[+/-] : Magnesium ingot price rises slightly in Russia

More magnesium ingot buyers enter the market in Russia to make purchases, so suppliers raise offers accordingly. The price of magnesium ingot slightly rises to RUB110-115/kg (USD3,666-3,833/t) in the spot market, up by around RUB5/kg (USD166/t) compared with that of two weeks ago.

A trader in Russia purchased 20t of magnesium ingot last weekend at around RUB110/kg (USD3,666/t), which is RUB5/kg (USD166/t) higher that that of last month. "Most traders do not have many stocks in hand, and with more consumers back to the market, suppliers increase offers," said the source.

The source plans to purchase another 20t of magnesium ingot this week. "We received more inquiries from cosumers recently, and our trading volume is expected to increase to some extent compared to last year," said the source. According to the source, Russian magnesium ingot producers usually export the material to Europe and other countries by long-term contracts, and only a small portion of the output is sold in the spot market. As demand increases mildly in Russia, many suppliers have raised offers. The source said that the mainstream ingot price is at around RUB110/kg (USD3,666/t) in the spot market at the moment, up by around RUB5/kg (USD166/t) compared to two weeks ago.

Another trader in Russia confirmed that the local magnesium ingot market becomes more active, and some suppliers raised offers recently. "The mainstream offers we received late last week were at around RUB115/kg (USD3,833/t), RUB5/kg (USD166/t) higher than what we got early last week," said the source.

The source revealed that although most buyers are cautious about purchasing, the price is likely to go up in the short term. ...
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[+/-] : Ferromolybdenum traders waiting for price up

Russian ferromolybdenum market is stable, and some traders with stocks in hand waiting for the price rising further.
Asianmetal(English) http://www.asianmetal.com WL70
A trader in Russia who has 20t of ferromolybdenum 60% in hand, reported to Asian Metal that supported by the rising price in Europea, some suppliers increase offers, and now the price of ferromolybdenum 60% has risen to around USD38/kg in the spot market.
Asianmetal(English) http://www.asianmetal.com 118P
The source does not offer, nor does he sells. "I heard that there are some deals of ferromolybdenum 60% concluded at more than USD40/kg in European market, and Russian market is usually slower than European market, so we think that the price of ferromolybdenum 60% may rise in the near future. Therefore, we are not eager to sell," said the source.
Asianmetal(English) http://www.asianmetal.com 052L
The source believes supported by rising price in Europe, some local consumers may enter the market to replenish stocks actively, and suppliers who do not have many stocks raise offers, so the price is rising. "I think the price may rise to USD40-42/kg ," said the source.
Asianmetal(English) http://www.asianmetal.com ZYR2
Another trader in Russia also revealed that the price may increase. "I heard that most deals of ferromolybdenum 60% concluded at around USD35/kg two weeks ago, but it has risen to USD37-38/kg recently," said the source, who believes that the future market is promising, and the price may keep rising. ...
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[+/-] : Manganese flake price continues to rise

Participants disclosed to Asian Metal that manganese flake price continues to rise a bit to about RMB14,900-15,000/t (USD2,182-2,196/t) ex works in domestic market, after the price went up a bit late last week. There are no export deals of manganese flake after the holiday, though inquiries from overseas market increased a bit.

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A manganese flake smelter in Hubei, with an output of about 4,800tpm, confirmed to Asian Metal that domestic manganese flake price continues to rise a bit to about RMB14,900-15,000/t (USD2,167-2,182/t) ex works, from RMB14,800-14,900/t (USD2,167-2,182/t) ex works late last week. "I don't sell at below RMB14,900/t (USD2,182/t) ex works, and big sized steel mills will start the tenders early this month," said the source.

R5C6L3

With the world economy improving, inquiries for manganese flake from overseas market increases a bit, reported the source, putting the export offer at about USD2,820/t FOB. However, foreign customers are still hesitant to buy for now, and no new export deals are concluded after the holiday.

HT8KRO

Another manganese flake smelter in Guizhou province, with an output of 2,000tpm, told Asian Metal that mainstream manganese flake price increased to RMB14,900-15,000/t (USD2,167-2,182/t) ex works, from RMB14,800-14,900/t (USD2,167-2,182/t) ex works late last week, but he managed to make a deal of 100t at RMB15,100/t (USD2,211/t) ex works last Friday, although the domestic market has not been active yet.

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According to the source, no export deals are concluded, with the export offer of about USD2,835/t FOB for manganese flake. For the moment, the demand from overseas market has not recovered yet, and it is impossible to concluded a deal at USD2,850/t FOB.

