Monday, 13 Feb 2012
Germany's biggest program of solar and wind power production has driven European coal prices below South Africa's for the first time in 10 months.
According to IHS McCloskey data, coal in northwest Europe cost USD 3.55 a metric tonne less than supplies from South Africa's Richards Bay yesterday, the widest discount for next-month prices since May 5, 2010. According to Barclays Plc, the difference is likely to keep increasing as European demand weakens and Asia boosts imports from South Africa.
Mr Bevan Jones a general manager at London Commodity Brokers Ltd said that “Producers are asking themselves if this is a seismic shift, and I think this move probably is sustainable.” He said that “Europe remains well supplied by the US, Colombia and Russia, while demand is on its weak side. Meanwhile, demand is consistent in Asia.”
Coal prices in Europe have fallen 7.5% this year as nations increase the amount of energy they get from alternative sources. Germany, the continent's biggest power market, installed a record 3,000 megawatts of new solar panels in December, the Bonn-based Bundesnetzagentur, the network regulator. Coal stockpiles at the biggest storage site in the Netherlands are 6.7% above year ago levels, according to Europees Massagoed-Overslagbedrijf BV, which operates the terminal.
(Sourced from Bloomberg)
Showing posts with label Russia. Show all posts
Showing posts with label Russia. Show all posts
Monday, February 13, 2012
Thursday, November 3, 2011
Greece crisis: Greece exit from euro possible: France, Germany
Thu, 3 Nov, 2011
CANNES, France: European leaders' long-delayed admission that a break-up of their cherished common currency was a distinct possibility is overshadowing a two-day meeting of the world's largest and fastest growing economies beginning Thursday in this Cote d'Azur resort.
French President Nicolas Sarkozy will welcome Barack Obama of the US, Hu Jintao of China as well as the leaders of India, Brazil, Russia and the other members of the Group of 20 leading world economies in the city made famous by its annual film festival, but the event is far from the star turn the unpopular French leader had hoped to make six months before he faces a tough re-election vote.
Sarkozy and other top EU officials have long held that it was unthinkable for Greece to quit the euro because it would be, Sarkozy has said, ``a failure of Europe.''
But in a late-night press conference with German chancellor Angela Merkel Wednesday, the leaders signalled for the first time that Greece's exit from the euro was indeed possible.
Saying that Europe had ``done everything we could'' to keep Greece in the eurozone, Sarkozy said ``now it is up to them to decide if they want to stay in the euro with us.''
That shift was prompted by the shock decision of Greek Prime Minister George Papandreou to call a controversial referendum on his country's $130 billion European bailout plan in early December that caught European leaders completely off guard and scrambling for a response.
Papandreou's stunning announcement Monday that he would stage a referendum roiled world financial markets and threw into question an ambitious and costly European deal worked out in torturous negotiations a week ago.
Merkel confirmed that Greece did not inform the rest of the eurozone about the referendum. ``This did not happen in a coordinated fashion,'' she said.
She and Sarkozy summoned Papandreou to Cannes for talks Wednesday at which European leaders expressed their anger and pressed him to hold the referendum as soon as possible.
A ``no'' vote in the referendum would have enormous consequences not just for Greece but for the rest of Europe. It could lead to a disorderly Greek default, force Greece out of the 17-nation eurozone, topple many fragile European banks and send the global economy spinning back into recession.
Sarkozy's office announced yet another round of discussions about Greece for Thursday morning, with Germany, Italy, Spain, the IMF and the European Union. The talks will notably not include Greece itself.
Playing hardball, eurozone officials said an (euro) 8 billion ($11 billion) loan that Greece needs within weeks to avoid bankruptcy was conditional on Greece backing the latest rescue deal.
Sarkozy had hoped the meeting of leaders of the Group of 20 leading world economies, in Cannes on Thursday and Friday, would be Europe's chance to assure the rest of the world that a comprehensive plan to deal with its debt crisis had finally been reached after nearly two years of half-measures and procrastination.
Papandreou's gambit ended that lofty ambition and likely derailed Sarkozy's hopes of transforming a successful summit into a boost to his own re-election chances.
The G-20 leaders are slated to discuss food security, reform of the international monetary system and the volatility of commodity prices _ none of which is expected to get much attention or produce any solid conclusions at a summit so dominated by the European quagmire.
Anti-capitalist protesters have not been cowed by the European debt drama, and have staged demonstrations demanding a tax on all financial transactions, an end to tax havens and more aid for development.
(sourced EconomicTimes)
CANNES, France: European leaders' long-delayed admission that a break-up of their cherished common currency was a distinct possibility is overshadowing a two-day meeting of the world's largest and fastest growing economies beginning Thursday in this Cote d'Azur resort.
French President Nicolas Sarkozy will welcome Barack Obama of the US, Hu Jintao of China as well as the leaders of India, Brazil, Russia and the other members of the Group of 20 leading world economies in the city made famous by its annual film festival, but the event is far from the star turn the unpopular French leader had hoped to make six months before he faces a tough re-election vote.
Sarkozy and other top EU officials have long held that it was unthinkable for Greece to quit the euro because it would be, Sarkozy has said, ``a failure of Europe.''
But in a late-night press conference with German chancellor Angela Merkel Wednesday, the leaders signalled for the first time that Greece's exit from the euro was indeed possible.
Saying that Europe had ``done everything we could'' to keep Greece in the eurozone, Sarkozy said ``now it is up to them to decide if they want to stay in the euro with us.''
That shift was prompted by the shock decision of Greek Prime Minister George Papandreou to call a controversial referendum on his country's $130 billion European bailout plan in early December that caught European leaders completely off guard and scrambling for a response.
Papandreou's stunning announcement Monday that he would stage a referendum roiled world financial markets and threw into question an ambitious and costly European deal worked out in torturous negotiations a week ago.
Merkel confirmed that Greece did not inform the rest of the eurozone about the referendum. ``This did not happen in a coordinated fashion,'' she said.
