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Moody’s Paints Bullish Picture of Indian Steel Sector

Moody’s Investors Service has said India will be the brightest spot for the steel sector over the next 12-18 months, according to a report by the Hindu Business Line. Moody’s pointed out that India’s steel consumption was rising at least 5.5%-6% every year, tracking strong GDP growth of 7.3%-7.5%. It said rated Indian steel producers had only marginal exposure to the U.S. Moody’s has estimated that their indirect exposure may also be limited, given most of their sales were to domestic automotive and manufacturing companies. In fact, on Tuesday the ...

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Turkey scrap price rebound leaves rebar, billet in the shade

A strengthening of prices of Turkish imports of ferrous scrap has led to rebar and billet steel prices losing ground, with scrap increasing in relative strength last week, according to analysis by S&P Global Platts. Current regional long steel trends have been developing since the end of August, when scrap surged by 8% over a few days. Relative price strength indicators for the commodities had drawn close to their 30-day average expected trading values, and then scrap prices saw a spurt and left rebar and billet behind. This marked a ...

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GRAINS-Soybeans fall to near 10-year low

U.S. soybean futures fell to a near 10-year low on Tuesday as the U.S. Department of Agriculture said the harvest of U.S. crops was rapidly advancing, pressuring market sentiment already soured amid a trade war between Washington and Beijing. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade were down 0.2 percent to $8.21-3/4 a bushel by 0016 GMT, near the session low of $8.20 a bushel – the lowest since Dec. 10, 2008. On Monday, soybeans firmed 0.8 percent. * The most active corn futures ...

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As Trump Touts Steel Revival, Investors Still Await Payoff

A lot of investors seem to have lost the memo on the revival of the American steel industry. U.S. President Donald Trump took to Twitter to boast about new plants amid robust demand. While he’s right that the industry is thriving, it’s also worth noting that gains in steel stocks since the U.S. announced import tariffs on the metal have trailed the broader market. Our Steel Industry is the talk of the World. It has been given new life, and is thriving. Billions of Dollars is being spent on new ...

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U.S. willing to exempt Indian steel, aluminium exports from high tariff with riders – ET NOW TV channel

The United States is willing to grant a conditional waiver to Indian steel and aluminium products from higher import tariff, television channel ET NOW said on Tuesday citing sources. India has written to the U.S. government seeking exemption from the 25 percent levy on steel and 10 percent on aluminium as exports of the two products from India did not pose a security threat to America, Reuters reported in March. In response to Washington’s refusal to exempt it from its new steel and aluminium tariffs, New Delhi decided in June ...

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Out-of-kilter Newcastle 6,000 NAR thermal coal prices put future of Asian benchmark in question

In Asia Pacific thermal coal circles it is known as the “great decoupling” and refers to the yawning gap between spot traded prices for Newcastle 6,000 NAR thermal coal and another grade of Newcastle thermal coal, 5,500 kcal/kg NAR. That gap has blown out to an unprecedented $50/mt, from only $10/mt in early February, and the phenomenon has not gone unnoticed in wider business circles. A September 12 report in the London Financial Times headlined “Why Asia needs a new thermal coal price benchmark” discusses this dramatic price gap and ...

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Shanghai rebar rises after upbeat China housing data

Shanghai rebar steel futures edged higher on Monday after weekend data showed that China’s home prices accelerated in August at the quickest pace in almost two years, boding well for steel demand in the world’s top consumer. Signs of more and stricter production curbs in China this winter also helped buoy steel prices, but investors are keeping a close eye on new tariffs that the United States could announce on about $200 billion of Chinese imports as early as Monday. The most-traded January rebar on the Shanghai Futures Exchange closed ...

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Base Metals Drop as Trade War Angst Spurs Concern About Demand

Industrial metals started the week with more losses on concern that the escalating U.S.-China trade war will hurt prospects for demand in the biggest users. Copper, nickel and zinc dropped at least 1.3 percent in London after President Donald Trump was said to have instructed aides to proceed with tariffs on about $200 billion more in Chinese products, despite his Treasury Secretary’s attempt to restart talks. Aluminum’s losses also came as the U.S. Treasury softened the impact of sanctions on Russian supplier United Co. Rusal. Metals have been under pressure ...

