Steel industry news

Last session, oil price was stable while coal increased sharply. Other commodities moved in the opposite direction.

China's magnesium exports in October 2021 increased nearly 44% from September 2021 to a 19-month high, as supply increased as production recovered, according to data from the General Administration of Customs of China.

According to calculations from preliminary statistics of the General Department of Customs, iron and steel exports in the last 4 consecutive months have reached a turnover of 1 billion USD or more/month.

Weakening Chinese iron ore demand will be a huge shock to many of the world's mining giants, which are exporting hundreds of millions of iron ore to the world's second-largest economy.

The European Union (EU) has imposed tariffs on cold rolled stainless steel imports from India and Indonesia.

China's iron ore fell for a fourth straight session and coke hit a four-month low on Wednesday on a weaker demand outlook and easing supply concerns for the steelmaker's raw material. largest steel in the world.

According to Fitch's update, the average iron ore price this year and 2022 is $155/ton and $110/ton, respectively, compared with $170/ton and $130/ton in the previous forecast.

Experts predict that the production cost and cost of "green steel" will be more expensive than ordinary steel.