Easter holiday keeps European antimony market stable

With many people still not back to office now, European antimony market kept quiet so far this week. Market participants expect price to remain stable at the current level.

A European trader disclosed that Chinese suppliers are offering material at USD5,800-5,850/t CIF Rotterdam for 99.65%min low bismuth antimony ingot, but the major consumers in Europe are asking for lower price at USD5,700-5,750/t. "It is impossible for us to do business at the moment," said the trader.

He holds that price will keep stable this week due to the Easter holiday, and drop by another USD50/t next week when all European people come back to work.

Another European trader confirmed the price of USD5,750-5,850/t CIF and in warehouse Rotterdam for 99.65%min standard grade two antimony ingot, and he said Chinese suppliers stopped offering because the of the Western holiday. Therefore, there is no change in the market this week.

Commenting on the future market, the trader believes antimony metal price willn' t drop to below USD5,700/t,  and stabilize at that level until summer holidays.

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Premier Wen: Market to further determine RMB exchange rate

The Chinese government would further allow the market to determine the RMB exchange rate and more flexibility to the RMB band, Chinese Premier Wen Jiabao said Wednesday.

Wen made the remarks during a speech at the fourth EU-China Business Summit held here, which attracted about 500 entrepreneurs from China and the European Union (EU).

However, the premier also emphasized China would improve the RMB exchange rate regime "in a proactive, manageable and gradual manner," with a view to gradually enabling capital account convertibility.

Some Western countries have been pressuring China to revalue its currency RMB at a faster pace, complaining the exchange rate is the cause of global economic imbalance and mounting trade deficits they suffer from.

The Chinese premier obviously has a different view on the issue. "Exchange rate is a cause, but not the sole decisive factor, for trade deficits," he said.

"Since the RMB appreciated, China has seen no dwindling exports, which is a testimony to the existing global industrial structure and the competitive advantages enjoyed by Chinese products," he added.

Wen said the RMB exchange rate against the euro is determined by the RMB to U.S. dollar rate and the U.S. dollar to euro rate in the international market, adding the recent plunge of U.S. dollar was the main cause of an appreciating euro.

The premier also emphasized the importance of "moderate" revaluation of the yuan.

"The moderate tunings of the RMB exchange rate have been a source of stability for the Chinese economy and businesses, as well as its neighboring economies," he said.

China discontinued the yuan's peg from the U.S. dollar on July 21, 2005. Over the past two years, the RMB has appreciated 11.9 percent against the U.S. dollar and 7.4 percent against the Japanese Yen.

The yuan's central parity rate was 7.3899 against one U.S. dollar and 10.9614 against one euro on Wednesday.

The Chinese government has proactively and steadily advanced reform into the RMB exchange rate regime. It widened the yuan's daily trading band against U.S. dollar from plus or minus 0.3 percent to 0.5 percent in May.
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Chinese yuan climbs to new high against USD,export business is difficile to work

China's Renminbi (RMB) climbed 101 basis points to break the 7.02 mark on Wednesday, with the central parity rate at 7.05 yuan against one U.S. dollar, according to the Chinese Foreign Exchange Trading System.

The yuan broke the 7.05 mark at 7.02 yuan against one U.S. dollar only last Thursday.

This was the 68th new high the yuan has hit since the beginning of this year, up more than four percent accumulatively.

The accumulative appreciation since July 21, 2005, when China discontinued yuan's peg to the greenback, has exceeded 8.3 percent.

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RMB Exchange Rate Might Appreciate by 5% in 2007

The exchange rate of Renminbi, the Chinese currency, is expected to appreciate by some five percent to one U.S. dollar for 7.44 yuan, according to Xinhua Economic Analysis Report released Monday.  

The report projected that the pace of RMB appreciation would befaster in the first half of 2007 than in the second half.  

Xinhua Economic Analysis Reports are regular products by a teamof more than 80 economic analysts under Xinhua Economic Information Department. The latest issue of the reports reviewed the country's ten key indices in the economic and financial sectors and made projections on possible changes in the coming year.  

In 2006, the value of the RMB rose 3.28 percent against the dollar, with an accelerating trend from 0.66 percent in the first quarter to 1.15 percent in the fourth. The central parity price closed at one U.S. dollar for 7.8141 yuan, the lowest of the year.  

