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Nickel - SHMET Import Market Briefing

Date Nov 24 2017 16:13:40Source:SHMET

With regards to NI FP, offers in Shanghai bonded zone keep standing at the range of $300-$360, and so does CIF delivery. The SHFE Spot/LME 3M arb for Russian NI was stable, at 8.01and that for 3M SHFE/LME at 8.02, equated to a loss of RMB70/mt in spot and a loss of RMB615/mt 3M forward.

The Russian nickel which is cost-effective in the market is more popular, with a lot of cargo holders being reluctant to sell and pushing up price. The market participants say that they will step aside and the market will not be able to receive much cash by the end of the year.

Edited by SHMET

Zinc - SHMET Import Market Briefing

Date Nov 24 2017 16:13:01Source:SHMET

Zinc Premiums in Shanghai bonded and CIF shanghai saw no change, at $155-$165/mt and $160-$170/mt respectively. Today LME C-3m valued at $30B high while the SHFE Spot/LME 3M arb also retreated to around 7.88, the spot import loss to RMB1105/mt and expanding loss slightly in forward market, around RMB1260/mt lost. Custom duty exempt brands, Australian and Korean, still generate quite a loss of RMB800/mt in spot import market, but may lose RMB960/mt in forward import.

International Lead and Zinc Study Group (ILZSG) published that the global zinc supply gap widened to 39800 tonnes in September, with a corrected shortfall of 38700 tonnes in August. As it is near the end of the year, cargo holders sell with a lower premium, with some buyers inquiring into the market. It is mainly with the purchase at low levels in the market. There are few firm purchases, with the whole market activity being in a downturn.

SHMET has learned that Spanish zinc ingot has a small transaction with a premium of 160 yuan/tonne.

 

 

 

Edited by SHMET

Aluminum - SHMET Import Market Briefing

Date Nov 24 2017 16:12:21Source:SHMET

Traders reported that spot premiums CIF shanghai remained at level $95-$115 as usual, so did the physical warrants. LME C-3m valued edged to $16C. SHFE Spot/LME 3M arb flattened out at 7.05, suggesting importing may lose around RMB2290/mt in spot market and RMB2129/mt in forward market.

Traders responded to the inquiries of some customers in the market, but there were few firm trading volumes. The market overall activity is not good this Friday and the downstream factories purchase on-demand, with the dealers being still actively selling.    

 

 

 

Edited by SHMET

Copper - SHMET Import Market Briefing

Date Nov 24 2017 16:11:42Source:SHMET

Premiums for CIF Shanghai stood at $65-$80while that for shanghai bonded warehouse flatted at $70-$85, a continuing component of previous re-stabilization. LME C-3m valued was $26C. SHFE Spot/LME 3M arb stayed steadily at around 7.80, with an import loss of RMB340/mt, whilst 3M SHFE/LME arb may lose RMB440/mt, with ratio of 7.77.

Codelco said on Thursday that copper output fell slightly in January-September 2017 from the same period of a year earlier, but the improvement in copper prices still made a tidy profit for it. Codelco chief executive officer Nelson Pizarro said the company produced 1.24 million tons of copper in January-September this year, down 3% from a year earlier. Pre-tax profit for the first nine months of 2017 was more than $1.6 billion, compared with a pre-tax loss of $18 million from the same period of a year earlier, he added. The direct cash costs for copper in January-September rose from $1.27 per pound in 2016 to $1.32 per pound, as the ore grade in its mines declined, which is a problem that has plagued Chile for years and will continue to bring negative consequences.

Edited by SHMET

Nickel - SHMET Import Market Briefing

Date Nov 23 2017 16:55:29Source:SHMET

With regards to NI FP, offers in Shanghai bonded zone keep standing at the range of $300-$360, and so does CIF delivery. The SHFE Spot/LME 3M arb for Russian NI was stable, at 8.06 and that for 3M SHFE/LME at 8.02, equated to a loss of RMB300/mt in spot and a loss of RMB700/mt 3M forward.

The Philippine Bureau of Mines and Geosciences said in a report on Monday, the country’s nickel ore output fell11% in the first nine months of this year. Several mines remain suspended by government sanctions, while others are hit by bad weather. In the first nine months of the year, nickel ore production in the Philippines totaled 19.01 million tons, compared with 21.34 million tons a year earlier. Bureau of Mines and Geosciences said, the output will continue to be affected by a series of long- term delays in nickel mines, coupled with adverse weather conditions.

Edited by SHMET
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