Origin: China
Price: FOB USD6250 /MT
Loading Port: HUANGPU
Specifications:
Standard: 99.65%MIN
Packing: 1000KG EACH
Date Posted: 31 October 2008
Price and availability subject to confirmation.
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Origin: China
Price: FOB USD5250 /MT
Loading Port: HUANGPU
Specifications:
Standard: 99.5%MIN
Packing: 25KG BAG
Date Posted: 31 October 2008
Price and availability subject to confirmation.
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Origin: China
Price: FOB USD3000 /MT
Quantity(MT): 5000
Specifications:
99.9%min
7.5l/kg each
Cargo at loading port
Date Posted: 31 October 2008
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Origin: China
Price: EXW ROTTERDAM USD2842/MT
Quantity(MT): 120
Loading Port: ZHANJIANG
Specifications:
Mn: 75% min
C: 2% max
Si: 1.5% max
P: 0.3% max
S: 0.03% max
Size: 10-50mm 90% min
Packing: in 1MT big bags
Date Posted: 31 October 2008
Price and availability subject to confirmation.
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Origin: China
Price: EXW ROTTERDAM 2660/MT
Quantity(MT): 180
Specifications:
Mn: 80% min
C: 0.5% max
Si: 1.5% max
P: 0.2% max
S: 0.03% max
Size: 10-100mm 90% min
Packing: in plastic woven bags of 1MT each
Date Posted: 31 October 2008
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Origin: China
Price: FOB USD24/lb/Mo
Quantity(MT): 20
Loading Port: XINGANG
Specifications:
Mo 51 % min
S 0.5% max
Cu 0.5% max
C 0.1% max
P 0.1% max
Size: 0-4mm 90% min
Date Posted: 31 October 2008
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Quay Magnesium Limited (ASX:QMG)(PINK:QYMGF) has formed a European sales and marketing company, Quay Magnesium GmbH.
The largest global market for magnesium alloys is the European Community (EU), with the greatest concentration of users in Germany. To continue to service and grow this substantial market, Quay will have sales and technical support for our customers based in Germany to service all EU countries as well as Norway and Switzerland.
A joint venture company has been formed (Quay 51%) with Aage GmbH a company owned by Professor Dr Dr Friedrich Klein. Professor Klein is an experienced and well known identity in the European magnesium casting industry. He currently leads the European Magnesium Research Organisation, EFM. Quay is pleased to partner with Professor Klein to establish this new entity and continue to grow Quay's European customer base.
The registration of chemicals imported into the EU is governed by a protocol known as REACH. Under this protocol importers and users of chemicals must meet certain compliance and registration standards. In Quay Magnesium's case, this includes its magnesium alloy product.
This requires Quay to have an entity in Europe and the establishment of this new company will ensure Quay continues as a reliable, registered supplier to EU customers.
About QUAY MAGNESIUM LIMITED
Quay Magnesium Limited (ASX: QMG) is an Australian owned publicly listed company with its alloying production plant in Nanjing, China. Our company produces a range of high performance magnesium alloys that are targeted for use in the automotive and electronics industries where light-weight applications are a growing world wide trend.
Through advanced production techniques, strict product quality control and close collaboration with customers, Quay's superior refining technology and highly experienced team ensure the production of high quality alloys. – Press Release
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It is reported (Wednesday) that, domestic magnesium ingot price drops by CNY 500 per tonnes as a whole. 99.9# ex factory price in Shanxi's Wenxi stays at CBY 21,000 per tonnes to CNY 21,800 per tonnes.
As per report, in Yulin area in Shaanxi, it is offered at the same price, while in Ningxia, the price in mainstream enterprises lingers at CNY 21,200 per tonnes to CNY 22,000 per tonnes. In Henan's Hebi, 99.95% high purity magnesium ingot price stands at CNY 31,000 per tonnes.
The FOB price of 99% magnesium ingot at China's ports remains at USD 3,700 per tonnes to 3,800 per tonnes. – MySteel.Net
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Shanghai. October 31. INTERFAX-CHINA - Domestic zinc prices on both spot and futures markets may stay between RMB 7,000 ($1,024.89) and RMB 8,000 ($1,171.30) per ton next year, on the back of a large market surplus as well as low consumption growth, an official with Shanghai-listed Zhuzhou Smelter Group Co. Ltd. said at an industry conference on Oct. 30.
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According to sources from China's Ministry of Commerce, molybdenum export quotas for 2009 have been cut by 3%. Some market insiders think that 70% of export quotas would be distributed to molybdenum oxide and ferromolybdenum.
A trader from Northeast China said that there were still some quotas unused, and in general, market quotas would take up 60% to 70% this year. He said that "I don't think small cut of export quotas will influence much, and I believe demand is unlikely to grow remarkably next year, given the global economic recession and financial crisis. However, this year, molybdenum producers hope to have more export quotas."
A producer complained that "we have not profited hugely this year since we have only expand exports in recent two year. Now the quotas have been exhausted but there are still two months left, so we hope to get a bigger market share next year."
China has released its quotas for molybdenum products in 2008 and restricted exports of low grade products, including molybdenum oxide and ferromolybdenum. Totally 34 producers and traders have been licensed for the exports. In the meantime, molybdenum export price has been declining since this week. At present, the FOB price of molybdenum is quoted at USD 72 per kilogram to 73 per kilogram, but there are hardly any enquiries. Molybdenum oxide price stood at USD 30.5 per kilogram previously, but now it only lingers at USD 28 to 28.5 per kilogram. – MySteel.net
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Although Chinese suppliers raised antimony prices, the European consumers are not answering. European traders reported to Asian Metal that the market remains quiet.
A European trader received offers of 99.65%min standard grad two antimony ingot at around USD6,500/t CIF Rotterdam, and the low bismuth material is quoted at USD50-100/t higher. According to him, the price for material in warehouse Rotterdam is about the same prices. He had not sold any thing in the last two weeks, because the consumers are not
He believes that the consumers will not place big orders before the end of the year or beginning of next year. "Economy is pretty bad that the demand of plastic and steel is very weak, so major consumers would not buy large volume at the moment," said the source.
AAnother trader source confirmed the price at USD6,500-6,600/t CIF Rotterdam; he thinks the prices are not reflecting the real market because there is no demand in the market. "We received a few inquiries, but they are not real demand; some people are checking prices," the source remarked.
He takes that the economy is past the panic stage and consumers may start to buy some material soon. "Many people only see the bad things in the last few weeks, and the panic caused more disasters. Now, the panic passed, and we need to rebuilt confident."
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Currently Chinese vanadium market keeps quiet with the price in the range of RMB125,000-130,000/t (USD36-37/kg) for ferrovanadium 50% and RMB115,000-125,000/t (USD7.61-8.27/lb) for vanadium pentoxide flake 98%.
AsiA Sichuan-based producer with a production capacity of 150tpm reported that at present Chinese vanadium market remains quiet with few deals concluded. According to the source, although some offered above RMB130,000/t for ferrovanadium 50%, few deals were concluded in domestic market.
"The main problem is there is no demand in the market, so no matter what the offers are, it is still difficulty for us to sell materials," said the source. The smelter has suspended production since early this month.
The source heard that a major Chinese producer sold 20t of ferrovanadium 80% at USD46/kg d.u.in warehouse Rotterdam last week. "I think this week the price of the material will go down to below USD45.0/kg d.u.in warehouse Rotterdam," said the source. "European buyers prefer to purchase vanadium for prompt delivery rather than those materials for prompt shippment."
A Shaanxi-based producer with the current output of 100tpm confirmed the weak demand in the market. Although the source offered RMB120,000/t (USD7.94/lb) for vanadium pentoxide flake 98%, they concluded no deals recently. "The market seems to be more stable than that of a week ago, but I think the market will continue to go down in the near future due to the low demand," said the source.
The source added that they offered USD10.0/lb CIF Rotterdam for vanadium pentoxide flake 98%, but they has no new orders from foreign buyers.
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SINGAPORE, Oct 28 (Reuters) - Metals markets resumed their downward slide on Tuesday, with London copper tumbling 4 percent, zinc dropping more than 7 percent and Shanghai copper hitting its 5 percent downside limit.
London Metal Exchange copper for delivery in three months fell 4.5 percent to $3,840 a tonne at 0114 GMT after jumping 6.5 percent on Monday following strong U.S. homes sales data. Zinc hit $1,100 from $1,185 from Monday's close.
