Metals &Mining Alert-Daily prices and news:IMF raises China GDP estimate on policy support

International Monetary Fund (IMF) raises China’s 2017 economic growthforecast to 6.7%, citing policy support and public investment. China’s 1Q17growth was h-t-e at 6.9% (vs. government target of 6.5% for 2017), whichraised questions regarding the sustainability of growth. IMF expects ChineseGDP growth to average 6.4% from 2018-2020. However, IMF recommendedChina to focus more on sustainable growth instead of relying on monetary andfiscal stimulus. (Reuters)Argentina signs mining deal with 20 provinces to harmonize taxes andregulations, in order to attract investment. Deal sets 3% ceiling on royaltiespaid by mining companies but continues to levy tax of 1.5% on miners’ sales,which reduces the sector’s competitiveness. Chubut province, where PanAmerican Silver’s Navidad project has been on hold since 2013 due to use ofcyanide and open pit mining, refused to sign the deal. Argentina holds richdeposits of copper, gold, silver and zinc. (Reuters)Coal production on a declining trend as consumers adapt to cleaner sources ofenergy. Coal consumption in US fell 9% YoY to 358mt in 2016, lowest since1970. China, the world’s largest energy consumer consumed the lowest in 6-years. Globally, consumption fell in every continent except Africa. Coking coalprice reached an 8-month low of $148/t. (Mining.com)US Department of Commerce adjusts countervailing duty for Turkish rebarproducer, Habas to 15.9% (vs. previous 16.2%). Final determination of injuryscheduled to be announced on June 16 which is expected to formalizeantidumping duties of 5.2% for Habas, 8% for Icdas, and 6.7% for all otherTurkish producers and ~208% for Japanese producers. (SBB)US steel import permits for June through 6/13 total 1.7m st. If adjusted to a fullmonth, imports would be 3.9m st (+39% YoY), vs. May permits of 3.7m st andApril imports of 3.4m st. Rebars (+83kt, +63%) appear to increase the mostMoM, followed by hot-rolled sheets (+59kt, +36%) and cold-rolled sheets(+57kt, +31%), whereas, standard pipe (-21kt, -18%), wire rods (-17kt, -8%)and hot-rolled bars (-15kt, -10%) permits are decreasing. (US ImportAdministration)Vale announces completion of $2bn syndicated revolving credit facility, whichwill be available for 5-years. Total amount available in credit facilities remainsat $5bn ($2bn till 2022 and $3bn till 2020). (Company)