[+/-] : Manganese market remains upward in China

17 Jul 08 - Manganese market keeps firm with the suppliers raising their offers to RMB20,000-20,500/t (USD2,937-3,010/t) ex works. Sources reported to Asian Metal that as the supply is decreasing in spot market, thereby many suppliers are holding back from selling, expecting a higher price later this month or in August.
A Hunan-based smelter who still has some deals to fulfill told Asian Metal that they keep few stocks at hand now. "Domestic market is slightly moving up from below RMB20,000/t (USD2,937/t) ex works," said the source who now offers RMB20,400-20,600/t (USD2,996-3,025/t) ex works. The source claimed it may take some time for buyers to get accustomed to the higher prices, but he is confident that demand would go stronger in the coming months and the buyers have to accept higher prices.
However, the source claimed that export market remains weak. "With many foreign participants on vacation, we receive few inquiries at the moment, and the price is also very low at below USD3,800/t FOB," said the source who stops offering for export now.
Another Hunan-based supplier sold out the stocks of two cargos at RMB21,000/t (USD3,084/t) delivered. "Many smelters in the area cut down or halted production, and it's difficult to fetch large quantities of of the material, " said the source who believes the suppliers are expecting higher prices due to the decreasing supply. "Suppliers are confident that the market would be warmer next month, so they would rather wait for some while."
But there are still some suppliers offeing prices of slightly lower than RMB20,000/t (USD2,937/t) ex works. "Some smelters might be facing financial difficulty and have to sell some material to collect cash," said the source who learnt some suppliers offer RMB19,800-19,900/t (USD2,907-2,922/t) ex works.

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[+/-] : Some antimony participants increased offers in China

17 Jul 08 – The supply of antimony ingot has become tight in domestic market recently, because as the Olympic Games is drawing near, the government release less explosives which reduced output of both raw materials and antimony ingot.
A Guangxi-based smelter with a monthly production capacity of around 400 tons revealed that the price of antimony ingot 99.65%min increased by RMB500/t from RMB39,000/t (USD5,727/t) last week to RMB39,500/t (USD5,800/t) this week. "The antimony ingot supply becomes tight as it is more difficult to get raw materials and there are relatively more inquiries coming. Therefore, we increased our offers."
Asianmetal(English) http://www.asianmetal.com W859
The source revealed that many small and non-state-owned smelters have suspended production or reduced output caused by the shortage of raw materials. The supply of antimony ingot becomes tight and the price may increase in domestic market before the end of Olympic Games.
A Guangxi-based antimony trioxide exporter who also deals with domestic trading confirmed that they increased their offers for antimony trioxide slightly in domestic market, because they find the antimony ingot difficult to get at present. "We need to wait longer time to get the antimony ingot these days. It is all caused by the government's control on explosive, especially when the Olympic Game is drawing near, fewer explosives are released," said the source, believing, "If the supply becomes tighter, the market may be picking up. However, the export price may stay stable during the summer holiday because the demand is low in the period."
A Lengshuijiang-based smelter stated that there are over 50% of non-state-owned smelters have been shut down in the area. Most of the smelters who are still in operation do not want to release the metal; if they do, the price of antimony ingot 99.65%min should be not lower than RMB37,800-38,000/t (USD5,551-5,580/t) VAT excluded. The source puts the mainstream price of antimony ingot 99.65%min was RMB37,500-37,800/t (USD5,507-5,551/t) VAT excluded in the first two weeks of July.

