IRON and STEEL
Japan's JFE Steel has agreed to a first-quarter 2019 contract price of $131/t fob Australia for semi-soft coking coal with Indonesian producer Adaro and Australian mining firm Stanmore Coal.
The settlement price was for an Adaro semi-soft product from Kalimantan in Indonesia and for the Issac Plains semi-soft brand from Stanmore, sources close to the negotiations said. It was not known if there was any progress on negotiations with Australian producer Glencore and Chinese-backed Yancoal.
Rival Japanese steel producer Nippon Steel and Sumitomo Metal are currently still in negotiations for fourth-quarter 2018 semi-soft prices.
JFE's January-March semi-soft settlement price is just $1/t higher than the company's previous settlement of $130/t fob with Stanmore Coal for October-December 2018.
A report issued by the Amsterdam-based Responsible Mining Foundation reveals that many Toronto-listed junior and mid-tier mining companies do not properly disclose environmental, social and governance information related to their mine sites in Australia, Burkina Faso, Canada, the Ivory Coast, Liberia, Mali, Mexico, Kyrgyz Republic, and Suriname.
Seaborne premium hard coking coal prices have further declined this week after the sharp fall last week, as inventories continued to build due to the continued lack of buying interest from end-users.
On December 9, 2018, the merchant vessel Furness Victoria arrived at Kandla Port in Gujarat on the west coast of India. It carried about 52,000 MT of thermal coal that originated from New Zealand.
Australian iron ore producer Fortescue Metals has further narrowed discounts on its major products for February delivery, as demand for low-grade ores continues to be strong in the Chinese market.
Indian Iron & Steel market remained on down trend during the first week of 2019, as the prices dipped owing to lack of domestic & export inquiries. As per participants, the prices significant on down trend as supply is high, than the sluggish demand.
Energy Resources of Australia (ERA) is reviewing “all funding options” to pay for the full closure and rehabilitating of its Ranger uranium mine, after studies showed the cost would be almost A$300 million (about $213m) higher than previous estimates.