The report held that the short-term RMB exchange rate will be influenced by the fluctuation between the dollar and other currencies, but in the long run, it depends on the progress of China's exchange rate reforms. Stable appreciation in small steps is generally expected.  

Earlier in December, China's State Information Center predicteda three-four percent appreciation of the yuan in 2007, while the Bank of America and Deutsche Bank expected a rise of four-six percent and 4.5 percent, respectively.  

China's foreign exchange policy is in line with the pace of China's economic development and the daily floating band is enoughto allow sufficient appreciation of the RMB, according to Chinese economist Fan Gang.  

However, some economists argued that the appreciation of the RMB is a double-edged sword, as it will make Chinese exports more expensive and therefore reduce export volume. Some export-driven small and medium companies may not be able to survive and have to lay off employees.  

"If China were coerced into really large appreciations of the RMB, it could face the same deflationary fate as Japan in the 1980s and 1990s -- and all this without reducing its trade surplus," said Ronald McKinnon in an article published Wednesday by The Wall Street Journal.  

Zhou Xiaochuan, governor of the People's Bank of China, said that there was no timetable for a further widening of the daily floating band between the RMB and the U.S. dollar.  

China raised the value of yuan by two percent to 8.11 per U.S. dollar and started linking it to a basket of currencies on July 21of 2005, and allowed it to move 0.3 percent above or below the parity rate against the U.S. dollar.  

The continuing appreciation of the RMB, a slowing world economyand the end of some tax rebates will reduce China's export growth to 20 percent year on year in 2007, the report predicted.  

From January to November of 2006, China's exports increased 27.5 percent over the same period in 2005.  
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Malaysia starts to build its first Magnesium smelting plant

The ground breaking work of Malaysia's first magnesium smelting plant started in Malaysia's northwestern state of Perak on Tuesday, which is expected to produce 900,000 tons of magnesium each year by 2010.

The 180 million-ringgit (54.5 million-U.S. dollar) plant is being constructed in Kamunting Raya Industrial Park by Commerce Venture Magnesium, a subsidiary of Ho Wah Genting Bhd.

Malaysia's national news agency Bernama said that the project was also the first one of such in Southeast Asia.

The plant is expected to come into production by the end of this year. Under the first phase, it will have the capacity to generate 15,000 tons of magnesium per annum.

Upon completion by 2010, it would have the capacity to produce 900,000 tons of the metal per annum. – Xinhua

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India: Antimony rises on increased demand

Copper prices improved between Rs 3-5 a kg in the non-ferrous metal market here on Monday on fresh buying by consuming industries, influenced by higher advices from London Metal Exchange. Marketmen said fresh buying by consuming industries in the wake of better advices from London Metal Exchange led to rise in copper prices. Rs 3 and Rs 5 to Rs 350 and Rs 375 traded copper wire scrap and copper super d rod higher per kg respectively. Copper wire bar and copper mixed scrap also gained Rs 3 and Rs 5 to Rs 370 and Rs 330 while C C rod traded higher at Rs 360 from Rs 357 per kg respectively.

Following were today's quotations per kg (in Rs): Tin ingot 860, zinc slab 150.00 zinc dross 130.00, nickel plate (4x4) 1410-1485, (9x9) 1415-1490, (4x24) 1425-1495, cadmium plate 445, Rod 430, antimony (china) 285, gun metal scrap 252, bell metal scrap 250, copper wire scrap 350, copper super d rod 375, copper wire bar 370 copper mixed scrap 330, C C rod 360, Utensil scrap 315, Mixed scrap 308, Chadripital 245, brass sheet cutting 240, bullet scrap 258, bharat scrap 250, accessories scrap 253, brass bo ring 235-245, brass radiator scrap 225 and huny scrap 250.

Lead ingot 115, Lead imported 150-152, Aluminium ingots 132, sheet cutting 127, aluminium wire scrap 122 and Aluminium utensils scrap 117. – PTI

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China's efforts to slash mineral exports pay off in 2007

China's efforts to curb heavy outflow of non-renewable mineral resources from the country have paid off.

According to the General Administration of Customs, last year China exported 120 million tons of 142 sorts of mineral resources in five categories, including non-metallic ores, metallic ores, mineral fuels, silicon and rare earth, representing a decline of 16.6 percent from the previous year.