...
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[+/-] : Chile Restarts Top Copper Mines Hit by Quake

SANTIAGO, Feb 28 (Reuters) - Chile's biggest copper mines hit by a massive earthquake slowly resumed operations on Sunday despite limited power supplies, which analysts fear could curtail exports from the world's No. 1 producer.

Ricardo Alvarez, manager at Chile's fourth largest mine, El Teniente, which accounts for more than 7 percent of national output, told Reuters the recovery pace of output would depend on the supply of electricity, which was partial.

"As they (the regional grid) allow us to use more power we will resume other operations," he said, adding that those operations included the concentrator and Caletones smelter.

Alvarez said the mine could slow the extraction of minerals if power supply lags.

Copper prices surged in early trading on Monday due to supply worries caused by the earthquake in Chile, jumping 5.6 percent on the London Metal Exchange CMCU3. 

The quake killed more than 700 people and had forced Codelco to shut the El Teniente complex as well as its Andina copper mine.

Production resumed at the Anglo-American (AAL.L) Los Bronces copper mine, union leader Eduardo Rocco told Reuters. He said he did not know whether the company's El Soldado mine had resumed operations.

An Anglo American spokesman said on Saturday there were no initial reports of major damage at the two mines, which together produce some 280,000 tonnes a year. 

Alvarez said earlier facilities were undamaged in the 8.8 magnitude quake on Saturday and that roads to the exporting port of San Antonio were in good condition.

The century-old, 400,000 tonne per year El Teniente is the world's biggest underground copper mine.

Another Codelco official said the nearby 210,000 tonne Andina mine was likely to resume operations by day's end.

The biggest mines in Chile, which produces a third of the world's copper, are about 1,000 km (600 miles) to the north and were spared any damage, but analysts feared that supply disruptions from the mid-sized deposits nearer the capital, Santiago, would be enough to stoke prices.

"While it appears that a modest proportion of production has been halted, the major impact may come from the disruption on deliveries from the mines and from the disruption of power supplies to the mines," said Citi analyst David Thurtell.

A Codelco spokeswoman downplayed the impact on infrastructure, saying most of the road destruction was south of both mines and that she drove from a beach near the San Antonio port to near El Teniente.

Both of Chile's main oil refineries were shut after sustaining damage in the quake, state oil company ENAP said, adding that it would import diesel to meet demand. Prolonged power outages could significantly increase demand for liquid fuel to help keep the mines operating.

The central copper-exporting port of San Antonio was shut down, but the major northern ports of Antofagasta and Mejillones were unaffected.

Freeport McMoRan Copper & Gold Inc (FCX.N) said the quake did not damage its two mines, but it is facing a power outage at its Candelaria mine, which will result in a temporary shutdown.

...
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[+/-] : Chinese ferromolybdenum market stable temporarily

3 Feb 10- According to producers, there are no cheap molybdenum concentrate and molyoxide in China now, and raw material suppliers refuse to low their offers before New Year holiday, with the mainstream prices in the range of RMB2,100-2,150/mtu (USD13.95-14.28/lb) for molybdenum concentrate 45% now. In view of the stable situation of raw material, Chinese ferromolybdenum producers hold their offers recently, and the mainstream prices of ferromolybdenum 60% kept stable in the range of RMB140,000-145,000/t (USD34.16-35.40/kg Mo) this week though some reduced their offers from RMB145,000/t (USD35.40/kg Mo) to RMB142,000-143,000/t (USD34.65-34.90/kg Mo) early this week.
Asianmetal(English) http://www.asianmetal.com IV42
With a production capacity of 250tpm of ferromolybdenum, a producer from Liaoning insisted on offering RMB145,000/t (USD35.40/kg Mo) for ferromolybdenum 60% these two days. Though there are few enquiries from traders these two weeks, he is unwilling to reduce the quotations in the near term.
Asianmetal(English) http://www.asianmetal.com QNP8
"I think ferromolybdenum market will keep stable before the New Year, and it seems to be bottom out," said the source, with 100t of spot inventories in hand for the moment. Furthermore, the source bought 50t of molybdenum concentrate 43% at RMB2,100/mtu (USD13.95/lb) yesterday. This batch of raw material will not be used before the holiday, added the source.
Asianmetal(English) http://www.asianmetal.com 5997
Another Liaoning-based producer with a production capacity of 100tpm offers RMB145,000/t (USD35.40/kg Mo) for ferromolybdenum 60% for the moment, unchanged these two days. "The cost should be at RMB144,000/t (USD35.14/kg Mo) for ferromolybdenum 60% according to the prices of molybdenum raw materials," said the source.
Asianmetal(English) http://www.asianmetal.com LI35
The source confirmed that some producers are selling ferromolybdenum 60% at RMB140,000/t (USD34.16/kg Mo) now, but most have molybdenum mine themselves or enough cheap raw materials. Predicting that ferromolybdenum market will keep stable in the coming days, he refuses to reduce offers. ...
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[+/-] : Chinese ferromolybdenum traders refuse to refill inventories as steel mills maintain

