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News - 01 Sep, 2014
1. China\'s production of ferroalloys in July 3.0849 MT - 01 Sep, 2014Top
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The production volume of ferroalloys in July 2014 released by the National Bureau of Statistics of China was 3.0849 million tons, up by 9.5% from the year-earlier month but down by 11.8% from the prior month.

Besides, the cumulative total production in the period from January to July was 21.4032 million tons, up by 8.6% from the year-earlier period.

For a reference, as there is a difference between this cumulative total and the total of figures based on a single month, some adjustment is understood to be made on the past data.

Source - The TEX Report

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2. Chinese prices of FeSi has no Ample factors for hike and gets soft - 01 Sep, 2014Top
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Following the upward trend in July, the price of ferro silicon also showed a slight hike until early August. However, the price lost momentum after mid-August, and takes breath at the moment.

In China, major ferro silicon producers cut production from April for the reason of renovating facilities, and as the feeling of oversupply disappeared from the market, the market has recovered. Besides, the futures trading for ferro silicon and silico manganese started in Zhengzhou, Henan from August 8, and the market has seemed to expect a firm price movement.

However, many of market watchers see a declining atmosphere in the demand because the futures trading in Zhengzhou moved with an anticipation of a fall and the quantity of purchase in September offered by major steel mills in late this month was down from the prior month, and there is a scarcity of the factors for price hike in the market.

On the other hand, the export to Asia loses its shine. This is because the domestic market prices in Japan and South Korea have hovered at a high level and there are a lot of customers which buy cheap products like B-garde with Si being 75% and with Si being 72%, which leads to the price hike in the Chinese domestic market being unable to be reflected in the price and no profit being earned.

Purchases by US customers which were energetic at one time also remains flat after the antidumping duty was decided not to be imposed on Russian products on July 25. However, Brazilian customers have been taking a strong buying attitude for these several months, and a constant quantity of shipment takes place every month. This is because the shortage of electricity has been prolonged in Brazil and the production of ferro silicon has declined.

Source - The TEX Report

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3. Disputed oil tanker vanished in the Gulf of Mexico - 01 Sep, 2014Top
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It is reported that a tanker near Texas loaded with USD 100 million of disputed Iraqi Kurdish crude has disappeared from satellite tracking, the latest development in a high-stakes game of cat and mouse between Baghdad and the Kurds.

The AIS ship tracking system used by the US Coast Guard and showed no known position for the United Kalavrvta, which was carrying 1 million barrels of crude and 95% full when it went dark.

Several other tankers carrying disputed crude from Iran or Iraqi Kurdistan have unloaded cargoes after switching off their transponders, which makes their movements hard to track.

Days ago, the partially full Kamari tanker carrying Kurdish crude disappeared from satellite tracking north of Egypt's Sinai. It reappeared empty 2 days later near Israel.

And in late July, the tanker United Emblem offloaded part of its cargo of Kurdish crude onto another ship in the South China Sea.

Baghdad, which said that it has the exclusive right to export the crude, has filed a lawsuit in a US court to reclaim control of the United Kalavrvta cargo and block the Kurdistan Regional Government from delivering it.

The suit shows Baghdad is stepping up a legal and diplomatic push to stop Kurdistan from exporting crude, which the Kurds say is crucial to their own dreams of independence.

The court on Monday threw out an order issued to seize the cargo, saying it lacked jurisdiction because the tanker was some 60 miles offshore.

The judge has invited Iraq to replead its case over the rightful ownership of the cargo. Baghdad could file claims against anyone taking delivery of the oil.

A Coast Guard official said that the vessel in the Gulf of Mexico might have turned off its beacon, sailed beyond antennas that monitor transponders, or perhaps some antennas might have been taken out of service.

However, dozens of vessels were visible on Thursday in the Galveston Offshore Lightering Area, where the Kurdish tanker was last seen.

Source -

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4. Bisra Stone Lime Company workers meet steel minister - 01 Sep, 2014Top
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Express News Service reported that trade union leaders and employees of loss-making PSU Bisra Stone Lime Company Limited at Birmtirapur in Sundargarh district met Union Minister of State for Steel, Mines, Labour and Employment Mr Vishnu Deo Sai on Friday with an appeal to revive the company.

Birmitrapur MLA and Birmitrapur Mazdoor Manch president Mr George Tirkey and other leaders of BSLC’s recognised union Gangpur Labour Union (GLU) handed over a memorandum to the Minister.

Mr Sandeep Mishra, GLU general secretary, said that among other demands, separation of BSLC from its holding company Rashtriya Ispat Nigam Limited and handing over the company’s administrative power to SAIL were also made.

