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China`s crude oil output up 0.5% in Jan-Jul to 121 mln tons

Source: www.chinamining.org  Citation: China Knowledge  Date: August 26, 2014

China, the world`s second largest oil consumer, saw its crude oil output edge up 0.5% year on year to 121.15 million tons in the first seven months of this year, according to recent figures released by the National Development and Reform Commission.
    
From Jan to Jul, the country processed 263.74 million tons of crude oil, 3.2% more than in the same period of 2013.
    
The country saw its output of oil products grow 4.8% year on year to 164.55 million tons in the first seven months.
    
The country`s consumption of oil products rose 2.9% year on year to 154.35 million tons in the first seven months. There was 8.1% growth in the consumption of gasoline and a 1.4% decrease in the consumption of diesel.
    
In the month of Jul 2014, China`s crude oil output edged up 0.5% year on year to 17.38 million tons, while its output of oil products rose 1.1% to 23.55 million tons.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

More lenders get green light to import gold

Source: www.chinamining.org  Citation: China Daily  Date: August 25, 2014

Gold bracelets on display in Lianyungang, Jiangsu province. China is set to gain more gold pricing power by setting up an international board at the Shanghai Gold Exchange.

China is moving to gain more pricing power in the global gold market, allowing more banks to import the metal and starting an international board at the Shanghai Gold Exchange.
    
Shanghai Pudong Development Bank Co Ltd and China Mer-chants Bank Co Ltd said that they received approval earlier this month to import gold. Reuters had reported that Standard Chartered Plc has also been cleared for imports, although the bank declined to comment.
    
With these three, China would have 15 banks that may import gold.
    
According to the Shanghai Gold Exchange, the platform for all physical trade in China, SPD is among the top 10 trading members so far this year and CMB is among the top 20.
    
Meanwhile, the international board of the gold exchange, located in the China (Shanghai) Pilot Free Trade Zone, will start trading as early as September, an exchange source said. Although no official announcement has been made, "all parties involved have started preparing. Of course we hope the more participants the better", said the source. More lenders get green light to import gold
    
The move will also help China establish a yuan-denominated gold pricing system, a note from CMB said.
    
"More participants mean more channels for gold trading, and international players may join in, deepening the China gold market`s integration into the global market," said Yang Fei, a gold investment analyst in Shanghai.
    
The exchange plans to launch three physically backed gold contracts on the FTZ international board, which aims at becoming a price-discovery center.
    
Analysts and market insiders said all these moves will help China`s gold importers gain more pricing power in the global market.
    
According to statistics from the World Gold Council, China became the world`s largest gold buyer in 2013.
    
"A market`s pricing power depends on its activity and accessibility. The more players it involves, the more say it has," said Albert Cheng, managing director for the Far East at the WGC.
    
At present, pricing power lies largely with the London Bullion Market Association.
    
Xu Luode, chairman of the exchange, said earlier this year that as the world`s biggest consumer and producer of gold, China should have its own pricing benchmark. The international board will support that goal.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China`s July bauxite imports plunge 52% on year to 3.1 mil mt

Source: www.chinamining.org  Citation: Platts   Date: August 25, 2014

China`s bauxite imports plunged 52.3% to 3.1 million mt in July from 6.5 million mt in July 2013, latest General Administration of Customs data showed Friday, August 22.
    
The July total was up 5.7% from the month before.
    
Bauxite imports over January-July totaled 22.8 million mt, down a sharp 42.3% year on year.
    
Imports have fallen since Indonesia imposed a ban on mineral ore exports on January 12. Many Chinese buyers had stockpiled ahead of the ban.
    
Indonesia was China`s top supplier of bauxite before the ban was imposed, accounting for about 70% of its total imports.
    
There was no record of bauxite being imported to China from Indonesia in July, compared with 4 million mt of imports in the same month of 2013.
    
Over January-July, China`s bauxite imports from Indonesia totaled 8.8 million mt, down 65.8% from 25.7 million mt in the same period a year earlier.
    
China`s importers have been increasing supply from other regular suppliers as well as actively seeking new supply sources since Indonesia`s export ban was imposed.
    
Imports from Malaysia totaled 226,692 mt in July, sharply higher than China`s total bauxite imports from Malaysia over full year 2013 at 156,140 mt and full year 2012 at 196,598 mt.
    
