OMC reduces Indian chrome ore price for Q1 shipments
January 31, 2009
It is reported that Orissa Mining Corporation has reduced the price of Indian chrome ore for domestic sale to a large extent. The new price is applied to shipments in January to March 2009 quarter.
As per report, a typical high grade chrome ore produced in India has contained Cr2O3 48% to 49.99% and its price has been reduced to INR 4,976 per tonne, corresponding to approximately USD 96 per tonne, which has fallen to nearly half of the price for October to December 2008 quarter.
At all events, the higher prices of USD 700 to USD 800 per tonne had once prevailed in the international market, mainly in China. However, owing to the cutback of ferrochrome to be produced from chrome ore as implemented from October of 2008, the world demand for chrome ore has decreased to a large extent and, in order to cope with this aspect, price of Indian chrome ore for domestic sale has been urged to revise.
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Weak Economy Cuts China’s Ansteel 2008 Net Profit 55%
January 31, 2009
China’s Angang Steel Co. Ltd. (Ansteel) said Wednesday net profit fell 55 percent last year to an estimated 3.42 billion yuan (about US$500 million) Ansteel prices plunged.
Ansteel, one of the country’s top three steel producers, issued the estimate in an unaudited statement to the Shenzhen Stock Exchange, where it is listed.
The final figure indicates a loss of 4.83 billion yuan in the fourth quarter, as previous company data show net profits in the first three quarters totaled 8.25 billion yuan.
The decline reflected steep falls in steel prices and slow inventory movement starting in the second half, said the northeast-based company.
Steel prices in China plummeted in the second half as the deepening world economic slowdown weakened industrial growth and steel demand in the country.
The price of 6.5 mm carbon steel wire rods, a major steel product, was down more than 40 percent since June, Jia Yinsong, a Ministry of Industry and Information Technology official, told a forum earlier in January. Market data show the product was sold at about 3,400 yuan per ton.
The company also attributed the weak performance to the costs of buying raw materials and fuel at high prices earlier in 2008.
World crude oil prices are down more than 70 percent since peaking at 147 U.S. dollars per barrel in July. Earnings per share were estimated at 0.47 yuan in 2008, down 58 percent from in 2007, Ansteel said.
The company didn’t give a date for the release of its audited results, which under Chinese rules must be done within six months.
Source: Xinhua News Agency
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New Development Zone to Take Shape Near Beijing
January 31, 2009
China’s port construction, steel and power giants will pour 192.9 billion yuan (28 billion U.S. dollars) for infrastructure construction in Caofeidian, an island-turned development zone in the Bohai Bay in north China, according to the city government of Tangshan, which administrates the zone.
Xinhua’s source with the government said on Wednesday that 65 billion yuan of the investment will be used for 105 infrastructure projects this year.
The 50-sq km development zone in Hebei Province is 220 km to the east of Beijing. It has been designated as a model of China’s environment-friendly industrial base.
The projects under construction this year will equip the zone with 200 million tons of port handling capacity and an initial industrial production condition for key companies, such as the Beijing Capital Iron and Steel Group’s steel plant, which moved from the capital city’s urban area to Caofeidian in 2007.
The Caofeidian industrial zone was put on China’s list of pilot areas for recyclable economy in October 2005. Chinese President Hu Jintao and Premier Wen Jiabao both paid visits to the zone. They expect it to become a demonstration area for scientific development and recyclable development.
Caofeidian has been mapped to become the country’s largest steel production base by 2010. An evaluation by the country’s environmental watchdog shows the steel plant will ensure 99.5 percent of solid waste and 97.5 percent of waste water are recycled.
State-owned giants like Petro China and Huadian Power Group have also made the zone their energy base.
Caofeidian, once a small sand spit in the Bohai Bay, has extended into a land of more than 50 square km through sea fillings since 2003. The frame of a modern city is beginning to take shape here as crowds of elite technicians and industrial workers swarm to the zone.
Source: Xinhua News Agency
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China Dissatisfied About EU’s Anti-dumping Measures
January 31, 2009
The Chinese government expressed dissatisfaction over the EU’s final decision to take anti-dumping measures against China-made fasteners, Yao Jian, spokesperson of the Ministry of Commerce, said on Wednesday.
Yao also expressed the attitude on behalf of Chinese fastener manufacturers.
Yao said that China believed that practices by the EU’s in the investigation and verdict on China-exported fasteners were inconsistent with WTO (World Trade Organization) rules and EU anti-dumping laws.
“The ruling against the Chinese products lacked justness and transparency, with obvious probability toward trade protectionism,” Yao noted.
This “extremely damaged the legitimate rights and interests of the Chinese fastener manufacturers. China will study and assess the verdict and retain right to appeal to the World Trade Organization against the ruling,” Yao said.
On Nov. 9, 2007, the European Commission decided to impose investigation against steel fasteners made in China.
The EU is a major target market for China-made fasteners, accounting for one third of the country’s total exports of such products.
Fasteners, including (strew) nuts, bolts, strews and nut collars, are widely used to manufacture machines, equipment and motor vehicles, build ships, railroads, bridges and structures and to produce tools, instruments and meters.
Source: Xinhua News Agency
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Beijing Close Obsolete Capacity in 2009
January 30, 2009
It is reported that Beijing is to step up emission cuts and backward capacity elimination efforts in the new year and plans to dismantle 10 million tonnes of inefficient iron making capacity, 6 million tonnes of steelmaking capacity, 0.5 million tonnes of papermaking and 15 million KW of electric capacity this year.
Mr Zhou Shengxian, minister of the Ministry of Environmental Protection said that China is still plagued with the heavy pollution at the moment despite the drops in national chemical oxygen demand and sulfur dioxide emission last year.
Related government bodies have carried out a slew of measures on key pollutants emission last year and set strict restrictions on those enterprises falling short of the requirements. By the end of December, waste water treatment capacity has incremented by 12.8 million tonnes per day and installed capacity for coal fired desulfurizing machine units by 86 million kW, both breaking the initial targets.
Totaling 16.69 million kW of small thermal power stations has been shut down in the year, 1.3 times of the initial plans. Meanwhile, the closedown of outdated capacity in papermaking, cement, iron making and coking sectors etc has also attained the projected progress.
In 2009, Beijing aims to increase sewage disposal capacity by 10 million tonnes per day, desulfurizing installed capacity for coal fired power plants by over 50 million kW and add 20 units of new steel sintering machines flue gas desulphurization facilities.
Furthermore, the central government would perform online monitor of the operation of the applied 300 million kW coal fried power plants desulfurizing machine units, 1,300 sewage treatments plants and over 6,000 national key pollution sources in the year and will punish those breaking the regulations in pollutants emission severely.
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