Indonesia has issued a new mining permit for nickel miner PT Vale Indonesia, its investment minister said on Monday.

Over a three-year period, the company sold more than 11.9 million tons of high-quality steel products, with approximately 4.8 million tons exported worldwide.

The exports increased by 49% year on year to 1.28 million tonnes in 2022, but dropped slightly by 4% to 1.23 million tonnes in 2023.

Shougang has exported its electrical steel to more than 24 countries and regions.

Canadian miner First Quantum Minerals (TSX: FM) has decided to shut down its Ravensthorpe nickel operation in Western Australia.

“We would also surcharge steel mills that do not appear to be practicing dumping,” one source said.

Members of the European Parliament (MEPs) have adopted Net-Zero Industry Act, which plans to allocate funds towards the production of net-zero technologies.

Korea's leading steel companies are going through a difficult period in the first quarter of this year. Leading names in the industry such as POSCO, Hyundai Steel and Dongkuk Steel experienced significant decreases in their performance.