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Brazilian miner Vale has entered into a definitive agreement to purchase another local miner, Ferrous Resources Limited (Ferrous) for $550 million, the company disclosed on Thursday. Belo Horizonte-based Ferrous currently owns and operates iron ore mines close to Vale's operations in Minas Gerais, Brazil.
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Vale aims to increase the share of premium iron ore products in total sales over the next few years to meet the needs of steelmakers worldwide pursuing higher productivity, company executives told investors Tuesday during its Vale Day investor presentation in New York.
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Shenzhen-listed Hunan Valin Steel Co, the listed arm of Hunan Valin Group in central China’s Hunan province, has suspended trading its shares since December 3 to proceed with inviting six creditors to increase their stakes in Valin’s three subsidiaries either via cash or the credits held against these enterprises as a solution for Valin to further reduce its and the subsidiaries’ debt-asset ratios, according to the company disclosure on December 5.
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Jingye Group (Jingye), China’s leading rebar producer and based in North China’s Hebei province, will build three 1,500 cu m blast furnaces and one 150-tonne converter by the end of 2020, according to an announcement published by the provincial government’s Industry and Information Technology Department on December 3.
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Three operators of merchant coke plants in Hancheng in Northwest China’s Shaanxi province have been named and shamed by China’s Ministry of Ecology and Environment (MEE) for numerous failings related to environmental protection, according to a posting on the ministry’s website on December 3. The three enterprises account for about two-thirds of Hancheng’s coke-making capacity, Mysteel notes.
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Two steel producers in North China’s Shanxi province, Jincheng Fusheng Iron and Steel Co in Jincheng City and Huaxinyuan Iron and Steel Co in Hejin City, plan to build new facilities in their existing works, an official from Shanxi provincial government’s Ministry of Industry and Information Technology (MIIT) confirmed on Monday.
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Rio Tinto will invest a total of $2.6 billion in Koodaideri iron ore mine in Pilbara of Western Australia upon the approval of the board of directors, and the construction works at mine is to commence in 2019, according to a company statement on November 29.
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China Steel Corporation (CSC), Taiwan’s top steel producer headquartered in Kaohsiung, South Taiwan, achieved a month-on-month rise of 6.5% or 62,522 tonnes for its carbon steel sales in October, according to the company’s latest release on November 28. The total reached 1.03 million tonnes and marked a 23-month high since November 2016 when sales topped 1.04 million tonnes. The total volume sold was also 11.2% or 103,575 tonnes higher than total sales one year earlier, according to CSC’s available data.
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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker, has lowered its procurement price for steel scrap again, clipping Yuan 80/tonne ($11.5/t) off all its buying prices for all grades effective from November 27 arrivals, the company announced on Tuesday. Shagang has now cut scrap buying prices no fewer than four times since November 20 by a total of Yuan 250/t, Mysteel notes.
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Taiwan’s top steel producer China Steel Corp (CSC) has decided to cut its steel list prices for domestic sales for the January-March 2019 period, according to the company’s latest pricing policy released on November 26. The Kaohsiung-based mill said pessimism about steel markets both at home and aboard had prompted its decision.
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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker, has decreased its procurement price for steel scrap by Yuan 60/tonne ($8.6/t) effective from November 24 deliveries, the company announced on Saturday. Consequently, from November 24, Shagang is paying Yuan 2,560-2,660/t for HMS grade scrap in terms of delivery to its mill in Zhangjiagang in East China’s Jiangsu province, and including the 16% VAT.
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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker, has cut its procurement price for steel scrap again by Yuan 60/tonne ($8.6/t) effective from November 22 deliveries, the company announced Thursday, just two days after the company’s previous price-cut announcement for scrap.
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China Baowu Steel Group Co (Baowu) and Anshan Iron & Steel Group Co (Ansteel), China’s two top steel mills, officially denied the market speculation on their possible merger via their listed arms on November 21 and 22 respectively.
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Jiangsu Shagang Group, China’s largest electric arc furnace (EAF) steelmaker, has lowered its procurement price for steel scrap, clipping its prices by Yuan 50/t ($7.2/t) effective from November 20 deliveries, the company announced Tuesday. The reduction is the mill’s second in seven short days and will likely encourage other steelmakers in East China to follow suit, Mysteel notes.
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Chinese traders and steel mills consuming BHP iron ore are still awaiting formal confirmation from the Australian mining giant that rail operations have resumed after last week’s deliberate derailment.
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Of the 3,600 enterprises expected at China’s first-ever event organized to boost the country’s imports of goods and services – the China International Import Expo (CIIE) currently underway in Shanghai – are numerous foreign mining enterprises across the ferrous, nonferrous and energy industries, many of which have evidently already achieved their goal of furthering cooperation with China.
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Chinese buyers of Australian iron ore, both mills and traders, are still awaiting news of the status of BHP’s shipments of ore following the miner’s train derailment early on November 5 in Western Australia’s Pilbara region.
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The city government of Tangshan in North China’s Hebei has finalized the degree to which steelmakers in the city are to reduce production during the winter restrictions period, market respondents confirmed Tuesday. Given the city’s prominence as the supplier of the most steel in the world’s largest steel producing country, Tangshan’s advisory should be a crucial indicator of how China’s steel sector will manage this season’s production cuts. Unfortunately, it is not.
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China’s top metal ore mining and trading company, China Minmetals Corporation, has signed a cooperation agreement with Vale for the Brazilian miner’s supply of iron ore to Minmetals’ ore blending project at its iron ore trading centre in Caofeidian in North China’s Hebei.
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The Sydvaranger Iron Project in Bjørnevatn in Norway’s deep north is preparing to restart iron ore mining after the company operating the mine, Sydvaranger AS, disclosed that Orion Mine Finance, a New York-headquartered mining-focused investment fund, had pledged to provide working capital to support the ongoing development of the project.
