Looking ahead, growth in steel demand is expected to pick up in industries such as machinery, automobiles, energy, shipbuilding, home appliances, and containers, while the demand in construction and hardware industries is projected to decrease.

Freight rates for lndian shipments to Europe and Africa could surge up to 25-30 percent on security risks along theRed Sea route, the usual maritime route connecting Asia to Europe, SteelOrbis learned from local exporters on Wednesday.

The aid targets reducing carbon emissions and promoting renewable hydrogen production in line with EU directives.

Japanese steelmaker Nippon Steel Corporation will acquire US Steel for $14.9 billion in the second or third quarter of 2024, the company said on Monday December 18.

Feralpi Stahl, the German rebar factory of the ltalian Feralpi Group, announced that it will stop production for four weeks for repair work.

"CPEC has laid a good foundation for Pakistan's industrialization, modernization as well as interconnection with other countries," Wang said.

Miners in the country churned out 4.24 billion tons of coal during the first 11 months, up 2.9 percent year-on-year.

Russian mining and metals giant Nornickel has decided to join a project to build a plant producing stainless steel products in Russia, it said on Monday.