She and Sarkozy summoned Papandreou to Cannes for talks Wednesday at which European leaders expressed their anger and pressed him to hold the referendum as soon as possible.
A ``no'' vote in the referendum would have enormous consequences not just for Greece but for the rest of Europe. It could lead to a disorderly Greek default, force Greece out of the 17-nation eurozone, topple many fragile European banks and send the global economy spinning back into recession.
Sarkozy's office announced yet another round of discussions about Greece for Thursday morning, with Germany, Italy, Spain, the IMF and the European Union. The talks will notably not include Greece itself.
Playing hardball, eurozone officials said an (euro) 8 billion ($11 billion) loan that Greece needs within weeks to avoid bankruptcy was conditional on Greece backing the latest rescue deal.
Sarkozy had hoped the meeting of leaders of the Group of 20 leading world economies, in Cannes on Thursday and Friday, would be Europe's chance to assure the rest of the world that a comprehensive plan to deal with its debt crisis had finally been reached after nearly two years of half-measures and procrastination.
Papandreou's gambit ended that lofty ambition and likely derailed Sarkozy's hopes of transforming a successful summit into a boost to his own re-election chances.
The G-20 leaders are slated to discuss food security, reform of the international monetary system and the volatility of commodity prices _ none of which is expected to get much attention or produce any solid conclusions at a summit so dominated by the European quagmire.
Anti-capitalist protesters have not been cowed by the European debt drama, and have staged demonstrations demanding a tax on all financial transactions, an end to tax havens and more aid for development.
(sourced EconomicTimes)
Saturday, October 29, 2011
Japan's Sept coking coal imports by source
Sat,Oct29, 2011
TOKYO(Reuters) - Following is a table of coking coal imports for September released by Japan's Ministry of Finance on Friday.
Figures are converted from yen to dollars using Japan Customs' official conversion rate. Volumes are in tonnes.
TOKYO(Reuters) - Following is a table of coking coal imports for September released by Japan's Ministry of Finance on Friday.
Figures are converted from yen to dollars using Japan Customs' official conversion rate. Volumes are in tonnes.
Country Sept Sept Aug Aug M/M Yr/Yr YTD YTD YTD (Yr/Yr %)
Name Tonnes $/Tonne Tonnes $/Tonne % % Tonnes $/Tonne Tonnes
China 3,287 274.62 98,740 153.31 -96.7 952,382 256.03 101.7
Mongolia - - - -100.0
Indonesia 1,154,996 146.21 1,190,021 139.47 -2.9 -8.7 10,923,282 129.18 -21.6
India - - 1 7,663.54 -100.0
Russia 265,332 269.28 228,585 305.84 16.1 85.8 1,963,922 246.26 21.0
Canada 440,902 313.80 848,777 303.11 -48.1 -13.4 5,388,836 264.89 -21.8
USA 227,390 264.14 500,651 279.37 -54.6 -37.1 4,300,965 257.58 123.2
Mexico - - 75,764 301.31
Columbia - - 61,844 296.64
Australia 3,285,048 273.16 3,153,109 285.38 4.2 -4.2 27,226,212 241.95 -16.5
New Zealand - - -100.0 253,020 245.66 -27.2
Total 5,376,955 248.65 6,019,883 257.15 -10.7 -6.8 51,146,228 222.20 -11.6
(sourced Reuters)
Saturday, October 22, 2011
Serbia and China ink deal for coal plant and mine
Saturday, 22 Oct 2011
Reuters reported that Serbia power utility Elektroprivreda Srbije has signed a preliminary deal with a Chinese consortium to jointly build a 744 megawatt coal fired unit at an estimated cost of more than EUR 2 billion.
EPS said in a statement under the deal, the consortium that includes China Environmental Energy Holdings Co Ltd and Shenzhen Energy Group Co Ltd and EPS will form a joint venture for the future project.
It said the project includes the construction of the coal fired unit in the South Western town of Obrenovac part of its Nikola Tesla power complex and upgrade of the Radeljevo coal mine that will feed the plant.
EPS said it also agreed with Chinese partners to define future cooperation on a number of renewable energy projects in particular biomass but provided no further detail.
The deal is the latest in a series of energy projects agreed over the past two years with China which was considered the Balkan nation closest ally, along with Russia when Serbia faced international isolation in the 1990s.
Serbia produces 70% of its power in coal-fired plants and the rest from hydro power in 2010, EPS produced 36 GWh of electricity or 1% above the target with hydro output hitting a record level.
It urgently needs to upgrade its energy infrastructure, damaged and mismanaged during the Balkan wars of 1990s to meet growing demand and reduce future reliance on imports.
(Sourced from Reuters)
Reuters reported that Serbia power utility Elektroprivreda Srbije has signed a preliminary deal with a Chinese consortium to jointly build a 744 megawatt coal fired unit at an estimated cost of more than EUR 2 billion.
EPS said in a statement under the deal, the consortium that includes China Environmental Energy Holdings Co Ltd and Shenzhen Energy Group Co Ltd and EPS will form a joint venture for the future project.
It said the project includes the construction of the coal fired unit in the South Western town of Obrenovac part of its Nikola Tesla power complex and upgrade of the Radeljevo coal mine that will feed the plant.
EPS said it also agreed with Chinese partners to define future cooperation on a number of renewable energy projects in particular biomass but provided no further detail.
The deal is the latest in a series of energy projects agreed over the past two years with China which was considered the Balkan nation closest ally, along with Russia when Serbia faced international isolation in the 1990s.
Serbia produces 70% of its power in coal-fired plants and the rest from hydro power in 2010, EPS produced 36 GWh of electricity or 1% above the target with hydro output hitting a record level.
It urgently needs to upgrade its energy infrastructure, damaged and mismanaged during the Balkan wars of 1990s to meet growing demand and reduce future reliance on imports.
(Sourced from Reuters)
Thursday, October 6, 2011
Moldavian Steel Works’ crude steel output up 46 percent in September over August
Thu, 06 October 2011
In September this year, Moldavian Metallurgical Works (MMZ), a steelmaker based in the Transnistrian region of Moldova, produced 62,675 mt of crude steel (up 45.9 percent month on month) and 54,387 mt of rolled steel (up 11.2 percent month on month), including 30,218 mt of reinforcing bar and 24,169 mt of rod.
