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voda 1 mei 2014 17:01

0

US confirms duties on steel wire from China and Mexico

Reuters reported that the US Commerce Department confirmed plans for duties on concrete steel rail tie wire from China and Mexico after finding the products were being sold below fair value.

In its final ruling on the prestressed wire, which is primarily used in commuter and high speed rail lines, Commerce set dumping margins on Chinese imports of between 31.4% and 35.3% slightly higher than its preliminary ruling. Commerce lowered the dumping margin on imports from Mexico to 9.99% and said there was no dumping of wire from Thailand.

The complaint was lodged by Insteel Wire Products Company, a division of Insteel Industries and Davis Wire Corporation. In 2013, imports of the wire from China were valued at USD 31.1 million and from Mexico at USD 21.3 million. The US International Trade Commission is due to make its final ruling in the case on June 12th 2014.

Source – Reuters

voda 1 mei 2014 17:02

0

China regulator iron ore financing checkup shakes market

China's banking regulator has told local authorities to investigate iron ore financing conditions to better guard against risks, prompting a slump in iron ore futures prices that analysts say will lead to a reshuffle in the industry.

News surfaced that the China Banking Regulatory Commission on April 18 released a notice telling commercial banks to step up investigations into iron ore financing deals, risks in the area and the existence of fake trading.

Local authorities are required to submit a detailed report before April 30th 2014. A CBRC insider with knowledge of the matter confirmed the news, fanning fears among business traders that banks may tighten credit requirements for iron ore imports.

An anonymous long time trader of commodities said that although it is just an investigation notice without mentioning specific moves, it has put business traders on high alert. Affected by the news, iron ore futures tumbled around 5% at midday on Monday.

Denied of other financing channels amid government efforts to reduce overcapacity, some Chinese steel mills have turned to iron ore imports to obtain credit from banks that led to mounting stockpiles at Chinese ports.

Iron ore inventories at the 33 major Chinese seaports amounted to 108.31 million tonnes as of April 28, according to the Xinhua-China Iron Ore Price Index released on Tuesday.

With China's steel industry experiencing the most difficult period since the start of the century, authorities are closely monitoring possible financial risks arising from the sector.

According to the China Iron and Steel Association, more than 45% of steel companies reported losses as growth hit an 18 month low of 7.4%in the Q1. Traders have already reported stricter requirements for seeking credit from banks for fear of default risks.

An unnamed banker from Shanghai told Shanghai Securities News that his bank started to tighten financing for commodities trade earlier this year to contain risks.

Analysts said that if the regulation tightens, the market sell off may trigger yet another slump in iron ore prices that would lead to a reshuffle in the industry.

Source – Xinhua

voda 1 mei 2014 17:04

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Essar Steel Algoma receives first load of iron ore as shipping improves

Essar Steel Algoma received its first shipment of iron ore pellets of the 2014 shipping season this morning as shipping times on Lake Superior continue to slowly improve.

Mr Mark Gill director of vessel traffic services for the US Coast Guard said that icebreakers are now leading eight-ship convoys, up from five ship convoys used as recently as last week, speeding up shipping times. The icebreakers are able to convoy more ships simultaneously as the ice becomes less of a factor.

Mr Brenda Stenta manager of corporate communications for the company said that “Although Essar Steel Algoma has been receiving shipments of coal by freighter, this is the first shipment of iron ore by freighter for the shipping season.”

Mr Stenta said that “We stockpile iron ore for the winter season, and we continue to receive iron ore via rail however with the prolonged delay in the resumption of regular spring shipments we have had to match production to available raw materials.”

he said that “One loaded freighter carries the same amount of ore as about 190 rail cars. Now that regular shipments have resumed we will return to normal production levels.”

Source – Sootoday.com

voda 1 mei 2014 17:05

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Chinese iron ore prices slump 7% in two weeks

SMH reported that China's efforts to crack down on its shadow banking sector have pushed the iron ore price to 7 week low but seasonal demand is expected to hold the price steady until the H2 of 2014.

Earlier this week, the iron ore price measured at China's Tianjin Port, dropped 2.2% adding to last week's 4.7% slump. Iron ore is now trading at USD 108.60 per tonne its lowest in seven weeks.

The raw metal has been heavily involved in financing deals in China, which has caused significant volatility in 2014, as the Chinese government attempts to curb the country's shadow banking sector.

