Ferro-alloysNews No.47 (239)

Transcription

Metal Expert
Weekly
November 20, 2015
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Ferro-alloys News
@FerroalloysNews
No.47
(239)
bulk alloys, noble alloys, ores
Current key prices on the global spot markets
Commodity
Market, delivery basis
13.11.2015
20.11.2015
w-o-w
change
Manganese alloys
Ferro-manganese, 75% Mn, EUR/t
Silico-manganese, 65% Mn; 16% Si, $/t
Silico-manganese, 65% Mn; 17% Si, $/lb
Silico-manganese, 65% Mn; 16% Si, $/t
Silicon alloys
Ferro-silicon, 75% Si, EUR/t
Europe, domestic market, ddp
PL
E
Silico-manganese, 65% Mn; 17% Si, EUR/t
India, export, fob
USA, domestic market, ddp
Japan, import, cif
Ferro-silicon, 75% Si, $/t
China, export, fob
Ferro-chrome
Ferro-chrome, high-carbon, 60-65% Cr, 6-8% С, $/lb Cr
USA, domestic market, ddp
Japan, import, cif
Ore
Chrome ore, 40-42% Cr2O3, $/t
Turkey, export, cif China
Turkey, export, cif China
SA
M
Manganese ore, 48% Mn, Australia, dmtu
China, import, cif
Manganese ore, 46% Mn, Australia, dmtu
China, import, cif
Manganese ore, 38% Mn, South Africa, dmtu
China, import, cif
Europe: bulk alloy market price
trend unlikely to reverse so far
However, the last week’s panic resulting
from the rumours that the alloy (65% Mn;
17% Si) was available at EUR 590‑600/t
DDP has now stopped. Although there
have been…
ÂÂpage 3
Eskom insists on higher
electricity tariffs
The company claims for ZAR 22.8 million
($1.6 billion), which it plans to gain raising
electricity tariffs by 16.6%, 8.6 p.p. higher
than allowed by…
ÂÂpage 9
Malaysia continues to enlarge
FeSi exports
FeSi exports from Malaysia rose by 5.3%
month-on-month to 8,320 t mostly because
of the upturn in shipments to India by
6.2 times and to Luxembourg by 3.6 times.
Shipments to Japan, German, and the
Netherlands…
UK’s Avas Trading to become
official representative of
Russian ferroalloy plant
The plant has a capacity of 1,000 tpy, but
it is going to be doubled next year. Also,
FeNb production will start there in 2016.
Avas Trading will be the only representative
of the Russian producer in the…
ÂÂpage 17
ÂÂpage 9
USA: noble alloys keep
cheapening
South32 closes Mamatwan
mine
End users make purchases only if necessary
thinking prices are yet to bottom out.
Meanwhile, sellers have no other choice but
to reduce quotations…
Manganese ore production will be resumed
in January, when the company approves
the strategy of development of its South
African assets. Due to unfavourable market
conditions, the strategy is…
ÂÂpage 14
ÂÂpage 18
Content
Bulk alloys
Noble alloys
Europe: bulk alloy market price trend unlikely
to reverse so far............................................................................................. 3
Europe: Mo market unlikely to recover soon.............................13
India: SiMn prices slide again................................................................ 3
Europe: noble alloy market still weak.............................................13
USA: noble alloys keep cheapening...............................................14
Asia: noble alloy demand stagnant.................................................15
China: bulk alloy market stagnates.................................................... 5
China: noble alloy suppliers back down......................................15
South Korea: manganese alloys keep getting
cheaper.............................................................................................................. 6
Taenaka Kogyo sums up Q3 production results......................16
PL
E
USA: ferroalloy market still weak......................................................... 4
Europe: no big deals for FeCr made................................................. 6
Teck Resources sums up Q3 production results......................16
UK’s Avas Trading to become official representative
of Russian ferroalloy plant.....................................................................17
India: chrome alloy market still weak............................................... 8
Brazil: FeNb exports up in October.................................................17
China: chrome alloy market silent...................................................... 8
Raw materials
Eskom insists on higher electricity tariffs....................................... 9
South32 closes Mamatwan mine.....................................................18
Malaysia continues to enlarge FeSi exports................................. 9
Manganese ore shipments from Port Hedland minimize.......18
Ferbasa lifts FeSi and HC FeCr sales
in October........................................................................................................ 9
Brazil: manganese ore exports decline in October...............18
SA
M
USA: chrome alloy prices climb........................................................... 7
HC FeCr output declines in Sichuan (China)..............................10
Inner Mongolia curtails HC FeCr production............................10
Turkey: steel output increased in October,
for the first time since early 2015......................................................10
Dams collapse in Brazil may backfire in ecological disaster.............................................................................................................10
Turkey: chrome ore market weak.....................................................19
Cancana Resources establishes new record..............................19
Nickel/manganese metal
China: EMM sellers try to lift quotes................................................20
Nickel prices reach 2008 minimum.................................................21
Prices
Brazil: bulk alloys exports and imports......................................... 11
Prices in the world ferroalloys markets.........................................22
South Korea: bulk alloys import and export.............................. 11
World markets: monthly & quartely contract prices.............24
Bulk alloys
Europe: bulk alloy market price trend unlikely
to reverse so far
XX
XX
XX XX
PL
E
The situation in the European SiMn market is still bad. However, the last week’s panic resulting from the
rumours that the alloy (XX% Mn; XX% Si) was available at EUR XX‑XX/t DDP has now stopped. Although
there have been rumours about prices quoted at EUR XX/t DDP, no actual deals at such a level have been
detected. A big tonnage of East European material has been sold in Austria at EUR XX/t DDP. In Western
Europe, traders are ready to ship standard quality material at EUR XX‑XX/t DDP, no deals reported, though. A
trader has sold XX t of SiMn (XX‑XX% Mn; XX% P) to an Italian re-seller at EUR XX/t ex-warehouse. However,
the majority of players are still pessimistic about the future market development.
