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voda 13 mei 2019 16:23

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China to reduce aluminium scrap imports in H2

SMM reported that China's aluminium scrap importers were allowed to file applications to local solid waste control authorities for import licenses for the second half of the year, but smaller volumes of imports are likely to receive approval. Qualified companies can receive import licenses before July 1. SMM also learned that the number of approval batches for aluminium scrap imports will decrease from that in the first half of the year. While some companies have received the green light, approved volumes have not been released as of Thursday May 9.

China Customs data showed that domestic imports of aluminium scrap in March shrank 40.5% on the year to stand at 126,000 tonnes. Imports in the first three months came in at 332,000 tonnes, down 31.7% from the same period a year ago.

Source : SMM

voda 13 mei 2019 16:37

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China to fund Pakistan Gwadar International Airport project

Such TV reported that Pakistan’s Minister for Aviation Mr Ghulam Sarwar Khan as saying that China has agreed to provide over PKR 35,000 million for construction of the New Gwadar International Airport project. Construction work on the airport is expected to begin by June this year and it will be completed in three years.

Source : Such TV

voda 14 mei 2019 14:15

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Update: Trump ziet nog steeds kans op snelle deal met China

(ABM FN-Dow Jones) De Verenigde Staten en China kunnen vlot een deal sluiten. Dit meent president Donald Trump.

"We kunnen morgen een deal sluiten met China, voordat hun bedrijven beginnen te vertrekken om geen Amerikaanse klanten te verliezen", aldus Trump op Twitter.

"Maar de laatste keer dat we dicht bij [een akkoord] waren, wilden ze de deal heronderhandelen. Geen sprake van!", twitterde de president van de VS.

Volgens Trump is Amerika nu in een veel betere positie dan wanneer er eerder een deal was gesloten, hoe die er ook uit zou hebben gezien. Er vloeien namelijk miljarden dollars naar de VS dankzij de importheffingen, en dat betekent ook dat er banen terugkomen, meent hij.

"Andere landen zijn al met ons aan het onderhandelen omdat ze niet willen dat hen dit gebeurt", voegde Trump toe. Hij herhaalde ook dat zijn voorgangers dit al jaren geleden hadden moeten doen.

Vervolgens schreef Trump op Twitter dat hij een deal zal maken met China op het juiste tijdstip.

De president zei oneindig veel respect en vriendschap te hebben voor president Xi Jinping. "Maar ik heb hem vaak gezegd, dat het een geweldige deal voor de VS moet zijn, anders heeft het geen zin."

Update: om meer informatie toe te voegen.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 14 mei 2019 14:58

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Trump Trade War - US-China trade war depressing copper price - Mr Jean-Paul Luksic

Reuters quoted chairperson for Chile's Antofagasta told a Chilean newspaper as saying that a trade war between the US and China is depressing the price of copper and the red metal would be 5% to 15% higher without the dispute. Mr Jean-Paul Luksic said in an interview with El Mercurio that "Without the commercial war, I am convinced that the price of copper would be between USD 3.20 and USD 3.50/lb."

Despite a rebound on Friday on hopes of an agreement between Washington and Beijing, the value of copper registered its fourth consecutive weekly decline. It is currently about $3/lb.

Mr Luksic said that the market has good prospects, but the red metal is hurting more than it should be. He added that "As long as this uncertainty persists, the low prices will continue."

The bruising trade war, which has slowed the global economy, is clouding the outlook for demand from top metals consumer China.

Source : Reuters

voda 14 mei 2019 15:27

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China auto sales fall 14.6% on year in April, 10th month of decline

Reuters reported that vehicles sales in China, the world's largest auto market, fell 14.6% in April from the same month a year earlier, the country's biggest auto industry association said on Monday, marking the 10th consecutive month of decline. Sales fell to 1.98 million vehicles, said the China Association of Automobile Manufacturers. That followed declines of 5.2% in March and 14% in February, as well as the first annual contraction last year since the 1990s against a backdrop of slowing economic growth and crippling trade war with the United States.

Automakers have been lowering prices in China after the government introduced tax cuts to spur consumer spending.

Sales of new energy vehicles (NEV), however, remain a bright spot, rising 18.1% in April to 97,000 vehicles, CAAM said.

NEV sales jumped almost 62% last year even as the broader auto market contracted.

NEVs include petrol-electric hybrids vehicles, plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells. China has been a keen supporter of NEVs and has implemented sales quota requirements for automakers.

