India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
In July 2024, Chinese blast furnaces encountered significant financial losses due to declining revenues from rolled steel sales. The steel industry has been facing a challenging market environment marked by an oversupply of rolled steel and diminished global demand. This oversupply has driven down prices, impacting the profitability of steel producers.
Volatile raw material costs have further complicated the situation, squeezing profit margins even tighter. As a result, many steel manufacturers have struggled to cover their production costs, leading to increased financial strain. The sharp drop in rolled steel prices has also led to concerns about potential long-term consequences for the industry, including possible production cutbacks and financial restructuring.
This downturn reflects broader trends in the global steel market, where fluctuating demand and supply imbalances have created a difficult operating environment for producers. However, the industry is not backing down. It is determined to adapt to these market pressures and seek strategies to stabilize and potentially recover from these losses, inspiring confidence in its future.
Also Read : China’s Steel Sector Faces Deepening Slump Amid Economic and Market Challenges India reaches out to critical mineral producers for processing technology
India is expected to be the largest driver of global oil demand growth between 2023 and 2030, narrow...
Oil & Gas 07-Feb-2024
Alloy steel producers have requested that the Steel Ministry expand the PLI 2.0 plan to include cate...
Ferrous 13-Mar-2024
Bansal Wire Industries, a steel wire manufacturer, has submitted draft papers to the Securities and...
Mid Corporate 20-Jan-2024
Ukraine’s Interpipe Delivers Steel Pipes For Swiss Alps’ Titlis Tower Inter...
Energy 25-Jul-2025
Zambia wants to talk about getting more of the ownership of new mining projects. This means they wan...
Africa 07-Feb-2024
Rare earth prices have likely bottomed out and are poised to rise later this year on demand from ele...
Non-Ferrous 05-Feb-2024