The situation is also bad in the segment for HC FeMn (XX% Mn). The material is offered to traders in
Eastern Europe at EUR XX‑XX/t FCA, but a Swiss trader is ready to sell at EUR XX/t DDP. Prices are quoted
to Italy at EUR XX‑XX/t DDP. Indian material (XX% Mn) is available at EUR XX‑XX/t CIF.
It seems like FeSi quotations have gone EUR XX/t DDP for good. This week, the alloy (XX% Si) has been
available at EUR XX‑XX/t DDP. A buyer wanted to contract the alloy at EUR XX/t DDP. “I think the buyer was
simply testing the market,” a supplier says. A truckload has been sold in Poland at EUR XX/t DDP. Malaysian
material (XX% Si) is sold at EUR XX/t DDP.
Europe: deal prices of Mn alloys,
850
800
750
700
650
SA
M
600
EUR/t DDP
550
28 Aug
11 Sep
25 Sep
SiMn (65% Mn; 17% Si)
09 Oct
23 Oct
06 Nov
20 Nov
HC FeMn (75% Mn)
ÃÃ Back to top
India: SiMn prices slide again
Indian merchants are forced to keep cutting quotes to save customers’ loyalty as the market is still
weak. SiMn (XX% Mn; XX% Si) is now available at $XX‑XX/t FOB against $XX‑XX/t FOB earlier, although
some keep offering the alloy above $XX/t FOB. Some XX t sold to Saudi Arabia at $XX/t FOB, and the seller
is sure that prices may drop by $XX‑XX/t soon. Another exporter has received an inquiry from Bangladesh
for XX t at $XX/t FOB. The material (XX% Mn; XX% Si) is still priced at $XX‑XX/t FOB.
HC FeMn (XX% Mn) is still available at $XX‑XX/t FOB and the material (XX% Mn) — at $XX/t FOB.
Production cutbacks that some ferroalloy producers resort to nowadays is believed to support prices
in mid-term, whereas in the near future the price decrease will continue as the market picture will not
change for better.
Metal Expert | Ferro-alloys News |
November 20, 2015
| 3 |
BULK ALLOYS
India: offer prices for FeMn, SiMn,
$/t FOB
850
800
750
700
600
28 Aug
PL
E
650
11 Sep
25 Sep
09 Oct
FeMn (75% Mn)
23 Oct
06 Nov
20 Nov
SiMn (65% Mn; 16% Si)
ÃÃ Back to top
USA: ferroalloy market still weak
SA
M
The recession in the US steelmaking industry continues to affect local market for ferroalloys. Over the
past seven weeks, steel output fell to the level registered back in January 2010, whereas capacity utilization
minimized for the first time since December 2010. According to the American Iron and Steel Institute, the
output reached XX million st last week (down XX% week-on-week; down XX% year-on-year); capacity
utilization dropped by XX p.p. to XX%. Consequently, ferroalloy
purchases are rare and only made under long-term contracts.
Discounts are said to be much higher
Discounts are said to be much higher in the yearly contracts
now.
in the yearly contracts now
Fearing that prices have not yet bottomed out, some
traders offer considerable discounts for SiMn (XX% Mn; XX%
Si). Three truckloads have reportedly been sold at $XX/lb ($XX/t) DDP, down XX% w-o-w.
Prices for FeMn (XX% Mn) have lost XX% reaching $XX‑XX/t DDP, demand staying bad though.
FeSi (XX% Si) is of no interest in the spot market. The material is available at $XX/lb ($XX/t) DDP.
USA: deal prices for SiMn and FeSi,
0,50
$/lb DDP
0,89
0,85
0,46
0,81
0,42
0,77
0,38
0,73
0,34
0,69
0,30
28 Aug
0,65
11 Sep
25 Sep
09 Oct
SiMn (65% Mn; 17% Si), $/lb, L
23 Oct
06 Nov
20 Nov
FeSi (75% Si), $/lb Si, R
ÃÃ Back to top
November 20, 2015
| 4 |
BULK ALLOYS
China: bulk alloy market stagnates
PL
E
Chinese Mn product prices are still depressed by the cheapening of manganese ore and sluggish
demand within the country. The decrease in production expenses makes it impossible for sellers to lift
quotations, whereas big end users are delaying December purchases.
This week, SiMn (XX% Mn; XX% Si) has been offered at RMB XX‑XX/t EXW in North China and at RMB
XX‑XX/t EXW in South China, down RMB XX/t w-o-w. Many producers are only working to keep up regular
buyers, but have no profits. Prices for HC FeMn have stabilized at RMB XX‑XX/t EXW, but may drop in the
future.
Quotations of XX% Si ferrosilicon have been cut by RMB XX/t to RMB XX‑XX/t EXW and those of XX%
Mn material — to RMB XX‑XX/t EXW. Export prices have declined by $XX/t to $XX‑XX/t FOB and $XX‑XX/t
FOB respectively. The market is not believed to recover in the middle term.