Source - Express News Service

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5. Steel minister and Mr Oram differ on Khandar iron ore mine allotment to POSCO - 01 Sep, 2014Top
Telegraph India reported that the BJP-led NDA government at the Centre and the state unit of the party seem to be divided on the issue of allotting the Khandadhar mines to POSCO for its proposed 8 million tonne steel project in Paradip.

Mr Vishnu Deo Sai, Union minister of state for steel and mines, who visited the Rourkela Steel Plant, almost disagreed with his cabinet colleague, tribal affairs minister Mr Jual Oram, on the issue.

Mr Oram, in an interview to The Telegraph, which appeared on Saturday’s Hot Seat column, said that he would continue to oppose handing over the Khandadhar iron mines to POSCO for its steel project, because it would harm to the existing eco- system.

Mr Oram asid that “We are not against development. But, I want to be specific that the Khandadhar mines should not be handed over to anyone. Local people are opposing the move, and we have to respect their sentiments. Besides, Khandadhar is a beautiful hill and a stream is originating from there.”

Mr Sai today made it clear that “Mr Oram’s opinion is his personal one and the POSCO project is in the interest of the state and its people. The project should come up.”

On being asked how the project would come up when his cabinet colleague Mr Oram was opposed to it, Mr Sai said that “He is my senior colleague, and I don’t want to say anything more on the issue.”

Incidentally, the Khandadhar mines fall in the Sundargarh Lok Sabha constituency that is represented by Mr Oram, the lone BJP Lok Sabha member from the state.

Source - Telegraph India

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6. Coal ministry asks CIL to prepare a detailed note on explored mines without eco clearance - 01 Sep, 2014Top
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PTI reported that the Coal Ministry has asked CIL to prepare a detailed note on ways to fast-track extraction of coal from its mines which are explored and have got green clearance.

A source close to the development said that “CIL was directed that a detailed note may be prepared and sent to this ministry. This is under process.”

The source said that the Cabinet Committee on Economic Affairs had in September, 2013 decided that coal ministry will separately examine how extraction of coal from the mines from the explored and environmentally cleared blocks held by CIL could be expedited and bring an appropriate note for the consideration of the committee at an early date.”

CIL is awaiting environment and forestry clearances pertaining to its 241 projects. Currently, 48 environmental clearance proposals, having a capacity of about 109 million tonnes per annum, are awaiting clearances at different levels. Moreover, 193 forestry proposals are awaiting clearances either at environment ministry or at the state levels.

The Ministry of Coal had in 2012 allotted 116 blocks to CIL. In addition, it was allotted three de-allocated mines Brahmini, Chchro Pastimal and East of Damogoria.

Source - PTI

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7. Reliance Industries returns SEZ land in Gurgaon - 01 Sep, 2014Top
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Reliance Industries quoted it has returned nearly 1,384 acres of land in Gurgaon that was acquired for its SEZ, as saying that the withdrawal of the concessions offered to special economic zones has made such projects unviable.

The company in a statement said that “Reliance Haryana SEZ Limited (RHSL) on Friday returned 1,383.68 acres of land in Gurgaon acquired from HSIIDC for setting up SEZs due to revision of strategic priorities.”

RHSL is a JV between Reliance Ventures Limited (RVL), RIL’s wholly-owned subsidiary, and Government of Haryana through HSIIDC.

It said that the JV was established for development of SEZs/Model Economic Township (MET) project and other infrastructure facilities in Haryana. HSIIDC has also exited the JV and the project.

The statement said that the Model Economic Township project will continue to be developed in the Industrial Model Township framework on the directly-purchased land. The development work has been started over 290 acres as an Industrial Colony. Companies such as Panasonic and Denso have established their manufacturing units in the MET Project.

RIL had on December 12st 2005 entered into an MoU with HSIIDC (a Government of Haryana-owned company) for development of a large multi product SEZ. RHSL was formed on June 9th 2006. The SEZ project was located in Gurgaon and Jhajjar districts of Haryana. In 2007, HSIIDC transferred 1,383 acres to RHSL for development of the SEZ.

On July 14th 2010, Haryana government approved the development of SEZ over the land transferred by HSIIDC in Gurgaon and development of Model Economic Township (Industrial Model Township Framework) on the directly purchased land.

It said that “But, in March 2011, the Government of India withdrew the fiscal concessions of exemption of MAT and DDT for the SEZs.”

It added that consequently, in January 2012, RHSL offered to return the 1383 acres as SEZs became unviable with the withdrawal of fiscal incentives.

On February 7th 2014, the Haryana Cabinet approved the return of the land to HSIIDC at a price much lower than the price at which it was transferred to them. It also approved the exit of HSIIDC from the project.

