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China steel, iron ore fall for fourth day, have worst week since December

Chinese steel and iron ore futures fell for a fourth day on Friday, adding to a nearly week-long selloff that led to both commodities posting their biggest weekly drop in three months. Investors cut bets in steel and iron ore this week after recent rapid gains as ample inventories suggest demand in top consumer China is not picking up as well as had been expected. The most-active rebar on the Shanghai Futures Exchange closed down 0.4 percent at 3,140 yuan ($456) a tonne, after falling as far as 3,097 yuan, ...

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Weekly US coal production dips 4.4% as coal demand slows

Weekly US coal production totaled an estimated 14.1 million st in the week that ended March 18, down 4.4% compared with the prior week, but up 6.9% from the year-ago week, US Energy Information Administration data showed. Apart from the holiday-shortened week at the start of the year, the most recent estimate was the lowest so far this year. Warmer-than-normal weather has slowed demand for coal, and stockpiles remain relatively flat. Platts Analytics’ Bentek Energy unit estimates stockpiles stood at 154.8 million st in the week that ended March 16, ...

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Iron rally turns to rout as futures post record loss

Iron ore is getting beaten down after a flurry of warnings that gains might be vulnerable. Futures in China have posted an unprecedented weekly loss, the most-active contract in Singapore fell for a sixth day and spot prices had the biggest slump since November last year. “It’s an overdue correction in prices, which have risen too much,” Ralph Leszczynski, head of research at shipbroker Banchero Costa & Co, said in an e-mail, while cautioning that the drop has come despite a positive underlying picture. “Fundamentals for iron ore remain very ...

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Egypt’s grain buyer to build up strategic reserves – supply minister

Egypt’s state grain buyer GASC will continue to import wheat during the local wheat-buying season as it aims to increase its strategic reserves, Supply Minister Ali Moselhy said. “GASC will continue to import in order to form strategic reserves. You can’t stop, you have to continue importing from all origins and form a reserve,” he told Reuters. “Wheat is a must, oil is a must, sugar is a must – we have to fulfil it.” He said proposed spending on food subsidies in the 2017/18 budget would be 86 billion ...

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India’s crude steel output up 8.9% at 8.1 MT in February

Indian crude steel production registered a growth 8.9 per cent to 8.1 million tonnes (MT) in February compared to the same month last year, the World Steel Association said. India, which is the third largest global steel producer, recorded a 8.9 per cent rise to 8.1 MT in crude steel output last month as compared to lesser percentage growth in production by other countries like China, Japan and South Korea in Asia, as per the latest report from the World Steel Association. India had produced 7.45 MT of steel in ...

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Atlantic metallurgical coal: Steep falls in Australian coal hits US levels

Atlantic met coal markets faced steep declines in Australian FOB prices, cutting prior indicative trading levels for US coals. This still left US prices holding at higher relative premiums. One US miner said he was seeing the effect of the coal supply tightness easing a little from Australia and that US material is still being offered at a premium to FOB Australia when considering quality and timing differentials. He said he would offer indicatively at $160/mt FOB USEC for straight mid vol. A European mill source said “the benchmark is ...

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Iron’s Rally Gives Way to Rout as China Futures Post Record Loss

Iron ore is getting beaten down after a flurry of warnings that gains may be vulnerable. Futures in China have posted an unprecedented weekly loss; the most-active contract in Singapore is lower for a sixth day; and spot prices are on course for the biggest slump since November. “It’s an overdue correction in prices, which have risen too much,” Ralph Leszczynski, head of research at shipbroker Banchero Costa & Co., said in an email on Friday, while cautioning that the drop has come despite a positive underlying picture. “Fundamentals for ...

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Iron ore in much-needed correction, China futures have more to drop: Russell

It’s taken a while but the iron ore market is finally getting the reality check it needed, although the Chinese part of the market still looks like it requires a bigger dose. Spot iron ore fell to $84.99 a tonne on Wednesday, down 10.4 percent since its peak this year of $94.86, reached on Feb. 21, although it is still up 7.7 percent so far this year. The most-actively traded iron ore futures contract on the Dalian Commodity Exchange (DCE) fell to 677.5 yuan ($98.37) a tonne on Wednesday, a ...