In October, MMZ plans to decrease production amid the unfavourable situation in the global market and will focus on production of rod from high-carbon steel grades. The company will ship material to Russia, Ukraine, Africa, the EU and Latin America in October.
Tags: rebar , raw mat , longs , Moldova , CIS , production , steelmaking , crude steel , Moldavian Metallurgical Works
(sourced steelorbis)
In September this year, Moldavian Metallurgical Works (MMZ), a steelmaker based in the Transnistrian region of Moldova, produced 62,675 mt of crude steel (up 45.9 percent month on month) and 54,387 mt of rolled steel (up 11.2 percent month on month), including 30,218 mt of reinforcing bar and 24,169 mt of rod.
In October, MMZ plans to decrease production amid the unfavourable situation in the global market and will focus on production of rod from high-carbon steel grades. The company will ship material to Russia, Ukraine, Africa, the EU and Latin America in October.
Tags: rebar , raw mat , longs , Moldova , CIS , production , steelmaking , crude steel , Moldavian Metallurgical Works
(sourced steelorbis)
Friday, August 26, 2011
Fresh fears of Greek default as Finns hold out in collateral dispute
August 26, 2011
By Riva Froymovich, The Australian
EURO-ZONE policy makers appeared no nearer to settling a dispute over Finland's collateral demands in exchange for participating in a bailout for Greece, raising concerns that Athens may default.
Markets have grown more worried about the potential for a Greek debt default amid an apparent lack of progress in resolving the collateral issue this week.
Finland, meanwhile, shows no sign of backing down.
German Chancellor Angela Merkel also unexpectedly cancelled a trip to Russia in early September to shepherd through parliament a crucial change to the euro-zone bailout fund.
The cancellation comes at a sensitive time for relations with Russia, and amid growing nervousness about dissent within the ranks of her own party over her handling of the euro-zone debt crisis.
"The date collides with the introduction of the (European Financial Stability Facility) treaty into the Bundestag," a German government official said, adding that the chancellor wants to stay in Berlin due to the significance of the issue.
Yields on Greek two-year bonds rocketed to a record of over 43 per cent, according to Tradeweb, and the cost of insuring Greek government bonds against default also rose sharply.
Greek five-year sovereign credit-default swaps were 1.37 percentage points wider at 22.75 percentage points, according to Markit.
No multi-lateral talks on the collateral issue took place Wednesday or Thursday, a person familiar with the situation said, despite an initial intention to hash out an agreement by the weekend.
However, the person didn't rule out the possibility that bilateral talks are under way.
Euro-zone governments are looking into alternative forms of collateral after a cash deal reached earlier between Greece and Finland was rejected by key member countries, including Germany and the Netherlands.
Under terms of that deal, Greece would pay Finland hundreds of millions of euros from its bailout loans as collateral for those same loans at the expense of other euro-zone countries.
Since Finland is set to contribute just 2 per cent of Greece's total rescue package, guarantees from the richer euro-zone nations would be going directly to Finland.
The collateral dispute, if not resolved soon, could derail a second bailout package for Greece agreed by euro-zone leaders on July 21.
Without support from all 17 euro-zone countries, no funds can be released, while changes to the European Financial Stability Facility, the currency bloc's bailout fund, can't go forward either.
At last month's summit, leaders agreed to expand the fund and make it more flexible, so that it could buy bonds on the secondary market and provide credit lines to countries locked out of markets.
National parliaments across the euro area must approve the changes, however, and the collateral issue must be settled before the final EFSF proposal is written.
The European Commission, the EU's executive branch, has asked that all the details for the EFSF legislation be clarified by the end of August.
German officials have said they expect to approve the new EFSF at a cabinet meeting on Wednesday.
A parliamentary vote is likely to take place September 23.
A commission spokesman said that there is no formal deadline for concluding talks.
Still, "it's good for that to be done toward the end of the month," he said.
Germany insists on a solution acceptable to all euro-zone countries.
The International Monetary Fund, which has been contributing to Greek bailout loans, opposes any deal that would threaten its preferred-creditor status, which ensures the fund is always first to be repaid.
Finland said that it continues discussions with Greece and other euro-zone countries to find a solution. Officials refrained from further comment.
"The issue has become so politicised that no one here at the Finance Ministry wants to talk about it at the moment," said Anita Sihvola, a spokeswoman for the Finnish finance ministry.
On Wednesday, Finnish Finance Minister Jutta Urpilainen reiterated that Finland would not take part in the €110 billion Greek ($150bn) bailout unless it obtained collateral.
Finland's policy is partly the result of April's general election, in which support for the True Finns Party, which opposed the Greek bailout, soared to 19 per cent from 4.1 per cent in 2007.
The True Finns finished third, and the election led to a new government coalition of six parties.
Euro-zone officials have indicated they are exploring other forms of collateral, such as state property or other non-cash assets.
But this option would be anathema in Greece, especially as many of the government's assets are already earmarked for privatisation.
The government has strongly opposed any deals that would involve putting up Greek land or real estate as collateral, viewing the step as a threat to the country's territorial sovereignty.
"It seems that a possible outcome is either collateral for all member states or no country will get it," said a second person familiar with the matter.
By Riva Froymovich, The Australian
EURO-ZONE policy makers appeared no nearer to settling a dispute over Finland's collateral demands in exchange for participating in a bailout for Greece, raising concerns that Athens may default.
Markets have grown more worried about the potential for a Greek debt default amid an apparent lack of progress in resolving the collateral issue this week.
Finland, meanwhile, shows no sign of backing down.
German Chancellor Angela Merkel also unexpectedly cancelled a trip to Russia in early September to shepherd through parliament a crucial change to the euro-zone bailout fund.
The cancellation comes at a sensitive time for relations with Russia, and amid growing nervousness about dissent within the ranks of her own party over her handling of the euro-zone debt crisis.
