China's iron ore imports rose 8.3% to 73.61 MT in February from a year ago. Imports jumped by 6.4% to 155.8 MT over the first two months from a year ago. China's steel exports rose by 4% to 8.11 MT in February from a year ago. However, exports in January-February dropped by 1.3% to 17.85 MT. (Source – Steelonthenet)
Wall Street banking giant JPMorgan Chase would avoid financing new coal projects in advanced economies due to their contribution to global warming. It will cut back credit support to coal mining companies over the medium term and only back new coal plants in lower-income countries that employ "ultra-supercritical steam generation technology." (Source – Steelguru)
On Tuesday, Platts assessed 1.0mm thick CRC at US$ 400-405/T FOB China, up by US$ 40/T from a week earlier. In the Shanghai domestic market the same day, Platts assessed same-grade CRC at US$ 500-507/T up by US$ 73/T from early last week. All major mills on Tuesday had stopped offering CRC export prices. (Source - SBB, London)
Spot prices of regionally-traded HRC in Asia climbed for second consecutive day Tuesday on surging Chinese domestic prices. Chinese mills are refusing to export at levels below Chinese domestic prices. Platts assessed HRC 3.0m thick at US$ 345- 350/T fob, up by US$ 17.50/T on the day. However, offers from buyers are also limited for such high prices. (Source - SBB, London)
Sheet import offer prices to the US have risen with positive global pricing sentiment and rising domestic prices. The Platts daily imported hot-rolled coil assessment rose to US$ 360-380/s.T. CIF Houston from US$ 340-360/s.T. a day before. As per analysts, US HRC trade case against other countries left few options for imports. With prices up on imports, US sheet buyers remain hesitant, even as domestic mills try to capture the US$ 30/s.T. price increases announced last week on flat products. (Source - SBB, London)
Bankrupt US coal company Alpha Natural Resources, has filed plans in federal court to restructure its debts and emerge from Chapter 11 protection. The proposal calls for the creation of two companies: one that includes the Virginia-based firm’s core assets such as Wyoming mines, and another made up of marginal properties in Appalachia.The U.S. Bankruptcy Court must approve the plan. (Source – Steelorbis)
A dramatic spike in the price of iron ore this week has been blamed on an upcoming flower show in one of China’s most smog-choked industrial cities. Steel mills in Tangshan, sent prices of iron ore rocketing by nearly 20% on Monday, after mills purchased iron stocks ahead of an enforced shutdown later this year. The partial shutdown is intended to reduce smog during the 2016 World Horticultural Exposition, which the city will host from April until October . (Source – Press Reports)
Wall Street banking giant JPMorgan Chase would avoid financing new coal projects in advanced economies due to their contribution to global warming. It will cut back credit support to coal mining companies over the medium term and only back new coal plants in lower-income countries that employ "ultra-supercritical steam generation technology." (Source – Steelguru)
On Tuesday, Platts assessed 1.0mm thick CRC at US$ 400-405/T FOB China, up by US$ 40/T from a week earlier. In the Shanghai domestic market the same day, Platts assessed same-grade CRC at US$ 500-507/T up by US$ 73/T from early last week. All major mills on Tuesday had stopped offering CRC export prices. (Source - SBB, London)
Spot prices of regionally-traded HRC in Asia climbed for second consecutive day Tuesday on surging Chinese domestic prices. Chinese mills are refusing to export at levels below Chinese domestic prices. Platts assessed HRC 3.0m thick at US$ 345- 350/T fob, up by US$ 17.50/T on the day. However, offers from buyers are also limited for such high prices. (Source - SBB, London)
Sheet import offer prices to the US have risen with positive global pricing sentiment and rising domestic prices. The Platts daily imported hot-rolled coil assessment rose to US$ 360-380/s.T. CIF Houston from US$ 340-360/s.T. a day before. As per analysts, US HRC trade case against other countries left few options for imports. With prices up on imports, US sheet buyers remain hesitant, even as domestic mills try to capture the US$ 30/s.T. price increases announced last week on flat products. (Source - SBB, London)
Bankrupt US coal company Alpha Natural Resources, has filed plans in federal court to restructure its debts and emerge from Chapter 11 protection. The proposal calls for the creation of two companies: one that includes the Virginia-based firm’s core assets such as Wyoming mines, and another made up of marginal properties in Appalachia.The U.S. Bankruptcy Court must approve the plan. (Source – Steelorbis)
A dramatic spike in the price of iron ore this week has been blamed on an upcoming flower show in one of China’s most smog-choked industrial cities. Steel mills in Tangshan, sent prices of iron ore rocketing by nearly 20% on Monday, after mills purchased iron stocks ahead of an enforced shutdown later this year. The partial shutdown is intended to reduce smog during the 2016 World Horticultural Exposition, which the city will host from April until October . (Source – Press Reports)
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