China: export offer prices,
1 550
$/t FOB
1 220
1 200
1 530
1 180
1 510
1 160
1 140
1 490
1 120
1 470
28 Aug
1 100
11 Sep
25 Sep
23 Oct
FeMn (75% Mn), L
SA
M
SiMn (65% Mn, 17% Si), L
09 Oct
06 Nov
20 Nov
FeSi (75% Si), R
China: domestic offer prices,
5 200
RMB/t EXW
5 000
5 000
4 900
4 800
4 800
4 600
4 700
4 400
4 600
4 200
4 500
4 000
4 400
3 800
28 Aug
11 Sep
25 Sep
SiMn (65% Mn, 17% Si), L
Metal Expert | Ferro-alloys News 09 Oct
4 300
23 Oct
FeMn (75% Mn), L
06 Nov
20 Nov
FeSi (75% Si), R
ÃÃ Back to top
|
November 20, 2015
| 5 |
BULK ALLOYS
South Korea: manganese alloys keep getting
cheaper
PL
E
South Korean prices for manganese alloys have again been reduced because of the intense competition
in both the domestic market and abroad. This month, export prices for HC FeMn (XX% Mn) have lost $XX/t
reaching $XX‑XX/t FOB, batches of XX‑XX t sold to Turkey and Taiwan at this level. Batches of up to XX t
have been shipped to Japan at $XX/t FOB, the seller being
ready to put the price down to $XX/t FOB if a few hundred
Tough competition has resulted in a
tones are contracted. The alloy (XX% Mn; XX% C max) has been
price collapse in the internal market,
quoted at $XX/t FOB, down $XX/t month-on-month, and the
alloy (XX‑XX% Mn; XX% C) — at $XX/t FOB, down $XX/t.
domestic prices becoming lower than
Tough competition has resulted in a price collapse in the
the export ones
internal market, domestic prices becoming lower than the
export ones. Those for HC FeMn (XX% Mn) have dropped by
$XX/t to $XX/t DDP and for refined material (XX% Mn; XX% C max) — by $XX/t to $XX/t DDP. SiMn (XX%
Mn; XX% Si) has been available at $XX/t DDP, down $XX/t.
Players are sure that the competition will only intensify in the future, so prices will keep falling.
South Korea: offer prices for HC FeMn (75% Mn),
1000
985
950
$/t FOB
960
940
920
885
900
825
850
800
810
800
785
740
750
710
SA
M
700
660
650
640
600
Nov 14
Feb 15
May 15
Aug 15
Nov 15
ÃÃ Back to top
Europe: no big deals for FeCr made
This week, the number of inquiries for chrome alloys has declined as end users are trying to minimize
stockpiles before the year end. However, sellers are no longer selling at any price, given that big end users
have left the market for now.
This week, HC FeCr (XX% Cr; XX‑XX% C) has been offered at $XX‑XX/lb Cr DDP, down XX% w-o-w.
A few dozen tons have been sold to Italy at $XX/lb Cr ex-warehouse. Another big seller says he will be
shipping high-quality alloy (XX% Cr min) at $XX‑XX/lb Cr DDP until the year end. Prices for Indian and
blended material (XX‑XX% Si) are quoted at $XX‑XX/lb Cr DDP.
LC FeCr (XX‑XX% Cr; XX% C) have lost XX% w-o-w reaching $XX/lb Cr DDP because of the intense
competition. One of the biggest suppliers says he couldn’t close any deals this week, although he has
reduced the offered tonnages considerably. Many end users prefer cheaper material (XX% Cr) from China
and Brazil offered at $XX‑XX/lb Cr DDP.
November 20, 2015
| 6 |
BULK ALLOYS
Europe: deal prices for Cr alloys,
0,94
$/lb Cr DDP
2,00
1,98
0,90
1,96
1,94
0,86
1,92
0,82
1,90
28 Aug
1,88
PL
E
0,78
11 Sep
25 Sep
09 Oct
HC FeCr, L
23 Oct
06 Nov
20 Nov
LC FeCr, R
ÃÃ Back to top
USA: chrome alloy prices climb
SA
M
The situation in the US chrome alloy market is ambiguous. End user demand is weak, but some sellers
are still trying to push prices up receiving rare inquiries. However, the deals that have been made at a high
price do not mean the price trend has reversed.
HC FeCr (XX‑XX% Cr) has been offered at $XX‑XX/lb Cr DDP this week, up XX% w-o-w. Few deals for
a total of XX t have been made at $XX‑XX/lb Cr DDP. Still, the material with high Si content, that of Indian
origin in particular, is quoted at $XX/lb Cr DDP, which is the top end of the last week’s price range.
A deal for a truckload of LC FeCr (XX‑XX% Cr; XX% C) has been made at $XX/lb Cr DDP and two more
deals for unspecified tonnages — at $XX‑XX/lb Cr DDP. Nonetheless, some seller are ready to ship the
alloy at $XX/lb Cr DDP.
USA: deal prices for Cr alloys,
1,18
$/lb Cr DDP
2,07
1,14
2,04
1,10
1,06
2,01
1,02
1,98
0,98
0,94
28 Aug
11 Sep
25 Sep
09 Oct
HC FeCr (L)
1,95
23 Oct
06 Nov
20 Nov
LC FeCr (R)
ÃÃ Back to top
November 20, 2015
| 7 |
BULK ALLOYS
India: chrome alloy market still weak
Demand from both local and foreign end users has been rather soft in the Indian chrome alloy market
this week. Export prices for HC FeCr (XX% Cr; XX‑XX% C; XX% Si max) have remained at $XX‑XX/lb Cr FOB,
only some sellers retaining the upper end of the range.
Local consumers can still buy the alloy at INR XX‑XX/t EXW, a few batches of a total of XX t sold within
this range.
Players think prices will stabilize, although a new decrease is also possible. “Each time we think prices
will be stable, but the market continues to decrease,” a supplier notes.
