There were only 16 trades on Friday, 4cents bargain basement, I will keep loading and keep them the next 2 quaters to reap the extra output benefit, ignoring low volume price fluctuation. This is my own opinion only, dont follow me....or you may loose money...hehe
There were only 16 trades on Friday, 4cents bargain basement, I will keep loading and keep them the next 2 quaters to reap the extra output benefit, ignoring low volume price fluctuation. This is my own opinion only, dont follow me....or you may loose money...hehe
One more point, UOBAM holds 40million shares on Abterra amd from its investment amount, the avg cost is $0.055. One core area of this fund is into resources, so besides Abterra, Straits Asia Resources is also in its holdings.
ianong ( Date: 25-Oct-2009 09:08) Posted:
Access this link to look at the fund's Annual Report and Fund Factsheet. I am also into UT and have been looking if any fund house is covering this counter and I chanced upon it as I hold this fund.
Access this link to look at the fund's Annual Report and Fund Factsheet. I am also into UT and have been looking if any fund house is covering this counter and I chanced upon it as I hold this fund.
UOBAM is holding this fund in UOB United Asian Growth Opportunities fund which invests in asia's SME. It's in top 10 holdings at 40mil shares. I see its potential.
There were only 16 trades on Friday, 4cents bargain basement, I will keep loading and keep them the next 2 quaters to reap the extra output benefit, ignoring low volume price fluctuation. This is my own opinion only, dont follow me....or you may loose money...hehe
UPDATE 1-China steel output surges back towards record
Published: 19 Oct 2009 20:53:24 PST
* Daily output of 1.692 million tonnes in Oct 1-10
* Close to previous record output of 1.693 mln T in August
* Early Oct output equivalent to annual output of 618 mln t
BEIJING, Oct 20 - China's huge steel sector pushed production back towards the record level set in August, data from the China Iron & Steel Association seen by Reuters showed on Tuesday.
China is by far the world's biggest steel producer, with last year's output equal to that of the next eight steel producing nations put together. And this year production has boomed while steel mills elsewhere reined in operations for the first half.
The CISA figures showed daily crude steel output rose to 1.692 million tonnes in the first 10 days of October, up from 1.646 million tonnes in the last 10 days of September, within a whisker of the 1.693 million tonne average seen in late August.
Early October's production was equivalent to annual output of 618 million tonnes, a Reuters calculation showed, compared with 500 million tonnes in 2008.
China has huge overcapacity in steel production and is now threatened by possible oversupply, with CISA estimating Chinese stockpiles at 40 million to 50 million tonnes, but official calls to clamp down on rampant production have had little or no impact.
Having been buoyed for much of this year by the government's $586 billion economic stimulus, China's steel mills are now seeing a light at the end of the tunnel for exports of steel products, which rose 19 percent in September compared to October.
But after collapsing in the first half of the year, exports remain far below 2008 levels, with September's shipments of 2.47 million tonnes almost two-thirds down from the previous year.
Output figures from CISA tend to be slightly below those given by the National Bureau of Statistics, which is due to issue production data for the month of September on Thursday.
China Coal-Spot prices hit 2009 highs on rising demand
Published: 22 Oct 2009 22:44:08 PST
SHANGHAI, Oct 23 - Spot thermal coal prices in China's top coal port Qinhuangdao rose for a fifth straight week and hit their highest levels this year, as demand for winter heating grows on top of recovering power consumption.
Prices for coal with calorific value of 5,800 kcal/kg rose 2 percent on the week to a range of 650 to 660 yuan ($95.2 - $96.7) a tonne, up 8 percent from nearly six weeks ago, according to the Qinhuangdao Seaborne Coal Market (www.cqcoal.com).
Coal with calorific value of 5,500 kcal/kg was quoted at 620 to 630 yuan a tonne, up 2 percent from a week earlier, the website also said.
"Thermal coal prices are likely to maintain their upward trend as coal demand is expected to grow in the winter due to heating demand," said Lu Ping, an analyst at China Merchants Securities.
Power generation has picked up in the past few months as electricity demand gradually recovers in the world's third-largest economy.
