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India allows private companies to bid for coal mines for commercial production

India’s cabinet on Tuesday approved a plan to allow private companies to bid for coal mines for commercial production, a move that would help the country cut imports and boost local production. “This is an important reform and will ensure affordable and reliable supply of coal,” Coal Minister Piyush Goyal told a news conference, adding that the move would allow Indian and foreign companies to mine coal. Coal accounts for 70 percent of India’s power generation, and the country has a target to produce 1 billion tonnes by 2022. Source: ...

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Australia’s central Queensland coal regions brace for storms, flash flooding

Australia’s Bureau of Meteorology Tuesday warned of imminent severe thunderstorms and flash flooding in coal mining regions of the state of Queensland. “Severe thunderstorms are likely to produce damaging winds, heavy rainfall that may lead to flash flooding and large hailstones over the next several hours in the central highlands and coalfields and parts of the Central West, Capricornia and Maranoa and Warrego districts,” the bureau said in a 2:15 pm AEDT update (0315 GMT). “Locations which may be affected include Emerald, Clermont, Biloela, Blackwater, Rolleston, Baralaba, Springsure, Marlborough and ...

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China would not be the only country hurt by US steel tariffs

Heavy tariffs and quotas on steel will hurt China, but other countries may well bear the brunt of such measures. “The fact is that China does export a lot of steel and aluminum to the United States, but frankly, Canada, Brazil, Mexico, other countries import more steel than does China,” said Max Baucus, former U.S. ambassador to China, which is the world’s top overall steel exporter. On Friday, the Commerce Department recommended imposing heavy tariffs or quotas on foreign producers of steel and aluminum in the interest of national security, ...

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Tax crackdown in Russia boosts grain traders’ profits

A Russian crackdown on tax avoidance in the agriculture sector has been a boon for its grain traders, allowing them to buy directly from farmers and cut out a complex web of middlemen. Traders include big international commodities houses and some traders said profit margins on Russian grain had turned positive since the crackdown last year and now compared favourably with much of the business conducted in the European Union. “After the tax crackdown the Russian domestic market finally found itself working in a fair business environment, where entrepreneurial talent ...

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Coal India’s foreign dreams lose steam in bid to fuel domestic demand

With Coal India prioritising availability of thermal coal to the power plants by streamlining its road and rail supply networks, its plans of acquiring a 20-25 per cent stake in an Australian firm, which could have ensured steady procurement of coking coal, has been put on the back burner. Apart from stepping up production, another top priority for the company at present is coordinating with railways to make 288 rakes available each day for supply of the fuel to power plants. Towards the end of the last year, resulting from ...

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World’s Biggest Miners Emerge From Their Hole in a $200 Billion Comeback

The world’s biggest mining companies are again poised to shower investors with billions of dollars and make deals, a turnaround fueled by the global economy’s renewed appetite for raw materials and by the burgeoning electric-vehicle market. Four of the world’s top publicly listed miners — BHP Billiton Ltd., Rio Tinto PLC, Glencore PLC and Anglo American PLC — have rebounded after plummeting prices for commodities several years ago led them to cut costs, slash dividends and dump assets. Collectively, these companies’ market values have increased by $200 billion in two ...

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European Steel Prices Rise as Foreign Competition Wanes

Strip mill product basis prices continue to move up in northern and southern Europe, in February. Regional producers propose further rises, in order to achieve their new target values. Imports are playing only a minor role in the market, at present, as a result of trade defence measures and unattractive quotations from third country suppliers. Delivery lead times from domestic steelmakers have extended, although no shortages are reported. Underlying consumption is strong, in most countries. Moreover, distributors are restocking. Nevertheless, buyers remain cautious. In Germany, domestic mill delivery lead times ...

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Global mining deals jump 15 percent by value in 2017: EY

The value of global mining and metals deals hit a four-year high in 2017, according to accountancy firm EY, as financial distress abated and companies sold off non-core assets. Mining and metals deals totaled $51 billion last year, up 15 percent from 2016 and dominated by coal and steel transactions, although the volume of transactions fell 6 percent. “The focus for most of the sector in 2017 was consolidating balance sheet strength and maintaining capital discipline,” EY said in a quarterly report on the sector, published on Monday. Coal transactions ...

