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AISU Steel News December2020 Arab Iron and Steel Union Latest News North Africa SIDER EL HADJAR and NAFTAL sign a Memorandum of Understanding for the production of seamless tubes Importing a new shipment of coal to El Hadjar Complex in January Tosyali Algeria exports 8 thousand tonnes of iron to Romania and Italy Libyan Iron and Steel Company signs an agreement with the Turkish company “Aromet” Morocco’s imports of steel and metal scrap has increased Egyptian Iron and Steel Company approves bidding for selling scrap items Ezz Dekheila Steel’s loss widens 3.48 billion pounds in 9 months Gulf Area GCC construction struggling through pandemic SABIC highlights its post-Covid-19 steel business strategy Saudi Arabia : Hadeed Sabic hikes rebar and wire rod prices World Steel prices in the Last week of December Fatal Landslide in Brazil Pushes Iron Ore Toward Record World’s production of crude steel rose 6.6% in November Crude steel production in the Arab countries China’s steel consumption likely to rise in 2021 China’s industrial profits grow robustly, seventh straight rise German crude steel production up 15% in November China’s Jan-Nov steel output grows steadily at 5.5% Ukraine’s iron ore exports up 14.4 % in Jan-Nov Malaysia puts duties on Chinese, Korean, Vietnamese galvalume Vietnam imposes anti-dumping tax on Chinese cold-rolled steel Turkey starts dumping investigation against HRC imports from EU Vale’s iron ore exports down January-November Pakistani government approves Pakistan Steel Mill’s privatization Technology Sinai Manganese company is leading the steel industry for a new technological revolution for the first time in Egypt and the Arab world www.aisusteel.org www.aisusteel.org © 2020 Arab Iron and Steel Union AISU Steel News – December 2020 1

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Page 1: AISU Steel News

AISU Steel News December2020

Arab Iron and Steel Union

Latest News

North Africa • SIDER EL HADJAR and NAFTAL sign a Memorandum of

Understanding for the production of seamless tubes • Importing a new shipment of coal to El Hadjar Complex in January • Tosyali Algeria exports 8 thousand tonnes of iron to Romania and Italy • Libyan Iron and Steel Company signs an agreement with the Turkish

company “Aromet” • Morocco’s imports of steel and metal scrap has increased • Egyptian Iron and Steel Company approves bidding for selling scrap items • Ezz Dekheila Steel’s loss widens 3.48 billion pounds in 9 months

Gulf Area • GCC construction struggling through pandemic • SABIC highlights its post-Covid-19 steel business strategy • Saudi Arabia : Hadeed Sabic hikes rebar and wire rod prices

World • Steel prices in the Last week of December • Fatal Landslide in Brazil Pushes Iron Ore Toward Record • World’s production of crude steel rose 6.6% in November • Crude steel production in the Arab countries • China’s steel consumption likely to rise in 2021 • China’s industrial profits grow robustly, seventh straight rise • German crude steel production up 15% in November • China’s Jan-Nov steel output grows steadily at 5.5% • Ukraine’s iron ore exports up 14.4 % in Jan-Nov • Malaysia puts duties on Chinese, Korean, Vietnamese galvalume • Vietnam imposes anti-dumping tax on Chinese cold-rolled steel • Turkey starts dumping investigation against HRC imports from EU • Vale’s iron ore exports down January-November • Pakistani government approves Pakistan Steel Mill’s privatization Technology

• Sinai Manganese company is leading the steel industry for a new

technological revolution for the first time in Egypt and the Arab world

www.aisusteel.org

www.aisusteel.org © 2020 Arab Iron and Steel Union AISU Steel News – December 2020 1

