Short news metals
January 9, 2014 Category Automotive Metals & Minerals, Short news metals
- China will relocate some steel factories and encourage more companies to invest in overseas projects, Li Zhongjuan, Inspector of Industrial Planning for the National Development and Reform Commission (NDRC), said. Outdated capacity will face punitively high rates for electricity and water, Li added. Moreover, a database will be established to provide early warnings of steel-making overcapacity. In a guideline published in mid-October, six provinces, including Hebei and Shandong, were targeted for the industrial restructuring of the steel sector.
- The growth rate of China’s steel demand will decline from 6.3% in 2013 to 3.2% in 2014 in the wake of the country’s economic transformation and the government’s efforts to improve the environment. The nation’s steel consumption this year is estimated at about 715 million metric tons, which represents a 3.2% year-on-year growth rate, Li Xinchuang, Dean of the China Metallurgical Industry Planning and Research Institute, said. China will import 850 million metric tons of iron ore in 2014.
- Chinese metals and mining companies are constrained by uncertain long-term growth prospects because of a lack of supply discipline and slowing demand growth, Fitch Ratings said. The credit agency said in a report that the outlook for the metals and mining sectors was negative. “As China shifts from an investment-driven economy towards a more consumer-led one, long-term demand growth for metals is expected to slow,” it said.
- The mainland’s net gold imports from Hong Kong fell 42% to below 100 tons in November, reflecting a drop in demand from jewelers and retail investors after strong purchases in recent months. Net flows into the mainland, excluding imports by Hong Kong from the mainland, slipped to 76.39 tons from 131.19 tons in October, data from Hong Kong’s Census and Statistics Department showed. Total mainland imports from Hong Kong stood at 107.36 tons, down from 147.92 tons.
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