Saturday, 05 February 2011
The Ministry of Transportation Republic Indonesia has announced that, the loading point at Muara Berau, East kalimantan has been moved to Muara Jawa, East Kalimantan due to seasonal weather conditions from 1st February 2011.
According to letetr No: GM.76/1/9/Ad-Smd.2011 issued by administration office of Ssmarinda port, to ensure the safety of stevedoring activities and vessels that are loading in the open sea, all the loading operations that take place at Muara Berau will be moved to Muara Jawa with effect from 1st February 2011 for a period of 6 months.
All the vessels calling Samarinda anchorage for coal loading will anchored Muara Jawa Anchorage for loading activites untill at least July 2011.(sourced:coalspot)
Sunday, February 6, 2011
Tajikistan builds first structural steel product plant
Sunday, 06 Feb 2011
It is reported that Tajik open joint stock company Faroz and the Chinese company Yu Liang Fu have started the construction of a new USD 21 million plant with an annual capacity of 200,000 tonnes of structural steel products, which will be the country's first plant of this type
Accordingly, Yu Liang Fu intends to invest USD 8.4 million in the construction of the plant mainly in the form of equipment and is to receive 45% of the plant total profit following its commissioning. The rest of the funds ie USD 12.6 million will be invested by Faroz.
At the first phase, the new plant will have a capacity of about 200,000 tonnes of structural steel products per year which is planned to be increased to up to 400,000 tonnes in the future. The plant's products will be delivered to the domestic market as well as exported particularly to Afghanistan.
According to the ministry, initially the plant will use scrap as raw material, later to be replaced by iron ore from the deposit located in Tajikistan's Varzob district.(sourced:steelorbis.com)
It is reported that Tajik open joint stock company Faroz and the Chinese company Yu Liang Fu have started the construction of a new USD 21 million plant with an annual capacity of 200,000 tonnes of structural steel products, which will be the country's first plant of this type
Accordingly, Yu Liang Fu intends to invest USD 8.4 million in the construction of the plant mainly in the form of equipment and is to receive 45% of the plant total profit following its commissioning. The rest of the funds ie USD 12.6 million will be invested by Faroz.
At the first phase, the new plant will have a capacity of about 200,000 tonnes of structural steel products per year which is planned to be increased to up to 400,000 tonnes in the future. The plant's products will be delivered to the domestic market as well as exported particularly to Afghanistan.
According to the ministry, initially the plant will use scrap as raw material, later to be replaced by iron ore from the deposit located in Tajikistan's Varzob district.(sourced:steelorbis.com)
Indonesian energy minister has signed a degree for coal transportation permits on Friday
Saturday, 05 February 11
Minister of Energy, Darwin Minister Saleh said, that, he had signed a degree for transportation and sale of coal, which was the hot topic in Indonesian coal industry since early last month, as quoted by Investor Daily.
“I already signed the decree” minister said yesterday, Investor daily reported.
According to the minister, “ he was very cautioned to take a decision as any decision should not lead to any problem later date.
"We were not slow, but there should be a balance between speed and caution” he said. The extra caution was necessary because this is the delegation of authority from the minister to the director general. Moreover, coal is a strategic commodity, so the decision which ever we take should not be disturbed the national interest” minister further said, according to media.
He further explained, "the part of authority to handle coal sector has already transferred to local government. Therefore, central government must take the necessary safeguard to secure national interest", as quoted by Investor Daily.
Previously, Indonesian Coal Mining Association (APBI) deplores, if the minister will not issue the mining permit production operations and sale soon, then it might affect coal ports.
On 24th January 2011, APBI has sent a letter to Minister of Energy to issue the IUP OP K PP as soon as possible. ICMA also has notified that, around 60 - 70 vessels were arrested at coal loading ports around Indonesia and losing around US$ 20000-30000 dollars per day.
Temporarily export restriction has cost around 3.5 million tons with around 227. 5 million dollars loses. If the export delay continues, then the coal which was piled for a longer period may catch fire itself.
