ArcelorMittal cuts 2022 global steel consumption outlook because of Ukrainian war

ArcelorMittal expects 2022 global steel consumption to contract 0%-1% as Russia’s military invasion of Ukraine disrupts supply chains, stoking inflation, while China’s COVID-19 lockdowns dampen economic activity, the world’s second biggest steelmaker said. The company had previously estimated 2022 global steel consumption to rise 0%-1%. Long-term steel market fundamentals remain positive, ArcelorMittal said, after posting […]

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Slowdown in global automotive sector due to shortage of chips drags on steel prices

The global semiconductor shortage continues to curtail production at automakers around the world. New and ongoing Covid-related lockdowns in China are inhibiting already strained supply chains. This threatens to have an adverse impact on steel prices, if things are not restored soon. The military conflict in Ukraine has reduced the supply of component parts to […]

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Moody’s upgrades India’s outlook to stable, affirms rating

Ratings agency Moody’s affirmed India’s sovereign rating and upgraded the country’s outlook to ‘stable’ from ‘negative’, citing receding downside risks to the economy and financial system. The sovereign rating by Moody’s stands at ‘Baa3’—which is the lowest investment grade, just a notch above junk status. “Moody’s Investors Service has today changed the outlook on the […]

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Global weather troubles influence agricultural prices, cloud outlook

Unpredictable weather is ruling agriculture markets, as supplies of major commodities are stretched thin allowing little room for output losses, while meteorological conditions in major producing countries look uncooperative. While ongoing weather troubles in the agriculturally prominent countries are influencing prices of wheat, corn, soybean, and vegetable oils, uncertain weather is likely to cast a […]

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Global steel demand to grow by 5.8% in 2021 to reach 1,874.0 million tonnes, says Worldsteel

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Global steel demand will grow by 5.8% in 2021 to reach 1,874.0 million tonnes (Mt), after declining by 0.2% in 2020, worldsteel forecast in its latest short range outlook on Thursday, adding that in 2022 steel demand will see further growth of 2.7% to reach 1,924.6 Mt. The current forecast assumes that the ongoing second […]

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