Shanghai copper dropped by its 5 percent limit to 30,910 yuan, its lowest since June 2005 and second day of maximum falls.
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A freefall in the nickel price from record highs above $50,000 a tonne is set to continue into next year, with the industrial metal likely to plunge well below $10,000 as a global economic downturn bites. But faced with slumping demand from steel mills and new mining projects coming on stream, producers will come out fighting and slash output further to provide a price bounce.
Nickel 3-month contracts in London were trading around $10,100 a tonne on Wednesday, down 80 percent from the all-time high of $51,800 hit in May 2007, and pushing the market to below break-even level for some miners. "At current prices some 50 percent of the nickel industry is losing money - it is not a sustainable situation," said Richard Knights, an analyst at Numis Securities.
"It is all about timing and how quickly operations shut down." The chill wind of recession is to blame for the plunge in nickel prices since 2007, but before the drop, many companies gave new developments the green-light in an attempt to keep up with high demand and record prices. Projects included Vale's massive Goro mine, due to start operating in late October or early November.
At full capacity, the New Caledonia project should yield 60,000 tonnes of nickel a year. Industry estimates put 250,000 tonnes of nickel coming onto the market in the next two years. LME nickel stocks are currently near its highest level since May 1999 and stand at over 55,470 tonnes -- suggesting a large surplus. Royal Bank of Scotland research this month said world finished nickel production was 1.434 million tonnes last year and forecast to fall to 1.415 million tonnes in 2008.
The RBS analysts added that consumption was 1.337 million tonnes last year and forecast to be 1.4 million this year -- an implied surplus of 97,000 tonnes and 15,000 tonnes respectively. The record nickel price triggered substitution by stainless steel mills to lower grade and cheaper alternatives. "On demand, it's difficult to be upbeat about prospects," said Neil Buxton, managing director at GFMS Metals Consulting. "Once a metal has lost market share, it rarely regains it." Average production costs are estimated at $10,500-$11,000 a tonne, and around $15,000 for the highest cost producers. And although priced in dollars, which has recently risen against currencies such as the Australian dollar, nickel producers in those countries won't be shielded from the downturn forever.
"Nickel producers can be forgiven for feeling somewhat schizophrenic about the outlook for their industry," RBS said. "Not so long ago they were enjoying a price environment beyond the dreams of avarice... But now the producers lurk in the shadows... Nickel remains besieged on all sides." CUT ABOVE THE REST But nickel producers are coming out fighting, slashing production to tackle low prices and the wider market slowdown. This week Canada's First Nickel Inc said it suspended production at its Lockerby Mine and cut some 150 jobs.
BHP Billiton Ltd shut down its 100,000 tonne per year Kalgoorlie smelter for four months of repairs during the summer, while Xstrata Plc temporarily suspended operations at its Falconbridge dominicana mine. And despite Chinese economic growth falling below 9 percent in the third quarter, Stephen Barnett, president of the Nickel Institute, remains upbeat on demand. "If that economy continues to grow at the 8-10 percent level, then that drives demand," he said. Barnett, whose institute represents about 85 percent of the nickel industry, also said the threat to prices brought on by more production coming onto the market is overplayed.
"The reality is that it takes 3-5 years to get it up to capacity usually... It will be very unlikely that you're going to get an additional 50-60,000 tonnes appearing on the market," he said. Greener environmental policies from governments will also boost demand, Barnett added, with wind turbines, nuclear power plants and hybrid vehicles all using nickel. "The long-term demand and strength is there," he said. "What you've got is one of those standard ups and downs -- that's called market forces."
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China's steel industry faces a "cost crisis," as dropping demand for steel drives prices below the cost of raw materials, a senior adviser to the China Iron and Steel Association (CISA) said on Friday.
Spot iron ore prices have dropped below term prices for the first time in years, as steelmakers bank blast furnaces to avoid producing steel for a higher cost than they can sell it.
"Chinese steel mills are facing a cost crisis. Almost all Chinese mills are suffering losses on the basis of current steel prices and long-term iron ore prices this year," Wu Xichun told an industry conference in the Chinese port city of Qingdao.
"The financial crisis just started to impact the global industry. Metal demand is sliding seriously globally, as people lose confidence."
Wu said iron ore suppliers should also make efforts to overcome the crisis in the steel industry, in order to avoid demand slumping for iron ore.
Wu's comments came one day after another CISA executive, Shan Shanghua, said China's steel industry would seek a unified annual iron ore price from Brazilian, Australian and Indian miners in 2009 pricing negotiations.
Miners and steel mills are gathered in Qingdao, a port city in eastern China, in a conference which is considered the informal start of annual negotiations for next year's long-term contracted iron ore prices.
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Brazil's Vale, one of the world's top three miners, said on Friday that Chinese demand for metals was down sharply but that it wouldn't ship iron ore without a 12 percent price increase.
"Chinese demand is much weaker; there are cuts in steel production there," Fabio Barbosa, chief financial officer, said on a conference call with investors.
Global demand for metals and minerals would weaken further in coming months due to the deepening of the global financial crisis, he said.
"We now face a new global scenario," Barbosa said.
But Vale would not ship iron ore to China without obtaining a 12 percent price increase, which the Chinese have been refusing to pay, Barbosa said.
China is Vale's main market for iron ore and pellets.
Vale would wait for its competitors to sell iron ore cheaply now but expected higher-cost producers to disappear from the market soon.
"Some inefficient suppliers will be out of the market in a few months, next year we'll renegotiate the price in a new environment," Barbosa said.
The company announced net profit on Thursday of $4.8 billion, up 64 percent from the same period last year, on record gross revenues and iron ore sales.
The world's biggest iron ore producer could hold out for a while, said Chief Executive Officer Roger Agnelli.
"We are not pressed to sell our products at any price," Agnelli said.
Agnelli expects a very deep recession of 6-10 months and Barbosa said Chinese demand should begin to recover in the first half of 2009.
"Long-term fundamentals are strong, we are in a pause," he said.
Agnelli said the company is reducing production at some high-cost operations, including a 20 percent cut in nickel output at its Indonesia unit as well as a 65 percent reduction in activity at the company's Dalian processing unit in China.
"We are shutting down our diesel generators in Indonesia, where we are at full capacity, and we will run on hydroelectric. In Dalian, in China, the market practically disappeared," Agnelli said in a news conference on Friday.
Agnelli added that the company would also suspend purchases of iron ore from third party suppliers until world demand improved.
The economic downturn also provided opportunities, Agnelli said.
"Certainly in the future we are going to see a lot of depreciated assets that we can analyze to see whether they fit to our strategy," Agnelli said.
"If it adds value to our shareholders, we are ready to move," he said, adding that acquisitions were currently not a priority for the company.
The company denied rumors this week that it was preparing a renewed proposal to buy a stake in Swiss rival Xstrata.
Vale shares closed down 5.36 percent on the Sao Paulo Stock Exchange, at 22.05 reais on Friday.
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Russian firms Gazprom and United Company RUSAL signed deals on Monday to participate in natural resources projects in Vietnam as the Kremlin aims to triple annual trade between the two countries to $3 billion.
Russian President Dmitry Medvedev presided over the signing of the deals, which will involve Gazprom exploring for oil and gas off the Vietnamese coast, during the visit to Moscow of his Vietnamese counterpart, Nguyen Minh Triet.
"The negotiations confirmed the framework for strategic partnership between Russia and Vietnam," Medvedev said after the meeting.
Russia still enjoys close ties with Vietnam formed during the Soviet era. Medvedev said talks had focused on increasing annual trade between the two countries first to $3 billion, and subsequently $10 billion, from over $1 billion in 2007.
He said the countries were prepared jointly to conduct "geological exploration in Vietnam, Russia and third countries".
Russian gas export monopoly Gazprom signed a 30-year agreement with Vietnamese state oil monopoly group Petrovietnam to explore four blocks of Vietnam's continental shelf. Gazprom said in a statement it would finance initial exploration work.
The companies' existing joint venture, Vietgazprom, will carry out the work. It is already exploring off Vietnam's coast.
Separately, the two sides created a new joint venture, Gazpromviet, to work in Russia and third countries. Gazprom subsidiary Gazprom Zarubezhneftegaz will own 51 percent and Petrovietnam 49 percent of the joint venture, which will work at the Nagumanosvkoye deposit in Russia's Orenburg region.
