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Wuhan Iron&Steel purchases 40% stake of African coking coal mine

Wuhan Iron&Steel purchases 40% stake of African coking coal mine

Wuhan Iron and Steel Group Corp. signed an agreement to buy 40 percent of the stakes of the Zambeze coal mine in Mozambique, which is owned by the Australian-based Riversdale Mining Ltd., according to reports Thursday. The purchase-which will cost Wuhan Iron $800 million- will give the company possession of 8 percent-stake of the Australian [...]

China is rocking the Indian steel boat

China is rocking the Indian steel boat

China is flooding the world, especially India, with steel. As long as this lasts, the prices of locally produced steel will stay depressed N.C. Mathur cut short his holiday in Himachal Pradesh because of the heat that the country’s stainless steel industry is facing. The president of the Indian Stainless Steel Development Association spent [...]

India’s Sensex Index Retreats for Second Day; HDFC Bank Drops

India’s Sensex Index Retreats for Second Day; HDFC Bank Drops

June 25 (Bloomberg) -- India’s stocks fell for the second day as investors withdrew from riskier assets on concern that the global economic recovery may slow. HDFC Bank Ltd., the nation’s third-biggest lender, lost 1.5 percent. Sterlite Industries (India) Ltd., the biggest copper and zinc producer, dropped for a fourth day as raw material [...]

Steel maker sees ECFA as springboard to China market

Steel maker sees ECFA as springboard to China market

China Steel Corp., Taiwan's largest steel maker, said Wednesday that if steel products are included on an "early harvest" list under a proposed trade pact with China, the company will have a better chance to enter the Chinese auto-making supply chain. China Steel President J.C. Chou said China Steel will take advantage of the preferential [...]

Taiwan`s Steel Makers Upbeat for Rebate Cut by China

Taiwan`s Steel Makers Upbeat for Rebate Cut by China

With China expected to cancel the 9% export tax rebate for hot-rolled steel, Taiwan`s steel firms, including China Steel Corp. (CSC), Chung Hung Steel Corp., Kao Hsing Chang Iron & Steel Co., Sheng Yu Steel Corp. and Yieh Phui Enterprise Co., are looking forward to rosier operations. An institutional investor noted the present chaos in the [...]

World Steel Dynamics View of the Flat Rolled Steel Market

World Steel Dynamics View of the Flat Rolled Steel Market

Steel Market Update spent the last three days in New York City at the Steel Success Strategies conference. Below is a report we published in our newsletter earlier this week regarding World Steel Dynamics view of the steel world. We found Peter Marcus and his partner Karlis Kirsis of World Steel Dynamics to be a bit more subdued than we had [...]

Steel makers fall as Beijing scraps exports rebate

Steel makers fall as Beijing scraps exports rebate

Shares of steel makers skidded in Hong Kong and Shanghai on Wednesday after the Chinese Ministry of Finance said it will scrap a tax rebate previously available on exports of a range of commodities, including various forms of steel. The move, which is reportedly part of Beijing's efforts to cut carbon emissions in some polluting industries, [...]

US Steel sees industry comeback, costs crimp growth

US Steel sees industry comeback, costs crimp growth

* High material costs give integrated producers an advantage * US steel use tends to return to average of 120 mln tons/yr United States Steel Corp (X.N), one of the largest U.S. steel producers, thinks the worst of the steel industry's downturn is over, but sees the high cost of raw materials used to produce the metal as having an inhibiting [...]

Steel prices still firm despite excess capacity pressure

Steel prices still firm despite excess capacity pressure

Market remains soft, even as producers resist traders’ demand for cut in prices.There is over-capacity in the steel industry but prices are still holding up, with many producers denying moves to cut prices.World Steel Association (WSA) figures indicate global production was 122 million tonnes in April, an increase of 35.7 per cent over April [...]

S.Korea POSCO raises steel prices 6 pct from July

S.Korea POSCO raises steel prices 6 pct from July

* POSCO raises local product prices by 6 pct from July * Price increase below market expectations (Adds details, shares) SEOUL June 22 (Reuters) - South Korea's POSCO (005490.KS: Quote) said it would raise prices of its benchmark steel products by a less-than-expected 6 percent from July, but the increase would not be enough to cover higher [...]

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