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China steel, iron ore futures snap losing streaks

Chinese steel and iron ore futures closed higher for the first time in seven sessions on Thursday on expectation that the recent sell-off has reached its limit. The most-traded steel rebar contract, for October delivery, on the Shanghai Futures Exchange recovered from an early fall to close 1.2 percent higher at 3,583 yuan ($561.19) a tonne. Iron ore futures on the Dalian Commodity Exchange rose 1.1 percent to 459.5 yuan a tonne. Rebar fell in five of the previous six sessions and was unchanged on May 17, amid lukewarm demand ...

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CISA wants iron ore prices based on many indexes

The pricing mechanism for iron ore should be based on several price indexes and not be the monopoly of any of them, said China iron and steel association Cisa secretary-general Liu Zhenjiang. There are many indexes that should be major price references, Liu said in his keynote speech at the SGX iron ore conference in Singapore today. Depending on one index is not a good practice and use of multiple indexes would be more fair and transparent, he added. Cisa has been in negotiation with the four large global mining ...

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Vedanta Warns of Indian Aluminum Output Cuts on Coal Curbs

India’s biggest aluminum producer may be forced to reduce output if restrictions on coal supplies to the non-power sector drag on for another week, according to Vedanta Ltd.’s chief executive officer for metals business in the country. The group has just one day’s worth of coal stockpiles left at its Jharsuguda smelter in the eastern state of Odisha after a unit of state-run monopoly Coal India Ltd. stopped supplies from May 18, Samir Cairae said. Mahanadi Coalfields Ltd. last week issued orders to halt deliveries to all non-power customers following ...

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U.S. Power Payout Sends Surprise Boost to Coal, Nuclear Plants

Embattled coal and nuclear power-plant operators stand to get a lot more money to provide capacity to the biggest U.S. electricity grid — if they can hold on for another three years. Generators are going to make $140 a megawatt-day for the year starting in June 2021, 83 percent more than the prior year, according to the results Wednesday of an auction by PJM Interconnection LLC. It was the first increase in three years and 19 percent more than the highest analyst estimate compiled by Bloomberg. They ranged from $75 ...

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China iron ore: Steel weighs on sentiment

Seaborne prices fell today as slower steel sales pushed iron ore buyers to the sidelines. The Argus ICX 62pc seaborne fines price fell by 75¢/dry metric tonne to $63.55/dmt. Construction is slowing ahead of the start of the rainy season in south China, cutting demand for steel and iron ore. Mills in Shandong province are bracing for steelmaking and sintering restrictions from 1-15 June during the Shanghai Co-operation Organisation heads of states meeting in Qingdao. Most mills have sufficiently stocked up on iron ore for the restriction period. Source:

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Brazil’s agriculture sector bearing big brunt of fuel hikes -study

Brazil’s agriculture sector is one of the hardest hit by a hike in diesel prices that has provoked a nationwide trucker strike, according to an analysis from a leading university. The University of Sao Paulo’s College of Agriculture (Esalq) said that as compared to early 2017, farmers are now paying up to 9.05 reais ($2.50) more per tonne to move grains from fields in Mato Grosso state to Latin America’s largest port at Santos. Brazil is a key global supplier of grains, meat, coffee and sugar — most of which ...

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Japan’s Kyoei Steel holds rebar prices steady for June contracts

Kyoei Steel, Japan’s largest rebar producer, announced Thursday that it would keep its rebar prices unchanged for June contracts. Osaka-based Kyoei does not reveal its list price, but current market price of base-sized rebar in Osaka was around Yen 67,000-68,000/mt ($611-620/mt), unchanged from a month ago, while in Tokyo it was around Yen 73,000-74,000/mt, up Yen 2,000/mt, sources said. Kyoei said that despite higher costs of alloy, electrodes as well as freight charges have been increasing largely, it would maintain its prices for June. The company would monitor the market ...

