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China`s thermal coal imports expected to drop 50% to 70 million mt in 2018

Source: www.chinamining.org  Citation: Platts  Date: September 9, 2014

China`s 2018 thermal coal imports are expected to plummet to half of this year`s projected total of 140 million mt, Goldman Sachs said in a report Thursday, September 4.
    
"China has recently been overtaken by India as the single biggest importer," the bank said.
    
Goldman Sachs estimated India`s thermal coal imports at 156 million mt this year, rising to 230 million mt in 2018.
    
Although China is largely self-sufficient in thermal coal and its imports account for only 3% of its current domestic consumption, it has significant influence on international seaborne prices because it accounts for 16% of the global seaborne demand for thermal coal, Goldman Sachs said.
    
It said China`s domestic demand accounts for 53% of the world total demand for thermal coal, dwarfing the seaborne market by a ratio of 3.5 to 1.
    
"As a result, Chinese demand is price-sensitive and import volumes can be volatile," the bank said.
    
Goldman Sachs said total Pacific demand for seaborne thermal coal would be 698 million mt this year, growing to 767 million mt in 2018.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China`s refined copper output up 16.5% in Jul to 0.63 mln tons

Source: www.chinamining.org  Citation: China Knowledge  Date: September 9, 2014

The output of refined copper in China grew 16.5% year on year to 633,518 tons in Jul 2014, according to data released by the National Bureau of Statistics.
    
The figure for Jul was 1.62% higher than the 623,428 tons it realized in Jun 2014.
    
In the first seven months of this year, the country`s refined copper output amounted to 4.25 million tons, reflecting a year on year increase of 9.8%.
    
According to statistic released by the General Administration of Customs, China`s refined copper imports decreased 16.07% year on year to 244,959 tons in Jul, leading its total import of such product to 2.1 million tons, up 27.9% year on year.
    
China`s primary aluminum output hit a record high of 1.98 million tons In Jul, up 7.2% from the previous year. Meanwhile, its output of refined lead increased 10.3% year on year to a record high of 515,065 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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China is net exporter of oil products in August, fourth time in 2014

Source: www.chinamining.org  Citation: Platts  Date: September 9, 2014

China`s crude oil imports in August recovered to 25.19 million mt or an average 5.96 million b/d, surging 17.5% year on year, according to preliminary data released Monday, September 8, by the country`s General Administration of Customs.
    
The volume was 6% higher than the July volume of 5.62 million b/d, which had been the first year-on-year contraction in crude imports since October 2013.
    
China resumed crude exports last month after a five-month hiatus since March, shipping out 110,000 mt, although this was a 47.6% slide from August 2013.
    
This brought the country`s net crude imports in August to 25.08 million mt, or 5.93 million b/d, up 18.2% year on year.
    
Over January-August, China`s total crude imports rose 8.4% year on year to 200.92 million mt or an average 6.06 million b/d, according to the data.
    
Year-to-date crude exports plunged 71.2% year on year to 360,000 mt, bringing net crude imports to 200.56 million mt, which was an 8.9% increase from a year earlier.
    
China`s oil product imports slipped 1.6% year on year to 2.53 million mt in August, while oil product outflows rose 9.6% year on year to 2.73 million mt. This means China was again a net exporter of oil products last month, for the fourth time this year.
    
China had rarely been a net oil product exporter before this year but weak demand growth and ample production from domestic refineries have resulted in declining imports and relatively higher exports of oil products.
    
From January to August, China`s total oil product imports slumped 28.3% year on year to 19.65 million mt, while oil product exports dipped 0.5% year on year to 19.12 million mt, the data also 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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

Sinopec, PetroChina cut ex-works E China orthoxylene prices by Yuan 200 per mt

Source: www.chinamining.org  Citation: Platts  Date: September 3, 2014

China Petroleum and Chemical Corporation, or Sinopec, has cut its ex-works orthoxylene prices in East China by Yuan 200/mt ($27.20/mt) effective Monday, September 1, traders said Tuesday.
   
Yangzi-BASF and Sinopec Zhenhai, the company`s subsidiaries in East China, are now offering OX at Yuan 8,600/mt, equivalent to $1,169/mt on an import parity basis, sources said.
   
PetroChina, the other major Chinese OX producer, has also cut its OX prices in East China by Yuan 200/mt on Monday, sources said.
   
