All components of the Automotive MMI moved sideways or down month-on-month. Moreover, January saw prices flatten out across the steel market, causing hot-dipped galvanized steel prices to trend close to support zones. Meanwhile, China’s wavering economy continues to prove a concern for global markets because the country is such a large steel demand driver. Many […]
Tag: Steel
Is China’s Surge in Crude Oil, Coal, and Iron Ore Imports Really a Sign of Economic Strength?
News coming out of China indicates the country set new records in 2023 for the import of crude oil, coal, and iron ore. The revelation caught many by surprise, but analysts caution that this may not really signify a robust demand for these essential materials. Nor does it indicate that there has been any reversal […]
Steel Manufacturing: Uncertainty Looms as Liberty Steel Ostrava Workers Delay Return
Workers at flats producer Liberty Steel Ostrava in the Czech Republic did not return to work on January 16, despite local media reports stating that workers agreed to resume working on this date. The Daily Denik noted that there were a couple of other “return dates” set for the steel manufacturing plant, including January 3 […]
India US Trade Leaders Ease Duties, Forge Steel & Aluminum Export Harmony
India US trade is primed to shift. Both countries seem eager to enter a new period of trade harmony, as India’s Ministries of Mines and Steel, along with the Department for Promotion of Industry and Internal Trade (DPIIT), recently set up an in-house system to oversee the export of steel and aluminum products to the […]
Raw Steels MMI: Steel Prices Weak Amid Backwardation
The Raw Steels Monthly Metals Index (MMI) rose 3.25% from December to January. U.S. flat rolled steel prices closed the year decidedly bullish. A nearly 14% month-over-month rise saw HRC prices easily outperform all base metals both during the month and throughout 2023 as a whole. Meanwhile, plate prices saw an upside correction after prices […]
Salzgitter’s Relined Blast Furnace Ready to Produce 2 Million Metric Tons of Pig Iron
German steelmaking group Salzgitter recently blew in Blast Furnace A at its Flachstahl works in Lower Saxony, allowing it to produce up to 2 million MT of pig iron. This came after the company completed a relining that lasted 100 days. On January 3, Saltzgitter noted that the reline included 3,000 metric tons of bricks […]
UK to Impose Carbon Tax for Steel and Aluminum Production
HM Treasury recently announced that the UK plans to enact a carbon tax on certain metals and natural resource imports into the country by 2027. The December 19 announcement said that steel, aluminum, and iron ore will be subject to the tax. This tax is currently known as the Carbon Border Adjustment Mechanism (CBAM). “Goods […]
Mexico Imposes 80% Tariff on Vietnamese Steel Amid Trade Tensions, Mixed Steel Prices
Neither China nor rising global steel player Vietnam had a very good 2023 due to fluctuating steel prices and demand. Like some other steel-producing countries, both have primarily resorted to flooding foreign markets with cheap steel products to remain in the black. This has led to massive protests from countries where these imports land, including […]
Habaş Announces 900,000 Metric Ton Downstream Mill in Turkey
Turkish longs and flats producer Habaş recently announced plans to build a downstream cold rolling and tinplate mill. The growing Turkish steel industry brand estimates that the plant will have an annual capacity of 900,000 metric tons. Current plans place the new plant on a greenfield site close to Habaş’ main production facilities at Aliağa. […]
India’s Steel Industry Battles Cheap Imports
Imports seem to be the biggest bugbear for the Indian steel industry. Cheap steel from China, Vietnam, and several other countries flooded the domestic market for months, putting Indian steel companies at a significant disadvantage. The problem is now so severe that representatives from the steel sector and the Indian Steel Ministry met earlier this month […]