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China steel steady amid positive outlook, iron ore firm

Chinese steel and iron ore futures steadied on Tuesday after a three-day decline, underpinned by expectations that steel prices will be supported by planned production cuts in the country during winter to fight smog. Major industrial zones in China, including top steel producer Hebei province, have been ordered to curb output by up to half from November through March. A firm outlook for China’s property sector also bodes well for steel demand, said Argonaut Securities analyst Helen Lau, citing sustained property price increases in smaller Chinese cities. “Together with production ...

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China’s Q4 copper demand set to edge up to 2.8 million mt: Jiangxi Copper

China’s national refined copper demand in the fourth quarter is set to hit 2.8 million mt, edging up from estimated demand of 2.75 million mt in Q3, Jiangxi Copper Corp forecast Tuesday. The power, construction, home appliance and transport sectors, China’s key copper consumers, were forecast to account for 30%, 25%, 15% and 13%, respectively, of China’s estimated national copper demand of 11.04 million mt in 2017, with annual copper demand growth in the four consumer sectors this year estimated to rise 4.5%, 0.7%, 4.6% and 8%, data from the ...

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New Hope says looking for more coal acquisitions in Australia

New Hope Corp is chasing more coal mine acquisitions in Australia over the next year to drive growth, its boss said on Tuesday after reporting a huge rise in annual profit on the back of an earlier expansion and higher coal prices. New Hope Managing Director Shane Stephan said the company sees more opportunities to supply coal to Asia, including China, Japan, South Korea and Taiwan, particularly for new high efficiency-low emissions (HELE) power stations, and would look for acquisitions to help meet that demand. “We see a long-term future ...

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US corn crop in ‘good,’ ‘excellent’ condition steady at 61%: USDA

About 61% of the 2017-18 US corn crop was in good or excellent condition in the week ended September 17, unchanged from the last two weeks, data from the US Department of Agriculture showed. Some 13% of the corn planted was rated as “excellent” and 48% as “good,” according to the data. The good/excellent rating of 61% is 13 percentage points lower than the year-ago figure. For the rest of the crop, 26% was in fair condition, 9% in poor condition and 4% in very poor condition. USDA said 86% ...

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JSW Steel gets clearances for 2 iron ore mines in K’taka

JSW Steel has got all statutory clearances for two out of five iron ore mines the steel giant had won in Karnataka, a company official has said. The company had participated in the auction of iron ore mines last year and won five iron ore blocks in Karnataka. “For two, we have got all the clearances,” the official told requesting anonymity. The official also said that “forest clearances are awaited for the rest three. It may take another 6-9 months (to get the clearances)”. The Sajjan Jindal-led firm believes this will enhance ...

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Wheat eases for second day on ample global supply, soy prices firm

Chicago wheat futures lost more ground on Tuesday, falling for a second consecutive session in the face of abundant global supplies. Soybean prices ticked up on strong demand, although expectations of near-record U.S. production kept a lid on the market. The Chicago Board of Trade most-active wheat contract had eased 0.2 percent to $4.42-1/2 a bushel by 0305 GMT, while soybeans added 0.1 percent to $9.68-1/2 a bushel. Corn gained 0.1 percent to $3.51-3/4 a bushel. “It is going to be hard for prices to rally because of the abundance ...

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Latest LME copper stocks surge shakes price and spreads: Andy Home

Here we go again on the London Metal Exchange (LME) copper stocks roller coaster. Headline LME inventory jumped 46 percent to 304,350 tonnes over the course of last week. Live on-warrant inventory surged by 87 percent to 217,500 tonnes, a level last seen in July. Which is when the previous LME stocks surge took place. Last week’s inflow was, in fact, the fifth copper “arrivals event” on the exchange in the space of a year. The London market is getting used to this long-running tug-of-war between two of the market’s ...

