Teck Resources Ltd. — the Canada-based diversified miner of copper, zinc, gold, coal and iron ore — said on Thursday it might have to reduce its dividend in July if industry-wide cuts in the production of steelmaking coal fail to lift prices from current historically low levels.
To bring the market back into balance, an additional 12 million metric ton reduction in supply is needed above the 30 million mt announced since January 2014, Vancouver-based Teck said.
Teck, the world’s second-largest exporter of seaborne steel-making coal, said the market could be back in balance as early as the second half of 2015 if output cuts and mine closures continue at their recent pace.
With a decline of 1.4% to INR 923.80 ($14.81) per kilogram on Thursday, February 12, the Indian nickel cash price recorded the biggest decline of the day. The nickel spot price saw a 1.0% decline on the LME to $14,700 per metric ton. On the LME, the nickel 3-month price declined 1.0% to $14,765 per metric ton.
Chinese stainless steel closed mixed yesterday. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 10,950 ($1,754) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 82,000 ($13,135) per metric ton.
The price of Chinese primary nickel fell 1.0% to CNY 106,700 ($17,092) per metric ton. The Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.94 per pound. The price of Chinese 316 stainless coil saw little movement at CNY 23,700 ($3,796) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,700 ($2,675) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 13,050 ($2,090) per metric ton.