Source : Reuters

voda 14 mei 2019 15:27

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Chinese bid for Washington Metro contracts is a major security threat - Report

The Epoch Times reported that a Chinese state-owned company is bidding for a more than USD 500 million contract to supply rail cars for the Washington Metropolitan Area Transit Authority, and the contract should be raising eyebrows in terms of finances and security. The company, China Railway Construction Corporation Limited (CRCC), is based in Beijing and is the world’s second-largest construction and engineering company. It is owned by the Chinese regime’s State-owned Assets Supervision and Administration Commission of the State Council.

Being owned by the Chinese regime means it’s held under Chinese law, meaning that any data it collects through Wi-Fi or sensors will be liable to Chinese data monitoring laws.

Under the Chinese Communist Party’s (CCP) National Security Law, all data needs to be “secure and controllable.” The CCP has large-scale data monitoring programs under its Golden Shield censorship system, its Skynet surveillance system, its Social Credit System to track and rate citizens, and others.

Erik Olson, vice president of the Rail Security Alliance, told The Epoch Times in a previous interview that trains today are fitted with numerous systems for monitoring, which could be compromised if the CCP were able to control the rails.

Modern trains have closed-circuit cameras, internal Wi-Fi, and various types of sensors that can collect data.

Source : The Epoch Times

voda 14 mei 2019 15:35

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China-Myanmar railway tunnel construction underway

china.org reported that The construction of a tunnel along a section of the China-Myanmar international railway is underway in southwest China's Yunnan Province. The Dalin (Dali-Lincang) railway project department of the Railway No. 10 Engineering Group Co, Ltd said that, so far, more than 3,700 meters of the tunnel has been excavated.

The Dali-Lincang Railway, with a length of 202 km and a designed speed of 160 km per hour, is a key section of the China-Myanmar international railway. It is scheduled to be completed and open to traffic in 2021.

Source : china.org

voda 15 mei 2019 12:44

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Techgigant Tencent boekt hogere winst

Gepubliceerd op 15 mei 2019 om 12:25 | Views: 182

SHENZHEN (AFN/BLOOMBERG/RTR) - Tencent heeft in het eerste kwartaal een hogere winst geboekt dan een jaar eerder. De Chinese internetgigant profiteerde onder andere van opbrengsten uit beleggingen. Ook de omzet steeg, mede door groei van betaaldiensten, advertentie-inkomsten en het streamen van video's.

De nettowinst dikte met 17 procent aan tot 27,2 miljard yuan, omgerekend zo'n 3,5 miljard euro. De opbrengsten groeiden met 16 procent tot 85,5 miljard yuan. Dat is overigens een aanzienlijk lager groeitempo dan in eerdere jaren.

De techreus kampte eerder met strengere richtlijnen voor computerspellen vanuit Peking, waardoor de ontwikkeling van een lucratieve schietgame in China vertraging opliep. De omzet uit online computerspellen daalde ook in het voorbije kwartaal, met 2 procent tot 21,2 miljard yuan.

De Zuid-Afrikaanse tech- en mediaonderneming Naspers heeft een belang in Tencent. Naspers kondigde onlangs aan zijn internationale activiteiten naar de beurs in Amsterdam te brengen.

voda 15 mei 2019 12:46

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Hongkong opengesteld voor Nederlandse fondsen

Gepubliceerd op 15 mei 2019 om 11:22 | Views: 722

AMSTERDAM (AFN) - Nederland en Hongkong laten voortaan bepaalde typen beleggingsfondsen toe op elkaars markt. Daarover hebben de Autoriteit Financiële Markten (AFM) en de Hongkongse toezichthouder Securities and Futures Commission (SFC) afspraken gemaakt.

Beheerders uit Nederland en Hongkong hebben voor het aanbieden van deelnemingsrechten in hun beleggingsfondsen op elkaars markten nu geen extra vergunning meer nodig. Wel moeten zij een vereenvoudigde procedure doorlopen. Volgens de AFM vormen de afspraken een springplank voor Nederlandse partijen die hun internationale activiteiten verder willen ontwikkelen.

