SHANGHAI, Aug. 7 -- The uptrend of nonferrous metals futures contracts on both international and domestic markets is expected to continue over the next few years as investors hedge against the prospect of a depreciating U.S. dollar, an economist with China's Ministry of Commerce (MOFCOM) told Interfax on Aug. 6.
(Source: INTERFAX-CHINA)
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TOKYO, Aug. 12 -- China's Hunan Zhuye Torch Metals, or Zhuzhou Smelter, plans to suspend indium ingot exports for the rest of the year due to low prices, Wang Jianjun, the company official in charge of exports told Platts Wednesday.
The company continues to produce indium (minimum 99.99% purity), but does not plan to export as current prices at $330-340/kg CIF Japan, are too low, Wang said.
"All metal prices have increased and indium prices should be at least $500/kg," Wang said. He added that operating costs would go up as a result of high inventories.
Zhuzhou Smelter, also a major zinc producer in China, is the largest exporter of indium in the country with a license to sell 19 mt of indium overseas in the second half of 2009. The company has a 20% share of the Chinese indium export market.
Zhuzhou Smelter, based in the Hunan province, has a capacity to produce roughly 30 mt/year of primary indium.
Sources at three other indium producers in China, each with over 10 mt/year production capacities, told Platts Tuesday that they too had suspended exports as well as domestic sales, on low prices. Like Wang, they said prices should be over $500/kg as prices of other metals such as copper and nickel have risen sharply in the last month.
The view -- that the market undervalues indium prices -- is shared among producers outside China.
A source at an Asian producer said, "Every commodity price is going up. Compared with them, indium is hardly moving at all."
According to Platts assessments, indium prices for export to Japan were $330-340/kg CIF this week. The prices were $265-270/kg CIF on the week of July 13, $260-270/kg CIF Japan on the week of June 15, and $280-300/kg CIF on the week of May 11. Prices have gained 15% in the last three months.
Meanwhile, prices of metals traded on the London Metal Exchange surged by 20-60%. Prices of nickel cash contracts, that averaged $12,618/mt in May, settled at $20,175/mt Tuesday -- up 60% in three months --.
French bank Societe General warned in its weekly commodities report this week that the nickel price rally appears to be running ahead of market fundamentals. But the bank also said a major fall is unlikely due to positive investor sentiment for the metal.
INDIUM PRICES FIRM
Prices of indium for export to Japan, the world's largest consumer of indium, gained $20/kg this week according to Platts assessments, but market sources said the rise in prices had little to do with Chinese producers suspending exports as Japan does not rely heavily on Chinese supply, importing only 100 kg in June. However, Japanese demand accounts for over 60% of global demand, according to industry data.
Not all Chinese producers have suspended exports either. There were at least two other Chinese producers offering to sell this week.
It was the reduction in Japanese domestic supply that impacted the market more, according to consumer and trade sources. A major Japanese recycler with over 100 mt/year of capacity suspended spot sales this month as the company had sold out its metal, a company official told Platts last week.
Due to tightening domestic supply, local spot prices have risen to above Yen 30,000 ($320)/kg delivered, from Yen 27,000/kg last month, a consumer said.
A deal was reported this week for less than 500 kg at $330/kg CIF Japan.
A Tokyo trader said the solder and electronic industries were running low on indium stocks and had started to ask for small cargoes of less than 500 kg. But demand from the larger user, indium-tin-oxide makers, who consume over 20 mt/month of indium, was still lacking. One ITO maker source said his company had enough stocks for the moment.
MARKET BULLISH
Japanese trade and consumer sources agreed that indium prices are likely to firm further, on demand increase from the flat panel display sector in Japan, South Korea and Taiwan, while supply tightens.
Some traders said they were more concerned about some crude indium plants forced to shut in China following the recent cadmium spill incident in the Hunan province, rather than producers suspending exports.
Crude indium with 99% purity is used by some producers, who don't operate zinc mines, as feedstock for refined 99.99% indium ingots. Zinc concentrate contains indium, and zinc producers in China produce indium as a byproduct.
Reduction in crude indium supply, means decreased indium production and can impact the market more than producers stocking up.
Some Japanese and Chinese sources said that China's State Reserve Bureau, planned to buy 200 mt of indium for the national stockpile, but has only bought 30 mt so far, which means there is at least 170 mt excess supply in China.
Also "because of possible rise in prices, traders want to keep stocks, for the future," one Asian producer source said.
A source at a Chinese producer in the Guangxi province said: "Some investors want to stock indium, some individuals too, for indium possibly reaching $1,000/kg."
Prices had hit $1,000/kg CIF in 2005, when demand from the flat panel display sector surged. Current market conditions bore some similarities to 2005, a Japanese consumer said.
PRICES UNLIKELY TO HIT $1,000/KG: BUYERS
"Demand is recovering from a slump ... flat panel display production is not doubling, tripling as it did in 2005," one Japanese trader said. He said prices rising to $500/kg is a possibility with traders stocking up.
"Will prices over $500/kg have enough support from fundamentals?" the consumer source said, adding that supply eases as prices rise and the current tight market conditions may not last.
The second trader added that after prices shot up to $1,000/kg, recovering indium from electronic scrap became active in Japan. There are over six recyclers in Japan recovering over 300 mt/year of indium from scrap, according to industry sources. The recycled resources account for over half of Japan's indium consumption.
There are more companies recovering indium from scrap in Taiwan, Laos, South Korea and in China as well.
The rising indium prices would provide a strong incentive to recycle indium and prevent prices from shooting up to $1,000/kg CIF, the trader said.
