Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Benchmark futures in Singapore plunged as much as 7 percent to $82 a ton, albeit in thin overnight action, before trading 4.7 percent lower at $84 by 3:04 p.m. The fall comes after prices broke above $90 last week, capping a 20 percent-plus surge over the past fortnight. On the Dalian Commodity Exchange, iron ore futures fell 2.8 percent, after closing limit-up Monday to their highest since March 2017 as Chinese traders played catch-up following the Lunar New Year break. “If there are no more additional closures or planned closures in Brazil, then there may be some kind of price correction,� Richard Lu, analyst at CRU Group in Beijing, said by phone.

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Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

China to use tougher environmental standards to tackle capacity glut

China will use the stricter enforcement of environmental, safety and energy efficiency standards as well as tougher credit controls to help fight against overcapacity in key industrial sectors, the government said. The world's second-largest economy has identified overcapacity as one of its key challenges and it has already pledged mass closures in the steel and coal sectors, but it has so far fallen behind on its targets. The Ministry of Industry and Information said on Friday in a draft policy document published on its website (http://www.miit.gov.cn) it would “normalize the stricter implementation and enforcement of mandatory standards” to tackle overcapacity in sectors such as steel, coal, cement, glassmaking and aluminum.

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China to use tougher environmental standards to tackle capacity glut

Japan final October manufacturing PMI hits one-year high as demand grows

Japanese manufacturing activity in October expanded at the fastest pace in a year as new domestic and export orders increased, a private business survey showed on Monday. The Markit/Nikkei Japan Final Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.4 in October, slightly less than a preliminary reading of 52.5 but a solid improvement from the final reading of 51.0 in September. The PMI for new export orders was 52.2 in October, just above a preliminary 52.1 and showing a return to growth from 48.0 in the previous month.

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Japan final October manufacturing PMI hits one-year high as demand grows

Lufthansa cabin crew union says pay talks have failed

FRANKFURT/BERLIN (Reuters) – Talks between Lufthansa and its main cabin crew union have failed, the union said late on Saturday, raising the prospect of more strikes at the German carrier. Lufthansa is in talks with various staff groups as it seeks to cut costs in order to compete better with low-cost carriers and Gulf rivals. Strikes so far this year have cost Lufthansa 130 million euros ($143 million) in lost profit.

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Lufthansa cabin crew union says pay talks have failed

China’s October factory, services surveys show economy still wobbly

Activity in China's manufacturing sector unexpectedly contracted in October for a third straight month, an official survey showed on Sunday, fuelling fears the economy may still be losing momentum in the fourth quarter despite a raft of stimulus measures. Adding to those concerns, China's services sector, which has been one of the few bright spots in the economy, also showed signs of cooling last month, expanding at its slowest pace in nearly seven years. As the first major indicators of business conditions in China released each month, the PMIs reinforced the view that the economy remains in the midst of a gradual slowdown which will require Beijing to roll out more support in coming months.

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China’s October factory, services surveys show economy still wobbly