Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
China, the world's largest importer of iron ore, is likely to import between 1.170 and 1.180 billion metric tonnes (BMT) in 2024, close to the 1.18 billion tonnes imported last year, according to a senior official of miner Vale.
China's imports of iron ore were 310.13 million tonnes (MT) in the first quarter of 2024, up 5.5% from the previous year, according to customs data. However, China produced 256.55 MT of crude steel in the first quarter of 2024, a 1.9% decrease from the previous year.
China's economy expanded faster than predicted in the first quarter, providing some respite to officials as they struggle to shore up growth in the face of persistent weakness in the housing sector and rising local government debt.
On the worldwide front, the business stated that global steel production is predicted to rise to 2.07 BMT by 2030, up from 1.9 billion tonnes.
"I also wish to draw attention to several rising regions, such as Southeast Asia, India, and the Middle East. These areas will contribute significantly to growth in the years to come," said Eduardo Mello Franco, marketing manager for pricing at Vale.
The energy shift partly fueled the rise in steel demand.
'Additionally, new forces are pushing the expansion of the steel industry. The energy shift must be brought up to discuss new drivers. This transition will demand materials, and steel will be crucial to this transformation,' he added.
Also Read : Indian steel mills expect an increase in Chinese imports as a result of US tariffs Global crude steel production remains flat in 2023; India reports 12% jump
India's coking coal imports have reached a 10-year high, with 58 million tonnes (MT) arriving in FY2...
Ferrous 18-Apr-2024
The Ministry of Coal stated in a statement that coal/lignite PSUs operating under its direction and...
Notification 22-Feb-2024
NLC India recorded a consolidated profit of ₹254.10 crore for the quarter ending on December 31, 202...
Mid Corporate 07-Feb-2024
China is likely to persist with a gradual approach to stimulating its economy even as recent moves b...
China 23-Feb-2024
PM Modi launched India's first automobile in-plant railway siding project (of Maruti Suzuki) in Guja...
Automobiles 12-Mar-2024
Orsted, a major player in the wind power industry, has faced a downgrade in its credit rating by S&a...
USA 08-Feb-2024