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原标题:Metals &Mining Alert:Daily prices and news,India bans so

浏览次数:120 时间:2019-10-06

    Gerdau Long Steel hikes rebar prices by $25/st, effective on new orders from8/22. This follows Nucor’s announcement on Friday and Steel Dynamics andCommercial Metals’ statement on Monday to hike rebar price by $25/st. PlattsUS rebar price assessment was $530-$545/st on Monday. (SBB)。

    China’s output rose 8.7% YoY to record high of 75m tons (+0.8% MoM) andUS production up 6.3% YoY to 7.1m tons (+1.5% MoM). YTD global outputtotaled 1.1bn tons (+4.9% YoY). (WSA)Iron ore price declines 5% DoD to $66/t, driven by worries over impact on steelproduction from winter output cuts. Falling rebar price and expectations ofrising supply also dented demand (-8.5% WTD). Adding further headwinds,S&P Global Ratings downgraded China’s credit rating. (Bloomberg Finance LP)China’s Hebei provincial government sends officials to visit 38 steel mills and 6coal and coking companies, seeking views on planned output cuts for airpollution control during winter (Nov 15-March 15). Hebei plans to reduce blastfurnace utilization rates to 50% during winter, in-line with Ministry ofEnvironmental Protections’ latest directive. Market participants are still unclearas to how output cuts would be carried out and its impact to production. (SBB)North American Stainless raised base price for all cold-rolled stainless sheet byreducing functional discount by 2 percentage points. Also, plate prices wereincreased by $40-80/st, depending on thickness. Hike attributed to risingmanufacturing and operational cost. (SBB)Acacia Mining (Barrick stake: 64%) to reposition its Buzwagi mine, Tanzania toproduce only gold dore till end of mining life (2020). Buzwagi produces bothdore and gold/copper concentrate but a recent government ban on concentrateexports has prevented the mine from exporting and selling its concentrate,which accounts for ~65% of its output. While Acacia’s overall 2017 productionand cost guidance remain unchanged, it expects to sell an additional 8-10kozof gold per month for remainder of the year from Buzwagi. (Mining Weekly)

    Commercial Metals announces promotion of Barbara Smith to CEO from COO,effective September 1, 2017 as part of its long-term succession plan. JosephAlvarado (former CEO) will continue serving as Chairman of Board untilJanuary 2018. Separately, company announces public offering for $300m ofSenior Notes, under a debt self registration. Net proceeds to be used to fund acash tender offer for $300m of 7.35% Notes due 2018 and to redeemremaining 2018 Notes (~$400m outstanding). (Company)

    India bans gold exports with purity above 22carats with immediate effect. Themove aims to curb irregularities in the industry and reduce round-tripping ofjewellery and coins, wherein a trader can import gold at a lower import taxbecause of Free Trade Agreements (FTA) with some countries and re-exportthe gold without any value-add. Indian imports doubled YoY in July due tojump in purchases from South Korea, with which it has a FTA. Gold medalsand coins equaled ~15% of total gold exports in

Industrials (/lb): aluminum $0.98 (-0.3%), copper $2.94 (-0.7%), lead $1.14(+2.2%), molybdenum $7.14 (+0.0%); nickel $4.99 (-3.3%); zinc $1.41 (-1.0%);Precious (/oz): gold $1,291 (-0.8%), silver $16.97 (-1.1%); Steel (/mt): ChinaHRC $629 (-0.5%), SHFE Rebar $565 (-0.8%), MB Scrap Index $331 (-2.3%);Bulks: iron ore (/dmt) $66 (-5.1%), coking coal (/mt) $203 (-1.3%), freight (BCI)2,948 (+3.0%); Energy: Brent (/bbl) $56.43 (+0.2%), WTI (/bbl) $50.55 (+0.3%),natural gas (/mmBtu) $2.95 (-4.8%), thermal coal (/t) $97 (-0.7%).

    South Africa’s Chamber of Mines challenges new charter in court despitebeing offered to negotiate by mining minister. The Chamber of Mines,representing companies like Anglo American and Glencore, are against blackownership being raised to 30% from 26% and the 1% fee which is payable onannual sales. (Reuters).

    China’s Cold-Rolled Coil (CRC) export prices gain for fourth straight week to$597/t (+$5WoW). Despite offer prices by Chinese mills not being accepted byoverseas clients, mills are not prepared to lower prices as the domestic marketis strong and prices are higher ($695-701/t). (SBB)。

    Major copper smelters in China raise TC/RC’s for 4Q17 by ~10% QoQ. ChinaSmelters Purchase Team (CSPT) set treatment fees at $95/t (vs. $86/t in 3Q17)and refining charges at 9.5c/lb (vs. 8.6). The increase reflects greater copperconcentrate supply in China and pushes TC/RC’s above the 2017 annualbenchmark of $92.5/t and 9.2c/lb. The increase could be an attempt to giveCSPT members more bargaining power during negotiations for 2018 contractsas miners, smelters and traders meet in October and use a combination ofbenchmark prices to agree on TC/RC’s. (Reuters)World crude steel production increased 6.3% YoY to 144m tons in August (-0.1% MoM), with capacity utilization of 72.2% (+330bps YoY, -20bps MoM).

    US steel output decreases 0.6% WoW to 1.73m st (-1.5% YoY), with utilizationat 74.2% (-40bps WoW, -90bps YoY) for week ending 6/24 on lower outputfrom Great Lakes and Southern Mills. YTD output totals ~43m st (+2.3% YoY)with utilization at 74.4% (+180 bps YoY). (AISI).

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