Following the collapse of a building in Bangkok during the recent earthquake, investigations into the steel used in the construction have led to Thailand putting a ban on steel produced by induction furnaces.
Induction furnaces typically use scrap steel, pig iron and sponge iron as feedstock . . . such as produced by the direct reduction of iron process . . . such as Christmas Creek is planned to produce
Although the process of producing steel in an induction furnaces is regarded as relatively low emission, the process is inhibited by major difficulties in the quality control of the steel produced.
Sponge iron is also a popular feed in an EAF, for which the utilization rate in China is quite low.
Induction furnaces are popular in China (although I cannot have a figure on what proportion of steel is produced in induction furnaces in China . . . 35% of steel produced in India in 2024 was from induction furnaces.
Danieli, the Italian firm contracted by Green Steel of WA, to build the Mid-west Shared Infrastructure Project, plan for a steel mill near Geraldton is based on an induction furnace. (the product of which has just been banned by Thailand).
John Welborn of FEX, of which MGX is a major shareholder, has been lobbying Green Steel WA to build the shared infrastructure project.
MGX Price at posting:
33.0¢ Sentiment: None Disclosure: Held
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