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 […]
Tag: Steel
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 […]
Japan’s Nippon Beats Nucor, Cliffs, ArcelorMittal in U.S. Steel Sale
US steel news sources and markets were abuzz on December 18 over Nippon Steel’s purchase of U.S Steel. The $14.9 billion investment represents a significant step in Nippon’s plan to expand its U.S. assets, and pushed the Japanese company from the fourth to the third-largest global steel producer. In total, it will now account for […]
Raw Steels MMI: Steel Prices Bullish as HRC Price Break $1,000/st
While the Raw Steels Monthly Metals Index (MMI) rose 6.43% from November to December, U.S. flat rolled steel prices remain decidedly bullish. By mid-December, hot rolled coil prices broke above the $1,000 per short ton mark for the first time since June. To date, HRC prices have risen almost 53% this year, outperforming all base […]
Renewables/GOES MMI: Index Drops & Green Energy Faces Challenges
The Renewables MMI (Monthly Metals Index) took a noticeable dive month-over-month, dropping by 10.41%. Indeed, neodymium, cobalt, and steel plate all suffered drops in price, making them the main culprits for the index falling. Meanwhile, the latest renewable energy news sources suggest green initiatives could be in for a rocky ride in 2024. This is […]
