Iran is raising its exports of iron ore and iron products to China and India in an attempt to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales.
China plans to scrap its decade-old iron ore import licensing system this year, an industry source said on Thursday, a move that may further lift imports in a market that takes two-thirds of the world's international iron ore trade.
Emirates Steel Industries, a subsidiary of Abu Dhabi Basic Industries Corporation (Adbic), said it has signed a sales contract with Sweden’s LKAB to source quality iron ore pellets beginning 2013.
LKAB is an international high-tec
China is likely to reduce the amount of iron ore it buys from Iran from March due to concerns that sanctions may disrupt exports worth over $2 billion a year to the world's largest consumer of the raw material, traders said on Wednesday.
The volume of iron ore derivative contracts cleared using The Steel Index (TSI’s) iron ore price index hit a new record of over 6.6 million tonnes in August registering an increase of over 50 per cent on the previous monthly record set in July.
Steel producers in the Gulf region, wary of a surge in iron ore prices, have urged mills to cut production until prices level off, industry executives said on Wednesday.
"People in the region are reluctant to purchase st
Chinese steel mills are facing massive difficulties during this year's annual iron ore benchmark talks with big price hikes set to push many of them into the red, the head of China's third biggest steel firm, Wuhan Iron & Steel Group, said on
China's detention of steel executives suspected of leaking state secrets could reduce the flow of market information in China as analysts and researchers self-censor to avoid trouble.
A senior executive at Shougang, China's eighth-largest
Iron ore miner London Mining, is targeting annual production of nearly 20 million metric tonnes of iron ore from its joint venture in Saudi Arabia, a report said.
The company said that its JV firm Saudi London Iron, has received approval f
Saudi Basic Industries Corp (Sabic) is considering investments in iron ore mines overseas to reduce the impact of rising prices on its steel production unit, a magazine reported.
Demand for steel in Saudi Arabia has been outpacing supply,