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South32 Limited, the world’s leading manganese mining company, has entered into two binding conditional agreements with Sumitomo Metal Mining and Sumitomo Corporation (collectively Sumitomo) to acquire a 45% interest in the Sierra Gorda copper mine in Chile as part of its efforts to reshape its business portfolio, according to its press release on October 14.
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Despite the heated discussion in the overseas market about the financial matter of Evergrande Group, China’s second largest property developer, and the concerns about the ripple effect on China’s property market and steel demand, China’s domestic steel market sources appeared rather calm, anticipating whatever adverse impact on this individual case will be contained and managed.
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Since January 1 this year, Tianjin Port (Group) Co, the company managing the leading port in North China’s Tianjin municipality, has seen total cargo throughput exceed 300 million tonnes and its container handling volume reach 13.5 million TEUs as of August 24, both on-year record highs, according to a post on the group’s official Wechat account.
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BHP, a leading ferrous and nonferrous mining company in the world, has signed a long-term nickel supply deal with the world’s largest electric car manufacturer Tesla for the latter’s battery production, BHP shared on July 22.
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Jingye Group (Jingye), a privately-owned rebar maker headquartered in North China’s Hebei province, is mulling acquiring part of the assets under UK-based Liberty Steel, or the second steel project in the European country after its takeover of British steel in March 2020 in order to enhance its presence in the European market, a UK-based source that is close to Jingye shared.
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Shanghai- and Hongkong-listed China Molybdenum Co (CMOC) saw its net profit for this year’s January-March quarter jump by 124.8% on year to around Yuan 1 billion ($154.6 million), mainly thanks to the marked rises in copper and cobalt prices, according to the company’s Q1 report released on April 28.
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On April 25 2021, Shanghai Ganglian E-Commerce Co., Ltd. (Mysteel) completed the annual assurance review in accordance with the requirements of the International Organization of Securities Commission (IOSCO), or the third year in a row. Starting 2021, a series of coking coal and coke pricing indices have also joined Mysteel’s related steel and iron ore pricing indices, being IOSCO compliant.
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Indian chrome ore dispatches came down by 30% m-o-m in Sep' 20 as the pre-existing mined lots were dispatched from the auctioned mines. Misirlal mines remained the largest seller of chrome ore as they have to vacate the mine before mid-September. Meanwhile, dispatches from OMC picked up after few months of limited supply, and were up by 187%, also dispatches from IMFA recorded an increase by 85% m-o-m in Sep'20 on slight improvement if productions.
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Indian ferro chrome market has been under balanced conditions for two weeks now, as the shortage of chrome ore is intensifying and major buyers have completed their procurement for the month.
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Tata Steel Mining Limited (TSML) on Monday commenced the groundbreaking ceremony to kickstart the mining operations at Sukinda in Jajpur district.
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The ferro chrome prices in India have continued to strengthen on tight availability and improved domestic demand.
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Yunnan Chihong Zinc & Germanium Co (Chihong), China’s largest zinc and lead producer headquartered in Southwest China’s Yunnan province, saw its output of refined metal products, mainly zinc and lead ingots, surge by 14.5% on year to 269,500 tonnes in the first half of this year, Mysteel Global learned on September 4. The smelter says its operations were largely unaffected by the COVID-19 outbreak.
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The Mines Ministry has invited comments from the public on a series of structural reforms it proposes under Atmanirbhar Bharat to enhance private investments and generates employment in the mineral sector.
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Tsingshan Group, China’s top stainless producer, will be paying Yuan 300/tonne ($43/t) less for its high-carbon ferro-chrome (FeCr) purchases this month, the company declared in a notice on August 5, nominating a procurement price of Yuan 5,997/t including 13% VAT and delivery to its plant. The decline was in response to the reduction in price of the ferroalloy’s raw material, imported chrome ore, market sources said on Wednesday.
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China Baowu Steel Group (Baowu), the country’s largest steelmaker by installed capacity, saw its first primary aluminum ingot emerge from its own aluminum production line on July 30, marking the steel giant’s first foray into aluminium smelting and making further progress in the group’s production of metals suitable for use in auto manufacturing.
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Indian ferro chrome prices are down by INR 500/t w-o-w due to intense selling pressure with producers trying to clear their inventories in this downtrend market, where oversupply has hit the market hard and demand from the export market has dried up too.
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Tsingshan Group, China’s top stainless producer, was the latest to announce a Yuan 100/tonne ($14/t) cut in its high-carbon ferro-chrome (FeCr) procurement price for July to Yuan 6,297/tonne including 13% VAT and delivery, mainly to respond to weaker stainless prices, according to market sources.
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The China Securities Regulatory Commission (CSRC), the country’s governing body of all futures exchanges, has granted its approval, allowing three commodity exchanges to launch options contracts for six industrial products over June-August for trading, according to its official post on June 12.
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Odisha Mining Corporation (OMC) is all set to conduct its 60th auction for Chrome ore on 28-May-2020. The details of the forthcoming auctions are as shown below:
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Tsingshan Group has announced a Yuan 500/tonne ($70.4/t) on-month increase for its domestic purchases of high-carbon ferro-chrome (FeCr) for June, lifting its buying price to Yuan 6,397/tonne including 13% VAT in terms of delivery to its plant, according to the company’s notice on May 21.
