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voda 26 augustus 2019 16:59

China Hongqiao Slashes 2019 Aluminium Output Guidance

Reuters reported that world’s biggest aluminium producer China Hongqiao Group has slashed its 2019 production guidance by up to 300,000 tonnes, or almost 5%, after recent flooding on its premises, as it posted a sharp rise in first-half profits. Hongqiao, which initially denied any impact on its operations after Typhoon Lekima tore through the smelting heartland of Shandong earlier this month, admitted that some of the group’s production workshops were damaged by the rain, which might bring adverse impact on production. It said “According to the preliminary assessment, it is estimated that the group’s production volume of aluminium products for 2019 will decrease by 200 to 300 thousand tonnes as a result.”

It added that Hongqiao’s production of aluminium alloy products in the first half of 2019 fell 10.3% from the previous year, mainly due to the impact of the government’s policy of production restriction in heating season.

Source : Reuters

voda 26 augustus 2019 17:26

China Added 11.4 GW of New Solar Power Capacity in H1

China connected 11.4 GW of new solar power to the grid in the first half of 2019, the country's energy regulator said that less than half the 24 GW of new capacity built in the same period of 2018.

The National Energy Administration said China's total photovoltaic power generation capacity stood at 185.6 GW, up 20% compared to the same period of last year.

Source : Strategic Research Institute

voda 26 augustus 2019 18:37

China Molybdenum's Giant Congo Copper Mine is Losing Money
Financial Times reported that the Chinese operator of the Democratic Republic of Congo’s largest copper producer has told employees that it’s struggling to make money as the collapse of cobalt and copper prices hits miners in the country. China Molybdenum, which operates the giant Tenke Fungurume mine, said falling metal prices combined with higher taxes and royalties, and rising costs meant it was now in a deficit zone. The company said it had also been hit by problems with production equipment. In the first half, the company did not achieve its production targets. Its Tenke Fungurume Mining unit said in the letter seen by Bloomberg News. In addition, the metal prices, copper and cobalt, are at the lowest level. The company is in a deficit zone.

China Molybdenum’s warning to employees comes as Congo’s entire extractive industry is under pressure after a revised mining code was signed into law in March last year, raising taxes and canceling a clause that would have protected producing mines against fiscal changes for another decade. The government then imposed a 10% royalty tax on cobalt producers eight months later.

Glencore Plc said that it will shutter its Mutanda project for about two years in a bid to put a floor under the cobalt market, which has seen prices fall more than 70% since April last year.

Source : Financial Times

voda 26 augustus 2019 20:05

BYD H1 Profit Triples as China's Electric Car Boom Continues

Chinese electric car maker BYD Co Ltd posted a 203.6% rise in first-half profit, as China's new energy vehicle market continues to surge. The Shenzhen-based company, which is backed by US investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.45 billion yuan (USD 205.29 million), up from 479.10 million yuan a year earlier. BYD sold 145,653 so-called new energy vehicles between January and June, up 94.5% from a year earlier. It also sold 82,419 fuel cars, down 44.9%. Revenue rose 14.8% to 62.18 billion yuan from 54.15 billion.

BYD, whose models include the Song series and the Qin plug-in hybrid electric vehicle, aims to move to completely electric-powered vehicles. It said last month it would develop battery electric vehicles with Toyota Motor Corp.

Overall sales of NEVs in China rose 49.6% in the first six months of this year from a year earlier, but those sales fell 4.7% in July, the first drop in more than two years, as China cut subsidies on such vehicles from July.

Source : Strategic Research Institute

voda 26 augustus 2019 20:06

China's Places First-Time Tariff on US Crude

Bloomberg reported that crude plunged to a two-week low after China announced tariffs on US crude oil for the first time as the trade war between the world’s biggest economies escalated. Futures fell as much as 3.5% in New York, erasing this week’s gain. China will impose additional levies on USD 75 billion of US goods, with tariffs of 5% on American crude. China was the ninth-largest buyer of US crude during the first five months of this year.

Last year, Beijing removed crude from a list of goods targeted for tariffs, signaling the importance of American oil in the global market. The decision to include it now shows how the trade spat has intensified, forcing it to use duties on the strategic commodity as ammunition.

John Kilduff, partner at New York-based Again Capital LLC, said that “It’s a direct strike on US crude exports, which is why you are seeing this sort of out-sized reaction. China had been an aggressive U.S. crude buyer.”

