Business Materials and Metals

  • *Technical resistance at $1,260 hurting gold. *Silver slips from 5-1/ 2 month top, platinum below $1,000/ oz. Spot gold was down 0.5 percent at $1,249.40 an ounce as of 0711 GMT, after earlier hitting a session low of $1,246.55.

  • April 13- Peabody Energy Corp, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection on Wednesday in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia. Peabody's Chapter 11 bankruptcy filing ranks among the largest in the commodities sector since energy and...

  • Peabody Energy, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection on Wednesday.

  • April 13- Peabody Energy Corp, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection on Wednesday in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia. The company listed both assets and liabilities in the range of $10 billion to $50 billion.

  • *Silver slips from 5-1/ 2 month top, platinum below $1,000/ oz. SINGAPORE, April 13- Gold dipped below a three-week high on Wednesday as the dollar regained some ground from the yen and equities climbed higher, but uncertainties about the global economy and U.S. monetary policy limited losses. Spot gold eased 0.3 percent to $1,252.21 an ounce by 0428 GMT, following a...

  • BEIJING, April 13- China's imports of iron ore rose 6.5 percent in the first quarter of the year, the country's customs authority said on Wednesday.

  • April 13- Steel has been central to the self-image of China since the famous mills of Anshan and Benxi in China's northeast rustbelt were liberated from Japanese occupiers in 1945.. What followed was a rapid period of expansion based on the model of the Soviet Union. In the first Five-Year Plan period of 1953-7, a total of 3.45 billion yuan was spent on steel...

  • *China under pressure to tackle steel supply glut. BEIJING, April 13- China is facing increasing international pressure to tackle a steel supply glut that has flooded global markets and left beleaguered overseas producers at risk of closure. China produces half the world's steel but those hoping it will tackle its surplus capacity quickly will be...

  • *Fortescue sees flat Q3 iron ore shipments. SYDNEY, April 13- Australia's Fortescue Metals Group shipped a flat 42 million tonnes of iron ore in the March quarter, putting it on track to exceed its annual production target, while lowering cash costs by 6 percent from the previous quarter. Large-scale producers such as Fortescue have been battling to curb costs...

  • TORONTO, April 12- Canada's main stock index notched its biggest jump in more than five weeks on Tuesday, bouncing higher as a spike in the price of oil boosted energy stocks and supported financials. The overall energy group surged 5.2 percent as oil prices hit four-month highs after a report that Russia and Saudi Arabia agreed to freeze output ahead of a meeting...

  • *Britain could invest to help purchaser of Tata steelworks. *Opposition Labour Party says Britain faces steel "emergency". LONDON, April 12- Britain said it could offer state loans to tempt a private bid for Tata's loss-making Port Talbot steelworks as Prime Minister David Cameron scrambles to save at least 10,000 jobs thrown into jeopardy by a global steel...

  • *Signs in China point to tightening local physical market. *Nickel to trade in $8000- $9000 a tonne range- Triland. "If oil keeps rising, the inflation risk is getting higher and it's hard to see a falling copper price," said Richard Fu, head of Asia and Pacific at Amalgamated Metal Trading in London.

  • KHOBAR, Saudi Arabia, April 12- Saudi Arabia has lifted a ban on exporting cement, a senior industry official was quoted as saying on Tuesday, while an industry source indicated a similar ban on steel has also been eased. Ahmed bin Abduh Zugail, who is chief executive of Yanbu Cement Co and the deputy head of the national committee of cement companies, told the Al...

  • SHANGHAI, April 12- Chinese courts have ordered cash-strapped Shandong Shanshui Cement Group Ltd to pay back its creditors 2.4 billion yuan, the company said in a statement posted on the Shanghai Clearing House website on Tuesday. Shandong Shanshui Cement's statement to the clearing house outlined the current status of almost 100 suits against the indebted...

  • *ChinaCoal Group unit does not specify source of funds. SHANGHAI, April 12- A unit of state-owned ChinaCoal Group said on Tuesday it will pay off principal and interest on overdue commercial debt on Wednesday in full, without specifying the source of its funds. ChinaCoal Group Shanxi Huayu Energy Co Ltd failed to pay 637.7 million yuan in principal and interest on...

  • April 12- Torex Gold Resources Inc said it will restart operations at a gold mine in Mexico on Thursday. Operations at its El Limon-Guajes mine, in the Guerrero Gold Belt southwest of Mexico City, had been suspended due to a blockade by three families demanding payments alleging environmental damages. The company said arrangements have been made to lift the...

  • SHANGHAI, April 12- Chinese state-owned steelmaker Sinosteel has once again postponed its deadline to pay off interest on 2 million yuan of enterprise bonds, the company said in a statement on the website of China's bond clearinghouse. The company became the first steel producer to default on domestic bonds on missing the initial deadline on Oct. 12, 2015 and...

  • *Signs in China point to tightening local physical market. *Nickel to trade in $8000- $9000 a tonne range- Triland. Three-month nickel on the London Metal Exchange rose 1.1 percent to $8,650 a tonne by 1012 GMT, after touching $8,670, the highest since March 29.

  • MOSCOW, April 12- A company controlled by Russian billionaire Roman Abramovich and partners has offered $158 million to buy 0.79 percent of shares in Norilsk Nickel to increase its stake in the mining giant to more than 6 percent, Norilsk said on Tuesday. Abramovich, owner of Chelsea soccer club, and his partners in Crispian Investments Limited already own 5.5...

  • SINGAPORE, April 12-- It would be easy to dismiss the assertion by BHP Billiton Chief Executive Andrew Mackenzie that commodity prices have bottomed as the wishful thinking of a mining executive keen to see some improvement in profit margins. For at least the past two years it has been virtually unrelenting doom and gloom in the sector, with any price rallies...

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