African Minerals eyes debt restructuringTue, 30 Sep 2014 16:34:49 +0100
Miner responds to falling iron ore prices by hiring banks to ‘evaluate all options'
Sumitomo Corp shares slump most in 18 years after profit forecast ...Tue, 30 Sep 2014 11:10:15 +0100
TOKYO (Reuters) - Sumitomo Corp shares slumped the most in 18 years after Japan's fifth-biggest trading house by sales slashed its annual profit forecast by 96 percent due to massive losses on a U.S. shale project and sharp declines in iron ore and coal prices. Japanese trading houses have invested heavily in North American shale oil and gas fields as the world's third-largest economy looks to ...
Russias Largest Iron-Ore Miner Sees Prices Recovering This YearTue, 30 Sep 2014 07:34:54 +0100
Photographer: Dima Gushchin /Metalloinvest Holding Co. Andrey Varichev, chief executive officer of Metalloinvest Holding Co., poses for a photograph in this handout photo taken in Moscow, Russia, in May, 2014.
Australia rail group Aurizon warns ruling could hit coal investmentTue, 30 Sep 2014 02:47:15 +0100
Australian rail haulage group Aurizon on Tuesday warned a smaller-than-expected government cap on revenue of A$4.02 billion ($3.50 billion) it can generate from its key Queensland state operations could hurt future investment in the sector. The Queensland Competition Authority (QCA) has published a draft decision outlining Aurizon's terms and conditions for negotiating coal train services in the ...
Australian shares flat as iron ore falls - Sky News AustraliaTue, 30 Sep 2014 02:01:32 +0100
The Australian share market has opened flat after iron ore prices hit a fresh five-year low. The iron ore price was down about 1.2 per cent overnight, which will put downward pressure on the mining sector, Bell Direct equities analyst Leanne Jones said.
Daido Steel to pick up 10% stake in Sunflag Iron & Steel Company ...Mon, 29 Sep 2014 22:06:07 +0100
The deal comes less than a fortnight after Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL), a 51:49 joint venture between Nippon Steel Corporation & Sumitomo Metal Corporation (NSSMC) of Japan and Tata Steel, ...
Smacked by Ebola, low prices, West Africa iron mining faces reshapeMon, 29 Sep 2014 18:22:34 +0100
* Ebola pushes up costs, disrupts logistics LONDON/BANGALORE, Sept 29 (Reuters) - Plunging prices and the spread of Ebola are reshaping the iron ore mining sector in West Africa where some companies risk sinking if they cannot find new partners, lenders or owners. West African iron ore (CDNX: WAI.V - news) miners already are in a critical situation due to a 40 percent plummet in prices this year ...
Must-know: US Steel Canada files for bankruptcy protectionMon, 29 Sep 2014 18:00:06 +0100
U.S. Steel Canada has posted losses in the past five years. The aggregate losses are a whopping $2.4 billion.
Testing times lie ahead for steel firmsMon, 29 Sep 2014 17:34:00 +0100
Manufacturing glut at home prompts steel mills to look abroad as profit margins shrink rapidly, reports Bloomberg. Tangshan Donghua Steel Enterprise Group Co was so eager for new customers overseas that it turned to cold-calling manufacturers and tried ...
Demand still fails to impress in local Chinese steel section marketMon, 29 Sep 2014 17:32:00 +0100
In the Shanghai market, the price of 50 mm x 50 mm x 5 m steel angles is now at $497/mt. The same product is sold at $432/mt in the Tangshan market and at $506/mt in the Guangzhou market. Meanwhile, prices of 160 mm x 65 mm x 8.5 mm steel channels stand at ...
London Mining's cash crunch warning sends shares to record lowMon, 29 Sep 2014 14:01:35 +0100
Smaller iron ore miners in West Africa are facing a perfect storm as they grapple with the deadly Ebola virus while tackling record-low prices for the commodity due to an oversupply, and stagnant demand from China, the world's top consumer. Rio Tinto Plc (RIO.L) (RIO.AX), BHP Billiton Plc (BHP.L) (BHP.AX) and Brazil's Vale (VALE5.SA) have flooded the market with their low-cost iron ore from ...
China's seamless pipe exports up in August - 29 Sep, 2014 - Steel ...Mon, 29 Sep 2014 08:21:15 +0100
According to data released by China Customs, the country's exports of seamless steel pipes totaled 435,903 tonnes in August up by 1% from a month ago. In the January to August period, the country's exports of seamless steel pipes amounted to 3.47 ...
Abating Chinese demand to weigh on steel prices, says Macquarie - ...Mon, 29 Sep 2014 07:54:26 +0100
BEIJING (Scrap Monster): The persistent weakness in Chinese steel demand is likely to play a prominent role in steel prices, notes the latest research report published by Macquarie- the global investment banking and financial services group. The steel ...
London Mining says in talks with potential strategic investorMon, 29 Sep 2014 07:21:17 +0100
Iron ore miner London Mining Plc (Other OTC: LIIGF - news) said it is in detailed talks with a potential strategic investor that could lead to significant equity dilution and a revised capital structure of the company. London Mining, which is battling record-low prices of iron ore, said the talks involve funding of the life of mine expansion and a material cash injection into the company.
Chinese steel, iron ore futures hit record low ahead of holiday - ...Mon, 29 Sep 2014 06:15:25 +0100
Spot iron ore at five-year low after dropping for seven weeks * Chinese industrial profits fell in August, latest weak data By Manolo Serapio Jr SINGAPORE, Sept 29 (Reuters) - Steel and iron ore futures in China fell to their lowest ever on Monday ...