Hongkong liet tot nu toe beleggingsinstellingen voor collectieve beleggingen in effecten (ICBE’s) uit slechts vijf andere EU-lidstaten toe tot zijn markt. Daar komt Nederland nu bij. De ICBE’s die aangeboden mogen worden in Hongkong zijn aandelenfondsen, obligatiefondsen, gemengde fondsen en indexfondsen, behalve de zogeheten exchange-traded funds.

voda 15 mei 2019 12:53

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Tegenvallende cijfers over Chinese economie

Gepubliceerd op 15 mei 2019 om 07:37 | Views: 1.996

PEKING (AFN/RTR/BLOOMBERG) - De Chinese economie heeft in april aan kracht ingeboet, zo blijkt na tegenvallende cijfers over onder meer de winkelverkopen en industrie in het Aziatische land. De afzwakkende groei kan de Chinese overheid aanzetten tot meer maatregelen om de economie te stimuleren, ook met het oog op de oplaaiende handelsvete met de Verenigde Staten.

De detailhandelsverkopen in China gingen in april met 7,2 procent omhoog op jaarbasis, wat de zwakste toename is in bijna zestien jaar. In maart was nog sprake van een stijging van de Chinese winkelverkopen met 8,7 procent en economen hadden in doorsnee op een stijging met 8,6 procent gerekend voor april. Daarbij ging de kledingverkoop zelfs voor het eerst sinds 2009 omlaag.

Daarnaast klom de industriële productie in China in april met 5,4 procent op jaarbasis. In maart was hier nog een plus van 8,5 procent te zien, het hoogste niveau in 4,5 jaar. Economen hielden voor april in doorsnee rekening met een stijging van de productie in de omvangrijke Chinese industrie met 6,5 procent. Naast industrie- en winkelcijfers waren er ook teleurstellende gegevens over de investeringen in China.

voda 15 mei 2019 14:06

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Alibaba boekt dubbelcijferige winstgroei

(ABM FN-Dow Jones) Alibaba heeft het afgelopen kwartaal een hogere winst en omzet geboekt. Dit bleek woensdag voorbeurs tijdens de publicatie van de resultaten over het vierde kwartaal van zijn gebroken boekjaar 2019.

"Alibaba is steeds meer een gebruikelijk goed in China, waardoor onze [klanten]basis is gegroeid tot 654 miljoen jaarlijkse actieve consumenten en we onze aanwezigheid in minder ontwikkelde steden uitbreiden", zei CEO Daniel Zhang in een toelichting.

De Chinese e-commercegigant boekte in het afgelopen kwartaal, dat eindige op 31 maart 2019, een aangepast bedrijfsresultaat (EBITDA) van 25,2 miljard yuan, ofwel 3,75 miljard dollar, in vergelijking met 19,5 miljard yuan in dezelfde periode een jaar eerder.

Onder de streep resteerde een nettowinst van 23.379 miljoen yuan, ofwel 3,5 miljard dollar, tegen slechts 6,6 miljard yuan een jaar eerder. De forse stijging is met name het resultaat van een aantal positieve herwaarderingen van beursgenoteerde aandelenbeleggingen en een boekwinst dankzij de herwaardering van het belang in Alibaba Pictures.

Over het hele boekjaar boekte Alibaba een nettowinst van 13,1 miljard dollar op een omzet van 56,2 miljard dollar, of respectievelijk 377 miljard en 87,6 miljard yuan.

Outlook

Alibaba verwacht in het lopende boekjaar 2020 een omzet te genereren van meer dan 500 miljard yuan.

Het aandeel Alibaba noteerde woensdag in de elektronische handel voorbeurs 4,1 procent hoger.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 15 mei 2019 14:37

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Chinese crude steel output hits record high in April

Argus Media reported that China's crude steel output reached a record high in April as an uptick in prices and profits prompted mills to crank up production. April crude steel production was higher by 5.85% on the month and by 12.7% YoY at 85.03 million tonne, according to the national bureau of statistics data. The previous record was 82.55 million tonne in October 2018.

Daily crude steel output in April was 2.83 million tonne compared with 2.59 million tonne in March.

Cumulative crude steel output increased by 10.1% to 314.96 million tonne during January to April.

Monthly pig iron ore output rose by 10.1% on the year to 69.83 million tonne, while cumulative output was higher by 9.6% at 262.65 million tonne.

Construction work picked up pace in April ahead of the onset of hot and wet season in south China this month. Robust growth in real estate investments has also supported steel market sentiment. Mill margins may take a dent this month as construction demand has slowed, while the US-China trade war has added to anxiety about China's economic outlook. Steel production restrictions in Tangshan city to curb emissions this month may also slow production, although the implementation of these curbs is seen as lax by steel market participants.