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Tokyo Steel says to raise product prices for second month

Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Tuesday it would raise its product prices for a second month in October due to higher overseas prices and a tight domestic market. The company will boost prices on all its products in October by 3,000 yen ($26.9) per tonne, or by 3.3 to 5.1 percent. It increased its product prices in September by up to 5.4 percent. “Overseas steel markets have been on an upward trend thanks to China’s strong local demand and a continued decline ...

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Coal India steps up supply

During the month of August 2017 as the country was reeling under energy crunch with growth in hydro, nuclear and others sources plunging down by 12 per cent, 36 per cent and 7 per cent respectively, the demand for electricity from thermal power plants went up substantially, which, in fact generated 17 per cent more power compared to August 2016. Coal India Limited (CIL) supported the thermal power stations by increasing coal supplies by 20 per cent to 34.4 Million Tonnes (MTs) compared to 28.6 million tonnes during Aug’2016, a ...

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U.S. corn harvest seen 10 percent complete, soy 5 percent

The U.S. Department of Agriculture’s weekly crop progress report should show the U.S. corn harvest as 10 percent complete and the soybean harvest 5 percent complete, according to the average of estimates from 10 analysts polled by Reuters. The poll forecast the U.S. corn crop would be rated 60 percent good to excellent as of Sunday, down from 61 percent the previous week. For soybeans, analysts estimated the percentage of the crop at those levels at 60 percent, unchanged from a week earlier. The USDA plans to release its weekly ...

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‘September US scrap collapses to sideways’: How can this be?

In 1968 there was an American college football game between two Ivy League schools, Harvard and Yale. Harvard, an underdog entering the game, scored 16 points in the final 42 seconds to miraculously tie Yale 29-29. The following day, the Harvard Crimson student newspaper ran the now famous headline “Harvard Beats Yale 29-29.” I could not help but recall the game and the headline as I surveyed the scene around the hotel lobby at the recent annual ISRI Commodities Roundtable Forum in Chicago. Stunned scrap dealers did not know what ...

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India: Steel ministry focuses on converting thermal coal into coking

Steel Minister Chaudhary Birender Singh said the ministry was focusing on converting thermal coal into coking coal which is considered to be an important ingredient of steel making. “Some sort of innovation showed thermal coal can be used as coking coal. For that, we wanted private sector to put up their washeries at the pit-head. If, by 2020, at least 20 washeries would be in place….30 per cent of coal available in India as identified or categorised as thermal coal can be converted into coking coal and the country would ...

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European steel mills must ‘take necessary steps’ amid electrode shortage: Eggert

European steel mills need to “take the necessary steps” to prevent production disruptions amid the tightness in graphite electrode supply, Axel Eggert, director general of European Steel Association Eurofer, said. Eggert said European steelmaking consumes around 226,000 mt of electrodes each year. More than 60% of the smaller ladle furnace melting sticks come from China, Eggert said, so primary and secondary steel production could be “seriously affected” by the ongoing shortage. Chinese electrode exports are likely to halve this year, to around 100,000 mt, sources have told S&P Global Platts; ...

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India: Why rising imports don’t pose a threat to steelmakers yet

There has been a steady increase in steel imports since April, increasing every month till August. By itself that was not a concern as initially exports were also increasing and we were net exporters of steel. Since June, however, that has changed and July and August not only saw imports step up in absolute terms, but also exceeded exports (see chart 1), according to data on finished steel from the Joint Plant Committee. That raises a concern whether steel imports are again posing a threat to the domestic steel industry. ...

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China’s steel, iron ore fall for third session on weak demand

China’s steel rebar futures fell for a third straight session on Monday, dragging raw materials down, on continued worries about waning demand amid environmental inspections. “Steel market is under pressure despite the outlook of tight supply during the coming autumn and winter season amid environmental inspections,” Orient Futures analysts said in a note. “However, the inspection is a double-edged sword that will curb both supply and demand sides. What the market worries the most is waning demand from the downstream sectors.” China’s capital, Beijing, said over the weekend that it ...

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