Comprehensive news

Big smelters bolster rebound in zinc output 

ZINC output in China, the world's largest producer, may have rebounded last month as expansion by bigger producers more than offset supply reductions from smaller rivals, an executive said yesterday.

Steel mills to cut production, foretelling cyclic adjustment 

Chinese experts call on steel industry to undertake a cyclic adjustment as some steel mills have started to scale down production due to continuous sliding in steel prices.

Jiangxi Copper to invest 2.5 bln yuan in acquiring foreign assets 

Jiangxi Copper (600362.SH) plans to spend 2.5 billion yuan on acquiring North Peru Copper Corp. and Afghanistan Aynak Copper, which are expected to add 14 million tons of copper reserves to Jiangxi Copper.

China's iron and steel SMEs considering JV for tapping overseas resources 

Twelve small and midsize iron and steel enterprises with annual production capacity totaling 50-60 million tons are planning to set up a joint venture to jointly seek opportunities of tapping mineral resources overseas, revealed an official in charge of the China Chamber of Metallurgy Industry affiliated to the All-China Federation of Industry & Commerce.

Analysis: Investment outlook of China's steel sector worrisome 

As a majority of steel makers suffer from decline in gross profit margin, market capitalization and investment income in the first half, analysts are worried about the investment prospect of the steel sector.

Analysis: China considering coal reserves 

China is going to launch legislationon coal reserves, but there is still much disagreement over methodand utility of the reserves.

China large mines: not to cut coking coal price before yearend 

The large state-owned miners in Shanxi Province, one of China's largest coal producers, said they would not cut coking coal price by the end of 2008.

Policy

Coal reserve plan a bid to tame prices 

The government will revise coal legislation to include a strategic coal reserve by 2015, as it tries to tackle soaring prices.

China unlikely to cancel export rebates to all steel products 

China is unlikely to cut export rebates to all steel products, said Luo Bingsheng, vice chairman of the China Iron and Steel Association, at a recent steel industry merger and acquisition forum.

Market

China's aluminum price to keep up upon cost rise 

The rise of production cost, instead of power shortage, is the main factor to keep China's aluminum price up, according to an analyst.

China's lead and zinc price continuously declines 

China's lead and zinc price may continue its downward trend in the rest of this year given the current lead and zinc glut on the market, according to analysts at the 2008 Shanghai Lead and Zinc Conference.

Iron ore inventories at China ports exceed 60 mln t for 5 months 

Iron ore inventories at Chinese ports have exceeded 60 mln tons for 5 months in a row so far this year, possibly leading to market price decline.

China's molybdenum concentrate output in Jan.-Aug. 

The latest statistics provided by China Nonferrous Metals Industry Association (CNIA) show that China's output of molybdenum concentrate was 115,248 tons in the first eight months of this year, with molybdenum content reaching 51,862 tons, up 24.74 percent year on year.

Diving iron ore freight drags down China's iron ore import price 

As iron ore freight dives on the international market, China's import price of iron ore has slumped by a large margin, information of Guangzhou South China Metal Materials Trading Center shows.

Merge and acquisition

Sinosteel takes 98.52 pct of Midwest 

Sinosteel Corp., one of China's largest iron ore traders, has taken control of Midwest by purchasing 98.52 percent stake in the Australian miner, marking a conclusion of the deal.

CNPC Buys 60 Mln A Shares of PetroChina 

China National Petroleum Corp. (CNPC) announced Monday it had purchased 60 million A-shares of its Shanghai-listed subsidiary, PetroChina Co. Ltd.

Statistics

China's import of chromium ore in July 2008 

China imported 720,000 tons of chromium ore valued at 313.257 million US dollars in July 2008. The import in January-July reached 4,200,000 tons valued at 1,554.392 million US dollars, up 24.9 percent and 104.1 percent respectively year on year.

China's import of iron ore in July 2008 

China imported 39,630,000 tons of iron ore valued at 5,881.549 million US dollars in July 2008. The import in January-July reached 26,961,000 tons valued at 36,609.957 million US dollars, up 21.8 percent and 115.4 percent respectively year on year.