Majors in 4th Week of May

News Updated: 6 June 2022

Price Trends Prediction of Bureau of International Recycling (BIR):

BIR is representative of 300000+ firms from 67 countries in the world. BIR has stated that the prices of ferrous raw materials in Europe revealed that the prices had touched the bottom and now will have a fashion to increase as generators have been again in manufacturing.
In Mid of May, producers did not have demand exporters were willing to even sell their goods at the prices of the production mills.

Export & Import Trends:

1. Russian Exports to Turkey:
   Russia is exporting its steel billets to Turkey but with a decline of 130USD/MT and has
   reached 602 USD/MT in the last week of May.
   
2. Russian Exports to China:
   China & Russia have a good trading relationship. Aluminum exports from China to Russia had increased by 12.45 times from 9949 tons to 123830 tons in March in response to higher demand from Russia due to trade restrictions by many countries.

Green Revolution & Investment:

1. First Movers Coalition by Trafigura:
   First Movers Coalition (FMC) is the alliance that stresses the seven different sectors of carbon-free are chemical, aluminum, concrete, aviation, trucking, steel & shipping for the development of carbon-free technologies. More than 50 firms have an alliance involving Trafigura. Trafigura is a commodity company belonging to Singapore. It has the first rank in private metal trading and 2nd regarding oil exports of Russia and the buying of stakes in smelters, mines storage & ports. The coalition targeted the sectors producing 30% of world carbon emissions which will increase to 50% by 2050 need to take necessary measures immediately.
   
2. China Bao Steel:
   Baoshan is the Chinese mill that has moved forward to introduce a corporate bond for the investment and carbon emission-free technology by the name of Low Carbon Transition Green Corporate Bond to Zhanjiang which is its auxiliary company. A bond provides an investment of 500 million RMB at 2.68 percent to the project of environmentally friendly technology.
   Aims:
   -To increase investment.
   -To promote environmentally friendly technologies like shifting from blast furnaces to hydrogen-based furnaces use electric power to avoid carbon emissions.
   -To fulfill the capital requirement of the steel mill and raise the debt
   funding mechanism of the mill.

Investment & Development:

1. Recycling of Precious Metal:
   Ruling bodies of the industry have introduced an area outside the city for smelter & refinery-based new firms with no wastage in America. This company will recycle the many precious metals like gold & copper etc.
   
2. Recycling of Batteries:
   Huayou cobalt of China & BMW Group has signed an agreement that Huayou Cobalt will provide services or assistance to reprocess the old and rejected batteries of electric vehicles.

Effects of Levying Export Duty on Indian Exports:

• Indian mills had less demand for final & semi-finished products. EAF-based mills have less consumption of pig iron. A mill Vedanta had an export tender for the shipment of 50000 tons for June 2022. Export prices have fallen from 700USD/MT FOB to 565-572USD/MT. Due to low domestic demand firms are looking to have export orders in bulk.
  
  Reasons for lack of demand:
  -Energy shortfall due to the shortage of oil-less energy has produced more demand in summer.
  -Monsoon weather will halt the construction.