Business Materials and Metals

  • April 8- Fairfax India Holdings Corp, part of Canadian billionaire Prem Watsa's Fairfax Holdings, said it would invest $300 million in privately held Indian petrochemical company Sanmar Chemicals Group through a combination of equity and fixed-income securities. Fairfax India will acquire a 30 percent equity ownership in Sanmar as a result of the...

  • *LME copper stocks jump by 4,800 tonnes into Singapore. LONDON, April 8- Copper prices inched lower in London on Friday and were set for their biggest weekly loss since January on concerns about when demand will grow again and ample supply in China. Three-month copper on the London Metal Exchange was down 0.1 percent to $4,647 a tonne by 1007 GMT, close to a six-week...

  • NEW DELHI, April 8- India's steel ministry is considering appealing to Prime Minister Narendra Modi to back a proposal to toughen up anti-dumping rules to tackle a flood of cheap imports threatening its steel industry, a government source said. India is among a number of countries and groups such as the European Union weighing up taking further measures...

  • *LME copper stocks jump by 4,800 tonnes into Singapore. MELBOURNE, April 8- London copper edged up on Friday but was still set for its largest weekly loss in three months as investors took profits on concerns that prices had overshot still fragile fundamentals given near record stocks in China. The second quarter is typically the strongest for demand in China,...

  • BEIJING, April 8- Around 400 Chinese citizens have signed a letter to protest the purchase of Swiss-based seeds and pesticides company Syngenta by state-owned ChemChina, saying the deal would eventually lead to genetically modified crops being sown across swathes of the country. It also underscores fears among some of the public that the government is...

  • KUALA LUMPUR, April 8- Malaysia will extend its ban on bauxite mining by another three months, effective April 15, in order to clear stockpiles and remove the risk of the aluminium-making ingredient contaminating the country's rivers, the environment minister said on Friday. While lower output at the world's top exporter of bauxite threatens to interrupt...

  • The problems facing Europe's steel makers

    Chinese exports are a factor in the European steel industry's downturn, according to Alessandro Abate, head of metals & mining at Berenberg.

  • Copper wire. The commodity was trading at five-year lows Wednesday.

    China may be about to shock the global copper market by unleashing some of its stockpiles of the metal, onto the global market.

  • TOKYO, April 8- Japanese stocks fell on Friday morning after the U.S. dollar plunged below 108 yen for the first time in 1-1/ 2 years, putting exporters to the sword, while a profit warning from apparel giant Fast Retailing also weighed heavily on indexes. Finance Minister Taro Aso issued a fresh warning on Friday, saying that rapid currency moves were undesirable...

  • Australia lifted its 2016 price forecast for iron ore by 11 percent on Friday, though kept it well under current market prices.

  • SINGAPORE, April 8- Gold held near a two-week high on Friday and was set to post its strongest week in five as the Federal Reserve's caution over raising U.S. interest rates and weakness in the dollar burnished the metal's appeal. *Spot gold had eased 0.3 percent to $1,237.10 an ounce by 0048 GMT, but was not too far from a two-week high of $1,243.50 hit in the previous...

  • *Australia's iron ore price forecast rises to $45/ t. "While global iron ore demand is projected to remain relatively flat, continued displacement of domestically produced iron ore in China with seaborne iron ore is expected to result in a modest increase in international trade," Australia's Department of Industry, Innovation and Science said in its latest...

  • Delegates at the annual Cesco/CRU gathering of the copper industry in Chile this week concluded that miners will focus on cutting costs to survive low prices, rather than significant output cuts to offset slow demand growth from top consumer China. "All engineering companies have needed to adjust themselves in order to get through this rough time... we're...

  • DAKAR, April 7- A steep rise in gold prices may have given hope to a battered mining industry in 2016, but after four tough years producers in Africa are still too wary to call the bad times over. Amara Mining, which has projects in Ivory Coast and Sierra Leone, was subject in February to an $85 million bid by Australia's Perseus Mining. Canada's Endeavour Mining, which...

  • *Wants competitive power prices from UK government. MUMBAI, April 7- Sanjeev Gupta, the boss of metals trader Liberty House Group who wants to buy Tata Steel Ltd's loss-making British operations, says he has the financial resources to match his ambitions. Hitting back at critics who have questioned his capacity to take on a business dragged down by heavy debt and...

  • JAKARTA, April 7- An Indonesian group has obtained a $750 million loan from two state-owned banks to help finance its purchase of a controlling stake in Newmont Mining Corp's Indonesian operations, Basis Point reported on Thursday. Prominent Indonesian businessman Arifin Panigoro, a key member of the investor group and a founder of Jakarta- listed oil and gas...

  • The case has led to renewed pressure on the European Union to be as firm as the United States and China in imposing redressive import duties to counter dumping or perceived unfair subsidies. Brussels opened three anti-dumping investigations into Chinese steel products in February but will not impose any measures until November. The European Commission,...

  • JAKARTA, April 7- An Indonesian group has obtained a $750 million loan from two state-owned banks to help finance its purchase of a controlling stake in Newmont Mining Corp's Indonesian operations, Basis Point reported on Thursday. The two-year loan, which is equally split between PT Bank Mandiri Tbk and PT Bank Negara Indonesia Tbk, was signed last week,...

  • *China smelters may use tolling scheme to export copper. HONG KONG, April 7- China may be about to shock the global copper market by unleashing some of its stockpiles of the metal, which are near record highs, onto the global market. Four traders of copper, including two from state-owned Chinese smelters, said they expect China to raise its copper exports- which are...

  • MELBOURNE, April 7- London copper steadied on Thursday, after hitting near one-month lows earlier this week, as minutes of a Federal Reserve meeting showing caution among policymakers on raising rates knocked the dollar and underpinned metals prices. *Three-month copper on the London Metal Exchange traded little changed at $4,783 a tonne by 0200 GMT.

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