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JSPL expects to produce 19% more steel this year as demand surges

JSPL is likely to export 2.5 million tonnes of steel in 2020/21, up from 300,000 tonnes the previous year, thanks to higher orders from the world’s top consumers such as China and Vietnam NEW DELHI : Jindal Steel and Power Ltd (JSPL), one of India’s top steel makers, expects to produce a record 7.5 million tonnes of the alloy this fiscal year, betting on buoyant overseas and domestic demand, a top company official said on Thursday. JSPL aims to produce 19% more steel in the year to March 2021, as ...

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Iron ore rebounds as China port stockpile growth slows

Iron ore futures snapped three sessions of losses on Friday after industry data showed that the pace of increase in portside inventory of the steelmaking ingredient in China slowed this week, but benchmark contracts posted weekly losses. The most-traded January 2021 contract of iron ore on the Dalian Commodity Exchange closed 1.6% higher at 803 yuan ($118.90) a tonne. However, it fell 3.6% from last week, the sharpest weekly drop in nearly seven months. Iron ore on the Singapore Exchange rose 2.5% to $120.66 a tonne by 0718 GMT, but ...

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Weekly US coal production falls to seven-week low, all basins dip: EIA

Weekly US coal production fell to a seven-week low 10.34 million st in the week ended Sept. 12, down 3.3% from a week earlier and 26.4% lower than the year-ago week, according to a Sept. 17 US Energy Information Administration report. It was the third straight week and only the fourth time in the last 22 weeks that all four major basins saw weekly declines. The total for Week 37 was the lowest total for the corresponding week in the last 10 years, and was also 31.5% lower than the ...

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Coal India, its subsidiaries spend Rs 1,978 cr on CSR from FY17 to FY20

Coal India Ltd (CIL) and its subsidiaries have collectively spent Rs 489.67 crore, Rs 483.78 crore, Rs 416.47 crore, Rs 587.84 crore in financial year 2016-17, 2017-18, 2018-19 and 2019-20 respectively. State-owned CIL and its subsidiaries have spent a total amount of Rs 1,977.76 crore on Corporate Social Responsibility (CSR) during the last four financial years, according to official data. Coal India Ltd (CIL) and its subsidiaries have collectively spent Rs 489.67 crore, Rs 483.78 crore, Rs 416.47 crore, Rs 587.84 crore in financial year 2016-17, 2017-18, 2018-19 and 2019-20 ...

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China Hongqiao kicks off aluminium production in Yunnan

The world’s top private-sector aluminium producer China Hongqiao Group Ltd 1378.HK has started first phase production at a greener aluminium plant in the southwestern province of Yunnan, cutting its reliance on coal-fired power, a Hongqiao affiliate said on Thursday. Hongqiao’s smelting capacity is currently located in the city of Binzhou in Shandong and relies on coal-fired power for the electricity-intensive smelting process. The move to Yunnan allows it to swap coal for cleaner hydropower. The project, led by Shandong Weiqiao Pioneering Group, is located at Wenshan prefecture and has an ...

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Copper hits two-year peak on speculative buying and China hopes

Copper touched its highest in more than two years on Friday as speculators extended their buying spree on a recovery in top metals consumer China while the dollar weakened. Benchmark copper on the London Metal Exchange (LME) hit $6,850 a tonne, its highest since June 2018, before paring gains to $6,837 by 1615 GMT for a rise of 0.8%. Copper has surged by 55% since hitting 45-month lows in March and this marks the sixth consecutive week of weekly gains. “It’s just phenomenal, the strong market we’re seeing right now. ...

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Battle from Below: The South African miners fighting climate change

Four nights a week, Given Zuli packs some food, meets his colleagues at the entrance of an abandoned coal mine in South Africa’s eastern Mpumalanga province, and descends into the earth for up to 12 hours, chipping away at the black rock. Zuli is one of thousands of small-scale, illegal miners across South Africa – a number believed to be on the rise as unemployment spikes in a brittle economy – who make a living selling coal collected in abandoned, derelict mine shafts. But Zuli is also part of a ...

