As the trade war with the United States continues to gather pace, manufacturers in China remain gloomy about their prospects, with the sector activity contracting for the fourth successive month in August. The Official NBS Manufacturing PMI in China dropped to 49.5 in August 2019 from 49.7 in the July 2019 of 49.7. The latest…
The Board of Investments (BOI) has denied the application of Chinese firm Sanjia-Steel Corporation to invest P800 million for the production of reinforcing steel bars (rebars) using coreless electric furnace smelting technology because it will employ obsolete and pollution-causing technologies. In its July 18, 2019 meeting, the BOI Board “resolved to deny Philippine Sanjia-Steel Corporation’s…
Key data from the pricing sessions in London and Shanghai in the week ended Friday August 30. China Key drivers The Chinese export silicon price moved up for the second consecutive week in response to tight supply in domestic market due to increased buying from Chinese secondary aluminum alloy producers who are ramping up production…
India’s Central Statistics Office released the gross domestic product numbers for April-June quarter, which showed that India’s GDP expanded 5% in last quarter, the slowest pace in six and half years, down from 8% in Q1 of 2018-19 and slowing from a 5.8% in the January-March quarter. India’s GDP growth averaged 7.7% from 2014 to…
China's moves to revive its infrastructure sector in response to slower domestic economic growth and rising trade tensions are widely expected to fuel a pick-up in steel demand from September and sustain it into 2020, but could also spur an increase in steel production that results in another winter of oversupply and short-term losses for…
Shanghai-bonded copper stocks fell to their lowest level since February 2016 at the end of August after a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants last month. … Source of information
Mariupol Ilyich Iron and Steel Works has finished scheduled repair of the blast furnace No. 2. All the diagnostics and units restoration were carried out in 13 days. The blast furnace has already been commissioned. Metinvest provided 48 million UAH for the repair. (Ukrainian metal)
Metalloinvest is carrying out a large-scale project to modernize the Ural Steel cogeneration plant. The company plans to improve its energy efficiency by decreasing energy resources consumption, air pollution and maintenance costs. Under the project Ural Steel is constructing a complex with two boilers of medium pressure with the capacity of 220 tons of steam…