News List
Iran officially becomes BRICS member in 2024
The BRICS group of emerging economies has welcomed 2024 by officially adding five developing nations. Specifically, the bloc introduced Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to kick off the new year. These countries are set to officially join after receiving an initial invitation at the bloc’s 2023 annual summit,…
Gold closes out 2023 above $2063, technicals point to price gains in January
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China launches test runs for world’s largest plant that can convert coal to ethanol
Traditional ethanol production from corn or sugar cane competes with food supply, with China’s rising grain prices also posing a challenge The world’s largest coal-based ethanol production plant has started test runs in southeastern China, state media reported. The plant, which has an annual capacity of 600,000 tonnes, uses coal rather than crops as…
Recovery of Japanese billet exports
Japan billet exports grew 15 percent monthly in November to about 240,121 tons. South Korea was Japan’s largest importer of steel billets, with 2,57 tons of purchases, followed by Taiwan. It is worth mentionening that Japan’s billet exports were in relative stability between January and November, recording 2.57 million tonnes compared to 2.58 million…
Growth of Australia Iron Ore Exports
Australia’s iron ore and pelletizing exports with 2% monthly growth reached to 2.72 million tonnes in November 2023. However, in January to November the exports records shows 1% decline ( 776 million tonnes ) from the same period last year. Completing the warehouses before winter and maintaining profit margins, supported Australian iron ore…
India’s steel mills look at larger play in export markets
Indian steel mills which kept losing out on key export markets, apart from the European Union (EU) nations, are looking to resume supplies to the Middle East late-January onwards. Between April and November, finished steel exports to the key markets of Middle East continued to exhibit slowdown signs, with mills here losing out to…
Iron ore ends 2023 above $US140
The latest price of imported iron ore 62% purity rose in China due to rising confidence and market hope. The price was up $1.6 per day at $140.5 per tonne of CFR in China. According to the Central Bank of China’s statements regarding the implementation of monetary policies and increased efforts to improve domestic…
Deepening domestic manufacturing table in the 5th National Steel Festival
Dr. Bahram Sobhani, president of the Iranian Steel Producers Association while pointing to the role of localization movement in reducing the need for the outlay of foreign currency in steel production, stated: Since 1397, when the movement for localization and maximum utilization of domestic manufacturing power in the steel chain was pursued with strength…
Mexico targets Chinese steel imports with increased tariff of nearly 80 per cent
The declaration from Mexico’s economy ministry follows criticism from local producers that Chinese steelmakers have strangled their production Brazilian steelmakers have also requested their government impose a 25 per cent tariff on Chinese steel imports, though little action has been taken Mexico announced a nearly 80 per cent tariff on some steel imports on…
Automakers provide assistance to Japan’s steel demand
Japan’s crude steel production is expected to increase 1.7% in the first three months of 2024 due to favorable demand from automakers, which will increase the annual production of the world’s third-largest steelmaker. In fact, improving demand from Japanese automakers will compensate the demand shortage of housing and other manufacturing sectors. But there are…
