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Metals and Mining Steel Producers

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  • Iron ore in fresh crisis as forward prices crumble Thursday, 9 Apr 2015 | 5:00 PM ET

    Prices of the steel-making ingredient for immediate delivery have slumped 60 percent over the past year as demand particularly from China slowed rapidly. A combination of factors brought about the recent capitulation in forward prices, most notably news that China plans to subsidise its iron ore sector to protect its flagging steel industry.

  • LONDON, April 8- The iron ore casualties are piling up as the price plumbs ever new depths. The price of benchmark 62 percent ore as assessed by The Steel Index is now trading below $50 per tonne, which is the lowest level since TSI started compiling spot market prices in 2008.. Just in the last week Canada's Labrador Iron Mines has initiated a court-supervised...

  • *Seeks debt repayment holiday until January 2016. MOSCOW, April 8- Left with barely any cash as a result of Ukraine's economic and political turmoil, the country's largest steel company, Metinvest, has asked creditors for a timeout on repayments. Falling output, collapsed domestic demand and weaker prices on the global market have forced Metinvest-- owned by one of...

  • MELBOURNE, April 8- Shanghai nickel slid more than 3 percent on Wednesday, echoing losses in London, on concerns that China's struggling construction sector would corrode demand. *The most-traded nickel contract on the Shanghai Futures Exchange had dropped 3 percent to 93,880 yuan a tonne by 0145 GMT, following similar losses in London. *The most-traded June...

  • -Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, April 7- Coking coal prices are yet to show signs of bottoming with bearish signals from both contract talks between Australian producers and Japanese buyers as well as Chinese demand. Hard coking coal for second quarter delivery was settled at $109.50 a tonne free-on-board between producer BHP...

  • SINGAPORE, April 7- Chinese steelmakers are unwittingly helping the world's biggest iron ore miners tighten their grip on global production by demanding to pay for shipments of the raw material based closely on depressed spot prices. The three largest and most profitable iron ore producers- Australia's Rio Tinto and BHP Billiton, along with Brazil's Vale-...

  • Japan's crude steel output for April-June is forecast to drop 7.8 percent from a year earlier to the lowest for the quarter in six years, the Ministry of Economy, Trade and Industry said on Thursday. The fall would mark the latest in a series of signs of economic slowdown, clouding the outlook for Prime Minister Shinzo Abe's drive to reflate the economy and...

  • RIO DE JANEIRO, March 30- Nippon Steel& Sumitomo Metal Corp said on Monday it had reported Ternium SA to Brazil's CVM market regulator for transferring to third parties shares in steelmaker Usiminas, which they jointly control, before a vote to elect a new chairman next week. The Japanese steelmaker said Ternium's move was an attempt to influence the vote for a new...

  • SYDNEY, April 1- A half-decade after insulating Australia from the worst of the global financial crisis, the mining state of Western Australia is for the first time being forced to defer much-needed royalties as iron ore prices plummet. Western Australia- five times the size of Texas- counts on royalties from mining companies for tens of thousands of jobs and...

  • *China official PMI edges up to 50.1 in March. *China bonded nickel premiums jump $15 on bargain-hunting. MELBOURNE, April 1- London copper prices steadied on Wednesday after Chinese factory activity performed a fraction better than expected, while nickel plumbed new six-year lows as China nickel pig iron producers sold stocks to raise cash.

  • Nippon Steel says sought injunction against Ternium Tuesday, 31 Mar 2015 | 8:20 PM ET

    RIO DE JANEIRO, March 31- Nippon Steel& Sumitomo Metal Corp said on Tuesday it was seeking an injunction against Ternium SA in Brazil for transferring shares in steelmaker Usiminas, which they jointly control, to third parties. The injunction sought from a court in Minas Gerais state on Monday comes after the Japanese steelmaker reported Ternium to Brazil's CVM...

  • RIO DE JANEIRO, March 30- Nippon Steel& Sumitomo Metal Corp said on Monday it had reported Ternium to Brazil's CVM market regulator for transferring to third parties shares in steelmaker Usiminas, which they jointly control, before a vote to elect a new chairman next week. The Japanese steelmaker said Ternium's move was an attempt to influence the vote for a new...

  • LONDON, March 30- Nickel hit its lowest in nearly six years on Monday, as faltering demand for stainless steel and worries that a new tax in Malaysia might push metal into the market dented sentiment. In Malaysia, which stores almost half of the LME's nickel inventories at around 210,000 tonnes, a new government tax may force owners to sell metal rather than bear the...

  • MELBOURNE, March 30- London nickel slid to its weakest in nearly six years on Thursday, hit by faltering demand for stainless steel and worries that a new tax in Malaysia may push metal into the market. "A weak macroeconomic environment and demand data out of China in combination with worries about the Malaysian tax gave enough ammunition for the shorts to come in,"...

  • LONDON, March 27- It's been over a year now since Indonesia imposed its ban on the export of unprocessed minerals. Other resource-rich countries, such as the Democratic Republic of Congo, are traveling the same road but Indonesia is way out in front. The country's two top copper miners, Freeport McMoRan and Newmont Indonesia, have been successfully cajoled into...

  • BEIJING, March 27- China's industrial profits fell 4.2 percent in January-February from a year earlier as the economy slowed and profit margins deteriorated, moderating from an 8 percent drop in December but still the sharpest decline in the first two months since 2012.. Industrial firms made a combined profit of 745.2 billion yuan in January-February, the...

  • HOUSTON, March 26- Motiva Enterprises said on Thursday that operations at its Convent and Norco, Louisiana, refineries will be integrated to take advantage of increased production of lower-cost U.S. shale oil. Gas oil produced by the Convent refinery will go to the expanded hydrocracker and 112,000 bpd catalytic cracking unit at the Norco plant.

  • By Manolo Serapio Jr SINGAPORE, March 26- Stocks of imported iron ore at ports in China, the world's biggest consumer, have stuck at or below the 100 million tonne mark since the start of the year. Iron ore stockpiles at Chinese mills and domestic mines have similarly declined, Citigroup said. But in the iron ore market, the typical inverse relationship between...

  • HOUSTON, March 25- Striking workers at Tesoro Corp's Martinez, California, refinery have ratified a new contract, ending a 52- day strike at that plant, the United Steelworkers union said on Wednesday. USW members at the Martinez refinery were the last of three Tesoro groups to approve the contract based on a tentative national agreement reached between the...

  • March 25- United States Steel Corp said it would consolidate its North American flat-rolled operations and temporarily idle its operations at Granite City, Illinois, citing weak demand and falling steel prices. A stronger dollar has made imports cheaper and steel from China has been flooding the U.S. market in the past few quarters, hurting prices and leading...