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FERROALLOY NEWS

Zimbabwe Bans Cr Ore Exports to Boost Refining
Umetal: FeMo Bidding Prices Stay Stable
Umetal: More FeCr Plants to Stop Production
Umetal: Cr Ore Prices Edge Down with Slack Transaction
Umetal: Si Metal Prices Extend Falls

FERROALLOY PRICES

China's Sales Price of Imported Chrome Ore at Main China Ports on Apr 20, 2011

China's Sales Price of Imported Manganese Ore at Main China Ports on Apr 20, 2011

Overseas Offers of Chrome Ore CIF China on Apr 20, 2011

Overseas Offers of Manganese Ore CIF China on Apr 20, 2011

METAL ORE STOCKS

Chrome Ore In Stock of Major China Ports (Update: Apr 18, 2011)

Manganese Ore In Stock of Major China Ports (Update: Apr 15, 2011)

Laterite-nickel In Stock of Major China Ports (Update: Apr 15, 2011)

FERROALLOY NEWS

Zimbabwe Bans Cr Ore Exports to Boost Refining

Reportedly, Zimbabwe Ministry of Mines and Mining Development announced to ban the export of chrome (Cr) ore from April 20, 2011 as it looks to build internal refinery capacity.

According to the U.S. Geological Survey, Zimbabwe and S. Africa hold about 90% of the world's Cr ore reserves and resources, and the ban will affect Zimbabwe’s exports to China and S. Africa.

There are three large-scale Cr ore miners in Zimbabwe, including Zimbabwe Alloys and Zimasco, which is owned by China's Sinosteel. Zimasco recently told state media it planned a US$300 million investment in the second half of 2011 to ramp up output and build a new smelter. For now, Zimbabwe already has three smelters that have the capacity to handle 1.5 million tonnes of Cr ore. (US$ 1=RMB 6.5170; Editing by Athina Wang)

Umetal: FeMo Bidding Prices Stay Stable

UMETAL-CHINA, Reportedly, two stainless steel mills kept their bidding prices for ferromolybdenum (FeMo) steady on Apr 19. One Jiangsu provice-based steel mill purchased 100 tonnes of FeMo60 at RMB143,500/tonne while the other, based in East China, bought 400-500 tonnes of FeMo60 at RMB142,000-142,500/tonne.

In view of continuous rises in discount rates, the gap between cash prices and acceptance prices are widening. Umetal cites reference prices for such products at RMB148,000-149,000/tonne while purchasing prices by most small steel mills are mainly pegged at RMB147,000-148,000/tonne.　

In the first quarter, 52,014 tonnes of Mo concentrate is produced in China, up by 7,264/tonne or 16.2% from a year ago, while special steel production in the 32 large-sized special steel makers merely grew by 16.2% year-on-year. Obviously, the production for Mo concentrate rose faster than that of special steel. The Mo concentrate market will face continuously growing inventory pressures in future. (US$ 1=RMB 6.5170; Contributing by Qinchuan; Editing by Tobey Li)

Umetal: More FeCr Plants to Stop Production

UMETAL-CHINA, At present, China domestic ferrochrome (FeCr) market keeps tracing on a depressed trend. Meanwhile, steel mills’ purchase prices see a constant reduction, which push FeCr producers to stop production with waiting attitude.

According to a FeCr producer from North China, he owns four furnaces of HC FeCr, and output amounts to 4,000-5,000 tonnes per month in total. In early April, he has shut one of those, and in view of the sluggish market situation, he is poised to close all the furnaces by the end of month.

Meanwhile, a Henan-based producer of LC FeCr and micro carbon FeCr inclines to stop operation as well. The principal discloses that current depression is likely to continue in following market, so he decides to shut down the furnaces after using up present Cr ore stocks.

Normally, FeCr plants are supposed to be in need of replenishing Cr ore stocks. However, under financial pressure and the influence of weak sales in FeCr market, most FeCr producers prefer to suspend production on the account of unclear following market. (US$ 1=RMB 6.5170; Contributing by Zhang Qiqin; Editing by Athina Wang)

Umetal: Cr Ore Prices Edge Down with Slack Transaction

UMETAL-CHINA, Recently China domestic chrome (Cr) ore market remains lukewarm. In view of the reduction of HC ferrochrome (FeCr) bidding prices set by TISCO and Baosteel, a part of insiders hold bearish view on Chinese Cr market. Moreover, many FeCr producers think the market is unlikely to rebound in the first half of this year and most of them become increasingly cautious about procurement of Cr ore.

Normally, March and April are supposed to be a peak period for FeCr plants to purchase Cr ore. However, on the account of sluggish market, partial alloy producers only procure small amounts for stock replenishment, and some other plants are poised to stop production.

In terms of Cr ore market, transaction hovers at a low level due to weak demand. On the other hand, foreign offers of Cr ore in international market are comparatively stable, which exert great financial pressure on distributors and push them to cut quotations.

However, despite the limited decrease range of Cr ore quotations, transaction prices are RMB2-3/mtu lower than prevailing offers. On April 19, spot prices of Cr ore at Chinese ports generally dropped by around RMB1-2/mtu. Concrete information is shown in the table below. (US$ 1=RMB 6.5170; Contributing by Zhang Qiqin; Editing by Athina Wang)

Quotations of Cr Ore at Chinese Ports on April 19, 2011/ In RMB/mtu

Umetal: Si Metal Prices Extend Falls

UMETAL-CHINA, The silicon (Si) metal market has kept slight falls recently. Currently, mainstream quotations for Si553 and Si441 are each set at RMB12,900-13,300/tonne and RMB14,300-14,500/tonne. In spite of improved transactions, most plants have timely reduced their selling prices.

Currently, the Si metal supply is in shortage. Domestically, the bidding of Shanghai Sigma Metals Inc and Yechiu Group Shanghai Sigma Metals Inc starts a round of restocking and, globally, the foreign clients begin to stock a small amount of resources as well. In view of a moderately recovered demand, most plants have received some short-term orders.

Upon the approaching of the rainy season, Sichuan province and Yunnan province are to cut their power prices and the Si metal market will, undoubtedly, remain on a falling path.

Despite a pick-up in demand, most plants, still cautious about the coming market, shorten their sales period, busy in expanding sales and destocking to avoid that the Sichuan market conditions will exert a bigger impact on the domestic market.

Due to the coming rainy season, most purchasers suspend making procurements for May. In the export market, the foreign traders keep depressing the prices and the transactions are dismal, badly ruining the demand continuity. Moreover, under the impact of Japan's earthquake, demand will stay unpromising and the Si metal market is predicted to maintain gentle slips in the coming market. (US$ 1=RMB 6.5170; Contributing by Chen Sainan; Editing by Tobey Li)