Chinese scrap-metal buyers have reneged on about $1 billion in contracts from U.S. merchants as the market for the steelmaking raw material collapses, the Institute of Scrap Recycling Industries said.
Steelmakers, foundries and traders, ranging in size from “small to very large” and some with partial state ownership, have canceled contracts, refused delivery of shipments or [...]
China, the world’s largest producer of aluminum and steel, will lower or scrap export taxes next month on some shipments of the metals to try to bolster slowing economic growth.
The tariff on aluminum alloy rods and bars with a circumference of less than 210 millimeters (8.3 inches) will be reduced to 5 percent from 15 [...]
Chinese steel makers, the largest producers in the world, may cut output by 20 percent next year even with China’s 4-trillion-yuan (US$586 billion) stimulus plan, Shougang Corp has said.
“The steel market needs time to recover even with the stimulus plan,” Shougang’s Chairman Zhu Jimin said on Monday at a conference. “No one can tell how [...]
China’s iron ore imports may fail to increase next year for the first time since at least 1999 because of slowing demand from steel mills, an industry group said.
Imports may remain at 400 million metric tons next year, unchanged from 2008 levels, Zou Jian, chairman of the China Metallurgical Mining Enterprise Association, said in an [...]
Rio Tinto Group, the world’s second- largest iron ore exporter, will cut output at its mines in Western Australia by 10 percent because of reduced demand from steelmakers in China, following the lead of bigger rival Cia. Vale do Rio Doce.
“This reduction is a prudent move to align production with revised customer delivery requirements in [...]
China Railway Group Ltd., builder of half of the nation’s railroads, and Angang Steel Co. led gains in Shanghai and Hong Kong trading after the government said it will spend 4 trillion yuan ($586 billion) to bolster the economy.
China Railway rose 9.8 percent to 5.17 yuan in Shanghai as of 10:20 a.m. Angang Steel, the [...]