With China's economic growth accelerating to 8.9 percent in the third-quarter, demand for power is expected to rise as industrial activities ramp up.
Coal stocks in Qinhuangdao rose nearly 25 percent from a week earlier to 4.7 million tonnes by Thursday, analysts said. ($1=6.828 Yuan)
In May, it paid 188 million yuan (S$39.5 million) for a 49 per cent stake in Shanxi Taixing Jiao Zhong Coal Industry Co, which delivers coking coal for the production of steel. This writer visited this mine as well as Zuoquan Yongxing Coal Company (also in Shanxi), in which Abterra acquired a 15 per cent stake for 45.75 million yuan in 2007. As the Jiao Zhong mine will be accounted for as a subsidiary, the Abterra management is excited about its impending boost to group revenues, especially when approval is obtained to raise annual production capacity six-fold to 900,000 tonnes. The surge in production will enable Abterra, which recently sported a market capitalisation of around S$330 million based on its stock price of 6.5 cents, to ride the long-term uptrend of China’s steel-making sector. More immediately, the country’s massive 4.5 trillion yuan economic stimulus package, part of which will fund the steel-hungry infrastructure and industrial mega-projects, is a boon.
>Not new news but remember, the drift is largely low volume, at peak 250Mil shares traded in a day, now 1.65Mil. 49% stake of 900,000 tonnes, 620RMB/Ton worked out to be 273Mil RMB or 56M, SGD extra... what do you think about the coming profit? Then there is some good news...
Chinese domestic coal price rises on squeezed stock Friday, 23 Oct 2009 Latest source indicates that coal price has maintained the uptrend on declining stock volume at Qin Huangdao, one of China largest coal ports. The uptrend is contributed by both low level of stock volume and rising demand. They pointed out that as the winter season is coming, China’s coal price will probably be well sustained for plants will store up coal for heat-generating.
The fact coal price had already posted on the upside early in Middle Sep, when stock volume at Qin Haungdao had also dropped. The uptrend has thereby been sustained. On October 21st high grade mixed coal from Datong remained at CNY 650 per tonne to CNY 660 per tonne. High grade mixed coal from Shanxi remained at CNY 620 per tonne to CNY 630 per tonne. Mixed coal from Shanxi stayed at CNY 540 per tonne to CNY 550 per tonne. Common mixed coal stayed at CNY 460 per tonne to CNY 475 per tonne and that of 4,000 calorie per kilogram stayed at CNY 405 per tonne to CNY 420 per tonne.
As the price edges up, coal stock is declining at the port. By October 19th the volume had stayed at 4.08 million tonnes of which 3.88 million tonnes were of domestic trade and 209,500 tonnes. The volume has been notably lower than the normal level of 5 million tonnes.
Rising demand remains to be the reason why coal price has edged up. Since the holiday stock volume in locally serving power plants has kept rising, by 5.1% from that before the holiday. On October 15th locally serving power plants consumed 1.99 million tonnes of coal, higher than the average 1.96 million tonnes in September underscoring that that real economy is having robust demand for coal.
Statistics of China customs show that on the side of exports, China exported 2.02 million tons of coal in September. The figure is 2.9% lower than the same period of 2008, but marks the lowest monthly drop since 2009. The average monthly drop in the first eight months remained higher than 50%. Export volume of coal came down to the lowest in June which stayed at 1.14 million tonnes. Since then, however, export volume has pointed to growth month by month. By Sep, coal exports had been rising for four straight months.
Analysts said "Low stock volume and rising demand have somehow squeezed coal supply, thus pushing the price up. Q4 is high season for the coal industry. As China as well as the world’s economy improves, foreign demand for coal wills hopeful goes up further, which is expected to prop up both domestic and global coal price in Q4.”
Could you check when they invested? Probably a losing position in the meantime. However, personally this counter will truly present itself as an opportunity realizable in the short and longer term.
UOBAM is holding this fund in UOB United Asian Growth Opportunities fund which invests in asia's SME. It's in top 10 holdings at 40mil shares. I see its potential.
UOBAM is holding this fund in UOB United Asian Growth Opportunities fund which invests in asia's SME. It's in top 10 holdings at 40mil shares. I see its potential.
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