China's overall manufacturing output growth slowed to 5.4% YoY in April, down from 8.5% in March. Cumulative January to April output growth was at 6.2%. The key steel consuming sectors of auto and equipment manufacturing posted sluggish growth of 1.1% and 2%, respectively, in April, but other transportation manufacturing, such as railway, shipbuilding and aerospace, grew by 5.8%.

Real estate investment grew at a scorching pace of 11.9% in January to April compared with a 9.5% growth in 2018. New project starts grew by 13.1% during this period.

A robust real estate sector will continue to offer strong support for steel and iron ore prices in the near term, much as it has done since 2016. Construction consumes more than 60% of China's steel output.

But real estate sales declined by 0.3% in area terms for January-April but posted an 8.1% growth in yuan terms, indicating a sharp jump in property prices, which is positive for future project starts and steel demand. Housing inventories fell by 9.4% on the year in area terms.

Infrastructure investment growth in January to April was unchanged from January to March at 4.4%. Infrastructure investment growth has so far not shown any sharp acceleration this year. This is despite Beijing's goal of spurring infrastructure building through the issuance of special bonds to provinces for projects and announcement of several urban and transport infrastructure projects over the past few months.

Source : Argus Media

voda 15 mei 2019 15:55

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China primary aluminium inventories decline 36,000 tonnes over the weekend - SMM

According to Shanghai Metals Market, the primary aluminium inventories in China have continued extending their declines over the weekend ended on May 13, 2019. As demand increased and cargoes arrivals decreased, the social inventories across eight major consumption areas in China, including SHFE warrants, dropped some 36,000 tonnes from Thursday, May 9, to stand at 1.373 million tonnes.

As the above chart indicates, the inventory in Wuxi and Jiangsu has dropped by some 13,000 tonnes to stand at 493,000 tonnes, while that in Shanghai by some 2,000 tonnes to 275,000 tonnes. In Nanhai and Guangdong, Linyi and Shandong, and Chongqing, the inventories have dropped too by some 17,000 tonnes, 2,000 tonnes, and 3,000 tonnes to come in at 293,000 tonnes and 16,000 tonnes, and 26,000 tonnes respectively.

Some cities, on the other hand, have recorded a rise as well or remained restrained, such as Gongyi and Henan, and Tianjin. In the former, the inventory has climbed up by 1,000 tonnes to RMB 100,000 tonne while the inventory in the latter remained the same at 57,000 tonnes.

On this continued decline in primary aluminium inventories, the A00 aluminium ingot price has further risen to RMB 14,260 per tonne, marking the second consecutive growth.

Source : Al Circle

Bijlage:

voda 15 mei 2019 16:04

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China most attractive renewables market despite subsidy cuts - Ernst & Young

Reuters reported that China is the most attractive market for investment in renewable energy for the fourth year in a row and growth there is set to continue despite the country's efforts to trim subsidies, a report by UK accountancy firm Ernst & Young showed. In an annual ranking of the top 40 renewable energy markets worldwide, China was in first place, followed by the United States which was No. 2 for the second year running.

Last year, cuts to China's expensive feed-in tariff regime slowed growth in solar installations. Solar photovoltaic (PV) capacity additions fell to 44.3 gigawatts (GW) from a record 53 GW in 2017.

These could fall further and although the government continues to support wind energy through feed-in tariffs, tariff rates are starting to decline.

At the same time, the government has proposed setting up an auction system to support renewables as it tries to move away from subsidies.

EY said that "China's renewable energy market is undergoing a transition as the government seeks to rein in the costs of the subsidies paid to the sector. With continuing concerns about pollution, falling technology costs and revived interest from international players, however, growth in the world's largest clean energy market is set to continue." It did not give an exact prediction for growth.

France moved to third position from fifth, due to its focus on floating offshore wind capacity and more ambitious targets for onshore wind additions.

India, the world's second most populous country after China, dropped to fourth place from third last year.

The report said that some other countries, such as Norway and Finland, have become more attractive for renewables investment due to new projects funded by power purchase agreements as they move away from subsidies.