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[+/-] : Magnesium market still weak in China

17 Jun 08 - Owing to lack of consumer demand, the magnesium market still keeps quiet. Although smelters are trying their best to prevent the price from falling further, industry insiders believe that the price is likely to continue moving down slowly and steadily in the following two or three weeks as they still observe the oversupply in the market.
A Shanxi-based producer, who expanded its capacity from 3,000tpy to 10,000tpy in the second quarter this year, reported that they are under great pressure of the sluggish market. "We have lowered our offer to RMB28,300/t (USD4,125/t) ex works, but there are still no buyer showing interest," said the source.
Running at its full capacity for the time being, the smelter holds more than 200t of magnesium ingot in stock. The source thinks that demand from magnesium alloy and powder industry is still there, but most consumers are holding on for lower prices.
Asianmetal(English) http://www.asianmetal.com VF94
With a pessimistic expectation on the future market, the source predicts that the mainstream price of magnesium ingot will soon drop below RMB28,000/t (USD4,082/t) ex works. He takes the high stockpiles in Shaanxi to be a potential hazard to the whole market. "If more smelters who have large quantities of materials on hand started to empty stocks, the market will be dragged down sharply and rapidly," the source added.
An official from a Shaanxi-based smelter claimed that they just sold small tonnages of magnesium ingot at RMB29,500/t (USD4,300/t) delivered to Tianjin to a trader whose previous purchase from the smelter was closed at a price much lower than the mainstream price at that time. "But for the long-term relationships, we would not have achieved such a high price," said the source, adding that many others in the region have lowered offers to RMB28,000-28,500/t (USD4,082-4,155/t) ex works.
The smelter is running fully at its capacity of 5,000tpy and holds around 400t of the metal in stock, equivalent to one month's output. The source reported that demand has been weakening during the past month, and it is difficult for them to reduce stocks. "If the current situation keeps up, we will have to lower offers further to attract buyers," said the source. Like many other smelters, the source claimed that they would not accept any prices lower than RMB28,000/t (USD4,082/t) ex works. "At least this week," he added.

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[+/-] : Antimony In Hunan

In China the struggle of the central authority on closing small-scale mines and manufactures connected to production and reception of antimony proceeds - up to such 60 enterprises in a province Hunan are planned to be closed, for it will affect a problem with a concentrate and metal antimony on the global market. In the middle of June the Chinese Ministry of ground and natural resources began closing (and frequently having undermined) factories around of city Lenshujang at the centre of a province Hunan. According to the local dealers this destruction of production and manufacture will result to disappearance of approximately 30% of capacities in a province, that is equivalent of 7000 -10000 tons of contained metal per one year. "It can become a second Nundan!"- the dealers exclaim dramatically, meaning resolute destruction of points of production antimony concentrate (frequently illegal) in the next province Guangxi after large accident in 2001. After closing these objects, the province Hunan remains by the basic supplier of a concentrate (up to 70 % from the Chinese manufacture), thus large manufactures, such as Hsikwangshan Mining Administration, are not mentioned by restrictive measures.

While that the exporters are sure, that the prices gradually will go upwards in process of further increasing of a situation with a cash material in the market - however it is spoken within several years. Many dealers habitually "hold" the goods in account on increase of the prices, expecting that it will take place roughly at the end of August.

Mines and manufactures which became objects of actions of the central authorities, are small, as a rule, - 100-200 tons of metal per month, or metal in a concentrate. In opinion of the various people, there will be closed or destroyed 48 or 60 enterprises, or a half in general.

The representatives of the above-mentioned enterprise Hsikwangshan Mining Administration, which makes a brand-material Twinkling Star, have informed, that their manufactures will not be broken, and in 2003 it will make of 25 000 tons. The factory is compelled to use significant volumes of an imported concentrate to compensate shortage of raw material on a home market.

Except for obvious desire of the Chinese authorities constant incidents and failures in a mountain industry of China, the possible reason of restrictive measures is the attempt of attraction of the foreign investments for a conclusion of production of antimony to an acceptable level appropriate to the modern requirements of profitability, safety and ecology. According to the message on an official web - site of the central newspaper People's Daily, one company from Great Britain was compelled to refuse the plans of the investments in one of the local projects owing to absence " of guarantees of the elementary order in a mineral industry both prevalence partisan and illegal approach to process of development of minerals" in the province. Frequently places of production simply become unfit for use as a result of actions at a handicraft level with use of the completely primitive equipment, the official representative of an industry has declared.

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[+/-] : Antimony

Antimony is an element with an interesting history and properties. For a long time people have been using that wide enough. The element is required at both: technical field and culture development.