The exports were valued at 12.6 billion U.S. dollars, up 2.8 percent. Prices of the mineral exports rose 23.2 percent on average.

Of the total foreign sales, mineral fuels accounted for 72.28 million tons, down 14 percent, and non-metallic ores made up 51.15 million tons, down 20.4 percent.

Since the second half of 2006, China has intensified control over export of mineral resources. It discontinued export rebates for almost all kinds of mineral resources and began to levy export duties of five percent to 15 percent on metallic ores that were in dearth at home and on coal, coke and some other mineral products.

However, 60 kinds of mineral products saw export reverse the downward trend. Their combined export volume amounted to 48.8 million tons, up 43.4 percent, the customs sources said. – China Mining

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Straits Resources to start major antimony mining operation

A major antimony mine, which represents around 10% of the world output, starts operation soon in Southeast Australia.

Straits Resources completes around A$ 30 million development for Hillgrove mine and processing plants in March starting commercial operation.

The firm pumps up the operation to full capacity as early as middle of 2008. – Japan Metal Bulletin

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Antofagasta to reduce molybdenum output by 33% in 2008

Chilean major copper producer, Antofagasta plans to reduce the molybdenum output by 33% for 2008 from 2007, when the firm increased the output by 4% to record 10,200 tonnes from 2006.

The firm estimates the output decreases to 6,800 tonnes in 2008 due to lower grade ore.

Demand for molybdenum is expected to remain strong, driven by the continued demand from both the steel and catalyst sectors, Antofagasta said, although supply growth in 2008 is expected to be limited. – Japan Metal Bulletin

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Manganese a quiet achiever in the iron boom, but the noise is about to start

Manganese producers

THE demand and price surge for iron ore in response to the annual global production of steel climbing to more than 1 billion tonnes for the first time is well understood.

Not so well understood is that it takes more than iron ore to make steel and that in many cases, the demand and price performance of the metals that give the full range of steel products their special properties has been as good, if not better.

Manganese is a case in point. It has gone ballistic thanks to increasingly tight supply/demand fundamentals, with power shortages in South Africa being the latest scare for steel makers who, on average, consume about 6 kilograms of the stuff for each tonne of carbon steel they produce.

Compared with the iron ore market, the seaborne trade in manganese is tiny – about 16 million tonnes a year – but mining the stuff can be hugely profitable.

BHP Billiton supplies about 15% of the world's total supply and in the December half-year, booked an underlying earnings before interest and tax result from the business of $US431 million.

Australia has two other producers – Consolidated Minerals and OM Holdings.

Ukrainian billionaire Gennadiy Bogolyubov saw what was coming and outbid everyone for ownership of ConsMin earlier this year. He ended up paying $1.3 billion – more than double the opening $625 million bid from Brian Gilbertson's equity house Pallinghurst.

Bogolyubov got a bargain. Since the takeover, contract prices secured by BHP for manganese ore have rocketed from $US2.70 a metric tonne unit in 2007 to a heady $US11.20/mtu. That is why OM's market capitalisation has grown hand over fist to more than $600 million.

All that is very interesting, but the manganese boom is still not a headline grabber. Garimpeiro's tip is that it won't be quiet for much longer, with punters set to turn their attention to the clutch of manganese explorers that offer leveraged exposure to the boom.

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GSI discovers Bauxite, Manganese mines in Orissa

While addressing the Parliament today (March 11), Subbarami Reddy, Minister of State for Mines stated that Geological Survey of India (GSI) has discovered new deposits of Bauxite & Manganese with 1.97 million ton ( Mt) and7.20 Mt of resources respectively in the State of Orissa.

He said the Iron Ore has also been discovered in the States of Karnataka (8 Mt) and Tamil Nadu (14.03 Mt).However Graphite was discovered in Tamil Nadu (0.76 Mt).

The other major mineral discoveries by GSI are: Gold deposits in Rajasthan, Jharkhand and Karnataka; Basemetal (copper, lead, zinc) in the States of Rajasthan, Maharashtra and Madhya Pradesh; Platinum Group of Metals in Karnataka; Limestone deposits in the States of Meghalaya and Tamil Nadu and Clay in Kerala. – Myiris

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Adhunik Metaliks to sell Orissa Manganese stake to PE funds

Kolkata-based steel manufacturer Adhunik Metaliks is in talks with private equity players for picking up stakes in its wholly owned subsidiary, Orissa Manganese & Minerals.