The China Banking Regulatory Commission has argued for an investigation of iron ore financing deals. It is reported that banks are due to hand in detailed reports on April 30, leading to increased volatility over the last week. It is believed tighter financing regulation will cause borrowing costs for iron ore buyers to jump.

Mr Mark Pervan head of commodities of ANZ said that ''Reports were that the regulator, the CRBC, has requested banks to investigate iron ore financing deals to reduce 'fake' trades and improve risk management. 'The order follows measures already introduced by Chinese banks to better secure trade finance deals, requesting mills provide higher deposits to issue letters of credit.''

Should the regulator be successful in imposing higher and stricter borrowing costs, iron ore buyers may react by selling the metal at a heavily reduced price to obtain cash, leading to further falls. Fears of tightening credit have led to a big rise in iron ore stockpiles.

According to Shanghai Steelhome Information Technology, inventories at ports in China, the world's largest buyer of iron ore, are at record levels, after rising 1.4% to 109.55 million tonnes last week.

Mr Andrew Driscoll head of resources CLSA said that but inventory at steel mills has fallen over the past two weeks, from 29 days' supply to 26 days, which is not high for the usually construction heavy Q2. 'Steel production in March was a record level and, typically, steel production rises sequentially in March, April and May, so that seasonality seems to be on track and it's leading to a drawdown in steel inventory.'

Mr Driscoll said that steel prices are falling with traders negative about the outlook for China's property market and tightening liquidity. We wouldn't expect prices to fall much more in the current quarter against that backdrop of rising steel production, sequentially in April and May. Our concern for the market is more the H2 of the year, where we do expect iron ore prices to fall below USD 100 per tonne.

Source – SMH.com

voda 1 mei 2014 17:05

0

Record iron ore export out of Port Hedland

Mining Australian reported that 2 million tonnes of iron ore has been exported out of Port Hedland in 24 hours for the first time. The milestone was achieved on the morning and evening tide on April 28th 2014, resulting in a total of 2,028,105 tonnes exported.

As a result, the port managed 24 vessel movements in the 24 hour period. It is understood iron ore production capacity expansions from the port's major users, BHP Billiton, and in particular, Fortescue Metals Group is behind the increased export volumes.

The month of April also saw a new record achieved for the largest amount of product exported on a single tide, with 1,111,109 tonnes on April 6th 2014. However it’s not all good news for Australia’s best known commodity. Iron ore prices took another slide overnight, down 2.3% to USD 108.60.

As a result, iron ore miner shares were down in early trade with BC Iron losing 3.3%, FMG down 2.5% and Mount Gibson Iron Limited also down 2.5%. As always, the major diversified players were more sheltered with Rio Tinto down 1.1% and BHP 0.7%.

Source – Mining Australian

voda 1 mei 2014 17:06

0

Tug boat workers strike may block BHP and Fortescue iron ore exports

Reuters reported that Australian iron ore exports from BHP Billiton and Fortescue Metals Group could be blocked for up to a week in mid-May, if tugboat workers go on strike in a dispute over annual leave and higher pay.

Deckhands working on tugboats operated by Teekay Shipping Australia and used by BHP and Fortescue, the world's no.3 and 4 iron ore miners respectively, at Port Hedland in Western Australia are voting on whether to stop work for 24 hours, 48 hours or 7 days. The ballot result is due on May 12th.

If a strike lasted a week, it could halt around 8 million tonne of iron ore exports. More than 34 million tonnes of iron ore were shipped in March through Port Hedland, with almost all of that going to China, South Korea and Japan.

The Maritime Union of Australia has proposed a strike to pressure Teekay over demands to give deckhands, who work 4 weeks on then get four weeks off, annual leave and up to 70% of a tug master's pay.

If workers decide to strike, the union needs to give BHP, which has the licence to all the tugboats operating at Port Hedland, three days notice ahead of stopping work. That means any halt to shipments would start on May 15th at the earliest.

Teekay declined to comment on its talks with the three unions representing deckhands, engineers and tugboat masters, as mediation at Australia's Fair Work Commission is confidential but is trying to resolve the issues.

Teekay said in a statement that "Teekay and BHP Billiton are committed to maintaining a viable and efficient towage operation in Port Hedland."

The commission's next hearing is on May 7th.

