But demand for long steel products is set to remain subdued, given the poor demand outlook from the construction sector, Zuo added.

The CBAM puts a price on the carbon emitted during the production of carbon intensive goods entering the EU. It started trial operation in October last year, and will be implemented from 2026 onward.

Many companies in what are considered to be sunset industries have actually regained their vitality through innovation and transformation.

Established with a donation of $5.81 million from Vale, the joint laboratory will be open to all the researchers from the mining and steel industry from today, it said.

VANADIUM RESOURCES OFF-TAKE MOU WITH LARGE VANADIUM NITRIDE PRODUCER

Macquarie said that the cost of producing low-grade nickel pig iron (NPI) in China will be the key to determining nickel prices. Nickel prices on the London Metal Exchange (LME) are down 45% in 2023 and are under further pressure.

Global molybdenum production and use rises in 2023

They made their comments during a news conference held by the State Council Information Office on Thursday.