India: offer prices for HC FeCr,
0,775
0,745
PL
E
$/lb Cr, FOB
0,74
0,735
0,735
0,725
0,725
0,71
28 Aug
11 Sep
25 Sep
09 Oct
0,71
0,71
0,7
23 Oct
0,7
06 Nov
0,7
20 Nov
ÃÃ Back to top
SA
M
China: chrome alloy market silent
Neither traders nor producers have been selling Chinese chrome alloys this week.
HC FeCr (XX% Cr) has been quoted at RMB XX‑XX/t ($XX‑XX/t) EXW, down RMB XX/t w-o-w. It is also
possible to sell at RMB XX/t ($XX/t) EXW, some producers say. The alloy with lower C content is offered at
RMB XX/t ($XX/t) EXW and higher, XX t sold in North China at RMB XX/t ($XX/t) EXW.
The market for LC FeCr is quiet, the alloy (XX% Cr) still priced at RMB XX‑XX/t ($XX‑XX/t) EXW.
Charge chrome from South Africa is available at $XX‑XX/lb Cr CIF China (down $XX) and the material
from Kazakhstan — at $XX‑XX/lb Cr CIF China (down $XX). South African material is RMB XX/t cheaper
at the country’s ports; it is priced at RMB XX‑XX/t ($XX‑XX/t) EXW. Chinese material can still be bought in
spot market at RMB XX‑XX/t ($XX‑XX/t) EXW. The current exchange rate is $XX = RMB XX.
November 20, 2015
| 8 |
BULK ALLOYS
China: prices for chrome alloys,
RMB/t EXW
6 300
11 100
11 000
6 200
10 900
6 100
10 800
6 000
10 700
10 600
5 900
10 500
5 800
PL
E
10 400
5 700
10 300
28 Aug
11 Sep
25 Sep
09 Oct
HC FeCr (50% Cr; 6-8% C), L
23 Oct
06 Nov
20 Nov
LC FeCr (60% Cr; 0,1% C), R
ÃÃ Back to top
Eskom insists on higher electricity tariffs
XX
XX
XX
XX
SA
M
South Africa’s Eskom has again requested NERSA to implement an increase in electricity tariffs bigger
than it was earlier agreed. In such a way, Eskom hopes to reimburse the cost of diesel oil it had to buy
in 2013‑2014 to prevent electricity cutouts. The company claims for ZAR XX million ($XX billion), which it
plans to gain raising electricity tariffs by XX%, XX p.p. higher than NERSA allowed.
In February 2013, NERSA officially approved yearly upturns in electricity tariffs by XX% from April
2013 until March XX but changed its decision last July due to the upsetting financial state of Eskom and
approved an upturn by XX%. Another time NERSA raised the tariffs by the same amount was this April.
ÃÃ Back to top
Malaysia continues to enlarge FeSi exports
XX
XX
XX
XX
In August, FeSi exports from Malaysia rose by XX% month-on-month to XX t mostly because of the
upturn in shipments to India by XX times and to Luxembourg by XX times. Shipments to Japan, German,
and the Netherlands declined.
Over January-August, exports reached XX t, of which XX% was shipped to Europe, XX% to Taiwan,
XX% to Japan, and XX% to India.
ON Sarawak (XX tpy), which was launched last September, continues to enlarge manufacture. Currently,
XX out of XX furnaces are operational, but, in order to adjust to the market environment, the producer is
going to switch XX furnaces producing FeSi to manganese alloy production in Q1.
ÃÃ Back to top
Ferbasa lifts FeSi and HC FeCr sales in October
Last month, Brazil’s Ferbasa sold XX t of HC FeCr (up XX% month-on-month), XX t of LC FeCr (down
XX%), and XX t of FeSi (up XX%). Total sales increased by XX% year-on-year.
Production reached XX t (up XX% month-on-month; down XX% year-on-year).
Ferbasa is the biggest regional producer of chrome alloys, its annual capacity reaching XX t of charge
chrome (XX furnaces), XX t of LC FeCr (XX furnaces) and XX t of FeSiCr (XX furnace). FeSi is produced at XX
November 20, 2015
| 9 |
BULK ALLOYS
furnaces with a total capacity of XX tpy. Besides, the company owns XX% of the proven Brazilian chrome
ore resource.
ÃÃ Back to top
HC FeCr output declines in Sichuan (China)
According to Metal Expert’s preliminary data, ferrochrome capacity utilization in Sichuan will reach
XX% this month, down XX p.p. month-on-month, and production — XX t, down XX t. Capacity utilization
is said to have declined because of the upturn in electricity tariffs in the region. Given that demand is weak,
those enterprises which have shut down this month are unlikely to resume operations until the year end.
PL
E
ÃÃ Back to top
Inner Mongolia curtails HC FeCr production
According to Metal Expert’s preliminary data, HC FeCr capacity utilization in Inner
Mongolia will reach XX% this month, down XX p.p., whereas the share of operational
capacities from the installed ones will drop by XX p.p. to XX%. Production will decline
by XX t to XX t. Due to the new decrease in TISCO’s tender price, some produces keep
idling their FeCr furnaces temporarily. Big suppliers also do not hope for an increase in
the number of orders ahead of the monthly contracting.
ÃÃ Back to top
SA
M
Turkey: steel output increased in October,
for the first time since early 2015
Despite the unfavourable situation in the global steel market (slow demand, tough competition, and
low profitability), Turkish steel output rose for the first time over a long period.
According to the Turkiye Celik Ureticileri Dernegi, the output rose by XX% month-on-month to
XX million t in October, which is explained by the activation of the domestic rebar market in the latter half
of the month. “Demand increased in Turkey during that period. Given that exports were low, steelmakers
could easily cover domestic demand,” a trader assumes. Besides, rebar shipments from China were minimal
after rather high activity in August-September. This month, production is believed to keep growing amid
rather strong demand for November rebar.
