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Iron ore’s $100 floor at risk of collapse from jump in supply
The world’s largest untapped ore reserve in Guinea’s Simandou is intensifying preparations for production. The project could deliver 5 million tons starting in 2025 before ramping up steadily to 90 million tons a year in 2028, according to Macquarie Group Ltd.
US Steel to be acquired for more than $14 billion by Nippon Steel
Nippon Steel is acquiring U.S. Steel, the historic Pittsburgh steel producer, in an all-cash deal valued at around $14.1 billion, totaling $14.9 billion with assumed debt. This transaction positions the combined entity among the world's top three steel producers. The purchase price is almost double the offer made by Cleveland Cliffs four months ago.
The world’s iron ore powerhouse is preparing to reinvent itself
Last year, iron ore shipments accounted for about 5% of the country’s gross domestic. But now China is cooling, while steel producers are under pressure to clean up a sector that accounts for at least 7% of global greenhouse gas emissions, a change that will require new methods and higher-quality raw materials.
World Steel Association elects Leon Topalian as Chairman, India's T V Narendran as Vice Chairman
Leon Topalian, President & CEO of Nucor Corporation, has been elected as Chairman of worldsteel, with T V Narendran, MD & CEO of Tata Steel, chosen as one of its Vice-Chairmen. Jeong-Woo Choi, CEO of POSCO Holdings, was also elected as a Vice-Chairman. Narendran, along with Sajjan Jindal, CMD of JSW Steel, and L N Mittal, Executive Chairman of ArcelorMittal, were appointed to the Executive Committee.
China's central bank upbeat on Q2 GDP growth
As rising interests rates and inflation squeeze demand in the United States and Europe, China's core CPI has been soft and factory gate prices fell sharply in May, suggesting the world's second-largest economy is losing steam.
China industrial profits tumble 18% in April as demand sputters
China's industrial firms saw an overall 20.6% drop in profits from January to April compared to the same period last year, according to data from the National Bureau of Statistics. The fall was due to margin pressures and soft demand amid the country's faltering economic recovery. The grim profit readings come after April economic indicators, including industrial output, retail sales and property investment, suggested China's recovery is slowing down. Foreign firms' profits slid 16.2% and private-sector firms' profits plunged 22.5% in January-April. In response, China's government will focus on restoring and expanding demand, NBS statistician Sun Xiao said.
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China industrial profits tumble 18% in April as demand sputters
Profits fell 20.6% in January-April from a year earlier, compared with a 21.4% decline in the first three months, according to data from the National Bureau of Statistics (NBS).
India's steel consumption to fall in FY21, first decline since financial crisis: Moody's
“We assume that economic activity has begun to gradually pick up from July. However, given the possibility for second or third waves of virus infections or deeper economic costs than currently factored in, downside risk to these forecasts are significant,” said a Moody’s report.
China shares gain on FTSE Russell entry hopes, potential MSCI weighting raise
At 07:04 GMT, the yuan was quoted at 6.8765 per US dollar.
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