Mining giant BHP Billiton enjoyed a 16% year-on-year increase in iron ore production in June, but the company is concerned that the good times may not last. Metallurgical coal production was also up 16%. Output has consistently risen over the last three months, and total output for the last 12 months has set a new [...]
Baoshan Iron and Steel will increase cold-rolled steel product prices in May to pass the higher costs of iron ore and coking coal on to customers. The company plans to raise prices by RMB200 ($29) per metric ton. Hot-rolled prices will remain unchanged. Cold-rolled steel is used to make automobiles and appliances, and Baoshan Steel [...]
Sinochem International is among more than 20 companies implicated in the Rio Tinto bribery case that resulted in jail terms for four Rio Tinto employees, including Australia citizen Stern Hu. According to an unnamed source who has seen court documents, reported that the documents “showed clearly the details of the bribes,” including a $9 million [...]
The China Iron and Steel Association (CISA) has asked steel companies and traders with import licenses to boycott iron ore from Vale, Rio Tinto and BHP Billiton to protest a “monopoly in the iron ore market.” CISA Director Shan Shanghua asked that mills and traders boycott the miners for two months after the April 1 [...]
Zhejiang Ocean Shipping (Zosco) is planning to list on the Shanghai Stock Exchange in 2010. The firm’s initial public offering (IPO) will raise up to $293 million in capital to fund the company’s new purchase of 10 Capesize bulk carriers, due in 2012. Zosco, which focuses on transporting coal and iron ore, is the largest [...]
As the Rio Tinto trial kicks off in Shanghai, there’s still little sign of agreement between China and the big mining companies on the annual iron ore contract price. Indeed, as Michelle Applebaum at Steel Market Intelligence points out, the annual benchmark price has now evolved into a quarterly spot price, which is up around [...]
China, the world’s largest consumer of iron ore, will stick to its annual pricing system and may take “trade action” to support domestic steelmakers’ negotiations with foreign suppliers. Major foreign iron ore producers are seeking to shorten the pricing contract period after spot prices increased to twice that of annual contract amounts. Brazilian iron ore [...]
JPMorgan analysts said in a March 12 report that Chinese demand may drive contract iron ore prices up 65% this year. Their original forecast was for an increase of 20%. Steelmakers may pay $1.59 per dry metric ton as of April 1. “Chinese steel production has surprised post crisis and continues at a pace fast [...]
A short-term supply contract for coking coal has been reached between mining giant BHP Billiton and customers in Europe, China, India and Japan. The three-month contracts are a break away from annual pricing, and a significant victory for Melbourne-based BHP, who have been pushing for shorter term contracts in negotiations. In a statement, BHP said [...]
The four Rio Tinto employees detained by Chinese authorities in July will be prosecuted on charges of bribery and violating commercial secrets. Prosecutors allege that the four men, including Stern Hu, an Australian national, on multiple occasions solicited and accepted huge bribes from several Chinese steel firms and used improper means to obtain Chinese commercial [...]
