May 2022

Iran export duties on steel semis, raw materials at minimum as prices drop

Export duties applied to semi-finished steel products from Iran, as well as to various raw materials, have fallen to minimal levels because the prices for them have been falling recently, Fastmarkets heard on Tuesday May 24.

India could withdraw from steel export markets because of new duties

India may become increasingly absent from the global seaborne steel markets following the introduction of an export duty at a rate of 15% on a raft of steel products, sources told Fastmarkets.

India sets export duties on steel, steelmaking raw materials

India has imposed a 15% export duty on iron and steel products and raised the export duty on steelmaking raw materials such as iron ore to 50%.

US import, Brazil export pig iron markets quiet

The United States import and Brazilian export pig iron markets remained quiet during the week ended Friday May 20, with buyers preferring to wait for lower prices.

Export pig iron prices from Russia fall further; buying muted

Export prices for pig iron from Russia fell further during the week to Thursday May 19, while buying in all regular outlets remained muted.

Reselling of Russian steel, pig iron via China possible but uncommon, sources say

Recent sales of Russia-origin steel and pig iron to China have stirred up discussions in the market about the possibility of a subsequent reselling of these Russian products to other countries, main in Asia, after certificates of origin are changed.

China import pig iron price falls amid limited demand

Import prices for basic pig iron (BPI) in China fell in the two weeks to Thursday May 19 after Chinese mills showed little interest in buying steelmaking raw materials from abroad, market sources told Fastmarkets.

Ukraine to turn steel importer once post-war reconstruction starts, think tank says

Ukraine will likely turn into a net importer of steel once the war situation eases and reconstruction efforts start, Stanislav Zinchenko, chief executive of Ukraine-based think tank GMK Center, said at the Singapore Steel Forum on Thursday May 19.

Ukraine-Russia war to 'drag on China's economic development'

The ongoing Ukraine-Russia war will be a long-term drag on China's economic and political developments until it is resolved, retired diplomat and think-tank chief Bilahari Kausikan said at the Singapore International Ferrous Week opening ceremony on Tuesday May 17.

China iron ore prices to depend on lockdown timings, steel exports likely to surge - Astris

The future price trends of iron ore will depend on the timings of China's Covid-19 controls, while Chinese steel exports may surge in 2022 to fulfil a deficit caused by the loss of Black Sea-origin steel supply, Astris Advisory's commodity strategist Ian Roper said at Singapore International Ferrous Week on Tuesday May 17.