2 Feb 10- According to traders, some local steel mills are overhauling now and may resume production after Spring Festival, so they will not refill their inventories in the near term.
Asianmetal(English) http://www.asianmetal.com FPBN
A Henan-based trader with 30t of ferromolybdenum in hand shared with Asian Metal that Anyang Iron & Steel has been overhauling since the beginning of February. "An official of this steel mill told me that they will resume production after Lantern Festival (February 28, 2010)," said the source.
Asianmetal(English) http://www.asianmetal.com 53F0
As a result, the source refuses to refill inventories in the near term since he is not sure when his customers will purchase raw material during the Spring Festival holiday. The purchase cost of the stocks is around RMB125,000/t (USD30.50/kg Mo), and he is not under pressure to sell out now. Moreover, he received offers of ferromolybdenum 60% at RMB145,000/t (USD35.38/kg Mo) from a Liaoning-based producer yesterday, adding that the concluded prices should be below RMB145,000/t (USD35.38/kg Mo) currently.
Asianmetal(English) http://www.asianmetal.com 47PY
With a monthly trading volume of 5t of ferromolybdenum, a Fujian-based trader reported that he didn't purchase the material these two weeks and will not enter the market before Chinese New Year holiday.
Asianmetal(English) http://www.asianmetal.com JC0T
"I have no financial pressure now and am going to prepare my holiday," said the source, confirming that some of their customers stopped production at the end of last month and may resume production in March. ...
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[+/-] : Magnesium ingot price slides down in Shanxi and Ningxia

1 Feb 10 – Except some smelters in Wenxi who still hold their price at around RMB16,300/t (USD2,387/t) ex works, many others from Shanxi and Ningxia have sold small batches of magnesium ingot at RMB16,050-16,200/t (USD2,350-2,372/t) ex works. According to sources, some have agreed to sell at RMB16,000/t (USD2,343/t) ex works since late last week.
Asianmetal(English) http://www.asianmetal.com E17E
A Ningxia-based producer, whose monthly output is around 400t at present, revealed to Asian Metal that they started to ink deals at RMB16,000/t (USD2,343/t) ex works with the offer at RMB16,100/t (USD2,357/t) ex works in the past one week. The concluded price has decreased by nearly RMB400/t (USD59/t) compared with that in the middle of last month.
Asianmetal(English) http://www.asianmetal.com N88S
The source, who has no stocks on hand now, anticipates that magnesium ingot price might dip further in the following one week. "As the price is on the decline, the transactions slow down. I think the price will drop to RMB15,800/t (USD2,313/t) ex works before the Spring Festival," the source said.
Asianmetal(English) http://www.asianmetal.com 4G2O
A Shanxi-based producer, who is operating with an output of 1,000tpm, confirmed that the price in local market is around RMB16,000-16,100/t (USD2,343-2,357/t) ex works at the moment. "We are unwilling to sell our magnesium ingot at such low prices for the time being, for we even can get little profit. We hold back from offering," the source explained. Most of their deals were closed at around RMB16,400/t (USD2,401/t) ex works in early January.
Asianmetal(English) http://www.asianmetal.com IQQK
The source, who is not in urgent need of cash, is watching the market and expects the price might decrease by another RMB200/t (USD29/t) in the following days. Meanwhile, the source disclosed that the price of ferrosilicon is RMB6,400/t (USD937/t) ex works, which is RMB100/t (USD15/t) lower than that of their last purchase in early last month. "The small decline in ferrosilicon price has not reduced our production cost a lot," the source lamented. ...
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[+/-] : Manganese Metals Flakes supply tight in Europe

