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Commodities Inventory System from IHS Markit Wins Best New Technology Award

IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced that its recently launched Commodity Tracker solution was named Best New Technology in the American Financial Technology Awards presented by Waters Technology magazine. “Advances in artificial intelligence presented an opportunity to combine multiple technologies, including optical character recognition and machine learning, to create a radically improved approach for managing physical commodity inventory,” said Garth Leonard, director at IHS Markit. “Our unique system digitizes, normalizes and centralizes all the data, documents and email associated with inventory ...

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China looking to import ‘Black Swan’ event for global steel market

China’s attempts to import semi-finished steels could be a “Black Swan” event for a steel market that is already on a significant bull run. “China has gone to multiple sources to bid and can’t get offers — freight inquiries everywhere for flows to China but nothing firm,” a US-based trader said. Sources in the CIS billet supply chain have reported inquiries for 100,000 mt or more from China. This could be a hangover from the shuttering of induction furnaces, or a result of the well publicized heating season cuts. It ...

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Steel Rally’s So Powerful It’s Now Back to Lehman-Crisis Levels

Steel’s breath-taking rally just scaled a fresh peak, with prices hitting the highest since the world economy tanked almost a decade ago during the financial crisis ushered in by the collapse of Lehman Brothers Holdings Inc. As China curbs supply this winter to cut pollution and ensure its citizens can breathe, the spot price of reinforcement bar advanced for a sixth straight day to 5,044 yuan ($763) a metric ton on Tuesday. That’s the highest level since September 2008, the same month that Lehman filed for Chapter 11. The policy ...

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China: Steel consumption to rise 7.7% this year

The nation’s steel consumption is expected to rise 7.7 percent to 725 million metric tons this year amid an improving economy and better performance of major steel consumers, an industry research and planning institute said on Monday. The country’s steel demand will grow by 0.7 percent to 730 million tons in 2018, said a report from the China Metallurgical Industry Planning and Research Institute. China’s crude steel output will increase 3 percent year-on-year to 832 million tons in 2017, and by a further 0.7 percent to 838 million tons next ...

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Iron ore slips, but stays near 3-month high on firmer steel

Iron ore futures in China slipped on Tuesday, but stayed near three-month peaks as steel prices largely sustained their strength amid production curbs in the world’s top steel producer. The recent rapid gains in futures had helped boost spot iron ore prices to their highest level since September at more than $70 a tonne, up more than 24 percent from end-October when they touched a four-month low. “The sharp increase in iron ore prices over the last week, despite steel production cuts in northern China, suggest that there is still ...

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Soybeans up for third session on Argentina dryness; wheat eases

Chicago soybean futures rose for a third straight session on Tuesday with dry weather in Argentina and strong U.S. demand buoying the market. Wheat slid for a second day as U.S. exporters face stiff competition in amply supplied global market. FUNDAMENTALS * Hot and dry weather in parts of Argentina’s oilseed-producing areas is expected to reduce yields. * Rainfall over the weekend was limited in Argentina, the top global soymeal and soyoil exporter, and showers were expected to be limited this week, MDA Weather Services said in a note to ...

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Malaysian November palm oil inventories may grow to 2.5 mil mt: CIMB Bank

Malaysian November palm oil inventories may have grown by 14% month on month to 2.5 million mt, driven by higher crude palm oil production in Sabah and peninsular Malaysia and lower import demand from destination markets like India, China and the EU, predicted the latest palm oil forecast from Malaysia’s CIMB Bank. The monthly survey of Malaysian plantations conducted by the CIMB team, released Friday, suggests that Malaysian CPO output may have increased by 1% month on month in November to 2.03 million mt. This bucks the historical November five-year ...

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Australian wheat farmers at risk as La Nina declared

The tropical Pacific Ocean has reached La Nina temperature levels, although climate models suggest the weather event will be weak and short-lived, Australian weather officials said on Tuesday. La Nina events are triggered by a drop in sea surface temperatures in the central Pacific Ocean, generally bringing stormier, colder winters to the northern hemisphere and warmer, wet summers in the southern hemisphere. “La Nina typically brings above-average rainfall to eastern Australia during late spring and summer,” Australia’s Bureau of Meteorology (BOM) said in a statement. “However, sea surface temperature patterns ...