"The date collides with the introduction of the (European Financial Stability Facility) treaty into the Bundestag," a German government official said, adding that the chancellor wants to stay in Berlin due to the significance of the issue.
Yields on Greek two-year bonds rocketed to a record of over 43 per cent, according to Tradeweb, and the cost of insuring Greek government bonds against default also rose sharply.
Greek five-year sovereign credit-default swaps were 1.37 percentage points wider at 22.75 percentage points, according to Markit.
No multi-lateral talks on the collateral issue took place Wednesday or Thursday, a person familiar with the situation said, despite an initial intention to hash out an agreement by the weekend.
However, the person didn't rule out the possibility that bilateral talks are under way.
Euro-zone governments are looking into alternative forms of collateral after a cash deal reached earlier between Greece and Finland was rejected by key member countries, including Germany and the Netherlands.
Under terms of that deal, Greece would pay Finland hundreds of millions of euros from its bailout loans as collateral for those same loans at the expense of other euro-zone countries.
Since Finland is set to contribute just 2 per cent of Greece's total rescue package, guarantees from the richer euro-zone nations would be going directly to Finland.
The collateral dispute, if not resolved soon, could derail a second bailout package for Greece agreed by euro-zone leaders on July 21.
Without support from all 17 euro-zone countries, no funds can be released, while changes to the European Financial Stability Facility, the currency bloc's bailout fund, can't go forward either.
At last month's summit, leaders agreed to expand the fund and make it more flexible, so that it could buy bonds on the secondary market and provide credit lines to countries locked out of markets.
National parliaments across the euro area must approve the changes, however, and the collateral issue must be settled before the final EFSF proposal is written.
The European Commission, the EU's executive branch, has asked that all the details for the EFSF legislation be clarified by the end of August.
German officials have said they expect to approve the new EFSF at a cabinet meeting on Wednesday.
A parliamentary vote is likely to take place September 23.
A commission spokesman said that there is no formal deadline for concluding talks.
Still, "it's good for that to be done toward the end of the month," he said.
Germany insists on a solution acceptable to all euro-zone countries.
The International Monetary Fund, which has been contributing to Greek bailout loans, opposes any deal that would threaten its preferred-creditor status, which ensures the fund is always first to be repaid.
Finland said that it continues discussions with Greece and other euro-zone countries to find a solution. Officials refrained from further comment.
"The issue has become so politicised that no one here at the Finance Ministry wants to talk about it at the moment," said Anita Sihvola, a spokeswoman for the Finnish finance ministry.
On Wednesday, Finnish Finance Minister Jutta Urpilainen reiterated that Finland would not take part in the €110 billion Greek ($150bn) bailout unless it obtained collateral.
Finland's policy is partly the result of April's general election, in which support for the True Finns Party, which opposed the Greek bailout, soared to 19 per cent from 4.1 per cent in 2007.
The True Finns finished third, and the election led to a new government coalition of six parties.
Euro-zone officials have indicated they are exploring other forms of collateral, such as state property or other non-cash assets.
But this option would be anathema in Greece, especially as many of the government's assets are already earmarked for privatisation.
The government has strongly opposed any deals that would involve putting up Greek land or real estate as collateral, viewing the step as a threat to the country's territorial sovereignty.
"It seems that a possible outcome is either collateral for all member states or no country will get it," said a second person familiar with the matter.
Wednesday, April 6, 2011
Russia suspends seafood imports from Japan amid radiation fears
Wednesday, April06, 2011 22:42:53 |English.news.cn
MOSCOW, April 6 (Xinhua) -- Russia had suspended seafood imports from 242 Japanese companies due to fears of radiation contamination, Russia's food safety and sanitary watchdog, Rosselkhoznadzor, said in a Wednesday statement.
"The restrictions were introduced after an analysis of threats and risks which arose after the accident at the Fukushima-1 nuclear power plant," the statement said.
However, Rosselkhoznadzor didn't say how long the ban would last.
According to local reports, Russia imported 57,000 tons of seafood from Japan last year.
Earlier this month, Japan called for calm over radiation concerns, but is itself considering imposing radioactivity restrictions on seafood for the first time after contaminated fish were found.
Also on Wednesday, the Fukushima plant's operator, Tokyo Electric Power Co., said it had stopped highly radioactive water from flowing into the Pacific Ocean from the crippled plant by injecting a chemical compound. Editor: yan sourced: xinhua
MOSCOW, April 6 (Xinhua) -- Russia had suspended seafood imports from 242 Japanese companies due to fears of radiation contamination, Russia's food safety and sanitary watchdog, Rosselkhoznadzor, said in a Wednesday statement.
"The restrictions were introduced after an analysis of threats and risks which arose after the accident at the Fukushima-1 nuclear power plant," the statement said.
However, Rosselkhoznadzor didn't say how long the ban would last.
According to local reports, Russia imported 57,000 tons of seafood from Japan last year.
Earlier this month, Japan called for calm over radiation concerns, but is itself considering imposing radioactivity restrictions on seafood for the first time after contaminated fish were found.
Also on Wednesday, the Fukushima plant's operator, Tokyo Electric Power Co., said it had stopped highly radioactive water from flowing into the Pacific Ocean from the crippled plant by injecting a chemical compound. Editor: yan sourced: xinhua
Tuesday, March 29, 2011
China may face up to 56 mln T coking coal shortfall -paper
Tue Mar 29, 2011 12:41am GMT
SHANGHAI, March 29 (Reuters) - China, the world's biggest user and producer of coal, may face a shortfall of 56 million tonnes of coking coal this year, the China Securities Journal reported on Tuesday, pushing Chinese steel mills to look further afield to make up the supply gap.
China is expected to produce 513 million tonnes of coking coal, used in steel production, in 2011, but total consumption is expected to reach 569 million tonnes, the paper said, citing forecasts made by top Chinese coal miners and analysts at an industry conference.
Faced with a widening supply gap, Chinese mills are set to boost imports from countries such as Mongolia, Russia and Australia.
