India Today reported that India’s Supreme Court has set aside the Delhi High Court order granting bail to Bhushan Steel’s former CFO Mr Nittin Johari, who was arrested by the SFIO for alleged fraudulent activities. A bench headed by Justice N V Ramana delivered the verdict on an appeal by the Serious Fraud Investigation Office…Details
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HONG KONG (REUTERS) – China has called on its biggest state firms to take a more active role in Hong Kong, including stepping up investment and asserting more control of companies in the financial hub, executives familiar with the matter said, as Beijing attempts to calm months of unrest in the city. At a meeting…Details
London Stock Exchange Group (LSEG) has rejected Hong Kong Exchanges & Clearing’s (HKEX) unsolicited bid for the company and remains committed to a proposed acquisition of data provider Refinitiv, it said in a release on Friday September 13. HKEX, which owns the London Metal Exchange and its associated clearing house LME Clear, made the bid…Details
Business Line reported that JSW Steel will move the National Company Law Appellate Tribunal on Friday to seek immunity from the ongoing criminal fraud cases against Bhushan Power and Steel Ltd. JSW Steel is the new owner of Bhushan Power after it emerged the top bidder through the insolvency process. JSW Steel will also appeal…Details
Japanese trading house Mitsui & Co plans to expand its liquefied natural gas (LNG) and iron ore assets to meet growing demand in Asia despite signs of a slowing global economy amid a prolonged U.S.-China trade row, its senior executive said. “Energy and natural re Source of informationDetails
The bulk scrap price fell below $270 per tonne after a lower Kanto auction result and increased European supply to the region. Key market participants in the region expect more price falls after the lower Kanto Tetsugen auction this week, with end users shying away from purchasing large quantities. Large quantities of European scrap meant…Details
Sergey Filipiev has been appointed Interpipe Niko Tube CEO from September 11. He has been working at major metal enterprises for over 20 years. Before coming to Interpipe he has been working at Chusovoy Iron and Steel Works (Russia). Valeriy Karpyuk, who has been heading the company since 2017, has retired. (Ukrainian metal)Details
In July Russia exported 25.3 thousand tons of lead ore, down by 39.2% MoM, but up by 20% YoY. Deliveries to China dropped by 46%, to 22 thousand tons, and to Kazakhstan – from 939 tons to 345 tons. In January-July exports totaled 215.8 thousand tons, up by 27.2% YoY. In monetary terms since the…Details
In July Russia exported 33.5 thousand tons of refined copper, down by 1.2% MoM and by 42.9% YoY. Deliveries to China grew more than 2-fold, to 8.2 thousand tons, while to Germany dropped by 49%, to 3.3 thousand tons. In January-July exports totaled 373.9 thousand tons, down by 1.6% YoY. In monetary terms since the…Details
Izhstal has increased the power capacity of its foundry shop. This will increase the quality products output. The company has commissioned a new cable track for its steel-smelting furnaces. The length of the track was 1200 meters. Over 20 tons of cable have been laid. Izhstal plans to buy additional molding machines and the cold…Details
Zoloto Kamchatki has received the results of the independent estimate of the Kumroch gold deposit reserves. SRK Consulting estimated I&I reserves at 6.9 million tons of ore, containing 71.8 tons of gold and 107 tons of silver. Indicated reserves are 4.1 million tons of ore with the average gold content of 10.93 g per ton…Details
Karelsky Okatysh has resumed selling iron ore concentrate to Cherepovets Iron and Steel Works. This is one of the first projects carried under the Upstream program. With its help CherMK has considerably decreased buying the concentrate from the third parties. During the summer Karelsky Okatysh has shipped 357 thousand tons of concentrate to Cherepovets. 100…Details
The government has prolonged for 2 years the ban to export steel scrap, including pipes, rails, and elements of railroad and rolling stock. Stainless steel scrap exports are allowed provided the contracts are registered with the Ministry of Economy not later than 5 days before shipping. The ban was introduced in October 2018. (Ukrainian metal)Details