The positive dynamics in electric steel production in October also made up for the upsetting results
of the first XX months of the year. Production of liquid steel dropped by XX% to XX million t, whereas over
XX months the decrease was XX%.
ÃÃ Back to top
Dams collapse in Brazil may backfire
in ecological disaster
On November XX two dams collapsed in Minas Gerais, Brazil, unleashing a deluge of toxic water.
Nearby areas were flooded with the water containing arsenic, lead, chrome, manganese, and other heavy
metals. The dams are controlled by Samarco, a subsidiary of Vale and BHP Billiton. Vale’s Barbacena and
Ouro Preto manganese alloys plants and ArcelorMittal Brazil’s Monlevade and Juiz de Fora steelmaking
facilities are also located in Minas Gerais.
ÃÃ Back to top
November 20, 2015
| 10 |
BULK ALLOYS
Brazil: bulk alloys exports and imports
Brazil: bulk alloys exports
May
XX
XX
Jun
XX
XX
Jul
XX
XX
Aug
XX
XX
Sep
XX
XX
Oct
XX
XX
XX months
XX
XX
XX months
XX
XX
change
XX/XX
XX%
Ferromanganese (C>XX%)
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Ferromanganese (C<XX%)
XX
XX
XX
-
XX
XX
XX
XX
XX%
Ferrosilicon (Si>XX%)
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Ferrosilicon (Si=<XX%)
XX
XX
XX
-
XX
XX
XX
XX
XX%
Ferrochrome (C>XX%)
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Product
Ferrochrome (C=<XX%)
Note: in ’XX tonnes
PL
E
Ferrosilicomanganese
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Brazil: import of ferroalloys
May
XX
XX
Jun
XX
XX
Jul
XX
XX
Aug
XX
XX
Sep
XX
XX
Oct
XX
XX
XX months
XX
XX
XX months
XX
XX
change
XX/XX
XX times
XX
XX
XX
XX
XX
XX
XX
XX
XX times
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX times
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Product
Ferrochrome (C>XX%)
Ferro-molybdenum
SA
M
Ferro-vanadium
ÃÃ Back to top
South Korea: bulk alloys import and export
South Korea: bulk alloys import
May
XX
XX
Jun
XX
XX
Jul
XX
XX
Aug
XX
XX
Sep
XX
XX
Oct
XX
XX
XX months
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
-
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Ferrochrome (C>XX%)
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Product
XX months change XX/
XX
XX
XX
XX%
November 20, 2015
| 11 |
BULK ALLOYS
South Korea: Mn alloys export
May
XX
XX
Jun
XX
XX
Jul
XX
XX
Aug
XX
XX
Sep
XX
XX
Oct
XX
XX
XX months
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX%
Product
XX months change XX/
XX
XX
XX
XX times
SA
M
PL
E
ÃÃ Back to top
November 20, 2015
| 12 |
Noble alloys
Europe: Mo market unlikely to recover soon
PL
E
The European market for Mo products is still weak, considering global oversupply. The decrease in
production some producers resort to proves to be insufficient, considering high stockpiles accumulated
since the start of the year. Only higher consumption can help the market to recover, but it is unlikely to
increase even in Q1 amid the stagnation of the global economy. Long-term contracts are still signed,
although sellers are now giving bigger discounts.
Prices for FeMo (XX‑XX% Mo) have lost XX% w-o-w reaching $XX‑XX/kg Mo FCA Rotterdam. Late last
week, a European supplier sold XX t of the material at $XX/kg Mo DDP. No deals have been heard this
week.
Prices for Mo oxide have dropped by XX% w-o-w to $XX‑XX/lb Mo FCA. A trader negotiates shipments
of XX t within this range.
Europe: prices for FeMo and Mo oxide
18
17
16
15
14
13
12
28 Aug
7
6,5
6
5,5
5
4,5
4
11 Sep
25 Sep
09 Oct
SA
M
FeMo, $/kg Mo, L
23 Oct
06 Nov
20 Nov
Mo oxide, $/lb Mo, R
ÃÃ Back to top
Europe: noble alloy market still weak
Trading is still weak in the European market for noble alloys. Buyers insist on discounts and only those
sellers who give them manage to sell the alloys.
On the contrary, FeV suppliers are trying to take advantage
of the absence of Evraz Highveld Steel & Vanadium from the
market and cite limited supply. European traders have decided
Buyers insist on discounts and only
to start purchases, fearing of a price upturn and in order to
those sellers who give them manage
secure themselves from the possible shortage, but only some
to sell the alloys
of them are actually to hold the material back in stock. Still,
only small tonnages are being sold to end users occasionally.
A small tonnage of the material has reportedly been sold at $XX/kg V DDP, down XX% w-o-w. European
material is mostly sold at $XX‑XX/kg V FCA Rotterdam. Chinese material is in weak demand because of
the high transportation expenses and the XX% import duty.
An end user has bought XX t of FeW (XX% W) at $XX/kg W DDP. A contract for another XX t has been
signed between traders at $XX/kg FCA Rotterdam.
Deals for FeNb (XX% Nb) are still infrequent. Some XX t of European material has been sold to South
and North America at $XX/kg Nb CIF.
November 20, 2015
| 13 |
NOBLE ALLOYS
Europe: prices for FeV and FeTi,
21
$/kg FCA
4,9
19,5
4,7
18
4,5
16,5
4,3
15
4,1
12
28 Aug
PL
E
13,5
3,9
11 Sep
25 Sep
09 Oct
FeV 75-80%V, L
23 Oct
06 Nov
20 Nov
FeTi 70%Ti, R
ÃÃ Back to top
USA: noble alloys keep cheapening
SA
M
The American market for noble alloys is still weak and will not recover in the near future. End users
make purchases only if necessary thinking prices are yet to bottom out. Meanwhile, sellers have no other
choice but to reduce quotations.
