JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
In collaboration with China's National Development and Reform Commission (NDRC) and other relevant government departments, the China Iron and Steel Association (CISA) will speed up the development of domestic iron ore resources with the objective of organising the steel industry to implement an iron ore resource development plan, as stated by Luo Tiejun, Vice President of CISA.
China's apparent crude steel consumption has been declining over the past few years, but it has still exceeded 900 million metric tonnes. In the coming years, China will continue to have a high need for steel. In particular, 27% of the planned new steelmaking capacity will be based on electric furnaces, totaling 110 million mt. Moreover, share of China’s electric furnace-based steel production will reach 30% in 2035. Blast furnace and converter-based long-process production will still be the mainstream production process and so demand for iron ore will remain at relatively high levels.
Also Read : Copper held down by China's property woes & strong dollar Global Tariffs on Chinese Steel Exports Lead to Iron Ore Price Decline
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