BHP and Fortescue account for more than half of Australia's iron ore exports. Smaller miners Atlas Iron Limited and BC Iron Limited could also be affected, depending on the timing, as they export through Port Hedland.

Australia's biggest iron ore producer, Rio Tinto , would not be hit as it does not use Port Hedland.

Source - Reuters

voda 1 mei 2014 17:07

0

Overcapacity and slowdown bring China steel industry losses

Xinhua reported that overcapacity, excess supply and sagging prices have taken Chinese steel companies from profit to loss in the Q1 and the problems are set to get worse.

According to the China Iron and Steel Association, more than 45% of steel companies reported losses as growth hit an 18th month low of 7.4%. Total losses stood at CNY 2.33 billion against almost CNY 8 billion of profits in the same period last year.

Mr Zhang Changfu VP of CISA said that "The first quarter of 2014 was the most difficult quarter since the start of the century. Seasonally low consumption means steel firms find themselves in the doldrums. At the end of March, inventories amounted to 19.4 million tonnes, over 43.5% up on the start of the year, intensifying worries. Prices have flagged.”

The China Steel Price Index stood at 94.83 at end of March, down 11.28% YoY and 1.7% from a month ago. The average transaction price fell 10.14% YoY. Despite weak demand, output kept rising, though less quickly than a year ago. Crude steel output in the Q1 stood at 203 million tonnes, up 2.4%; output rose 5.3% to 2611 million tonnes. Total sales revenues stood at CNY 869 billion down 0.79% YoY.

According to a government work report in March, 27 million tonnes of production capacity must be cut in the sector this year, but things have not gone entirely to plan. The government placed strict controls on new steel production last year, but new projects are still carried out.

Inventory growth was also fueled by private investment. Private fix asset investment totalled CNY 71.6 billion in the Q1 up 6.65% YoY. Capacity increased by 90 million tonnes in 2012 and 40 million tonnes in 2013. Despite the reduction, investment remains high.

Government data shows the top 10 steel firms only producing around 40 percent of the nation's crude steel, and the proportion is declining. Mergers and acquisitions among steel firms are badly needed to both improve competence and manage output.

Source - Xinhua

voda 1 mei 2014 17:08

0

German scrap prices soar

According to the German Scrap Federation, the country’s scrap prices soared by EUR 12 per tonne to EUR 19 per tonne on average during the first 20 days in April.

Old scrap prices climbed by EUR 15 per tonne to EUR 2224 per tonne shredded scrap prices registered an increase of EUR 16 per tonne to EUR 256 per tonne and new arisings raised by EUR 13 per tonne to EUR 252 per tonne.

Current demand from construction sector remained stable in the domestic market. It is expected that scrap prices will continue its upward trend.

Source - www.yieh.com

voda 1 mei 2014 17:09

0

ArcelorMittal signs sale and purchase agreement for sale of ATIC stake

ArcelorMittal and HES Beheer NV have signed a Sale and Purchase Agreement for the sale of ArcelorMittal's 78% stake in European port handling and logistics company ATIC Services SA to HES Beheer.

HES Beheer currently holds 22% in ATIC. This transaction would give HES Beheer 100% ownership of ATIC.

The transaction is consistent with ArcelorMittal's stated strategy of selective divestment of non-core assets. The transaction is subject to the customary closing conditions, including but not limited to competition clearance and is expected to be completed in June 2014.

Source – Strategic Research Institute

svh21 1 mei 2014 18:01

0

ArcelorMittal announces the publication of sell-side analysts’ consensus figures for first quarter 2014 Ebitda; releases detail on new reporting segments, with recast historical data
Luxembourg, 1 May 2014 - ArcelorMittal today announces the publication of sell-side analysts’ consensus forecasts for ArcelorMittal’s first quarter 2014 Ebitda. The consensus figures are based on sell-side analyst estimates recorded on an external web-based tool provided and managed by an independent company called Vuma Financial Services Limited (trade name: Vuma Consensus).
To arrive at the consensus figures below, VUMA have aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is a group of around 30 brokers currently. The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views.
On this page we provide the analyst estimates compiled by Vuma Consensus. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
Ebitda consensus estimates
Period
Number of sell-side
analysts participating
Ebitda consensus average
$ million
Q1 2014E
21
$1,720
The consensus data is based on projections made by sell-side analysts. The sell-side analysts who cover ArcelorMittal and whose estimates are included in the group consensus outlined above are the following:

voda 1 mei 2014 21:30

0

Mmmmmm,

Topman Alcoa niet naar Rusland na druk VS

DONDERDAG 1 MEI 2014, 21:24 uur | 1 keer gelezen

NEW YORK (AFN/BLOOMBERG) - De topman van het Amerikaanse aluminiumconcern Alcoa, Klaus Kleinfeld, zal niet aanwezig zijn bij het internationale economische forum in het Russische Sint-Petersburg later deze maand, na een oproep van het Witte Huis aan de zakelijke top van de Verenigde Staten om het evenement niet bij te wonen.