The blueprint for Russian-Vietnamese partnership in energy is Vietsovpetro, a joint venture between Petrovietnam and state-owned Zarubezhneft from the 1980s, which produces over 150,000 barrels of oil a day on average from the Bach Ho field.
ALUMINA REFINERY UC RUSAL, the world's largest aluminium producer, signed a memorandum of understanding with Vietnamese company An Vien to build a 1.5 million-tonne-per-year alumina refinery to run on bauxite mined from the Binh Phuoc deposit in southern Vietnam.
UC RUSAL Chief Executive Alexander Bulygin told Reuters at the signing ceremony investment in the bauxite and alumina project was estimated at $1.5 billion. UC RUSAL would hold 51 percent of the joint venture and An Vien 49 percent, he said.
Construction is scheduled to begin in the first quarter of 2012 after a preliminary feasibility study is conducted next year and in 2010, UC RUSAL said in a separate statement.
"The Asia-Pacific region will play an important role in UC RUSAL's business development. This MoU on construction of a bauxite and alumina complex is part of our strategy to expand our raw materials base," Bulygin said in the statement.
Vietnam has the world's third-largest explored reserves of bauxite, the raw material from which alumina, and aluminium metal, is made.
UC RUSAL, which produces about 15 percent of the world's alumina, said Binh Phuoc contained about 700 million tonnes of bauxite from a national total in excess of 3 billion tonnes.
Vietnam is also prepared to invest at least $750 million in a $1.5 billion joint venture to build a fertiliser plant in the Russian republic of Kalmykia, the republic's president, Kirsan Ilyumzhinov, told reporters after the signing ceremony.
The plant would be built next year and would generate $1 billion in annual sales at today's fertiliser prices, he said.
The Russian and Vietnamese presidents also discussed the participation of several other Russian companies in Vietnam's natural resources, automotive and telecoms sectors.
These companies include steel makers Evraz Group and Mechel, truck maker KamAZ, car producer Gaz and Vimpelcom, Russia's No. 2 mobile phone operator.
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Molybdenum plays a more vital role in the global nuclear renaissance than you might suspect. Without the silvery white metal, the world's energy infrastructure would somewhat suffer. But, nuclear power plants would be set back at least two decades. The new high performance stainless steels (HPSS) contain as much as 7.5 percent molybdenum and can add more than three times the life to the world's aging nuclear fleet condenser tubes.
During the early construction of nuclear power plants, steam condensers relied upon copper base alloys – brass and copper nickel – for heat transfer capabilities. These alloys have high coefficients of thermal conductivity required in steam generation to power nuclear reactor turbines. But copper-alloyed tubes were being replaced too quickly – with an average life of eight years – because of sulphide pitting. Hardest hit were those reactors using polluted seawater to cool their reactors.
Over the past 30 years ago, nuclear utilities slowly began turning to the super austenitic stainless steels as one way to make their nuclear reactors last longer. The addition of molybdenum, initially starting with percentage of less than four percent, helped increase the thermal conductivity lacking in nickel, iron or steel. At nuclear stations which replaced the copper alloys with HPSS condenser tubes, 57 percent rated the thermal performance good and all but one rated it normal. Molybdenum had helped overcome the thermal hurdle.
A large number of the 190 nuclear reactors, which now utilize HPSS condenser tubes, reported an average life in excess of 18 years. The longest stainless steel condenser installation has remained in service more than 26 years, according to a study done several years ago. According to a report published in 2000, more than 100 million feet of super-alloy stainless steel tubes have replaced the older, copper-alloy tubing.
Condensers are large heat exchangers used in nuclear power plants. Condensers have thousands of tubes horizontally mounted to condense and recover the steam passing through turbines. Each low-pressure turbine generally has a condenser, which also maintains a vacuum to optimize the turbine's efficiency.
Water fouling deposits were cited as a major problem at many reactors, especially with condenser tubes where seawater or high-chloride brackish water was the coolant. Pitting corrosion, tube sheet crevice corrosion and galvanic corrosion put the tubes at risk for leakage. Plugging, mud, or detritus accumulating in condenser tubes reduce a power plant's efficiency.
Utilities use cleaning systems with small, abrasive sponge-like balls to keep the tubes clean and test for tube defectives with probing devices. Tube thinning and corrosion create the opportunity for tube leakage. This can not be tolerated because chemicals such as sodium and chlorides find their way into the reactor vessel or steam generator.
Upgrading the steam condenser tubing to stainless steel also plays a vital role in the 'power uprate' program utilities have used to increase generating capacity for existing reactors as we recently discussed . The more advanced uprate program could add up to 20-percent capacity to existing U.S. nuclear reactors.
There are several HPSS manufacturers for nuclear reactor condensers. The most prominent in the nuclear sector include Pennsylvania-based ATI Allegheny Ludlum and Finland's Outokumpu. Each offers austenitic steels with chromium and nickel composition of between 20 and 25 percent for each alloy and a range of 6.2 to 7.5 percent molybdenum.
In a paper presented by Jan Olsson of Avesta Sheffield (before the company was acquired by Outokumpu), he highlighted the results of tests performed on the new super-austenitic stainless steel, 654 SMO®. Metals comprising this brand include 25-percent chromium, 22-percent nickel and 7.5-percent molybdenum. To increase pitting resistance, the manufacturers added up to 0.5-percent nitrogen and three-percent manganese (for make the nitrogen more soluble).
As with all pioneering developments – and remember that R & D breakthroughs have taken place over a two-decade-plus period, manufacturers have re-designed their metallurgical composition to find the most encouraging percentages of nickel, chromium, molybdenum and nitrogen. The earlier stainless steels relied on higher nickel content and lesser percentages of chromium and molybdenum.
At first, conventional austenitic grades, such as 316L, or high chromium-ferritic grades, were utilized. Pitting struck down widespread use of the 316L series and was replaced by higher alloy steels. For example, others, such as the 254 SMO® stainless steel, began aggressively replacing the copper alloy tubes and in some cases the 316L series. The 254 is comprised of 20-percent chromium, 18-percent nickel, 6.2-percent molybdenum and 0.20-percent nitrogen. It has also offered a high level of corrosion resistance at desalination plants without becoming cost-prohibitive.
The most significant breakthrough came after various stainless steels were tested at Scandinavian coastal reactors. In the Avesta paper, the failures of each lesser austenitic grade were checked off. Significant deficiencies included insufficient stress corrosion cracking resistance and resistance to natural seawater. Even titanium tubing was used as an interim measure because it increased total heat transfer by 17 percent, but the metal failed to stand up to high velocity steam and suffered 'water droplet erosion.'
According to the study, "The only alloy fully resistant to all test conditions was 654 SMO®." The results at nuclear power plants in Finland and Sweden, along the Baltic Sea, were astonishing! Four important conclusions about this super alloy were reached after the testing.
Its corrosion resistance could cope with the hostile environments existing inside condenser tubes of desalination plants and power plants.
Its corrosion resistance was good enough to cop with many other hostile brine and seawater environments.
Its erosion resistance was advantageous where it was exposed to high velocity streams.
There was no concern about its heat transfer characteristics.
Nuclear Consumption of Molybdenum
About 48 nuclear reactors are reportedly scheduled for construction by 2013. It may be possible that up to 100 could be constructed by 2020, depending upon political and financial climates. The largest number proceeding through the proposed, planned or construction phases will be located along coastal areas to service the most populated areas. The greatest numbers of new constructions are expected from China, India, Japan, Russia, South Korea and Japan (and possibly the United States).
Existing reactors along coastal areas in Asian countries presently breaks down as follows: Japan (57), South Korea (26), China and Taiwan (19) and India (11). Because these are the most prone to seawater or brackish corrosion, they are also the likely candidates for upgrading existing condenser tubing to high alloy stainless steel. And their new reactors are likely going to be constructed along their coasts, requiring the super austenitic grades. As an aside, of the previously mentioned 190 nuclear power plants which had replaced their condensers with HPSS, 45 percent used fresh water as coolant. Those plants chose the high alloy steel as a 'fail-safe' measure to prevent interrupted service or a potential reactor incident.
The United Nations estimates that two-thirds of the planet's population will be living with water stress by 2025. Global freshwater scarcity may demand the use of brackish or seawater as nuclear reactor coolant. To prevent the accompanying corrosion, the higher-percentage molybdenum alloy, specifically the 654 SMO®, could emerge as the condenser tubing material of choice. Either the 254 SMO® or the 654 would be utilized in desalination plants required to overcome water shortages in the hardest hit areas: North Africa, the Middle East and West Asia.