Minister of Energy, Darwin Minister Saleh said, that, he had signed a degree for transportation and sale of coal, which was the hot topic in Indonesian coal industry since early last month, as quoted by Investor Daily.
“I already signed the decree” minister said yesterday, Investor daily reported.
According to the minister, “ he was very cautioned to take a decision as any decision should not lead to any problem later date.
"We were not slow, but there should be a balance between speed and caution” he said. The extra caution was necessary because this is the delegation of authority from the minister to the director general. Moreover, coal is a strategic commodity, so the decision which ever we take should not be disturbed the national interest” minister further said, according to media.
He further explained, "the part of authority to handle coal sector has already transferred to local government. Therefore, central government must take the necessary safeguard to secure national interest", as quoted by Investor Daily.
Previously, Indonesian Coal Mining Association (APBI) deplores, if the minister will not issue the mining permit production operations and sale soon, then it might affect coal ports.
On 24th January 2011, APBI has sent a letter to Minister of Energy to issue the IUP OP K PP as soon as possible. ICMA also has notified that, around 60 - 70 vessels were arrested at coal loading ports around Indonesia and losing around US$ 20000-30000 dollars per day.
Temporarily export restriction has cost around 3.5 million tons with around 227. 5 million dollars loses. If the export delay continues, then the coal which was piled for a longer period may catch fire itself.
Russian steel plants need investments - Siemens VAI
Sunday, 06 Feb 2011
According to Mr Werner Auer, CEO of Austria based plant maker Siemens VAI, Russian steelmakers have made up for the collapse of production in 2009 caused by the worldwide economic crisis.
Mr Auer said "2010 saw an increase in steel production again almost to the level of the record breaking year of 2008 and companies have started again to increase their investment in the expansion and enhancement of their production.”
He went on to say that he has observed an increased demand for new technologies to be used primarily in new plants or in the context of modernization.
Mr Andreas Lemp Siemens VAI manager responsible for systems business in Moscow said "Contrary to many other steel nations, Russia has its own raw materials and energy. This puts Russia in a good position to become a cost leader in production, and also among international competition."
Mr Auer said the expansion of production capacities in Russia is in line with transformation efforts and technological modernization. He said that "This is because Russian steel producers will better utilize their raw material, save on energy costs and fulfill stricter environmental regulations. Russia will also increasingly produce more sophisticated products.”
Mr Auer stated that therefore, existing steel plants need to be modernized and enhanced.(sourced:steelorbis.com)
According to Mr Werner Auer, CEO of Austria based plant maker Siemens VAI, Russian steelmakers have made up for the collapse of production in 2009 caused by the worldwide economic crisis.
Mr Auer said "2010 saw an increase in steel production again almost to the level of the record breaking year of 2008 and companies have started again to increase their investment in the expansion and enhancement of their production.”
He went on to say that he has observed an increased demand for new technologies to be used primarily in new plants or in the context of modernization.
Mr Andreas Lemp Siemens VAI manager responsible for systems business in Moscow said "Contrary to many other steel nations, Russia has its own raw materials and energy. This puts Russia in a good position to become a cost leader in production, and also among international competition."
Mr Auer said the expansion of production capacities in Russia is in line with transformation efforts and technological modernization. He said that "This is because Russian steel producers will better utilize their raw material, save on energy costs and fulfill stricter environmental regulations. Russia will also increasingly produce more sophisticated products.”
Mr Auer stated that therefore, existing steel plants need to be modernized and enhanced.(sourced:steelorbis.com)
THE FUTURES FOR 2011-2013 WAS AT AROUND US$ 16,500 & US$ 15,000 PANAMAX & SUPRAMAX PER DAY RESPECTIVELY
Sunday, 06 February 11
With the Chinese new year holidays this week, the market has been fairly quite as expected.
The BDI saw a bigger drop compared to last week and was down by about 8 pct and closed at 1,043 points. It will be interesting to see if the BDI will go below 1,000 points. But seems the BDI has almost bottomed out and may not go down much.
