Machine Industries

Steel/Metal Industry: Iron Ore and Steel Prices Climb to Record Highs Iron ore prices have reached an all-time high, with China’s domestic steel product prices also soaring to record highs. Although the summer off-season is ahead, the uptrend in steel prices is likely to continue if relationship troubles between China and Australia linger and if China’s plans to cut steel production materialize. Iron ore price tops US$200/ton, a record high On May 10, China’s imported iron ore price from Australia jumped 8.7% d-d to a record-high US$228/ton (Fe61.5%, CFR). Iron ore prices have risen 44.0% this year and 33.5% this...

Steel sector to bounce back to robust growth in 2021 The construction sector, which includes both infrastructure and real estate, contributes about 62 per cent of the total steel demand. New Delhi: After a brief lull in 2020 pushed by the pandemic and the lockdown that affected all industries, the Indian steel industry is expected to bounce back to a robust growth phase in 2021. Steel is regarded as an essential commodity as it is the backbone of the manufacturing industry. Recovery in demand is already visible in the construction, automobile, and white goods segments. This is expected to continue in...

China’s steel industry facing increasing environmental constraints   gui yong nian/Adobe Stock Many areas, industries (including the China steel sector) and, indeed, societies are under threat from pollution. In many emerging markets, economic growth has come at the stark price of appalling levels of pollution. But the Financial Times suggested that in China, home of the largest steel and aluminum industries in the world by far, steel output is under threat from Beijing’s “war on pollution.” China steel and the ‘war on pollution’ During the winter season in recent years, power production that runs on coal and polluting industries such...

Steel industry under rising pressure to produce greener product Companies across the steel sector are looking at greener ways to produce a material used in a wide array of products, including steel tubes used by the oil and gas industry. Source: mediaphotos/E+ via Getty Images Crafting greener steel is crucial to achieving the decarbonization necessary to meet global targets aligned with the Paris Agreement on climate change, but many challenges lie ahead. Steel is an emissions-intensive material used in a broad array of products. Producers are under rising pressure to lower their environmental footprints as investors increasingly focus on environmental,...

Steel industry demands end to fake invoices, protection of legal businesses ISLAMABAD: The representatives from the steel industry have urged Special Assistant to Prime Minister on Revenue, Dr Waqar Masood, and the Federal Board of Revenue (FBR) to curb fake invoices in the steel business as this was hurting and discouraging the documented segment of the industry. In separate letters to the prime minister’s special assistant and FBR, Pakistan Association of Large Steel Producers (PALSP) has complained that the ongoing practice of taking claims/ inputs through fake and flying sales tax invoices was resulting in loss of billions of rupees...