Typically, nuclear power plant condenser tubing requires approximately 520,000 feet of stainless steel. According to the International Molybdenum Association (IMOA), larger reactors could utilize up to one million feet of stainless steel. With the higher molybdenum grades found in the super alloys, new nuclear reactors could require tens of thousands of metric tons of molybdenum.
By comparison, nuclear waste containers proposed for the Yucca Mountain nuclear waste repository were forecast to consume about 15,000 metric tons of moly. While this project may or may not proceed as planned to the construction phase, the Nuclear Energy Institute (NEI) has proposed regionalized storage of spent fuel.
Should comparably designed storage canisters be utilized to 'temporarily' contain the nuclear waste, it is likely molybdenum will play a key role. According to the U.S. Government's Energy Citation Database, as published by the Department of Energy's Office of Scientific and Technical Information, "Alloys with combined chromium plus molybdenum contents greater than 30 percent were the most resistant to general and local attack." This was the conclusion reached after corrosion scouring tests were performed on stainless steel and nickel-based alloys to immobilize high-level, radioactive waste.
Another aspect where high-percentage molybdenum stainless steel would double up is with the expansion of nuclear desalination plants. In the past, and in our publication, "Investing in the Great Uranium Bull Market," we have discussed the rise of nuclear desalination across those coastal areas, requiring far more freshwater than can possibly be transported through other means. The World Nuclear Association (WNA) has reported of numerous such desalination projects in progress.
Will The Energy Bull Have Sufficient Moly?
The C-276 alloy, used in Flue Gas Desulphurization plants to reduce the discharge of sulfur dioxide from coal-fired plants, includes up to 16 percent molybdenum. The IMOA forecasts up to $168 billion will be spent worldwide on this pollution control equipment for two-thirds of the world's coal-fired generators.
From nearly every energy project – oil, gas, coal and nuclear, and for water, molybdenum demand will continue increasing. Super austenitic grades demand a higher moly content to combat corrosion and provide reliability of service. Of course, there will be substitution in the face of future supply shortfalls. In some instances, there are reports the Russians have substituted vanadium for molybdenum in some of their oil and gas pipelines to conserve on moly consumption. ATI Allegheny Ludlum has argued for the substitution of two-percent manganese for every percent of nickel, but in the lower grade austenitic groups which do not demand the corrosion resistance of energy projects.
While reviewing the anticipated new projects from the molybdenum mining sector, we foresee the high probability of supply inadequacy. Aside from China Moly's Sandaozhuang molybdenum mine, which the company hopes could produce 28,000 tonnes of molybdenum concentrate this year and perhaps grow by another 17 percent the following year, there is a paucity of new molybdenum projects coming fully online before 2009.
Based upon China's voracious appetite for molybdenum – one research firm estimated compounded annual growth rate over the previous five years at 17 percent, whatever excess moly production comes from China Moly's mining efforts could very well be domestically consumed.
Future North American molybdenum producers may need to ramp up their projects to meet the growing demand. During 2006, demand grew above the historical norm of four percent; most of the consumption came from China. This is unlikely to stagnate or decrease, and could interfere with North American and European consumption of molybdenum.
Only one company is scheduled to commence molybdenum mining in 2007, Roca Mines. Because the company is limited to a small-mining permit, anticipated production could not exceed three million pounds. By late 2008, or early 2009, Adanac Molybdenum hopes to commence its start-up efforts to reach eight-figure moly production. Later, Blue Pearl Mining hopes to commence high-grade molybdenum mining at the Davidson deposit in British Columbia. Around this time, the Climax molybdenum mine could re-open and begin production in Colorado. Moly Mines hopes to begin production at the company's Spinifex project. Possibly, before the decade ends, Idaho General might commence operations in Nevada. Perhaps before those 48 nuclear reactors come online, US Energy's moly deposit may be mined in Colorado.
Many of these projects are subject to environmental permitting and/or financing, putting any material amount of forecasted supply in jeopardy. And this comes at a time when some experts believe byproduct molybdenum production at copper mines could be constrained. There are many conditional requirements which do not necessarily guarantee a reliable supply from the new breed of primary moly producers. We have witnessed comparable obstacles in the uranium sector, which has since been accompanied by a hyperbolic price rally in this metal.
There could come a time in the molybdenum sector when the silvery white metal could mimic such a breakout scenario. Nearly three years ago, StockInterview.com featured a forecast of US$100/pound uranium. No one believed that prediction at the time. On Friday, TradeTech announced a spot price of US$113/pound.
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China Shen Zhou Mining & Resources Inc said 2006 net profit rose 29 pct to 1.4 mln usd on strong sales of non-ferrous products.
The company, which mines and processes zinc, lead, copper and other metals said 2006 revenue rose 218 pct to 22.4 mln usd.
"The year 2006 was a historic year for China Shen Zhou Mining. We entered the U.S. capital markets and executed two important acquisitions. Our business also experienced exceptional revenue, gross and net profit growth as we benefited greatly from the increases in nonferrous metal prices on top of our fixed prices for raw materials, which we previously locked in via a thirty-month futures contract," said Ms. Jessica Yu, CEO of China Shen Zhou Mining & Resources.
"While we are pleased that nonferrous market prices helped us realize revenue growth of over 200 percent and gross margin improvement to 59.9% from 39.1%, we are focused on a number of strategic initiatives that will position us for consistent, sustainable long-term growth. These initiatives include enhancing our processing capacity, increasing exploration activities and acquiring greater access to mineral resources."
China Shen Zhou Mining & Resources, Inc. conducts all of its business through its subsidiary, AFMG, which, in turn, conducts its business through its Subsidiaries.
The principal business of AFMG is the exploration, development, mining, and processing of fluorite, zinc, lead, copper, and other nonferrous metals in the PRC.
AFMG has two principal areas of interest in the PRC: (a) fluorite and zinc exploration in the Sumochaganaobao region of Inner Mongolia Province; and (b) copper/zinc exploration in the Yangye Huayuan region of Xinjiang Uygur Autonomous Region.
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As the ferromolybdenum price slips to RMB175,000-180,000/t (USD42.77-44.00/kg) in Chinese domestic market, participants are expecting the market to bottom out in the near future, and consumers could come back to market.
Molybdenum concentrate price slides to RMB2,200-2,300/mtu (USD14.64-15.3/lb), and participants still predict it to move down further in the coming weeks. But many smelters also indicated that if the price goes down to RMB2,000/mtu (USD13.31/lb), it would be very difficult for the price to decrease further according to the mining cost, so we may see the bottom of the market in the coming month.
A Liaoning-based smelter with a capacity of 4,000tpy for ferromolybdenum offered RMB175,000/t (USD42.77/kg) for the material, lamenting about the low demand. The source believes the price would move down further in the coming months, seeing the weak demand.
But another source in Liaoning argued that because the current price is approaching the bottom line for molybdenum mines, the frequency of the price decrease will slow down in the coming month compared with that in the past month. "I see consumers have started to enquire for ferromolybdenum, and some of them have accepted the current price," said the source. He just sold 20t of ferromolybdenum 60% to a major consumer at RMB173,000/t (USD42.28/kg) this Tuesday, suggesting that mainstream offers in local place remains at RMB180,000/t (USD44.00/kg) for ferromolybdenum 60%.
However, the demand remains slow, and the future seems to be quite dim. A Jiangsu-based stainless steel mill reported that they have suspended production due to the weak demand, and the resume time remains unclear. The consumer used to purchase 100-200tpm of ferromolybdenum last year, complaining that their output has decreased by 50% year-on-year.
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Currently Chinese vanadium market keeps weak, and some suppliers offer about RMB140,000/t (USD40/kg) for ferrovanadium 50% and about RMB130,000/t (USD8.60/lb) for vanadium pentoxide flake 98%.
A Sichuan-based producer with the production capacity of 150tpm reported that the demand for vanadium from domestic and foreign buyers keeps low, as they concluded few deals with domestic buyers recently. The source added that the price of ferrovanadium 50% is at about RMB140,000/t, but they received few enquiries from domestic buyers.
The smelter has suspended their production due to the unstable market trend. "Although we offer USD11.0/lb CIF Rotterdam for vanadium pentoxide flake 98%, still concluded no deals," said the source. He added that the markdown in Chinese domestic market becomes small, but there is still the space for the export price to go down.
