2 Min Read
BEIJING, April 2 (Reuters) - Benchmark iron ore futures in China rose on Friday after September delivery took over as the most-traded contract, but were on course for 10% decline this week on production curbs, while steel prices maintained their upward momentum.
China’s state planner and industry ministry said on Thursday that they would launch an inspection on implementation of steel capacity cut in the past few years, and reiterated fewer crude steel output in 2021 to reduce emissions.
Capacity utilisation rates at 163 blast furnaces in China fell to 76.92% this week, the lowest level since October 2019, data from Mysteel consultancy showed.
Utilisation rates at coking plants inched up Steel futures traded within tight range
BEIJING, March 17 (Reuters) - Chinese coking coal futures rose more than 3% to a nearly one-month high on Wednesday, propped up by strong demand as coking plants are actively producing to chase profits despite a recent drop in spot coke prices.
Some steel mills started to lower their purchase price of coke for the fifth time this year by 100 yuan ($15.38) per tonne to rebalance uneven profit distribution at coking plants and steelmakers.
However, profits earned by coke producers are still decent, analysts said.
“Utilisation rates at coking plants increased slightly by 0.8% last week from the week earlier,” GF Futures wrote in a note, “coke producers are still profitable and willing to produce. “
5 Min Read
TORONTO/MELBOURNE (Reuters) - Miners from Australia to Canada are expanding operations despite concerns from indigenous groups about damage to wildlife, water supplies and religious sites, rankling investors who are pressuring the industry to improve its environmental, social and governance (ESG) standards.
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Prices for gold, copper and iron ore, which have recently hit record or multi-year highs, have spurred a hunt for growth that risks ignoring lessons the industry should have learned after the destruction of the Juukan Gorge caves in Australia by Rio Tinto last year, according to institutional investors.
This is the second wave of pressure that investors concerned about ESG issues have laid on miners after successfully forcing mine waste standards updates in 2020, after a 2019 tailings dam collapse that killed 270 people in Brazil. “I don’t think there’s an option of not changing behaviors,” said Adam Matthews of the Church of England P
Australia's Fortescue Metals Group, the world's fourth-largest iron ore miner, has set an ambitious plan to become carbon neutral by 2030, bringing forward the target by 10 years as it aims to start producing green hydrogen as soon as 2023.
Australia's Fortescue Metals Group, the world's fourth-largest iron ore miner, has set an ambitious plan to become carbon neutral by 2030, bringing forward the target by 10 years as it aims to start producing green hydrogen as soon as 2023.