Jun 04

Russia is looking at possible extra tax for steel producers in 2021 …

Russia will decide about whether to impose additional taxes on steel producers this year, TASS news agency reported on Wednesday, citing First Deputy Prime Minister Andrei Belousov. Russian metals producers may face a demand to pay 100 billion roubles ($1.4 billion) in additional tax to the government. The changes are being considered only for producers of ferrous metals, Belousov was quoted as saying, adding that producers of base metals were expected to remain unaffected. We need to find
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Jun 02

Dalian iron ore futures jump on hopes of output curb easing in Tangshan

Chinas benchmark iron ore futures jumped more than 7% on Tuesday, rallying for a third straight session, boosted by reports that steel hub Tangshan plans to ease requirement for production cuts at its mills. The Tangshan government held a symposium on Monday, mulling to lower output curtailment ratio for some mills that had finished ultra-low emission upgrades, according to state-backed Securities Times, citing media report. Authorities had urged local long-process steel producers to cut
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Jun 01

China steel futures rebound, post monthly losses on govt price crackdown

Chinese rebar and hot-rolled coil futures jumped on Monday after the market recorded heavy losses in the past few weeks following the governments vow to stabilise commodity prices, although they reported the first monthly drop in four. The most-active construction rebar and hot-rolled coils contracts on the Shanghai Futures Exchange had jumped 14.5% and 17.5%, respectively, in the first 12 days this month before plunging more than 24% in the following two weeks. Affected by Beijings policy
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Jun 01

Korean steel makers to make first price hike in steel plates for …

Korean steel makers are raising prices of automotive steel sheets for the first time since 2017 amid jumping commodity prices. Posco, Hyundai Steel and other major steel makers in Korea have reached an agreement with automaking majors Hyundai Motor Co. and Kia Corp. to increase fixed prices for supplies of automotive steel sheet by 50,000 won ($44.93) per ton, according to industry sources on Monday. The last hike was made in the second half of 2017. The increase comes amid rapid
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May 29

Iron ore benchmarks rise on Chinas steel output plans

Iron ore futures in Asia rose on Friday, but were set for a third weekly decline on persistent price-control concerns. Top steel producer Chinas recent statements on steel capacity reforms had sparked worries about tight supply prospects, pushing prices to record highs earlier this month. Surging prices had led to strong margins, encouraging steel producers to ramp up output and their purchases of iron ore. On Chinas Dalian Commodity Exchange DCIOcv1 iron ore for September delivery ended
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