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Indonesian steel imports could increase on power subsidy cut JAKARTA: Indonesia's plan to axe electricity subsidies for industrial users this year could increase the country's steel imports, an industry body said, warning that bigger iron smelters could close their operations before paying a 64 percent hike in rates.The staged increases to industrial power tariffs due to commence in May and continue until the end of the year are among government reforms to alleviate some of the roughly 280 trillion rupiah ($24 billion) Southeast Asia's largest economy expects to spend on energy subsidies in 2014.However, the Indonesian Iron and Steel Industry Association (IISIA) warned on Thursday that a 6-month - rather than its preferred three-year - transition to the higher power tariffs, would force larger smelters out of business, prompting an increase in imports of smelted iron.The increase in imports would be another blow to Indonesia's metals industry after around $500 million a month in ore and concentrate exports stopped ...


China's average daily steel output rises in early April SHANGHAI: China's average daily crude steel output rose 3.8 percent in the first ten days of April from the previous 11-day period, China Iron & Steel Association data showed on Thursday.Daily output stood at 2.152 million tonnes for April 1-10, up from 2.073 million tonnes logged over March 21-31, according to the CISA data.CISA estimated the country's total production based on its key members, including more than 80 large steel groups that account for about ...

NY cocoa to retest support at $2,964 SINGAPORE: New York July cocoa is expected to retest a support at $2,964 per tonne, with a good chance of breaking below this level and falling further to $2,950. The support is provided by the 76.4 percent Fibonacci projection level of a downward wave (c), which is capable of travelling to $2,950, its 100 percent projection level. This wave is a part of a bigger wave C, the third wave of a three-wave cycle which ...

NY sugar to retest resistance at 17.25 cents SINGAPORE: New York May sugar may retest a resistance at 17.25 cents per lb, as a rebound from the April 15 low of 16.50 cents has not completed.The rebound is expected to further reverse a preceding three-wave cycle that developed from the March 6 high of 18.47 cents. Three waves labelled a, b, c may make up the rebound, with the current wave b to end around 16.78 cents.The wave c will then take over ...

Japan buys 136,261 tonnes food wheat via tender TOKYO: Japan's Ministry of Agriculture bought a total of 136,261 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that closed late on Thursday.Japan, the world's sixth-biggest wheat importer, keeps a tight grip on imports of the country's second-most important staple after rice and buys the majority of the grain for milling via tenders typically issued three times a month. Copyright Reuters, 2014

Gold slips back below $1,300 on fund outflows, higher stocks SINGAPORE: Gold fell for a second session out of three on Thursday on higher equities and as the world's biggest gold-backed fund saw its sharpest outflow in nearly four months.Bullion fell nearly 2 percent on Tuesday to its lowest in 1-1/2 weeks on technical selling and fears over slowing demand in top consumer China, but steadied just above the $1,300 an ounce in the previous session.By 0710 GMT, spot gold had slipped 0.3 percent to ...

NY coffee to fall more to $1.8295 SINGAPORE: New York May coffee is expected to fall further to $1.8295 per lb, as it has broken below a support at $1.8870.The support was provided by the 138.2 percent Fibonacci projection level of an upward wave C which rose from the April 2 low of $1.6790.The next support will be at $1.8295, the 100 percent projection level, a break below which will cause a further loss to $1.7940, the 76.4 percent level.This support has ...


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln