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.”
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.
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.