Metals and Mining Steel Producers

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  • BEIJING, May 14- China produced 268 million tonnes of coal in April, down 11 percent on the year, the National Bureau of Statistics said on Saturday, with producers cutting back in a concerted effort to shore up prices. China's coal sector has been struggling with a massive capacity glut and miners have been encouraged to cut production to shore up domestic prices,...

  • BEIJING, May 14- China produced 69.42 million tonnes of crude steel in April, up 0.5 percent on the year, the statistics bureau said on Saturday, with mills defying a sector slowdown in order to take advantage of higher profit margins. China has faced growing international pressure to tackle a colossal capacity glut in the steel sector, and aims to shut 100-150...

  • MOSCOW, May 13- Indebted Russian coal and steel producer Mechel's core earnings jumped 54 percent year-on-year in 2015 due to increased returns on investments that previously threatened to sink the company. The mining company, controlled by businessman Igor Zyuzin, borrowed heavily before Russia's economic crisis and has struggled to keep up repayments as...

  • Weakening fundamentals along with strong measures by Chinese exchanges to stamp out speculative activity have helped reverse momentum in China's massive commodity futures markets from bullish to bearish in less than a month. Malaysian palm oil futures, the global benchmark for the commodity, fell more than 2 percent on Friday, with traders blaming a 4...

  • Weakening fundamentals along with strong measures by Chinese exchanges to stamp out speculative activity have helped reverse momentum in China's massive commodity futures markets from bullish to bearish in less than a month. Malaysian palm oil futures, the global benchmark for the commodity, fell more than 2 percent on Friday, with traders blaming a 4...

  • BRUSSELS— European Union lawmakers have voted against granting market economy status to China in a blow to Beijing's hopes to win the stamp of economic approval by December. They noted that 56 of the EU's current 73 anti-dumping measures apply to imports from China. China is the EU's second biggest trading partner, with daily trade flows worth more than 1...

  • NEW DELHI, May 12- New Delhi urged South Korean steelmaker POSCO last month to buy local raw material for its automotive steel plant in western India, two government sources said, trying to cut imports and boost domestic production of high-value steel. New Delhi also initiated probes into the possible dumping of cheap steel into India by China, Japan and South...

  • *China approves 13 fixed-asset investment projects. Other base metals prices had support from China's announcement of new spending measures to shore up its struggling economy, highlighting the potential for metals demand. Certainly stocks have started to fall both in China and in London, "said Caroline Bain, senior commodities economist at Capital...

  • *Many blame China overcapacity for global glut. China, the world's top steel producer and exporter, is also the fifth-largest importer of steel, buying an equivalent of 13.57 million tonnes of crude steel last year. Last month, China and other major steel producers failed to agree on measures to tackle the overcapacity crisis, prompting the United States,...

  • *Rebar, iron ore prices down 23 pct from April peaks. MANILA/ BEIJING, May 11- Only a month ago, Chinese commodities prices were skyrocketing, led by a stampede of speculative investors betting on early signs of recovery in the world's second-biggest economy. The half-dead steel mills that reopened will make big losses- they are uneconomic, "said Xu Zhongbo, head of...

  • BRASILIA, May 10- Brazilian stocks and the real jumped on Tuesday as impeachment proceedings against leftist President Dilma Rousseff got back on track, fueling optimism that a new pro-market administration could take over on Thursday. On Tuesday, Attorney General Eduardo Cardozo, the government's top lawyer, asked the Supreme Court to annul impeachment...

  • XIANGFEN COUNTY, China, May 11- When falling commodity prices and listless demand forced China's Shanxi Zhongsheng Steel Co Ltd to close in October, it was sitting on roughly enough unsold steel to lay high-speed train tracks from San Francisco to the Mexican border. China supplies half the world's steel and despite global oversupply, produced a record amount...

  • *JSW Group one of India's most indebted conglomerates. MUMBAI/ NEW DELHI, May 10- India's JSW Steel Ltd has bid for the British operations of Tata Steel Ltd, two sources with direct knowledge of the matter confirmed on Tuesday, prompting concerns about its debt levels and putting pressure on its shares. JSW Steel said in a statement it was evaluating UK steel assets...

  • *JSW Group one of India's most indebted conglomerates. MUMBAI/ NEW DELHI, May 10- India's JSW Steel Ltd has bid for the British operations of Tata Steel Ltd, two sources with direct knowledge of the matter confirmed, worrying bankers about its high debt levels and pulling down JSW shares on Tuesday. Mumbai- based JSW Steel unsuccessfully bid in 2014 to buy some assets...

  • *Iron ore in Dalian down more than 4 pct at close. Retail buyers rushed into China's commodities futures in April, hoping a stabilizing economy would boost demand for raw materials, lifting prices and volumes of everything from steel to cotton. China's main commodity exchanges in Dalian, Shanghai and Zhengzhou have since imposed measures to rein in speculative...

  • Thyssenkrupp reduces full year guidance

    Guido Kerkhoff, CFO of Thyssenkrupp, explains why the steel producer has cut its profit forecast on the back of falling earnings.

  • Pisani: China growth still an issue

    CNBC's Bob Pisani looks at market action today as commodity issues in China are affecting the materials sector in the U.S.

  • *Mining shares hit by weak China data. LONDON, May 9- Britain's top share index closed lower on Monday, extending its biggest weekly drop since February, as a slump in mining stocks outweighed a rally in travel and leisure stocks. The UK mining index slumped 7.9 percent on poor China trade data and a stronger dollar.

  • *Stainless steel mills unconvinced by China industrial activity. LONDON, May 9- Copper hit its lowest in nearly a month on Monday as weak trade data from top consumer China highlighted poor demand growth prospects and the dollar rose after a Fed official kept rate hike expectations intact. Benchmark copper on the London Metal Exchange was down 1.8 percent at...

  • SHANGHAI/ SINGAPORE, May 9- Chinese commodities dived on Monday, led by 6 percent falls in steel and iron ore futures, as deepening worries about China's demand extended a fortnight of sharp drops and false rebounds in the country's market for industrial metals. Speculative funds rushed into China's commodities futures last month, betting the country's...