However, import growth for the year is expected to fall to around 10 percent, compared with the stellar 37.3 percent growth posted in 2010, said Shanxi Coking Coal Group Ltd General Manager Liu Shengrui.
China imported 47.27 million tonnes of coking coal in 2010, with imports from neighbouring Mongolia surging 278 percent to 15 million tonnes, trailing behind top supplier Australia's 17.4 million tonnes.
Global coking prices are forecast to rise strongly overly the first half of this decade, as producers struggle to keep pace with surging demand led by steel makers from China and India. (Reporting by Fayen Wong; Editing by Ken Wills, sourced Reuters)
SHANGHAI, March 29 (Reuters) - China, the world's biggest user and producer of coal, may face a shortfall of 56 million tonnes of coking coal this year, the China Securities Journal reported on Tuesday, pushing Chinese steel mills to look further afield to make up the supply gap.
China is expected to produce 513 million tonnes of coking coal, used in steel production, in 2011, but total consumption is expected to reach 569 million tonnes, the paper said, citing forecasts made by top Chinese coal miners and analysts at an industry conference.
Faced with a widening supply gap, Chinese mills are set to boost imports from countries such as Mongolia, Russia and Australia.
However, import growth for the year is expected to fall to around 10 percent, compared with the stellar 37.3 percent growth posted in 2010, said Shanxi Coking Coal Group Ltd General Manager Liu Shengrui.
China imported 47.27 million tonnes of coking coal in 2010, with imports from neighbouring Mongolia surging 278 percent to 15 million tonnes, trailing behind top supplier Australia's 17.4 million tonnes.
Global coking prices are forecast to rise strongly overly the first half of this decade, as producers struggle to keep pace with surging demand led by steel makers from China and India. (Reporting by Fayen Wong; Editing by Ken Wills, sourced Reuters)
Friday, March 18, 2011
Chernobyl disaster
The Chernobyl disaster was a nuclear accident that occurred on 26 April 1986 at the Chernobyl Nuclear Power Plant in the Ukrainian SSR (now Ukraine). It is considered the worst nuclear power plant accident in history, and it is the only one classified as a level 7 event on the International Nuclear Event Scale.
The disaster began during a systems test on 26 April 1986 at reactor number four of the Chernobyl plant, which is near the town of Pripyat. There was a sudden power output surge, and when an emergency shutdown was attempted, a more extreme spike in power output occurred, which led to a reactor vessel rupture and a series of explosions. This event exposed the graphite moderator components of the reactor to air, causing them to ignite. The resulting fire sent a plume of radioactive fallout into the atmosphere and over an extensive geographical area, including Pripyat. The plume drifted over large parts of the western Soviet Union, Eastern Europe, Western Europe, and Northern Europe. Large areas in Ukraine, Belarus, and Russia were evacuated, and over 336,000 people were resettled. According to official post-Soviet data, about 60% of the fallout landed in Belarus.
The accident raised concerns about the safety of the Soviet nuclear power industry, as well as nuclear power in general, slowing its expansion for a number of years and forcing the Soviet government to become less secretive about its procedures.
Russia, Ukraine, and Belarus have been burdened with the continuing and substantial decontamination and health care costs of the Chernobyl accident. More than fifty deaths are directly attributed to the accident, all among the reactor staff and emergency workers. Estimates of the total number of deaths attributable to the accident vary enormously, from possibly 4,000 to close to a million.[4][5] Despite the accident, Ukraine continued to operate the remaining reactors at Chernobyl until 2000, when the last reactor at the site was closed down.
For more information visit Wikipedia
The disaster began during a systems test on 26 April 1986 at reactor number four of the Chernobyl plant, which is near the town of Pripyat. There was a sudden power output surge, and when an emergency shutdown was attempted, a more extreme spike in power output occurred, which led to a reactor vessel rupture and a series of explosions. This event exposed the graphite moderator components of the reactor to air, causing them to ignite. The resulting fire sent a plume of radioactive fallout into the atmosphere and over an extensive geographical area, including Pripyat. The plume drifted over large parts of the western Soviet Union, Eastern Europe, Western Europe, and Northern Europe. Large areas in Ukraine, Belarus, and Russia were evacuated, and over 336,000 people were resettled. According to official post-Soviet data, about 60% of the fallout landed in Belarus.
The accident raised concerns about the safety of the Soviet nuclear power industry, as well as nuclear power in general, slowing its expansion for a number of years and forcing the Soviet government to become less secretive about its procedures.
Russia, Ukraine, and Belarus have been burdened with the continuing and substantial decontamination and health care costs of the Chernobyl accident. More than fifty deaths are directly attributed to the accident, all among the reactor staff and emergency workers. Estimates of the total number of deaths attributable to the accident vary enormously, from possibly 4,000 to close to a million.[4][5] Despite the accident, Ukraine continued to operate the remaining reactors at Chernobyl until 2000, when the last reactor at the site was closed down.
For more information visit Wikipedia
Brilliant Greenpeace video on Chernobyl
Friday, March 11, 2011
Widespread tsunami warning issued after Japan quake
SINGAPORE | Fri Mar 11, 2011 1:57pm IST
SINGAPORE (Reuters) - A tsunami warning has been issued for areas across East Asia and the western coast of South America following a huge earthquake that hit Japan on Friday, the Pacific Tsunami Warning Center said.
Among the countries for which a tsunami warning is in effect are: Russia, Taiwan, the Philippines, Indonesia, Papua New Guinea, Australia, New Zealand, Fiji, Mexico, Guatemala, El Salvador, Costa Rica, Nicaragua, Panama, Honduras, Chile, Ecuador, Colombia and Peru.
The biggest earthquake to hit Japan in 140 years struck the northeast coast on Friday, triggering a 10-metre tsunami that swept away everything in its path, including houses and cars.
By 0800 GMT there had been no reports of a serious tsunami hitting anywhere beyond Japan.
"A tsunami is a series of waves and the first wave may not be the largest," the center said. "The threat can continue for many hours as multiple waves arrive."
