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China's biggest steelmaker Baowu Steel Group produced 96 million mt of crude steel in 2019, according to Baowu's website this week. The state-owned company was likely the world's biggest steel producer in 2019, as ArcelorMittal trimmed output in response to weak demand in European markets. EU-based ArcelorMittal produced 92.5 million mt of crude steel in 2018. Baowu's production came from its subs...
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Baowu Steel Group announced that it intends to acquire a controlling stake in Chongqing Iron and Steel Co Ltd, a move that will effectively push the company closer to its goal of annual output to more than 100 million tonnes per year. Chongqing Iron and Steel announced that its controlling shareholder, Four Rivers Investment Management Co Ltd, had just signed a letter of intent with China Baowu fo...
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Steel consumption in Southeast Asia could take as long as 20 years to catch up with projected capacity hikes in the region, the South East Asia Iron & Steel Institute, or SEAISI said during its 2019 ASEAN Iron and Steel Sustainability Forum held in Jakarta early this week, despite a growing construction sector. Yeoh Wee Jin, SEAISI’s secretary-general was concerned over the continuously rising...
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Arrivals of the hot-rolled coil from key steelmakers to major steel consumption areas are expected to extend decline this week as some deliveries remained en route after the easing of cargo blockage at ports and as lower prices kept some traders from purchasing. An SMM survey showed that HRC arrivals in Shanghai, Lecong, and Tianjin in the week ending November 29 are estimated to fall 22,000 mt, o...
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World Steel Association data on Wednesday showed a 2.8% decline in global steel output in October to 151.5 million tonnes with production down across all regions. The 50-year old industry body estimates that crude steel production in China, which is responsible for more than half the global total declined 0.6% year on year in October. The decline came on the back of capacity cuts during the countr...
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