Fitch Ratings’ 2024 Forecast: Industrial Metal Prices on a Decline
Fitch Ratings predicted on Friday that industrial metal prices would decline in 2024 as slower global economic growth will weigh on demand, particularly in China. Which is the world’s biggest consumer of raw materials. According to a report by Fitch Ratings, the benchmark copper prices for London in 2024 could drop by 2% to $8,600 per […]
U.S Steel Announces Permanent Closure of Steel Operations in Illinois
U.S Steel made headlines in September when it revealed that a blast furnace at its Granite City, Illinois, facility would be temporarily idled. The business blamed the United Auto Workers (UAW) directly for this decision and attributed it to the ongoing strike. The plant’s leadership presented the action as a proactive “risk mitigation” tactic in […]
Turkish Steel Production Trends: A 4.1% YoY Surge in October
The Turkish Steel Producers’ Association (TCUD) released a statement stating that in October of this year, crude steel production in Turkey rose by 4.1% YOY to 3 million mt. Between January and October of this year, Turkey produced 27.5 million metric tonnes of crude steel, an 8.8% decrease from the previous year. October saw a […]
Japan’s exports of steel scrap increased by 8.7% between January and October.
According to customs data, Japan exports of ferrous scrap reached 697,125 mt in October of this year, up 6.1 percent from 623,815 mt in the same month last year. The nation exported 5.8 million metric tonnes of scrap from January to October of this year, an increase of 8.7% from the same period last year. […]
A JSPL subsidiary based in India commences construction of a green steel mill in Oman.
Officials from the company announced on Tuesday, November 28 that a groundbreaking ceremony was held for a 5 million mt per year green steel mill in Oman. Vulcan Steel is an investment company owned by Naveen Jindal. The main promoter of India Jindal Steel and Power Limited (JSPL). Situated in a Special Economic Area, the […]
Gold Reaches Nearly Seven-Month High as Dollar and Yields Decline Amid Fed Rate-Cut Speculations.
Gold prices hit a close to seven-month higher on Wednesday, propelled by a drop in the United States dollars or bond yields as investors became belief that the US Federal Reserve (Fed) would likely reduce rate of interest in the first half of next year. At 0632 GMT, spot gold was up 0.2% to $2,044.69 […]
Steel Wire Rod Prices in the United States Keep Stable in November Despite Lowering Demand
Steel Wire Rod prices in the US market remained stable at the end of November as demand from the downstream constructing sectors decreased. Furthermore, the market participants continued to be apprehensive about the United States federal interest rate rise trend. Which maintained a flat market trend throughout the the United States spot market. It is […]
China says it is increasing the capacity of iron ore concentrate to ensure supplies.
China plans to increase output of the essential component for steelmaking by adding 50 million metric tonnes of iron ore concentrate capacity starting in 2022. An industry association official was quoted as saying by state media on Monday. 80% of the iron ore used in China, the top steel producer in the world, must be […]
Oil prices rise ahead of the OPEC+ meeting; an inflow of economic data is anticipated.
Oil prices rose slightly in Asian trade on Monday with focus remaining squarely on an upcoming OPEC+ meeting this week. While anticipation of a string of key economic readings also kept traders on edge. OPEC+ Meeting Delay Sparks Uncertainty in Asian Oil Trade For the fifth week in a row, crude prices fell as expectations […]
Iron ore prices are anticipated to climb for a fifth week, defying the impact of Chinese intervention.
Iron ore futures have rebounded from earlier losses, and consequently, they are anticipated to experience a fifth consecutive week of growth on Friday. This positive momentum is attribute to the optimism in China, the top consumer, which has successfully overcome obstacles created by the most recent authorities’ intervention. On China’s Dalian Commodity Exchange (DCE). The […]