Abaxx Technologies Inc N.ABXX

Alternate Symbol(s): ABXXF

Technology Software - Application

Abaxx Technologies Inc. is a Canada-based financial software and market infrastructure company. The Company is developing and deploying software tools that make communication, trade, and transactions secure. The Company has launched Abaxx Commodity Futures Exchange and Clearinghouse, regulated by the Monetary Authority of Singapore, to support trading and risk management with physically settled benchmark futures contracts in the commodity markets at the center of the energy transition to a low-carbon emissions economy. Its products include Abaxx Verifier, Abaxx Drive, Abaxx Messenger, Abaxx Exchange, Abaxx Clearing and Abaxx Infrastructure. The Company is also focused on building Smarter Markets, which allow tools, benchmarks and technology to drive market-based solutions to challenges, including climate change and the energy transition. The Abaxx Verifier is a secure password, identity and verification application.

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Abaxx Technologies Inc

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Post by 4_nolanon Jul 10, 2012 9:23pm

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Post# 20100257

iron price

Shanghai rebar drops for a third straight day
* China iron ore imports fall for a 4th time this year
* China daily crude steel output drops in late June

(Adds China steel output, updates rebar price)
By Manolo Serapio Jr
SINGAPORE, July 10 (Reuters) - Shanghai steel futures hit
their lowest in more than eight months on their third straight
day of decline on Tuesday after fresh data pointed to flagging
domestic demand in the world's No. 2 economy and top steel
market.
Limited spot supplies kept iron ore prices afloat, although
they may be at risk of turning lower again amid a weak Chinese
steel market that have trimmed production from record levels in
May.
China's overall imports rose 6.3 percent in June from a year
ago, less than half the projected increase in a Reuters poll,
with the country's copper and iron ore purchases falling from
May.
The key October rebar contract on the Shanghai Futures
Exchange hit a session low of 3,983 yuan ($630) a tonne,
its weakest since Oct. 20, 2011. It closed down 1.4 percent at
3,995 yuan.
Steel prices are down nearly 4 percent this year, forcing
Chinese mills to curb output from all-time highs above 2 million
tonnes on average a day in early May, leading to the fourth
month-on-month drop in iron ore imports this year.
The country's daily crude steel output stood at 1.965
million tonnes over June 21-30, down 0.3 percent from the
previous 10-day period, data from the China Iron and Steel
Association showed.
China, which buys around 60 percent of the world's iron ore,
bought 8.7 percent less of the raw material in June than May.
That followed declines in January, March and April.

"We're still expecting steel production to slow from the
very high levels in May and because of that we're going to see a
dip in iron ore consumption," said Matt Fusarelli, an analyst at
Australia-based consultancy AME.

LIMITED DOWNSIDE RISK
While Chinese demand for iron ore has eased, limited
supplies in the spot market have kept prices from slipping,
traders said.
Price offers for imported iron ore in China were steady on
Tuesday, a day after benchmark 62-percent grade iron ore
.IO62-CNI=SI gained 0.3 percent to $135.50 a tonne, based on
data from the Steel Index.
Iron ore has stayed below $140 since mid-May, as sluggish
Chinese steel demand kept any price gains in check.
"I have a few people inquiring for some small cargoes, like
50,000 tonnes, but they want to buy cheap," said a Hong
Kong-based trader. "People are looking for cargo, but there's no
rush."
"The limited available material in the market also prevents
prices from falling as well. Miners don't want to flood the
market with iron ore anymore, they don't want another October to
happen," he said, referring to October 2011 when spot prices
slid nearly 31 percent as slower Chinese demand combined with
hefty supplies.
Rio Tinto sold a 165,000-tonne cargo of
61.5-percent grade Australian Pilbara iron ore fines at $136.21
a tonne on Monday, lower than the $137.80 transacted for the
same grade last week.
"With supply tighter over the next few months I don't see
much downside risk to prices," said Graeme Train, a commodity
analyst at Macquarie in Shanghai. "But we would want to see an
increase in demand into the fourth quarter to offset potentially
better supply."

Shanghai rebar futures and iron ore indexes at 0721 GMT

Contract Last Change Pct Change
SHFE REBAR OCT2 3995 -55.00 -1.36
PLATTS 62 PCT INDEX 136.5 +0.00 +0.00
THE STEEL INDEX 62 PCT INDEX 135.5 +0.40 +0.30
METAL BULLETIN INDEX 136.27 +0.15 +0.11

Rebar in yuan/tonne
Index in dollars/tonne, show close for the previous trading day
($1 = 6.3714 Chinese yuan)

(Reporting by Manolo Serapio Jr.; Editing by Ed Lane)