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Bunge reports quarterly loss on tax charges, lower grain margins

Bunge Ltd reported a fourth-quarter loss on Wednesday compared with a profit a year earlier, and blamed tax law changes and lower margins in its grains business for its results falling far short of analyst expectations. White Plains, N.Y.-based Bunge said sales in its agribusiness segment, the company’s largest revenue generator, fell 3.5 percent to $7.90 billion even as volumes rose. JP Morgan analysts had expected sales of $8.8 billion and said the weak result was due to lower grain originations in South America as farmers delayed pricing of 2018 ...

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French 2017/18 wheat production revised down 1% to 36.6 million mt

France’s 2017/18 winter wheat crop is set to total 36.59 million mt – 32.8% higher than last year, but 1.1% lower than previously forecast – agriculture ministry agency Agreste said in an update. France is the EU’s biggest wheat producer, but poor weather during the 2016/17 growing campaign led to a significant drop-off in yields. French farmers produced 27.6 million mt of wheat, a figure which Agreste now say recovered to 36.6 million mt the following season despite a reduction in area. The figure is 1.1% lower than its previous ...

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NMDC net profit jumps 49% to Rs 886 cr

Hyderabad, Feb 14 NMDC Ltd has posted a net profit of Rs 886.53 crore for the third quarter ended December 31, 2017 against Rs 595.16 crore in the corresponding quarter last year. The iron ore mining major registered a total income of Rs 2,469 crore during the third quarter, down 1 per cent, against Rs 2,498 crore registered during the same period last year. The company’s turnover for the nine months ended December 31, 2017 was up 30 per cent at Rs 7,732 crore against Rs 5,958 crore in the ...

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GRAINS-Wheat falls more than 1 pct despite dry weather threat persisting

U.S. wheat futures fell more than 1 percent on Wednesday as traders squared positions despite continued threat of dry weather across a key producing region. Soybeans fell for the first time in three sessions, though losses were checked by concerns about dry weather in Argentina, while corn also edged lower. The most active wheat futures on the Chicago Board Of Trade were down 1.3 percent to $4.54-1/2 a bushel, having closed down 0.7 percent on Tuesday. “It is dry in the United States and that does pose a threat to ...

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Surging stockpiles push aluminium prices to two-month low

Aluminium prices touched their lowest in two months on Wednesday after a rapid build-up of stocks in exchange warehouses suggested ample supplies of the metal. Benchmark aluminium on the London Metal Exchange traded up 0.1 percent at $2,141 a tonne in official rings after falling to $2,112.50, its lowest since Dec. 20. Expectations that a crackdown on polluting smelters in China, the world’s biggest producer and consumer, would reduce global supply helped to drive aluminium prices to the highest in six years in late December. But stockpiles in LME-registered warehouses ...

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Top 6 cos share in Indias total steel output 58% in Apr-Jan

Indias top six steel firms, including SAIL and Tata Steel, have contributed 58 per cent to the 84.420 million tonnes (MT) crude steel produced in the country during the April-January period of this fiscal, according to the Joint Plant Committee (JPC). The six companies — public sector SAIL and RINL, and private sector firms Tata Steel, Essar, JSW and JSPL — jointly produced 48.71 million tonnes during the ten-month period, the data compiled by JPC showed. “SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 48.718 MT this period which ...

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S.Korea to take dispute on U.S. steel anti-dumping duties to WTO

South Korea’s trade ministry said on Wednesday it will take a dispute to the World Trade Organization against the United States for imposing high anti-dumping duties on South Korean steel and transformers. The move comes after the United States in May 2016 slapped anti-dumping duties on Korean steel products and transformers of up to 60.81 percent by applying the Adverse Facts Available (AFA) provision. The ministry said applying AFA rules allowed the United States to unfairly levy high anti-dumping duties without thoroughly verifying data available to them. The trade ministry ...

