Nickel prices on the London Metal Exchange surged more than 5% on Friday amid violent protests and riots in New Caledonia. New Caledonia will become the world’s third largest nickel producer in 2023. Nickel prices rose nearly 7% to US$21,150/ton, before falling back to US$20,880/ton, an increase of approximately 5%. Gains in futures contracts were supported by concerns about further supply disruptions in New Caledonia, as well as the International Energy Agency’s forecast of “rapid” growth in electric vehicle demand, mine closures and slowing investment leading to future supply shortages. French miner Eramet operates five nickel mines in the country...

The European Commission approved Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel on May 6, concluding that “given the limited market position resulting from the proposed transaction between the two companies, no competition issues will arise.” . Still, the deal faces political opposition in the United States, having to contend with resistance from lawmakers and the United Steelworks union, among others. Nippon Steel has sought to address these concerns by offering to move its U.S. headquarters to Pittsburgh, home to U.S. Steel, and pledging to abide by all agreements between U.S. Steel and the United Steelworkers. U.S. Steel said...

In honor of the 25th anniversary, Runfei Group recently took a trip to one of the most beautiful island destinations in the world, Boracay, the Philippines. This was a celebration of not only the company’s successes over the past quarter century, but also a chance for us to bond and create new memories together. Boracay is known for its crystal-clear waters, white sandy beaches, and vibrant nightlife. It is a destination that offers something for everyone, whether you are looking to relax and soak up the sun, or take part in exciting water sports and island adventures. During the time in Boracay,...

On May 14, 2024 local time, the United States announced that it would impose additional tariffs on Chinese steel and aluminum. Under Section 301, tariff rates on certain steel and aluminum products will increase from 0-7.5% to 25% this year. The United States says steel is an important sector of the U.S. economy and American companies are leading the way to a clean steel future. Most recently, the Biden-Harris Administration announced $6 billion in funding for 33 clean manufacturing projects, including steel and aluminum, including the first new primary aluminum smelter in 40 years, through the Bipartisan Infrastructure Act and...

The Biden administration is expected to impose tariffs on Chinese electric vehicles and other imported products to make domestic industries more competitive. After a three-year review, the U.S. government is considering increasing tariffs on Chinese electric vehicles from 27.5% to 102.5%. According to Bloomberg, tariffs on other industries will be doubled or tripled, but the exact scope is unclear. These industries may include batteries, solar cells, steel and aluminum. The announcement comes as the 2024 US presidential race intensifies. The review was first proposed by Trump in 2018. However, Trump is now calling for broader measures that Biden says go...

On May 7, the Ukrainian Cabinet approved the draft free trade agreement between Ukraine and Turkey, laying the foundation for the agreement to take effect. The agreement aims to promote the development of trade relations between the two countries by providing more favorable access conditions, eliminating trade barriers, reducing business operating costs, and ultimately improving national economic benefits. Yulia Sviridenko, Deputy Minister of Economy of Ukraine, said that this will bring new trade opportunities to Ukrainian companies. Simplifying logistics is crucial for companies and will help attract two-way investment. The main content of the agreement involves the elimination of import...

Edwin Basson, director general of worldsteel, said at the Singapore Green Steel Forum on Tuesday that a level playing field is key to keeping global steel trade open while the steel industry faces decarbonization challenges. He noted that discussions are currently underway on harmonized measurement of CO2 emissions and reductions, common principles for standards and brands (such as mass balance methods), and fair trading of steel in decarbonization efforts. Many steel producers are marketing their own brands of decarbonised steel using mass balance approaches. In most cases, CO2 savings in one part of the production process are bundled together and...

During the May Day holiday, the market’s expectations for the Federal Reserve to cut interest rates this year were fully rekindled. Since April, corporate inventories have dropped significantly, and steel prices have stabilized and rebounded slightly. However, imported ore prices have increased even more, and steel mills still have room to further control production and reduce inventories. The profit performance of steel mills is disappointing. China Iron and Steel Association announced that in the first quarter, the cumulative operating income of key steel companies was 1.49 trillion yuan, a year-on-year decrease of 4.55%; the total profit was 8.708 billion yuan,...

In the northwest European market, the price of German hot coils has bottomed out at present. Although demand is weak, a wave of replenishment is expected, so short-term demand may recover, and the current productivity of European steel mills can deliver hot coils within the specified period. rolls, so there’s no pressure to order big orders. The current hot coil price in Southern Europe is 620 euros/ton EXW Italy (663 US dollars/ton), which is basically unchanged week-on-week. In the Nordic market, the price is relatively high. The current price is 630-640 euros/ton EXW (674-685 US dollars/ton). The actual transaction price...