Het grootste aluminiumconcern van de VS kondigde donderdag aan dat de delegatie van Alcoa aan het forum in Sint-Petersburg vooral zal bestaan uit Russische bestuurders van het bedrijf. “Met het oog op het verzoek van de Amerikaanse overheid heeft Alcoa zijn aanwezigheid aangepast”, aldus een woordvoerder. Het economische forum in Sint-Petersburg vindt plaats van 22 tot 24 mei.

Het Witte Huis heeft de laatste tijd contact gelegd met de top van het Amerikaanse bedrijfsleven om hen te vragen niet naar het forum te gaan, om zo druk uit te oefenen op Rusland vanwege de crisis in Oekraïne. Ook de topmannen van de Amerikaanse banken Goldman Sachs, Citigroup en Morgan Stanley zouden afzien van een bezoek, net als de bestuursvoorzitters van Visa en PepsiCo.

gpjf 1 mei 2014 22:16

0

quote:
svh21 schreef op 1 mei 2014 18:01:
ArcelorMittal announces the publication of sell-side analysts’ consensus figures for first quarter 2014 Ebitda; releases detail on new reporting segments, with recast historical data
Luxembourg, 1 May 2014 - ArcelorMittal today announces the publication of sell-side analysts’ consensus forecasts for ArcelorMittal’s first quarter 2014 Ebitda. The consensus figures are based on sell-side analyst estimates recorded on an external web-based tool provided and managed by an independent company called Vuma Financial Services Limited (trade name: Vuma Consensus).
To arrive at the consensus figures below, VUMA have aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is a group of around 30 brokers currently. The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views.
On this page we provide the analyst estimates compiled by Vuma Consensus. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
Ebitda consensus estimates
Period
Number of sell-side
analysts participating
Ebitda consensus average
$ million
Q1 2014E
21
$1,720
The consensus data is based on projections made by sell-side analysts. The sell-side analysts who cover ArcelorMittal and whose estimates are included in the group consensus outlined above are the following:

gpjf 1 mei 2014 22:18

0

Waarom publiceert Arcelor zelf dit soort verwachtingen van analisten voor Q 1?

voda 1 mei 2014 22:23

0

Bron:

Arcelor SA?

www.twst.com/update/56332-arcelormitt...

AAN IEDERE POSTER HIER,

Plaats a.u.b. je bron erbij.

Dit voorkomt verwarring en extra opzoekwerk!

svh21 2 mei 2014 18:40

0

marketwatch:

Steel giant ArcelorMittal (MT - Analyst Report) announced that it has inked a sale and purchase agreement with H.E.S. Beheer N.V. to sell its 78% interest in European port handling and logistics company ATIC Services S.A. (ATIC) to HES Beheer.

With this transaction, HES Beheer will own 100% stake in ATIC where it currently holds a 22% stake. The transaction is expected to close by Jun 2014 subject to customary closing conditions. The transaction is consistent with ArcelorMittal`s strategy of selective deposal of non-core assets.
ArcelorMittal, the world’s leading steel company, hosted its Investor day in Mar 2014. The company reaffirmed its 2014 outlook of 3.5% to 4% growth in the global steel market.
ArcelorMittal highlighted its key value drivers and key enablers including a strong balance sheet, active portfolio management, a decentralized organizational structure and the best talent. The company stated that its medium-term earnings before interest, tax, depreciation and amortization (EBITDA) will be $150 per ton.
Meanwhile, the company will streamline its management and reorganize its steel businesses by geography effective Jan 1, 2014. External reporting will follow this structure under the new segments: ACIS, Brazil (and neighboring countries), Europe, Mining and NAFTA.
ArcelorMittal also provided updates on its development and investment projects. The company announced revisions to Phase II of its project in Liberia, which will enable it to supply 15 million tons per year of high quality sinter feed at significantly lower cost for the first eight to ten years. The company expects to incur total capital expenditure of about $1.7 billion for the revised Phase II project.
ArcelorMittal is a Zacks Rank #5 (Strong Sell) stock.

voda 2 mei 2014 19:29

0

Iron ore prices inching towards USD 100 mark

SMH reported that the price of iron ore has plunged further and appears to be heading back towards 2 year low as concerns re emerge about Chinese demand and Brazilian giant Vale sees an oversupply of the base metal.