The Cape index also was down by about 5 pct and closed at 1,299 points, with the average charter rate at all time low at US$ 5,161 per day. The Panamax index was almost steady and was up just by about 1 pct and closed at 1,348 points. Supramax and Handy size index was also down by about 10 pct and closed at 1,090 points and 643 points respectively.
The cyclonic weather in Queensland and shippers declaring force majeure the situation has added to the market woes. The situation is expected to return to normal in about a week time.
The average charter rates was at Cape/US$ 5,161 per day , Panamax/US$ 10,786 per day , Supramax/US$ 11,398 per day and Handy size/US$ 9,422 per day.
The Supramax index in the feast (S6 route) was down by US$ 404 per day (down by 5.23 pct) and closed at US$ 7,310 per day (last week US$ 7,714 per day). The EC India/ China (S7 route) was down by 128 points (up by 1.11 pct) and closed at US$ 11,370 per day (last week US$ 11,498 per day). The S6 route is likely to be steady/soft next week.
According to Vistaar singapore, the futures for three years (2011-2013) was at around Cape/US$ 20,000 per day, Panamax/US$ 16,500 per day, Supramax/US$ 15,000 per day , Handy size/US$ 10,750 per day.
The congestion in EC Australia was almost same at 107 vessels this week (last week 106 vessels). The vessels waiting at main coal loading ports were at Hay point/17, DBCT/33, Gladstone/10, Abbot Point/2, New Castle/39, Port Kembla/4 vessels. On the WC Australia iron ore vessels waiting increased to 45 vessels (last week 31 vessels).
The waiting at Indian ports for coal vessels was quite normal except for Paradip, Haldia, Kandla where the berthing delays was high with berthing delays of about 10/12 days.
The crude prices firmed up mainly due to Egyptian crisis and Brent crude prices was at US$ 100.12 per barrel (last week US$ 99.31 per barrel). Bunker prices also firmed up sharply and was at US$ 582.00 pmt (last week US$ 552.00 pmt) for IFO 380 cst ex Singapore on 4th Feb 2011.
Reported by Vistaar Shipping, Singapore
If you believe an article violates your rights or the rights of others, please contact us.
With the Chinese new year holidays this week, the market has been fairly quite as expected.
The BDI saw a bigger drop compared to last week and was down by about 8 pct and closed at 1,043 points. It will be interesting to see if the BDI will go below 1,000 points. But seems the BDI has almost bottomed out and may not go down much.
The Cape index also was down by about 5 pct and closed at 1,299 points, with the average charter rate at all time low at US$ 5,161 per day. The Panamax index was almost steady and was up just by about 1 pct and closed at 1,348 points. Supramax and Handy size index was also down by about 10 pct and closed at 1,090 points and 643 points respectively.
The cyclonic weather in Queensland and shippers declaring force majeure the situation has added to the market woes. The situation is expected to return to normal in about a week time.
The average charter rates was at Cape/US$ 5,161 per day , Panamax/US$ 10,786 per day , Supramax/US$ 11,398 per day and Handy size/US$ 9,422 per day.
The Supramax index in the feast (S6 route) was down by US$ 404 per day (down by 5.23 pct) and closed at US$ 7,310 per day (last week US$ 7,714 per day). The EC India/ China (S7 route) was down by 128 points (up by 1.11 pct) and closed at US$ 11,370 per day (last week US$ 11,498 per day). The S6 route is likely to be steady/soft next week.
According to Vistaar singapore, the futures for three years (2011-2013) was at around Cape/US$ 20,000 per day, Panamax/US$ 16,500 per day, Supramax/US$ 15,000 per day , Handy size/US$ 10,750 per day.
The congestion in EC Australia was almost same at 107 vessels this week (last week 106 vessels). The vessels waiting at main coal loading ports were at Hay point/17, DBCT/33, Gladstone/10, Abbot Point/2, New Castle/39, Port Kembla/4 vessels. On the WC Australia iron ore vessels waiting increased to 45 vessels (last week 31 vessels).
