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Major Middle Eastern crude producers could revive their market share in Asia as the OPEC/non-OPEC output cut agreement officially ends later this year, but Asian refiners may end up paying higher prices as overall Persian Gulf supplies are expected to remain tight because of uncertainties surrounding Iran, industry executives and trade sources said Monday.
The growing need for OPEC and its partners to start raising production and export volumes amid faltering Venezuelan output and pending re-imposition of US sanctions on Tehran emerged as one the key discussion topics in the preliminary sessions at the S&P Global Platts Asia Pacific Petroleum Conference in Singapore.[More]
Steel mills in China increased usage of scrap in the first half of 2018, with big steelmakers boosting the ratio of scrap in their converters, Li Shubin, Executive Vice Chairman & Secretary General of the China Association of Metalscrap Utilization, said Thursday.
At the China Iron & Steel Association conference in Dalian, Li said 87.72 million mt of scrap was used by Chinese steelmakers in H1 2018, with 180 million mt estimated for the whole of 2018. They used 148 million mt of scrap in 2017, up 64.2% from 2016. In 2017, 65% of scrap was used in converters while 35% was used in electric arc furnaces, Li said. [More]
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