Steel News & Market Reports
Steel market updates, daily price reports, industry events and more.
Stuttering Chinese demand, elevated inventories depress ore: ING
Downside risks to iron ore pricing are likely to prevail in 2025 after the raw material has been the worst-performing industrial metal this year, with prices down 20% year to date, says ING.
ArcelorMittal suspends wire rod production in Gijon due to market downturn
Global steel company ArcelorMittal is suspending wire rod production at its plant in Verinha (Gijon), Spain, until January 7, 2025. According to representatives of the company and the trade union, the decision is due to…
President Biden reportedly set to block sale of Pittsburgh's U.S. Steel to Japan-based Nippon Steel
As of Wednesday morning, a U.S. National Security Panel is reviewing the proposed $15 billion deal and the panel has to refer its decision on the merger to President Biden by Dec. 22 or 23.
Baosteel to maintain current flat steel prices for January sales
Chinese steelmaker Baosteel will maintain current prices for hot rolled coil (HRC) for the domestic market for sales in January 2025.
Fitch raises ore price forecast for 2024 to $110/t
In its December review, the international rating agency Fitch Ratings raised its iron ore price forecast for 2024 to $110/t and left its expectations for coking coal unchanged. This is stated in the agency’s report.Japanese takeover could spell long-term decline of U.S. Steel, union chief says
The head of a powerful labour union opposing U.S. Steel's (X.N), opens new tab sale to Japan's Nippon Steel (5401.T), opens new tab said he has not received assurances that the would-be owners are committed…China Nov iron ore imports drop on expectation of weak seasonal demand
China's iron ore imports in November fell 1.91% from October, customs data showed on Tuesday, as shipments slowed ahead of the slow season for steel demand when colder weather disrupts construction work in the country's…India's steel expansion could hinder net zero emission goal, GEM says
India's plans to ramp up coal-powered steelmaking capacity could impede the country's goal of net-zero carbon emissions by 2070, Global Energy Monitor (GEM) said in a report on Tuesday.How European steel industry can survive the perfect storm
This year steel exports from China may increase by 22-24 million tons – to 117-119 million tons. This creates colossal pressure on prices. The price of hot-rolled coil in the EU for 11 months of…Ukraine steel output jumps, but possible coking coal loss clouds outlook
Ukraine has increased its steel production so far in 2024 by 23.1% to 7 million metric tons, data from the country's steel producers union showed on Monday, but the possible loss of a key coking…Canada expects $71 million in annual revenue from tariffs on Chinese steel and aluminum
The new tariffs should compensate for the losses from cheap Chinese imports, promoting the development of local producersIndian steel industry leads the world in CO2 emissions
India’s steel industry remains the world’s dirtiest in terms of CO2 emissions. According to a 2022 study by the European Commission, steel production in the country generates about 2.6 tons of CO2 per ton of…
US tariffs will affect regional steel trade – Ternium CEO
Mexico needs coordinated action to ensure a balanced steel market. This will allow it to maintain its position as an industrial leader in Latin America. This opinion was expressed at a meeting of the Caintra…Rio Tinto expects ore production to grow by 15 million tons in 2023-2025
In addition to increasing its production performance, the company is actively promoting its decarbonization strategyNippon Steel committed to U.S. Steel takeover, aims to close in Dec, says executive
Japan's Nippon Steel is committed to its $15 billion acquisition of U.S. Steel and is confident of completing it by year-end, a senior executive said, despite strong U.S. opposition including from President-elect Donald Trump.Cleveland-Cliffs opens January booking for hot-rolled coils at $750/t
The US hot-rolled coil market is characterized by stable price levels from leading producers. Cleveland-Cliffs announced the opening of January booking for hot-rolled coils at $750/t, which is in line with the price level in…EU to consider extending restrictions on steel imports – Sejourne
The European Commission (EC) will consider extending measures to restrict steel imports as part of an overall plan to protect the sector during its decarbonization process. This was stated by the Executive Vice President of…Coking coal prices remained stable in November
November 2024 was a month of stability for the global coking coal market with little price fluctuation. In Australia (FOB Australia), premium coking coal held the level of $203/t.Turkey’s steel industry plans to increase utilization to 70% in 2025
Amid job cuts in Germany, Turkey remains optimistic about steel industry development