WASHINGTON/BEIJING (Reuters) -U.S. Secretary of State Antony Blinken stressed the need for cooperation and transparency over the origins of COVID-19 in a call with Chinese counterpart Yang Jiechi on Friday and raised other contentious topics, including China's treatment of Uyghur Muslims, Hong Kong and Taiwan.
(Reuters) -China's Zijin Mining said one of its subsidiaries and Citic Metal will each buy 50% of the copper output from the first phase of its Kamoa-Kakula mine in Democratic Republic of Congo (DRC), which has now won approval to export concentrate.
* May arrivals of unwrought copper, products -8% m/m at
(Reuters) -London Metal Exchange plans to replace its LMEselect trading system with its owner Hong Kong Exchanges and Clearing's Orion platform, CEO Matt Chamberlain said on Tuesday.
(Reuters) -China's Zhejiang Huayou Cobalt Co said on Monday it would partner electric vehicle battery maker EVE Energy and others in a $2.08 billion nickel and cobalt project in Indonesia.
* Project start-up likely to pressure nickel price
(Adds quotes, detail)
* Hongqiao relocating aluminium capacity to use more
* Dalian plans to reduce standard iron ore grade to 61%
* Exchange to adjust premiums and discounts for iron ore
* Moves aim to increase deliverable resources
(Adds details, background and chart)
By Min Zhang and Tom Daly
May 12 China's Dalian Commodity Exchange (DCE)
proposed to lower standard iron content requirements in ore
delivered against its flagship futures to 61%, seeking to
broaden supply sources to include lower grades amid a
record-setting rally of the steelmaking ingredient.
Under proposed revisions to the contract's trading rules,
which are open to public feedback until Saturday, the Dalian
bourse plans to reduce iron content in ore from 62% while also
amending quality requirements for silica and aluminum oxide,
it said late on Tuesday.
The price spread between different types of iron ore has
been changeable and fluctuated in recently years due to the
pandemic, changes in supply and demand as well as monetary
policies, the exchange said in a separate statement on its
The most-traded iron ore futures had surged over
50% so far this year and repeatedly struck all-time highs on
the exchange amid strong demand in top consumer China and
concerns over supply as Beijing's relations with key producer
Australia continue to deteriorate.
Meanwhile, the appetite for high quality ore has also
increased fuelled by decent profits at Chinese mills. The
price difference between high-grade 65% iron ore and 58% ore
surged to a record $90.5 per tonne, while between benchmark
62% ore and low-grade the spread stood at $57.5.
"Market experts believe that the proposal... is in line
with the grade of mainstream products in the current market
and actual demand of domestic mills," the DCE said in a
separate statement on its website.
The exchange also plans to regularly change allowances for
quality difference of substitute products, weakening premiums
and discounts for deliverable iron ore brands to help stay in
sync with the spot market amid big price fluctuations.
It had proposed making "dynamic" adjustments to premiums
and discounts in December.
"The adjustment (on premium and discounts) can help
facilitate delivery of domestic iron ore...to serve the
development of domestic products while helping to curb rapid
rises," according to the statement.
The bourse currently allows 17 iron ore brands - including
those from Australia, Brazil and China - to be delivered.
Around 620 million tonnes of material consumed in China each
year meets delivery conditions, it said.
The table below shows suggested changes to brand premiums
and discounts of iron ore in yuan per tonne:
Brand Name Premiums and discounts
1 Ansteel Mining Concentrates 0
2 HBIS Mining Concentrates 0
3 Benxi Steel Mining 0
4 Karara Standard Magnetite 0
5 AGGLOMERATE IRON ORE 0
6 Carajas Iron Ore 15
7 Brazilian Blend Fines 15
8 PILBARA BLEND FINES 15
9 NEWMAN HIGH GRADE FINE ORE 0
10 MAC FINE ORE 0
11 JIMBLEBAR BLEND FINE ORE 0
12 ROY-F 0
13 IRON ORE FINES-IOC6 0
14 KUMBA STANDARD FINE ORE 0
15 FORTESCUE BLEND FINES 0
16 SUPER SPECIAL FINE 0
17 YANDI FINE ORE 0
($1 = 6.4260 Chinese yuan)
(Reporting by Min Zhang and Tom Daly; Editing by Lisa
Shumaker and Jacqueline Wong)
* China unwrought copper, products imports at 484,890 T in
* Tianqi narrows net losses for 2020, Q1 2021 from year