A Shaanxi-based producer also confirmed the weak demand in the market. The source offered RMB135,000/t (USD8.93/lb) for vanadium pentoxide flake 98%, but concluded no deals recently. The source still holds 100t of the material on hand.
The source sold 20t of vanadium pentoxide flake 98% at RMB138,000/t (USD9.13/lb) last week. "Although we received some enquiries from domestic buyers, most of those buyers just want to test the market with little intention of vanadium purchases," said the source.
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Manganese price has been down to around RMB11,000-11,500/t (USD1,608-1,681/t) ex works in domestic market. Sources reported to Asian Metal that as demand from downstream stainless steel mills keeps weak, manganese price moves down all the way but it seems to reach the bottom line. However, as more smelters halted production, manganese supply is tightening. Participants claimed that some smelters start to be reluctant to sell with no profits at all and wait for the market to go stable.
A Hunan-based trader who just purchased 120t of manganese flakes reported that manganese supply in the spot market is not so sufficient after so many smelters cut down production. "As the price falls significantly, the smelters can not maintain any profits and have to halt production," said the source who expects the market supply to keep sliding in the coming weeks. "Even if the demand stays weak, we are sure manganese smelters would try to raise their offers to make some profits."
The source believes that the smelters who have no manganese mines have already been bearing losses after the price dropped to below RMB14,000/t (USD2,047/t) ex works early the month. "The rational price for manganese flakes should be around RMB12,000-12,500/t (USD1,754-1,827/t) ex works currently as the production costs still need time to decrease as well."
The source thinks that some suppliers are getting rid of their stocks at hand and thus push the price much lower day by day. "When these suppliers go out of the market, manganese price would go stable soon as the supply would be tightening up then. At least, the smelters need some profits to keep their business running."
Another Hunan-based smelter running at one third of the capacity of around 20,000tpy told Asian Metal that they can only rely on long-term contracts to keep the production. "Demand is so low that we hardly make any deals for the moment though the price is much low at around RMB11,500/t (USD1,681/t) ex works." The source believes that almost 70% of the production capacity in China is invalid for the moment as most smelters can not maintain any profits at the low price in a range of RMB11,000-12,000/t (USD1,681-1,754/t) ex works.
The source thinks some downstream consumers are still in need of the material though they halted production of steels. "Especially in this fourth quarter, more consumers would cut down production in face of the dull market and dampening financial condition. However, after this round of sell off, manganese price might soon go stable or even rebound slightly according to the demand in the coming two months."
Some traders are reportedly interested in replenishing some stocks at current low prices. Moreover, the provinces in South China would enter the dry season, which might increase the power price and add to the manganese production costs. That might not be a dream for manganese price to go up then.
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Globe Metals & Mining announced Thursday some outstanding new drill results on its 100%-owned Kanyika Project in Malawi. The reported results are the first 6 drill holes of the 2008 program designed to extend the high-grade Milenje Zone northwards.
Best Kanyika drill results include:
• KARC085 – 21m @ 10,339ppm Nb2O5, 530ppm Ta2O5, 366ppm U3O8 (from 64m)
• incl. 3m @ 44,206ppm Nb2O5, 2,501ppm Ta2O5, 1,616ppm U3O8 (from 64m)
• KARC084 – 22m @ 8,563ppm Nb2O5, 646ppm Ta2O5, 466ppm U3O8 (from 46m)
• incl. 4m @ 21,266ppm Nb2O5, 2,071ppm Ta2O5, 1,544ppm U3O8 (from 64m)
These results are important for a number of reasons:
• Validate the Company's geological model of high-grade zones plunging gently under cover to the north
• Confirm potential to increase high-grade component of the resource
• Enhances potential project economics outlined in the recent Kanyika Scoping Study
About Globe Metals & Mining
Globe Metals & Mining Limited is an African-focussed uranium and specialty metals resource company. Its lead project is the multi-commodity (niobium, uranium, tantalum and zircon) Kanyika Project in central Malawi, which contains a 56Mt Inferred Resource, announced in March 2008. The Company has a number of uranium other projects in Malawi and surrounding countries, which it manages from its regional exploration office in Lilongwe, the capital of Malawi. – Press Release
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North American Tungsten Corp.Ltd. or NTC (NTC.V) announced that it has cancelled private placement of 13.4 million units as part of Strategic Alliance deal with Hunan Nonferrous Metals.
Effective June 2, 2008 the company cancelled exclusivity clause under deal with Hunan Nonferrous to engage in negotiations with additional potential strategic partners. Further, NTC subsequently closed both $5 million brokered flow through financing and US$3 million Convertible Debenture financing.
North American Tungsten said that European APT remains stable at $250 to $255 per metric tonne unit. – RTTNews
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Although current molybdenum (moly) production meets demand, refiners, or roasters, are expected to run into a shortfall between 2009 and 2015, depending on demand.
Demand for Molybdenum has been growing at nearly 8% over the past three years. Analysts expect demand to continue growing between 4.5% and 6.0% over the next three years, which is expected to outpace growth in supply and deplete already low inventories.
Over the past ten years, moly compound growth rates have grown from 2% (1997-2001) to 5% (2002-2006). This rapid demand growth is evidenced most notably in steel output, which grew 7.5% in 2007 and is expected to grow nearly that much in 2008.
As moly demand growth has outpaced production, consumers of moly have increasingly turned to inventories of moly to supplement production. In just five years, global moly inventories have fallen from over 6.5 months of production to current levels of 2.7 months. Current inventory levels are expected to fall further as no significant new supply is set to enter the market until the second half of 2009 and other potential suppliers are facing construction delays due to difficult credit markets. At current demand levels, 20-25 million pounds of new molybdenum production must come to market each year to keep pace with market demand.
A roaster processes the molybdenum into a fine powder, pellets, or other forms. Total world molybdenum roaster capacity is currently 320 million pounds per year – this is barely enough to meet demand. There is not much excess roasting capacity, and new permits for the production of any new roasters in the United States looks unlikely.
Global roaster capacity also looks limited, and a future roaster shortage is predicted. [This analysis is predicated on the assumption that mines will be able to increase output].
Pipelines and nuclear reactors
Western demand is projected to increase by around 3 percent annually, while China and the CIS demand is projected to increase by around 10 percent annually, increasing overall global demand by around 4.5-5.0 percent annually.
Increasing demand can be attributed to two main factors. Hydroprocessing catalysts are becoming essential for crude oil. The other contributing factor is the increase in nuclear reactor construction.
Increasing demand for oil and electricity by Asian economies such as China and India from 2010 and beyond will require more pipelines being built and new reactors to be developed.
One very important source of ongoing demand growth for molybdenum is the petroleum industry that has unlocked previously sub economic reserves of sour gas and oils. The worldwide search for new oil supplies and the extension of existing reserves by drilling deeper and further off-shore should continue to stimulate demand for molybdenum. Extracting, transporting and refining of oil and gas, requires significant amounts of corrosion resistant molybdenum steels.
There are 48 nuclear reactors planned to be built by 2013, and approximately 100 are to be built by 2020. The International Molybdenum Association (IMOA) says that an average reactor contains about 520,000 feet (160,000 m) of stainless steel alloy. Some larger reactors contain over 1 million feet of stainless steel alloy.
As the chart shows, the moly price has remained solidly at US$33.50 and at high levels despite the fall in other commodity prices. Given the outlook for demand/supply for moly, this is not surprising. That said, we wouldn't be surprised to see some tapering off of the price in the short term before climbing again in 2009/10.
Pure molybdenum plays on the ASX, where molybdenum is mined as a principal ore, are few and far between given the mining of molybdenum is recovered as a byproduct of copper and tungsten mining. Even fewer are opportunities for sleuths of emerging molybdenum producers.
Moly Mines Limited (ASX/TSX:MOL, FWB:HJI) has strong aspirations and potential to be one of the top ten producers of molybdenum in the world with its Spinifex Ridge Project in the Pilbara in Western Australia.
The massive Spinifex Ridge deposit boasts a 451 million tonne resource grading 0.05% molybdenum and 0.08% copper, and a potential 23-year, 20 million tonne per annum mining operation.
So far, Moly Mines has managed to tick just about every box since inception.
Two factors have slowed its progress. The credit squeeze and the amount of capital required (A$1.2 billion) to bring its Spinifex Ridge Project to fruition.
That said, Moly Mines has showed mighty resilience, raising US$150 million in quasi debt interim finance last month. This was a herculean achievement after when most commentators, analysts, some fund managers and media had written off its prospects of raising additional capital in current markets.
