The proposal by Hong Kong Exchanges & Clearing Ltd (HKEX) to buy the London Stock Exchange Group (LSEG) has raised a number of questions among metals market participants, most of whom are skeptical that the deal will go through during a time of political upheaval. HKEX’s £29.6-billion ($36.5-billion) proposal to acquire the LSEG was announced on…
DetailsJSW Steel has recorded a 13% drop in crude steel production in August 2019. JSW Steel informed BSE that crude steel production for August 2019 was at 1.25 million tonnes as compared to 1.45 million tonnes in the same period last year. Production of flat rolled products saw a decline of 13 per cent to…
DetailsSHANGHAI, Sep 12 (SMM) – Production of stainless steel in China grew in August for a second straight month, rising 2.93% from July to 2.6 million mt, showed an SMM survey.August’s output was 18.03% higher than the corresponding month of 2018.#300-series accounted for 1.23 million mt, up 5.13% from a month ago and 8.01% from…
DetailsThe three-month nickel price on the London Metal Exchange was lower at the close of trading on Thursday September 12, while considerable tightness in the metal’s forward spreads prompted market questions of prospective deliveries into LME warehouses to ease trading conditions. Despite moderately low volumes at just over 6,000 lots exchanged by the close, nickel’s…
DetailsReuters reported that Nippon Steel Corp said that one of two basic-oxygen furnaces at Kimitsu Steel Works in Chiba prefecture east of Tokyo had halted operations since Monday after a chimney that discharges gas collapsed due to a typhoon. A spokeswoman at Nippon Steel said that “We are still investigating the damage and we don’t…
DetailsU.S. Steel warned the state of Indiana its "indefinite idling" of East Chicago Tin because of an abrupt decline in the tin can business will displace 307 workers, though the steelmaker said the total number of layoffs will more likely total around 150. Pittsburgh-based U.S. Steel said it hopes to transfer more than 150 displaced…
DetailsSeaborne iron ore prices surged on Thursday September 12 amid support from Chinese steelmakers stocking up ahead of the week-long National Day holiday at the start of October. Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $99.30 per tonne, up $4.64 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $99.69 per tonne, up $4.64 per…
DetailsEconomic Times reported that JSW Steel chairman Mr Sajjan Jindal said his company will approach a higher court to seek immunity against claims arising from alleged money laundering frauds at Bhushan Power and Steel. He told ET “We want a neat and clean company, and we don’t want any confusion. We as a resolution applicant…
DetailsAt a time when exports are battling a global slowdown, the latest restriction on steel product imports will add to the woes of India’s engineering goods exporters, said the Engineering Export Promotion Council (EEPC). Steel is raw material for engineering goods companies. In a letter to Union Commerce and Industry Minister Piyush Goyal, EEPC Chairman…
DetailsChina’s rebar prices were unchanged in both domestic and export market on Thursday September 12 amid thin trading. Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($513-517) per tonne, unchanged Northern China (Beijing): 3,620-3,650 yuan per tonne, unchanged Buyers from the construction sector had stocked up on materials in the past three days, ahead of a public…
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