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COMMODITY 9<br />
JSW Steel posts record 16.27 million tonne output<br />
JSW Steel on Wednesday<br />
posted its highest<br />
monthly and quarterly<br />
crude steel production as<br />
of 31 March—1.52 million<br />
tonne (MT) and<br />
4.31 MT, respectively.<br />
During the entire<br />
2017-18, the company produced<br />
16.27 MT, which also<br />
is its highest annual output,<br />
JSW Steel said in a statement.<br />
“The monthly production<br />
of 1.52 MT for March<br />
signifies a capacity utilisation<br />
of 101%,” it said.<br />
The production last month<br />
was high as compared to 1.45<br />
MT during the same month in<br />
2016-17.<br />
The output in January-March<br />
stood at at 4.31 MT, up 5%<br />
from the production in the<br />
year-ago quarter.<br />
The annual output grew 3%<br />
to 16.27 MT from 15.80 MT in<br />
the preceding financial year.<br />
JSW Steel, which has a capacity<br />
of 18 MTPA, is a part<br />
of the diversified $12 billion<br />
JSW Group with presence in<br />
steel, energy, infrastructure,<br />
cement, ventures and sports.<br />
The company is in expansion<br />
mode and aims to raise its capacity<br />
to 40 MTPA by 2030.<br />
Source: PTI<br />
Brazil Soybean Rally Signals China Already Spurns U.S. Imports<br />
China iron ore hits<br />
10-month low amid mounting<br />
U.S. trade tensions<br />
Chinese iron ore futures fell<br />
to their lowest levels in 10<br />
months on Monday amid growing<br />
concerns about demand as<br />
inventory piled up in the world’s<br />
top steel maker and tensions<br />
with the United States grew<br />
The most-active iron ore for May<br />
delivery on the Dalian Commodity<br />
Exchange settled down 1.4<br />
percent at 433 yuan ($68.62) per<br />
tonne.<br />
In early morning trade, it hit<br />
425.5 yuan, its weakest since<br />
late June 2017.<br />
Worries that a mounting<br />
U.S.-China trade dispute would<br />
hurt demand for steel and its<br />
raw materials, including coke<br />
and coking coal, also hurt sentiment.<br />
“Traders are likely to remain<br />
risk-averse as the trade conflict<br />
between the United States and<br />
China continues to escalate,”<br />
said ANZ in a research note.<br />
Stocks at China’s ports fell from<br />
record highs to 161.03 million<br />
tonnes, down 0.4 percent from<br />
China’s hunger for soybeans<br />
from Brazil,<br />
the world’s top exporter<br />
Board of Trade and domestic<br />
prices at the port.<br />
porters, he said.<br />
Brazil’s output may climb<br />
to a record 117.1 million<br />
the previous week, according to<br />
weekly data compiled by Steel-<br />
Home consultancy.<br />
It marked the first drop in a<br />
of the oilseed, has spurred<br />
The premium jumped be-<br />
metric tons with exports<br />
month.<br />
a price rally, signaling<br />
the Asian nation quietly<br />
started to eschew cargoes<br />
from the U.S. weeks ago.<br />
cause China has opted for<br />
Brazilian supplies at the expense<br />
of U.S. cargoes, Pedro<br />
Dejneka, a partner at Chi-<br />
estimated at 73 million<br />
tons, while domestic processing<br />
accounts for 42<br />
million, Dejneka said. That<br />
Investors were also adding bearish<br />
bets as trading resumed after<br />
a two-day public holiday in<br />
China on Thursday and Friday.<br />
China warned late last week it<br />
cago-based MD Commodi-<br />
means China will contin-<br />
was fully prepared to respond<br />
The premium paid for<br />
ties, said in a telephone in-<br />
ue to rely on U.S. ship-<br />
with a “fierce counter strike”<br />
soybeans loading in May<br />
terview. “China has already<br />
ments to meet demand.<br />
of fresh measures if the United<br />
at Brazil’s Paranagua<br />
port has jumped 63 percent<br />
to $1.17 a bushel in<br />
the past month, according<br />
been retaliating against the<br />
U.S. behind the curtain.”<br />
If the Brazil premium rises<br />
“Brazil still can’t supply<br />
all the Chinese demand<br />
alone,” he said. The U.S. is<br />
States follows through on President<br />
Donald Trump’s threat<br />
to slap tariffs on an additional<br />
$100 billion in Chinese goods.<br />
The most-traded October rebar<br />
to data from broker Ary<br />
too much, U.S. supplies un-<br />
the world’s second-biggest<br />
on the Shanghai Futures Ex-<br />
Oleofar. The cost reflects<br />
der tariff may become more<br />
exporter.<br />
change eked out small gains, ris-<br />
the difference between<br />
futures on the Chicago<br />
attractive to Chinese buyers,<br />
along with other im-<br />
Source: Bloomberg<br />
ing 0.6 percent to settle at 3,362<br />
yuan ($532.81) per tonne.<br />
Source: Reuters