According to historians the first production of antimony was found at Ancient East 5 thousand years ago.

 History of Antimony

Besides gold, mercury, copper and other six elements, antimony is considered like a prehistoric element. Unfortunately the name of antimony discoverer is unknown. But is well known vessels were made of antimony in Babylon 3000 years B.C. Latin name of the element «stibium» occurs at works of Pliniy Sr. It descends from Greek «στιβι». Originally it denoted not an antimony metal but prolate mineral of antimony glance.

In ancient Europe people knew only antimony glance and start producing antimony regulus which was considered as semimetal. According to the Middle Ages prominent scientist at metal manufacturing Agricola: "When the certain portion of antimony is alloyed with the lead it results in the type alloy. It's used by book printers." Thus the element  №51 is applied  in printing for ages.

For the first time methods of  antimony refining and antimony properties, antimony compounds and alloys were described at a famous book «Triumphal car of Antimony» in 1604. The author referred needle antimony to as "Antimony". It was descended from the Greek "ανεμον" – flower (as needle antimony crystals look like a composite flower).

 The name "ANTIMONY" defined only this mineral very long time in Russia and overseas. Antimony metal was defined as regulus antimony (regulus antimoni). In 1789 Louvuosier included antimony at the list of elementary substances and called it "antimonie". Now this name remains in French language as the name of the element № 51. English and German names of this element are also similar - Antimony, Antimon.

But there is another version. According to that version the Superior of the abbey in Schtalgausen drew his attention to a very good state of health of the pigs, which licked "dark substance with metallic lustre" and decided to mix that into the monks meal. Forty monks died in the throes.

Since that the substance got the name "antimonium", i.e. substance "anti" "monks" (in full see "Life stone" by Y. Gashek).

Russian name of the element "sur'ma" descends from Turkish "s'urme", translated as "rubbing" or "darkening" of brows. Till 19th century the expression "eyebrows darkening" existed, though it was made with antimony compounds not always. The only antimony compound was used as eyebrow-dye – black modification of trisulfide antimony. So that first it was denoted by the word, which became the Russian name of element № 51.

What is it for?

Antimony metal is used very seldom because of its shortness. But metallurgists often add antimony into alloys as it strengthens solidity of other metals (tin, lead) and doesn't oxidize in usual environment. The number of alloys containing antimony is near to 200. The most famous antimony alloys are antimony lead, type metal, bearing metal.

Bearing metals are alloys with tin, lead and copper, sometimes with zinc and bismuth. 

This alloys are comparatively fustible and used in bearing brasses production by casting.  The most common-used alloys of this group are babbits containing 4-15 % of antimony.

Babbits are used in machine-tool construction, railway transport, motor transport. Bearing metals have considerable strength, fatigue resistance, corrosion resistance.

Antimony is the one of a number of metals that dilate when consolidating. Because of that type metal (alloy containing lead (82%), tin (3%) and antimony (15%) casting very well in moulds to produce prints; prints made of this alloy let to reach clear imprints.

Antimony increases strength and percussion stability.  

Lead alloyed with antimony (5 – 15%) is called antimony lead. 1% addition of antimony increases lead strength substantially. Antimony lead is used in chemical engineering, corrosive liquid pipes production, electric, telegraph, telephone cables sheathing production, electrodes and lead-acid battery grids production. Lead-acid secondary batteries are the largest metallurgical market for the element №54. Also antimony is used in lead alloy shot and ammunition. 

 Antimony compounds are also applied widely in engineering. Antimony trisulphide is used in matches and fireworks production. Most of antimony materials are made of antimony trisulphide.  Antimony pentasulphide is used in vulcanization of rubber. Red medical rubber containing antimony pentasulphide is very flexible. Heat resistant antimony trioxide is used in flame retardant paints, construction materials, textiles, conveyor belts, enamels.

High-purity antimony metal is used in the production of intermetallic compound semiconductor materials such as indium antimonide, aluminium antimonide and gallium antimonide. Antimony is used as a doping agent for one of the most important semiconductors – germanium.