Page 2: AISU Steel News

Latest News

North Africa

SIDER EL HADJAR and NAFTAL sign a Memorandum of Understanding for the production of seamless tubes A Memorandum of Understanding was signed between SIDER EL HADJAR, belonging to the SIDER Group, a subsidiary of the IMETAL Group, and NAFTAL, at the headquarters of the General Management of NAFTAL, located in Chéraga, Algiers. The Memorandum of Understanding covers the construction of 1,100 km of seamless tubes for the transport of LPG between Arzew, Chlef, and Algiers, as well as the supply of sheet metal for the manufacture of gas cylinders. In the presence of the CEO of IMETAL Group, Mr Tarik BOUSLAMA, Mrs LABIOD Djamila, President of the Board of Directors of Sider El Hadjar, and Mr YAGUER Rachid, Director of the LPG Branch of NAFTAL, proceeded to the signing of this MoU. Mr Lakhdar AOUCHICHE, CEO of Sider Group, Mr Réda BELHADJ, CEO of Sider El Hadjar, Mr Mohand IBELAID, Director of the Fuels Branch of NAFTAL as well as senior executives of the two companies and the partner social work of Sider El Hadjar were also present. During the session, Mr Tarik BOUSLAMA “thanked NAFTAL Company for the trust put in Sider El Hadjar, emphasizing the importance of collaborating between the national companies, especially in the current situation to revitalise the national economy and to reduce the export bill”. For his part, Mr Lakhdar AOUCHICHE declared, “This order was a fresh air for El Hadjar Complex, and more particularly for the 500 employees of TSS unit, who wilfully honour their commitments”, he added, “This advantage will help establish a certain serenity and confidence among the employees”. For her part, Mrs Djamila LABIOD assured that “The experience and expertise of Sider El Hadjar will ensure the quality and conformity of the products to the international standards”. As for Mr Reda BELHADJ, he assured that “All the human and material resources and all the necessary efforts available in the company will be implemented to achieve the objectives set by this Memorandum of Understanding, and that within deadlines».

Importing a new shipment of coal to El Hadjar Complex in January On January 6, a new shipment of coal, used in the iron and steel industry, is arriving at El Hadjar complex with an estimated amount of 30 thousand tonnes. The import decision came after El Hadjar stopped production at the beginning of December, in addition to the fact that the existing quantity will expire in the next 48 hours, which will lead the complex to stop production. The same source added, “The process of starting production would take place next month immediately after the solution of the “ferrous-alloy” problem”. Ferrous alloys are considered raw materials included in the manufacture of iron at El Hadjar, which is experiencing severe shortage too, threatening to halt production once again.

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North Africa

Tosyali Algeria exports 8 thousand tonnes of iron to Romania and Italy

“Tosyali Algeria” company in the state of Oran announced that it had exported 8 thousand tonnes of wire rod to Romania and Italy, according to what we received from the company’s contact cell.

Today, these two cargoes were transported as part of the third export operation for this type of product and the ninth for the company’s various products this year from the ports of Mostaganem and Arzew (Oran).

It exports 5 thousand tonnes of wire rod from the port of Mostaganem towards the port of Braila (Romania) and another 3 thousand tonnes from the port of Arzew towards the port of Catania (Italy).

Libyan Iron and Steel Company signs an agreement with the Turkish company “Aromet”

Libyan Iron and Steel Company announced Thursday that it had signed a business agreement with the Turkish company, “Aromet”, according to which the development work for the oxygen and compressed air plant would be completed, as part of the company’s plans to improve and increase production.

The company said in a post on its official page on the social networking site “Facebook:” This agreement will lead to an increase in the share of the company’s facilities and factories of various gases such as oxygen, nitrogen and argon, which will enhance the opportunities for the company to double its production.