Source : Reuters

voda 15 mei 2019 16:10

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BYD delivers 15 eBuses to Spain

BYD has this week delivered 15 pure electric 12-metre eBuses to Spain’s southwest city of Badajoz one of the largest eBus orders for BYD in the country. Public transport operator, TUBASA (Transportes Urbanos de Badajoz, SA), part of Grupo Ruiz and one of Spain’s principal road passenger transport groups, has already put the vehicles into service. The zero emission BYD eBuses are delivered as fleet replacements for TUBASA and are already returning substantial savings when compared to the company’s previous diesel-powered buses.

The BYD eBus delivery was marked at a special handover ceremony in Badajoz on Thursday 9th May including representatives from TUBASA and the Mayor of Badajoz, Franciso Javier Fragoso. The BYD fleet delivery means Badajoz becomes the largest user of electric buses in Spain, with TUBASA operating the highest percentage of electric buses within any public transport fleet in Europe. In a significant commitment to making the city even more environmentally friendly, the Mayor has pledged that the move to a 100% all-electric bus fleet will continue in Badajoz.

Powered by BYD Iron-Phosphate batteries, the new BYD eBuses boast a 250km range between charges under SORT 2 conditions. Based at El Nevero industrial estate, TUBASA has installed 15 recharging points and 100% recharge is achieved in just four hours.

Mr Javier Contijoch, VP Sales for BYD Europe said that “TUBASA has established a clear commitment to emission-free operation in Badajoz, and we are delighted that the company has chosen BYD as its eBus partner. We have demonstrated that pure electric operation will deliver significant cost savings for TUBASA, but, moreover, the benefits for passengers, other road users and the wider public will be realised for many years to come.”

BYD also confirmed an order for eight 12-metre eBuses for Badalona in Barcelona province, scheduled for delivery very soon, with further orders for bus operators in Madrid and Valencia. The Portuguese city of Coimbra is also gearing-up to receive a delivery of eight BYD eBuses next week, signaling the growing demand across the Iberian Peninsula for BYD’s pure electric 100% emission-free eBus products.

Mr Isbrand Ho, Managing Director at BYD Europe said that “Our potential in the Iberian market is rapidly growing with consecutive orders from Spain and Portugal. Up till now we have confirmed 32 eBuses that will be running in both countries by summer 2019, and we have confidence there will be more to come. We are pleased that these cities have already chosen for zero emission buses that contribute to the air quality.”

Source : Strategic Research Institute

Bijlage:

voda 15 mei 2019 18:50

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Volvo slaat slag op markt voor batterijen

Gepubliceerd op 15 mei 2019 om 18:46 | Views: 0

SEOUL (AFN/RTR) - Automaker Volvo heeft een grote slag geslagen op de competitieve markt voor batterijen voor elektrische auto's. De Zweden zetten hun handtekening onder een langjarige deal met accumakers LG Chem uit Zuid-Korea en het Chinese CATL. Financiële details over de deal werden niet gemeld. Kenners spreken van een miljardenovereenkomst.

Volvo is in handen van het eveneens Chinese Geely. Het merk is van plan de komende tijd de nodige elektrische varianten op de weg te krijgen. Tegen 2025 moet het bij minstens de helft van de verkopen van Volvo om een elektrische auto gaan.

Automakers wereldwijd steken de komende jaren honderden miljarden in de ontwikkeling van elektrisch rijden. Bij Volvo gaat het om 5 procent van de totale omzet, wat neerkomt op ruim 1 miljard dollar per jaar.

voda 16 mei 2019 06:20

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Opklarend handelsklimaat stuwt Wall Street naar winst

(ABM FN-Dow Jones) De Amerikaanse beurzen zijn woensdag hoger gesloten, na een lagere opening, dankzij berichten die werden gezien als positieve ontwikkelingen in de internationale handelsrelaties.

De S&P500-index eindigde 0,6 procent hoger op 2.850,96 punten, de Dow Jones-index steeg 0,45 procent naar 25.648,02 punten.

Technologie-aandelen, die gevoelig zijn voor het mondiale handelsklimaat, leidden de stijgingen. Technologiebeurs Nasdaq klom 1,1 procent naar 7.822,15 punten.

De regering-Trump wil een besluit over de invoering van nieuwe importheffingen op auto's en auto-onderdelen met zes maanden uitstellen, meldde persbureau Bloomberg woensdag. Daarop keerden de aandelenbeurzen terug naar positief terrein na een zwakke opening.

