China was the largest end-user of steel in 2022. According to the World Steel Association’s (Worldsteel) “2023 World Steel Report,” the country consumed 51.7% of the 1.78 million metric tons of finished products rolled last year. That percentage was unchanged from the previous year. At that time, China’s apparent steel consumption was 954 million metric […]
Christopher Rivituso
Steel Consumption in the EU Projected to Rise
A recent European Steel Association (Eurofer) report said that apparent steel consumption within the European Union is likely to improve by 5.4% in 2024. That said, the organization indicated that this figure depends on there being more favorable developments in the bloc’s industrial outlook. Either way, steel prices will likely see some impact from this […]
ArcelorMittal Kriviy Rih Halts Steelmaking After Dam Rupture
Ukrainian steelmaker and longs producer ArcelorMittal Kriviy Rih (AMKR) recently stopped steelmaking and rolling operations. A spokesman for the company told MetalMiner that the halt stems from a rupture of the Kakhovska Hydropower Plant’s dam after a suspected Russian operation. So far, there is no consensus on how this might affect steel prices. The source […]
Imports Put Bearish Pressure on European Steel Mills
Market participants report that prices for hot rolled coil in northern Europe continues to decline. The cause for the alarming steel news mainly concerns pressure from imports. Additionally, low demand and oversupply have been contributing factors in price fluctuations, with the problem persisting since early April. “The problem is not with Germany, but rather with […]
Ukrainian Steel Mills Suffer 54% Drop in Steel Production Amidst Russian Invasion
Ukrainian steel mills reported a 54% drop year-over-year in crude steel production for the first four months of 2023. That figure comes directly from a report published by local association Ukrmetalurgprom. The association noted that operating mills in the country poured about 1.81 million metric tons of the liquid metal from January 1 to April […]
Tata Steel’s UK Plant Struggling with Rising Costs and Decarbonization Challenges
Difficult trading conditions and a lack of clarity over state aid have put the future of Tata Steel’s UK plant into doubt. The Indian parent group also warned that current conditions would soon affect Tata Steel prices at Port Talbot. “A stress test conducted by the board to assess the potential impact of the economic […]
Teck Resources Withdraws Plan to Split Metal and Coal Businesses
Canadian mining group Teck Resources recently withdrew its proposal to separate its metals and coal companies into two separate assets. The Vancouver-headquartered company announced its plans not to proceed with a vote to divide the business into two separate companies, Teck Resources and Elk Valley Resources, at its April 26 annual and special shareholders meeting. […]
What’s Behind Declining Steel Prices in Northern Europe?
Hot rolled coil steel prices in northern Europe began declining over the past month. Sources told MetalMiner on April 25 that the downtrend was largely due to lower demand and aggressive import offers. One trader mentioned that North European mills are now offering €820 ($900) per metric ton EXW for August rolling and September delivery. […]
Glencore Pressures Teck Resources to Accept Merger Offer
On April 19, Glencore released an open letter to Teck Resources’ Class B shareholders. In the document, the company asked investors to accept the commodity trading and mining multinational’s merger offer. Meanwhile, Glencore stock remains up from mid-March, though still below the highs seen in January. The open letter also noted that Glencore would approach shareholders […]
Teck Resources Rejects Glencore’s Merger Proposal
Canadian company Teck Resources has rejected a revised offer from commodity trading and mining multinational Glencore. This follows a similar rejection of the initial offer posed earlier in April. The Vancouver-headquartered company also added that “the Teck board and management team remain fully confident that Teck’s planned separation creates a greater spectrum of value-enhancing opportunities […]