FeV (XX‑XX% V) has got XX% w-o-w cheaper and is now offered at $XX‑XX/lb V DDP. Only some local
producers quote $XX‑XX/lb V DDP right now, whereas last week such a level was widespread. Late last
week, XX t were sold at $XX/lb V DDP.
Prices for FeMo (XX‑XX% Mo) have dropped to $XX‑XX/lb Mo DDP from $XX‑XX/lb Mo DDP, XX t sold
at $XX/lb Mo DDP at the start of the period under review.
Trading is still nonexistent in the FeTi market. The most recent prices Metal Expert heard about were
quoted at $XX/lb Ti DDP.
USA: deal prices for noble alloys,
9,0
$/lb DDP
2,3
8,3
2,1
7,6
1,9
6,9
1,7
6,2
5,5
28 Aug
11 Sep
25 Sep
FeMo 60-70%Mo, L
09 Oct
1,5
23 Oct
FeV 70-80%V, L
06 Nov
20 Nov
FeTi 70%Ti, R
ÃÃ Back to top
November 20, 2015
| 14 |
NOBLE ALLOYS
Asia: noble alloy demand stagnant
The Japanese market for noble alloys has not recovered this week. Inquiries have been rare, the majority
of buyers insisting on discounts, which sellers are reluctant to give. FeMo (XX‑XX% Mo) has dropped in
price by XX% w-o-w to $XX‑XX/kg Mo CIF. Mo oxide (XX% Mo) is quoted at $XX‑XX/lb Mo CIF, down XX%.
No deals for FeV (XX‑XX% V) have been heard this week, so prices have not changed from $XX‑XX/kg
V CIF.
The situation in the market is unlikely to impose soon, given that supply is excessive and the dynamics
in the consuming industry is rather upsetting.
Japan: deal prices for FeMo and FeV,
19
18
17
16
15
14
13
12
14 Aug
PL
E
$/kg CIF
28 Aug
11 Sep
25 Sep
FeMo 60-70%Mo
09 Oct
23 Oct
06 Nov
20 Nov
FeV 75-80%V
ÃÃ Back to top
SA
M
China: noble alloy suppliers back down
This week, prices for Chinese FeMo have dropped to RMB XX‑XX/t EXW against last week’s RMB
XX‑XX/t EXW. Traders’ inventories are rather high at the moment. Occasional deals have been made early
this week even at RMB XX/t EXW.
Spot quotations of FeV keep decreasing amid slow buyer activity. A trader from Central China has sold
XX t of FeV (XX% V) at RMB XX/t DDP, whereas last week he was ready to sell at no less than RMB XX/t
DDP. The overall price range is RMB XX‑XX/t EXW. Export prices keep ranging within $XX‑XX/kg V FOB.
The decrease in noble alloy prices is believed to continue. However, one of the market players is sure
that prices have already hit the bottom.
November 20, 2015
| 15 |
NOBLE ALLOYS
China: domestic prices for FeV,
RMB/t EXW
53000
51000
49000
47000
45000
PL
E
43000
41000
28 Aug
11 Sep
25 Sep
09 Oct
23 Oct
06 Nov
20 Nov
FeV (50% V)
China: export prices for FeV,
$/kg FOB
17,75 17,75
17,65
16,2
16
16
16
15,15
SA
M
14,5
28 Aug
11 Sep
25 Sep
09 Oct
14,05
13,75
12,85
23 Oct
06 Nov
12,85
20 Nov
FeV (80% V)
ÃÃ Back to top
Taenaka Kogyo sums up Q3 production results
Japan’s Taenaka Kogyo produced XX t of FeMo in Q3, down XX% quarter-on-quarter. The output is
planned at the same level in Q1. “The market for Mo products is weak, as well as the automotive industry,
so we hope to at least maintain capacity utilization,” a company representative says.
Taenaka Kogyo is the Japan’s biggest FeMo producer with an annual capacity of XX tpy. The material
(XX‑XX% Mo) is shipped to local buyers under quarterly and yearly contracts.
ÃÃ Back to top
Teck Resources sums up Q3 production results
Last quarter, Canada’s Tech Resources produced XX t of Mo in concentrate at Highland Valley Copper,
down XX% quarter-on-quarter. The output at South America’s Antamina reached XX t, more than half as
much as in Q2. The two mines put out XX t in total, down XX% q-o-q.
Meanwhile, sales dropped by XX% to XX t.
November 20, 2015
| 16 |
NOBLE ALLOYS
Molybdenum is produced in Canada, at Highland Valley Copper, where the company holds a XX%
stake. In Peru’s Antamina Tech Resources holds a XX%, BHP Billiton — a XX% stake, Xstrata — a XX% stake,
and Mitsubishi Corporation — a XX% stake.
ÃÃ Back to top
UK’s Avas Trading to become official representative
of Russian ferroalloy plant
XX
PL
E
UK’s Avas Trading has been chosen as the official representative of Russia’s Volfram producing FeW
in the city of Unecha, Bryansk region, since 2015. The plant has a capacity of XX tpy, but it is going to be
doubled next year. Also, FeNb production will start there in 2016.
Avas Trading will be the only representative of the Russian producer in the export market. The
companies hope to benefit from co-operation by excluding the political factor as soon as Avas is a British
company.