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China to counter US steel trade measures

China will oppose any “unfair and unreasonable” trade measures by countries such as the US against its steel companies, a Chinese government think tank said, arguing protectionism will “poison” the industry. The Chinese Commerce Ministry on Tuesday voiced concerns over the US’ potentially severe protectionist measures against Chinese steel products, urging the US to show restraint with any trade restriction measures. “Certainly we will protest against unfair and unreasonable measures launched by some countries such as the US toward Chinese steel companies,” the China Metallurgical Industry Planning and Research Institute ...

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Gold Shines as Traders Count Down to ‘Critical’ CPI, Dalio Buys

Gold held gains as the dollar slipped, with investors counting down the hours before key U.S. inflation data that may offer fresh clues on monetary tightening. Adding luster for the metal, filings showed billionaire hedge fund manager Ray Dalio increased holdings last quarter. Bullion for immediate delivery rose as much as 0.6 percent to $1,337.02 an ounce, the highest since Feb. 6, and was at $1,330.92 at 10:32 a.m. in London. Gold’s about 2 percent higher this year. The Bloomberg Dollar Spot Index fell for a fourth day, the worst ...

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Trump says considering tariffs, quotas on U.S. steel, aluminum imports

U.S. President Donald Trump said that he is considering a range of options to address steel and aluminum imports that he said are unfairly hurting U.S. producers, including “tariffs and/or quotas.” Trump made his comments during a meeting with a bipartisan group of U.S. senators and representatives – some who favored curbs on imports, others who cautioned him on the impact on U.S. manufacturers. “What we’re talking about it tariffs and/or quotas,” Trump said to the group. ”Part of the options would be tariffs coming in. As they dump steel, ...

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Global thermal coal demand will outpace supply in 2018 – Noble analyst

Thermal coal demand will outpace supply in 2018, leading to a strong market driven by rising demand from top buyers India and China, the chief coal analyst at Noble Resources said. Coal demand this year will increase by 48 million tonnes, or 5 percent higher than 2017, to 974 million tonnes, said Rodrigo Echeverri, the head of hard commodities research at Noble, at the Coaltrans India conference in Goa. However, supply this year will only expand by 38 million tonnes. “2018 will be another strong year for the coal market,” ...

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China’s steel industry improves as capacity reduction pays off

China’s steel industry posted higher prices and better profits last year as a result of progress made in reducing excessive capacity, according to the Ministry of Industry and Information Technology (MIIT). The steel price index came in at 121.8 at the end of December, up 22.4 percent from the beginning of 2017, the MIIT said. It attributed the increase to cutting overcapacity, a ban on low-quality steel, production restrictions during winter, and recovering market demand. China slashed its crude steel production capacity by more than 50 million tons in 2017, ...

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China steel, iron ore edge higher in slow, pre-holiday trade

Steel and iron ore futures in China edged higher on Tuesday, but gains were capped as trading activity winds down ahead of the week-long Lunar New Year break that kicks off on Thursday. Many traders and some workers at mills in China, the world’s top steel producer, have taken leave and expectations are the market may only see a sharp revival in trading appetite next month. “I don’t see any major restocking activity soon after the holiday,” said an iron ore trader in Shanghai. “Maybe steel demand will only pick ...

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Global thermal coal demand to outstrip supply, grow by 5% in 2018: Noble

Powered by Asia’s continuing demand, the global seaborne thermal coal market is expected to grow by around 48 million mt or 5% from 2017 to touch 974 million mt in 2018, trading house Noble Group said Tuesday. While the spike in demand will largely come from Asia, the market is contemplating the supply to be short by about 10 million mt, it added. “2018 will be another strong year for the coal market along with most other commodities,” Rodrigo Echeverri, head of hard commodities analysis, Noble Resources International, said at ...

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China: Coal Inventories Grow After Rough Winter

Power companies’ coal inventories began growing again in February, after severe shortages caused by surging power consumption at the beginning of the year, according to China’s top economic planner. As temperatures gradually rise, and with factories stopping work during the long Lunar New Year holiday, electricity usage across China is expected to fall in the coming days, and the coal supply should be secure, National Development and Reform Commission (NDRC) spokesperson Wei Meng said at a press conference. The average daily volume of coal supplied to power generators in China ...

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