Top stories of the day: China Metals ?C Sept. 29
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BEIJING, Sep. 29, 2010 (Xinhua News Agency) --

1.China Iron & Steel Association (CISA) said Tuesday that China' s iron ore imports this year won't exceed 2009 level, citing Shan Shan ghua, secretary-general of CISA, at an industry conference. Shan also criticized the quarterly iron-ore pricing system introduced by the wor ld's top three miners, calling it "unreasonable".

On Monday, Shan disclosed that the domestic output of iron ore t his year is likely to exceed 1.1 billion metric tons (tonnes), with 20

percent year on year increase.

2.China nonferrous metals industry scored 93.5 billion yuan prof it in January-August period, up 1.2 folds from last year's same period , the highest profitability among domestic industrial sectors, accordi ng the latest statistics released Tuesday by Ministry of Industry and Information Technology (MIIT).

In the corresponding period, the output of ten nonferrous metals

products grew 29.2 percent year on year to 20.828 million tonnes.

3.Bank of China (BoC, 601988.SH, 03988.HK) established a preciou s metal business center in Shanghai, said the bank on Tuesday.

The precious metal business includes spot gold transactions, gol d deposits, gold leasing, gold forward transactions, gold swaps, gold option trading, and other derivatives for precious metals.

The BoC is the first commercial bank in China that was allowed t o conduct individual gold investment business. It is the only Chinese member of London Bullion Market Association (LBMA).

4.Hebei Iron and Steel Group, China's largest steelmaker by outp ut, will demolish approximately 900,000 tonnes obsolete capacity in re sponse to the central government's call to save energy and reduce emis sions, said the company in an announcement Tuesday.

Its Handan branch, in north China's Hebei province, started to c lose an oil refinery and demolish three 25-tonne refining converters. (Edited by Wang Li, wangle1@xinhua.org)

 

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