The waiting at Indian ports for coal vessels was quite normal except for Paradip, Haldia, Kandla where the berthing delays was high with berthing delays of about 10/12 days.
The crude prices firmed up mainly due to Egyptian crisis and Brent crude prices was at US$ 100.12 per barrel (last week US$ 99.31 per barrel). Bunker prices also firmed up sharply and was at US$ 582.00 pmt (last week US$ 552.00 pmt) for IFO 380 cst ex Singapore on 4th Feb 2011.
Reported by Vistaar Shipping, Singapore
If you believe an article violates your rights or the rights of others, please contact us.
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)
Russia steel pipe consumption reaches pre crisis levels
Sunday, 06 Feb 2011
According to the data issued by Russia Ministry of Economic Development, in 2010 Russia registered a 35.8%YoY increase in its steel pipe production to 9.149 million tonnes with all major pipe makers seeing growth in output.
As of January 2010 the country pipe segment returned to the pre-crisis levels of domestic consumption, showing steady growth. In particular, in 2010, Russia output of electric-welded large diameter pipes increased by 58.3%YoY, its production of electric-welded pipes, excluding LD pipes, went up by 30.7%YoY, its production of welded pipes went down by 11.6%, production of seamless pipes saw an increase of 24%YoY, output of casing pipes increased by 24.4%, production of drill pipes went up by 55%YoY while output of tubing increased by 11.4%YoY.
These data indicate that the steel pipe consumption of the Russian oil and gas industry in 2010 increased by more than 50%YoY on the back of the construction of oil and gas projects.
In January to November 2010, Russia steel pipe exports decreased by 36.3%YoY to 936,100 tonnes. The ministry noted that during the period in question Russia steel pipe imports significantly exceeded its steel pipe exports as domestic consumption of pipes in January to November sharply increased by 70.1%YoY with pipe makers switching from foreign markets to satisfy demand from the domestic market.
Russia steel pipe imports increased in January to November 2010 by 139.7%YoY to 1.313 million tonnes including 642,200 tonnes of steel pipes from CIS countries up by 69.8% and 670,600 tonnes of steel pipes from non-CIS countries up four times YoY. The share of imported steel pipes in the domestic market amounted to 15.3% in 2010 of which 41% were imported from Ukraine.
According to the data issued by Russia Ministry of Economic Development, in 2010 Russia registered a 35.8%YoY increase in its steel pipe production to 9.149 million tonnes with all major pipe makers seeing growth in output.
As of January 2010 the country pipe segment returned to the pre-crisis levels of domestic consumption, showing steady growth. In particular, in 2010, Russia output of electric-welded large diameter pipes increased by 58.3%YoY, its production of electric-welded pipes, excluding LD pipes, went up by 30.7%YoY, its production of welded pipes went down by 11.6%, production of seamless pipes saw an increase of 24%YoY, output of casing pipes increased by 24.4%, production of drill pipes went up by 55%YoY while output of tubing increased by 11.4%YoY.
These data indicate that the steel pipe consumption of the Russian oil and gas industry in 2010 increased by more than 50%YoY on the back of the construction of oil and gas projects.
In January to November 2010, Russia steel pipe exports decreased by 36.3%YoY to 936,100 tonnes. The ministry noted that during the period in question Russia steel pipe imports significantly exceeded its steel pipe exports as domestic consumption of pipes in January to November sharply increased by 70.1%YoY with pipe makers switching from foreign markets to satisfy demand from the domestic market.
Russia steel pipe imports increased in January to November 2010 by 139.7%YoY to 1.313 million tonnes including 642,200 tonnes of steel pipes from CIS countries up by 69.8% and 670,600 tonnes of steel pipes from non-CIS countries up four times YoY. The share of imported steel pipes in the domestic market amounted to 15.3% in 2010 of which 41% were imported from Ukraine.
| Month | Volume |
| Jan | 622 |
| Feb | 679 |
| March | 779 |
| April | 739 |
| May | 681 |
| June | 702 |
| July | 716 |
| Aug | 759 |
| Sept | 828 |
| Oct | 868 |
| Nov | 853 |
| Dec | 923 |
| 2010 | 9,149 |
| YoY | 35.8% |
In’000 tonnes
(sourced:steelorbis.com)
Metinvest aiming for 25 million tonnes steel
Sunday, 06 Feb 2011
Reuters reported that Ukraine largest mining and metals group Metinvest planned to boost steel output to 25 million tonnes in the long run through acquisitions and modernization of its existing facilities.