PetroChina`s subsidiaries, Liaoyang Petrochemical and Jilin Petrochemical, are now offering OX at Yuan 8,300/mt, or about $1,128.20/mt on an import parity basis.
    
Both companies last adjusted their ex-works OX prices in East China on August 28, also lowering them by Yuan 200/mt.
   
OX was last assessed by Platts at $1,180/mt CFR China on August 29, down $29/mt week on week.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

Coal stocks at China`s key Bohai sea ports fall for 7th straight week

Source: www.chinamining.org  Citation: Platts  Date: September 2, 2014

Coal stocks at China`s four major Bohai Sea ports dropped 4% week on week to 17.334 million mt on August 31, the seventh straight week of fall, the Qinhuangdao port authorities said Monday, September 1.

Coal stocks dropped 3.4% week on week to 5.41 million mt at Qinhuangdao port; 9% to 3.33 million mt at Jingtang; 1.4% to 5.83 million mt at Caofeidian; and 4% to 2.76 million mt at Tianjin.

The number of vessels queuing at the four ports totaled 90 on Sunday, down from 131 a week ago, Qinhuangdao port said.

Meanwhile, coal stocks at Fangcheng Port, a key facility for imports of Australian and South African thermal coal, stood at 5.34 million mt on Sunday, down from 5.52 million mt a week ago, according to a port source.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China cuts retail gas prices

Source: www.chinamining.org  Citation: Xinhua  Date: September 2, 2014

China`s top economic planner announced on Monday the cuts in the retail price of gasoline by 105 Yuan ($17.02) per tonne and that of diesel by 100 Yuan.   

The adjustment, to be effective on Tuesday, means benchmark retail prices will drop to 8,440 Yuan per tonne for gas and 7,335 Yuan per tonne for diesel, according to the National Development and Reform Commission.

It is the seventh time that retail oil prices have been cut this year. The last cut came on Aug. 18.

A pricing regime that came into effect last year adjusts domestic fuel prices when international crude prices change by more than 50 Yuan per tonne for 10 working days.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China banks boost precious metals hoard amid lease demand

Source: www.chinamining.org   Citation: Bloomberg   Date: September 2, 2014

The value of precious metals held by China`s biggest lenders surged 66% from a year ago as banks lease more gold to customers because tighter borrowing rules make it harder to lend funds.
    
Precious metals held by Industrial & Commercial Bank of China Ltd. (1398), China Construction Bank Corp., Agricultural Bank of China Ltd. (1288) and Bank of China Ltd., the country`s four biggest lenders, were worth 378 billion Yuan (US$62 billion) at the end of the second quarter, according to financial reports. The growth since last year outpaced the gain in benchmark bullion prices, which rose 7.5% over the same period.
    
China is seeking to rein in credit by raising borrowing costs and cutting off lending to sectors considered at risk of default amid a property slump and rising number of bad loans. That`s prompting banks to hold more precious metals as they expand their gold-leasing business because it`s not subject to loan caps and is considered off-balance sheet lending, according to Industrial Bank Co.
    
"Gold-based financing has grown a lot in the past year,`` Duan Shihua, a partner at Shanghai Leading Investment Management Co., said by phone from Shanghai Aug. 29. ``It`s clear from banks` statistics that lots of companies in China still can`t get enough financing.``
    
Precious metals assets at banks are valued against the Shanghai Gold Exchange prices on the last day of the reporting period and most of the banks` holdings are in gold, Jiang Shu, a senior analyst at Industrial Bank Co., said by phone from Shanghai.
    
The lenders` holdings were the equivalent of about 1,445 metric tons of gold, based on June 30 prices, up 55% from the year before. That`s more than the 1,054 tons that China`s central bank has in reserves, according to World Gold Council data.
    
Bullion of 99.99% purity, the benchmark spot contract on the Shanghai Gold Exchange, was at 261.86 Yuan per gram June 30, compared with 243.5 Yuan a year earlier. It traded at 255.14 Yuan yesterday.
    
The value of precious metals held by ICBC, the country`s biggest bank by market value, more than doubled to 91 billion Yuan over the period, according to its financial report. That`s the equivalent of about 347 tons of gold, based on June 30 prices, up from about 158 tons a year earlier.
    
