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Updated: 2012-07-31 13:06
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Comprehensive news

China's coal mining provinces cut output to reduce oversupply

China's major coal mining provinces, including northern China's Shanxi and eastern China's Shandong, have cut or have plans to cut coal output in a bid to alleviate oversupply and end persistent weakness in the domestic coal market, industry sources told Platts Thursday.

Steel industry downturn to continue in H2

China's steel industry, already experiencing a big drop in profits since the turn of the year, will continue to face a downturn in the second half, as demand remains gloomy and an overcapacity of steel continues, according to a leading industry expert.

Overseas focus remains key for nonferrous metals 

China will accelerate the overseas exploration of nonferrous metals to meet growing domestic demand, senior industry officials said on Friday.

China to tighten standard for rare-earth mining, cut number of licenses

China plans to cut the number of rare-earth mining licenses and raise market access standard for miners, as part of efforts to promote industry consolidation and reduce environmental damage.

Market

China refined H2 copper consumption seen picking up

China's refined copper consumption is forecast to rise by about 5 percent in the second half of 2012 from a year ago, a state-backed research firm said, led by higher demand from power cable makers as the government takes steps to boost the economy.

China's coal price 'to rebound' in September

China's thermal coal market will rebound in late September as the country's economy recovers, boosting demand, said the head of Yanzhou Coal Mining Co, the nation's fourth-largest coal producer, on Friday.

China's rising steel exports slam Asian producers

China's slowing demand for steel is driving Chinese exports of the metal to the highest level in more than three years, flooding the Asian market with supplies at a time when producers such as South Korea's POSCO are grappling with thinning profits.

Merge and acquisition

CITIC's Australia Sino Iron mine cost surges to $8bn-report

China's Citic Pacific Ltd said the cost to build its Sino Iron project in Western Australia's remote Pilbara region has reached $8 billion, The Australian newspaper reported on Saturday, representing a jump of at least $1 billion.

Chinalco to fund aluminum base with Sapa Group

The Aluminum Corporation of China, commonly known as Chinalco, signed an agreement with a Swedish company in Beijing last year to fund a project in the Xipeng Aluminum Industrial Zone in the Jiulongpo district of Chongqing municipality.

Shougang Group wants to establish coal and iron ore mines in Australia

The head of one of China's largest steel companies has said that it will make better use of both its overseas and domestic resources and increase international cooperation to follow a sustainable development path.

Zijin Mining acquisition

Zijin Mining Group announced over the weekend that Australian Foreign Investment Review Board (FIRB) approved its acquisition of Norton Gold Fields Ltd for 1.11 billion yuan ($176 million).


Companies

Yancoal chairman Weimin Li says coal prices will rebound as China's economy picks up

THE head of Chinese coal giant Yanzhou is tipping the economic powerhouse's demand for coal to recover towards the end of September, with the country's next government continuing to support growth, underpinning long-term demand and strong prices for the bulk commodity.

Steel companies report losses in the first half

Up to 70 percent of China's listed steel companies said they are expecting losses for the first half of the year and predicted declining profits in the second half, the Securities Daily reported.

Baosteel seeks to cut 30% of steel capacity in Shanghai over 5 years

THE Baosteel Group will reduce about 30 percent of its steelmaking capacity in Shanghai over the next five years as part of a strategy to help the city adjust the growth model and to expand into the west.

Policy

China considers tax rebate to aid steelmakers


China is considering reviving a value-added tax rebate aimed at aiding the country's struggling steel sector, the official Shanghai Securities News reported on Tuesday, citing unidentified sources.

 

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