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Coking coal contracts for Q4FY12 settled at USD 235/tonne
PINC Research has come out with its report on metal sector. Anglo American has settled a coking coal contract for Q4FY12 with Posco at USD235/t FOB Australia and a low-volatile PCI coal contract at USD171/t.
PINC Research has come out with its report on metal sector.
Metal space news:
Coking coal contracts for Q4FY12 settled at USD235/t down USD50/t QoQ: Anglo American has settled a coking coal contract for Q4FY12 with Posco at USD235/t FOB Australia and a low-volatile PCI coal contract at USD171/t.
Copper TcRc for 2012 settled 12.4% higher: Freeport agreed on a charge of USD63.50/t and 6.35c/lb as its treatment and refining charges (TC/RC) for 2012 for standard, clean concentrates with Japan's Pan Pacific Copper.
China's crude steel output in November fell 9% MoM to 49.88mnt, the lowest level since September 2010. However, its November iron ore imports at 64.2mnt grew 29% MoM on stocking, the highest since January. The average import price was down 8% from October to USD162.1/t. This was anticipated as China usually begins restocking in November before ramping up production in the New Year.
China's November copper imports declined 4.5% MoM to 448kt, while copper imports rose 17% MoM to 452kt.
Workers strike at ArcelorMittal European sites in protest against job insecurity ranging from two hours per shift to a 24-hour walkout. ArcelorMittal said 24-hour production halts were limited to plants in Luxembourg, Belgium and one in France but had no major impact on output, as the sites affected had already been partially idle.
Australia increased its forecast for total iron ore exports in 2011-12 by 2.4% to 460mnt, citing recent expansions to mine and infrastructure capacity in the country. However, Coking coal export forecast was reduced by 4.0% to 150mnt on account of floods and strikes that hit the sector.
Mormugao, Goa's largest iron ore exporting port saw a recovery in shipments in November from last month as firmer prices made shipments feasible but the export still remains down by 6% YoY at 3.19mnt.
Orissa has stopped issuing iron ore export permits for cargoes shipped via Gangavaram and Kakinada ports in Andhra Pradesh for not reverting on queries on the volume of the ore exported through these ports and the mechanism they followed to prevent illegal exports.
Sesa Goa acquired an additional 1.5% stake in Cairn India Ltd. from Cairn UK Holdings Ltd. via block deal. With this Sesa Goa increased its total holding in Cairn India Limited to 20%.
NALCO incurred a loss of Rs447.8mn with production loss of 22.9kt of Alumina and 15.9kt of Aluminium incurred on account of shortage of coal during FY12 (till Nov.'11).
INR reached a record low of Rs53.52 against USD on 13th Dec'11.
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