Sojitz Corporation announced on Monday the company has agreed with Erdos Group of Inner Mongolia to take 10% shares in Erdos’ 100% coal subsidiary. Erdos Group is Chinese major company of cashmere, ferroalloy and coal. The subsidiary is a coal supplier based in Inner Mongolia. Sojitz will invest total 30 million yuan (approximately 375 million yen) including payment for the capital increase by the firm.Sojitz tries to increase sales volume of Mongolian coal in China and the export to other countries including Japan. Sojitz also eyes new coal resource development in Mongolia in cooperation with Erdos and establishment of integrated supply network from raw material development to process and sales. The Erdos’ subsidiary operates coal preparation plant, yard and track near the boarder of Mongolia and China. The company exports Mongolian coal to Chinese market. Sojitz has sold Mongolian coal to China through the subsidiary since 2010. Erdos acquired the subsidiary at the beginning of June 2012. The subsidiary triple its capital to 300 million yuan and Sojitz will take 10% shares in the firm. Erdos will hold rest 90% shares. Sojitz has participated in Tavan Tolgoi coking coal developing project of Mongolia which is controlled by Japan, South Korea and Russia. Meanwhile, Sojitz targets other development chances of Mongolian coal in cooperation with Erdos who has developed coal in Inner Mongolia and has had knowledge about Mongolia.
Japan Steel Scrap Composite Prices (Sangyo Press)07/08/2020
|22100YEN (-200)||24200YEN (-100)|
|203.33US$ (-2.58)||222.65US$ (-1.73)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)