(Reporting by Andrew Marshall; Editing by Daniel Magnowski)Among the countries for which a tsunami warning is in effect are: Russia, Taiwan, the Philippines, Indonesia, Papua New Guinea, Australia, New Zealand, Fiji, Mexico, Guatemala, El Salvador, Costa Rica, Nicaragua, Panama, Honduras, Chile, Ecuador, Colombia and Peru.
The biggest earthquake to hit Japan in 140 years struck the northeast coast on Friday, triggering a 10-metre tsunami that swept away everything in its path, including houses and cars.
By 0800 GMT there had been no reports of a serious tsunami hitting anywhere beyond Japan.
"A tsunami is a series of waves and the first wave may not be the largest," the center said. "The threat can continue for many hours as multiple waves arrive."
Tags : Costa Rica, Nicaragua, Panama, Honduras, Chile, Ecuador, Colombia and Peru
Monday, March 7, 2011
India not as corrupt as China and Russia: Fitch
NEW DELHI: India is not as corrupt as China and Russia, according to the global credit rating agency Fitch.
Mar 6, 2011, 07.26pm IST |AFP
The country, however, suffers from excessive regulation and tax laws, which is concern for foreign investors, Fitch Group managing director for Corporate Rating Richard Hunter told PTI in an interview.
"We will certainly rank India well below Russia and China when it comes to concerns about corruption. Really big concern about India is regulation and tax treatment," he said.
These comments come at a time when the nation is facing a plethora of corruption cases relating to allocation of 2G spectrum, conduct of Commonwealth Games , allotment of flats in Adarsh Housing Society and Devas-Antrix deal.
Hunter further said that the recent corruption cases have not dent the confidence of investors in India, adding that "Corruption is certainly not a specialty in which India will win the gold medal."
However, he said, domestic and foreign investors are concerned about the burdensome regulatory regime in India.
"Corruption is something that does deter investors much more in China. There is respect for Indian legal system," he said.
"We will certainly rank India well below Russia and China when it comes to concerns about corruption. Really big concern about India is regulation and tax treatment," he said.
These comments come at a time when the nation is facing a plethora of corruption cases relating to allocation of 2G spectrum, conduct of Commonwealth Games , allotment of flats in Adarsh Housing Society and Devas-Antrix deal.
Hunter further said that the recent corruption cases have not dent the confidence of investors in India, adding that "Corruption is certainly not a specialty in which India will win the gold medal."
However, he said, domestic and foreign investors are concerned about the burdensome regulatory regime in India.
"Corruption is something that does deter investors much more in China. There is respect for Indian legal system," he said.
Hunter said the rating outlook for most Indian companies is stable for the current year.
Tags : corruption, Indian legal system
Friday, March 4, 2011
Renco Group: RG Steel to become fourth-largest flat rolled steel producer in US
Fri, Mar04, 20100
US-based private investment holding company Renco Group has announced that, following the acquisition of three steel companies currently owned by Russian steelmaker Severstal estimated at $1.2 billion, its newly-formed subsidiary RG Steel will become the fourth-largest flat rolled steel producer in the US.
Accordingly, in addition to Severstal's Sparrows Point, Warren and Wheeling facilities, RG Steel will acquire a 50 percent ownership interest in Mountain State Carbon LLC, a cokemaking facility in Follansbee, West Virginia, and Ohio Coatings Company, based in Yorkville, Ohio. RG Steel will receive one half of the coke output from Mountain State Carbon and will continue its long-standing relationship with Ohio Coatings Company. The purchase of these assets will provide RG Steel with approximately 7.5 million mt of annualized steelmaking capacity.
"The formation of RG Steel will create a dynamic, service-oriented company with strategically located facilities," Renco Group's president Ari Rennert stated.
RG Steel will be headquartered at Sparrows Point, Maryland. Completion of the sale is expected in March 2011, pending regulatory approval.
US-based private investment holding company Renco Group has announced that, following the acquisition of three steel companies currently owned by Russian steelmaker Severstal estimated at $1.2 billion, its newly-formed subsidiary RG Steel will become the fourth-largest flat rolled steel producer in the US.
Accordingly, in addition to Severstal's Sparrows Point, Warren and Wheeling facilities, RG Steel will acquire a 50 percent ownership interest in Mountain State Carbon LLC, a cokemaking facility in Follansbee, West Virginia, and Ohio Coatings Company, based in Yorkville, Ohio. RG Steel will receive one half of the coke output from Mountain State Carbon and will continue its long-standing relationship with Ohio Coatings Company. The purchase of these assets will provide RG Steel with approximately 7.5 million mt of annualized steelmaking capacity.
"The formation of RG Steel will create a dynamic, service-oriented company with strategically located facilities," Renco Group's president Ari Rennert stated.
RG Steel will be headquartered at Sparrows Point, Maryland. Completion of the sale is expected in March 2011, pending regulatory approval.
Russia’s Ashinskiy sees 2.8 percent drop in Jan-Feb steel output
Friday, Mar04, 2011
According to its data issued for the first two months of the current year, Russian steel producer Ashinskiy Metallurgical Works (Ashinskiy) registered a 2.8 percent drop year on year in its steel output to 110,000 mt, including 108,600 mt of slabs - down 0.8 percent year on year.
In January-February, Ashinskiy produced 99,000 mt of rolled steel products - down one percent compared to the same period last year.
In addition, during the period in question Ashinskiy's deliveries of steel plates dropped by 1.1 percent year on year to 91,600 mt. Of this figure, 79,600 mt of plates were delivered to the Russian domestic market - up 20.9 percent year on year, about 4,700 mt were exported to non-CIS countries - down 73.4 percent, and 2,200 mt were delivered to CIS countries - up 23.2 percent, all compared to January-February 2010.
In January-February, Ashinskiy produced 99,000 mt of rolled steel products - down one percent compared to the same period last year.
