Short news metals
June 27, 2013 Category Automotive Metals & Minerals, Short news metals
- The Shanghai Iron and Steel Trade Center was launched with the aim of using e-commerce to enhance the Chinese steel industry’s global influence, especially at a time of overcapacity and tiny margins. The electronic trading platform, initially funded by Baosteel Group and the Baoshan district government, will also provide supply chain financing, warehousing and logistics, as well as consulting services. The idea is to provide a one-stop service for companies along the steel supply chain. The center also hopes to create a “Shanghai price” and “Shanghai standard” for the industry.
- China’s steel industry made CNY153 million in profits in April, which marked a fourth monthly decline, according to the China Iron and Steel Association (CISA). There was a 2.3% rise in the number of steel makers reporting a loss, or 39.5% in total. Steel sales in the first quarter increased by 0.8% year-on-year to CNY1.2 trillion, delivering a profit of CNY2.7 billion, 2.7 times the profit for the same period in 2012. Pig iron output stood at 239 million tons in April, up 7% year-on-year.
- The Shanghai Futures Exchange will introduce after-hours trading for its gold and silver contracts, starting from July 5. Night trading will commence at 9 pm from Monday to Friday and end at 2:30 am the next day. Price volatility in precious metals on global markets in recent months has exposed Chinese investors on the local exchange to risks. After-hours trading here would enable Chinese investors to close positions late in the day if prices swing sharply when Western markets open. The Shanghai exchange would lower margin requirements, or the minimum amount of cash an investor must keep as deposit, for gold and silver contracts to 4% from 7%, in a bid to boost trading volumes.
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