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China’s top 10 steelmakers’ output share hits 43% of total production

The share of China’s top ten steelmakers’ crude steel output has increased to around 43% of the country’s total steel production at the end of September, up 4 percentage points from the start of 2021, according to S&P Global Platts calculations based on transaction data announced over January through September. The rise in the output share came after a major steelmaker acquired a steel company based in northeastern China’s Liaoning province in late September. China had set a target to increase the ratio of the top 10 steelmakers’ crude steel ...

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Copper analysts reset outlook on China’s dual demand ructions

Copper analysts are reviewing their price forecasts for the red metal after simultaneous disruptions in two key sectors in China that together make up more than half the country’s copper demand. The collapse of a major Chinese property developer that has ignited debt worries for the construction sector and a coal shortage that has cut power supplies to manufacturers stack up as bearish factors for copper over the near term, analysts said. China is the world’s biggest user of copper, accounting for around 50% of global consumption, so a shake-up ...

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Funds buy corn, wheat and soybean oil after USDA stocks data

Despite heavier-than-expected ending stocks for U.S. corn and especially soybeans, speculators in the most recent week were buyers of Chicago corn and moderate sellers of soybeans. That was partially supported by bullish sentiment in other markets including wheat, soybean oil and energy. Money managers in the week ended Oct. 5 added nearly 6,000 CBOT corn futures and options contracts to their net long position, which reached 250,596 contracts. That is according to data published Friday afternoon by the U.S. Commodity Futures Trading Commission. That week included the U.S. Department of ...

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China rust-belt province warns of more power shortages in energy crisis

China’s largest provincial economy in its northeast rust belt warned of worsening power shortages on Monday, despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries. China’s Liaoning province issued its second-highest level power shortage alert on Monday, the fifth in two weeks, warning the shortfall could reach nearly 5 gigawatts (GW). Liaoning has the biggest economy and consumes the most power of the three provinces making up China’s rust-best industrial region. It has been suffering widespread power cuts since mid-September. ...

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Asia coal prices surge to fresh records; China, India output is key

Seaborne thermal coal prices in Asia climbed to fresh record highs last week, with early signs of rising exports not enough to eclipse concerns over coal shortages in top importers China and India. The benchmark price for Australian high-grade thermal coal at Newcastle Port, as assessed by commodity price reporting agency Argus, jumped to $229.11 a tonne for the week to Oct. 8, a 12.5% increase on the prior week’s close. The index has risen by almost 160% since the week to April 30, when it ended at $88.52 and ...

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With met coal prices at an all-time high… what’s next?

The seaborne metallurgical coal market is entering the fourth quarter with prices at an all-time high amid global supply tightness and healthy spot demand. However, while participants anticipate prices could correct to the downside in Q4 as China’s steel consumption slows and the possibility increases of higher supply across the grades, they generally expect prompt supply tightness to prevent a sharp fall in the near term. This comes after benchmark premium low-volatile hard coking coal prices surged 100.3% quarter on quarter to $388.50/mt FOB Australia at the end of Q3, ...

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Congress raises coal shortage issue, says power rates may be hiked next

The Congress on Sunday blamed the government for the coal shortage in the country and expressed fear that power rates may be increased now after the hike in petrol prices. Former Union Minister Jairam Ramesh demanded an investigation into the coal shortage. Several states have warned of a power outage in the wake of a severe coal shortage, but the coal ministry has asserted that sufficient dry fuel is available in the country to meet the demand of electricity generating plants and has dismissed as “entirely misplaced” any fear of ...

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Commodities worth $400m traded at IME in a week

As reported by the IME’s Public Relations and International Affairs Department, the exchange experienced trade of 1.222 million tons of commodities valued at more than $190 million on its metals and mineral trading floor. On this floor, the IME’s customers purchased 938,860 tons of cement, 263,452 tons of steel, 1,220 tons of copper, 3,690 tons of aluminum, 300 tons of molybdenum concentrate, 15 tons of precious metals concentrate, 310 tons of zinc, 20 kg of gold bars and 20,000 tons of sponge iron. Furthermore, the IME saw trade 376,227 tons ...