Hydrated potassium antimonyl tartar, known as tartar emetic, is used in medicines for the treatment of stomach ailments.  The chemical, together with the less toxic organic antimonides – ethylstibamine, sodium antimonyl gluconate (Pentostam) and N-methylglucamine antimonate (Glucantime) – have been used to treat leishmaniasis, a disease transmitted by sandflies.

A lot of antimony compounds are used as pigments in pants production.

So antimony is one of the oldest metal known on the one hand and a very required one n the other.

 

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[+/-] : Shenzhen Development Bank forecasts 85-95% rise of H1 net profit

China's Shenzhen Development Bank (SDB) said late Sunday its unaudited net profit in the first half of 2008 may rise between 85 and 95 percent from a year earlier.

The net profit was forecast to jump to between 2.079 and 2.192 billion yuan (302 to 318 million U.S. dollars) in the six months ending on June 30, the Chinese partner of Newbridge Capital said.

Net profit in the first half of last year was 1.124 billion yuan, or 0.54 yuan per share.

The rapid growth was driven by the expansion of loans and intermediate services, wider interest margin, declines in non-performing loans (NPL) and corporate income tax rates.

Its bad loans dropped by 500 million yuan from a quarter ago, driving the NPL ratio down 0.5 percentage points.

In the first quarter of 2008, the SDB saw net profit soar 88 percent to 1.004 billion yuan. ...
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[+/-] : Dollar rebounds against euro on ECB remarks

The dollar rose against the euro and other major currencies on Thursday as the European Central Bank (ECB) signaled it may not increase interest rates again.

As widely expected, the ECB raised its benchmark interest rate by a quarter percentage point to 4.25 percent in an effort to halt rising inflation.

The ECB president Jean-Claude Trichet said the rate hike would help bring inflation back below 2 percent. He said he has "no bias" on further moves.

Traders reduced bets the ECB will increase rates further this year. Trichet's comments helped counter a government report showing U.S. employers eliminated jobs in June for a sixth consecutive month.

The U.S. Labor Department says employers cut 62,000 jobs in June. Economists predicted the number of jobs would fall but investors appear somewhat relieved that the losses weren't steeper.

The euro bought 1.5699 dollars in late New York trading compared with 1.5888 dollars it bought late Wednesday. The British pound fell to 1.9829 dollars from 1.9936 dollars.

The dollar rose to 1.0267 Swiss francs from 1.0142 Swiss francs, and rose to 106.77 Japanese yen from 105.99 Japanese yen. It rose to 1.0186 Canadian dollars from 1.0122 Canadian dollars. ...
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[+/-] : Dollar dips against major currencies

The dollar fell slightly against most major currencies on Tuesday as a few reports showed that the U.S. economy is still deep in trouble.

The Institute for Supply Management said Tuesday that its overall index of manufacturing activity unexpectedly rose above 50for the first time in five months.

A reading above 50 indicates expansion. The data may signal that manufacturers are overproducing as production and inventory growth accelerated and new orders contracted.

The ISM index of prices manufacturers pay for raw materials hit 91.5 in June, up from 87 in May and the highest reading since 1979.

The Commerce Department reported that construction spending fell for the 11th time in May. Ford Motor said its U.S. sales tumbled 27.9 percent in June.

The euro bought 1.5793 dollars in late New York trading compared with 1.5751 dollars it bought late Monday. The British pound rose to 1.9944 dollars from 1.9936 dollars.

The dollar fell to 1.0195 Swiss francs from 1.0201 Swiss francs, and fell to 106.01 Japanese yen from 106.08 Japanese yen. It rose to 1.0230 Canadian dollars from 1.0177 Canadian dollars. ...
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[+/-] : Taiwan's ITD to introduce light-weight materials into auto parts line

The Industrial Technology Department (ITD) of the Ministry of Economic Affairs (MOEA) plans to introduce high-tech functional light-weight alloy materials into the Taiwan transportation vehicle parts industry to generate another growth momentum.