(Ahead of a larger piece we will write on Moly Mines), we believe the importance of the Spinifex Ridge project to the molybdenum market, the quality of its stakeholders, the large shareholder and new backers should be enough encouragement for Moly Mines holders to stay the course.
For would be investors, we would continue to keep a close watch on Moly Mines for future news.
Moly Mines was last trading at A$0.65
[Acknowledgement to Moly Mines, General Moly, Rio Tinto , Roca Mines for use of data].
Columbia Yukon (TSX.V:CYU) is a Canadian mineral exploration company focused on the development of its Storie Molybdenum Property deposit located in northern British Columbia, 5km south of the former Cassiar Mine townsite. Indicated resource of molybdenum approximately 98 million tonnes grading 0.064% Mo.
Ovoca Gold Plc (AIM:OVG.L, Frankfurt OVX.GR) with its The Pellapahk molybdenum-copper deposit in Russia. The Russian P1 category resource for this prospect of 300 million tonnes at 0.06% molybdenum, 0.25% copper and 0.08 grammes per tonne gold.
Zamia Gold Limited (ASX:ZGM) A molybdenum (Mo) deposit was discovered in early 2008 at Zamia's Anthony Prospect in Central Queensland, Australia. The drilling results are showing extensive mineralisation with grades up to 1920 ppm (part per million) Mo. With mineralisation open in all directions, this could potentially become a world-class porphyry style deposit. – Proactive Investors Australia
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Chinese government released export license of rare metals for 2009.
The country reduced the quota by 2% from 2008 for tungsten and antimony, for which China represents 90% of world production, while the country reduced the quota by 30% for tin and by 3% for molybdenum and indium.
Japanese rare metal suppliers see the limited reduction could have little impact on the international market....
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Slowing growth in China and a recession in the developed world means metal markets are much more likely to move into significant surpluses in 2009 and 2010. As a result, RBC Capital Markets has made widespread cuts to its commodity price forecasts – everything from iron ore and coal to uranium and copper.
The firm's analysts said in a report:
A dramatic rebound in growth in China based on continuing urbanization and infrastructure building could pull commodities out of this downturn more quickly and dramatically than in previous cycles.
However, they believe commodity prices will remain under pressure during the next 12 months.
While the huge sell-off, attractive valuations and seasonal effects could support a rally in mining stocks before the end of 2008, RBC does not think one can be sustained until global economic conditions improve. As a result, it continues to like bulk commodities like coal, iron ore and uranium over the metals.
It also sees an opportunity emerging in molybdenum given that current conditions could produce project delays that could keep the market tight despite weakening demand.
RBC is forecasting a rebound in demand in 2010 based on the average recovery following the past six recessions since 1960. For example, while aluminium prices declined 5.1% annually on average during a recession, it rebounded 6.8% in the following year. Copper saw a decline of 3.0% and a gain of 7.3%, respectively. Nickel also dipped 3.0% but then rose 9.4%, while zinc fell 4.9% and then saw a subsequent 5.2% recovery.
While spot iron ore prices have plunged recently, RBC expects steel activity in China to remain subdued into the middle of 2009. As a result, it sees contract prices falling 10% next year.
For uranium, the global economic crisis likely led to the selling of much of the material held by speculators like hedge funds, bringing spot prices down even further. RBC analysts believe the current price is too low to encourage sufficient new mine development and has cut speculative potential supply from its forecast. This has produced forecasts for balanced markets from 2009 to 2011, followed by two years of surplus. Strong deficits are expected a few years after that. – Seeking Alpha
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Sichuan Daily reported Pangang has put its Xichang vanadium & titanium resources comprehensive utilization project into operation in October after completed the relocation and prophase work lately. The Sichuan-based steel group is expected to pour CNY 17.141 billion in it.
As per report, the first stage project will realize annual capacity of 4.2 million tonnes of pig iron, 3.6 million tonnes of crude steel and 3.5 million tonnes of hot rolled sheet and will provide over 15,000 working positions for local people when the project launches full-scale operation.
The new base would double Angang Group's current annual sales revenue to CNY 60 billion after it completes...
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The directors of Prairie Downs Metals Limited (ASX:PDZ) are pleased to provide an update on the current exploration activities being undertaken at the Prairie Downs Base Metal Project ("Project").
COSTEAN SEVEN PROSPECT
Assay results received from the recent first drill program at Costean Seven have confirmed the existence of mineralisation derived from diamond drilling near surface. All holes were mineralized to varying degrees with respect to copper, lead, zinc and silver. Mineralisation is zoned. Intermittent narrow intersections variably graded up to 19.5% Pb, 0.9% Cu, 7.6% Zn and 245ppm Ag. Schedule one attached to this release details the most significant drill results to date at Costean Seven. These results demonstrate the continuation of base metals mineralisation over 3.7 kilometres.
VANADIUM MINERALISATION
Earlier in the year the Company undertook a detailed mapping program at the Project to provide geotechnical data and to gain a better understanding of the geology. Initial analysis using a Niton XL3T handheld XRF machine indicated the existence of significant vanadium mineralisation in association with barite. Analysis of surface samples collected has been completed which confirms the existence of vanadium mineralisation yielding grades greater than 1% V2O5 over 3.7 kilometres of strike length.
Grades greater than 1% are rarely achieved in a mining scenario. Windimurra mine produced vanadium at an average grade of 0.46% vanadium. Other Australian projects at an advanced stage include Barrambie (Reed Resources 0.8% V2O5), Balla Balla (Aurox Resources 0.65% V2O5 and 45% Fe) and Bigrlyl (Energy Metals Ltd 0.19% V2O5 and 0.17% U3O8).
Internationally, production from from the Bushveld Complex averages 1.5% V2O5 from many operations held by Xstrata and Highveld steel. This constitutes approximately 45% of world production. Mount Kachkanar, Gusevogorsk and Pervoural'sk in Russia, contain approximately 0.5% V2O5 and are operated by Nizhny Tagil Iron and Steel Works and the Chusovskoy Metallurgical Works. Largo Resources in Brazil reports production from a reserve grading 1.35% V2O5..
Vanadium enriched carbonitised volcaniclastics and a barite unit are unconformably juxtaposed with Zn/Pb/Ag mineralisation, in veins hosted by mafic intrusives and volcanics. The carbonistised volcaniclastics and barite cap, outcrop over approximately 4 kilometres. Vandium grades above detection limits (>1%), as proffered by an independent laboratory (ALS Laboratory). Absolute vanadium concentrations are not reportable due to the specialised nature of the samples and very high grade. At this stage preliminary investigations suggest the vanadium to be extractible by conventional methods.
Preliminary and independent mineralogical analysis by "Roger Townend and Associates", described samples as mottramite and vanadinite (both of which are vanadium ore minerals) in spatial association with copper minerals such as chalcocite, malachite, covellite, bornite, digenite and chalcopyrite, in addition to barite.
In view of the high grades encountered in the preliminary work described above, the Company has commissioned a mineralogical study in relation to vanadium, and is investigating metallurgical studies.
RESOURCE DRILLING
A multi-purpose drill rig has recently completed pre-collars targeting depth and strike extensions to the current 4.7 million tonne zinc resource. A total of 25 pre-collars have been now been completed to be followed by diamond tails. Initial results are expected in mid-late November.
The primary objective of the current drill program is to increase the high grade resource to underpin at least five years of high grade production. Once this initial program of drilling has been completed, the exploration focus will initially concentrate on further assessment of the various copper, vanadium, zinc and lead zones, which includes Costean Seven and Kerr's Find, and cover a strike length of some 5 kilometres.
About PRAIRIE DOWNS METALS LIMITED
Listed on the Australian Stock Exchange (ASX:PDZ) and based in Perth, Prairie Downs Metals Limited is exploring and developing high grade zinc, lead and copper deposits at the Prairie Downs project in Western Australia. – Press Release
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Four unlicensed Vanadium plants have been closed in Hubei Province, after media reports of a skin disease spreading among local villagers. The plants were located in the townships of Sanzhou, Rongcheng and Chiba in Jianli County.
"Since the Vanadium plant opened there has been a vile smell in the house. When the wind comes from the south it makes you vomit. The kids cough every morning. And it's not just the coughing, my face is always inflamed and itchy after working in the cotton fields," said villager Zhu Yan.
Nobody dares to pick cotton any more; villagers with land near the plants all have the same symptoms, said another resident, Xu Boping.
