ING International Bank predicts that iron ore prices will remain under pressure in 2025, averaging $95/t due to low steel demand forecasts, strong supplies, and high port stocks. China's real estate downturn, which accounts for 40% of the country's steel demand, is a major factor. Analysts note that iron ore prices are dependent on China's economic stimulus and policies. Meanwhile, Fitch Ratings has raised its iron ore price forecast for 2024 to $110/t but expects prices to decline in subsequent years.

The Indian steel industry leads the world in CO2 emissions, generating about 2.6 tons of CO2 per ton of finished steel. Despite ambitious emission reduction targets set by major companies like Tata Steel and JSW Steel, India's steelmakers still face challenges in adopting green technologies due to financial constraints. Transitioning to hydrogen technologies using renewable energy could be a key way forward, but requires significant investment. Learn more about the challenges and potential solutions for the Indian steel industry in reducing its carbon footprint.

Global pig iron production witnessed a significant month-on-month increase of 8% in October 2024, totaling 118.3 million tons. The blast furnace method contributed 104.93 million tons, while the direct reduction method accounted for 13.37 million tons. Despite this monthly surge, yearly production for January-October 2024 declined by 2.2% compared to 2023. China remains the largest producer, followed by India and Japan. Explore the latest trends and comparisons in global pig iron production.

Swiss Steel Group has announced plans to cut about 800 jobs in Switzerland and abroad due to weak demand in the European industrial sector and low production levels. The cuts are aimed at ensuring the long-term optimization and security of Swiss Steel’s production sites. The measure complements the company's SSG 2025 strategy and restructuring program. The CEO Frank Koch admitted that the layoffs are painful but inevitable. Global trade unions are concerned about the cumulative job losses in the steel sector and related industries worldwide.

Nippon Steel Corporation plans to finalize the acquisition of US Steel by the end of the financial year 2024-25, aiming for a JPY 1 trillion business profit. Despite a slight decline in net profit and sales revenues for the first half, the company remains optimistic, forecasting JPY 8.6 trillion in sales revenues for the full year. Nippon Steel also expects to produce 40 million mt of crude steel and ship 31.50 million mt of steel products.

In October 2024, global scrap prices fell in most regions due to weak demand and high inventories. However, China and Italy saw slight increases in prices due to increased demand and limited supply. The Turkish scrap market was volatile, with prices fluctuating due to global economic factors and domestic demand dynamics. The European market showed mixed trends, with Germany experiencing a decline and Italy seeing an increase. The US scrap market also declined due to low demand and rising inventories. Future dynamics will depend on various factors, including government stimulus policies and winter supply reductions.