Over January-July 2014, China`s bauxite imports from Malaysia totaled 429,689 mt.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China`s iron ore imports from Australia rise 33.5% on year to 55.37 mil mt in Jul

Source: www.chinamining.org  Citation: Platts  Date: August 25, 2014

China imported 55.37 million mt of iron ore from Australia in July, up 33.5% year on year and 10% from June, data released Friday by the General Administration of Customs showed.
    
A trader source in Zhejiang said Australian miners like Fortescue Metals Group were selling more iron ore into China as they had ramped up their output and were giving deeper discounts to China buyers in July.
    
Australia`s Fortescue Metals Group reached a 155 million mt/year production capacity target in end March this year, Platts reported earlier.
    
"When FMG offered a 15% discount for their flagship 56.7% Fe Super Special Fines product for July, many Chinese buyers [took it up]," said the Zhejiang trader.
    
"Chinese end-users also preferred to use more Australian ores in their furnaces as they were already used to it and and that explained why there was an increase inflow of ore to China from Australia," he added.
    
Australia was the largest supplier of iron ore to China, accounting for 60% of total imports in June.
    
China`s imported a total of 82.52 million mt of iron ore in July, up 10.7% from 74.57 million mt in June.
    
Imports from Brazil, China`s second largest iron ore supplier, totaled 14.12 million mt in July, up 7.46% year-on-year and 14.15% month-on-month, the data showed.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China imported 55.37 million mt of iron ore from Australia in July, up 33.5% year on year and 10% from June, data released Friday by the General Administration of Customs showed.
    
A trader source in Zhejiang said Australian miners like Fortescue Metals Group were selling more iron ore into China as they had ramped up their output and were giving deeper discounts to China buyers in July.
    
Australia`s Fortescue Metals Group reached a 155 million mt/year production capacity target in end March this year, Platts reported earlier.
    
"When FMG offered a 15% discount for their flagship 56.7% Fe Super Special Fines product for July, many Chinese buyers [took it up]," said the Zhejiang trader.
    
"Chinese end-users also preferred to use more Australian ores in their furnaces as they were already used to it and and that explained why there was an increase inflow of ore to China from Australia," he added.
    
Australia was the largest supplier of iron ore to China, accounting for 60% of total imports in June.
    
China`s imported a total of 82.52 million mt of iron ore in July, up 10.7% from 74.57 million mt in June.
    
Imports from Brazil, China`s second largest iron ore supplier, totaled 14.12 million mt in July, up 7.46% year-on-year and 14.15% month-on-month, the data showed.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

Zinc demand higher than expected

Source: www.chinamining.org  Citation: Reuters  Date: August 22, 2014

China`s MMG Ltd, owner of the world`s third-biggest zinc mine, said the global deficit in the metal had increased faster than expected, spurred partly by demand growth in China to rust-proof steel for cars.
    
The global zinc market deficit expanded to 234,000 tons in the first six months of 2014, from a surplus of 28,000 tons in the same period last year, according to the International Lead and Zinc Study Group.
    
"Growth has been higher than expected," MMG Chief Executive Andrew Michelmore said on Thursday, referring to demand.
    
He said demand in China had picked up as companies sought galvanizing technology, following a push by the International Zinc Association to tout the benefits of coating steel with zinc to prevent rust.
    
"The reaction has been quite spectacular," said Michelmore, who is also chairman of the International Zinc Association. "That`s having a flow-on effect in the demand for zinc."
    
London Metal Exchange three-month zinc prices have climbed 14 percent this year to $2,352 a ton.
    
However, on the supply side, Michelmore said smelters had produced zinc flat out over the past few years to lower their unit costs amid a price slump, which beefed up stocks of the metal and has led to some softening in demand for zinc in concentrate.
    
"I think we`ll see that come back as the impact of the mines that have been shutting down really have an impact on the market," Michelmore said on a conference call after MMG reported its half-year results.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China`s coal output down 1.45% in Jan-Jul to 2.16 bln tons

Source: www.chinamining.org  Citation: China Knowledge  Date: August 22, 2014

China saw its coal output decrease 31.8 million tons or 1.45% year on year to 2.16 billion tons in the first seven months of this year, according to the latest statistics released by the China National Coal Association.
    
According to the statistics, the country`s coal sales decreased 32.17 million tons or 1.54% year on year to 2.05 billion tons in the seven-month period.
    
