IRON and STEEL
Japan's JFE Steel has agreed to a first-quarter 2019 contract price of $131/t fob Australia for semi-soft coking coal with Indonesian producer Adaro and Australian mining firm Stanmore Coal.
The settlement price was for an Adaro semi-soft product from Kalimantan in Indonesia and for the Issac Plains semi-soft brand from Stanmore, sources close to the negotiations said. It was not known if there was any progress on negotiations with Australian producer Glencore and Chinese-backed Yancoal.
Rival Japanese steel producer Nippon Steel and Sumitomo Metal are currently still in negotiations for fourth-quarter 2018 semi-soft prices.
JFE's January-March semi-soft settlement price is just $1/t higher than the company's previous settlement of $130/t fob with Stanmore Coal for October-December 2018.
On December 9, 2018, the merchant vessel Furness Victoria arrived at Kandla Port in Gujarat on the west coast of India. It carried about 52,000 MT of thermal coal that originated from New Zealand.
Australian iron ore producer Fortescue Metals has further narrowed discounts on its major products for February delivery, as demand for low-grade ores continues to be strong in the Chinese market.
Indian Iron & Steel market remained on down trend during the first week of 2019, as the prices dipped owing to lack of domestic & export inquiries. As per participants, the prices significant on down trend as supply is high, than the sluggish demand.
Energy Resources of Australia (ERA) is reviewing “all funding options” to pay for the full closure and rehabilitating of its Ranger uranium mine, after studies showed the cost would be almost A$300 million (about $213m) higher than previous estimates.
The world’s No.2 iron ore miner, Rio Tinto, (ASX, LON:RIO) was forced to close part of its Cape Lambert export terminal in Western Australia after a fire damaged part of the installations.
Canada’s Cobalt 27 Capital (TSXV: KBLT)(OTCQX: CBLLF)(FRA: 27O) is tapping into the lithium sector by acquiring a royalty of 1.5% of gross revenues and A$2 per tonne of ore mined at the Mount Marion lithium project in Western Australia, the latest in a series of major deals the company has announced in less than a year.