Morocco’s imports of steel and metal scrap has increased Imports of Moroccan companies operating in the field of exploiting scrap iron and steel and other types of converted metals, which are used in the steel and iron industry, have increased significantly during the last two years. Data issued by the Exchange Office revealed that Moroccan companies imported about 720 thousand tons of scrap iron, copper and other types of converted metals, during the period between January 2019 – June 2020, with a value of 1.73 billion dirhams. The continent of Europe is the first export market for scrap to Morocco, as the quantities imported by local companies amounted to approximately 610 thousand tons, during the period January 2019 – June of this year, with a value of 1.7 billion dirhams; While China came in second place with about 40 thousand tons. Large quantities of iron and steel scrap imports are directed to the major industrial units operating in the steel industry in Morocco. The recovery of the sector contributed to attracting new industrial groups, including the Belgian group “VN Steel”, which decided to set up a company in Morocco, to market steel products for the benefit of local companies. The company officials confirm that the opening of the Moroccan branch will allow it to meet the growing needs of the local market, which is witnessing an increasing growth as a result of the recovery in demand for products related to the steel industry.

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North Africa

Egyptian Iron and Steel Company approves bidding for selling scrap items

The Board of Directors of Egyptian Iron and Steel Company decided to launch a

public bid through sealed envelopes, for the sale of scrap items.

The company clarified in a statement to the Egyptian Stock Exchange, today,

Wednesday, that the scrap items are scrap railway tractors, scrap cars and car

bodies, scrap equipment (loaders – dumpers – forklifts – winches – etc.), and

various scrap items and stagnant from the warehouse sector (files of various

sizes) .

In the first quarter of the current fiscal year, Egyptian Iron and Steel Company

achieved losses amounting to 274.48 million pounds during the period from

January to last September, compared to losses of 367.8 million pounds in the

comparative period from 2019-2020.

The company’s sales declined during the first quarter of the current fiscal year to

237.72 million pounds, compared to sales of 280.31 million pounds in the

comparative period of the last fiscal year.

Ezz Dekheila Steel’s loss widens 3.48 billion pounds in 9 months

The consolidated net losses of Ezz Dekheila Steel – Alexandria increased by

54.49% year-on-year (YoY) to EGP 3.48 billion in the first nine months of 2020,

compared to EGP 2.25 billion, including minority shareholders’ rights.

Th steel manufacturer’s sales dropped to EGP 22.98 billion in the January-

September period from EGP 29.75 billion in the prior-year period, according to a

bourse disclosure on Monday.

As for standalone business, the company’s net losses widened to EGP 935.15

million in the nine-month period ended 30 September, compared to EGP 461.67

million in the same period in 2019.

During the first half (H1) of 2020, the company incurred net losses of EGP 2.303

billion, up from EGP 1.25 billion in H1-19, including minority shareholders’

rights.

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Latest News

GulfArea

GCC construction struggling through pandemic

The Gulf Cooperation Council (GCC) construction industry is as the other

industries worldwide that have faced some crisis this year. The economic

shocks of Covid-19 and falling oil prices left the demand for building materials

such as rebar weak for most of the year.

Around 550 projects worth over $ 60 billion are known to have been

postponed, delayed, or cancelled since March due to the virus, most of them in

Saudi Arabia and the United Arab Emirates. Only $ 4.1 billion in contracts

were awarded to the GCC in April, down by 40% from the previous year. In

the United Arab Emirates, the construction sector is expected to contract by

1.9% this year against a growth forecast of 4.3% before Covid.

Shareholders of UAE-based construction giant, Arabtec Holding, voted in

September to liquidate the debt-laden company after registering a $216mn loss

in the first half of 2020. Drake and Scull, another UAE-based construction

company, announced in October that it was in the “advanced stages” of

financial restructuring talks with banks.

This has left the rebar producers in the Gulf Cooperation Council countries

suffering from lower demand. Rising costs amid rising global raw material

prices have also put pressure on factories to sell increasingly expensive

materials in an ever-negative demand environment.

Mills are pessimistic, but most short-term forecasts expect the construction

sector to return to growth in the first half of next year. The output is expected

to remain below pre-pandemic levels regardless. Government measures aim to

boost the flagging sector. Local authorities in Dubai allowed a revised set of

construction codes in October to cut costs, simplify design processes, and

diversify projects. Building fees have also been restructured in the Emirate to

attract investment.