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Iron ore futures close higher

Iron ore futures closed higher on Friday in daytime trading at the Dalian Commodity Exchange (DCE). The most active iron ore contract for January 2021 delivery gained 12.5 yuan (about 1.85 U.S. dollars) to close at 803 yuan per tonne. On Friday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 1.55 million lots, with a turnover of 122.99 billion yuan. As the world’s largest importer of iron ore, China opened the DCE iron ore futures to international investors in May 2018. Source: Xinhua

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Vale plans iron-ore capacity jump to 400Mt/y

Brazilian iron-ore giant Vale has detailed plans to increase its production capacity to 400-million tons a year – a substantial improvement on the capacity of its current operating assets. The miner currently has the capacity to produce 318-million tons a year. In 2018, before the Brumadinho dam disaster shrunk its output, Vale produced 385-million tons. In an investor and analyst site visit presentation, posted on Vale’s website, the major does not state by when it intends to create the capacity, but indicates that it will be added across its operations. ...

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Steel industry witnesses demand revival

A surge in demand from the auto and white goods sectors and moderate activity in government infrastructure projects are driving the recovery of large Indian private steel producers, with some even beating last year’s numbers. However, small steel producers had to cut production because of severe shortage of raw material and higher input costs. India’s largest steel producer, operated at 100% capacity for the first time in August since the nationwide lockdown, Tata Steel’s managing director and chief executive T.V. Narendran had said. JSW Steel, the second largest producer, saw ...

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GRAINS-Soybeans set for sixth weekly gain as China steps up purchases

* Soybeans up for 3rd straight day, highest since late May 2018 * China’s robust demand for animal feed supporting prices (Adds quote in paragraph 3, details on fund positioning) SINGAPORE, Sept 18 (Reuters) – Chicago soybeans were on track on Friday for a sixth weekly gain, climbing to their highest in almost 28 months with support from strong demand in top buyer China. Corn is poised for a second weekly gain while wheat is in positive territory this week after closing lower last week. “China’s demand for soybeans is ...

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Global ethanol market recovery not in sight before 2022: US Grains Council’s Healy

Global ethanol markets are not expected to recover fully at least until 2022 from the demand shock caused by the coronavirus pandemic, which led to a 20% cut in annual global production expectations after more than 250 ethanol plants were seen shutting down globally, Brian Healy, director of global ethanol market development with the US Grains Council, told the Asia Pacific Petroleum Conference, or APPEC. In 2019, global ethanol production was estimated to be around 113 billion liters, compared with about 108 billion liters in 2018, according to S&P Global ...

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Chinese steel mills’ iron ore stocks rebound by 5.4%

Stocks of imported iron ore sintering fines held by the 64 Chinese steelmakers under Mysteel’s weekly survey ended their four-week decline over September 10-16 to climb to 17.7 million tonnes, according to Mysteel’s latest data released on Thursday. Most steelmakers have been accumulating inventory for smooth production over the upcoming National Day holidays, industry watchers explained. “With the upcoming National Day holiday (over October 1-8), Chinese steel mills may need to increase their replenishment moderately to maintain normal production when suppliers such as traders and transport firms are off enjoying ...

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US Steel Output Notches Weekly Rise as Utilization Tops 65%

U.S. raw steel production continues to rise on a weekly basis on an improvement in capacity utilization. According to the latest American Iron and Steel Institute (“AISI”) weekly report, domestic raw steel production clocked 1,459,000 net tons for the week ending Sep 12, marking a 2.2% increase from production of 1,428,000 net tons for the week ending Sep 5. This follows a 3.3% rise on a weekly comparison basis for the week ending Sep 5. However, the reported weekly production was still down 19% from production of 1,801,000 net tons ...

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Iron ore dips to multi-week lows as fundamentals weaken

Iron ore futures slumped for a third session on Thursday on growing prospects of further improvement in supply of the steelmaking ingredient and signs that steel demand in China has not been as strong as expected. Iron ore on China’s Dalian Commodity Exchange closed 2.7% lower at 790 yuan ($116.67) a tonne, its weakest finish since July 31. It fell as much as 2.5% at $116.65 on the Singapore Exchange , the lowest level since August 31. Last week, imported iron ore stocked at Chinese ports hit the highest level ...

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