Trump mag tot 18 mei de nieuwe heffingen afkondigen, maar kan die deadline ook zes maanden uitstellen. Dat zou een meevaller zijn voor beleggers die vrezen voor verder escalerende handelsconflicten tussen China en andere belangrijke handelspartners van Amerika, zoals Europa en Japan.

De Amerikaanse minister van Financiën Steven Mnuchin zei ook dat de regering aan een plan werkt om importheffingen op staat en aluminium uit Canada en Mexico te schrappen. Dit zou onderdeel zijn van een laatste stap op weg naar een nieuwe Noord-Amerikaanse handelsverdrag.

Trump verzachtte ook zijn toon naar China en herhaalde dat hij een goed gevoel heeft over een ontmoeting met de Chinese president Xi Jinping volgende maand in Japan.

"Nu Donald Trump de spanningen in de handelsrelatie als een "gekissebis" bagatelliseert, is er voorzichtig optimisme dat beide zijden uiteindelijk een deal zullen bereiken. Beleggers zien de G20-meeting in Japan als een mogelijk moment voor een doorbraak", stelde marktanalist Han Tan van FXTM.

De stijging borduurde voort op winsten op Wall Street dinsdag, nadat zowel China als president Donald Trump zich positief uitlieten over hun pogingen om een handelsdeal te sluiten. Zo'n deal leek de laatste dagen verder weg omdat de VS extra importheffingen op Chinese goederen aankondigden.

Eerder woensdag zorgden teleurstellende cijfers over de winkelverkopen in de VS voor nervositeit bij beleggers over de Amerikaanse economie. Een meevallende omzetgroei in maart bleek van korte duur.

Daarentegen steeg de Empire State Index juist veel harder dan voorzien naar 17,8. Dit wijst op een sterk klimaat voor de industrie in de regio New York.

De euro/dollar noteerde op 1,1201, vrijwel ongewijzigd sinds dinsdagavond.

De olieprijs steeg, onder invloed van geopolitieke spanningen en hogere aandelenmarkten, en ondanks een stijging van de olievoorraden. Dinsdag waren er berichten dover drones die olievelden in Saoedi-Arabië hebben aangevallen. Afgelopen weekend werden al twee Saoedische olietankers beschadigd in de Straat van Hormuz in de Perzische Golf.

Bedrijfsnieuws

Ford en General Motors sloten hoger, na de berichten over uitstel van importheffingen voor buitenlandse auto's. Ford won 1,2 procent. GM steeg 0,9 procent.

Macy's boekte in het eerste kwartaal een nettowinst van 136 miljoen dollar, ofwel 0,44 dollar per aandeel, op een omzet van 5,5 miljard dollar. De wist was duidelijk beter dan verwacht. Het aandeel daalde 0,5 procent.

Facebook steeg 3,1 procent, na het nieuws dat het sociale online-netwerk livestreaming gaat inperken. Het internetbedrijf kreeg een storm van kritiek te verduren nadat de dader van de aanslag in Christchurch de schietpartij live op Facebook uitzond.

De Chinese e-commercegigant Alibaba eindigde 1,6 procent hoger, na goed ontvangen kwartaalresultaten. Het internetbedrijf boekte in het afgelopen kwartaal een dubbelcijferige groei en rekent voor het huidige boekjaar op een flinke omzetgroei.

Ook Tencent zag de resultaten stevig oplopen. De winst van deze Chinese internetgigant klom 17 procent, wat beter was dan verwacht. De omzet ging met 16 procent omhoog naar ruim 85 miljard yuan. Afgelopen week kon Tencent, na een vertraging van meer dan een jaar, het spel 'PlayerUnknown's Battlegrounds' lanceren. Het aandeel klom 0,9 procent.

Cisco kwam nabeurs met bedrijfsresultaten en noteerde in de elektronische handel nabeurs 3,3 procent hoger, na een stijging met 0,8 procent in de reguliere handel.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.

voda 16 mei 2019 18:54

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Indian Steel companies ask govt to put safeguard tariffs on Chinese Steel - Report

Reuters reported that The US-Chinese tariff conflict, which recently escalated, has unnerved Indian steel producers. They fear that China could dump excess steel on India in the hope of making up for losses incurred by their metal industry, which has been hit by Washington’s efforts to offset its trade deficit with Beijing. The Indian steel industry has asked the country’s government to protect it from growing Chinese imports and to introduce 25% safeguard duties on metals allegedly being dumped on India at prices below the production cost.

