Helen Lau News
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China’s crude processing fell to the lowest level in eight months in April as refineries shut units for maintenance and industrial production expanded at a slower pace than forecast. Electricity output increased.
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Baoshan Iron & Steel Co., China’s biggest publicly traded steelmaker, cut product prices for the first time in nine months because of domestic oversupply.
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A third of the world’s largest gold mining companies won’t make money should gold slide further to $1,300 an ounce, UOB-Kay Hian Ltd. said, following the metal’s biggest plunge in three decades.
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Coal prices in Asia are poised to stall after the biggest quarterly gain in two years as demand from China fails to absorb increased exports from Australia, Colombia and Indonesia.
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Growth in demand for steel in China, the world’s biggest consumer, is set to rebound from a four-year low, supporting earnings for mills and the iron ore producers that supply them.
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Power-station coal stockpiles at China’s largest port for the fuel rose to the highest level in 32 weeks as prices slid to a three-year low.
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China’s stocks fell, dragging the benchmark index down the most in a week, on concern official measures to rein in home prices will hurt corporate earnings.
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Coal prices in China may rise 5 percent in 2012 and 2013 and imports may increase 15 percent a year because of supply tightness, “strong” industrial demand and reliance on thermal power, according to UOB-Kay Hian Ltd.
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The “silent” removal of a 40 percent tax on China’s coke exports, coming after the World Trade Organization ruled against the practice, will drive up production and boost the nation’s coal imports, analysts said.
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United Co. Rusal’s Oleg Deripaska is wedded to an investment that barely covers borrowing costs, has brought management into conflict and added to losses for stockholders such as billionaire Li Ka-shing and Paulson & Co.
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