Steel Mills News
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Steel reinforcement-bar futures headed for a weekly loss as the price of iron ore, the main ingredient in steelmaking, fell to the lowest in five months.
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Rates for iron-ore carriers fell for a sixth day on speculation Chinese steel mills are drawing on stockpiles instead of imports, according to RS Platou Markets AS, the investment-banking unit of Norway’s largest shipbroker.
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Iron ore extended losses for a fifth day to a five-month low on speculation Chinese mills are drawing on stockpiles as declining steel prices cut their profits, according to Macquarie Research.
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LanzaTech NZ Ltd., a closely held developer of transport fuels and chemicals from waste gases, plans to start raising $60 million to $80 million from venture capital and strategic investors this year to develop technology.
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Steel reinforcement-bar futures fell in Shanghai as rising output from Chinese steel mills last month added to supply of the building material.
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Returns for Capesize ships, the biggest carriers of iron ore, fell for the first time after a nine-day winning streak amid speculation Chinese demand to charter vessels slowed.
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Greek shipping companies, the owners of one in six merchant vessels, are ordering the most new iron-ore carriers since 2008, betting the five-year rout in charter rates may be nearing an end.
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Pakistani billionaire Mian Mohammad Mansha said the government elected next month will have to apply austerity measures to secure an international bailout and sell state-run companies to rescue the economy from ruin.
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Iron-ore swaps rose for a fifth session as Chinese steel mills rebuilding stockpiles may keep prices at current levels for the next few weeks, according to Deutsche Bank AG.
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Iron ore is heading toward its first surplus in at least a decade as output expands and Chinese steel mills, the biggest buyers, boost production at the slowest pace in five years.
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