In addition, during the period in question Ashinskiy's deliveries of steel plates dropped by 1.1 percent year on year to 91,600 mt. Of this figure, 79,600 mt of plates were delivered to the Russian domestic market - up 20.9 percent year on year, about 4,700 mt were exported to non-CIS countries - down 73.4 percent, and 2,200 mt were delivered to CIS countries - up 23.2 percent, all compared to January-February 2010.
Friday, February 25, 2011
Economic Survey: Forex reserves 4th largest in world at $297.3 bn
25 Feb, 2011, 02.41PM IST, PTI
NEW DELHI: The Economic Survey on Friday said India has the fourth largest foreign exchange reserves, which helped the nation to tide over global financial crisis.
India's foreign exchange reserves touched USD 297.3 billion in December, 2010 from USD 279.1 billion in March. "It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis," it said.
Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at USD 297.3 billion at the end of December 2010, it said.
At the same time, the foreign exchange reserves of Japan and Russia stood at USD 1.12 trillion and USD 479.4 billion, respectively. Neighbouring China's foreign exchange reserves was at USD 2.45 trillion in June, 2010.
According to the Survey, the country's reserves mainly comprise portfolio investment (FII), "which are more vulnerable to sudden stops and reversals and borrowings from abroad".
India's foreign exchange reserves have increased over the years from just USD 5.8 billion in March, 1991. "The reserves reached a peak at USD 314.6 billion at May-end, 2008 before declining to USD 252 billion at the end of March 2009.
"The decline in reserves in 2008-09 was inter alia a fallout of the global crisis and strengthening of US dollar vis-a-vis other international currencies," the Survey said.
About the idea of having a multilateral option of a pre-arranged credit line, the Survey noted such an option is necessary but is not sufficient. "... (This is because) foreign investors often view the size of foreign exchange reserves as a key input in taking investment decisions," it added.(via ET)
India's foreign exchange reserves touched USD 297.3 billion in December, 2010 from USD 279.1 billion in March. "It needs to be acknowledged that foreign exchange reserves have helped insulate India from the worst impact of the crisis," it said.
Unlike many Western nations, India was relatively less affected by the global financial meltdown in 2008-09 that had pushed many advanced economies into recession. India had the fourth largest foreign exchange reserves at USD 297.3 billion at the end of December 2010, it said.
At the same time, the foreign exchange reserves of Japan and Russia stood at USD 1.12 trillion and USD 479.4 billion, respectively. Neighbouring China's foreign exchange reserves was at USD 2.45 trillion in June, 2010.
According to the Survey, the country's reserves mainly comprise portfolio investment (FII), "which are more vulnerable to sudden stops and reversals and borrowings from abroad".
India's foreign exchange reserves have increased over the years from just USD 5.8 billion in March, 1991. "The reserves reached a peak at USD 314.6 billion at May-end, 2008 before declining to USD 252 billion at the end of March 2009.
"The decline in reserves in 2008-09 was inter alia a fallout of the global crisis and strengthening of US dollar vis-a-vis other international currencies," the Survey said.
About the idea of having a multilateral option of a pre-arranged credit line, the Survey noted such an option is necessary but is not sufficient. "... (This is because) foreign investors often view the size of foreign exchange reserves as a key input in taking investment decisions," it added.(via ET)
Tuesday, February 22, 2011
Gubakha Coke commissions second coke battery to double output
Monday, 21 February 2011
Tags: coking coal , raw mat , Russia , CIS , production , investments , steelmaking , Met Coke
(sourced:steelorbis)
Russia's Kemerovo city-based company Stroyservis has announced that its Perm region-based coke producing subsidiary Gubakha Coke has commissioned its second coke battery, i.e., coke battery No.1-BIS, which will allow it to double its coke output from 650,000 mt to 1.3 million mt per year.
Gubakha Coke's coke battery No.1-Bis had been in condition of ‘hot idle'. The decision on its commissioning was taken by Stroyservis after the plant was acquired from the Russian pipe producing company OMK in May 2010. Previously, Gubakha Coke had just been operating its coke battery No.2-BIS with an annual capacity of 650,000 mt of coke. For the implementation of this project Stroyservis invested more than Ruble 100 million (about $3.4 million) in 2010.
In 2011, Gubakha Coke produced 514,000 mt of coke, registering a 68 percent increase over 2009, while its shipments were equal to its output level. In 2011, Gubakha Coke plans to increase its coke production to more than one million mt, which is also expected to be exported to steel producing companies in Ukraine and Belarus.
As SteelOrbis previously reported, Stroyservis, which is specialized in mining and beneficiation of coal, mining machinery and metal trading, possesses five coal mines in the Kemerovo region, which supplies about 73 percent of coking coal to Gubakha Coke.
Gubakha Coke's coke battery No.1-Bis had been in condition of ‘hot idle'. The decision on its commissioning was taken by Stroyservis after the plant was acquired from the Russian pipe producing company OMK in May 2010. Previously, Gubakha Coke had just been operating its coke battery No.2-BIS with an annual capacity of 650,000 mt of coke. For the implementation of this project Stroyservis invested more than Ruble 100 million (about $3.4 million) in 2010.
In 2011, Gubakha Coke produced 514,000 mt of coke, registering a 68 percent increase over 2009, while its shipments were equal to its output level. In 2011, Gubakha Coke plans to increase its coke production to more than one million mt, which is also expected to be exported to steel producing companies in Ukraine and Belarus.
As SteelOrbis previously reported, Stroyservis, which is specialized in mining and beneficiation of coal, mining machinery and metal trading, possesses five coal mines in the Kemerovo region, which supplies about 73 percent of coking coal to Gubakha Coke.
Tags: coking coal , raw mat , Russia , CIS , production , investments , steelmaking , Met Coke
(sourced:steelorbis)
Saturday, February 19, 2011
Russia imposes safeguard duty on imports of steel fasteners
Saturday, 19 Feb 2011
It is reported that Russia has imposed a USD 282.4 per tonne safeguard duty on imports of carbon steel fasteners for a period of three years.
The decision No 68 dated February 12 2011 becomes effective one month after its official publication.
