Iron ore prices, hit by weak steel demand in China, will continue to suffer as Europe slides back into recession. Prices remained depressed this week, with sluggish demand from China providing no impetus for a rally.The Asian economic powerhouse has showed signs of a slowdown, and the resultant drop in steel demand has reduced demand for iron ore, a component of steel.“Buying interest has been absolutely zero,” an iron ore trader based in Shanghai told Reuters on Wednesday. “Selling has become increasingly difficult given the recent fall in steel prices.”The benchmark 62 per cent grade iron ore steadied this week…

JOHANNESBURG (miningweekly.com) – London-listed International Ferro Metals (IFM) on Wednesday reported a 5% drop in production owing to furnace shutdowns during the three months ended March. Eskom-related furnace shutdowns reduced ferrochrome production to 48 762 t, from 51 446 t in the corresponding period in 2011, the South African ferrochrome producer reported. To assist the State-owned power utility’s electricity supply balance, IFM participated in the industry-wide Eskom electricity buy-back programme and switched off two furnaces during March and April. Eskom’s buy-back of the unused electricity had moved IFM into profit, resulting in the company’s decision to delay restarting both furnaces…

BIMCO’s Documentary Committee, chaired by Mr Karel Stes, gathered in Singapore for its spring meeting on 23 April. The Committee’s contract experts reviewed a number of new contracts and clauses dealing with a wide variety of topical subjects ranging from wind farms to solid bulk cargoes that can liquefy. A new standard pooling agreement was adopted following two and half years of development work. Also adopted by the Committee   were three new standard clauses covering EU advanced cargo declaration requirements under voyage charter parties; slow steaming under a voyage charter; and a clause addressing the very topical issue of…

The South African Richards Bay FOB physical thermal coal market traded below $100/mt for the first time in five months Tuesday, with sources citing weak demand from India and China, as well as competition from Colombian and US cargoes as pushing down on prices. A May-loading Capesize traded via the globalCOAL screen during the morning session at $99.70/mt. The trade was 35 cents below Platts 90-day daily prices assessment of $100.05/mt Monday. The deal is also $2.60 lower than the last time a May-loading Richards Bay cargo traded at $102.30/mt on April 13. A London-based trading source said that the…

State-owned freight logistics group Transnet has followed up its recent R1.8-billion purchase of the old Durban International Airport site, in KwaZulu-Natal, with the release of a number of separate tenders in support of its proposal to develop, in phases, a new dig-out port on the property, reports Creamer Media.The first request for proposals (RFP) relates to the appointment of a transaction adviser for the project.The second RFP invites consultants to conduct conceptual and prefeasibility studies for the development.