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China’s sillicomanganese prices dropped this week amid weaker demand and lower bids from customers.
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China’s silicon metal exports remained sluggish after hopes for an export tax cut fell through.
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China’s major domestic steelmakers are likely to maintain cuts or slash output further as few signs of recovery are seen, mills and traders said.
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China will change steel export tax rebates “at a suitable time,” according to a steel industry revival plan, though no further indication was given of when the new measures might be introduced.
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The Chinese government’s cancellation of electricity price discounts may have sounded the death knell for many ferroalloy producers in China who were already under pressure from low demand and prices.
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Mock trading of wire rod and rebar futures kicked off Wednesday on the Shanghai Futures Exchange (SHFE) as the contracts move toward a full launch.
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The Chinese central government will review its steel industry policy launched in 2005 in an effort to support the sector during the economic crisis.
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Chrome ore stocks at China’s main ports exceed 1.5 million tonnes, about triple the volume seen at this time last year, sources said.
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China’s steel prices logged further gains in January as government policies boosted demand, but are set to be destabilized by rising market inventories, the China Iron and Steel Association (Cisa) said.
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A gas explosion at a mine run by China’s largest coking coal producer that claimed 74 lives is likely to discourage small coal operations from restarting, especially as a major political gathering approaches in Beijing.
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Chinese exports of aluminum and aluminum alloys more than doubled in December from the previous month, but the upward shift isn’t likely to last long, given the recent Shanghai Futures Exchange (SHFE) premium to the London Metal Exchange price, analysts said.