International Steel Market Trends
Hyundai Steel's third-quarter sales fell 10.2% year-on-year
Recently, Hyundai Steel announced its sales, operating income and net income for the current period in the third quarter of this year, which were 6.2832 trillion won (approximately US$4.854 billion), 228.4 billion won (approximately US$176 million) and 129.2 billion won (approximately US$176 million) respectively. Approximately US$99.81 million). Hyundai Steel stated that its sales in the third quarter fell by 10.2% year-on-year, and its operating profit and net profit for the same period fell by 38.8% and 51.0% respectively year-on-year; the operating income rate in the third quarter and the net income rate for the current period were 3.6 respectively. % and 2.1%. "The downturn in the global steel market has led to reduced product sales and lower prices, which has led to a reduction in the company's net profit." explained a person in charge of Hyundai Steel.
Africa's first industrial-scale steel production project using green hydrogen begins
On November 6, Africa's first "zero-emission" steel production project using green hydrogen on an industrial scale broke ground in Namibia. The project uses green hydrogen to produce direct reduced iron and is located near Alandis in the Elongo region of Namibia. It is reported that the project has received support from the German government, with a total investment of 13 million euros (approximately US$13.9 million) in the initial stage.
Thailand decides to impose anti-dumping duties on tin-plated steel coils related to China
On October 25, 2023, the Thailand Dumping and Subsidy Review Committee issued an announcement stating that it decided to re-implement anti-dumping measures against tin-plated steel coils originating in mainland China, Taiwan, the European Union and South Korea, based on the CIF price. Anti-dumping duties are levied, with tax rates ranging from 2.45% to 17.46% in mainland China, 4.28% to 20.45% in Taiwan, 5.82% in the EU, and 8.71% to 22.67% in South Korea (for detailed tax rates, please refer to the final announcement of this case). This measure will take effect from November 13, 2023.
