MMi Iron Ore Port Spot Cargoes Index Report (28th)

Nigeria's Ministry of Steel Development hosted a delegation of German original equipment manufacturers (OEMs) led by Chux Onaa, head of the VDMA German OEMs group, in Abuja, focusing on mineral processing, equipment manufacturing, technology transfer and local industrial value chains. Minister of Steel Development Shuaibu Audu said the engagement aims to turn earlier Nigeria-Germany talks at the 9th German-African Economic Forum in Dortmund into concrete investment and industrial partnerships. Priority areas listed include deploying modern technology, equipment manufacturing and supply, mineral processing, steel production, engineering services, capacity building and technology transfer; German OEMs are invited to join ongoing and emerging steel and metallurgical projects, cutting reliance on imported equipment and technology. Permanent Secretary Nura Abba Rimi said the move aligns with the government's Renewed Hope Agenda, under which President Bola Tinubu created the ministry to speed up the sector's revitalisation. Nigeria seeks to expand manufacturing, create jobs, deepen local mineral processing and diversify away from crude oil.

Ukraine's largest steelmaker, ArcelorMittal Kryvyi Rih, has halted output after four Russian strikes in five weeks killed five workers and badly damaged the plant. Metinvest and Interpipe have also suspended output. At least nine ballistic missile attacks have hit Ukrainian steel plants since last August, costing producers close to 100 million USD. Metallurgy made up 7% of Ukraine's GDP last year and employs tens of thousands. In 2022, Russian forces destroyed Mariupol's Azovstal and Illich works, wiping out 40% of national steel output. Ukrmetallurgprom's Oleksandr Kalenkov urged international aid, warning mills may stay idled until the war ends. MEP Karin Karlsbro urged the EU to exempt Ukraine from its June tariff regime; industry seeks a fund modelled on the Ukraine Energy Support Fund for European equipment.

ArcelorMittal has halted production at its Kryvyi Rih steel mill in southeastern Ukraine, the country's largest, as Russian airstrikes intensify. The plant was attacked four times in five weeks, killing five workers and causing widespread damage, making safe and sustainable operations impossible, the company said. It produced 1.7 million tonnes of steel last year; the halt is expected to trigger a non-cash impairment loss of about 1 billion USD. Russian strikes on Kyiv the same day killed seven people, including a 14-year-old boy, and injured 59. UN figures show at least 200 civilians have been killed in Ukraine this month. Ukraine has stepped up drone attacks on Russian energy sites, halting operations at the Novoshakhtinsk refinery in Rostov.