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.
Indian metallurgical coal imports have increased by 5.35% to 4.5 million tonnes (MnT) in Feb’19, as compared to 4.27 MnT in Jan’19, as per the latest vessel lineup data compiled by CoalMint Research.
This week Chinese steel market remained abuzz with news over reduction of VAT and Tangshan pollution alerts. HRC and rebar export offers moved up over active buying. Billet export offers also inched up this week. Coking coal offers inched up over resumption in buying from China.
Nippon Steel, the world’s third largest steel manufacturer has set a target to raise its crude steel output to 11 MnT per quarter in the fiscal year starting from 1 April 2019. The average of estimated quarterly output for the ongoing financial year 2019 comes in at 10.3 MnT.
Australia’s largest gold producer, Newcrest Mining (ASX: NCM), continued its deal-making spree Tuesday by setting a joint venture with Greatland Gold (LON:GGP), which will focus on advancing the explorer’s Havieron project in Western Australia's Paterson region.
Continuing macroeconomic uncertainty continues to dampen the northwest European hot-rolled coil (HRC) market.
Australia’s largest gold producer, Newcrest Mining, (ASX: NCM) is acquiring a 70% joint-venture interest in Imperial Metals’ (TSX: III) Red Chris copper and gold mine, located in British Columbia, Canada, as part of an ongoing push by the world’s top bullion miners to get even bigger.