imported into Northern China fell 0.69%, to $126.01 per ton. The most-traded January iron ore contract on China’s Dalian Commodity Exchange…
Mining Sector’s Export Stood at $7.4b in 7 Months/Export Value Up% 7.5
Export from Iran’s mine and Mining industries sector stood at $7.4 billion during the first seven months of the current Iranian calendar year (March21, October22, 2023), indicating 38 percent growth in terms of volume and 7.5 percent rise in terms of value YOY. According to the report of public relations of IMIDRO, Iranian mine…
Chairman of the steel association emphasized on the coherence and coordination between the iron and steel chain formations of the country
Dr. Bahram Sobhani, chairman of the Association of Steel Producers at the annual general meeting of the Iranian Steel Producers Association hinted to the currency problems, market regulation, supply of raw materials and the efforts of this association to follow and improve the challenges of steel production and export. He added: we are trying…
Noticable increase of Azerbaijan Steel Company’s production in seven months of the current year
Azerbaijan Steel Company production increased to 220,000 tons in the seven months of the current year. According to Public Relations of Azerbaijan Steel Company, Azimi,Managing director of the company stated: The production of rebar of Azerbaijan Steel Company in the first seven months of last year was 170,000 tons, which reached to 220 thousand…
Goldman Sachs sees ‘clear deficit’ of iron ore for the rest of the year
The iron ore market is looking at a shortfall for the rest of the year due to low inventories and falling production, said Goldman Sachs. “Rather than facing a surplus for this year, the iron ore market is now set for a clear deficit,” Goldman said in a recent report. The analysts noted that…
2% growth in Iran’s steel production in march & October
The latest report by the Iranian Steel Producers Association (ISPA) indicates that Iran’s steel output rose by 2% during the first seven months of the current Iranian calendar year (March 21–October 22, 2023). The ISPA in its recent report has announced that the production of Iran’s steel products during the first seven months of…
Saudi Arabia and Australia are going to produce green cast iron / Global supply of green steel raw material in near future
Following the cooperation between Saudi Arabia and Australia, cast iron to produce green steel in global markets will be supplied . The Australian Magnum co, which is active in the exploration and extraction of iron ore,expressed the signing of an agreement with Saudi company Midetal. This company is active in the field of investigating…
Iran, ECO trade hits $10.2 bn in 7 months
The trade exchanges between Iran and the Economic Cooperation Organization (ECO)’s member states in the first seven months of the current Iraniancalendar year (March 21 to October 22, 2023) reached $10.2 billion. Over 14 million tons worth of products, valued at more than $10 billion, were exchanged between Iran and the nine ECO state…
Has the prices of iron ore risen too high ?
Iron ore has reached “unreasonable” levels that are hurting Chinese steel mills, according to China Mineral Resources Group, the state-backed firm trying to boost Beijing’s sway over prices. Elevated costs are squeezing margins at steelmakers in the world’s top producer, Guo Bin, President of China Minerals, said at an event in Shanghai during the…
British Steel to close its blast furnaces – job losses inevitable
Chinese-owned British Steel is planning to close its blast furnaces in Scunthorpe. The move will likely put up to 2,000 jobs at risk. The plan is to replace the blast furnaces with two electric arc furnaces (EAFs) – one at the company’s Scunthorpe facility, the other in Teesside. According to Jingye, the Chinese company…
