Short news metals
May 30, 2013 Category Automotive Metals & Minerals, Short news metals
- Shanxi Taihang Mining Co will become China’s first to use coke oven gas as an alternative to natural gas. It signed a contract with Mines and Metals Engineering, owned by the Iranian government and based in Dusseldorf, Germany. Shanxi Taihang Mining will use world-leading processing technology and equipment to lift its iron productivity and reduce emissions. The direct-reduced iron process can raise the purity of iron to 98%. Traditional blast furnace iron-making, which generates 80% of China’s total iron and steel output, however, only results in an iron purity of 60% to 70%.
- Steel products inventories in 26 monitored cities increased by 84.57% in the first quarter, compared with the beginning of this year, the National Development and Reform Commission (NDRC) said in a statement. The fundamentals for demand growth are positive as relevant industries such as automobiles and appliances are on track to maintain modest growth this year, but it would be difficult to improve steel enterprises’ profit margins due to their large capacity and high costs, it said.
- Trading in gold using the yuan has tripled in Hong Kong this year as the currency’s rally to a 19-year high helps limit risks for jewelers. The average daily volume was CNY6.5 billion so far this year, compared with CNY1.8 billion for the same period last year, according to the Chinese Gold & Silver Exchange Society.
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