The consumption of steel scrap in the United Arab Emirates (UAE) was expected to rise sharply in the coming years amid expansions in steelmaker capacities to feed greater steel demand in the country.

Baoshan Iron & Steel (Baosteel) said on Friday it had agreed to buy a 48.6% stake in a steelmaker for 10.7 billion yuan ($1.49 billion) from Shandong Iron & Steel Group.

The cost side remained stable, and according to calculations, some companies in certain regions had already incurred losses.

ln a surprising turn, Oman, despite lacking the internal capacity for corresponding slab production, has successfully expanded its export volume.

Lifezone Metals (NYSE: LZM), which is 17% owned by BHP, announced on Thursday a mineral resource update for the Kabanga nickel project in northwest Tanzania.

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The total trading volume of 2402 contract on the exchange was 199742 lots, with a turnover of about 6685.8071 million yuan.