It further added that “On the directly-purchased land RHSL has developed 290 acres as an Industrial Colony where some multi-national corporations commenced production in 2012. The company has sought another license for an additional 415 acres.”

Source - PTI

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8. Slab prices likely to rebound - TEX - 01 Sep, 2014Top

According to a source, prices of steel slabs in Asia seem to have ceased to fall and have rebounded. Although the Ramdan holiday was over in the Southeast Asian region, it is seen for sales activities to go into full swing from the week of 18th.

It is said that Ilyich Iron & Steel Works in Ukraine noticed recently to cancel orders of slabs for Southeast Asia like Malaysia. Although it is unknown to be by bombarding, operations of blast furnaces in the Donetsk Province were significantly affected by coal haulage having been suspended due to cut off of railway networks. Among them, Ilyich is in a state for its operation to have become impossible for a prolonged period and is to have cancelled its export contracts on slabs.

Negotiations on slabs in the Southeast Asian region have not gone into full swing yet but as above information was spread, bid prices are said to have been raised by USD 5 to USD 10.

Slab prices in the Asian region are said to have fallen to the level of USD 490 CFR in mid-July and to USD 475 CFR from late July to early August. A decrease in price of slabs had been affected by a price drop of material iron ore.

However, the fact that slab prices are rebounding even slightly is not only caused by suspension of slab export from Ukraine. It is seen to be another factor that inquiries of slabs from Korea to Japan are increasing. In Korea, POSCO is said to be planning to make relining of a blast furnace in January next year, and accordingly, there is a possibility for the company to begin to reduce its domestic supply of slabs, so inquiries are seen to begin to be sent to Japan as a backup.

And, slabs of PT Krakatau Posco in Indonesia are said not to be diverted to export. It is said that PT Krakatau Steel has almost not produced reduced iron and has received supply of slabs and steel plates from Krakatau Posco. As a major supply source of slabs is to have been lost, it is predicted for the balance of supply and demand of slabs to become tightened rapidly.

If slab prices cease to fall, it is expected for a price drop of hot rolled steel coils and plates for general use to be coming to a stop in the overseas market.

Source - The TEX Report

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9. TMK updates outlook for H2 and FY 2014 - 01 Sep, 2014Top
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H2 of 2014, the Company observes an increase of the pipe market in Russia mainly due to higher consumption of LD pipe as a result of the commencement of Gazprom's Power of Siberia project.

In the US TMK expects commodity prices to further support robust drilling activity throughout 2014. Following the final OCTG Trade Case decision the flow of imports and inventory levels should gradually decrease, which should positively influence the pricing environment.

The European pipe market is expected to largely remain unchanged in the H2 of 2014. Overall, for the H2 of the year TMK expects a stronger set of results due to growing LD pipe sales, higher seamless pipe prices in Russia in line with stable raw materials prices as well as a gradual recovery on the US Market.

Source - Strategic Research Institute, Steel Guru

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Pacific Coal announces Q2 and financial results for 2014

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Pacific Coal Resources Limited has filed its unaudited consolidated financial statements for the three months ended June 30th 2014 together with its management's discussion and analysis for the corresponding period.

All financial figures contained herein are expressed in US dollars unless otherwise noted. These documents will be posted on the Company's website at and under the Company's profile at

Financial and Operating Summary;
A summary of the financial and operating results for the second quarter of 2014 is as follows:

(000's except per share and operating data);
OperationalQ2 2014Q2 2013
Tonnes of coal produced(1) 279593398865
Average stripping ratio - operations 14.09:18.28:1
Tonnes of coal sold229276349818
Average realized thermal coal price per tonne sold (2) USD 95.39USD 106.05
Operating margin per tonne sold (2) USD (14.91)USD 13.60

Mr Hernan Martinez executive chairman of Pacific Coal Resources said that "In the Q2 of 2014, we were able to maintain year to date general and administrative expenses below forecasted amounts and further ramp up south pit production at La Caypa. We are also currently negotiating JV at Cerro Largo that is expected to provide the Company with a steady cash flow. We aim to further develop the south pit at La Caypa to maximize its coal production and strengthen our focus on core assets by disposing off the remaining interest in the Barranquilla port."

Source - Strategic research Institute, Steel Guru

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Price Index - MEA
  May-08 May-01
MLPPI 4684 4684 Same
MFPPI 4968 4968 Same
MEASPI 4770 4770 Same
Currency Rates
01 Sep, 2014
USD 1.0000
AUD 1.0708
BRL 2.2356
CAD 1.0872
CNY 6.1474
EUR 0.7622
GBP 0.6026
INR 60.5349
JPY 104.1718
RUB 37.0569
ZAR 10.6556