8,964.10 TRY BIST 100 BIST 100
4.84 CNY CNY CNY
34.22 USD USD USD
37.26 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.86 TRY Interest Interest
79.26 USD Fossil Oil Fossil Oil
31.23 USD Silver Silver
4.43 USD Copper Copper
104.60 USD Iron Ore Iron Ore
375.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,916.04 TRY Gold (gr) Gold (gr)

Ukrainian steelmakers worried as Russians advance on key coal mine

Russian forces are advancing towards Pokrovsk, a strategic supply hub in eastern Ukraine, and closing in on the coking coal mine that fuels the country's vital steel industry.

Ukrainian steelmakers worried as Russians advance on key coal mine

Russian troops have advanced to within 12 kilometers of Pokrovsk, overwhelming Ukraine's vastly outnumbered and out-equipped defenses. Thousands of residents have fled and key road and rail links to other cities are at risk of being severed.

About 10 km west of the city center is a mine that produces a special type of coal needed to make coke, a key element in the production of steel, which is second only to agriculture in earning foreign currency for Ukraine.

According to trade data, in the first eight months of this year, metal exports were worth about $2 billion - the money needed to keep Ukraine afloat two and a half years after Russia's full-scale invasion.

Oleksandr Kalenkov, head of Ukraine's steelmakers' association, said the loss of the Pokrovsk mine, the only domestic source of coking coal, could cause steel production to slump.
"We could make up to 7.5 million metric tons of steel by the end of the year and, for next year, we saw an increase in production to over 10 million," Kalenkov mentioned.
"But if we lose Pokrovsk, then ... we will fall to 2-3 million tons."

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

India's HRC imports increased by 38% in September

Thursday, October 17, 2024

Vale achieves highest quarterly iron ore output since 2018

Thursday, October 17, 2024

HRC imports increase in Vietnam: Domestic producers in a difficult situation

Thursday, October 17, 2024

Türkiye strengthens its position in the global market with new ferrochrome factory

Thursday, October 17, 2024

EU steel industry sounds crisis alarm! EUROFER issues open letter

Thursday, October 17, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now