| Announcements | ||
| ENRC forecasts strong second half performance - 25 Aug, 2008 | ||
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Eurasian Natural Resources Corporation said that the second half of 2008 will be very strong and doubled spending on an expansion to USD 6.9 billion. Mr Johannes Sittard CEO of Eurasian Natural said that the price of ferrochrome will hold or rise slightly. Mr Sittard said that prices may advance again in the fourth quarter as stainless steel users stop using stockpiles of the alloy. He added that "Prices will continue to grow but at a more moderate rate. The outlook for the second half is very strong.'' He added that ENRC plans to build 6 ferrochrome furnaces to increase annual production by 600,000 tonnes, raise iron ore output by 9 million tonnes and construct a 1,200 MW power station. First half profit more than tripled to USD 1.34 billion, beating analyst estimates, after sales jumped 85% to USD 3.4 billion. ENRC derived 63% of its first half revenue from ferrochrome. Ferrochrome may rise to USD 2.15 a pound in the fourth quarter, 45% YoY up from a year earlier. Prices will continue to benefit from the disruption to supplies in South Africa and China. | ||
| Today's News | ||
| Clips | ||
 | Japanese stainless output down in September | |
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| Chinese steel import applications to Europe stay high in October | |
| News And Trends | ||
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| Chinese CRC export price tends to level off | |
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| TISCO cuts stainless steel export price by USD 750 per tonne | |
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| Japanese SS mills pending price negotiation with Asian buyers | |
| Export And Import Levels | ||
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| Steel export shrinks to 379, 000 tonnes in October | |
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| Iron Ore prices may halve in 2009 on slump | |
| Trade Issues | ||
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| US slaps duties on China welded steel pipes | |
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| Indian forging industry opposes import duty on steel | |