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Antimony Trioxide -A common fining agent for chemically durable glass
By adding sodium bicarbonate, calcium oxide, magnesium oxide, and aluminum oxide to silica, you can make very chemically durable glass. However the glass isn't perfect yet. Tiny pockets of air tend to get caught in the melt while it's being mixed and poured. The resulting bubbles can cause performance and aesthetic issues in the final product.
Glass blowing is a form of art which has existed for many centuries. Before the 1900s glass blowing was more of a practical glassware production technique rather than a dedicated art form. There weren't any technological alternatives to making glassware other than hand blowing. In fact, many of the early chemists were proficient glass blowers because they hand to make their own custom glass to carry out their chemistry experiments. During the later part of the industrial revolution manufactures began to automate the production of glass products. It was at this point in history that glass blowing really emerged as an art form. However, interest waned in the new art form beginning in the early 1930s. It wasn't until the 1960s, when glass blowing enjoyed a tremendous revival.
Today there are many artisans creating quality blown glass works of art in many different forms. Pieces range from glass vases and faucets to more decorative works of art. A great example of decorative art work is Dale Chihuly's Fiori di Como. Fiori di Como is a very large series of flowers that hangs from the ceiling of the Bellagio Hotel and Casino in Las Vegas, Nevada. Fortunately, you don't have to commission an artist to create blown glass artwork to be able to enjoy the beauty of hand blown glass in your home. Companies like Blenko Glass Company produce early collections of beautiful vases, decanters, bowls, bookends, pitchers, candle holders, and ornaments. You can also purchase tumblers and carafes as well. Most of these pieces of art can be procured for less than $200.
Technically, glass is any inorganic substance that has been heated passed its melting point and then cooled into a rigid object without crystallization. Really any amorphous solid is considered to be a glass. Amorphous solids cover a wide range of materials including organics like plastics, biological compounds, and resins. I'll be talking mostly (exclusively) about inorganic glasses. For example, volcanic glass is an inorganic glass. The first volcanic glass that comes to mind is obsidian, but pumice is also a volcanic glass because it lacks a crystal structure. However, inorganic glass also covers a lot of territory, so I plan to focus on glass made from silicon dioxide.
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BEIJING (Asian Metal) 5 Aug 09 – Continued the upward trend, ferromolybdenum price increased again over the passed weekend, and market participants disclosed to Asian Metal that there are people selling Chinese and South Korean material in European market.
A European trader concluded a few deals of small volume of 65%min ferromolybdenum at around USD43.00/kg Mo. d.p. in warehouse Rotterdam. Compared to the price of last Friday at USD40.00-42.00/kg Mo. d.p. in warehouse Rotterdam, the price increased again. Moreover, the source sees that there are people offering Chinese and South Korean 60%min ferromolybdenum at USD40.00-41.00/kg Mo. d.u. in warehouse Rotterdam.
The source also concluded a deal of molybdenum oxide on back-to-back basis at around USD18.00/lb. He receives inquiries from both consumers and traders, and believes the market will continue its upward trend in the following days.
Another European trader told Asian Metal that he is standing on sidelines and watching the market. He confirmed that deals of 65%min ferromolybdenum were sealed at around USD43.00/kg Mo d.p. in warehouse Rotterdam, and molybdenum oxide price is in the range of USD17.80-18.20/lb in warehouse Rotterdam. "Market is changing so fast; I sold some material a week ago at around USD36.00/kg Mo. d.p. in warehouse Rotterdam in the beginning of last week, and just a few days later, I am regretting the deals I made," said the source.
He holds that there is very little stock of ferromolybdenum and molybdenum oxide, so the prices are likely to rise further in the coming days. He takes that European steel mills are still in summer holiday, and the production will increase in the end of August. "I have to save the stock I have on hand for later market at higher prices," the trader said with confidence.
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BEIJING (Asian Metal) 7 Aug 09 - Manganese price rebounds again from around RMB14,000/t (USD2,050/t) ex works as the suppliers are reluctant to sell while more tenders come from downstream buyers. Most smelters claim they have low stocks at hand and raise the offer to RMB14,300/t (USD2,094/t) ex works.
A Hunan-based smelter with some deals to be fulfilled this month told Asian Metal that the price rebounds again in the area and they raise their offer to RMB14,300/t (USD2,094/t) ex works from about RMB14,000-14,100/t (USD2,050-2,064/t). "Supply is tight in the spot market in and out of China and as the economy recovers in the global area, participants are gaining confidence," said the source, with very few materials left this month for extra deals. The source reported that their smelter is in normal production with a capacity of 1,500tpm.
The source feels many suppliers are reluctant to sell when the market remains unstable, especially as the production cost keeps increasing with manganese ore price rising. "Some smelters or dealers may hold some stocks at hand, which would increase the flexibility of the market performance late this month, but now we don't think the inventory is huge yet." The source mainly focuses on domestic market and has no export business for long, but according to the source, it is a bit difficult for the buyers to accept a price above USD2,700/t FOB while it would be less profitable for Chinese suppliers to sell at USD2,650-2,700/t FOB than in domestic.
Another Guangxi-based smelter told Asian Metal that they released 300 tons of manganese flakes at RMB14,100/t (USD2,064/t) ex works last week and currently, the price rises a bit to about RMB14,200/t (USD2,079/t) ex works, pushed by more demand from overseas market. "We may see the market to go stable at current price level, as the increasing inventories in China may hinder the price from rising further," said the source, thinking the market is of little possibility to drop soon as the production cost is high.
The source thinks many suppliers are reluctant to make a deal in a hurry, as the future trend is not very clear. Currently, demand from overseas market is increasing due to the tight supply. They are about to sell some manganese ingot in Rotterdam but may not attract many buyers at the offer of USD3,000/t. But the source thinks the recovery of the overseas market would help to hold the manganese market from dropping too quickly in China.
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Chinese antimony market
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