Shares in a unit of China’s No. 2 steelmaker rallied by their daily limit after President Xi Jinping toured one the firm’s plants and emphasized support for what he called “an important foundational industry.” State television showed Xi on a visit to a factory belonging to Bengang Steel Plates Co., a listed subsidiary of Ansteel…
China’s record coal purchases last year were driven by big increases in supplies from Australia and Mongolia, while Russian cargoes actually fell. Now that Chinese demand is flattening, Mongolia could be best placed to hold or even grow its market share in its southern neighbor at Russia’s expense. Source link
After more than a decade of intensive research in China, a groundbreaking new ironmaking technology is poised to revolutionise the global steel manufacturing industry. The new method involves injecting finely ground iron ore powder into an extremely hot furnace, triggering an “explosive chemical reaction”, according to the engineers involved in the project. The result is…
(Bloomberg) — China’s steel crisis is setting the stage for a wave of bankruptcies and speeding a much-needed consolidation of the industry, according to Bloomberg Intelligence. Most Read from Bloomberg Almost three-quarters of the country’s steelmakers suffered losses in the first half and bankruptcy is likely for many of them, Michelle Leung, a senior analyst…