Friday, 18 Nov, 2011 Sourced:Reuters
Shares in Adani group company Mundra Port rose 3.7 percent on expectations that bulk cargo and containers handled by it to become group's key growth drivers over the next two years, an institutional sales person with a local brokerage said.
In May, Mundra Port agreed to buy Abbot Point Coal Terminal (with handling capacity of 50MMT) in Australia for $2 billion in an all-cash deal to tap into growing coal traffic in overseas market, which in analyst view was a good deal for Mundra port.
"Mundra Port handled 16.9 million tonnes of cargo in Q2 FY12 and management expects the port to handle 80 million tonnes in FY12 and 100 mn tonnes in FY13. In line with the strong growth in its cargo volumes, Mundra Port's revenue and net profit is expected to grow 39.1 percent and 16.6 percent respectively in FY12," First Global said in a note.
At 1.29 p.m., the stock was at 136.70 rupees, up 3.29 percent, bucking the trend in a weak Mumbai market, which was down 1 percent.
Showing posts with label rose. Show all posts
Showing posts with label rose. Show all posts
Friday, November 18, 2011
Sunday, November 6, 2011
African Minerals loads first Tonkolili iron ore shipment
Sunday, 06 Nov 2011
It is reported that shares in African Minerals rose after revealed that it had started loading the first iron ore shipment from its Tonkolili project. This is the first such shipment from Sierra Leone in more than 30 years.
The 40,000 tonne shipment will be delivered to Shandong Iron and Steel Group and constitutes the trial cargo to be tested prior to the closing of its USD 1.5 billion investment, which remains on track for the year end.
AML said that the shipment was the result of an integrated mine, rail and port infrastructure built by the firm within 14 months of receiving the mining lease and environmental impact assessment license.
Edenville has completed drilling at the Mkomolo and Namwele basins at the Rukwa coal field project in south western Tanzania. Edenville said eight holes were completed at Namwele for 934.30 meters and 2,585.10m in 22 holes at Mkomolo.
Samples results are being analyzed by international consultant Wardell Armstrong International for an initial resource estimate at Mkomolo by the year end.
Mr Simon Rollason chairman said that "The completion of core diamond drilling at the Mkomolo and Namwele basins should allow us to prove up an initial JORC compliant coal resource at the Rukwa coalfield in Tanzania. We confidently await the results of the analyzed samples from the laboratory and we will keep our shareholders up to date with the company's progress as and when we receive further news."
(sourced from Sierraexpressmedia)
It is reported that shares in African Minerals rose after revealed that it had started loading the first iron ore shipment from its Tonkolili project. This is the first such shipment from Sierra Leone in more than 30 years.
The 40,000 tonne shipment will be delivered to Shandong Iron and Steel Group and constitutes the trial cargo to be tested prior to the closing of its USD 1.5 billion investment, which remains on track for the year end.
AML said that the shipment was the result of an integrated mine, rail and port infrastructure built by the firm within 14 months of receiving the mining lease and environmental impact assessment license.
Edenville has completed drilling at the Mkomolo and Namwele basins at the Rukwa coal field project in south western Tanzania. Edenville said eight holes were completed at Namwele for 934.30 meters and 2,585.10m in 22 holes at Mkomolo.
Samples results are being analyzed by international consultant Wardell Armstrong International for an initial resource estimate at Mkomolo by the year end.
Mr Simon Rollason chairman said that "The completion of core diamond drilling at the Mkomolo and Namwele basins should allow us to prove up an initial JORC compliant coal resource at the Rukwa coalfield in Tanzania. We confidently await the results of the analyzed samples from the laboratory and we will keep our shareholders up to date with the company's progress as and when we receive further news."
(sourced from Sierraexpressmedia)
Thursday, March 10, 2011
Nippon Steel ups H-beam price by 6 pct -source
Thu Mar 10, 2011 9:10am GMT
Price rising by 5,000 yen per tonne - source
* March marks fourth-consecutive monthly price rise
* Nippon aims for total Y20,000 rise by April - source (Adds details, Feb-end stock level)
TOKYO, March 10 (Reuters) - Nippon Steel Corp has raised its March price for H-beam steel used in construction by around 6 percent from February, a source said, even though sluggish sales pushed inventories higher during the month.
Nippon Steel, the world's No.4 steelmaker and a major producer of H-beams in Japan, has told distributors it is raising prices by around 5,000 yen($60)per tonne, a source with direct knowledge of the matter said.
The company, which has already raised the price of H-beams by roughly 15,000 yen in the past three months, aims to up that to a total of 20,000 yen by the end of March to pass on soaring input costs, the source said.
Nippon Steel said on Thursday domestic demand for construction steel remained weak, but that there were signs of a pick up in office building and small infrastructure projects.
The company's domestic inventories of H-beam steel rose 8.9 percent to 174,600 tonnes at the end of February from the month before, it said.
"Shipments were slow in February due in part to the market's seasonal weakness, but with demand from small office and other building projects increasing, we plan to implement another price hike as soon as possible," said a company official, who asked not to be identified as he was not authorised to talk about the issue publicly.