3 Feb 10 - Manganese supply is a bit tight due to less import from China last year. The price in European spot market rises gradually and though the price drops much from Chinese suppliers, the market stays firm in Rotterdam for low availability of the material.
A European trader about to purchase 100 tons of manganese flakes and briquette told Asian Metal that the offer rises to above USD2,900/t in the spot market, from about USD2,800-2,850/t last month. "There are very few materials in the spot market, which pushes the price up," said the source, claiming the offer from China is decreasing as manganese market is in low performance in Chinese domestic market.
But as the supply is also not very sufficient in Chinese spot market, some suppliers are not ready to sell and expect manganese price to rebound again after the Spring Festival. The source placed an order for about 200 tons of manganese briquette from China at about USD2,400/t CIF Rotterdam.
Another European trader sold out their stocks of about 100 tons of manganese flakes at USD2,950/t d.d.u to a local buyer before the price decreases in China. "While the supply is very tight in the spot market, we do not expect manganese price to follow suit in the near term," said the source, reporting that buyers mostly purchase from hand to mouth but have to accept the higher price for lack of materials.
As some buyers have placed some orders in advance, manganese supply may improve gradually in the coming weeks, which may hinder the price from increasing further, and make buyers more reluctant to buy unless the demand is urgent.
A third European trader reported to Asian Metal that they made a deal of only 10 tons at USD3,000/t d.d.p for prompt delivery. There are some small deals made in European spot market at relatively much higher prices while the offer last month stayed about USD2,900/t in Rotterdam warehouse. ...
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[+/-] : Antimony trioxide,Antimony ingot export price stays high

3 Feb 10 – Antimony trioxide export price remains stable at a comparatively high level. Most suppliers are quoting at USD6,100/t FOB China, but some others would like to hold their prices a little higher than this popular offer.
A Hunan-based supplier, whose monthly trading volume is about 100-200t, revealed to Asian Metal that they are offering at USD6,100/t FOB China. Despite they can accept the price a bit lower than the offer, there still have not been any deals concluded yet. "Overseas buyers are reluctant to purchase in view of such a high price," the source explained, adding that some foreign customers are active in checking the price.
The source believes that antimony trioxide price will keep on this level in February due to the high price of antimony ingot, the raw material. "I guess it is unlikely for the price to slide down before the Spring Festival, and it might also stay firm for several days when we return after the holiday," the source said.
Another supplier also from Hunan, who sells about 200t of antimony trioxide every month to overseas market, claimed they insist on holding at USD6,150/t FOB China at present. "We have sold a little antimony trioxide at this price. Meanwhile, we are fulfilling some contracts signed in the middle of last month at around USD5,850/t FOB China," the source said.
"Because of the high replacement cost, we have to keep our price firm. I think some buyers who really need antimony trioxide will purchase although the price is high, for they have to maintain their production," the source said, expecting the price to be stable at least this month. ...
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[+/-] : Manganese flakes market still firm in China

21 Jan 10 – It is reported that manganese market remains firm in China, and many inquiries are received and most smelters are fulfilling some orders singed before, however, consumers start to be cautious to buy more this week.
Asianmetal(English) http://www.asianmetal.com 254R
A Hunan-based manganese flake buyer, with an output of manganese briquette of 700-800tpm, reported to Asian Metal that manganese flake price is RMB15,600-15,700/t (USD2,284-2,299/t) ex works, and he does not want to replenish stocks for the moment at current price. "I heard that few smelters start to sell at RMB15,500/t (USD2,269/t) ex works on Tuesday. Although smelters received some inquiries, it is difficult for manganese flake price to go up," said the source.
Asianmetal(English) http://www.asianmetal.com 52P2
According to the source, even if some inquiries from overseas market are received, foreign consumers do not accept the price and no export deals are concluded. The source gave an offer for manganese flake USD2,850-2,900/t FOB and offers for manganese briquette USD2,400/t FOB.
Asianmetal(English) http://www.asianmetal.com MQ00
A Hunan-based manganese flake smelter, who has an output of 600tpm and usually buys 300t to process manganese ingot, reported to Asian Metal that he sold 100t manganese flake at RMB15,800/t (USD2,313/t) ex works, and many inquiries from consumers are received. He added that the trading volume is larger than before. "However, some smelters in Jishou start to sell at about RMB15,600/t (USD2,284/t) ex works, I think it is difficult for the price to rise further," said the source.
Asianmetal(English) http://www.asianmetal.com 4A4Y
According to the source, he still holds 400-500t stocks to maintain the process of manganese ingot, and is fulfilling some orders of manganese ingot with steel mills signed at RMB16,900/t (USD2,474/t) ex works. ...
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