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Ukrainian iron ore concentrate output rises in October

Ukrainian production of iron ore concentrate edged up in October on the month and the year, but lower domestic consumption dented output of agglomerate and iron ore pellets, data from state-controlled metals and mining association Ukrmetallurgprom and Ukraine’s fiscal service show. Ukraine produced 5.15mn t of iron ore concentrate last month, up by 8pc compared with September and almost 1pc from October 2016. The rise followed an increase in production of run-of-mine iron ore (see table). Exports of Ukrainian iron ore products totalled 2.97mn t in October, flat on the ...

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Shanghai rebar jumps nearly 3 pct on demand hopes, lean supply

Chinese rebar steel futures climbed almost 3 percent on Tuesday, gaining for a second straight day on tighter supply and expectations that demand in the world’s top consumer would bounce back when production curbs are lifted after winter. Chinese steel mills, mainly across the country’s north, have been ordered to curb output during winter as part of Beijing’s campaign to limit air pollution. The curbs apply from this month through March. “Investors continue to look towards the pent up demand in early 2018 when the winter production constraints are removed,” ...

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S&P Global Platts China Steel Sentiment Index Flat In November

Chinese steel market participants expect construction steel prices to rise over the next month as supply tightens due to the winter production cuts in key steelmaking regions, according to the latest S&P Global Platts China Steel Sentiment Index (CSSI), which showed a headline reading of 31.93 out of a possible 100 points. The headline CSSI, which measures the outlook for new domestic and export steel orders, stayed flat on the month before, edging down 1.68 points from 33.61 in October. A reading above 50 indicates expectations of an increase/expansion and ...

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Around 90% of US corn harvested, lower than expected: USDA

Roughly 90% of the US corn crop for the 2017-18 marketing year had been harvested as of Sunday, up from 83% the previous week, data from the US Department of Agriculture showed. Market expectations were for USDA’s crop progress to be at 91% of the US corn been harvested, a source said. The five-year average for the period is 95%, and the year-ago pace was 96%, the USDA said. The 18 states surveyed accounted for 94% of the 2016-17 corn acreage, the report said. Chicago Board of Trade December corn ...

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METALS-China aluminium prices drop sharply amid signs of robust global output

China aluminium futures fell sharply on Tuesday to their lowest in more than three months, dragged down by signs of robust global production. * ALUMINIUM DROP: The most-traded aluminium contract on the Shanghai Futures Exchange lost 2.45 percent to close at 14,910 yuan ($2,247.14), its weakest since early August. * ALUMINIUM OUTPUT: Global production for October, excluding China, was 2.179 million tonnes, up from 2.1 million tonnes in September, International Aluminium Institute (IAI) data showed on Monday. However, Chinese daily average output fell to 82,100 tonnes in October against 86,900 ...

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JSW Steel exploring tie-ups to acquire stressed assets

Sajjan Jindal-controlled JSW Steel Ltd may team up with external investors to set up a platform for acquiring distressed assets, a top company official said. The group is open to various options including setting up a platform in partnership with financial sponsors as it looks for inorganic growth and opportunities in the distressed assets space where a number of large steel companies are facing bankruptcy, said Seshagiri Rao, joint managing director and group chief financial officer. “There are various structures which we are open to exploring and this is one ...

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What to Watch in Commodities: OPEC, Lithium Boom, Copper, Bacon

Global crude markets will be center stage this week in the final countdown to OPEC’s next meeting. Traders will be alert for comments from the group’s members as well as Russia on whether supply curbs that have helped to hoist prices will be maintained. After posting back-to-back gains in September and October, Brent’s only a little higher this month. Beyond Vienna, investors will have an eye on the weather, with Australian forecasters due to weigh in on whether La Nina conditions will set in. They’ll also scrutinize earnings from lithium ...

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China’s Shagang raises ferrous scrap buying price $23/mt

Jiangsu Shagang Group, China’s largest ferrous scrap consumer, said Monday it raised its buying prices for heavy melting scrap by Yuan 150/mt ($23/mt). The mill raised its price three times by a total of Yuan 240/mt in October. After the latest increase, Shagang will pay Yuan 2,130/mt ($321/mt), including 17% value added tax, delivered to Zhangjiagang for heavy melting scrap with a minimum width of 6 mm, according to a company source. Following Shagang’s lead, some major mills in eastern China, such as Yonggang Steel, Zenith Steel, Xingcheng Steel and ...

