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
Mr N Baijendra Kumar, CMD NMDC, while addressing company’s shareholders during 61st Annual General Meeting at Hyderabad said that the progress of construction of the company’s steel plant in Chhattisgarh is noticeable and various packages are at construction completion stage. This 3 million tonne capacity integrated steel plant is expected to be operational by third…
The new owner of the Romanian integrated steel mill formerly known as ArcellorMittal Galati (or Sidex, before the privatisation), Liberty Steel, wants to invest EUR 200 million in its newly acquired plant, Economica.net informed quoting Bloomberg. Liberty Steel general manager Jon Bolton said that, over the next five years, the group plans to invest over…
Base metals prices on the Shanghai Futures Exchange were mixed during the morning trading session on Monday September 2, with nickel, tin and aluminum securing gains while the rest weakened marginally. The mixed moves come amid heightened risk aversion among investors due to trade uncertainty after the United States imposed a 15% tariff on $125…