Miners See Increase In Cyber-Hacking; Korean Steel Scrap Moves Up

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One more thing for miners to worry about… According to a new Ernst and Young report, “Miners are becoming increasingly vulnerable to cyber-hacking as they slash costs, automate equipment, rely more on the internet, and run mines from hundreds of kilometers away, a survey of nearly 40 mining companies has found,” (Reuters).

“Threats can come from criminals looking to make money from supply disruptions, rivals hunting business secrets, governments and state-owned firms looking for a leg up in contract talks, and political and anti-mining activists…More than 40 percent of metals and mining companies in the survey experienced a rise in external threats over the past 12 months.”

“The most vulnerable miners are small to mid-sized companies who produce strategic metals such as rare earths, tin and tungsten, rather than the mega miners, who have tightened security in their systems over the past few years.”

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Chinese steel closed mixed on Wednesday. The price of iron ore 58% fines from India were range bound. Chinese HRC saw its price rise 0.3 percent. The price of Chinese coking coal held steady.

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Also on the LME, the cash price of steel billet remained essentially flat at $225.00 per metric ton. For the fifth day in a row, the 3-month price of steel billet remained essentially flat on the LME at $235.00 per metric ton.

The 3-month price of the US HRC futures contract saw a 0.5 percent decline to $655.00 per short ton. The US HRC futures contract spot price held steady around $668.00 per short ton.