ITD's move is expected to first help the local magnesium-alloy sector enjoy big jumps in the future, according to ITD.

ITD recently demonstrated the R&D achievements by the department's Science and Technology Development Projects. In conjunction with the energy-saving and environment protection development trend, many local companies have rushed to develop and produce auto parts made in high-tech, light-weight functional materials, such as aluminum, magnesium and titanium alloys, in cooperation with counterparts in Japan, the U.S. and Europe. The products demonstrated included magnesium-alloy handle wheels, combustion-engine cylinder heads etc.

A senior official of local Metal Industries Research & Development Centre (MIRDC) said that auto parts made in magnesium alloy can enjoy a weight cut of 30% to 60% if compared with general steel counterparts. With the promotion of ITD, he added, the annual consumption volume of magnesium alloy by the transportation vehicle parts industry has grown to about 3,000 tons now, accounting for over 30% of the total consumption of such materials in Taiwan. In addition, the annual production value of magnesium-alloy parts has grown to outstrip NT$10 billion (US$320.51 million at US$1: NT$31.2) in 2004 from about NT$6 billion (US$192.31 million) in 2001.

Statistics compiled by the steering committee of the European Union (EU) showed that the emission volume of CO2 decreased by 10.8% during the 1995-2002 period, but EU's goal is a cut of 35%. Based on the goal, EU automakers have promised an average CO2 emission volume of 140g/kilometer with automobiles produced in 2008 and thereafter.

After the execution of ITD-approved Science and Technology Projects, the MIRDC official said, the liquid-forming production technique has been successfully adopted by local bicycle makers to upgrade product values. Giant Manufacturing Co. Ltd, for example, utilized such a technology to develop the Reviver comfort-bike model and exported about 20,000 such bikes to the U.S. market in 2004, making it the world's No. 1 bike maker.

ITD claimed that the R&D achievements of the ITD-subsidized projects are expected to attract intensive investments from local enterprises in the future, thus helping the magnesium-alloy sector expand application ranges from mainly 3C (computer, communication, and consumer electronics) into also transportation-vehicle parts business. ITD stressed that Taiwan is expected to become a big magnesium-alloy production nation in the future. ...
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[+/-] : U.S. Magnesium plans big Utah production expansion

A new ruling by the International Trade Commission that determined China and Russia have dumped magnesium into the United States should pave the way for a massive expansion of U.S. Magnesium's plant in Rowley. The ruling by the ITC and the U.S. Department of Commerce last week will allow U.S. Magnesium to benefit from nearly $50 million in capital improvements made to its Rowley plant over the past five years, according to the company. And just as importantly, it will allow the company to boost its annual production of magnesium from 43,000 tons to approximately 55,000 tons by the end of this year, U.S. Magnesium spokesman Lee Brown said. "Once unfair trade is removed from the marketplace we'll be able to compete with anyone." U.S. Magnesium, the last remaining primary producer of magnesium left in the country, along with the United Steelworkers of America Local 8319 and the Glass, Molders, Pottery, Plastics and Allied Workers International Local 374, last year filed a complaint with the U.S. Department of Commerce alleging that Russian and Chinese exporters were dumping their product into the domestic market at less than fair value. They blamed those imports for pushing down the price of magnesium by 40%. A year-long investigation established that U.S. Magnesium's complaints were true and the government soon will impose additional duties ranging from 50% to more than 140% for each ton of magnesium shipped into the United States from China. Russian producers will face additional duties ranging from approximately 19% to 22%. The purpose of the anti-dumping duties is to offset the unfair competitive advantage foreign exporters enjoy as a result of selling their products in the United States at less than fair value, said Joseph Dorn, a Washington, D.C.-based attorney that represented the company and unions in the trade case. Before those anti-dumping duties can be imposed, though, the orders establishing the additional import duties need to be published in the Federal Register, which should occur in early April. "These duties will help preserve the industry's production base in this country," Dorn said. Brown said at the very least the duties will help preserve the jobs of U.S. Magnesium's approximately 400 employees and secure the company's future. Magnesium, which is primarily used to produce aluminum alloys that are stronger than the pure metal, currently sells on the spot market for approximately $1.50 per pound.

