State-owned metals and mineral trading firm China Minmetals signed a 20 million tonne iron ore purchase agreement with Brazilian mining giant Vale on Tuesday.
The agreement was signed during a ceremony at the China International Import Expo in Shanghai.
China is the world's biggest consumer of the steelmaking ingredient.
Minmetals also signed a 2,400 tonne nickel briquette purchase agreement with Japan's Sumitomo Corp. That was for purchases over a five-year period.
This week Chinese steel prices witnessed significant increase in domestic market following hike in iron ore prices fueled by limited supply in global market.Also strong futures, improved domestic demand along with higher profit margins lead to uptrend in Chinese steel prices.
South Africa iron ore exports down 21% in Feb'19: South African iron ore exports in Feb'19 recorded at 5.53 MnT, down 21% as against 7.05 MnT in Jan'19. As per sources, the exports dropped amidst Saldanha port maintenance in Feb'19.On yearly basis, the exports increased marginally as compared to 5.25 MnT in Feb'18.
Anti-dumping duty on imports of Ductile Iron (DI) pipes further extended till 09th May 2019, as per recent notification by Indian government.
The global nickel market and its key growth sector, electric vehicle (EV) batteries, will face grave supply shortages unless key Chinese-led projects in Indonesia start up in a timely and cost-effective manner, analysts said on Thursday.
It’s been a stormy month for benchmark coal prices in Asia, with the potential for reverberations across the globe.
China’s major steelmaker - Baosteel has announced flat steel prices for May deliveries today. The company has kept its HRC, CRC prices unchanged.