Thursday China Market Highlights: China Armco Metals (CNAM) is on fire
Posted on March 03, 2010 at 19:00 PM EST
China Armco Metals, Inc. (CNAM), keeping its rising trend, closed at $8.50, a 60.38% increase. This early morning CNAM announced that Armet Renewable Resource Company, Limited, the company's wholly owned subsidiary, has signed a contract to supply a major Chinese Steel producer with up to 230, 000 tons of scrap steel in 2010. The contract calls for the delivery of up to 23,000 metric tons of scrap steel per month for 10 months beginning in March of 2010. This deal is valued at over $100 million based on the current spot price of scrap steel. NF Energy Saving Corp (NFEC) is today's another top gainer, closed 10.61% higher. NFEC yesterday filed 8-K disclosing a unregistered sales of equity securities. On February 24, 2010, NFEC sold a convertible promissory note in the aggregate principal amount of $810,000 and warrants to purchase 135,000 shares of its common stock to an accredited investor through a private placement. The proceeds is expected for working capital and general corporate purposes. SinoHub, Inc. (SIHI) advanced 7.26% following a press release announcing the company completes private offering, raising $4.9 million to fund expanding growth opportunities. Among the top losers, Mindray Medical International Limited (MR) stopped rising, down to $38.00, a 6.46% decrease. MR today issued a press release announcing the pricing of a public offering of 4,000,000 American depositary shares at $38.20 per ADS.
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