ICBC had rapid growth in both its precious metals leasing business and a gold accumulation program whereby individuals put aside a fixed sum of money each month to buy bullion, the company said in its earnings release Aug. 28. Wang Zhenning, a spokesman for ICBC in Beijing, declined to comment when contacted by Bloomberg News.
    
There are two types of gold leasing deals. In the first, a customer borrows the metal from the bank and simultaneously enters a forward agreement to hedge price risks, according to ICBC`s website. That allows the company to obtain cheaper credit because the lending fee is lower than the interest rate of a loan of the same tenure.
    
In physical leasing, the customer in a gold-related industry borrows the metal for business needs and repays it at the end of the lease period, according to the bank`s website.
    
China Construction Bank, the country`s second-largest lender, held 51 billion Yuan of precious metals as of June 30, the equivalent of about 194 tons of gold. That compares with 33 billion Yuan a year earlier, according to its second-quarter financial report, or 137 tons of gold. Nobody answered two calls to its press office in Beijing.
    
Agricultural Bank of China, the country`s third-largest lender, held 21 billion Yuan of precious metals as of June 30, the equivalent of about 81 tons of gold. That compares with 17 billion Yuan, or 70 tons of gold, a year earlier, according to its second-quarter financial report. A Beijing-based spokeswoman for the bank declined to comment.
    
Bank of China`s precious-metals holdings were 215 billion Yuan at the end of June, or the equivalent of about 823 tons of gold, compared with 570 tons a year ago, financial data show. Nobody answered two calls to the bank`s press office in Beijing.
    
Holdings may be capped as physical demand slows and the use of commodities to raise financing is scaled back, according to Na Liu, a China strategy adviser to Scotia bank. The nation`s gold consumption plunged 52% to 192.5 tons in the second quarter from a year earlier as buyers purchased fewer bars, coins and jewelry amid a clampdown on corruption, the World Gold Council said Aug. 14.
    
Investigations into the fraudulent use of raw materials as collateral in loans may also reduce demand for precious-metals leasing, according to Liu Xu, a Beijing-based analyst at Capital Futures Co., Banks are increasing scrutiny of commodities financing as public security officials probe whether copper and aluminum were pledged multiple times at the port of Qingdao.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

Online expo and summit forum to highlight fifth Taiyuan Energy Industry Expo

Source: www.chinamining.org  Citation: chinadaily.com.cn  Date: September 1, 2014

Unlike its past sessions, the fifth China (Taiyuan) International Energy Industry Expo, which will be opened on Sept 16 in Shanxi`s China Taiyuan Coal Transaction Center, will move some of its exhibitions onto the internet. Through the use of mobile internet such as a website, WeChat and a mobile phone client, the fifth event will enable the customers` access to the latest products, technology and development concepts in the energy field.
    
This year`s expo will include the enterprises of Fortune 500 working in the domestic and overseas energy industry, leading energy industry players, investment organizations and research institutes, and about 200 energy enterprises from home and abroad will be exhibiting at the expo.
    
This show is designed not only to show off products and equipment but also for enterprise branding promotion, policy inquiries and technology promotions.
    
The 2014 Energy Industry Expo`s online version, by making use of the successful experience of other household exhibitions, has mapped out five columns, namely: introduction, news center, summit forum, online exhibition halls, and investment promotion. Three language versions are available: simplified Chinese, traditional Chinese and English. The Expo`s mobile phone client and official WeChat account will also be opened.
    
The online expo will not be closed after its opening. It will link up with the next session`s offline expo, so as to create an online expo that is always available. Even after the conclusion of the Expo, the online platform will still provide services for exhibitors.
    
The low-carbon development summit forum of the fifth energy industry expo is themed on "High-Carbon Resources and Low-Carbon Development, Black Coal and Green Development". Sub-forums focus on low-carbon technologies, low-carbon economy and a teenage low-carbon sub-forum will also be held. Speeches will be given by Li Xiaopeng, governor of Shanxi province. Eric S. Maskin, the winner of the 2007 Nobel Memorial Prize in Economics and Fei Weiyang, an academician of the Chinese Academy of Sciences are expected at the forums.
    
The China (Taiyuan) International Energy Industry Expo is the only national, international and professional exhibition of China in the energy industry, and was initiated in 2007.

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 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.