[+/-] : 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. ...
read more

[+/-] : 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. ...
read more

[+/-] : 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.

EGYD21

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.

0T3H87

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.

...
read more

[+/-] : 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.

...
read more

[+/-] : 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. ...
read more