It is unclear how effective these measures will be like, but the pandemic is

unlikely to impede construction in the area. As the GCC states seek to wean

their economies from dependence on crude oil, the imperative to diversify

through mega-state-sponsored projects such as the “Vision 2030” plan in Saudi

Arabia will likely help the industry recover from the turbulent year of 2020.

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Gulf Area

SABIC highlights its post-Covid-19 steel business strategy

SABIC highlighted its post-Covid-19 steel business strategy and the challenges in the steel market during its participation at the virtual Middle East Iron and Steel Conference.

Addressing the conference, Salah Ahmed Al-Ansari, president of Hadeed, a fully-owned manufacturing affiliate of SABIC, said that the company took extra preventive measures across its facilities to ensure business continuity and a reliable supply to its customers in local and global markets. The company continued its export to the international destinations during the pandemic.

Al-Ansari said: “Diversifying the raw materials supply along with a strategic insight toward the production of differentiated value-added products is the main strategy to enhance our competitive advantage and maintain our leading position in the market. In addition, SABIC-Hadeed is driving its steel business strategy towards expanding its industry chain through upstream raw material integration.”

He also shared insights into the kingdom’s strategies during Covid-19 that made a positive impact on the steel industry. “The Saudi government announced financial packages to support the private sector and individuals during the pandemic and afterward, such as the postponement of the government fees and the focus on local content,” Al-Ansari said.

Through a virtual premium booth on the sidelines of the conference, the company showcased its metals products supplied under its brand through Hadeed.

The annual conference, which took place online due to the ongoing disruption caused by Covid-19, brings together the steel players from the worldwide.

It provided an opportunity for investors and manufacturers to hear from end-users about where current and future demand is coming from, assess the latest steelmaking technologies and find cost-effective solutions.

The conference discussed market updates into the trends impacting the Middle East steel industry and the outlook to 2021, the latest developments in steelmaking technologies and how they are driving operational effectiveness and greener steel.

Saudi Arabia : Hadeed Sabic hikes rebar and wire rod prices

Being supported by the rapid rise in raw materials tags around the world, Saudi Iron and Steel Company (Hadeed SABIC) increased official offers for January long steel products. The ongoing global upward trend will likely trigger another price revision shortly.

Hadeed SABIC announced new prices for January longs sales, increasing them by SAR 200/t ($53/t). Rebar is currently available at SAR 2,650/t ($707/t) delivered, while 9 mm wire rod at SAR 2,550/t ($680/t) delivered. The new offers will be effective from December 16, 2020.

Prices are indicated without 15% VAT.

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Latest News World

Steel prices in the Last week of December

According to the prices of the global steel markets, the prices of scrap reached475$/tonne, while the prices of Billets ranged between 600 – 630$/ tonne and the prices of Rebar ranged between 640 – 660$ / tonne.

The following prices of iron and steel in global markets on 30/12/2020

Fatal Landslide in Brazil Pushes Iron Ore Toward Record

Prices of the steel ingredient near all-time high as investors bet on tightening supply at a time of strong demand.

Iron-ore prices are teetering near record territory as a landslide at a Brazilian iron-ore mine intensifies concerns about supply and Chinese demand runs hot.

The price of iron ore has soared to its highest level since September 2011, almost doubling its value at the start of the year, according to data from S&P Global Platts. The commodity jumped by 7.8% to $176.90 a metric ton Monday, although pulled back by 5.6% to $167.00 a ton on Tuesday.

Iron ore, the main ingredient in steel, is one of the world’s most-traded commodities and is among the best performing assets of 2020. Up more than 40% since the start of November, it is closing in on a record price of $193 a ton reached in February 2011.

