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China urges U.S. restraint on steel imports

China has expressed concerns over excessive protectionism in the steel sector by the United States, and urged it to show restraint in a probe into steel imports, an official with Chinese Ministry of Commerce (MOFCOM) said on Tuesday. Wang Hejun, the head of MOFCOM’s Trade Remedy and Investigation Bureau, made the comments ahead of a meeting later in the day between U.S. President Donald Trump and a group of U.S. lawmakers to discuss trade. Trump is mulling whether to takes steps to limit steel and aluminium imports seen as damaging ...

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S&P upgrades Rio Tinto, flags well-placed for M&A

Standard & Poor’s on Tuesday raised its credit rating on global miner Rio Tinto for the first time since 2011 on the back of strong financial results and said the global miner could easily fund a big acquisition. S&P said one of the main factors that led to the upgrade to ‘A’ from ‘A-’ was Rio Tinto’s sharp reduction in debt over the past four years and its “willingness to keep it low”, which would shore it up well against any future downturns. “Alternatively, it could allow the company to ...

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Major US steel mills raising rebar prices by $25/st

Major steel mills are hiking rebar prices by $25/st in the US market, according to letters sent to customers first by Commercial Metals Co, followed by Nucor, Gerdau Long Steel North America and Steel Dynamics Inc. Many in the market believe this move will stick due to tight supply. “Even though scrap is flat, the lack of availability at the mills with floor stock and import bar not being plentiful at the ports will help drive things,” one buyer said. Another buyer expressed a similar outlook. “February production has been ...

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‘De-Risked’ Mining Exposure: Why Anglo Pacific Goes Beyond Gold And Silver

Royalty specialists are fairly common in the natural resources sphere, with the business model involving a handing over of money in exchange for a share of the product of a mine. Often that is a share of the revenues, but it can also be a share of the physical production of the mine. The revenues take the form of a more conventional royalty, while the physical side becomes more of a stream structure. Typically, the corporate listings of such companies are found on the Toronto Stock Exchange, and most have ...

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ArcelorMittal, VTB Group Are Said to Compete for Essar Steel

ArcelorMittal is competing with a consortium led by Russia’s VTB Group as bids come in for Essar Steel India Ltd., the largest distressed steelmaker being sold under the country’s insolvency process, people with knowledge of the matter said. An Indian unit of ArcelorMittal, the world’s biggest producer of the alloy, submitted an offer, it confirmed in a statement Monday. Essar Steel could fetch a valuation of at least $6 billion in a sale, the people said, asking not to be identified because the information is private. Essar Steel received only ...

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Atlantic thermal coal derivatives trading rises 55.4% on month to 70.8 mil mt: LEBA

The volume of Atlantic Basin thermal coal derivatives traded in January totaled 70.8 million mt, a 55.4% increase compared with the prior month, but down 51.2% year on year, according to data released by the London Energy Brokers’ Association. Volumes increased in January as futures prices dropped and more traders looked to unwind their positions, a trading source said. The source said he did not think the surge in January compared with December trading represented new structural positions. “People are risk managing,” the source said. “I don’t think there are ...

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Coal India’s FSA realizations are a sore spot

Coal India Ltd’s (CIL’s) December quarter consolidated net profit rose 4% to Rs3,005 crore and is better than expectations. In fact, last quarter’s earnings looks encouraging when compared to the decline in profit seen in the June and September quarters. However, the pain lies elsewhere. Average price realizations of coal sold through the fuel-supply agreement (FSA) route fell 3.4% quarter-on-quarter to Rs1,182 a tonne. The measure was below estimates and comes at a time when the marginal sequential improvement in the September quarter FSA realizations had hinted that the worst ...