According to Adhunik Metaliks Managing Director Manoj Agarwal, the deal will be concluded in the next one month following which the promoters can dilute 10-11 per cent stakes in the company.

Orissa Manganese & Minerals has six manganese ore mines and one iron ore mine.

"The iron ore mine has reserves of 80 million tonne and will start production by June-July 2008," said Agarwal.

Adhunik acquired the company for Rs 60 cr in April 2007.

The mines don't have captive clause and the manganese and iron ore can be sold in the open market to various end users.

The company has mining rights of 15 million tonne for its manganese reserves.

Adhunik Metaliks has lined up its third phase of expansion, which entails forward and backward integration to increase its earnings before interest, taxes, depreciation and amortisation (EBITDA) from 18 per cent to 26 per cent.

The third phase would be completed by October 2009, but the benefits would kick in by the end of 2008-09, he said.

Adhunik will be closing its current financial year with a profit after tax (PAT) of Rs 96 crore, which is expected to increase to Rs 176 crore in 2008-09.

The investment in the third phase will be Rs 422 crore, of which debt will account for Rs 274 crore.

The expansion plans include raising the sponge iron capacity from 150,000 tonne to 315,000 tonne, setting up a captive power plant of 17 mw and a Sinter plant to use the fines.

He said raw material accounted for 80 per cent of the companies expenditure, which was expected to come down to 40-50 per cent after the expansion plans were implemented. – Business Standard

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Antimony market summary Mar 10-14

Antimony market has been in decline during the week due to weak demand. Although some major smelters still hold offers of RMB40,500-41,000/t (USD5,704-5,775/t) ex works, few deals were reportedly concluded at such prices. Some dealers and consumers reported that they mananged to purchase the material at RMB39,300-39,800/t (USD5,535-5,606/t) ex works, RMB500-600/t (USD70-85/t) lower than the price seen the previous week.

Meanwhile, small smelters in Lengshuijiang, Hunan also lowered offers to a level below RMB37,000/t (USD5,211/t) VAT excluded to attract buyers. Some smelters who stocked considerable quantities of antimony ingot in February were eager to sell and reportedly close transactions at RMB36,700-36,800/t (USD5,169-5,183/t) VAT excluded for grade-one antimony ingot and RMB300-400/t (USD42-56/t) lower for standard grade-two material.

Antimony trioxide market also experienced a significant decrease in the week. The concluded prices of the material declined to RMB36,200-36,500/t (USD5,099-5,141/t) ex works from RMB36,500-37,000/t (USD5,141-5,211/t) ex works seen the previous week. As demand keeps low, producers and dealers found it even hard to sell at prices above RMB36,800/t ex works for some materials with famous brand.
The export market for antimony ingot and trioxide kept quiet. Affected by the export restrictions on antimony products, large-scale smuggling is encouraged. State-owned exporting enterprises have great difficulty in exporting antimony ingot. They have to quote as high as USD6,000/t FOB if they purchase at prices over RMB40,000/t (USD5,642/t) ex works from domestic smelters. However, overseas buyers reported that they received offers of USD5,650-5,750/t CIF Rotterdam
In line with the softening market domestically, the export price of antimony trioxide also slid down a little bit. Materials with famous brand were offered USD5,200-5,250/t FOB, USD150-200/t down compared to the previous week. Meanwhile, some traders reported that foreign buyers refused to accept their offer of RMB5,100/t (USD719/t) FOB.

 
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Sam Xu (Suzhou office manager)
Add: 109 room.5th Unit.32nd Block Fengyi New Village,Suzhou Industrial District,Suzhou City,China.
Tel/Fax: 86-512-62573306
Mobile: 13929211059 13401441530
Http://www.jiefu.com
Blog: http://masterbatches.blogspot.com
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European antimony market weakens further