Metinvest quoted its director Mr Ihor Siryi as saying in a statement that "Our long term target is to reach the level of 25 million tonnes of steel per year. This will make us No 5 in the world."
(sourced:Reuters)
Reuters reported that Ukraine largest mining and metals group Metinvest planned to boost steel output to 25 million tonnes in the long run through acquisitions and modernization of its existing facilities.
Metinvest quoted its director Mr Ihor Siryi as saying in a statement that "Our long term target is to reach the level of 25 million tonnes of steel per year. This will make us No 5 in the world."
(sourced:Reuters)
PSM goes for another hike for steel products
Sunday, 06 Feb 2011
Daily Times reported that Pakistan Steel Mill has raised prices of steel products once again by PKR 1,000 per tonne to PKR 1,500 per tonne.
Billets 150x150 - By PKR 1000 per tonne to reach PKR 54,000 per tonne
Slabs - By PKR 1,000 per tonne to reach PKR 51,500 per tonne
Plate - By PKR 1,000 per tonne to reach PKR 54,000 per tonne
Galvanized - By PKR 500 per tonne to reach PKR 83,300 per tonne
CR - By PKR 500 per tonne to reach PKR 78,300 per tonne
HR - By PKR 1000 per tonne to PKR 2500 per tonne(sourced:Daily Times)
Daily Times reported that Pakistan Steel Mill has raised prices of steel products once again by PKR 1,000 per tonne to PKR 1,500 per tonne.
Billets 150x150 - By PKR 1000 per tonne to reach PKR 54,000 per tonne
Slabs - By PKR 1,000 per tonne to reach PKR 51,500 per tonne
Plate - By PKR 1,000 per tonne to reach PKR 54,000 per tonne
Galvanized - By PKR 500 per tonne to reach PKR 83,300 per tonne
CR - By PKR 500 per tonne to reach PKR 78,300 per tonne
HR - By PKR 1000 per tonne to PKR 2500 per tonne(sourced:Daily Times)
ASSOCHAM calls for raising import duty on HR steel
Sunday, 06 Feb 2011
The Associated Chambers of Commerce and Industry of India in the interest of domestic steel Industry has stressed upon raising the import duty on hot rolled coils from prevalent 5% to minimum 10% to encourage the growth of domestic steel industry.ASSOCHAM feels that pro active policy measures adopted by Government of India can help expand the HR capacity by additional 8 million tonne during 2011-12, making India surplus for HR by more than 6 million tonne.In a proposal to the ministry of finance, ASSOCHAM has urged the government to raise import duty on HR minimum by 5%. It is imperative to mention that India used to be a net exporter of HR during the last decade but it has become a net importer since past 5 years and has already imported around 2 million tonne of HR Coils in the current financial year. China along with CIS accounts for almost 75% of total imports.ASSOCHAM has pointed out that excess capacity coupled with cost competitiveness are fundamental reasons for export of primary input raw materials for manufacturing steel ie iron ore, coking coal. Coking coal contributes approximately 50% of total cost while 20% cost is contributed by iron ore.Countries like China and CIS with excessive raw material resources are cost-competitive in the international market. China stimulates exports by giving an export incentive of 9% on HR Coils, on the contrary coking coal pries have increased by over 100% thereby, pressurizing cost-competence of Indian steel producers.ASSOCHAM has also outlined four fundamental factors that present adverse scenario for Indian steel companies producing HR Coils - excess capacities in China and CIS countries, cost competitiveness due to cheap source of raw material esp. coking coal, 9 %incentive given to Chinese exporters, new HR Coil capacities developing in India.