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Coal stocks at China’s leading power generators down 3.5% on week

Combined coal stocks held by China’s six leading power generators in southern and eastern China, namely Zhejiang Power, Shanghai Power, Guangdong Power (Yudean), Guodian, Datang, and Huaneng, averaged 9.57 million mt over the week ended March 23, down 3.5% on the week, according to a weekly report by port operator Qinhuangdao Port Thursday. Taking into consideration the current coal consumption rate, stocks would be able to last an average of 14.6 days at the six generators, down by one day week on week, the report said. Average coal consumption at ...

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Aluminium sector seeks way to tackle China-induced instability: Andy Home

The political heat is rising in the aluminium market, with a trio of industry bodies calling on the G20 to address global market imbalances resulting from China’s burgeoning output. “China’s state-sponsored support is contributing to an unsustainable structural overcapacity that will impact growth and contribute to heightened instability until it is addressed.” So wrote the heads of the U.S. Aluminum Association, its cross-Atlantic peer European Aluminium and the Aluminium Association of Canada in a March 15 open letter to the Group of 20 leading economies. What they want is the ...

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China iron ore hits 10-week low as steel stretches losses

Iron ore futures in China dropped to their lowest in more than two months on Thursday, pressured by a continued slide in steel prices amid concern over slower demand in the world’s top consumer. Chinese iron ore futures have lost more than 21 percent since touching a record high last month, and its slump has fuelled a 10 percent drop in spot iron ore prices during the same period. The most-traded iron ore on the Dalian Commodity Exchange was down 1.3 percent at 584.50 yuan ($85) a tonne by 0315 ...

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Indonesia Feb palm output seen down for 3rd month

Indonesia’s crude palm oil (CPO) output likely dropped in February, extending the decline into a third straight month, a Reuters survey showed. CPO production in the world’s top producer of the widely used oil likely slipped to 2.80 million tonnes in February from 2.95 million tonnes in January, according to the median estimate in a survey of two industry associations and a state palm research firm. Meanwhile, exports of Indonesian CPO were estimated to have risen last month to 2.41 million tonnes from 2.21 million tonnes in January. Indonesian Palm ...

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Dutch Flat Product Steel Prices Stable In March

Sales volumes of hot rolled coil are good, in the Netherlands. The mills have indicated that they want an extra €10 per tonne for June rollings. Cold rolled coil demand is healthy. A number of stockists inform MEPS that they are avoiding the inflated European values by sourcing material from offshore suppliers. Hot dipped galvanised material is scarce, particularly in the thinner gauges. Consequently, spot selling figures are high. Wire rod demand is quite stable, in the Netherlands. Regional mills are pushing for raised selling values but they are meeting ...

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China Coal swings back to black as prices recover

China Coal Energy Co., the country’s second-largest producer of the commodity, returned to profitability in 2016, helped by a rally in coal prices after a multi-year slump. The company made a net profit of 1.72 billion yuan ($249.75 million) in 2016, against a net loss of 3.3 billion yuan the previous year, it said in a filing to the Hong Kong stock exchange on Wednesday. Capital expenditure will rise by 9.7 percent to 15.22 billion yuan in 2017, it said in a separate statement on the Shanghai stock exchange, citing ...

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China to add 6.65 mil mt/year new alumina capacity in 2017: Antaike

China is expected to add 6.65 million mt/year of new alumina capacity in 2017, chiefly in North China, Central China and Northwest China, in addition to the 79.25 million mt/year built national alumina capacity as of end-2016, state-run metals consultancy firm Beijing Antaike has forecast in its aluminum sector report on Thursday. Shandong Province in North China is expected to add 2 million mt/year new alumina capacity and Henan Province in Central China is to add 1 million mt/year new alumina capacity in 2017, the Antaike report showed. Shanxi Province ...

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