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China October iron-ore imports lowest since Feb - customs

Source: www.chinamining.org         Citation: Reuters     Date: November 08, 2016

China imported 80.8-million tonnes of iron-ore in October, the lowest since February and down 13% from the previous month, official data from China`s customs showed, as steel mills curtailed output amid tightening profits and soaring costs.  

Compared with a year ago, shipments of the steelmaking ingredient were still up 7%.  

Imports of steel products fell 4.4% to 1.08-million tonnes while exports fell 12.5% to 7.70-million tonnes, data from the General Administration of Customs showed.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China links gold market with Dubai

Source: www.chinamining.org         Citation: China Daily     Date: November 01, 2016

SGE, world largest physical bullion exchange, says in other talks about similar cooperation

Shanghai Gold Exchange and Dubai Gold and Commodities Exchange signed an agreement on Friday in Shanghai which makes the DGCX the first foreign exchange to use the SGE`s renminbi-denominated gold benchmark.  

The SGE is in talks with other exchanges about similar cooperation, according to an SGE circular.  

SGE is the world`s largest physical bullion exchange. The renminbi-denominated gold benchmark, also known as Shanghai Gold was launched in April this year. It is one of China`s efforts to earn more say over pricing of the precious metal and increase its influence in the global gold market. 

China is among the world`s largest producers, consumers and importers of gold, and it deserves pricing power that matches its position. It should have more say in an industry long dominated by London, which sets global spot prices, said analysts.  

In an industry meeting last week in Singapore, Jiao Jinpu, president of SGE, said the exchange would collaborate with various exchanges and authorities so that external exchanges will start using the Shanghai Gold benchmark as a basis for developing derivatives.  

"The world is looking to the East and we are looking to the future," Jiao said.  

By the end of September, SGE`s international bourse has had transactions of 7,838 metric tons of gold with a combined value of 1.96 trillion yuan ($289 billion).  

Although the number of SGE`s current international members is not big, just 67, the best of the members have already gained significant yields from the opening up of China`s gold market, said Jiao.  

The agreement between SGE and DGCE also marks a milestone for Shanghai Gold to become a truly inclusive and globally-used tool in the world gold market, said analysts. 

"There is a quite obvious trend that the focus of the gold market has been shifting from the West to the East, with increasing demands for investment gold products and increasingly active trading of gold futures and other derivatives in Asia, particularly in China. More use of the Shanghai Gold benchmark globally means that China has a better say in pricing," said Yang Fei, an analyst with Seawonder Precious Metal Investment Co.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China sets limit on annual rare earth mining volume by 2020

Source: www.chinamining.org         Citation: Xinhua     Date: October 19, 2016

China announced Tuesday that it will limit its annual mining of rare earth within 140,000 tonnes by 2020 in its latest attempt to overhaul the sector and ensure its sound development.   

The government will continue to investigate and apprehend anyone involved in illegal mining, processing or trade in rare earth metals and better manage market access, according to a rare earth development plan for the 2016-2020 period, released by the Ministry of Industry and Information Technology (MIIT).  

Rare earth comprises a class of 17 mineral elements which are some of the most sought-after metals due to their vital role in green technologies like wind turbines and car batteries. They are also used for military purposes.   

China is the world`s largest rare earth producer and exporter, but the industry is beset by myriad problems, such as illegal mining, smuggling and a lack of competitiveness due to weak research and development. Excessive exploration has also caused environmental damage.   

To upgrade the industry, the MIIT plans to improve efficiency across resource management and technological innovation by 2020.   

During the 12th Five-Year Plan period (2011-2015), 14 illegal rare earth mines and 28 companies were closed. More than 36,000 tonnes of illegal rare earth products were seized, and 230 million yuan in fines was imposed, according to statistics from the MIIT.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

SinoChem, ChemChina subsidiaries deny reports of talks for $100b merger

Source: www.chinamining.org         Citation: Global Times     Date: October 17, 2016

Multiple subsidiaries under SinoChem Group and China National Chemical Corp (ChemChina) denied media reports claiming that the two groups are in merger talks, financial news portal ifeng.com reported on Sunday.  

State-owned chemical companies SinoChem Group and ChemChina are in discussions about a tie-up to create a global chemical, oil and agricultural giant with almost $100 billion in annual revenue, Reuters reported Friday, citing three sources familiar with the matter. 

Measured by revenue and profits, Sinochem is much larger than its rival ChemChina, which is finalizing a $43 billion takeover of Swiss pesticides and seed group Syngenta. That deal would be China`s largest-ever foreign investment.   

The domestic merger was proposed by China`s central government as part of its effort to slash the number of State-owned companies and create larger, more competitive global industry players.   

Five listed units of ChemChina, including Shanghai-listed Aeolus Tyre Co, said in stock filings that after contacting the group company and stakeholders, they had found no government information in written or oral form about a reported merger between SinoChem and ChemChina as of Sunday.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China oil output rebound seen unlikely until prices top US$60

Source: www.chinamining.org         Citation: BLOOMBERG    Date: October 10, 2016

Oil may need to rally further before China`s producers make enough money to reverse a drop in output to the lowest in more than six years.   

Production by the world`s biggest consumer after the US will stabilise with prices around US$50 a barrel and may not rebound until they are above US$60, according to Neil Beveridge, a Hong Kong-based analyst at Sanford C Bernstein. China, the world`s fifth-largest producer in 2015, pumped 5.7 per cent less crude in the first eight months of the year as state-run companies shut fields too expensive to operate amid the worst price crash in a generation. 