The iron ore spot price fell 2.7% overnight and was trading around USD 105 per tonne, just shy of the USD 104 it was trading at in March, which was the lowest level since May 2012.

Iron ore recently recovered to USD 113.5 per tonne, not long after the March low was reached, but the price has since dropped 11.7% and is down 21% since the beginning of the year.

Many analysts and mining executives expect the price of iron ore to fall closer to USD 100 in the months ahead as high demand from China subsides amid a pullback in its own economic growth.

Mr Jose Carlos Martins Vale's head of ferrous metals and strategy said that "For the first time in these last 10 years, we're experiencing a different situation, in which supply has surpassed demand. At the same time, demand has risen slower than expected. 40 million to 50 million tonnes of iron ore capacity are leaving the market every year as mines are exhausted or because they are no longer economically viable.

Source – Smh.com

voda 2 mei 2014 19:30

0

Overview of steel using automotive sectors in EU - EUROFER

Automotive output edges up in Q1 2014 driven by rising domestic and export sales. Mild growth scenario for sales and output in 2014 to 2015 looks plausible.

EU passenger car sales have seen a further increase in the first two months of 2014. Year to date sales rose 6.6% YoY most major markets contributed positively to this growth. The main exception was France where sales stabilised around the year earlier level. Demand for commercial vehicles increased in February for the sixth month in a row. The 13.7% YoY rise in February resulted in a 8.9% year to date growth in sales over the first two months of 2014. Demand improved across all market segments and was supported by most large markets.

Also demand for EU premium segment passenger cars from third countries continued to rise over the first months of 2014. This provided a boost to car production in Germany and the UK. Following better than expected activity in Q4 2013 output rose 8.3% YoY, Q1 2014 automotive production is estimated to have grown by a further 6.5% YoY.

The outlook for the remainder of 2014 and for 2015 is for continued but rather moderate growth in automotive activity. As far as the EU passenger car market is concerned, demand is expected to steadily inch up in line improving economic fundamentals for private buyers as well as fleet owners. Nevertheless, the key growth driver will remain replacement demand, which will limit overall market growth. Also demand for commercial vehicles is seen expanding further over the forecasting period.

First evidence provided for sales in 2014 suggest that the effect of the introduction of Euro 6 regulations on sales in the H2 of 2013 has been moderate. Most likely, some sales have been advanced but the overall trend in demand remained positive in early 2014. It is expected that the economic recovery gaining further traction this year and next should stimulate transport activity and as a consequence demand for transport equipment.

In addition, export demand looks set to remain on a rising trend as well. Improving market conditions bode well for the automotive supplier tiers and manufacturers of parts and components which are included in the more general definition of the automotive sector used by EUROFER. On balance, total automotive output is expected to rise by 3.5% in 2014 and by almost 2.5% in 2015.

Source – Strategic Research Institute

voda 2 mei 2014 19:31

0

Iron ore finance probe to aid Chinese steelmakers - BaoSteel

Reuters quoted Baoshan Iron and Steel as saying that a Chinese probe into the use of iron ore for financing could help local steelmakers by cutting prices of the raw material.

Mr He Wenbo chairman of Baosteel said that "Financing deals on imported iron ore are facing risks, but as far as steel manufacturers are concerned, if the loosening of these risks can bring iron ore prices back to a rational level, it can only be a good thing.”

Mr He said that moves by banks to cut loans to the steel and iron ore sector were part of efforts to reduce liquidity and help implement environmental policies but were unlikely to have an impact on big, high end steel producers.

Mr Fu Yang an analyst with Shanghai's Guotai Junan Futures said that "Port inventories are too high and overseas supplies will increase by a large amount from the H2. For steel mills and traders, the problem is that banks are still squeezing credit and if they can't repay loans when the letter of credit is due, they will have to sell iron ore to obtain cash, which might cause overselling in market and drag down prices to maybe even USD 90 per tonne."