Source : Bloomberg

voda 26 augustus 2019 20:58

Duitse bouwer van locomotieven komt in Chinese handen

A Vossloh-locomotief in het Zwitserse Basel.Foto: Reuters

China Railway Rolling Stock Corporation (CRRC) heeft vaste grond onder de voeten gekregen in Duitsland. Dochterbedrijf CRRC Zhuzhou Locomotive ontfermt zich over de locomotievenfabriek in Kiel van het Westfaalse spoortechniekbedrijf Vossloh.

Dat blijkt maandagavond uit een persbericht van Vossloh. Volgens de lokale krant Kieler Nachrichten stond het bedrijf al enige jaren te koop. Voor de 480 medewerkers verandert er vooralsnog niets.
De overname, die nog moet worden goedgekeurd door de autoriteiten, is van belang omdat het Duitse Siemens en het Franse Alstom begin dit jaar hun spoorwegdivisies wilden samenvoegen mede om zich tegen de mogelijke komst van CRRC naar Europa te weren. De Europese Commissie maakte gehakt van dat argument en stak een stokje voor de versmelting.

CRRC is 's wereld grootste fabrikant van spoorwegmaterieel.

fd.nl/ondernemen/1314782/duitse-fabri...

voda 27 augustus 2019 14:54

China overweegt maatregelen om consumptie aan te jagen ? media

(ABM FN) China heeft dinsdag maatregelen gepresenteerd om de consumptie aan te jagen, aangezien de groei van de Chinese economie onder druk staat. Dit meldde persbureau Reuters.

China zei volgens Reuters dat het wegnemen van de beperkingen op de aanschaf van auto's zou moeten worden onderzocht, terwijl de aankoop van milieuvriendelijker auto's zoals elektrische varianten aangemoedigd zou moeten worden.

Analisten verwachten de komende maanden meer economische steunmaatregelen, waaronder plannen om de binnenlandse consumptie te stimuleren, aldus Reuters.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

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

voda 27 augustus 2019 16:37

BaoSteel Net Profit in H1 of 2019 Dips by 38% YoY

The total turnover of BaoSteel in the first half of 2019 was approximately CNY 140.9 billion, decreasing by 5.16% year on year; the total net profit was around CNY 61.9 billion, dropping by 38.19% year on year.

Source : Strategic Research Institute

voda 27 augustus 2019 16:41

China Steel Corp Hikes Electrical Steel & EG Prices

China Steel Corp announced that it would keep steel prices unchanged for most products for domestic deliveries in the fourth quarter and would increase prices moderately on two products to reflect improved market conditions. The company would increase the price of electrical sheets by NTD 255 per tonne and electro-galvanized sheets by NTD 173 per tonne. The decision reflected operating challenges faced by steel mills around the world as well as domestic downstream industries, especially continued high costs for raw materials such as iron ore.

CSC said that “Considering the market conditions and operating situations of downstream industries, CSC had been absorbing the increased costs to relieve pressure on downstream customers. However, the ability of major steel mills to maintain cost absorption has reached its limit and the fourth quarter is the traditional peak season, so major mills in the US, Japan, China and South Korea have announced price increases. It is expected that steel prices and transaction volumes in the fourth quarter should improve.”

Source : Taipei Times

voda 27 augustus 2019 16:45

Vanadium Demand Rising after Prices Slump - Evraz VP

Bloomberg reported that world’s largest vanadium producer outside China Evraz Plc said steelmakers are boosting their use of vanadium again after it slumped as much as 75% this year. Alexander Erenburg, VP of Evraz, said “The current vanadium price of USD 30 to USD 40 per kilogram makes it optimal for steel alloying both in terms of costs and the technological process.”

He said that steelmakers had substituted 15% of their consumption of the metal.

Vanadium, used to strengthen steel, peaked at more than USD 120 per kilogram at the end of 2018 after China implemented new construction standards, stipulating the use of such toughened alloys in houses and infrastructure. Prices of the metal plunged this year as steelmakers partially substituted it with alternatives, such as niobium and titanium.

Source : Bloomberg

voda 27 augustus 2019 18:48

China Zhongwang Announces 2019 Interim Results

China Zhongwang Holdings Limited announced its unaudited results for the six months ended 30 June 2019. During the Period under Review, the demand for high quality aluminium products increased, contributing to sharp increases in the sales of the Group's industrial extruded aluminium products and aluminium flat rolled products. Such, coupled with the encouraging sales performance of the aluminium alloy formwork, drove up the Group's overall sales volume by 63.7% YoY to 532,275 tonnes. As a result, the Group's total revenue rose by 38.3% YoY to RMB 12.90 billion. Gross profit grew by 32% YoY to RMB 3.91 billion. Gross margin amounted to 30.3%. Net profit increased by 15.7% YoY to RMB 1.47 billion.

