News List
Brazilian mining companies sentenced to pay $9.67 billion in compensation
A Brazilian federal judge ruled that miners Vale and BHP and their joint venture Samarco must pay 47.6 billion reais ($9.67 billion) in damages for a 2015 tailings dam burst. Vale and BHP said in separate statements they were not informed by the judiciary about the decision. Samarco declined to comment. The dam collapse…
Increasing global steel production every 2 years
Despite challenging market conditions, the world’s steelmaking capacity grew for the fifth year in a row, reaching a historic record of 2.5 billion tonnes, up 57.1 million tonnes, or 2.3 percent from 2022. Capacity growth of 57.1 million tonnes in 2023 has become the highest annual volume increase in global capacity in a…
Iran accounts for over 58% of West Asia’s steel output in 2023
Iran produced 31.1 million tons of crude steel in 2023 to account for 58.4 percent of West Asia’s total production in the mentioned year. The West Asian nations reviewed in the WSA report, including Iran, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and Yemen, managed to produce 53.2 million tons of steel in 2023.…
Copper Jumped Amid Support From Fresh Stimulus Measures By The Chinese Government
Copper prices rose by 1.05%, settling at 729.9, driven by a slight pullback in the US dollar and bolstered by fresh stimulus measures from the Chinese government. China’s announcement of a reserve requirement ratio cut in the next two weeks, providing CNY 1 trillion in liquidity, and indications of additional economic support contributed to…
Iran, Turkey ink contract to connect power grids
The Iran Grid Management Company and the Turkish Electricity Transmission Company (TEIAS) have signed an agreement to make operational the Khoy-Van grid line. In the presence of Iranian President Ibrahim Raeisi and his Turkish counterpart Recep Tayyip Erdogan, Iran’s Mehdi Moghimzadeh and Turkey’s Orhan Kaldirim signed the contract for the connection of the 400-kilovolt…
What steel decarbonization needs
The industry accounts for 10% of the global emissions of carbon dioxide One way to cut the steel industry’s emissions is to recycle more iron and steel products than the world currently does. Knowledge of the basic chemical process to make iron is older than the periodic table: Iron ore + coal = iron…
Iron ore climbs to over one-week high as China pledges to stabilise market
Iron ore futures climbed on Tuesday to their highest level in more than a week, as investor confidence was boosted after policymakers in top consumer China pledged to stabilise its market. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.42% higher at 965.5 yuan ($134.70) a metric…
Iron ore pellet production up 10% in 9 months on year
Production of iron ore pellet in Iran rose by 10 percent during the first nine months of the current Iranian calendar year (March 21-December 21, 2023), as compared to the same period of time in the past year, according to the data released by the Iranian Steel Producers Association (ISPA). The ISPA put the…
What will be the future for gold in 2024?
Investors in the global gold market predict that the price of the precious metal will be unprecedented next year. Gold is on the path for a 13% annual growth in 2023, its best time since 2020, trading at around $2,020 an ounce. According to the surprisingly strong performance of gold in 2023, we will…
Sponge iron production up 6.5% in 9 months on year
Production of sponge iron in Iran rose by 6.5 percent during the first nine months of the current Iranian calendar year (March 21-December 21, 2023), as compared to the same period of time in the past year, according to the data released by the Iranian Steel Producers Association (ISPA). The ISPA reported that 28.088…
