This Morning in Metals: China’s Daily Crude Steel Output Fell in December

by on

gui yong nian/Adobe Stock

This morning in metals news, China’s daily crude steel output slipped in December, miner Rio Tinto reported its fourth-quarter production results and Luxembourg-based Tenaris purchased a large stake in the Saudi Steel Pipe Company.

Steel Output Slides

China’s daily steel output for December fell to its lowest level since March, according to Reuters.

Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook

Daily output fell 5% from November to December, according to the report.

Rio Reports Q4 Results

Miner Rio Tinto reported Q4 2018 Pilbara iron ore shipments and production fell 3% and 1%, respectively, on a year-over-year basis.

However, copper production in Q4 jumped 20% year over year.

“We delivered a solid operational performance in the final quarter of 2018, in particular across our copper assets,” Rio Tinto CEO J-S Jacques said. “During the year, we further strengthened our asset portfolio, continuing to invest in high quality growth. 2018 saw the early completion of Amrun, the deployment of AutoHaul™, the Koodaideri and Robe River investments and the signing of the power agreement at Oyu Tolgoi. Meanwhile, we completed disposals of $8.6 billion, including the Grasberg mine in Indonesia and our remaining coal assets.”

Tenaris Buys Stake in Saudi Steel Pipe Company

Luxembourg-based firm Tenaris S.A. has purchased a 47.79% stake in the Saudi Steel Pipe Company.

MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel

The stake was purchased at a cost of $141 million. The Saudi firm has an annual manufacturing capacity of 360,000 tons.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.