Bharat Heavy Electrical Ltd announced that NMDC has revoked the termination of the contract to construct a Raw Material Handling System at NMDC’’s under construction Integrated Steel Plant at Nagarnar in Bastar district of Chhattisgarh, being executed by BHEL-ISG Bengaluru division, has restored the original contract on 27th August 2019. BHEL had received on 15th…
Recent losses in the Chinese ferro-silicon price deepened over the past week in line with persistently softer demand, while the European market was steady, although a lack of buying interest was expected to weigh on prices in the near term. Export price in China drops on weak buying interest while domestic market tracks trend European…
Xinhua reported that Chinese steel plants reported shrinking profits in the first seven months of this year as rising raw material prices hit. Member enterprises of the China Iron and Steel Association raked in about USD 339 billion in sales revenue during this period, up 9.75%, while profits fell by 23.93% YoY to stand at…
The seaborne iron ore lump premium has fallen by 74% over the past two months as steel mills reduced usage of lump in the steel-making process due to thin steel margins, preferring to use domestic ores and imported fines in their feedstock blending ratio. S&P Global Platts assessed the iron ore spot lump premium at…
The three-month lead price on the London Metal Exchange showed the greatest losses at the close of trading on Tuesday September 3, falling by some 1.6% to close at its lowest level since August 6. Meanwhile, a steady downturn in nickel’s outright price saw it close below $18,000 per tonne. Lead futures began their decent…
Tata Steel Europe announced the outcome of a sales process for non-core business units. Tata Steel has signed a sales and purchase agreement for Cogent Power Inc with Japanese steel giant JFE Shoji Trade Corporation. CPI manufactures cores for electrical distribution transformers and employs nearly 300 people. Buyers have already been found for Kalzip on…
Chinese manufacturing activity showed signs of improvement in August, indicating stronger support for flat steel margins that returned to positive territory at the end of the month. The manufacturing purchasing managers’ index, published by Chinese financial media company Caixin, rebounded to 50.4 points in August from 49.9 in July. It was the first time the…
The uptrend in the iron ore market since 2019 started halted in August, with a month-on-month price decline of 24% for 62% Fe material and a 23% price decline for 65% Fe material. The 65% Fe derivatives contract on the Singapore Exchange – which was launched in December 2018 and settled against Fastmarkets’ daily 65%…