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Shenzhen-listed Angang Steel Co, one of China’s top 10 steelmakers, is warning shareholders to expect a huge 75% fall in net profits for this year’s January-September period to Yuan 1.7 billion ($239 million), according to the company’s preliminary financial report released on October 14. Angang blamed thinner margins and higher costs for the dramatic fall, noting that profits for the July-September quarter alone plummeted by nearly 88% on year to Yuan 297 million.
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South32 Limited, the world’s top manganese ore miner headquartered in Perth, Western Australia, saw its share of manganese ore output increased by 10% on quarter to 1.4 million wet tonnes over July-September mainly because of its higher output from its Australian operations, according to the company’s latest quarterly report released on October 17.
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BHP, the world’s top metallurgical coal producer, saw its met coal production down 21% on quarter or 10% on year to 9.4 million tonnes (actual share) over July-September from its core mining assets in Queensland Coal in Northeast Australia, mainly because of the planned wash plants shutdown, according to the company’s quarterly report on October 17.
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Over July-September, BHP sold around 68 million wet tonnes of iron ore (on a 100% basis), down 5.4% on quarter and 1.6% less on year, from its core mining operations in Pilbara, Western Australia, according to its latest quarterly report released on October 17.
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Production summary
Unless otherwise noted: percentage variance
relates to performance during the September 2019 quarter compared with the June
2019 quarter (QoQ); production and sales volumes are reported on an
attributable basis.
Source: South32, released on October 17
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Operational
performance
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
Source: BHP, released on October 17
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Hoa Phat Group, the largest steel manufacturer in Vietnam, has hot commissioned the second of four converters that will form the core of the company’s new 4 million tonnes/year steel works under construction at Dung Quat in Quang Ngai province in South-central Vietnam.
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Rio Tinto, the world’s second largest iron ore miner, posted a 10% quarter-on-quarter rise in iron ore production and a 1% quarterly growth in iron ore sales in Pilbara of Western Australia over July-September on improvement of operations and no adverse weather, according to its latest quarterly report released on October 16.
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Vale, the world’s top iron ore miner headquartered in Brazil, reported a 35.4% quarter-on -quarter rise in iron ore production and a 19.5% quarterly growth in iron ore sales over July-September, mainly because of production resumption at mines that had been suspended after a deadly dam collapse in late January, according to its latest quarterly report released on October 14.
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China Baowu Steel Group Co (Baowu), the country’s top steel producer or the world’s second largest mill, has always worshipped its clear-headedness and caution in its overseas development strategy all along, and this remains the rule when it studies overseas steel investment opportunities now, as “risks in overseas investment are pretty high”, a senior official from the conglomerate explained.
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Production and
sales summary (Unit: ‘000 tonnes)
Notes:
(1) Including third party purchases, run-of-mine and
feed for pelletizing plants.
(2) Including
third party purchases and run-of-mine.
Source: Vale,
released on October 14
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Rio Tinto, the world’s second largest iron ore miner in production, has officially been into China’s spot iron ore port stocks trading with the first Yuan-priced iron ore spot deal concluded with a Chinese steelmaker on October 11 at Rizhao port, East China’s Shandong province, an official from the mining company confirmed on October 14.
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Shaanxi Heimao Coking, a 6 million tonnes/year coke maker headquartered in Northwest China’s Shaanxi province, will incorporate a subsidiary primarily for Mongolian coal trading at Ceke checkpoint in North China’s Inner Mongolia as part of the efforts to reduce its raw material procurement cost, a company official confirmed on October 11.
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Brazil’s National Mining Agency (ANM) announced at around 3pm (local time) on October 9 to ban 54 dams that did not submit or certify the Stability Condition Declarations (DCE) by September 30, but most of them are “inactive dams”, according to its release in Portuguese.
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Shagang Group (Shagang), China’s largest electric-arc-furnace (EAF) steelmaker headquartered in East China’s Jiangsu province, has raised its steel scrap procurement price by Yuan 100/tonne ($14/t) for all deliveries effective October 9, according to the company’s latest pricing policy released on Tuesday.
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Vale, the world’s top iron ore miner headquartered in Brazil, informed the public on September 26 local time to trim its original 2019 pellet production guidance from 45 million tonnes to 43 million tonnes to “adapt its product portfolio to temporary market conditions”, though its iron ore and pellet sales guidance for the calendar year 2019 remains unchanged.
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Yangchun New Steel, now a subsidiary of Shenzhen-listed Hunan Valin Steel Co and based at Yangchun city in South China’s Guangdong province, plans to produce 3.6 million tonnes of crude steel next year, which would be a 9% improvement on this year if the company achieves its target announced earlier of 3.3 million tonnes for 2019.
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Baoshan Iron & Steel Co (Baoshan Steel), the Shanghai-listed arm of China Baowu Steel Group, is striving to achieve “green” and “smart” manufacturing to speed the qualitative development of China’s steel industry, Baoshan Steel President Hou Anhui disclosed at the 19th China International Steel & Raw Materials Conference on September 26.
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Chinese steel works have an image problem. Rarely does a month go by without news of a local government somewhere – though usually in North China – launching measures targeting reducing pollutant emissions or reinforcing environmental protection facilities among steel enterprises.
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China Baowu Steel Group Co (Baowu), China’s largest steel producer, is actioning a plan to advance electric arc furnace (EAF) steelmaking, with many EAF steel projects currently under study at its subsidiaries nationwide, a Baowu official confirmed.