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Nasdaq says Nordic commodity clearing house funds fully restored

Members of Nasdaq’s Nordic commodities exchange have replenished vital clearing house contingency funds that were lost last week when a private Norwegian trader defaulted during a spike in market volatility, the exchange operator said. “Nasdaq would like to inform our members and clients that the Member Default Fund now has been recapitalized by 100 percent, or 107 million euros ($125.12 million),” it said in a statement. Nasdaq has previously said it would itself cover a loss to its junior capital of 7 million euros. Source: Reuters (Reporting by Terje Solsvik, ...

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US tariffs on steel, aluminium may impact local metal industry: Report

The decision to impose steep tariffs by the United States on steel and aluminium may impact the domestic metal sector, a report has said. On March 8, 2018 US President Donald Trump imposed a 25 per cent tariff on steel imports and 10 per cent on aluminium. “The decision to hike tariff on aluminium and steel by 10 per cent and 25 cent, respectively made under a section 232 of American federal Act of 1962, may impact the Indian metals sector. “(However) It would be difficult to estimate what would ...

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China Aug zinc output lowest since Oct 2012 – stats bureau

China’s zinc production in August fell to its lowest since October 2012, according to National Bureau of Statistics data released on Monday, as weak margins and an environmental crackdown continue to crimp output. * China August zinc output falls 7.9 pct y/y to 431,000 tonnes – stats bureau * China August iron ore output rises 5.6 pct y/y to 64.66 mln tonnes – stats bureau * China August alumina output rises 6.3 pct y/y to 5.59 mln tonnes, lowest since December 2017 – stats bureau * China August refined copper ...

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Iran: Iron Ore Concentrate Up 19%

A total of 18.42 million tons of iron ore concentrate were produced in Iran during the first five months of the current fiscal year (March 21-August 22) to register a 19% growth compared with last year’s similar period. According to the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report, Golgohar Mining and Industrial Complex accounted for 6.61 million tons of the total output, followed by Chadormalu Mining and Industrial Complex with 3.72 million tons, Iran Central Iron Ore Company with 2.26 million tons, Middle East Mines and ...

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Australia’s biggest wheat region hit by frost; hurts export prospects

Widespread frost has dented hopes that wheat growing areas in Australia’s west could provide a much needed boost to output, analysts and traders said on Monday, further tightening supplies amid a prolonged drought. Australia, the world’s fourth largest wheat exporter, expects production of its largest rural commodity to hit a 10-year low this season at 19.1 million tonnes, as drought across the country’s east wilts output. Many private forecasters had pegged production from Western Australia at above the 9.6 million tonnes recently estimated by the country’s chief commodity forecaster. But ...

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SouthAfrica’s Eskom has coal shortages at 10 power plants – spokesman

South African power utility Eskom said on Monday that it had fewer than 20 days of coal supplies at 10 of its 15 coal-fired power stations, posing a threat to national power supplies. A company spokesman said a major supplier, owned by the Gupta family, had cut supplies as it seeks insolvency protection and Eskom was quickly trying to secure new contracts with other companies to ensure it had enough coal. Cash-strapped Eskom is critical to Africa’s most industrialised economy as it supplies more than 90 percent of the country’s ...

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Wheat jumps 1 pct, hits five-day high

U.S. wheat futures rose nearly 1 percent on Monday as fears Russia will limit exports stoked concerns over global supplies, pushing prices to a five-day high. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were up 0.9 percent at $5.16-1/4 a bushel by 0042 GMT, near the session high of $5.19-1/2 a bushel – the highest since Sept. 12. Wheat rose 2.9 percent on Friday. * The most active soybean futures were down 0.3 percent to $8.27-3/4 a bushel, having closed down 0.3 percent on ...

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