Reuters reports that during a meeting last month JSW, the Steel Authority of India, Tata Steel, Jindal Steel and Power, which control the country’s steel production, had asked government officials for protection amid the US-Chinese tariff row.

According to the news agency, Steel Secretary Mr Binoy Kumar indicated that global surplus capacity poses a risk to the country’s industry and expressed the opinion that India needs protection from predatory imports. However, he also revealed that the decision regarding safeguard duties is yet to be made. Reuters was not given comments from the Steel Ministry and the involved companies.

However, the agency cited a government source as voicing concern at the possible impact of the trade conflict between Beijing and Washington, saying that this sector in India, which is rated to be the world’s second-largest steel producer, is vulnerable.

The Source indicated that “China has excess (steel) capacity and there is a concern they could re-route it through other countries like Vietnam and Cambodia into India.”

Reuters also points out that New Delhi fears that Beijing could re-route the flow of electronic items, toys, furniture, and organic chemicals to other Asian countries.

Relations between Washington and Beijing have been tense since US President Donald Trump last June decided to impose 25% tariffs on USD 50 billion worth of Chinese goods in a bid to fix the US-Chinese trade deficit. Since then, the sides have exchanged several rounds of trade duties. During this time, bilateral trade talks to end the dispute have been ongoing.

Source : Reuters

voda 16 mei 2019 19:45

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China aluminium output in April up by 3.9% YoY

China's aluminium output rose from the previous month to its third-highest daily rate on record in April, according to Reuters calculations based on official data, as smelters ramped up production to cash in on higher prices. The National Bureau of Statistics said that China churned out 2.92 million tonnes of the metal last month. That was up 1.4% from 2.88 million tonnes in March, which saw the end of winter restrictions on output aimed at curbing pollution, and was up 3.9% YoY.

In the first four months of the year, China produced 11.48 million tonnes of aluminium, a rise of 4.1% from the same period last year, the data showed.

Shanghai aluminium prices rose by 3.3% in April, their best month in a year, moving above the 14,000 yuan (USD 2,036.36) a tonne mark that is considered a break-even threshold for many Chinese smelters.

Analysts said that the rally has seen smelters restart capacity they previously shut as prices slumped in the second half of 2018, although it can take several months to ramp up to full production.

On a daily basis, output averaged around 97,300 tonnes last month, according to Reuters calculations, up from around 92,900 in March. It was the highest daily rate since December's record 98,400 tonnes a day and the third-highest on record.

Meanwhile, output of 10 nonferrous metals - including copper, aluminium, lead, zinc and nickel - came in at 4.74 million tonnes in April, the bureau said. That was up 1.5% from 4.67 million tonnes in March and up 4.9% YoY.

Year to date nonferrous output was up 5.2% at 18.64 million tonnes. The other metals in the group are tin, antimony, mercury, magnesium and titanium.

Source : REUTERS

voda 16 mei 2019 19:58

0

SK Innovation to invest USD 490 million in 2nd Chinese car battery plant

Reuters reported that South Korea's SK Innovation plans to invest 579.9 billion won (USD 488.30 million) to build its second China factory for electric vehicle batteries, in a bet that China will open up its market to Korean battery makers. The latecomer to the battery market is aggressively expanding its production capacity globally, starting to build new factories in Hungary, China and the United States since last year with a total investment of 5 trillion won.

SK Innovation said its second China factory aims to meet rising orders for EV batteries globally, without elaborating on its Chinese partner, the site and capacity of the proposed plant.

Reuters reported last month that SK Innovation was in talks to set up separate battery-making joint ventures with Chinese partners and Volkswagen , citing the president of the Korean company's battery business.

Currently, vehicles equipped with South Korean batteries are not eligible for government subsidies in China, the biggest auto and EV market in the world.

But Korean battery makers including LG Chem have in recent months announced investment plans to expand capacity in China, hoping that China's plan to phase out subsidies by 2020 would create a level playing ground.

SK Innovation broke ground in August on its first Chinese plant under a joint venture with Beijing Electronics Holding Co Ltd and BAIC Motor Corp Ltd, with investment set to reach 5 billion yuan (USD 744.30 million) by 2020.

Automakers are under pressure to deliver EVs as China set quotas for sales of new energy vehicles. China wants NEVs - which also include hybrids, plug-in hybrids and hydrogen fuel cell vehicles - to account for a fifth of auto sales by 2025 compared with 5% now.

Source : Reuters

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