The landslide last week at Vale SA’s Córrego do Feijão mine, which killed one worker, has raised fresh concerns about supplies from Brazil. Shipments from that country—the second biggest exporter of iron ore, after Australia—have yet to fully recover from earlier waste-dam collapses and pandemic-related disruptions to port and rail facilities.

w-o-w Date Max Min Place Product

- 30/12/2020 475 475 CFR Turkey Scrap HMS 1&2 (80:20)

- 27/11/2020 158 158 CFR China Iron ore Fe 62%

+ 27/11/2020 630 620 CFR Turkey

Billet

- 27/11/2020 600 600 FOB Russia

= 27/11/2020 600 600 FOB Black Sea

- 27/11/2020 650 650 FOB Black Sea Rebar

+ 27/11/2020 660 640 TUR- FOB

+ 27/11/2020 730 715 FOB China HR coil

+ 27/11/2020 810 790 CFR Turkey CR coil

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World World’s production of crude steel rose 6.6% in November

World crude steel production for the 64 countries reporting to the World

Steel Association (worldsteel) was 158.3 million tonnes (Mt) in November

2020, a 6.6% increase compared to November 2019. Due to the ongoing

difficulties presented by the COVID-19 pandemic, many of this month’s

figures are estimates that may be revised with next month’s production

update.

In Asia, China produced 87.7 Mt of crude steel in November 2020, an

increase of 8.0% compared to November 2019. India produced 9.2 Mt of

crude steel in November 2020, up 3.5% on November 2019. Japan produced

7.3 Mt of crude steel in November 2020, down 5.9% on November 2019.

South Korea’s crude steel production for November 2020 was 5.8 Mt, down

by 2.4% on November 2019.

Crude steel production in the Arab countries

Saudi Arabia produced 720,000 tonnes of crude steel in November 2020, up

12.3% compared to November 2019. Egypt’s crude steel production in

November 672,000 tonnes, up 11.2% compared to November 2019. UAE

produced 239,000 tonnes of crude steel down -17.1% compared to

November 2019. Qatar produced 81,000 tonnes of crude steel down -53.7%

compared to November 2019, Libya produced 70,000 tonnes of crude steel

up 6.7% compared to November 2019.

www.aisusteel.org

Your Advertisement in AisuSteel.org Will Reach Steel Producers

and Consumers Worldwide

Sinai Manganese company is leading the steel industry

for a new technological revolution for the first time

in Egypt and the Arab world

Dr. Gamal Hendawy, CEO of the Sinai Manganese Company of the Holding Company for Chemical Industries, a company of the Ministry of Public Enterprise Sector, revealed that the Ferro Manganese Alloy Factory has actually begun to operate, to produce silico manganese alloys for the first time in Egypt and the Arab world.

That is after the completion of the overhaul of the company's factory in South Sinai, at a cost of about 100 million pounds, with the company's own efforts.

It included the modification of the ingot production furnace to produce silico-manganese alloy, as it is the most sought-after in the market and used in the steel industry, according to the statements of Dr. Jamal Hindawi, CEO of the company.

He added that one of the most important reasons that pushed the company to produce this type of alloy is that the local market absorbs the factory’s production after development, as the factory’s production reaches 25,000 tons annually, while Egypt's secondary consumption is about 120,000 tons, most ofwhich is imported from abroad.

TECHNOLOGY

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World China’s steel consumption likely to rise in 2021 China’s steel consumption is expected to reach 991 million tonnes in 2021,

up 1 percent year on year, according to a report from the China

Metallurgical Industry Planning and Research Institute.

The slight increase in consumption will be buoyed by faster economic

recovery, the report said.

Demand from the construction and machinery industries will continue to

boom next year, with consumption in the two sectors rising to 580 million

tonnes and 160 million tonnes, respectively.

As the global economy recovers from the COVID-19 fallout, the report

forecast that international demand for steel will rise to 1.83 billion tonnes in

2021, up 4.9 percent year on year.

During the first 11 months of the year, China’s crude steel output increased

5.5 percent year on year to 960 million tonnes. The output of the entire year

is expected to reach 1.05 billion tonnes, while consumption is forecast to hit

981 million tonnes.