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Biggest Risk From U.S. Metal Import Tariffs Is Retaliation

While U.S. steel and aluminum producers surged after the Commerce Department released its recommendations for restricting imports on Friday, a muted reaction among the biggest Asian metals stocks suggests the international impact will be spread thinly — unless U.S. action prompts retaliation from its biggest suppliers. Japan’s top steelmakers, Nippon Steel & Sumitomo Metal Corp. and JFE Holdings Inc., and its largest maker of aluminum products, UACJ Corp., all rose in Tokyo, while Posco, South Korea’s biggest steel mill, fell slightly. The reactions came as President Donald Trump’s administration weighs ...

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NAB revises Japanese thermal coal contract price forecast for fiscal 2018-19 to $90/mt

National Australia Bank has revised its forecast for the thermal coal contract price for the 2018-2019 (April-March) Japanese financial year to $90/mt, up from its previous forecast of $80/mt, it said Friday. “Peak northern winter demand — with particularly cold weather across much of North Asia — has been boosted by shortages of natural gas in some Chinese regions, while supplies from Australia have been constrained by infrastructure constraints and labour disputes,” it said. It said that the conclusion of peak winter demand and easing of supply constraints should provide ...

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Premium HCC rebound may leave market levels better supported

A rebound in spot premium coking coal prices has left market pricing better balanced with second-tier HCC and mid-tier PCI grades, according to S&P Global Platts analysis. A rally for premium HCC prior Lunar New Year celebrations as Chinese mills led a restock allowed the index to recover some ground lost in January. TSI Premium HCC was steady at $233.10/mt FOB Australia Monday from just before the break in Asia, while prices have rebounded $15/mt since February 1. Domestic Chinese coal pricing against a weaker US dollar made imports more ...

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Nippon Steel & Sumitomo Metal : worries about U.S. trade action, yen’s surge

Nippon Steel & Sumitomo Metal Corp, Japan’s biggest steelmaker, is worried that potential U.S. trade action to cut steel imports could flood Asia with products and that the yen’s recent surge may hurt customers such as carmakers. U.S. President Donald Trump said early last week he was considering a range of options – including tariffs and quotas – to address steel and aluminium imports he said were unfairly hurting U.S. producers. In the latest step, the U.S. Commerce Department on Friday recommended that Trump impose steep curbs on steel and ...

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Moody’s bullish on base metals, US steel

Base metals should continue to do well in 2018 along with the US steel industry, though American coal will continue to lose ground to natural gas. These are the key conclusions of Moody’s Investor Service, which released a recent report summarizing commentary from analysts at a Jan. 18 teleconference. Probably the most positive aspects of the report, with the least conditions attached, relate to base metals. According to Moody’s, the recovery in base metals that began in 2016 and gained momentum in 2017, spurred by global economic growth, is likely ...

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Tokyo Steel to freeze product prices in March after 3 months of hikes

Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Monday it will freeze product prices in March after three months of hikes reflecting tight markets as well as rising transportation costs. “The domestic market remains solid with healthy demand from automobile and construction segments,” Tokyo Steel’s Managing Director, Kiyoshi Imamura, told reporters at a briefing. “But we want to hold our prices steady for now to make sure our hikes over the past three months have been absorbed by the market.” Tokyo Steel’s pricing strategy is ...

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Trump tariffs on steel would hit China — and the entire global trading system

If President Trump decides to impose steep tariffs on steel, it would be a direct shot at Beijing. But the list of countries that would be affected doesn’t end with China. Limiting or taxing steel imports could also hit Canada, Brazil, South Korea, and Russia — and the implications could ripple throughout the entire trading system. On Trump’s desk are a broad range of trade options meant to bolster the domestic steel industry. The recommendations sent from the Commerce Department include across-the-board tariffs, targeting select nations with even higher tariffs ...

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