The Associated Chambers of Commerce and Industry of India in the interest of domestic steel Industry has stressed upon raising the import duty on hot rolled coils from prevalent 5% to minimum 10% to encourage the growth of domestic steel industry.ASSOCHAM feels that pro active policy measures adopted by Government of India can help expand the HR capacity by additional 8 million tonne during 2011-12, making India surplus for HR by more than 6 million tonne.In a proposal to the ministry of finance, ASSOCHAM has urged the government to raise import duty on HR minimum by 5%. It is imperative to mention that India used to be a net exporter of HR during the last decade but it has become a net importer since past 5 years and has already imported around 2 million tonne of HR Coils in the current financial year. China along with CIS accounts for almost 75% of total imports.ASSOCHAM has pointed out that excess capacity coupled with cost competitiveness are fundamental reasons for export of primary input raw materials for manufacturing steel ie iron ore, coking coal. Coking coal contributes approximately 50% of total cost while 20% cost is contributed by iron ore.Countries like China and CIS with excessive raw material resources are cost-competitive in the international market. China stimulates exports by giving an export incentive of 9% on HR Coils, on the contrary coking coal pries have increased by over 100% thereby, pressurizing cost-competence of Indian steel producers.ASSOCHAM has also outlined four fundamental factors that present adverse scenario for Indian steel companies producing HR Coils - excess capacities in China and CIS countries, cost competitiveness due to cheap source of raw material esp. coking coal, 9 %incentive given to Chinese exporters, new HR Coil capacities developing in India.
Brazil Vale buys area in Para for new port -report
Saturday, Feb05 2011
BRASILIA Feb 5 (Reuters) - Brazilian mining giant Vale VALE 5.SA (VALE.N: Quote) has bought a massive area for the construction of a new port in the state of Para, O Estado de S. Paulo newspaper reported on Saturday.
The Porto do Espadarte is still a "strategic opportunity" being studied, said Mauro Neves, planning director at Vale, according to the newspaper.
The project would help reduce the distance between the Carajas mines and shipment, the newspaper said, but faces opposition from environmental groups and others.
Neves added that any construction is unlikely to begin before 2015, according to the newspaper.
(Reporting by Ana Nicolaci da Costa; Editing by Will Dunham sourced:Reuters)
BRASILIA Feb 5 (Reuters) - Brazilian mining giant Vale VALE 5.SA (VALE.N: Quote) has bought a massive area for the construction of a new port in the state of Para, O Estado de S. Paulo newspaper reported on Saturday.
The Porto do Espadarte is still a "strategic opportunity" being studied, said Mauro Neves, planning director at Vale, according to the newspaper.
The project would help reduce the distance between the Carajas mines and shipment, the newspaper said, but faces opposition from environmental groups and others.
Neves added that any construction is unlikely to begin before 2015, according to the newspaper.
(Reporting by Ana Nicolaci da Costa; Editing by Will Dunham sourced:Reuters)
China not labeled currency manipulator
Sunday, 06 Feb 2011
Dow Jones reported that the US Treasury recently declined to name China or any other country as a manipulator of its currency in the Treasury much awaited report on foreign exchange policies.
The Treasury recognized there had been a move toward greater flexibility of the Chinese yuan. "Treasury's view however is that progress thus far is insufficient and that more rapid progress is needed."
Lawmakers, hearing from US manufacturers complaining their products are being outsold by Chinese goods made at a cheaper cost wanted Treasury to name Beijing a manipulator and are threatening to pass punitive legislation. The Obama administration held up publishing the report until after the state visit by President Mr Hu Jintao in January.
The report warns that Beijing risks fueling already high inflation and creating asset bubbles in its economy.(sourced:DowJones)
Dow Jones reported that the US Treasury recently declined to name China or any other country as a manipulator of its currency in the Treasury much awaited report on foreign exchange policies.