China’s industrial profits grow robustly, seventh straight rise

Profits at Chinese industrial firms rose 15.5% from a year earlier to 729.32

billion yuan ($111.50 billion), easing from October’s three-year high

28.2%, data from National Bureau of Statistics showed .

China’s industrial sector has seen a strong rebound from the shock of the

COVID-19 pandemic, aided by a stunning export comeback as factories

ramp up to meet demand overseas. Factory-gate prices, a gauge for

profitability, fell less than expected last month.

For the January-November period, industrial firms’ profits rose 2.4% from a

year earlier, accelerating from the 0.7% gain recorded for the first 10

months.

The industrial profit data covers large firms with annual revenue of over 20

million yuan from their main operations.

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World German crude steel production up 15% in November

Crude steel output in Germany increased by 14.8% year on year in November, marking the second consecutive month of growth, German steel federation WV Stahl said on Friday December 18.

In November, German crude steel production totaled 3.38 million tonnes, up from 2.94 million tonnes in the corresponding period of 2019. But this growth was against a weak comparison basis last year, WV Stahl said.

Over the first 11 months of 2020, the country’s crude steel production dropped by 11.6% year on year to 32.52 million tonnes. Crude steel production in Germany declined in March-August due to the effects of the Covid-19 pandemic on the European steel industry.

China’s Jan-Nov steel output grows steadily at 5.5%

China’s crude steel output grew steadily up to November, gaining 5.5% on year to 961 million tonnes over January-November, or the same growth as that for the first ten months, according to the latest release from the country’s National Bureau of Statistics (NBS) on December 15.

For November alone, the country’s crude steel output came in at 87.7 million tonnes, down 4.9% on month but still up 8% on year, with the on-year gain down 4.7 percentage points from that for October.

The country’s daily crude steel output fell to the five-month low in November, or down on month for the second month by 1.8% to 2.92 million tonnes/day.

The on-month decrease in last month’s steel output was mainly attributed to the growing number of maintenance works among Chinese steel mills on their steelmaking facilities as well as the frequent but short-time restriction and iron and steelmaking in some regions of China especially in the northern part in winter months during poor air quality days.

China’s finished steel output, thus, recorded a similar trajectory in November, up 10.8% on year but down 1% on month to 117 million tonnes, and over the first eleven months of 2020, the country’s finished steel production added up to 1.2 billion tonnes, or up 7% on year, according to the NBS data.

Ukraine’s iron ore exports up 14.4 % in Jan-Nov

In the January-November period of the current year, Ukrainian mining companies exported 41.8 million mt, up 14.4 percent year on year.

In terms of value, Ukraine’s iron ore exports in the first eleven months increased by 16.6 percent year on year to $3.7 billion. China with its sixty percent share of the total value of Ukrainian iron ore exports during the period in question remained the leading consumer.

Meanwhile, Poland and the Czech Republic accounted for 8.9 percent and seven percent of the total value, respectively.

In November alone, Ukraine’s iron ore exports amounted to 3.35 million mt, rising by 0.9 percent year on year.

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World Malaysia puts duties on Chinese, Korean, Vietnamese galvalume Malaysia’s Ministry of International Trade and Industry (Miti) has decided

to impose anti-dumping duties on imports of aluminium- and zinc-coated

non-alloy steel sheet and coil from China, Korea and Vietnam. The move

follows an investigation which started in March at the request of NS

BlueScope (Malaysia).

The duties will be charged for five years from 12 December 2020 to 11

December 2025 at rates in the table below. The duties are applied on

material imported under tariff codes 721061.11, 721061.12, 721061.19,

721061.91, 721061.92, 721061.99, 721250.23, 721250.24.90, 721250.29.10

and 721250.29.90.

Malaysia Customs data shows that the country imported 83,251 tonnes of

these materials from Vietnam over January-October 2020, down -8.44%

year-on-year. From China it imported 33,377t, up 11.5% y-o-y, while from

Korea it imported just 5,171t, down -23.1% y-o-y.

