China Internet of Things: rising prices drive increased steel supply

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7 million tonnes of steel products in the first five months of this year, up nearly 70 percent against the same period last year.

PTI reported that Indian engineering goods exporters in the MSME segment have sought Prime Minister Mr Narendra Modi’s intervention on rising steel prices, stating that the industry needs the alloy.

Russian steel makers and Gas & Oil giants have signed several agreements to implement green steel making at XXIV St Petersburg International Economic Forum last week.

Reuters reported that according to documents obtained by French online media Contexte, the European Union plans to impose carbon emission costs on imports of goods, including steel.

China’s increased appetite for iron ore has become a problem for neighbor India.

At industry event in Shanghai, ministry officials, experts say net-zero goals key.