The USD 282.4 per tonne duty will impact steel fasteners under the following HS Codes: 7318 15 810 0, 7318 15 890 0, 7318 15 900 9, 7318 16 910 9, 7318 16 990 0 and 7318 21 000 9.
(Sourced:SteelOrbis)
It is reported that Russia has imposed a USD 282.4 per tonne safeguard duty on imports of carbon steel fasteners for a period of three years.
The decision No 68 dated February 12 2011 becomes effective one month after its official publication.
The USD 282.4 per tonne duty will impact steel fasteners under the following HS Codes: 7318 15 810 0, 7318 15 890 0, 7318 15 900 9, 7318 16 910 9, 7318 16 990 0 and 7318 21 000 9.
(Sourced:SteelOrbis)
Tuesday, February 15, 2011
Russia begins AD probe into Chinese cold rolled steel
Tuesday, 15 Feb 2011
Bloomberg reported that Russia began an anti-dumping probe into cold-rolled steel with polymer coating imported from China.
As per report, Russia began the investigation after complaints from OAO Severstal, OAO Novolipetsk Steel and OAO Magnitogorsk Iron and Steel last year.
(sourced:Bloomberg)
Tags:Russia,AD probe,Chinese cold rolled steel, polymer coating, anti-dumping probe, import,OAO Severstal, OAO Novolipetsk Steel,OAO Magnitogorsk Iron and Steel
Bloomberg reported that Russia began an anti-dumping probe into cold-rolled steel with polymer coating imported from China.
As per report, Russia began the investigation after complaints from OAO Severstal, OAO Novolipetsk Steel and OAO Magnitogorsk Iron and Steel last year.
(sourced:Bloomberg)
Tags:Russia,AD probe,Chinese cold rolled steel, polymer coating, anti-dumping probe, import,OAO Severstal, OAO Novolipetsk Steel,OAO Magnitogorsk Iron and Steel
Monday, February 14, 2011
China to import up to 20 million mt per year of Russian coal
Monday, 14 February 2011
Russian Energy Minister Sergei Shmatko has stated that China has agreed to raise the maximum limit for the volume of coal it imports from Russia to 20 million mt per year.
Minister Shmatko said that Russia and China will soon sign the relevant agreement regarding cooperation in the coal sector.
In 2010, Russia exported more than 10 million mt of coal to China, principally through its Far Eastern ports.
(sourced:steelorbis)
Tags: coking coal , raw mat , China , Russia , CIS , East Asia and Pacific , Far East , imp/exp statistics , Coking coal
Russian Energy Minister Sergei Shmatko has stated that China has agreed to raise the maximum limit for the volume of coal it imports from Russia to 20 million mt per year.
Minister Shmatko said that Russia and China will soon sign the relevant agreement regarding cooperation in the coal sector.
In 2010, Russia exported more than 10 million mt of coal to China, principally through its Far Eastern ports.
(sourced:steelorbis)
Tags: coking coal , raw mat , China , Russia , CIS , East Asia and Pacific , Far East , imp/exp statistics , Coking coal
Sunday, February 6, 2011
Metalloinvest mining mulling KGOKOR project participation
Sunday, 06 Feb 2011
Ukrainian Journal reported that Russia Metalloinvest mining and metal holding is still considering taking part in the project to complete the Kryvy Rih oxidized ore mill also known as KGOKOR.
A January 28 report of Ukraine’s Antimonopoly Committee says that Russia CJSC Metalloinvest applied to the committee regarding the purchase of a 25% stake in Ukrainian Ore Metallurgical Company Ltd created on the parity basis with Smart group to complete KGOKOR.
The report said "A permit to buy a share in Ukrainian Ore-Metallurgical Company Ltd was given to CJSC Metalloinvest which grants it over 25% of the votes in the governing body of the company."
(sourced:Ukrainian Journal)
Ukrainian Journal reported that Russia Metalloinvest mining and metal holding is still considering taking part in the project to complete the Kryvy Rih oxidized ore mill also known as KGOKOR.
A January 28 report of Ukraine’s Antimonopoly Committee says that Russia CJSC Metalloinvest applied to the committee regarding the purchase of a 25% stake in Ukrainian Ore Metallurgical Company Ltd created on the parity basis with Smart group to complete KGOKOR.
The report said "A permit to buy a share in Ukrainian Ore-Metallurgical Company Ltd was given to CJSC Metalloinvest which grants it over 25% of the votes in the governing body of the company."
(sourced:Ukrainian Journal)
Thursday, February 3, 2011
Russia's Evraz sees '11 EBITDA $3.0-$3.6 bln
Thu Feb 3, 2011 11:00 am GMT
MOSCOW(Reuters)
Evraz (HK1q.L: Quote), Russia's second largest steelmaker, expects its core earnings to reach $3.0-$3.6 billion this year, chief financial officer Giacomo Baizini said on Thursday.
"Analysts forecast our EBITDA between $3.0-$3.6 billion in 2011, and I have no reason to say that we will not achieve this," Baizini said at the Troika Dialog forum in Moscow.
Evraz, part-owned by billionaire Roman Abramovich, has not released earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2010.
It is scheduled to report its 2010 results on March 31.
The executive also said 2011 capital expenditures will reach about $1.2 billion compared to $950 million last year.
(Reporting by Anastasia Teterevleva, writing by Alfred Kueppers, sourced: reuters)
MOSCOW(Reuters)
Evraz (HK1q.L: Quote), Russia's second largest steelmaker, expects its core earnings to reach $3.0-$3.6 billion this year, chief financial officer Giacomo Baizini said on Thursday.
"Analysts forecast our EBITDA between $3.0-$3.6 billion in 2011, and I have no reason to say that we will not achieve this," Baizini said at the Troika Dialog forum in Moscow.
Evraz, part-owned by billionaire Roman Abramovich, has not released earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2010.
It is scheduled to report its 2010 results on March 31.
The executive also said 2011 capital expenditures will reach about $1.2 billion compared to $950 million last year.
(Reporting by Anastasia Teterevleva, writing by Alfred Kueppers, sourced: reuters)
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