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India asks state oil companies to boost gas supply to petcoke ban-hit states

India’s oil minister on Tuesday asked state oil firms to boost supply of gas and alternative fuels in states where petroleum coke and furnace oil are banned due to high emissions. India imports about half of its annual consumption of 27 million tonnes of petcoke, Dharmendra Pradhan said in a tweet. The country has banned use of petcoke and furnace oil in states around New Delhi and in the capital city to rein in pollution. Demand for petcoke has doubled in the past four years. Source: Reuters (Reporting by Nidhi ...

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GRAINS-Wheat prices fall for 2nd day as world inventories weigh, corn down

Chicago wheat futures lost ground for a second session on Tuesday, with abundant global supply pressuring prices. Corn slid after rising for two sessions, while soybean prices were marginally lower for a second day. The Chicago Board of Trade most-active wheat contract had fallen 0.2 percent to $4.21 a bushel by 0208 GMT, after dropping 1.2 percent on Monday. Corn gave up 0.4 percent to $3.43-3/4 a bushel and soybeans slid 0.1 percent to $9.89 a bushel. Wheat exporters in the United States and parts of Europe are struggling to ...

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Ukraine harvested over 57 mln tonnes of grains

As of November 20, Ukraine harvested 57.345 mln tonnes of grains and pulses throughout the areas of 13.704 mln ha (94% of the plan). The average yield totaled 4.18 t/ha, declared the Ministry of Agrarian Policy and Food of Ukraine. In particular, agrarians harvested buckwheat throughout 179 thsd ha (99%), and produced 197 thsd tonnes of the grain. The average yield totaled 1.1 t/ha. As of the reporting date, agrarians harvested 83 thsd tonnes of millet throughout 55 thsd ha (98%), with the yield at 1.5 t/ha. Agricultural producers continued ...

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Egypt Government Rejects Fungus Ruling That Vexed Wheat Traders

Egypt’s government lodged an objection to a court ruling that confused traders over inconsistent standards for wheat imports by the world’s largest buyer. The government is sticking to the international standard of allowing as much as 0.05 percent ergot — a common fungus that’s toxic in high quantities — in shipments of imported wheat, Supply Minister Ali El-Mosilhy said in an interview in Cairo. A court ruling last week banned imports of wheat containing any trace of ergot. Egypt drew fewer offers than usual in a wheat tender that closed ...

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Nickel loses its electric car fizz, realises it’s still a steel play: Russell

The nickel market is learning that there is a difference in believing you are the next big thing in battery metals and the reality that you are actually still beholden to the Chinese steel sector. Nickel was one of the darlings at last month’s annual London Metal Exchange Week, with everybody from producers, to traders and consumers talking up its prospects on the back of the expected surge in electric vehicles. The euphoria helped drive benchmark LME nickel to a more than two-year closing high of $12,920 a tonne on ...

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METALS-Stronger steel prices sweep nickel higher

Steel-dependent metal nickel posted early gains on Tuesday in both Shanghai and London markets in step with a stronger showing in Chinese steel futures. Nickel is chiefly used in making stainless steel. FUNDAMENTALS * NICKEL RISING: The most-traded nickel contract on the Shanghai Futures Exchange was up 1.3 percent at 94,710 yuan ($14,285) a tonne by 0126 GMT. Traders said the metal was finding support from stronger ShFE rebar futures , which were up more than 1 percent for the second day running. * LME NICKEL: Three-month nickel on the ...

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Fall in LME aluminum stocks to affect premiums and spreads

The ongoing fall in London Metal Exchange aluminum stocks — which have hit their lowest since August 2008 — could affect regional premiums and spreads, market sources said. London Metal Exchange aluminum stocks were 1,150,875 mt as of Monday, almost half the 2,300,550 mt on January 13, LME data showed. Metal moving to cheaper non-LME warehouses from LME warehouses, the US premium encouraging metal withdrawal from Asian and European LME warehouses, and global demand outpacing supply growth were all given as reasons. Indeed, most global market participants said there was ...

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