SDL may be don't know yet, but the news from Xinhua News Agency cannot be ignored.
Nov. 21, 2010 (Xinhua News Agency) -- Top stories of the day: China Metals -- Nov. 22
BEIJING, Nov. 22 (Xinhua) ?
1. China's steelmakers have enjoyed a higher profitability so far in 2010, and the profit of the member enterprises of the China Iron and Steel Association (CISA), 77 large and medium sized steelmakers, exceed 7 billion yuan in October, a record high in recent months.
Profitability of the 77 steelmakers is expected to stay high in the fourth quarter, and their combined profit is estimated to reach 100 billion yuan by the end of this year.
The 77 steelmakers registered a 98.05 percent growth in their profits in the January-September period to reach 64 billion yuan, previous CISA statistics show.
2. Various provincial land and resources departments should set up and put into operation their mining rights trading institutions by the end of March 2011, said the Ministry of Land and Resources in a circular released on Friday.
3. China's October steel output decreased 3.8 percent year on year to 50.03 million metric tons (tonnes), according to statistics from the International Iron and Steel Institute.
4. Baoshan Iron and Steel (600019.SH), or Baosteel, and Taiwan's China Steel (2002.TPE) are planning to jointly invest in foreign iron ore mines, the Financial Times reported.
Overseas cooperation of this sort between steelmakers on the two sides of the Taiwan Straits is a rarity. Previous cooperation between companies on the two sides of the Taiwan straits has mostly focused on offshore oil drilling.
5. Wuhan Iron and Steel Corp. (WISCO) is mulling over exploiting iron ore resources in North America and Africa.
It has reached a preliminary cooperation agreement with Canadian mining company Adriana Resources Inc. (TSXV:ADI) for an iron ore project in Quebec province, said sources with WISCO on Thursday, at the 2010 China Mining Conference. ************ Also, WISCO is considering of setting up a Chinese alliance to jointly develop an iron ore mine located in Cameron in Africa. Earlier reports said the China Construction Group was willing to join the alliance and participate in the infrastructure construction process. ******* 6. China, a country hungry for iron ore, is ramping up its mineral exploitation efforts and upgrading its steel-making industry's structure as it deals with its iron-ore supply dilemma.
China produces more than a third of the world's steel and imports 68 percent of the world's steel shipments. But its heavy reliance on iron-ore imports have forced domestic steel mills to accept high prices as they lack clout in annual price negotiations, Jiao Yushu, a consultant for the Metallurgical Mines Association of China said at the China Mining Congress and Exhibition.
7. The gold price in Hong Kong closed up 30 HK dollars at 12,568 HK dollars per tael on Friday. The price is equivalent to 1,360.56 U.S. dollars, up 3.25 U.S. dollars a troy ounce at latest exchange rate of one U.S. dollar against 7.754 HK dollars.(Edited by Shi Chunjiao, [email protected])
Peter
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