Volfram was founded in XX by a group of the leading members of the former Ministry of Nonferrous
Metallurgy of the USSR to set up W, Mo and other non-ferrous goods production and sales. It is one of
the Russia’s leading W exporters and is on the list of the strategic enterprises approved by the Russian
government in December 2008.
ÃÃ Back to top
Brazil: FeNb exports up in October
SA
M
Brazil exported XX t of FeNb in October, up XX% month-on-month. Shipments to China and Singapore
increased by XX times to XX t and XX t respectively. Shipments to the Netherlands declined by XX% to
XX t. Over January-October, exports reached XX t, up XX% year-on-year.
Companhia Brasileira de Metalurgia e Mineracao (CBMM) and Anglo American are the key producers
of FeNb in the world and Brazil in particular, which in tandem with Canada’s IAMGOLD cover XX% of the
global FeNb demand.
Brazil: FeNb export,
9
'000 mt
8
7
6
5
4
3
2
1
0
Oct 14
Jan 15
Apr 15
Jul 15
Oct 15
ÃÃ Back to top
November 20, 2015
| 17 |
Raw materials
SouthXX closes Mamatwan mine
On November XX Australia’s SouthXX closed Mamatwan open pit because of the accident with
worker. Manganese ore production will be resumed in January, when the company approves the strategy
of development of its South African assets. Due to unfavourable market conditions, the strategy is being
revised right now. The stoppage will affect manganese alloy manufacture at Metalloys. The company
refused to comment on the state of its second manganese ore mine, Wessels.
SouthXX is the world’s biggest manganese ore producer and was earlier managed by BHP Billiton. It
has alumina and aluminium assets of BHP Billiton, steam coal and manganese ore assets in South Africa,
cocking coal and manganese ore assets in Australia, Серро Matoso nickel ore mine in Colombia and
Cannington mine in Australia.
PL
E
ÃÃ Back to top
Manganese ore shipments
from Port Hedland minimize
Last month, Australia’s Port Hedland lowered manganese ore handling to XX t (XX t in Septmber). The
entire volume was shipped to China.
Consolidated Minerals and Mineral Resources ship manganese ore through Port Hedland, SouthXX
through Milner Bay, and OM Holding through Darwin.
ÃÃ Back to top
Brazil: manganese ore exports decline in October
SA
M
Last month, Brazil exported XX t of manganese ore, down XX% month-on-month. The decrease is
explained by the reduced shipments to China (XX t). Exports to France reached XX t. Over January-October,
shipments amounted to XX million t, down XX% year-on-year.
Vale and Mineracao Buritirama are the biggest manganese ore producers in Brazil.
Brazil: Mn ore export,
'000 mt
371
184
79
Oct 14
161
98
Jan 15
88
224
214
142
166
185
87
86
Apr 15
Jul 15
Oct 15
ÃÃ Back to top
November 20, 2015
| 18 |
RAW MATERIALS
Turkey: chrome ore market weak
Turkish chrome ore suppliers are preparing for winter, during which production will be reduced.
However, this will have no influence on the market as the majority of companies have already built large
stockpiles, whereas demand from Chinese end users is not supposed to recover in the middle term. Prices
have been unchanged, though. Lump ore (XX‑XX% CrXXOXX) has been quoted at $XX‑XX/t CIF China and
concentrate (XX‑XX% CrXXOXX XX‑XX:XX Cr/Fe ratio) — at $XX‑XX/t CIF China, no deals reported.
The majority of market players do not want to sell at the current prices. Nobody thinks the market will
recover soon. Some even think the market will only recover in 2017.
Turkey: Cr ore prices,
$/т CIF China
245
235
225
215
205
195
185
175
07 Aug
PL
E
255
28 Aug
18 Sep
40-42% Сr2O3 lumpy
09 Oct
30 Oct
20 Nov
46-48% Сr2O3 concentrate
ÃÃ Back to top
SA
M
Cancana Resources establishes new record
Last quarter, Brazil’s Cancana Resources exceeded its Q2 production record by more than XX times
putting out XX t of manganese ore (the manufacture peaked at XX t in August). Stock levels reached XX
t (up XX%). The average Mn content in the ore was XX% in Q2; the Q3 data have not been published so
far.
The increase was registered at Rio Madeira, the same as before. The upgrade was completed at Jaburi
in late summer. The plant’s annual capacity is to be expanded to XX t in 2016.
Sales reached XX t (XX t in the previous period).
Metal Expert | Ferro-alloys News ÃÃ Back to top
|
November 20, 2015
| 19 |
Nickel/manganese metal
China: EMM sellers try to lift quotes
Although trading is rather slow in China right now, some traders are showing interest in EMM purchases
in the spot market. As a result, prices have been increased. Specifically, those for the alloy (XX% Mn) have
added RMB XX/t on the bottom end of the range reaching RMB XX‑XX/t EXW, although sometimes prices
are quoted outside this range. According to the market insiders, demand is unlikely to pick up soon.
Export prices are unchanged from $XX‑XX/t FOB for the alloy (XX% Mn) and $XX‑XX/t FOB for the
alloy (XX% Mn). Sales are said to have declined.
China: offer prices for Mn lump and Mn flake,
$/t FOB
1 750
1 600
1 700
1 550
1 500
1 450
1 400
28 Aug
PL
E
1 650
1 650
1 600
1 550
1 500
11 Sep
25 Sep
09 Oct
Mn f lake (99,7% Mn), L
23 Oct
06 Nov
20 Nov
Mn lump (95% Mn), R
SA
M
ÃÃ Back to top
November 20, 2015
| 20 |
NICKEL/MANGANESE METAL
Nickel prices reach 2008 minimum
As of November XX nickel quotes on the LME dropped by XX% w-o-w to $XX/t, settlement. The
exchange stocks have dropped from XX t to XX t.