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China coking coal, coke prices soar on supply fears

Dalian coking coal scaled a contract high on Monday while coke futures hit a six-week peak, as a recent flooding in China’s top coal-producing Shanxi province intensified supply fears. Worries about production and transportation of coal from Shanxi added to lingering concerns over an energy crunch that has gripped the world’s biggest steel producer and hampered operations of many industries, including coal mining. The northern province of Shanxi had shut 27 coal mines last week as heavy rain caused flooding. Coking coal’s most-active January contract on China’s Dalian Commodity Exchange ...

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Codelco offers Europe physical copper at $128/T premium, sources say

Chile’s Codelco, the world’s largest copper miner, is offering to sell copper to European buyers at a premium of $128 a tonne in 2022, the highest since 2015 and a rise of more than 20% from this year, two sources with direct knowledge said. The premiums set by state-owned Codelco for physical delivery of copper, paid on top of the London Metal Exchange contract CMCU3, are seen as a benchmark for global contracts, which means other producers are likely to follow suit. The premium at $98 a tonne for this ...

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China, coal and the big crunch

Nothing beats a UN climate conference to get world leaders talking tough on global warming. But as governments around the globe jostle to outdo one another ahead of next month’s COP26 gathering in Glasgow, they must simultaneously deal with what is now the most turbulent period for global energy markets since the beginning of the pandemic. This is a major headache for politicians as strained global energy supplies and strong demand growth send commodity prices higher and force countries across Europe and Asia to burn more coal to keep the ...

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Industry must begin using coal through gasification technology: JSPL MD

The domestic industry must begin using coal through gasification technology, JSPL Managing Director V R Sharma said, emphasising that the process is environment-friendly and carbon emissions are minimal. The gasification technology will also help India overcome the shortage of oil, gas, methanol, ammonia, urea and other products, making the country Aatmanirbhar, he told PTI. “The domestic industry should use coal through the gasification process. Burning coal in open furnaces should be stopped. When we gasify coal, carbon emission are minimal ,” Sharma said. India has coal reserves for another 300 ...

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Coal supply: Plans afoot to relieve rainy woes

With as much as 130 GW of power plants running on dwindling coal supplies, and the average stock of coal in power plants being about four days as of Oct. 3, the issue of supply chain logistics for coal, especially in the monsoon season when transport of the fuel by road faces challenges, has taken centrestage again. In what is reassuring, however, state-run coal companies are in the process of implementing 39 first-mile-connectivity (FMC) projects, entailing an investment of around Rs 15,000 crore, to improve coal evacuation infrastructure and avoid ...

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Centre imposes stock limits on edible oils to soften prices in market

The Department of Food and Public Distribution in a landmark decision has imposed stock limits on Edible Oils and Oilseeds to soften the prices of edible oils in the domestic market for a period up to March 31, 2022, informed the Ministry of Consumer Affairs, Food, and Public Distribution on Sunday. According to a statement issued by the ministry today, the removal of licensing requirements, stock limits and movement restrictions on specified foodstuffs (Amendment) Order, 2021 has been issued with immediate effect from 8th September 8, 2021. Future trading on ...

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Crisis looms in Britain, steel makers warn

The British steel industry’s lobby group warned on Monday of an impending crisis due to soaring wholesale energy prices which could force plants into expensive shutdowns, stoke emissions and sow chaos through supply chains. A shortage of natural gas in Europe had sent prices for electricity and gas soaring, triggering sharp rises in the prices paid by people heating their homes or for major heavy industrial plants smelting steel. “These extraordinary electricity prices are leading to smaller or wiped-out profits and thus to less reinvestment,” UK Steel, which lobbies on ...

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