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[+/-] : Chinese strategic adjustment of the steel business enterprise gets into a key period

Development's need to steel of the Chinese economy increases continuously, pushing steel profession to invest a fast growth thus.2002 －s accompany with the fast growth that the Chinese steel invests in 2006, steel yield from 1,800,000,000 of 2002 tons, surge to 418,700,000,000 tonses of 2006.Satisfied development's need to steel of the Chinese economy, and basic the reformation completed steel industry a modernization.From 2003 every year degrees steel material clean import 36,240,000 tons, carry out up to 2006 clean export 34,460,000 tons, the average year increases to export 23,560,000 tons.Pushed the historic variety of the structure adjustment and steel material import and export situation of steel industry, also created a condition for the internationalization management of the Chinese steel business enterprise.If say Chinese economy of rising arouse an international steel industry to come out the predicament that several years go back and forth, so Chinese steel material export's increasing quickly continuously for several years was a Chinese steel business enterprise confidence to live ages opportunity, satisfying an international demanding growth of the market steel material in quickly the reformation development, ising economy for world of the steady movement did of contribution. ...
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[+/-] : The development process of domestic and international magnesium and application progress

The development process of magnesium
In 1775, the mankind discovered the compound of magnesium.
In 1886, Germany chases a magnesium application in the industrial realm first.

In 1909, Germany appeared a magnesium metal alloy 铸 piece first.

In 1916, American way house chemistry the company start producing an electrolysis magnesium.

1927~1930 years, the car of German production average each one uses 73.8 kilogram magnesium metal alloys.

1936~1940 years, the German public's car(Brazil) company produces of"shell insect" car of crankcase, spread to move a box of hull body total amount to use 40,000 ton magnesium metal alloys.

1948~1962 years, the United States adopts hot room to die-casting the millions piece magnesium of the machine gave birth to die-casting a piece to be provided for car to use.

70's in 20 centuries, the magnesium metal alloy material price ups, applying to get difficulty.

80's in 20 centuries, the noise of shouting mightiness of the car reducing in weight, the magnesium die-castings an application increment.

The mid 90's in 20 centuries, the magnesium yield increases greatly at first, price and aluminum are close by, die-castinging a craft technique an equipments perfect, the magnesium application turns into a mature stage, the development speed is unprecedented.

In 1991, the global car die-castings a piece 25,000 tons with the magnesium.

In 1995, the global car die-castings a piece 56,000 tons with the magnesium.

In 2000, the global car die-castings one to be close to 150,000 tons with the magnesium, having 80% that the global magnesium die-castings a piece. ...
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[+/-] : The magnesium metal alloy expansion application can lower car oil to consume to exhaust with tail spirit

A magnesium metal alloy from the United States expert predicts that from now on some years, each average car in the world, the magnesium metal alloy dosage will attain 120 kilograms, this will make the car reduce heavy 500 kilogramses, lowering car oil to consume thus and consumedly with the tail spirit exhaust quantity.Currently, the global magnesium metal alloy die-castings a piece growth rates to keep in 15% levels continuously for several years in the car, is current and the new industry is a little bit bright in the future.The carriage weight lowers 10%, oil's consuming can lower 6% to 8%, the fuel efficiency can raise 5.5%, the noise can also lower 2 decibels.Therefore, the magnesium metal alloy has ability to make car reducing in weight, the extension magnesium metal alloy will become solving a petroleum resources to lack to become one of the warm important solutions with global weather tightly in the application in the pileup.The Chinese car engineering masters reputation chairman of the board a piece a cheerful industry to say, our country is enhancing transportation economy energy to reduce a row management, control high consume oil, high pollution automobile development.Car and other applications that the pileup industry should extend magnesium metal alloy this high strength light metals material to carry out economy energy to reduce a row target.This becomes Chinese magnesium industry and industrial realization independent creative important opportunity of the car motorcycle, also is a graveness challenge. ...
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[+/-] : SilMag to provide alternative magnesium supply for hot market

Magnesium smelter, SilMag of Norway starts former Norsk Hydro's Porsgrunn plant in 2011 at annual 35,000 tonnes output through the acquisition from Hydro.