The decreasing trend continues amid the upturn in the US dollar cost, the decrease in the US industrial
production, and the concerns over the economic state of China and the slackening of nickel demand there.
China’s authorities are thought to be no longer able to support the economic growth of the country, so
the decrease in nickel consumption will likely be bigger than expected.
Next week, nickel prices will possibly come up. Profit taking will make them roll back to $XX‑XX/t. The
price trend is still not believed to reverse, though.
LME nickel price and stocks,
$/t, settlement/t
460000
PL
E
11300
455000
10800
450000
445000
10300
440000
435000
9800
430000
425000
9300
420000
415000
8800
10.09
410000
17.09
24.09
01.10
08.10
15.10
Price (L)
22.10
29.10
05.11
12.11
19.11
Stocks (R)
SA
M
ÃÃ Back to top
November 20, 2015
| 21 |
Prices
Prices in the world ferroalloys markets
Specifications
13.11.2015
20.11.2015
change, %
Silico-manganese
EU, domestic market, DDP
Silico-manganese, 16%Si, 65%Mn, $/t
Japan, import, СIF
USA, domestic market, DDP
India, export, FOB
India, export, FOB
South Korea, export, FOB
China, export, FOB
Ferro-manganese
Ferro-manganese, 78%Mn, EUR/t
Ferro-manganese, 6-7%С, 75-82%Mn, $/t
Ferro-manganese, 75-78%Mn, $/t
Ferro-manganese, 75% Mn, max 8% C, $/t
Ferro-manganese, 75-82% Mn, 6-7%С, $/t
Ferro-manganese, 75 Mn, $/t
Ferro-manganese, 75% Mn, $/t
Ferro-manganese, 78% Mn, 1,5% C, $/t
Ferro-manganese, 82% Mn, 1.5 %С, EUR/t
China, domestic market, ex-warehouse
Japan, import, СIF
China, export, FOB
India, export, FOB
SA
M
Manganese
PL
E
Silico-manganese, 17%Si, 65%Mn, EUR/t
Electrolythic Manganese, 99,7% Mn, $/t
China, export, FOB
Manganese metal, 95% Mn, $/t
China, export, FOB
Ferro-silicon
Ferro-silicon, 75-80%Si, EUR/t
Ferro-silicon, 75-80%Si, $/t
Japan, import, СIF
China, export, FOB
Chrome ore
Turkey, export, CIF China
Turkey, export, CIF China
Chrome ore, 42% Cr2O3, $/t
South Africa, export, CIF China
Chrome ore,44% Cr2O3, $/t
Ferro-chrome
Ferro-chrome, HC, 6-8%С, 65-70%Cr, $/lb Cr
Japan, import, СIF
November 20, 2015
| 22 |
PRICES
Specifications
Ferro-chrome, HC, 55%Cr, $/t
Ferro-chrome, LC, 0.06%С, 60%Cr, $/t
Ferro-chrome, LC, 0.1%С, 65-70%Cr, $/lb Cr
Japan, import, СIF
13.11.2015
20.11.2015
change, %
Ferro-molybdenum
Ferro-molybdenum, 60%Mo, $/kg Mo
Japan, import, CIF
Ferro-molybdenum, 60-70%Mo, $/kg Mo
Ferro-vanadium
Ferro-vanadium, 75-80%V, $/kg V
Ferro-titanium
Ferro-titanium, 70%Ti, $/kg Ti
Ferro-titanium, 70%Ti, $/kg Ti
Ferro-tungsten
Japan, import, CIF
China, export, FOB
SA
M
Ferro-tungsten, 75%W, $/kg W
PL
E
Ferro-molybdenum, 60-70%Mo, $/kg Mo
Specifications
EUR/$
Metal Expert | Ferro-alloys News Market, delivery basis
Bloomberg
ÃÃ Back to top
13.11.2015
20.11.2015
|
change, %
November 20, 2015
| 23 |
PRICES
World markets: monthly & quartely contract prices
Specifications
Contract period
Contract price
change, %
Manganese ore
Manganese ore, 48%Mn, $ dmtu
Australia, export, CIF China
Australia, export, CIF China
Silico-manganese
Russia, domestic market, excl VAT, DDP
Ukraine, domestic market, excl VAT, DDP
Ferro-manganese
Ferro-manganese, 75%Mn, EUR/t
Ferro-manganese, 82% Mn, 1.5 %С, EUR/t
Ferro-manganese, 78%Mn, $/t
Ferro-manganese, 78%Mn, $/t
Ferro-manganese, 88% Mn, 1.5-2 %С, $/t
Ferro-silicon
Ferro-silicon, 75-80%Si, EUR/t
Ferro-silicon, 45%Si, $/t
Turkey, domestic market, cif
EU, domestic market, incl VAT, DDP
Turkey, domestic market, cif
SA
M
PL
E
Silico-manganese, 17%Si, 65%Mn, EUR/t
Ferro-chrome
Ferro-chrome, charge, 6-8% C, 48-52% Cr, $/lb
Ferro-chrome, charge, 6-8% C, 50% Cr, $/lb
Japan, domestic market, CIF
Ferro-chrome, 6.5-8%C, $/t
Ferro-chrome, 0.1%С, 65-70%Cr
* - price of contract signed in the end of previous month with delivery in named one
Metal Expert | Ferro-alloys News ÃÃ Back to top
|
November 20, 2015
| 24 |
Metal Expert
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PL
E
Head of Ferro-Alloys Department:
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SA
M
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Ferro-alloysNews No.47 (239)

Transcription

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