"As oil prices recover, we`ll see production start to stabilise," Mr Beveridge said in an interview. "With breakeven costs around US$50 a barrel for some of the mature onshore fields, to get growth back again you`ll need to get above US$60 a barrel."  

Oil has gained more than 10 per cent since the Organization of Petroleum Exporting Countries agreed Sept 28 to cut production for the first time in eight years. Brent crude, the global benchmark, fell 0.7 per cent to US$51.55 a barrel as of 12:07pm in Hong Kong on Monday. Prices are up about 85 per cent from a 12-year low in January.  

China is forecast to lead output declines across Asia, helping tighten the global market as the world`s largest-consuming region relies more on overseas supplies.   

The country`s production during August dropped 9.9 per cent?from a year ago to 16.45 million tons, according to the National Bureau of Statistics. That`s about 3.89 million barrels a day, the lowest since December 2009, according to Bloomberg calculations.  

The publicly listed units of the country`s biggest onshore producers, PetroChina Co and China Chemical & Petroleum Corp, known as Sinopec, both expect their domestic output to drop by about 6 per cent this year.   

"China would need US$60 to see onshore production really start to grow as production costs are high because of the maturity of the resources," Mr Beveridge said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin in September 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

EU imposes anti-dumping duties on Chinese steel products

Source: www.chinamining.org         Citation: Xinhua     Date: October 08, 2016

The European Union (EU) announced on Friday that it has decided to impose provisional anti-dumping duties on imports of two steel products from China in what it calls "a swift reaction to unfair competition."   

According to a Friday statement by the European Commission, or the EU executive body, the Commission made the decision after its investigations confirmed that the Chinese products had been sold in Europe "at heavily dumped prices."   

The Commission decided to impose duties ranging between 65.1 percent and 73.7 percent for heavy plates and 13.2 percent and 22.6 percent for hot-rolled steel from China.  

Moreover, the Commission said it will decide within the coming six months whether to reconfirm these measures for the period of the coming few years.   

The EU measures came just weeks after Shen Danyang, spokesperson with the Chinese Ministry of Commerce, at an Aug. 17 press conference expressed China`s concern about the EU`s trade remedy practices taken against Chinese steel products.   

Noting that Chinese steel products account for less than 5 percent of the EU steel market share, Shen said that sluggish economic growth, instead of global trade, should be blamed for the EU`s steel woes and that protectionism is not a solution.   

The EU should avoid abusing trade remedy measures, the Chinese spokesman said. He added that protectionism and other practices that stem fair market competition are not the right path for the EU steel sector and all involved parties should ease trade frictions via more exchange and cooperation.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China continues leading the world in gold production, consumption

Source: www.chinamining.org         Citation: Xinhua     Date: October 08, 2016

China is set to continue to lead the world in production and consumption of gold, Song Xin, head of the China Gold Association (CGA) said.   

China produced 516 tonnes of gold in 2015, up 0.6 percent from 2014, more than any other country.   

Increasing demand for gold jewelry and bars made the country consumed 986 tonnes of the precious metal in 2015, up 3.7 percent, also the highest in the world.  

Till the end of 2015, China had been the world`s leading gold producer for nine years and consumer for three.   

For the first half of 2016, China produced 229 tonnes of gold and consumed 529 tonnes, the CGA data showed.

In April this year, China launched a yuan-denominated Shanghai gold benchmark price, a move which Song said showed China`s increasing sway in the global gold market.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China to take measures to stabilize coal supply, prices

Source: www.chinamining.org     Citation: Xinhua     Date: September 27, 2016

China has plenty of policy tools and space to stabilize rapidly rising coal prices, the country`s top economic planner said, as temporarily strained supply has prompted worries about capacity cuts.

"The current rise in coal prices lacks a market foundation and cannot last. China`s coal supply will not see big problems," an unnamed official with the National Development and Reform Commission told the press on Friday.

The assurance came as China is working to cut ineffective supply in the sector, but some local governments and companies have wavered in their efforts due to price increases in recent months.

The official attributed the rise to increasing coal consumption due to high temperatures, a crackdown on illegal production, as well as some transportation and logistics problems.

But the industry`s supply-demand mismatch is not fundamentally changed, the official stressed, as coal demand will not see a significant boost amid government efforts to consume cleaner energy.

If the rise in coal prices continues, the government will take steps to unleash capacity to stabilize supply, the official said.

"Confidence in the capacity cuts should not waver, and the efforts should not be weakened," the official said.

China is the world`s largest consumer of coal. The industry has long been plagued by overcapacity and felt the pinch even more in the past two years as the economy cooled and demand fell.

During the first eight months of the year, China`s coal output fell 10.2 percent year on year to 2.18 billion tons. But earlier data also showed that as of the end of July, China had only achieved 38 percent of its goal for coal-production cuts.

China plans to cut coal capacity by half a billion tons in the next few years, with huge amounts of funds set aside to help displaced workers.

This year, the government aims to shave coal capacity by 250 million tons.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2016 will be held at Meijiang Convention and Exhibition Center in Tianjin on September 22^nd -25^th, 2016. We invite you to join the event and to celebrate the 18^th anniversary of CHINA MINING with us. For more information about CHINA MINING 2016, please visit: www.chinaminingtj.org.