The Jianli government said it closed a Vanadium oxide smelter in April 2006 but recently a small number of people had illegally reestablished smelting plants in remote towns and villages. The business is hugely profitable according to the government.
This June, after a tip-off, the government launched an investigation, and discovered 10 plants either already complete, or under construction. None of these plants had applied for an environmental assessment as required by law and most were using outdated technology that emits chlorine gas, chlorine hydride gas, waste water, and slag, all of which cause serious pollution.
In September, the county government cancelled the business licenses of the 10 plants, cut off electricity supplies and sealed their premises. But four of the plants tore off the government seals and restarted production.
In the afternoon on September 14, the Jianli government held an emergency meeting and decided to demolish the four illegal factories. Lin Zhixiong, the vice magistrate of Jianli county, said managers of the four plants had been arrested and their bank accounts frozen.
Meanwhile the health department said that experts had so far not proven a link between the Vanadium plants and the local farmers' skin infections. Investigations into the cause of the skin complaints are ongoing. – China Internet Information Center
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PA 500F is halogen-free, flame retardant masterbatch for spinning
Specification
Item | specification |
Appearance | column |
Colour | white |
Density g/cm3 | 1.42 |
Particle size mm | 2-4 |
Main content % | 55-60 |
Basal material | PA6 |
Application
1) add PA 500F in Nylon compounds, pelleting, add color masterbatch, drawbench
2) It meet the requirement of 25 micron Nylon thread.
3) Adding 15%-18% PA 500F can meet requirement of FAR 25853.
4) The finished product is lower smoke and toxin, better anti-flame and physical performance. Finished product is the best choice for aeroplane carpet and aeroplane decorate.
Packing: 25kg aluminum foil bags
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In the week Chinese vanadium market keeps weak with the low demand from steel mills, so some smelters have to decrease their output.
In Chinese domestic market, the demand for vanadium has not been warmed up, as most buyers are still watching the market, waiting for lower prices. In export market, although there are some deals concluded with foreign buyers, the concluded volume remains small and the price also keeps decreasing.
The price of ferrovanadium 50% moves down to about RMB175,000-185,000/t (USD50-53/kg)and the price of vanadium pentoxide flake 98% goes down to about RMB155,000-165,000/t (USD10.25-10.91/lb), but the demand remains weak. many smelters have to decrease their output and they hold pessimistic attitudes towards the future market.
Some Chinese suppliers offer USD13.0-13.5/lb CIF Rotterdam for vanadium pentoxide flake 98%, but they received few enquiries from foreign buyers.
In European market, most buyers are still watching the market and the price of ferrovanadium 80% reduces to below USD60/kg d.p. in warehouse Rotterdam. Due to the financial crisis, participants are cautious to purchase any materials.
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In the week Chinese vanadium market keeps decreasing with the low demand from domestic and foreign buyers.
In Chinese domestic market, due to the low demand, some suppliers have to decrease the price of vanadium production, but they still concluded few deals with domestic buyers.
As for the export market, Chinese suppliers have to decrease their offers to about USD15/lb FOB China for vanadium pentoxide flake 98% and USD61-62/kg CIF Rotterdam for ferrovanadium 80% in view of the low demand from foreign buyers, but they still concluded few deals with foreign buyers, most of whom still hold wait-and-see attitudes towards the market.
If the demand could not warm up in the coming days, Chinese vanadium market will continue to go down.
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The market of nickel oxide ore has been slow for a long time in China, pressed down by the low demand from ferronickel plants. However, the market does not improve when entering September. Seeing from the soft market, market participants are very pessimistic about the future market and believe that it needs a long time for the market to improve greatly.
A Jiangsu-based trader still holds 30,000t of nickel oxide ore 1.43% with the moisture of 30% imported last year and insists on the offer at RMB300/t (USD44/t) ex port. However, most buyers cannot accept the above price and prefer to buy at RMB260-270/t (USD38-39/t). They would rather hold the stocks than sell at the above price, as they have suffered greater losses.
"The inquiries we received have increased compared with that in August, but it is difficult to conclude deals at our offer," said the source, adding that they are busy finding buyers and prefer to empty the stocks, as they are very pessimistic about the future market.
A Fujian-based trader revealed that they sold 30,000t of nickel oxide ore 1.8% with the moisture of 30% at RMB500/t (USD73/t) half a month ago and still holds 30,000t of the material on hand. The source confirmed that some traders have reduced the offer below to RMB500/t, so they are facing great pressure if insisting on the current offer. However, they are reluctant to sell the material in the face of suffering great losses.
"We will not consider importing nickel oxide ore, owing to the dull market," said the source, adding that they will continue to watch the market and hope that the market will not follow suit with nickel price dropping further. Otherwise, they will suffer more.
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In the week Chinese vanadium market keeps quiet with the low demand from domestic and foreign buyers.
In Chinese domestic market, the demand for vanadium keeps low, so Chinese suppliers have to decrease their offers to RMB230,000/t for ferrovanadium 50% and RMB210,000/t for vanadium pentoxide flake 98%. Some domestic suppliers even offer RMB165,000/t VAT excluded for vanadium pentoxide powder 98%.
As for the export market, the demand also keeps inactive, but most Chinese suppliers expect foreign buyers to come back to the market and accept the price of USD16.5-17.0/lb CIF for vanadium pentoxide flake 98% and USD65-67/kg CIF for ferrovanadium 80%.
However, some foreign buyers claimed that they get offers of USD15.5-16.0/lb CIF for vanadium pentoxide flake 98%, but they have no intention of purchasing any materials, as it is still unclear for the future market and they want to watch the market now.
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Oct. 20 (Bloomberg) - Deutsche Bank AG lowered its price forecasts for copper and aluminum because of ''rapid deterioration'' in the outlook for the global economy.
Copper will average $7,117 a metric ton this year, down 7 percent from a previous estimate, the bank said in an Oct. 17 report. The metal will average $4,161 a ton in 2009 and $4,740 in 2010, down 37 and 31 percent respectively from earlier predictions.
The bank cut its forecast for aluminum this year by 4 percent to $2,605 a ton. The forecast for next year was reduced 29 percent to $1,874 and by 24 percent to $2,249 in 2010.
Deutsche pared its forecasts for global gross domestic product growth to 1.2 percent in 2009, compared with a prediction of 3.4 percent made four months ago.
''We believe energy and industrial metal prices are the most exposed to further price weakness in this environment,'' analysts led by London-based Michael Lewis wrote.
The bank cut it prediction for nickel by 6 percent to $21,289 a ton in 2008, 43 percent to $10,279 in 2009, and 31 percent to $13,338 in 2010. Zinc may average 6 percent below the previous forecast at $1,889 a ton this year, 30 percent lower at $1,190 next year, and 33 percent less at $1,543 in 2010.
Lead forecasts were reduced by 5 percent to $2,134 a ton this year, 32 percent to $1,213 next year, and 12 percent to $1,257 in 2010. The bank lowered its tin forecast by 5 percent to $18,313 a ton this year, 24 percent to $12,693 in 2009, and 12 percent to $11,684 in 2010.
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HONG KONG, Oct 20 (Reuters) - Most Asian stock markets rallied on Monday, with valuations growing more attractive, and oil prices rose ahead of an expected supply cut at an emergency OPEC meeting this week, but a threat of global recession haunted investors.
The cautious buying of equities did not translate into a move out of government bonds, with Japanese government bond futures climbing and U.S. Treasury futures nearly unchanged on the day, suggesting investors were still reluctant to take risks.
Governments around the world rushed out further steps to help the private sector, pledging so far well in excess of $3 trillon to try to stabilise financial markets and resuscitate the banking industry which has been badly damaged by a crisis of confidence.
South Korea promised $130 billion in state guarantees and capital injections and the Dutch government said it would prop up ING with around 10 billion euros.
"A slew of recent policy actions worldwide has provided some relief to the banking sectors in the major economies," said Kengo Suzuki, a currency strategist at Shinko Securities in Tokyo. "But the state of the market remains very fragile with worries mounting about the global economy and emerging markets," Suzuki said.
The MSCI index of Asia-Pacific stocks outside Japan <.MIAPJ0000PUS> rose 1.2 percent. The index suffered a seventh consecutive week of losses last week and remains down 52 percent so far this year.
Hong Kong's Hang Seng index jumped 2.2 percent, but is down 17.3 percent so far this month.
Japan's Nikkei average edged up 0.5 percent, though it is down 19 percent in October.