Believing antimony market should be balanced in the range of USD5,000-5,500/t, European market participants expect antimony metal price to fall further.
A consumer told Asian Metal that the offers of antimony is at around USD5,600/t CIF Rotterdam, and he thinks price will continue to fall as the consumers are not buying at high price. Moreover, the reason for the higher prices is the bad weather and holiday, and now the problems are already solved, so production in china is back to normal.
He takes that the antimony price should frustrate in the range of USD5,200-5,600/t, which can satisfy the Chinese supplier and not drive the consumer of antimony trioxide away. "Market will always be balance as the result of demand. If the price is too high, then the end-users will switch to alternatives."
A trader source disclosed that Chinese offers are in the range of USD5,700-5,900/t CIF Rotterdam; prices decreased in the last few weeks, but demand remains weak that the consumers are not interested in buying.
The source is confused by the current market. He holds that there is little material in warehouse Rotterdam, plus Chinese and European currency are appreciation against USD, however, the price of antimony kept in the range of USD5,000-5,500/t in the passed year and it falls back to the level every time Chinese suppliers tried to push the price to USD6,000/t. "The European consumers did a good job to keep the price down," said the source.

 
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Sam Xu (Suzhou office manager)
Add: 109 room.5th Unit.32nd Block Fengyi New Village,Suzhou Industrial District,Suzhou City,China.
Tel/Fax: 0512-62573306
Mobile: 13929211059 13401441530
Http://www.jiefu.com
Blog: http://masterbatches.blogspot.com
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Manganese ore market summary Mar 3-7

Chinese manganese ore market is promising, and the concluded price of the material remains high.
The offers of Australian lumpy manganese ore 45% is at RMB103-105/dmtu ex ports, Australian lumpy manganese ore 48% at about RMB115/dmtu ex ports, Gabonese lumpy manganese ore 48% at RMB110/dmtu ex ports and South African lumpy manganese ore 47% at RMB98-100/t ex works. And market participants generally believe the price of the material will not go down due to the shortage of the material in the global market.
Buyers reported to Asian Metal that the concluded price of Australian lumpy manganese ore 45% is at about RMB100/dmtu ex ports, Australian lumpy manganese ore 48% is at about RMB110/dmtu ex ports and Australian manganese ore 49-50% at RMB103/dmtu ex ports, Gabonese lumpy manganese ore 48% at RMB105/dmtu ex ports and South African lumpy manganese ore 47% at RMB96-98/t ex works.
Market participants generally think the price of the material will not retreat in the coming days, but markup will not be too much as the price of the material is already very high.

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European magnesia market holds stable

Since the middle of last year, magnesia price started to rise due to the increasing power tariff in China, and now foreign buyers claimed that market is stabilizing and price had not changed much for the last few weeks.
A European consumer who buys over two thousand tones 97.5%min fused magnesia every year disclosed to Asian Metal that their current purchase from China are in the range of USD520-525/t FOB China, or USD650/t CIF major European port, which had stabilized currently for the last several weeks.
The source complained that the price for raw material is increasing fast and magnesia price almost doubled compared to the price a year ago. "But I have no other choice but to accept the higher prices as there is no effective alternatives, and the prices for other raw material increased too," said the source.
An Eastern European consumer's last purchase of magnesia was a couple of weeks ago at USD375/t CIF European port. He purchases a few thousand tones of 90%min dead burn magnesia every year, and claimed that price had not changed in the last two weeks
According to him, business has been difficult in the last few months as the European economy is slowing and consumers are buying less material from him. Due to the weak demand for the downstream product, the source is buying less from China and holds that magnesia price may keep stable for that reason.
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Antimony market summary Mar 3-7

The antimony market moved slowly during the week, with few deals concluded for both antimony ingot and trioxide. Although a few Chinese antimony suppliers hold positive expectations towards the future market, most participants believe that the market is due to calm down or even experience a slight drop with more smelters resuming production.
As many suppliers and buyers anticipated, concluded prices for antimony ingot have fallen to RMB40,300-41,000/t (USD5,668-5,767/t) ex works during the week. While some optimistic suppliers hold that the market will not drop further, other suppliers, in view of the slowly increasing supply, believe that the market will continue to go down slowly.
The antimony trioxide market also experienced slow business. Although Chinese suppliers managed to closed deals at higher prices in the past two weeks influenced by the increased production cost, they found it hard to persuade buyers to place orders at prices higher than RMB37,000/t (USD5,204/t) ex works as the antimony ingot prices started to move down
European buyers reported offers of USD5,800-5,900/t CIF Rotterdam or USD5,900-6,000/t in warehouse Rotterdam for antimony ingot. Most market participants believe that the price will keep sliding down. Meanwhile, the antimony trioxide market is also expected to be slow down as antimony ingot prices are in a decline.
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Tin market summary Mar 3-7

