China steel outlook improves
Commentary from the Chinese National People’s Congress in Beijing this week is improving the prospects for the steel market, with Premier Wen Jiabao signalling that China will boost private sector lending and support the creation of affordable housing, the Australian Financial Review reports.
Iron ore prices tracked higher yesterday, closing at $US144.20 a tonne, reflecting improved sentiment among steelmakers, with those from the key Chinese production hub of Hebei province increasingly positive on the outlook.
Whitehaven hits the big apple
The Whitehaven Coal-Aston Resources global roadshow will try to convince investors in New York of the merits of their proposed $A5.1 billion merger today – and try to dispel questions about the price being paid for Nathan Tinkler’s Boardwalk Resources as part of the deal, the AFR reports.
The feeling remains that most Aston holders are willing to overlook the high Boardwalk valuation to vote in favour of the Whitehaven deal and the $510 million-plus of synergies involved.
India coal demand good news for Australia
Research by the Reserve Bank suggests Australia could reap the benefits of an explosion in Indian demand for coking coal, the Sydney Morning Herald reports.
The researchers pointed out that India is now the world's fourth-largest steel producer, after having been 10th-largest as recently as 1995.
Mining industry second biggest job supplier
THE mining industry has leaped into second place as the nation's biggest provider of new jobs, behind only health and aged care, boosting its numbers by 44,600 in the year to February, the Sydney Morning Herald reports.
The total number of jobs in the industry stands at 249,700, with two-thirds of the new mining jobs in Western Australia and Queensland. NSW also did well, gaining an extra 8700, according to figures by the Bureau of Statistics.
Palmer carbon challenge no worry to govt
The federal government is unperturbed about a High Court challenge from mining magnate Clive Palmer over its controversial carbon tax, WestBusiness reports .
Palmer first threatened the move last year and says he now has legal advice the carbon tax laws passed in November are unconstitutional.
Climate change minister Greg Combet believes the government is on strong legal ground because the legislation relies on a number of powers under the constitution.
