Related News

China`s imports of crude oil up 4% to 133.87 mln tons in Jan-May

Source: www.chinamining.org   Citation: China Knowledge   Date: June 09, 2015

China, the world`s second largest oil consumer after the U.S., imported 133.87 million tons of crude oil in the first five months of this year, 4.0% more than in the same period of last year, according to the latest figures from China`s General Administration of Customs.

According to the statistic, the import value of crude oil for the five-month period plunged 44.5% from a year earlier to RMB 342.48 billion.

In the first five months of 2015, the country saw its imports of refined oil reach 12.69 million tons, reflecting a decrease of 1.8% from the previous year.

The import value of refined oil in the same period shed 39.0% from the corresponding period of 2014 to RMB 38.7 billion.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China`s coal imports down 38.2% in Jan-May to 83.26 mln tons

Source: www.chinamining.org   Citation: China Knowledge   Date: June 09, 2015

China saw its coal imports plunge 38.2% year on year to RMB 83.26 million tons in the first five months of this year, according to statistics released by the General Administration of Customs.

According to the statistics, the import value of coal plunged 50.7% year on year to RMB 32.65 billion in the five-month period.

From Jan to May, China exported 1.88 million tons of coal, plunged 32.2% year on year. The export value of coal slipped 42.8% to RMB 1.24 billion in the period.

In the month of May this year, the country`s coal imports amounted to 14.25 million tons, while the import value of coal reached RMB 5.21 billion.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Copper futures fall 3.1% on concerns about China demand

Source: www.chinamining.org   Citation: Global Times   Date: June 08, 2015

Shanghai copper futures fell Friday primarily due to investor concerns about lackluster demand in China, the world`s largest consumer of the metal.

The most-traded copper contract on the Shanghai Futures Exchange (SHFE), for August delivery, finished at 42,810 yuan ($6,901) per ton Friday, down 680 yuan from Thursday. The August contract shed 3.1 percent for the week.

A total of 328,872 lots changed hands Friday, 88,380 more than on the previous trading day.

The benchmark three-month copper contract on the London Metal Exchange closed at $5,939 a ton Friday, compared with $5,920 a ton Thursday.

Metal markets were showing signs of weakness.

A pickup in the US dollar and renewed concerns over demand in China weighed on metal markets, according to a research note sent to the Global Time Friday from the ANZ Banking Group.

"Copper led the falls, with some heavy selling on the close after it breached some technical levels," the note said. "This was despite further positive economic news in Europe and the US. Investors are now looking for additional stimulus measures in China before getting bullish about metals consumption and thus prices."

Seasonal demand for copper in China is passing its peak as more factories in China are looking to ramp down production for the summer, Reuters reported Thursday. "For copper, like iron ore, expectations are that demand will slow through summer. We don`t see a major uplift from current levels," analyst Lachlan Shaw of UBS in Melbourne told Reuters.

However, some investors expect recovery in housing sales in China will help boost copper consumption later this year.

"We would anticipate that commodities exposed to house fit-out should do better, such as copper, in areas like wiring," Shaw said.

China`s housing market is a major source of copper demand. But investors remain concerned about the poor short-term outlook for copper consumption.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Zhaojin to spend US$299 million on newly acquired mine

Source: www.chinamining.org   Citation: www.shanghaidaily.com   Date: June 02, 2015

ZHAOJIN Mining Industry Co, one of China`s largest gold miners, plans to spend 1.85 billion yuan (US$298.9 million) in the coming three years to bring recently acquired Haiyu Gold Mine to production, South China Morning Post reported on Monday.

The mine, located in the north of Sanshan Island in Laizhou, Shandong Province is likely to be one of Chinese mainland`s largest and most profitable gold mine with nearly 470 tons of gold reserves, Weng Zhanbin, chairman of the Shandong province-based miner said on Monday.