SilMag launches secondary magnesium alloy production at annual 15,000 tonnes in 2009.

The firm tries to expand the operation to compete with Chinese suppliers under the surging international market. – Japan Metal Bulletin

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[+/-] : European antimony market quiet but firm

Three weeks ago, Chinese suppliers reduced antimony ingot offers by about USD50-100/t, and the price kept stable since then.
Asianmetal(English) http://www.asianmetal.com 9J3L
A European trader told Asian Metal that he lost a deal when offered 99.65%min low bismuth antimony ingot at USD6,350/t CIF Rotterdam. "Market is very quiet, and it will remain quiet because summer holiday is already here."
The trader feels that it is difficult to get in touch with consumers now because the price is high, and consumers are not yet ready to accept the higher prices. "The offers we get from Chinese suppliers are at around USD6,300/t CIF Rotterdam, and the European consumers are asking at the same price, so there is no profit margin."

Another trader confirmed the price at around USD6,300/t CIF Rotterdam for 99.65%min low bismuth antimony ingot and USD6,200/t CIF Rotterdam for 99.65%min standard grade two antimony ingot. "Market is very quiet because of the high prices, and also the summer holiday."
Asianmetal(English) http://www.asianmetal.com 0XGS
The trader told Asian metal that many consumers are already on summer vacations, and the normal production will not be recovered until the end of August or beginning of September. "So antimony market is likely to keep quiet for the next two month," said the trader, who holds that the price is likely to drop slightly by the beginning of August. ...
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[+/-] : Lead Falls to 16-Month Low in London After Stockpiles Double

July 2 (Bloomberg) - Lead fell to the lowest in 16 months on the London Metal Exchange after stockpiles more than doubled, indicating oversupply. Copper rose to the highest in more than two months.

LME-tracked inventories have more than doubled this year, piling up at warehouses in Europe, Asia and the U.S. and signaling the market will switch into a surplus, according to Michael Widmer, an analyst at Lehman Brothers Holdings Inc.

"One important reason is seasonally weak demand," Widmer said today by phone from London. "The market looks relatively well supplied at the moment."

Lead for delivery in three months fell $57, or 3.2 percent, to $1,708 a metric ton as of 4:51 p.m. The contract earlier traded at $1,695, the lowest intraday price since Feb. 14, 2007. All LME-traded metals declined, paced by a slide in zinc.

Lead, mostly used in car batteries, has fallen 32 percent this year, the biggest decline on the LME. Supply will exceed demand by 30,000 tons this year, widening further next year, Widmer said.

Zinc fell as much as 3.8 percent to $1,854.75 a ton, the biggest intraday loss since June 19. Zinc and lead have the same oversupply problem, Widmer said.

Copper rose to the highest in more than two months on concern that a strike would spread in Peru and hurt supply from the world's third-largest source of the metal. The benchmark contract added $107.50, or 1.3 percent, to $8,720 a ton, the highest intraday price since April 23.

Miners from Freeport McMoRan Copper & Gold Inc.'s Cerro Verde copper mine voted to join the nationwide strike in Peru today, according to Luis Castillo, general secretary of the Mining Federation. Copper has gained 2.3 percent since the protest, the third in less than 14 months, began June 30.

Copper Stockpiles

Copper inventories monitored by the LME rose 0.1 percent to 122,475 tons, taking this year's decline to 38 percent. Including those monitored by exchanges in New York and Shanghai, stockpiles totaled 164,787 tons, or 3.2 days of global consumption, Bloomberg calculations showed. Last year's average was 4.9 days.

Among other LME-traded metals, aluminum increased $40 to $3,195 a ton. Nickel lost $300 to $21,250 a ton and tin fell $400 to $23,200.

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