Rival Tokyo Steel Manufacturing Co said last month it would raise prices of all its products in March to cover rising input costs. ($1 = 82.755 Japanese Yen) (Reporting by Yuko Inoue; Editing by Joseph Radford,sourced:Thomson Reuters)
* March marks fourth-consecutive monthly price rise
* Nippon aims for total Y20,000 rise by April - source (Adds details, Feb-end stock level)
TOKYO, March 10 (Reuters) - Nippon Steel Corp has raised its March price for H-beam steel used in construction by around 6 percent from February, a source said, even though sluggish sales pushed inventories higher during the month.
Nippon Steel, the world's No.4 steelmaker and a major producer of H-beams in Japan, has told distributors it is raising prices by around 5,000 yen($60)per tonne, a source with direct knowledge of the matter said.
The company, which has already raised the price of H-beams by roughly 15,000 yen in the past three months, aims to up that to a total of 20,000 yen by the end of March to pass on soaring input costs, the source said.
Nippon Steel said on Thursday domestic demand for construction steel remained weak, but that there were signs of a pick up in office building and small infrastructure projects.
The company's domestic inventories of H-beam steel rose 8.9 percent to 174,600 tonnes at the end of February from the month before, it said.
"Shipments were slow in February due in part to the market's seasonal weakness, but with demand from small office and other building projects increasing, we plan to implement another price hike as soon as possible," said a company official, who asked not to be identified as he was not authorised to talk about the issue publicly.
Rival Tokyo Steel Manufacturing Co said last month it would raise prices of all its products in March to cover rising input costs. ($1 = 82.755 Japanese Yen) (Reporting by Yuko Inoue; Editing by Joseph Radford,sourced:Thomson Reuters)
Monday, February 7, 2011
Global freight rates poised to rise after tumbling to a 2 year low
Monday, 07 Feb 2011
Bloomberg reported that freight rates are poised to rise after tumbling to a two year low as owners of ships hauling coal and iron ore scrap the most vessels in at least 28 years.
According to Clarkson Plc, a total of 38 Capesize, will be demolished in 2011.
Charter costs should average USD 22,000 in 2011, almost four times today’s rate of USD 5,724.
Mr Philippe van den Abeele MD of Castalia Fund Management (UK) Limited said that "From where we are now I don't see much downside. People are depressed, they think it’s the end of the world in dry cargo shipping, but they’re pushing it too far."
A Bloomberg survey of eight fund managers and analysts last month showed that owners of older vessels may sell them for scrap because earnings from single voyage charters were slashed by a four week, 71% slump in rates. The most demolitions since Clarkson's records begin in 1983 may help reduce a glut as an estimated 200 new Capesize, spanning about 35 miles laid end to end, leave shipyards this year.
Mr Van den Abeele's forecast for this year's average rate is at least 22% higher than any of the quarterly forward freight agreements being traded for 2011. The accords, traded by brokers, allow investors to hedge or bet on the future cost of shipping.
According to the Baltic Exchange, companies ordered too many ships in 2007 and 2008, when daily income averaged about USD 111,000. Rates reached a record USD 233,988 in June 2008 before plunging 99% over the next six months to USD 2,316.
Korea Line Corporation, South Korea's second largest operator of dry bulk ships, filed for receivership last month after reporting losses in six of the past seven quarters. The 12 member Bloomberg Dry Ships Index fell 4.5% this year, extending an 8% drop in 2010, with the biggest declines for Genco Shipping & Trading Limited and Eagle Bulk Shipping Inc.
Mr Nigel Prentis director of research and consulting at HSBC Shipping Services Limited in London said that owners of capsizes valued at USD 60 million are paying about USD 25,000 a day in costs to cover expenses such as crew and financing. Single voyage rates have been below that level since December 20th 2010.
The Baltic Exchange reported its first ever negative rate for dry bulk freight on January 13th 2011. Costs on the C11 route for shipments to Europe from Asia are now at minus USD 2,227 a day. While that means owners pay customers to hire their vessels, clients still pay most of the fuel costs. For a shipping line wanting to relocate a vessel to a region where there are more cargoes, that’s still cheaper than sailing the craft empty.(sourced:bloomberg.net)
Bloomberg reported that freight rates are poised to rise after tumbling to a two year low as owners of ships hauling coal and iron ore scrap the most vessels in at least 28 years.
According to Clarkson Plc, a total of 38 Capesize, will be demolished in 2011.
Charter costs should average USD 22,000 in 2011, almost four times today’s rate of USD 5,724.
Mr Philippe van den Abeele MD of Castalia Fund Management (UK) Limited said that "From where we are now I don't see much downside. People are depressed, they think it’s the end of the world in dry cargo shipping, but they’re pushing it too far."
A Bloomberg survey of eight fund managers and analysts last month showed that owners of older vessels may sell them for scrap because earnings from single voyage charters were slashed by a four week, 71% slump in rates. The most demolitions since Clarkson's records begin in 1983 may help reduce a glut as an estimated 200 new Capesize, spanning about 35 miles laid end to end, leave shipyards this year.