Supported by softening US dollar, the bullish movement of oil and precious metals and the strong speculative buying from funds, tin market strengthens further and broke through USD19,000/t on LME during the week. In the sight of the blooming tin market on LME, Chinese participants are also optimistic about the outlook of tin market in the near term, setting the next target at RMB160,000/t in the coming weeks.
3-month tin has been on the record-striking road on LME since last week, and it rose further to hit new highs early this week. With the US dollar weakening, people put more money into commodity market, promoting metal prices rising strongly. Following the bullish movement last week, 3-month tin rose strongly from USD18,750/t last Friday to USD18,950/t this Monday and up further to USD19,050/t and hit all-time high of USD19,375/t on Tuesday. Supported by the strong sentiment among participants, the concerns on tin supply in China and Indonesia, the first two largest producers and the sinking tin inventory in the warehouses of LME, 3-month tin crept up to USD19,250/t on Wednesday. It retreated slightly to USD19,150/t on Thursday, though it ever hovered at the high level of around USD19,350/t early Thursday. The metal still kept stable at USD19,150/t on Friday.
However, most participants do not think that the bullish market will come to an end in the near term. They predicted that 3-month tin will reach the target of USD20,000/t on LME soon, as the tightness of tin ingot supply from Indonesia has not been eased completely. Though the demand from consumers slows down on the rocketing prices, it has not been strong enough to cool down the current bullish market so far.

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Bismuth market keeps going up

Bismuth market keeps going up as price increase neglected consumers unhappy faces USD13-14/lb to hit a new record of around, climbing above it previous record of around USD12.50-13.50/lb.
Participants believe the price may reach around USD15/lb by next week as demand is coming and suppliers were quoting at around USD13.50/lb which left sellers in Europe no choice than to increase their own price too
A U.K trader who claimed deals at around USD14/lb, 50 cent higher than her last deal nodded to the views that price is going towards a new record of around USD15-16/lb since consumers are accepting the price and the bullish market is on for a long stay
"I have not seen signs mirroring a sinking price," said the source. "Suppliers are playing their games very well, for that reason, price may likely break through USD20/lb before sliding.
And in US, sources reported offers at above USD15/lb from Chinese suppliers and they are selling at around USD14.50/lb with one of the trader sources saying that Chinese are asking high prices which will bring about the disappearance of some consumers again from the market

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Zinc concentrate market goes slowly

Zinc ingot market remains weak in China, and zinc concentrate market also goes slowly. Considering the price to rise further, some mines are still reluctant to sell zinc concentrate, while smelters also only purchase with small quantities.
A Shaanxi-based smelter disclosed that they just purchased a batch of zinc concentrate 50%min at around RMB13,000/t (USD1,828/t) delivered to its warehouses from a Henan-based supplier late last week. "As zinc price drops by RMB600/t (USD84/t) this Monday, some suppliers decreased their offers to about RMB12,700/t (USD1,786/t) in local market," said the source
The source reported that as zinc smelters hold large stockpiles of zinc ingot on hand, they are unwilling to purchase raw material with large quantities, in view of capitals turnover. Additionally, some mines think zinc concentrate price may continue to rise further, so they hold on for higher prices. However, the source said the supply of zinc concentrate is still relatively abundant, so it is difficult for the price to rise sharply in the following days.
A zinc mine with a monthly output of 5,000t in Inner Mongolia disclosed that they received more inquiries recently, but concluded deals were still limited. The source offered zinc concentrate 50%min at around RMB12,800/t (USD1,800/t) delivered this Monday, down by about RMB500/t (USD70/t) compared with that last Friday
The source analyzed that the supply of zinc concentrate is comparatively abundant in North China, while the tight supply is seen in zinc concentrate market of South China. "Zinc concentrate price in North China is about RMB500-1,000/t (USD70-141/t) lower than that in South China," said the source, explaining that most mines are still out of production in South China. Looking ahead, the source thinks zinc concentrate price may keep stable for a while and the market trend in long term still depends on the direction of zinc ingot market.
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