South Korea's KOSPI fell 1.9 percent, weighed down by stocks with large exposure to global economic trends such as Hyundai Heavy Industries <009540.KS> and steel maker POSCO <005490.KS>.
Shares of brokerage Mirae Asset Securities <037620.KS>, which has a focus on emerging markets, were down 15 percent on market talk of a possible downgrade.
The Korean government's rescue package modestly pushed up the won against the U.S. dollar, but analysts said the steps would unlikely be strong enough to reverse what has become a fierce downtrend in global equity markets.
"Korea remains particularly vulnerable to the global credit squeeze/deleveraging, and the economy is doomed to decelerate significantly along with the global recession," Calyon strategists said in a note.
SHORT-TERM HAVEN
Last week investors continued to pull their money out of emerging market equity markets and stash it in short-term money markets. However, Europe equity funds saw a net $2.1 billion in fresh money, the biggest inflow since the third week of April, after some action by European leaders to shore up the financial system, according to EPFR Global.
Money market funds were the biggest magnet for equity capital, absorbing a record $44.4 billion for the week, the Boston-based firm that tracks $10 trillion in assets said in a note.
Oil prices edged up after tumbling around $36 in the last three days in anticipation of a severe pullback in demand. U.S. crude futures for November delivery rose $1 to $72.87 a barrel after plumbing the lowest since July on Friday.
Gold jumped more than 2 percent, as raw materials prices rebounded, following oil's rise. Gold in the spot market was trading at $794.45 an ounce, up from Friday, when it hit a one-month low of $771.30 as a lack of confidence in the financial system and a U.S. dollar rally ignited heavy liquidation by commodity funds.
The yen fell against the euro and the Australian dollar on Monday as a crisis summit planned for next month helped the market to regain some stability and prompted investors to pick up the recently battered currencies.
But analysts said safety demand for the low-yielding yen was also intact as worries grew about deteriorating financial conditions in emerging markets after Iceland, Ukraine and Pakistan asked for aid to prop up their economies, slowing the yen's fall.
The U.S. dollar was trading at 101.65 yen , nearly flat from late New York trade on Friday when more bleak U.S. data stoked fears that the credit crisis had knocked the economy into recession and pushed Wall Street shares down.
The euro rose 0.3 percent against the yen to 136.73 yen after dipping as much as 0.3 percent in early Asian trade.
Japanese government bond futures rose from a three-month low hit earlier as signs of improvement in the strained money market spurred investor buying.
December 10-year futures <2JGBv1> rose 0.55 point to 136.30 after initially sliding to a three-month low of 135.47 on the gains in stocks. (Additional reporting by Satomi Noguchi in TOKYO)
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NEW YORK, Oct 20 (Reuters) - U.S. copper futures shed nearly 3 percent by the close on Monday as a stronger dollar and concerns about slowing Chinese growth prospects sparked further liquidation in the market, analysts said.
* Copper for December delivery HGZ8 settled down 6.30 cents, or 2.9 percent, at $2.1165 a lb on the New York Mercantile Exchange's COMEX division.
* The session range widened to $2.0970-$2.2645.
* On the charts, initial support in the benchmark December contract pegged at $2.04, followed by the psychological $2.00 level. Resistance eyed at last week's high at $2.5295 - traders.
* Spot October HGV8 fell 6.20 cents to close at $2.1190.
* COMEX estimated futures volume at 10,517 lots by 12 p.m. EDT (1600 GMT). Final volume on Friday totaled 13,806 lots.
* Open interest rose by 262 lots to 83,453 open contracts as of Oct. 17.
* Copper's losses tied to a U.S. dollar rebound against the euro after Federal Reserve Chairman Ben Bernanke's testimony before Congress endorsing another stimulus plan for the sluggish economy. [ID:nWEQ000308]
* In afternoon trade in New York, the euro was down 0.8 percent at $1.33 <EUR=>, near its session lows around $1.3287.
* A stronger U.S. currency tends to make dollar-priced metals less attractive to non-U.S. investors.
* Copper's weaker tone on Monday rooted in bearish macro-economic data from China, the world's leading metals consumer.
* China's annual GDP growth fell to 9.0 percent in the third quarter from 10.1 percent in the second, and factory output sank to a six-year low.
* China's September copper production rose 4.7 percent on the year to 317,000 tonnes. September copper output dropped 1 percent from August - The state bureau.
* Soft economic outlook forced Deutsche Bank to cut its commodity forecasts, trimming about 40 percent from its 2009 forecast for copper to just $4,161.
* Credit Suisse lowered its copper forecast from $4.00 to $2.50 per pound ($5,512 a tonne).
* "We now expect global GDP growth to slow to 1.2 percent in 2009. We expect energy and industrial metals will be the major casualties in this environment." - Deutsche Bank.
* London Metal Exchange (LME) copper warehouse stocks rose by 950 tonnes to 212,400 tonnes on Monday.
* COMEX copper stocks were off 177 short tons at 8,165 short tons as of Friday.
* Speculators trimmed their net short position in COMEX copper futures to 18,127 lots in the week ended Oct. 14, from 18,799 lots the previous week - The Commodity Futures Trading Commission.
* LME copper for three months delivery MCU3 was last quoted at $4,720/4,730 a tonne, after dealing in a session range of $4,661 and $4,950.
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Oct. 21 (Bloomberg) - Gold declined to near a one-month low in London as the dollar gained against the euro and stocks rose, reducing the appeal of the metal as an alternative investment.
Stock indexes in Europe and Asia rose for a third day and the dollar climbed to an 18-month high against the euro as the U.S. moved toward a second stimulus package to buoy the economy.
''We're seeing increasing stability in the equities markets,'' Bayram Dincer, a commodity research analyst at Dresdner Bank, said by phone from Zurich. ''The fear is coming down. The volatility indexes are coming down, and that eases the upside pressure on gold.''
Gold for immediate delivery fell $15.16, or 1.9 percent, to $781.74 an ounce by 11:10 a.m. in London. Futures for December slipped $6.70, or 0.9 percent, to $783.30 in electronic trading on the Comex division of the New York Mercantile Exchange.
''The gold bulls are out of the market for the time being,'' Dincer said. ''Liquidation by the hedge funds in New York will continue this week.''
Bullion will probably fall further as weakening crude oil prices reduce the appeal of commodities as an inflation hedge.
Gold fell to $781 an ounce in the morning ''fixing'' in London, used by some mining companies to sell production, from $795 at the previous afternoon fixing.
Among other metals for immediate delivery, silver gained 4 cents, or 0.4 percent, to $9.82 an ounce, platinum fell 10 cents to $898.40 an ounce and palladium slipped $2.25, or 1.2 percent, $180.75 an ounce.
Platinum rose to $887 an ounce in the morning fixing in London from $877 at the previous afternoon fixing. Palladium was unchanged at $182.
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October 14, 2008: It is likely that the world nickel market would continue to be in surplus until the middle of 2009, opined an executive in the world's largest nickel producer OAO Norilsk Nickel.
According to a foreign news agency report the Deputy Director-General Viktor Sprogis said after that the market would return closer to balance. However he felt that it would take a some time for the demand to improve in the face of the present financial crisis.
"Where prices currently are, that surplus will vanish and (the market will) become more balanced," he said, stated the report. It would be worthwhile to note that prices of nickel on the London Metal Exchange have declined heavily recently and are at present nearly 75 percent less from their May 2007 high of $51,800 a ton at $12,800 per ton.
The report informed that the company is at present not planning any reduction in its production operations. However, Sprogis said it is likely that other companies would be forced to reduce output.
"Producers are in a difficult position. They are currently in discussion on what to do. They are discussing 2009 plans and the possibility of closures," he said. "We think we will be the last company to cut production," he added, stated the report.
He further added that a substantial amount of the material produced depends on prices which are above current levels and some operations require prices which are above $20,000 per ton. "If prices stay lower, we will see (output) cuts," Sprogis said stated the report.
While the low prices are likely to compel companies to curtail projects demand of stainless steel would react to a global slowdown and it is likely that it would require more than a few months for demand to recover.
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UBS predicted that China's steel output may drop five million tons, or 11 percent, in October and pig iron output may dip 5.5 million tons unless demand for steel starts to rebound.
It implied that demand for iron ore in the month will decline 8.8 million tons and that for coking coal will fall 3.5 million tons.
Smaller mills moved to adjust what they paid for spot raw materials as early as August. – CISA
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Chinese antimony market
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