Shenhua Energy Puts in a Bid for Mongolia’s Tavan Tolgoi Coking Coal Development

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China Shenhua Energy Co. Ltd. and its partners have submitted a bid to develop the giant Mongolian coal project Tavan Tolgoi, the Chinese coal producer said on Thursday.

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Shenhua Energy said it had formed a consortium with Mongolian Mining Corp (MMC) and Japan’s Sumitomo Corp., and the consortium handed in the bid on Dec. 1 to the Mongolian government to develop east Tsankhi and west Tsankhi, 2 blocks of the Tavan Tolgoi project, Reuters reported.

Mongolia relaunched an international tender to develop Tavan Tolgoi as it tries to boost a flagging economy hit by falling commodity prices and a dip in foreign investment.

Chinese 304 stainless coil saw a 10.4% increase on Wednesday, December 3, reaching CNY 18,100 ($2,944) per metric ton and making it the biggest upwards shift of the day. After a 1.1% increase, Chinese 316 stainless steel scrap finished the day at CNY 13,250 ($2,155) per metric ton. Chinese 304 stainless steel scrap saw its price rise 1.0% to CNY 9,650 ($1,570) per metric ton. The price of Chinese primary nickel inched up 0.4% to CNY 112,200 ($18,252) per metric ton. Chinese 316 stainless coil stayed flat at around CNY 23,700 ($3,855) per metric ton.

Chinese ferro-moly saw its price drop 0.6% to a 30-day low of CNY 90,000 ($14,640) per metric ton yesterday. Chinese ferro-chrome held its value on Wednesday at CNY 11,050 ($1,798) per metric ton.

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The Indian nickel cash price fell 0.9% to INR 1,014 ($16.41) per kilogram. The nickel spot price saw a 0.2% decline on the LME to $16,170 per metric ton. On the LME, the 3-month price of nickel declined 0.1% to $16,230 per metric ton.

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