The company said on Sunday to acquire 53 percent stake of Ruihai Mining Co for 2.7 billion, thus to hold the exploration right of the Haiyu Gold Mine in US$55.5 per ounce of resource.

The company has paid 1.2 billion yuan for the deal and will pay the rest by bond and bank loans, according to miner`s announcement.

"With the gold price trading at a relatively low level, the mine`s acquisition price is very favorable," Weng said.

The new acquisition will boost Zhaojin`s gold resources by 60 percent to 1,000 tons, according to the statement. And the deal is hopefully to lower the production cost per gram of gold to around 100 yuan from 140 yuan, said Fang Jisheng, the company`s chief financial officer.

A precious metal specialist at one of China¡¯s big banks, who declined to be identified, told Shanghai Daily that bullion price won`t see sign of resumption in at least 6 month, considering a relatively strong US economy.

The bullion price shed 6 percent to US$1,218.5 per ounce by the end of the first quarter. Thomson Reuters GFMS Commodities Research in its 2015 Gold Survey predicts an average annual gold price of US$1,170 per ounce.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Steel makers see profit drop in Jan-Apr

Source: www.chinamining.org   Citation: Global Times   Date: May 29, 2015

Production growth fell year-on-year in the same period

China`s steel makers saw a 35.5 percent profit slump year-on-year in the first four months of 2015, according to official data released on Thursday, and analysts expect their financial difficulties to continue.

China produced 361.09 million tons of steel in January to April with 2.1 percent year-on-year growth, which is 3.8 percentage points lower than growth last year, the National Development and Reform Commission (NDRC) said in a statement on Thursday.

Meanwhile, the average steel price index dropped to 73.99 in April, 21.76 points lower than the same period in 2014, according to the NDRC.

Steel manufacturers` profits in the first four months slumped 35.5 percent year-on-year to 25.66 billion yuan ($4.14 billion), the official data showed.

"So far this year, the steel manufacturing industry is still in a difficult situation due to the weak market demand," Wang Guoqing, a research director at Beijing Lange Steel Information Research Center, told the Global Times on Thursday.

The sluggish real estate sector and manufacturing industry led to declining demand for steel, Wang said.

China`s new floor area under construction saw a 17.3 percent year-on-year decrease from January to April, according to data from the National Bureau of Statistics on May 13.

The flash HSBC/Markit  Purchasing Managers` Index (PMI) for May came in at 49.1, ?slightly high than 48.9 in April but still down from March`s 49.6. A reading below 50 indicates production ?contraction.

"Although the Chinese government has rolled out a batch of policies that could benefit the real estate industry, the property market will not be prosperous enough to boost steel making," Jiang Zeren, an analyst at consultancy Sublime China Information Group, said in a research note e-mailed to the Global Times on Thursday.

Most Chinese cities are faced with an aging population and population outflow, so the rigid demand for homes will continue to shrink, according to Jiang.

China has launched some policies to encourage investment but capital is unlikely to go to overcapacity-plagued industries such as steel manufacturing, Jiang said, noting that in addition to weak demand, Chinese steel makers also face capital pressure.

The policies Jiang mentioned include three cuts in interest rates and two cuts in banks` reserve requirement ratios since November 2014.

But with these policies and some infrastructure projects that China is carrying out, steel makers may see slight steel price increases in the second half of this year, Wang said.

China`s Ministry of Industry and Information Technology released the latest revised version of the regulation on steel makers on Monday, attaching importance to industry transformation and upgrading, environment protection as well as higher product quality.

Under the new regulation, some medium and small-sized steel makers may have to merge to form stronger companies, Bi Hongbing, an analyst at Sublime, was quoted in the research note as saying.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China`s aluminum import premiums slip to $130-$150/mt CFR basis

Source: www.chinamining.org   Citation: Platts   Date: May 28, 2015

Chinese import premiums for Good Western aluminum slipped further this week to $130-$150/mt CFR plus LME cash, down from $150-$200/mt last week and also from $260-$280/mt in April.