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Russia harvests record 139.5 million mt of grains: ministry

Grain harvesting in Russia is now 97.6% complete at 139.5 million mt, an increase of 14.9 million mt year on year, marking the biggest harvest in Russia’s history, the Ministry of Agriculture said Tuesday. By December 4 the country had harvested 88 million mt of wheat, 12.1 million mt more than at the same point last year, the ministry said. Russia has also harvested 21.7 million mt of barley, up 2.6 million mt year on year, and 12 million mt of corn, down 2.1 million mt. The corn harvest was ...

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India likely to tweak iron ore fines grades to lower incidence of export tax

The Indian government is considering more gradations in iron-ore fines, based on ferrous content that will offer partial relief from the incidence of export tax. The Mines Ministry has constituted a committee to review the existing export duty structure on iron-ore fines and to reconcile conflicting demands from various segments of the mining and steel producing sectors. Though the committee is yet to announce its final recommendations, sources have indicated that the Ministry will create a category of “medium grade iron-ore fines”, for ferrous content ranging 58% to 62%, for ...

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Australia’s South32 sees drop in Illawarra coal production

Australian miner South32 Ltd said on Tuesday it expects its Illawarra coal project to produce about 4.5 million tonnes of coal for fiscal 2018, down from 7.1 million tonnes a year ago following a recent outage at its Appin colliery. The company suspended operations at the Appin coal mine earlier this year on concerns over high gas levels, but was given a regulatory greenlight in August to resume limited operations. “We expect to return the Appin colliery to its prior two longwall configurations in the December 2018 quarter,” the company ...

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The iron ore price rebounds, but remains in a long-term bear market

Iron ore bulls and shareholders in the likes of Rio Tinto Limited or Fortescue Metals Group Limited will welcome the news that the red metal shot above US$72 a tonne overnight. Still, iron ore has been in a downward trend over the course of 2017 falling from highs above US$90 a tonne at the start of the year to today’s level that actually represents a healthy rebound from lows around US$55 a tonne over the winter. This goes to show the unpredictable nature of the iron price over the short ...

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Vale cash generation will pay dividends, lower debt -CEO

Cash generation at Brazilian miner Vale will be used to pay dividends, cut debt, and should help improve the company’s rating, the CEO of the world’s top iron ore said on Monday. “Paying dividends is a company policy,” Fabio Schvartsman said at an event in Rio de Janeiro. “We don’t want to keep the cash,” he added. Schvartsman said investments in nickel had not yielded results the company had sought, but that Vale would seek to show better results were possible in the sector. Source: Reuters (Reporting by Rodrigo Viga ...

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Glencore and Ontario Teachers’ Pension Plan announce the creation of a new partnership focused on base metals streams and royalties

Glencore Canada Corporation (“Glencore”) and Ontario Teachers’ Pension Plan (“Ontario Teachers'”) today announced the formation of BaseCore Metals LP, a 50:50 joint venture limited partnership focused on base metals streams and royalties (“BaseCore Metals”). Under the terms of the agreements for BaseCore Metals, Glencore contributed a portfolio of selected royalties (the “Royalty Portfolio”) and Ontario Teachers’ subscribed for its interest in BaseCore Metals for cash at closing (which amount was then paid to Glencore). The value of the initial Royalty Portfolio contributed to BaseCore Metals is approximately US$300 million. The ...

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Copper: China spot TC/RCs fall to $84-$92/mt; 2018 term talks deadlocked – sources

Spot treatment and refining charges for Chinese smelters were at $84-$92/mt and 8.4-9.2 cents/lb last week, edging down from $85-$93/mt and 8.5-9.3 cents/lb the previous week, with thin imported concentrate trade amid annual term TC/RC talks, industry sources in China said Tuesday. Both Tongling Nonferrous Metals and Jiangxi Copper said in their December copper sector reports that the Chinese smelting sector and overseas mines could not finalize term TC/RCs for 2018 due to diverse views on next year’s market fundamentals. Jiangxi Copper said annual term TC/RCs in past years had ...

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