COVID-19 impact and lack of demand in auto industry reduces consumption of global iron ore by 2.8%: GlobalData

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The impact of COVID-19 on the mining industry has been strained by the struggling global automotive industry, which consumes approximately 17 per cent of iron ore globally, a report from GlobalData. Light vehicle sales fell by 24 per cent in Q1 (January-March) 2020 globally, then by 47.5 per cent in April 2020 and 33.8 per […]

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Japan bets big on Mozambique LNG

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In partnership with its country’s business sector, the Japanese government will invest some $14.4 billion (1.5 trillion yen) in liquefied natural gas development in Mozambique, the Nikkei Asian Review reported. According to the report, the money will fund the development of a gas field in the African country to produce some 12 million tonnes of LNG […]

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Global steel output fell 8.7% year-on-year in May; India tumbled 39%, China up 4.2%

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World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 148.8 million tonnes (Mt) in May 2020, an 8.7% decrease compared to May 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production […]

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Worldsteel predicts lower productivity and an extended production cycle for different geographies

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As most countries have been gradually reopening from their lockdowns since mid-May, recovery of economic activities is expected in the third quarter, claims the recently released Short Range Outlook (SRO) report for 2020 and 2021 by Wordsteel. Even though all steel-using sectors are affected by the lockdown measures, the mechanical machinery and automotive sectors are […]

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Metals, crude prices recovering on gradual unlocking of global economy

Metals and crude oil prices rose on the expectation of a recovery in demand following the gradual re-opening global economy and stronger manufacturing data from China, the world’s largest consumer. The price of copper for delivery in three months jumped 0.7 per cent to trade at $5,415 a tonne on the benchmark London Metal Exchange (LME) on increased demand from […]

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World steel output hit by pandemic woes, down 13% year-on-year in April

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World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 137.1 million tonnes (Mt) in April 2020, a 13.0% decrease compared to April 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production […]

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