Malaysian galvalume AD duties

China 2.18-18.88% - Korea 9.98-34.94% - Vietnam 3.06-37.14%

Vietnam imposes anti-dumping tax on Chinese cold-rolled steel Vietnam has imposed anti-dumping duties on some coil or sheet cold-rolled

steel products that originated from China for five years starting Dec. 28, its

industry and trade ministry said on Wednesday.

The duties, specifically for coils or sheets of a width of less than 1,600 mm

and between 0.108 mm-2.55 mm thickness, come after the ministry finished

an anti-dumping investigation that started in September last year, on behalf

of the domestic industry.

The probe concluded that cold-rolled steel imported from China reached

272,073 tonnes in the period, accounting for 65.5% of the total cold-rolled

steel imports into Vietnam, the ministry said in a statement.

“The domestic manufacturing industry is under threat of considerable

damages as key indicators such as profit, inventory and market share are

poor,” it added.

It said the anti-dumping tax would range from 4.43% to 25.22%.

The Southeast Asian country in 2019 had imposed an anti-dumping tax of

3.45% to 34.27% on some Chinese steel products.

Vietnam has consistently said it would crack down on goods of Chinese

origin illegally labelled “Made in Vietnam” by exporters seeking to avoid

U.S. tariffs on products made in China.

Vietnam relies on China, its largest trading partner, for materials and

equipment for its labour-intensive manufacturing sector.

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World Turkey starts dumping investigation against HRC imports from EU Turkish Trade Ministry informed the EC that it has started a dumping investigation against hot-rolled coil imports from the EU region. “Turkish Trade Ministry accepted our request in this regard and started a dumping investigation at the end of last week on imports of HRC to Turkey from the EU region, as a counter measure against EU’s imposition of trade barriers on Turkish steel,” the source said. The EC announced Dec. 17 that it decided to impose an anti-dumping duty of 4.8%-7.6% on imports of Turkish HRC, as S&P Global Platts has reported. The duties will be imposed on a provisional basis on Jan. 14, 2021 and will be valid for six months. Definitive duties are scheduled to be set by July 13, 2021. Turkish steel producers have called upon the Turkish government to impose similar counter measures on steel imports from the EU and Turkey informed the World Trade Organization (WTO) in May that custom duties could be imposed on steel imports from the EU. Turkish mills imported around 1.3 million mt of HRC from the EU region in the first ten months of 2020, relatively flat on year, according to Platts’ calculations from the latest Turkish Statistical Institute (TUIK) data. Vale’s iron ore exports down January-November In November this year, Brazilian miner Vale’s iron ore export volume totaled 23.80 million mt, down 9.7 percent compared to October and increasing by 2.2 percent compared to November 2019, according to Brazil’s National Union of the Industry of Extraction of Iron and Base Metals (Sinferbase). In the January-November period of the current year, Vale’s iron ore exports fell by 3.6 percent year on year to 245.64 million metric tons. Meanwhile, in November this year Vale’s iron ore sales in its domestic market amounted to 1.47 million mt, increasing by eight percent year on year and up by 10.5 percent month on month. In the first 11 months of the year, Vale’s iron ore sales in its domestic market totaled 13.75 million mt, decreasing by 5.9 percent as compared with the same period last year. Pakistani government approves Pakistan Steel Mill’s privatization Pakistan’s Cabinet Committee of Privatisation (CCoP) has approved the privatization of Pakistan Steel Mill Corporation’s (PSMC) core operating assets following the recommendation of the Privatization Committee. The privatization which will create employment and reduce debt is expected to ease the pressure on the country’s economy as some state-owned enterprises could not contribute to the national treasury. The government also seeks to revive International Monetary Fund’s $ 6 billion loan program for Pakistan through privatizations. In the first phase, the mill will be restarted to reach its full production capacity within one and a half year, while in the second phase, its production capacity will be increased to three million mt. The privatization phases were estimated to cost $ 800 million. .

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