Reuters reported that the Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, remained negative for the ninth straight session as trading stayed subdued and a West Australia to China benchmark weakened.
China Mining News
It is reported that China Shenhua Energy, the largest coal producer in China recorded a 39.2%YoY rise in coal sales to 191 million tonnes in the first half. During the same period, coal output increased 28.6%YoY to 140 million tonnes
China, which became the world’s largest gold producer since in 2007, retained its position again in 2010 by mining 340.88 tonnes, up 8.57 percent year on year, the China Gold Association said Sunday. Increases in gold output will help China hedge against financial risks and inflation, as well as maintain economic security, the association said.
Yesterday, China's National Development and Reform Commission released metallurgy industry's operation situation in the first half of this year. In the January-June period of current, iron ore imports reached 334.25 million mt, an increase of 8.1%;
Chinese state-owned company Dafeng Port Group plans to set up a ferronickel industry in Kotabaru, South Kalimantan with a production capacity of 200 million metric tons a year. The president director of Dafeng Port Group Co. Ltd., Ni Xiangrong, said here on Saturday the Dafeng Port Group Co.Ltd. has successfully developed an integrated economic zone in China and plan to build a ferronickel industry and its support industries in Kotabaru.
Police have detained eight people in east China's Shandong Province in connection with a coal mine fire that has trapped 28 miners for more than two weeks, local authorities said Saturday. A total of 91 people were working underground in the Fangbei Coal Mine in the province's city of Zaozhuang on July 6 when an air compression device located in a parking lot 255 meters underground caught fire.
China's coal imports dropped 11.8 percent in the first half of the year to 70.49 million tonnes while exports also fell 13.7 percent to 8.75 million tonnes. During the period, the nation recorded a net import of 61.74 million tonnes of coal. The figure fell 11.5 percent year-on-year amid surging international coal prices, according to figures released Friday by the China National Coal Association.
If you’re still bearish on long-term silver prices, you’d better reconsider your stance. Dollar-denominated Chinese silver futures were scheduled to begin trading on the Hong Kong Mercantile Exchange early today. This development will grant Asian
China has discovered its largest molybdenum deposit containing 2.2 million tons of the silvery metal, which ranks the second largest in the world, in east China's Anhui province. Anhui Geology and Mineral Resources Bureau estimate the deposit in Jinzhai county has 1.275 billion tons of ore which contains 2.2 million tons of molybdenum, said Wu Yulong, head of the bureau.
According to the World Steel Association (WSA), production of steel in China during the January-June period of the current year stood at 350.543 MT, almost half of world output during the same period and the single highesat by any country.
The demand for electricity continues to grow in China as surging economic growth creates a rising middle-class. With the largest population in the world, naturally the growing number of middle-class Chinese consume more energy.
Copper futures retreated Thursday, snapping Wednesday’s rally to a three-month high, as negative sentiment over China’s economic future outweighed better-than-expected US manufacturing data.
With gold once more assaulting new highs, part of the potential demand for the yellow metal in India and China has been withdrawn, but the indications are that it will return.
Growth ground to a halt in the euro zone's private sector this month while China's factory sector contracted for the first time in a year, surveys showed on Thursday, deepening evidence of a sharp slowdown in the global economy. The surveys were published just before European leaders meet for a crisis summit to hash out a second bailout of Greece and allay fears a debt default by Athens will poison access to the bond market for bigger states. Image is by Malene Thyssen.
When news broke Thursday last week that China was raising REE export quotas for the second half of the year, ostensibly in reaction to a WTO ruling, it was greeted with some surprise and a measure of relief by the makers of anything from iPods to lasers to stealth helicopters. But as the implications of the announcement on future pricing of the 17 elements begin to sink in some analysts are pointing out that rather than easing the pressure on manufacturers who need rare earths, China's move was aimed at cutting off at the knees development of mining projects outside its borders.
In calling for the U.S.to take ‘responsible' measures on the economy and debt, China's FX regulator says country can't buy too much gold as the market is too small.
The recent Chilean mine disaster has sparked new fresh debate in China regarding work safety and rescue work in the domestic mining industry. China has made huge steps to improve mine safety in recent years, reducing the number of deaths to approximately 2,600 in 2009 from 7,000 in 2003 even though coal output has more than doubled.
NineMSN reports that shares in Meridian Minerals (ASX:MII)jumped after a Chinese state-owned entity, revealed plans to takeover: Shares in Meridian Minerals jumped after the junior explorer's largest shareholder, a Chinese state-owned entity, revealed plans for a $67.5 million takeover offer. Meridian shares were up one cent, or 8.7 per cent, at 12.5 cents at 1343 AEST after an earlier high of 13 cents.
Copper hit its highest since mid-April on Tuesday on better-than-expected U.S. housing data, a weaker dollar and hopes Chinese demand will remain firm, helping offset investor anxiety over U.S. and European sovereign debt concerns.
Need proof that stakeholder relations can be fraught? See this recently uploaded YouTube video of Siveru Soma, an Indian MP, who was chased away and beaten up by a mob of women who were protesting a Chinese clay mining project in Visakhapatnam district.
Chinese miner Huaibei Coal Group is planning an initial public offering (IPO) on the Shanghai Stock Exchange, according to a local press report. Shanghai Securities News said the flotation will be carried out to help finance CNY 8.50 billion (USD 1.40 billion) of new projects.
Copper hit its highest since mid-April on Tuesday as a weaker dollar and hopes Chinese demand will remain firm helped offset investor anxiety over US and European sovereign debt concerns. Three-month copper on the London Metal Exchange (LME) traded at $9,800.25 a tonne by 0825 GMT compared with Monday's close of $9,694 a tonne.
The latter part of this editorial contains comments on resources stocks and metals. Notwithstanding those comments, the current situation in Europe will overwhelm everything else in the market near term so we will comment on that first.
Pregnant women who are exposed to coal smoke and pesticides are up to four times more likely to have babies with serious birth defects than women not exposed to these chemicals, a Chinese study has found.
Sino Clean Energy Inc. ("Sino Clean Energy" or the "Company") (Nasdaq: SCEI), a leading producer and distributor of coal-water slurry fuel ("CWSF") in China, today announced that it has entered into a non-binding, preliminary agreement to acquire 100% stake in Crown Energy Limited, an investment company registered in Hong Kong, which as its sole business holds a 60% stake in Foshan Nan Hai CWSF Co., Ltd. ("Foshan Nan Hai"). If after due diligence the Company decides to complete the acquisition, Sino Clean Energy will control a 60% stake in Foshan Nan Hai, a producer and distributor of CWSF in China.