Mr Van den Abeele's forecast for this year's average rate is at least 22% higher than any of the quarterly forward freight agreements being traded for 2011. The accords, traded by brokers, allow investors to hedge or bet on the future cost of shipping.
According to the Baltic Exchange, companies ordered too many ships in 2007 and 2008, when daily income averaged about USD 111,000. Rates reached a record USD 233,988 in June 2008 before plunging 99% over the next six months to USD 2,316.
Korea Line Corporation, South Korea's second largest operator of dry bulk ships, filed for receivership last month after reporting losses in six of the past seven quarters. The 12 member Bloomberg Dry Ships Index fell 4.5% this year, extending an 8% drop in 2010, with the biggest declines for Genco Shipping & Trading Limited and Eagle Bulk Shipping Inc.
Mr Nigel Prentis director of research and consulting at HSBC Shipping Services Limited in London said that owners of capsizes valued at USD 60 million are paying about USD 25,000 a day in costs to cover expenses such as crew and financing. Single voyage rates have been below that level since December 20th 2010.
The Baltic Exchange reported its first ever negative rate for dry bulk freight on January 13th 2011. Costs on the C11 route for shipments to Europe from Asia are now at minus USD 2,227 a day. While that means owners pay customers to hire their vessels, clients still pay most of the fuel costs. For a shipping line wanting to relocate a vessel to a region where there are more cargoes, that’s still cheaper than sailing the craft empty.(sourced:bloomberg.net)
Monday, January 31, 2011
Iranian car production in 2010 up by 16pct YoY
Monday, 31 Jan 2011
MNA reported that production in the two giant Iranian car making companies, Iran Khodro and Saipa Group, reached 1,266,147 units in a ten month period ending January 20th 2011.
The figure shows a 16% raise compared to the same period the year before.
The two companies had an almost equal share in the production.(source:mehrnews.com)
MNA reported that production in the two giant Iranian car making companies, Iran Khodro and Saipa Group, reached 1,266,147 units in a ten month period ending January 20th 2011.
The figure shows a 16% raise compared to the same period the year before.
The two companies had an almost equal share in the production.(source:mehrnews.com)
Rebar futures hit record high on SHFE
Monday, 31 Jan 2011
Reuters reported that Shanghai steel rebar futures rose more than 1% to a record high on Monday.
The most active rebar contract for October delivery was up 1.2% at CNY 5,103 per tonne at 0208 GMT.(sourced:reuters)
Reuters reported that Shanghai steel rebar futures rose more than 1% to a record high on Monday.
The most active rebar contract for October delivery was up 1.2% at CNY 5,103 per tonne at 0208 GMT.(sourced:reuters)
Wednesday, January 26, 2011
Sponge iron prices rise 20% in a month
January 26, 2011
sourced Business standard by Dilip Kumar Jha & Shubhashish
The prices of sponge iron rose by nearly 20 per cent in the past month in line with similar rises in the prices of other steel making raw material, including iron ore and scrap.
On Friday, sponge iron prices in Raipur, Chhattisgarh, India’s largest producing hub, is quoted at Rs 21,000 a tonne, from Rs 16,500 a tonne about a month earlier. The commodity slipped marginally from its peak at Rs 22,000 a tonne yesterday. Producers and traders attribute this price rise to an all-round appreciation in finished steel products and raw materials.
Post-monsoon construction activity began with a lag of a month due to an extended rainy season. So, projects in this sector are behind schedule, creating a rush for completion. As a result, demand for construction-grade steel has suddenly surged. Vipul Agarwal, director (finance), Prakash Industries, said, “Sponge iron prices have spiked by over 20 per cent in the past month or so and looks likely to continue to move upwards.”
The cost of production of sponge iron for Prakash Industries is around Rs 12,000 a tonne due to captive iron ore mines.
The company sells it at a profit margin of a massive 75 per cent, at Rs 21,000 a tonne. Agarwal said, “We have our own coal mines. That is why our cost of production is lower than other sponge iron makers.”
On the other hand, a number of small sponge iron producers in Chhattisgarh have shut shop due to inability to procure raw materials like steel scrap and iron ore at such a high price. Imported steel scrap is quoted today at Mumbai port at $450-480 a tonne, a significant rise from $360-400 a tonne about a month earlier.
Similarly, the benchmark iron ore (with 63.5 per cent of Fe content) perked to $190 a tonne from $155-160 a tonne a month before.
“Though the flood in Australia did not impact supply of iron ore or coking coal, it created a sentimental boost to the entire steel sector,” said Vimal Kumar Somani, director of Topworth Group, a Mumbai-based sponge iron manufacturer which runs its plant in Raipur.
Prices of finished steel have also surged in line with hot-rolled coil, up to $760 a tonne today from $580 a tonne a month before. Shredded scrap is currently quoted at $500 per tonne, a significant rise from $440-450 a tonne, while heavy melting scrap (HMS) is sold at $450-480 a tonne today, as compared to $360-400 a tonne a month earlier.
Internal demand for steel is also bullish, especially from the automobile, construction and consumer durables’ sector, said Somani. Mega projects like power and national highways require a lot of steel. Therefore, prices of steel and its raw materials are likely to remain firm for at least the next two months, he added.
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