Tug-of-war: China’s steel sector grapples short-term bulls, longer-term bears

A blast in a coal mine in China killed 10 people, officials said Monday. The blast, due to accumulation of gas inside the mine, took place Sunday night in southwest Guizhou province, Xinhua reported.

The number of deaths caused by coal mine gas explosions in China declined sharply during the first half of this year, coal mine safety authorities said. A total of 245 people died in 62 gas explosions that occurred between January and June this year, a year-on-year reduction of 31.2 and 25.3 percent respectively, the State Administration of Coal Mine Safety said.

Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) today announced its results for the quarter ended June 30, 2011. All figures are in US dollars, unless otherwise stated. Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) today announced its results for the

China will need large quantities of Australian raw materials as its industrialisation and urbanisation race ahead, despite concerns about weak global economic conditions, Australian Trade Minister Craig Emerson said on Friday. Emerson also hinted that a fall in the Australian dollar amid the volatility that has jolted global financial markets for the past week was good, saying its strong currency had hurt manufacturing and exporters.

Iron ore stockpiles at China's 30 major ports fell 0.64 percent week-on-week to 94.74 million tons on Aug. 12, including 13.06 million tons of Indian iron ore stockpiles which fell 6.51 percent, according to Aug. 12 figures from Shanghai-based Mysteel Information. The price of Indian iron ore grading 63.5 percent mostly stands between $186 to $187 per ton, down at least $1 from last week.

Despite a report on Wednesday showing a surge in July, China's copper imports were still down 22% in the first seven months, suggesting slowing demand in the world's top copper consumer is adding to concerns that shaky western economies will knock prices further. However, according to a new study by Canaccord the copper mining industry is operating under 'a high degree of stress' and called robust copper prices the 'new normal' thanks to supply shortages. More than 500,000 tonnes of production have been lost this year due to weather delays, poor deposit grades, worker strikes and mill problems, mostly in Chile, the world's number one producer.

BHP Billiton is confident about sustained growth in China despite the worldwide market turmoil, Chairman of the world's biggest miner said on Wednesday. Speaking at a business lunch in Sydney, BHP Billiton Chairman Jacques Nasser said the global market turmoil has not changed the company's view of sustained growth in China. China buys about 30 percent of BHP's exports, and Nasser says the company is positive about China's future.

India Globalization Capital, Inc. (NYSE Amex: IGC), a company competing in the rapidly growing materials and infrastructure industry in India, announced that it has closed on a strategic partnership agreement to provide iron ore to Chinese steel mills.

SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq: SCOK) (the "Company" or "SinoCoking"), a vertically-integrated coal and coke processor, today announced that Hongchang and Xingsheng coal mines have been cleared to resume operations at full capacity. The Hongchang mine has been operated by Baofeng Hongchang Coal Co., Ltd., a subsidiary of Henan Pingdingshan Hongli Coal & Coke Co., Ltd. ("Hongli"), which the Company controls through contractual arrangements. Baofeng Xingsheng Coal Mining Co., Ltd. ("Xingsheng"), of which 60% equity interest is now registered to Hongli, has been operating the Xingsheng mine.