More Chinese Steel Enters India
India continued to be a net importer of steel during the first four months of the current fiscal year beginning April, with China as its biggest supplier of the alloy, according to provisional government data seen by Reuters.India imported 2.69 million metric tons of steel between April and July, and exported 1.57 million tons, the data showed.India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year to March 31, 2024, and the trend has continued since then…
As Steel Prices Rise (again); Ship Scrapping Prices Rise, Too
Following recent upward moves on domestic steel plate prices at nearly every major recycling destination, it was another week of firm pricing and a sub-continent market that is still on an aggressive footing for the most part.Demand remains rampant and capacity at yards remains open for any available tonnage (market or otherwise), leading to bidding wars on any of the marginal number of choice units hitting the recycling markets.L/Cs are of continuing concern across the sub-continent destinations…
China Steel Hopes Drives Iron Ore Demand
Dalian iron ore rose on Friday and advanced nearly 6% this week as traders returned from New Year holidays feeling optimistic about potential demand recovery in top steel producer China.Iron ore's most-active May contract on China's Dalian Commodity Exchange ended daytime trading 1.4% higher at 719 yuan ($112.78) a tonne, rising for a fourth straight session and touching 725.50 yuan earlier in the day, its highest since Oct. 27.On the Singapore Exchange, the steelmaking ingredient's most-traded contract expiring by end-February climbed as much as 0.7% to $128.25 a tonne…
Shipbuilding Drives Rise in Japanese Steel Output
Japan's crude steel output is expected to rise 1.9% in the January-March quarter from a year earlier, helped by a recovery in manufacturing including shipbuilding and machinery, its Ministry of Economy, Trade and Industry (METI) said last week.This would mark the fourth straight quarterly increase and bring annual output for the financial year to March 31 to 97.07 million tonnes, up 17% from a year earlier when the COVID-19 pandemic pushed production to the lowest in about 50 years.METI estimated crude steel output at 24.15 million tonnes for the three-month period…
Chinese Buyers Snap up Indian Steel in Face of Trade Tensions
India's steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi.Traders said reduced prices had driven the purchases as Indian sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income.It was unclear whether the sales broke any trade rules, but the China Iron and Steel Association…
