Short news metals
April 3, 2014 Category Automotive Metals & Minerals, Short news metals
- Many Chinese steel companies are having trouble obtaining financing as the China Banking Regulatory Commission (CBRC) said strict credit guidelines would be imposed on mills that were big polluters and users of energy. “Mills may be charged higher interest rates on loans,” said Hu Shunliang, Investor Affairs Representative with Maanshan Iron & Steel. About 40% of the iron ore at China’s ports was subject to financing deals, Mysteel Research estimated.
- Shanghai Bailian Group started publishing a new price index for non-ferrous metals, aiming to create a benchmark in the domestic spot market. The SMEI index is based on spot prices quoted from the Shanghai Metal Exchange electronic platform and also collected from leading producers and traders. The index reflects prices for copper, aluminum, lead, zinc, tin and nickel. It will be published at 11 a.m. every day on the website of the Shanghai Metal Exchange at smechina.com.cn.
- Shanghai’s hot-rolled coil (HRC) steel futures closed little changed on their debut, offering investors another steel-related contract to trade in China. Baoshan Iron and Steel Co’s President Dai Zhihao said the futures will allow the company to better hedge against price risks. The Shanghai bourse introduced steel rebar and wire rod futures in 2009. Shanghai’s rebar is now the world’s most liquid steel futures but restrictions on foreign investment have limited its global reach.
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