Market sentiment remained bearish as aluminum prices remained low on the London Metal Exchange, aluminum premiums to South Korea and Japan narrow, and domestic Chinese metal outlook bearish, sources said.

There was a lack of actual import trade to China this week despite the lower LME and premiums, as domestic Chinese aluminum prices continued below import levels, sources added.

"The arbitrage window is opening and we`ve had queries asking about premiums again, but the Chinese still cannot work with the current levels -- there`s still a gap of a few hundred yuan between import and domestic metal prices," a Shanghai-based trader said.

"There`s also expectation that Chinese domestic metal prices will lower further, maybe dropping below Yuan 13,000/mt again, so there`s no rush to buy," he said.

Another Shanghai-based trader agreed, adding that the market was also eying the third-quarter contract talks starting in Japan in the near term, which is widely expected to settle at much lower than the second-quarter premium of $380/mt.

"The arbitrage window is almost there, but not yet...people expect Q3 for Japan to be much lower, so they are all very cautious," he said.

A north China consumer said they were offered premiums this week at $135/mt delivered to Shanghai bonded warehouses, but were not interested.

"It`s still not enough. We expect Japan Q3 to drop to $100 plus, so we want to wait," the consumer source said.

Offers ex-Shanghai bonded warehouses this week were heard at around $200/mt, sources said.

The LME official cash price closed at $1,710.00-$1,710.50/mt on Monday, down from $1,749.50-$1,750.00/mt a week earlier.

At $1,710/mt, with the current $130-$150/mt premiums, and taking into consideration 17% value-added tax, the delivered price to China would equate to about Yuan 13,447-13,592/mt ($2,197-$2,221/mt).

On Wednesday, the front-month June aluminum contract on the Shanghai Futures Exchange closed at Yuan 13,090/mt, down from Yuan 13,115/mt a week earlier.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China coal production falls in first 4 months of year

Source: www.chinamining.org   Citation: Associated Press   Date: May 28, 2015

Coal production in China, the world`s biggest coal-consuming nation, fell by 6 percent in the first four months of this year as the economy slows and the government makes a concerted push to reduce carbon emissions.

The National Development and Reform Commission said Tuesday that Chinese imports of coal also fell, plummeting 38 percent.

China uses roughly half of all of the world`s coal production for power generation, heating and industry. That`s made China the world`s biggest emitter of carbon dioxide, a greenhouse gas.

President Xi Jinping has pledged to stop the growth in carbon dioxide emissions by 2030 and clean up the country`s polluted air. He`s also promised to double the percentage of renewable energy in China`s energy sources by that year.

A slowdown in China`s economy has also tempered demand for coal and slowed growth in overall Chinese energy consumption.

Earlier this month, the environmental group Greenpeace estimated that China`s carbon dioxide emissions fell by 5 percent in the first four months of this year.

Official figures released in February showed that coal consumption fell by 2.9 percent in 2014, compared to the previous year. Coal still accounts for 66 percent of total Chinese energy consumption but natural gas, solar and hydropower use is growing.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China discovers huge tight oil deposit

Source: www.chinamining.org   Citation: Xinhua   Date: May 27, 2015

China National Petroleum Corporation (CNPC) announced on Tuesday that it has discovered a major "tight oil deposit" in northwest China`s Shaanxi Province.

Tight oil is an unconventional energy, which exits in petroleum-bearing formations like shale or sandstone. Commercial production usually requires similar technology to shale gas production.

The CNPC estimated the reserve in the deposit is around 100 million tonnes, the largest one ever discovered in China, and will produce 700,000 tonnes of tight oil annually.

China is one of the world`s largest oil buyers, and nearly 60 percent of its oil consumption comes from imports.

To keep external dependence under 61 percent, the government is assessing solar and wind power as well as unconventional energy including shale gas and tight oil.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.