Mr Lu Changqing, Chairman and President of China Zhongwang, said that "On the back of the ongoing upgrading and transformation of China's manufacturing industry, breakthroughs are being made in widening the applications of aluminium alloy, which is dubbed a ‘green metal', in various industries. The Group's outstanding capability in research and development, specialisation in high-end products and consistent optimisation of its product mix have enabled it to progressively expand its businesses, providing one-stop light-weight solutions for such high-end applications as ecological construction, new energy vehicles, rail transport, shipbuilding and aviation. The Group always dedicates itself to the aluminium fabrication, therefore it has long been in a leading position in the industry."

Looking ahead, Mr Lu concluded, "The year 2019 marks the 10th anniversary of China Zhongwang's listing on the Hong Kong Stock Exchange. Over the past decade, the Group has always upheld its core values and became a reliable partner for our customers. As aluminium find its potential in different applications, the Group will continue its effort in aluminium fabrication with its leading integrated light-weight solutions, awaiting to be inspired by more aspirations and enlightenment."

Source : Strategic Research Institute

voda 27 augustus 2019 18:48

China Qianhai Mercantile Exchange Launches Copper Rod Trading

Reuters reported that Qianhai Mercantile Exchange said that it started trading in copper rods on Friday, adding to existing trade of alumina and aluminium products. A total of 641.86 tonnes of copper rod changed hands on the first day of trade, with a turnover of 29.94 million yuan (USD 4.23 million).

Source : Reuters

voda 27 augustus 2019 18:49

China to Raise Import Tariffs on US Scrap Copper & Aluminum

According to a list of retaliatory tariffs published by the Ministry of Finance, China will impose an extra 5% tariff on imports of copper scrap and aluminium scrap from the United States from December 15. Beijing had already levied a 25% tariff on copper scrap from the United States, one of its biggest suppliers, in a previous round of duties and twice hit the US scrap aluminium with a 25% tariff in 2018.

The tariffs saw China’s copper scrap imports from the United States fall by 80% YoY in the first half of 2019 to around 52,022 tonnes, customs data show, while aluminium scrap imports were down 16% to 229,837 tonnes.

Source : Strategic Research Institute

voda 27 augustus 2019 18:51

China Aluminium Producer Misses Coupon Payment on Dollar Bond

Qinghai Provincial Investment Group a state backed Chinese aluminum producer is yet to make a coupon payment on a USD 300 million 2020 note, which came due Thursday. Qinghai Provincial Investment Group Co has again missed a coupon payment on a dollar bond, a sign that a local government-led debt restructuring has yet to ease finances at the Chinese state-backed aluminum producer.

It is worth noting that there is no grace period for a missed coupon on Qinghai Provincial’s 2020 note. Missing the dollar bond coupon payment indicates that a local government-led debt restructuring program is yet to ease financial pressures.

Source : Bloomberg

voda 27 augustus 2019 19:45

China Nio to Cut 1200 Staff by End September

Chinese electric vehicle maker Nio Inc will reduce its workforce by 1,200 staff. A company representative told Reuters that Nio will continue to make adjustments to its staff to achieve cost reductions and efficiency, the company representative said, adding the plan would have little impact on core operations such as R&D and user services.

Nio said it would have around 7,500 staff after the cuts, which is contained in an internal memo seen by Reuters.

Source : Strategic Research Institute

voda 28 augustus 2019 10:20

Thomas Cook bereikt akkoord over reddingsplan

Gepubliceerd op 28 aug 2019 om 09:36 | Views: 299

Thomas Cook Group 10:03
6,00 -1,08 (-15,25%)

LONDEN (AFN/BLOOMBERG) - Het Britse reis- en luchtvaartbedrijf Thomas Cook heeft een akkoord bereikt over nieuwe kapitaalinjecties die de onderneming moeten redden van een faillissement. Het Chinese conglomeraat Fosun en een groep schuldeisers zijn van plan samen 900 miljoen pond in het bedrijf te steken.

Analisten uitten eerder dit jaar hun zorgen over de financiële gezondheid van Thomas Cook. Het bedrijf zucht onder een grote schuldenlast. Tegelijkertijd kwakkelen de resultaten bij de vakantie- en reisaanbieder, wat het bedrijf wijt aan aanhoudend zomers weer en brexitonzekerheid in het Verenigd Koninkrijk.

