Electric steelmaking, a highly energy-intensive industry branch, was particularly affected, recording a slump of 11 percent to a record low of 10.1 million tonnes.

Freight rates for lndian shipments to Europe and Africa could surge up to 25-30 percent on security risks along theRed Sea route, the usual maritime route connecting Asia to Europe, SteelOrbis learned from local exporters on Wednesday.

Japanese steelmaker Nippon Steel Corporation will acquire US Steel for $14.9 billion in the second or third quarter of 2024, the company said on Monday December 18.

The aid targets reducing carbon emissions and promoting renewable hydrogen production in line with EU directives.

Feralpi Stahl, the German rebar factory of the ltalian Feralpi Group, announced that it will stop production for four weeks for repair work.

China will ensure high-quality implementation of the RCEP and accelerate the development of the China-ASEAN Free Trade Area 3.0, he added.

Countries such as Brazil, China, India and South Africa have expressed concerns.

Jan-Nov two-way trade consistent with previous year on effective policy.