The China Banking Regulatory Commission has ordered an investigation into the use of iron ore as collateral in financing deals, a move that prompted a steep fall in iron ore futures this week as investors feared a crackdown that would curb demand. Iron ore futures fell 4.5% but have since steadied as the market awaits any further action.

Source – Reuters

voda 2 mei 2014 19:32

0

Ms Rinehart ordered by court to transfer iron ore stake to Wright Prospecting

Bloomberg reported that billionaire miner Ms Gina Rinehart has been ordered by a court to start the transfer of a stake in one of Australia’s most valuable iron ore deposits to a company founded by her father’s former partner.

The Supreme Court of Western Australia enforced an earlier decision ordering Rinehart’s Hancock Prospecting Pty to transfer ownership to Wright Prospecting Pty, according to court documents.

In September, the High Court of Australia rejected a request for a hearing from Hancock into the ownership of the 25% stake in the Rhodes Ridge Property. Hancock, Australia’s richest woman, had sought to overturn a Supreme Court of Western Australia decision awarding the stake to Wright Prospecting, giving it 50%.

The dispute over the property between the heirs of Lang Hancock and Peter Wright has run for 12 years. Rhodes Ridge is one of the richest undeveloped iron ore deposits in the world and Rio Tinto Group owns half of the property.

Lang Hancock and Peter Wright, whose lifelong friendship and business relationship appeared to be deteriorating by the early 1980s, according to court records, initially agreed in 1983 to carve up some of their properties, with each having the option of taking full control of their portion.

Source – Bloomberg

voda 2 mei 2014 19:33

0

Vale update on iron ore production in Q1

In Q1 2014, iron ore output was 71.1 MT, excluding Samarco’s attributable production, being the best performance for Q1 since 1Q08 and 9.6% better than the same period last year with gains in the Northern, Southeastern and Southern Systems.

Production in the Q1 of the year tends to be weak due to weather related seasonality. In Q1 2014, we had better weather conditions which helped us improve production compared to the same period in previous years. Output decreased compared to Q4 2013 due to scheduled maintenance stoppages.

Northern System;
Production reached 23.4 Mt in Q1 2014, 8.1% higher than in Q1 2013 due to better weather conditions and the successful ramp up of Plant 2 which produced 3.3 Mt in 1Q14. Output was 26.0% lower than in the previous quarter due to scheduled maintenance and lower mine productivity as a result the traditional fog in Carajas during this time of the year. We are activating new trucks which will be used to transport the additional ore we will produce this year in Carajas.

Southeastern System
The Southeastern System, which encompasses the Itabira, Minas Centrais and Mariana mining hubs, produced 25.8 Mt in Q1 2014, 4.2% more than in Q1 2013 and 8.4% less than in Q4 2013, mostly due to scheduled maintenance stoppages. Production of the Itabira mining hub was 1.0 Mt higher than in Q1 2013 due to the successful ramp up of Conceiçao Itabiritos. Output was 1.3 Mt lower than in Q4 2013 due to scheduled maintenance.

Production of the Minas Centrais mining hub was 8.4 Mt in 1Q14, 7.6% lower than last quarter and 8% lower than production in the same period of last year due to the rundown of the Gongo Soco mine, which is scheduled to close in 2014. Output of the Mariana mining hub of 9.6 Mt was a new record for a first quarter due to the exploitation of new mine sections at Fabrica Nova, as a result of a mining license granted at the end of May, 2013. The better weather conditions also supported the good performance. Production was 0.4 Mt lower than in 4Q13 due to scheduled maintenance.

Southern System
The Southern System, composed of the Paraopeba, Vargem Grande and Minas Itabirito mining hubs, produced 20.6 Mt in 1Q14, a new record for a first quarter, with gains across all mine hubs when compared to Q4 2013 and Q1 2013. Production was 4.4% higher than in Q4 2013 due to the recovery from the rainfalls at the end of December, 2013. Output was 20.9% higher than in Q1 2013, being a new record for a first quarter, due to the good weather conditions.

Midwestern System
The Midwestern System mining hub, comprising Urucum and Corumbá, produced 1.3 Mt in Q1 2014, 9.9% less than in the same period of last year due to a managerial decision to reduce inventory. In 2014, production will be slightly lower than in 2013 without any impact on sales.

Source – Strategic Research Institute

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