The Treasury recognized there had been a move toward greater flexibility of the Chinese yuan. "Treasury's view however is that progress thus far is insufficient and that more rapid progress is needed."
Lawmakers, hearing from US manufacturers complaining their products are being outsold by Chinese goods made at a cheaper cost wanted Treasury to name Beijing a manipulator and are threatening to pass punitive legislation. The Obama administration held up publishing the report until after the state visit by President Mr Hu Jintao in January.
The report warns that Beijing risks fueling already high inflation and creating asset bubbles in its economy.(sourced:DowJones)
Colombia coal union, Cerrejon near deal - officials
Sat Feb 5, 2011 8:28pm GMT
* Discussions have been ongoing since early December
* Officials say workers, company near to a deal
BOGOTA Feb 5 (Reuters) -
Colombian coal workers are expected to decide on Sunday about a new compensation deal with Cerrejon, the country's largest exporter, their union said, with officials saying the two sides were near an agreement.
Cerrejon produces on average 85,000 tonnes a day of high-quality thermal coal, and any prolonged stoppage at the mine would hurt output at a time when global supplies are tight due to issues in almost all major thermal producers.
"We should have a decision by Sunday morning. Today we're going to talk to two groups of workers and tomorrow another group," Sintracarbon union president, Igor Diaz, told Reuters by telephone on Saturday.
Diaz had said on Friday that he expected a decision by midnight Saturday.
Another union official and a company negotiator said the two sides had reached an "initial" deal though it was still up to workers to accept the pact and a strike was still possible.
Originally all sides had said the deadline to decide on a strike was this weekend under Colombian law, but the company and the union said that deadline was set back to Tuesday after discussions with the labor ministry about the law.
Cerrejon and workers have been in talks since Dec. 9.
Cerrejon -- unlike privately owned Drummond and Glencore, Colombia's other top coal producers -- has listed partners, BHP Billiton (BLT.L: Quote), Anglo American (AAL.L: Quote) and Xstrata (XTA.L: Quote).
Adding to pressure to reach a deal with workers, its partners have had lower output from mines in Australia due to flooding.
In June last year, workers at U.S. coal miner Drummond reached a three-year deal, while a month later laborers at the La Jagua mine of Glencore's Prodeco unit inked a two-year deal after a five-week walkout.
Global coal markets have been vulnerable to supply disruptions in many important exporting countries, such as Australia, boosting prices. (Reporting by Luis Jaime Acosta and Jack Kimball; Editing by Paul Simao,sourced:reuters)
* Discussions have been ongoing since early December
* Officials say workers, company near to a deal
BOGOTA Feb 5 (Reuters) -
Colombian coal workers are expected to decide on Sunday about a new compensation deal with Cerrejon, the country's largest exporter, their union said, with officials saying the two sides were near an agreement.
Cerrejon produces on average 85,000 tonnes a day of high-quality thermal coal, and any prolonged stoppage at the mine would hurt output at a time when global supplies are tight due to issues in almost all major thermal producers.
"We should have a decision by Sunday morning. Today we're going to talk to two groups of workers and tomorrow another group," Sintracarbon union president, Igor Diaz, told Reuters by telephone on Saturday.
Diaz had said on Friday that he expected a decision by midnight Saturday.
Another union official and a company negotiator said the two sides had reached an "initial" deal though it was still up to workers to accept the pact and a strike was still possible.
Originally all sides had said the deadline to decide on a strike was this weekend under Colombian law, but the company and the union said that deadline was set back to Tuesday after discussions with the labor ministry about the law.
Cerrejon and workers have been in talks since Dec. 9.
Cerrejon -- unlike privately owned Drummond and Glencore, Colombia's other top coal producers -- has listed partners, BHP Billiton (BLT.L: Quote), Anglo American (AAL.L: Quote) and Xstrata (XTA.L: Quote).
Adding to pressure to reach a deal with workers, its partners have had lower output from mines in Australia due to flooding.
In June last year, workers at U.S. coal miner Drummond reached a three-year deal, while a month later laborers at the La Jagua mine of Glencore's Prodeco unit inked a two-year deal after a five-week walkout.
