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.
Nippon Steel, the world’s third largest steel manufacturer has set a target to raise its crude steel output to 11 MnT per quarter in the fiscal year starting from 1 April 2019. The average of estimated quarterly output for the ongoing financial year 2019 comes in at 10.3 MnT.
Australia’s largest gold producer, Newcrest Mining (ASX: NCM), continued its deal-making spree Tuesday by setting a joint venture with Greatland Gold (LON:GGP), which will focus on advancing the explorer’s Havieron project in Western Australia's Paterson region.
Continuing macroeconomic uncertainty continues to dampen the northwest European hot-rolled coil (HRC) market.
Australia’s largest gold producer, Newcrest Mining, (ASX: NCM) is acquiring a 70% joint-venture interest in Imperial Metals’ (TSX: III) Red Chris copper and gold mine, located in British Columbia, Canada, as part of an ongoing push by the world’s top bullion miners to get even bigger.
JSW Steel - India's largest steel maker recorded Jan19 iron ore imports at 0.19 MnT, down significantly by 79% as against 0.91 MnT in Dec’18. The miner imported 0.19 MnT of ore from Australia (down 74% M-o-M), and recorded nil imports from Brazil.
Australia - world's largest iron ore exporter has recorded decline in export shipments in Jan19, according to the vessel line up data maintained with SteelMint.