Year 2020 will be an unforgettable year in many aspects, and as for the global steel market, it is a year of investments and divestments, as while Tata Steel has been busy divesting from its steel assets outside India, China Baowu Steel Group (Baowu), China’s top steelmaker, has been intent on becoming the world’s top […]
China’s independent electric-arc-furnace (EAF) steel mills saw their capacity utilisation recover slightly last week, as the profit margins these EAF steelmakers are enjoying on their output have improved thanks to the strengthening of finished steel prices currently, market watchers said. As of November 12, the capacity utilisation rate of the 71 independent EAF steelmakers across […]
Altogether 15 countries including 13 in Asia and Australia and New Zealand signed the Regional Comprehensive Economic Partnership (RCEP) on November 15 via a virtual conference, which has created the world’s largest free trade bloc and has been great news in general to the commodities market sources, Mysteel Global noted. RCEP, which took eight years […]
Despite higher steel output, China’s steel scrap consumption decreased by 1% or 1.58 million tonnes on year to 155.2 million tonnes in the first nine months of 2020, Li Shubin, vice chairman of the China Association of Metalscrap Utilization (CAMU), shared on November 12 at the 2020 National Steel Scrap Conference in Haikou, South China’s […]
Indian Finance Minister Nirmala Sitharaman on Thursday announced financial outlays for 12 sectors, including a fertiliser subsidy as well as those for housing and infrastructure that will likely drive demand for key commodities. She said the announcement was the third instalment of Atma Nirbhar Bharat (Self Reliant India) programme that was meant to establish the country […]
Rebar output among the 137 Chinese producers surveyed by Mysteel including integrated mills and re-rollers retreated over October 29-November 4 after the short-lived recovery over the prior week, with the tonnage falling by 1.1% on week to 3.59 million tonnes, according to Mysteel’s latest weekly survey. The retreat in rebar output was mainly attributed to […]
India’s top private sector steel maker Tata Steel has entered into a memorandum of understanding (MoU) with Vedanta group company, Hindustan Zinc to procure the firm’s complete domestic zinc requirements, according to a statement. This initiative would bolster the idea of Aatmanirbhar Bharat with one of the largest companies choosing to become vocal for local. “This MoU is […]
China’s stainless steel production is expected to rise by 2.1% this year to more than 30 million tonnes amid robust demand for the corrosion-resistant metal. Apparent stainless steel consumption in China, the biggest market, is set to rise by 6.4% to 25.5 million tonnes this year, according to the Stainless Steel Council of China Special […]
Commodity giant, Vedanta reported a 61.8 per cent decline in its consolidated net profit at Rs 824 crore for the quarter ended September 30, 2020 on the back of one-time tax expense. The company posted a net profit of Rs 2,158 crore in the year-ago period, Vedanta said in a filing to BSE. Income during July-September […]
The U.S. Federal Reserve kept its loose monetary policy intact this week and pledged to do whatever it can in coming months to sustain a U.S. economic recovery losing speed amid a spreading coronavirus pandemic. The coronavirus pandemic is showing no signs of abating and has hit the Indian economy severely. However, Finance Minister Nirmala […]
