China

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China may invest up to $2 billion in Philippines to revive steel industry

An agreement was signed between China's Baowu and SteelAsia in early January

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China revised the import duty on coking coal

From April 1, 2023, the import duty rate on coking coal will be 3%

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China reduced iron ore production by 0.5% in January-November 2022

Production increased by 9.4% compared to October

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World prices for scrap stabilized against the background of stable orders – $387/t

In the week of December 19-26, 2022, scrap quotations in Turkiye were adjusted by $1/t – to $386-387/t

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The revenues of Chinese steelmakers for the 11 months of 2022 fell by 94.5% y/y

In the sector of mining and beneficiation of ferrous metals, profits decreased by 27.6% y/y

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China increased coking coal imports by 21.5% in January-November 2022

In November 2022, supplies of coking coal to the country decreased by 25.96% y/y

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Steel prices in China in 2023 will depend on the level of demand

In January-November 2022, the volume of steel production in the country fell by 1.4% y/y

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World scrap prices are rising again after a week of stabilization

In the week of December 12-19, 2022, scrap quotations in Turkiye increased by $5/t – to $382-388/t

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China’s new state agency will become a powerful buyer of iron ore

CMRG consolidates raw material purchases of about 20 of the largest Chinese steel producers

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China reduced steel production by 1.4% y/y in January-November 2022

During this period, the production of steel products fell by 0.7% y/y, and pig iron – by 0.4% y/y

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The supply of iron ore on the global market may decrease at the beginning of 2023

Prices continue to be driven by positive market sentiment and demand expectations in China

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World scrap prices remained at the level of the previous week – $383/t

In the week of December 5-12, 2022, scrap quotations in Turkiye remained at $383/t

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