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South Africa’s Kumba FY profit rises 12 pct

South Africa’s Kumba Iron Ore Ltd reported a 12 percent rise in annual profit on Tuesday, underpinned by higher costs for the steel-making ingredient. The company, a unit of Anglo American, said headline earnings came in at 9.7 billion rand ($813.36 million), or 30.47 rand per share, in the year ended December 2017, compared with 8.7 billion rand a year ago. Headline EPS is the primary profit measure in South Africa, and strips out certain one-off items. Source: Reuters (Reporting by Tiisetso Motsoeneng; Editing by Sherry Jacob-Phillips)

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FIS awarded Top Bulk Commodities IDB by SGX for 8th year running

2017 has seen the bulk commodities complex move towards a balance of maturity and emergence. While our flagship iron ore products have maintained volumes, new growth has come from lump premium and coking coal. This was only possible with the support of all Clearing Members, Inter-Dealer Brokers (IDBs) and traders who not only continued your activity in existing but also new markets. Here are some key highlights for the year 2017: SGX cleared 1.6 bil metric tonnes of iron ore. Meanwhile, the standout performer was lump premium with 13.5 mil ...

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Shortage of coal caused power generation loss in 2017-18, acknowledges Indian govt

Acknowledging that coal shortage hit power generation in the current year, and that coal supply still was a sore point, the power ministry has said that the sector would need 615 million tonnes of coal supply in the coming financial year. This would also entail an increased demand of railway rakes of 288 per day to meet the demand. In an inter-departmental meeting of power, coal, railways, along with NTPC and Coal India, held in January, Power Minister R K Singh said efforts should be made to ensure that there ...

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Wheat hits 6-mth high as dry weather threatens U.S. crop

U.S. wheat futures rose on Tuesday to hit a six-month high as dry weather across a major producing region stoked concerns about potential shortfalls in output. Corn edged lower, retreating after posting gains of more than 1 percent in the previous session, while soybean prices extended their two-day advance to 2 percent. The most active wheat futures on the Chicago Board of Trade were up 0.6 percent at $4.66-3/4 a bushel at 0350 GMT, after earlier touching their highest since Aug. 8 at $4.67-1/4 a bushel. Wheat closed up 3.3 ...

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China: Steel profits, prices rise on excess cut

China’s steel industry posted higher prices and better profits last year as a result of progress made in reducing excessive capacity, the Ministry of Industry and Information Technology said. The steel price index was 121.8 at the end of December, up 22.4 percent from the beginning of 2017, the ministry 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, exceeding its annual target, ...

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Data overload: commodity hedge funds close as computers dominate

“Chocfinger” made his name and his money by taking bold bets on cocoa markets. But after nearly four decades of trading, sometimes winning, sometimes losing, Anthony Ward threw in the towel. Ward blames the rise of computer-driven funds and high-frequency trading for forcing him and some other well-known commodities investors to close their hedge funds and look for opportunities where machines can’t make a difference. While computerized trading is not new, Ward and others argue its steady rise has reached a tipping point that is distorting prices and creating uncertainty ...

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Dalian iron ore edges down after 6-day romp ahead of Chinese New Year holiday

Chinese iron ore futures slipped on Monday after a six-day spike with most steel producers done with building up stockpiles ahead of the week-long Lunar New Year break that begins on Thursday. But steel prices were marginally higher, supported by news that China’s top steelmaking city of Tangshan will extend restrictions on production beyond the end of the winter heating season on March 15. The most-active iron ore contract for May delivery on the Dalian Commodity Exchange was down 0.7 percent at 524.50 yuan ($83) a tonne by 0215 GMT. ...

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Ind-Ra: Cancellation of Iron ore Mining Lease in Goa Credit Neutral for Vedanta and Indian Steel Players

India Ratings and Research (Ind-Ra) believes the recent order to cancel all mining operations in Goa from mid-March will be credit neutral for Vedanta Limited (‘IND AA’/Positive) and the domestic steel sector. However, the event will be credit negative for pure iron ore players operating out of Goa. Goa produces largely low-grade iron ore, targeted for the Chinese market. Domestic steel players predominantly use a higher grade material (above 60 % ferrous content). About 80% of the Goan produce caters to export markets. Domestic sales are limited to steel players ...

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