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BEIJING, April 2 (Reuters) - Benchmark iron ore futures in China rose on Friday after September delivery took over as the most-traded contract, but were on course for 10% decline this week on production curbs, while steel prices maintained their upward momentum.
China’s state planner and industry ministry said on Thursday that they would launch an inspection on implementation of steel capacity cut in the past few years, and reiterated fewer crude steel output in 2021 to reduce emissions.
Capacity utilisation rates at 163 blast furnaces in China fell to 76.92% this week, the lowest level since October 2019, data from Mysteel consultancy showed.
JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), a JSW Group company has assigned to JSW all rights and obligations of Laptev under the Business Transfer Agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
As per the Business Transfer Agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848.50 crore, which is subject to closing adjustments towards net working capital.
The branded structural steel tube company on Thursday registered an 8.67% rise in sales volume to 435,348 ton in Q4 FY21 compared with 400,616 ton in Q4FY20.The company registered sales volume of growth of 0.43% to 16,40,353 ton in FY21 from 16,33,310 ton recorded in FY20, despite Covid-19 disruptions. This highlights APL Apollo s strength in maintaining its dominant leadership in structural steel tubes market and increasing its market share to 50% from 40% since March 2020, the company said in a press release.
On a sequential basis, total sales declined 10.34% last quarter from 485,579 ton reported in Q3FY21.
Shares of APL Apollo Tubes were trading 5.33% lower at Rs 1325.90 on BSE.
JSW Steel Ltd is quoting at Rs 504.4, up 7.67% on the day as on 12:44 IST on the NSE. The stock is up 258.49% in last one year as compared to a 82.41% jump in NIFTY and a 172.43% jump in the Nifty Metal.
JSW Steel Ltd is up for a fifth straight session today. The stock is quoting at Rs 504.4, up 7.67% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.37% on the day, quoting at 14745.7. The Sensex is at 49581.27, up 0.15%. JSW Steel Ltd has gained around 22.04% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has gained around 5.63% in last one month and is currently quoting at 3977.2, up 4.32% on the day. The volume in the stock stood at 236.65 lakh shares today, compared to the daily average of 85.72 lakh shares in last one month.
First Amapa Iron Ore Shipment Completed and En Route Further to the announcement made on the 29 March, Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A s ( DEV ) has completed the sale and shipment of the first Iron Ore from the Amapa Iron Ore Project since 2015. Loading of the ship was completed on the 30 March and she left the port of Santana yesterday, en route to the buyer. Operations continue at DEV to prepare for the next shipment. Other Updates Cadence is also pleased to announce that it has made the final repayment due under the convertible loans announced in 2019. There are no further convertible loan notes outstanding.