Fosun, dat al een grote aandeelhouder van Thomas Cook was, komt over de brug met 450 miljoen pond. In ruil daarvoor krijgt het concern een belang van 75 procent in de touroperator en 25 procent in de luchtvaarttak van het vakantiebedrijf. De groep banken en obligatiehouders zetten hun krediet bij Thomas Cook om in de resterende aandelen. Daarnaast leveren ze 450 miljoen pond aan nieuw kapitaal.

De plannen moeten nog worden goedgekeurd. Thomas Cook verwacht dat de deal in oktober rond is.

voda 29 augustus 2019 11:10

China blijft in gesprek met VS

(ABM FN) China en de Verenigde Staten blijven in "effectieve communicatie" over het handelsconflict. Dit meldde het Chinese ministerie van Handel donderdag.

Beide partijen bekijken momenteel of de voor september geplande gesprekken door zullen gaan.

Gao Feng, een woordvoerder van het Chinese ministerie, riep Washington op om de noodzakelijke voorwaarden te scheppen voor een voortzetting van de bilaterale gesprekken.

Volgens persbureau Bloomberg zei Feng verder aan journalisten dat hoewel China voldoende ruimte heeft om terug te slaan, er juist door beide partijen gekeken zou moeten worden naar het laten vallen van de nieuwe importheffingen om een verdere escalatie van de handelsoorlog te voorkomen.

De spanningen tussen de twee grootste economieën van de wereld zijn afgelopen vrijdag dramatisch toegenomen nadat Beijing en Washington de importheffingen op elkaars goederen hebben verhoogd.

Door: ABM Financial News.
pers@abmfn.be
Redactie: +32(0)78 486 481

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

voda 29 augustus 2019 13:43

EU verlengt heffingen op Chinese fietsen

Gepubliceerd op 29 aug 2019 om 13:38 | Views: 0

BRUSSEL (AFN) - De Europese heffingen op Chinese fietsen worden met vijf jaar verlengd. De Europese Commissie heeft dat donderdag besloten. De maatregel is bedoeld om het "dumpen" van goedkope fietsen op de Europese markt tegen te gaan.

De importtarieven, voor het eerst ingesteld in 1993, lopen op tot 48,5 procent. Die gelden ook voor fietsen die worden ingevoerd uit Indonesië, Maleisië, Sri Lanka, Tunesië, Cambodja, Pakistan en de Filipijnen, omdat is gebleken dat Chinese fietsen vanuit deze landen worden doorgevoerd naar de EU.

Afschaffing van de heffingen zou de Europese fietsenbranche forse schade toebrengen, is gebleken uit onderzoek van de Europese Commissie. In 22 lidstaten van de EU worden jaarlijks in totaal meer dan 11 miljoen fietsen geproduceerd. Dat is goed voor 100.000 banen.

voda 29 augustus 2019 16:28

Chinese Jiangsu Shagang Picks Additional Stake in Global Switch Holding

Reuters reported that Chinese steel maker Jiangsu Shagang Group Co Ltd bought a further 24% stake in Global Switch Holdings for USD 2.21 billion, making it the largest shareholder with a 49% stake. Global Switch which is moving toward an IPO, said the Shagang Group confirmed there will be no changes to the company’s strategic direction, management or financial and operational policies. Shagang Group representatives, He Chunsheng, Nie Wei and Shen Qian, will be appointed to Global Switch’s board as non-executive directors, while its CEO and finance chief will remain as executive directors of the company.

The additional stake was acquired from Aldersgate Investments Limited, a Reuben Brothers company. Simon Reuben and Alexander Bushaev, representatives of Aldersgate Investments, will leave the Global Switch board.

Global Switch has chosen CLSA, Goldman Sachs and JPMorgan as sponsors for its Hong Kong initial public offering of up to USD 1 billion.

Source : Reuters

voda 30 augustus 2019 09:46

Amerikaanse aanklagers richten pijlen weer op Huawei

(ABM FN-Dow Jones) Amerikaanse aanklagers onderzoeken opnieuw of Huawei zich schuldig heeft gemaakt aan het stelen van technologie. Dit schreef The Wall Street Journal op basis van bronnen.

Mogelijk worden de lopende zaken tegen de Chinese techgigant op basis van dit onderzoek uitgebreid, aldus de zakenkrant.

De onderzoeken spitsen zich naast de diefstal ook toe op het aantrekken van personeel die in dienst was bij concurrenten van Huawei.

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

© Copyright Dow Jones Newswires 2019. All rights reserved.

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