Global coal markets have been vulnerable to supply disruptions in many important exporting countries, such as Australia, boosting prices. (Reporting by Luis Jaime Acosta and Jack Kimball; Editing by Paul Simao,sourced:reuters)
China largest energy users boost efficiency by 20pct
Saturday, 05 Feb 2011
Bloomberg reported that China energy intensive industries cut consumption per unit of gross domestic product by more than 20% from 2006 to 2010.
Xinhua said citing the National Bureau of Statistics said Industries including oil processing, coking, nuclear-fuel processing, chemical manufacturing, smelting and electricity production saved a total of 400 million tonnes of standard coal, contributing more than 60% of the nation energy savings
Xinhua said the industries account for 77% of China industrial energy consumption and more than half the country total energy consumption.
An official from China National Development and Reform Commission in December said China will meet its target of cutting energy use per unit of GDP by 20% from 2006 to the end of 2010.(sourced:Bloomberg)
Bloomberg reported that China energy intensive industries cut consumption per unit of gross domestic product by more than 20% from 2006 to 2010.
Xinhua said citing the National Bureau of Statistics said Industries including oil processing, coking, nuclear-fuel processing, chemical manufacturing, smelting and electricity production saved a total of 400 million tonnes of standard coal, contributing more than 60% of the nation energy savings
Xinhua said the industries account for 77% of China industrial energy consumption and more than half the country total energy consumption.
An official from China National Development and Reform Commission in December said China will meet its target of cutting energy use per unit of GDP by 20% from 2006 to the end of 2010.(sourced:Bloomberg)
China Chongqing Steel posts strong performance in 2010
Sunday, 06 Feb 2011
It is reported that Chongqing based Chinese steel producer Chongqing Steel Group announced its production data and financial results for 2010.
Accordingly, in 2010, Chongqing Steel produced 4.44 million tonnes of pig iron up by 37.67%, 4.56 million tonnes of crude steel rising by 38.94%YoY and 4.27 million tonnes of finished steel increasing by 32.65%YoY.
During the year in question, Chongqing Steel achieved a total sales income of CNY 22 billion increasing by 41.03%YoY. At the same time, its net profit amounted to CNY 310 million almost the same as in 2009. At the end of 2010, Chongqing Steel held assets with a total value of CNY 52.4 billion up by 38%YoY.
In 2010, Chongqing Steel shipbuilding plate sales reached 1.71 million tonnes ranking second in China. Meanwhile, Chongqing Steel sales income generated from non-steel sectors in 2010 came to CNY 8.731 billion accounting for 28.4% of the company total sales income.
In addition, Chongqing Steel stated that it has also made progress in the development of new products. In 2010, the steel producer rolled 614,500 tonnes of newly developed steel product and steel products with special requirements. (sourced:steelorbis.com)
It is reported that Chongqing based Chinese steel producer Chongqing Steel Group announced its production data and financial results for 2010.
Accordingly, in 2010, Chongqing Steel produced 4.44 million tonnes of pig iron up by 37.67%, 4.56 million tonnes of crude steel rising by 38.94%YoY and 4.27 million tonnes of finished steel increasing by 32.65%YoY.
During the year in question, Chongqing Steel achieved a total sales income of CNY 22 billion increasing by 41.03%YoY. At the same time, its net profit amounted to CNY 310 million almost the same as in 2009. At the end of 2010, Chongqing Steel held assets with a total value of CNY 52.4 billion up by 38%YoY.
In 2010, Chongqing Steel shipbuilding plate sales reached 1.71 million tonnes ranking second in China. Meanwhile, Chongqing Steel sales income generated from non-steel sectors in 2010 came to CNY 8.731 billion accounting for 28.4% of the company total sales income.
In addition, Chongqing Steel stated that it has also made progress in the development of new products. In 2010, the steel producer rolled 614,500 tonnes of newly developed steel product and steel products with special requirements. (sourced:steelorbis.com)
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