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China says EU anti-dumping probe into hot-rolled steel disrupts trade

China’s Ministry of Commerce said on Thursday that a European Union anti-dumping investigation into hot-rolled steel sheet piles imported from China would seriously disrupt regular steel trade between the two. Brussels earlier on Thursday said it was launching the probe after three EU manufacturers of the product, used in construction, alleged that Chinese exports have increased significantly at artificially low prices. Source: Reuters (Reporting by Tom Daly; Editing by Tom Hogue)

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Russia’s Mechel says coking coal concentrate sales down 19 pct yr/yr in Q1

Russian metals and mining group Mechel said on Thursday its first-quarter coking coal concentrate sales declined by 19 percent year-on-year to 1.61 million tonnes. Coal production edged down 2 percent to 4.97 million tonnes, while steel output declined by 6 percent from the same period a year earlier to 1.06 million tonnes. Source: Reuters (Reporting by Anastasia Lyrchikova Writing by Vladimir Soldatkin Editing by Edmund Blair)

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Top banks’ first quarter commodities revenue jumps 48 percent: report

Commodities-related revenue at the 12 biggest investment banks in the first quarter jumped 48 percent year on year driven by the U.S. energy sector and commodity indices, consultancy Coalition said on Thursday. Revenue from commodity trading, selling derivatives to investors and other activities in the sector climbed to $1.2 billion, the financial industry analytics firm said in a report. “Significantly higher U.S. power and gas results were driven by improved market conditions and some one-off transactions,” Coalition said. “Investor products benefited from increased institutional client appetite for commodity indices.” The ...

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Potential India port strike may support alumina: sources

A potential port workers strike at major Indian ports at the end of May could support alumina prices, multiple market participants said. Indian news reported on May 22 that the National Coordination Committee of the six federations of major port workers has decided to call for a nationwide one-day token strike on May 28. It also said it would serve notice of an indefinite strike on or after May 30 at all major ports “against the lethargic and casual attitude of the management of the ports and the Ministry of ...

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US farmers ‘cautiously optimistic’ amid signs of progress in China trade talks

Farmers are hopeful about the chances of averting a costly trade war with China amid signs of progress in negotiations. President Donald Trump tweeted twice Monday about a possible trade deal with China and how it could benefit U.S. farmers. Trump wrote in the first tweet, “China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products — would be one of the best things to happen to our farmers in many years!” About two hours later, he tweeted: “Under our potential deal with China, they will purchase from our ...

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Soybeans near 3-week high as China resumes buying U.S. cargoes

Chicago soybeans rose for a fifth consecutive session on Thursday to a near three-week high as top importer China returned to the U.S. market, seeking cargoes amid easing trade tensions between the two countries. Corn reached a 10-month peak on concerns about planting in parts of the U.S. Midwest, while wheat was up for a third session as dry conditions in key producers around the world threatened crops. The Chicago Board Of Trade most-active soybean contract was up 0.6 percent at $10.45-1/2 a bushel, by 0322 GMT, the highest since ...

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US thermal coal arbitrage into Europe open, flows unlikely to increase: market sources

US thermal coal is currently pricing into the CIF ARA market, but low spot demand, port issues and US coal sellers well sold on term contracts, mean flows are unlikely to increase, traders in Europe said Wednesday, despite an open arbitrage, putting no added price pressure on US coal. “Central Appalachian (CAPP) coal is already fairly well booked into Europe,” one UK-based trader said. The source said in principle, US coal is pricing into Europe, but in practice, through being well-committed via contracts, it would be hard for US producers ...

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India’s steel output grows 4% to 8.59 MT in Apr

India’s crude steel production grew 4.4 percent to 8.59 million tonne (MT) during April 2018, according to official data. The country had produced 8.22 MT during the same month a year ago, the Joint Plant Committee (JPC) said in a report. “During April 2018, crude steel production was at 8.59 MT, a growth of 4.4 percent over April 2017,” it said. SAIL, Rashtriya Ispat Nigam Ltd (RINL), Tata Steel , Essar Steel, JSW Steel and Jindal Steel and Power Ltd together produced 5.01 MT during April. This was 6.7 percent ...

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