In the month of Jul 2014, the country`s coal output declined 1.63% year on year to 301 million tons, while its coal sales for the period dropped 1.84% year on year to 289 million tons.
    
From Jan to Jul, China`s coal consumption edged up 0.2% year on year to 2.31 billion tons including 1.17 billion tons consumed by electricity industry, up 0.4% year on year.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China to Fine Coal Miners Exceeding Output Limits as Prices Drop

Source: www.chinamining.org  Citation: Bloomberg  Date: August 22, 2014

China will fine coal miners as much as 2 million yuan ($325,200) if they exceed national production limits after prices fell to the lowest in almost seven years.
    
Miners in the world`s largest coal consumer that exceed their annual registered output quotas will be fined 500,000 yuan to 2 million yuan, the National Development and Reform Commission said in a statement on its website today. Those violating targets will face suspension. Coal miners aren`t allowed to let their monthly supply go over 110 percent of the average planned figure, said the country`s top economic planner.
    
The Chinese government is proposing production cuts after the country`s benchmark coal price fell 21 percent this year to a range of 470 yuan to 480 yuan a metric ton as of Aug. 17.
    
China Coal Energy, the second-largest producer, reduced its 2014 output target by 10 percent because of weak demand and low prices, Wu Jun, the president for sales, said on Aug. 18. Shenhua Group, the biggest producer, will cut supply by 50 million tons, the Economic Information Daily reported July 28.
    
"Overproduction has been spreading unchecked and thus disturbing market orders," the NDRC statement shows. Producers without a monthly output plan shouldn`t produce more than one-twelfth of their annual registered capacity, it said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.

China magnesium: Export offers track steady domestic prices

Source: www.chinamining.org  Citation: Platts  Date: August 22, 2014

Spot export offers for Chinese magnesium ingot on a FOB basis tracked steady domestic prices, while the overseas physical buying interest has remained lacking, industry sources said Thursday.
    
Most spot offers on a FOB basis were heard steady at $2,440-2,520/mt, unchanged from last week.
    
Industry sources generally agreed that most tradable offers were below $2,500/mt.
    
Platts kept its weekly magnesium ingot (minimum 99.8%) price assessment steady at $2,450-2,480/mt FOB China Thursday, unchanged from last week.
    
The Chinese magnesium diecast alloy price assessment was also maintained at $2,730-2,780/mt FOB China Thursday, unchanged from last week.
    
"The overseas export trade remains quiet. European buyers are still staying away from the market, while some Japanese traders are still on summer vacation. There`s no movement in the export offers," said a south China-based trader.
    
He added that he was keeping his offers steady around $2,470/mt, unchanged from last week.
    
"I am hearing offers as low as $2,440/mt in the market but I have not heard any done deal at this level," he said.
    
A north China-based producer, who shared similar view, said: "My export offers are still at $2,520/mt and the overseas demand is still lacking."
    
He added that Shanxi offers were generally higher than those from Shaanxi as Shanxi had higher production costs.
    
The northern Chinese producer said his domestic offers had remained steady at Yuan 14,400-14,500/mt ($2,341-2,357/mt), ex-plant in Shaanxi.
    
"My domestic trade is doing better than exports. I have seen a slight pickup in domestic buying inquiries. Domestic prices have been falling and appeared to be steady recently. Some end-users are making inquiries. However, I have not seen a significant increase in trade to lift prices yet," added the northwestern Chinese producer.
    
Domestic offer in Shanxi were heard around Yuan 14,900/mt ex-works, unchanged from last week.
    
Sources added that the slightly stronger yuan against the dollar seen recently had offset the impact on the persisting weakness in the overseas demand.
    
A stronger yuan would mean higher export offers in dollar, while weak demand dampened offers.
    
The dollar was trading at Yuan 6.1632 Thursday but had been at the Yuan 6.15 level for the previous week till Wednesday. Two weeks ago, the dollar was trading at the Yuan 6.16 level.
    
Meanwhile, production cuts continued among Chinese ferrosilicon producers but market participants said they did not have problems securing material due to slow demand.
    
Ferrosilicon is a feedstock for magnesium ingot production.
    
Chinese domestic ferrosilicon spot prices at Tianjin port were pegged at Yuan 6,200-6,300/mt Thursday, unchanged week on week.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2014 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2014. We invite you to join the event and to celebrate the 16^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2014, please visit: www.chinaminingtj.org.