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Tata Steel, India reported two fold increase in export volumes to 0.64 MnT in Q2 FY20 against 0.31 MnT in previous quarter. The guidance for exports for this fiscal will be around 2.4 MnT.
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Indian Ferro Chrome market is equally dependent on exports as the consumption of Ferro Chrome in the domestic market stands at only 50% of the total sales. With the global market on a downturn, producers in India remained under pressure to conclude deals in the domestic market.
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Sales of new-energy vehicles (NEVs) in China continue to show signs of stalling, given a series of negative factors including the prevailing softening economy, the county’s cooling automotive sector generally, and the reduction in subsidies for NEV purchases since late June, market sources said.
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According to sources, TS Alloys, a wholly-owned subsidiary of Tata Steel, emerged as the highest bidder for the Kamarda chrome ore deposits in Odisha, which was held by BC Mohanty and Sons, with a bid of 96.8% on Wednesday night soon after it bagged Misrilall Mine’s Saruabil deposits with a bid of 88.5% premium.
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The Odisha Mining Corporation Ltd intends to sell various grades of chrome ore (friable) produced at South Kaliapani chromite mines and Sukrangi chromite mines of OMC Ltd in the Sukinda valley of JK Road Region, Jajpur Dist Odisha. OMC Ltd has decided to use the service of MSTC Ltd (a Govt. of India Undertaking) to conduct e-auction for selling off its (OMC) chrome ore. OMC increased the base prices of all grades of Chrome Ore by 15% for October Chrome Ore Auctions in line with the shortage of chrome ore availability with the producers.
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Domestic production and sales of new-energy vehicles (NEVs) across China are showing signs of weakness, largely as a consequence of the central government’s move to reduce generous subsidies on NEVs that over the past few years had helped automakers to enjoy substantial growths in electric car sales.
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Swedish mining giant Glencore and Chinese battery material manufacturer GEM Co. have entered into a five-year agreement under which Glencore will provide a minimum of 61,200 tonnes of cobalt hydroxide for GEM between 2020 and 2024, according to an announcement released on Glencore’s website on October 7.
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The semi-annual reports released by some major Chinese automobile producers over the past few days showed that most witnessed declines in their H1 net profit from softening sales amid the overall weakness in the country’s auto industry, Mysteel Global has learned. However, some makers of new energy vehicles (NEVs) still earned good profits during the half.
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Molybdenum output during the first half of this year at Shanghai- and Hongkong-listed China Molybdenum Co (CMOC) reached 7,302 tonnes in 100% moly content, down by 8.2% from the same period last year amid the degradation in its reserves, according to the company’s semi-annual report released on August 28.
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Zhejiang Huayou Cobalt Co, one of China’s major cobalt producers headquartered in Zhejiang province in East China, witnessed a sharp on-year decline of 97.8% in its H1 net profits, even though the company’s production and sales of cobalt products increased on year, according to Huayou’s semi-annual report released on August 29.
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Shandong province in East China is still dealing with the damage after the Typhoon Lekima slammed the region on August 11-12, and industrial enterprises such as nonferrous smelters and steel mills have their operations affected, Mysteel Global understood from the local companies on Wednesday.
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Inspectors from the local government of North China’s Shanxi province have begun investigating complaints that alumina plants in the province are responsible for serious leaks from sludge dumps that are causing pollution. Thus, market sources fear alumina supplies could be significantly affected.
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Nickel and copper production at Brazilian mining giant Vale declined during this year’s January-March quarter from October-December, mainly due to lower mill processing rates and maintenance at some of its works, according to the company’s Q1 production report released on May 8.
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Shanghai-listed Jinduicheng Molybdenum Co (JDC Moly), a leading molybdenum producer headquartered in Northwest China’s Shaanxi province, plans to produce 48,000 tonnes of moly concentrate (at 45% moly content) this year, according to its 2018 annual report released on April 12.
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The Shanghai- and Hongkong-listed China Molybdenum Co (CMOC), will keep its molybdenum output stable at 14,500-16,000 tonnes in 100% moly content amid the degradation while a possible higher demand from domestic stainless sector, according to its annual report released on March 29.
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A shrewd tweak of its business plan last year saw China Hongqiao Group, the country’s leading privately-owned integrated aluminum producer, double the share that sales of alumina enjoyed in its overall business, the Shandong-headquartered company’s latest annual report shows.
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Chinese prices of tungsten concentrates have reversed up from a six-month low, thanks to support from the tight supply of raw ores, with the price for W 65% or higher gaining by Yuan 1,500/tonne ($224/t) week on week to reach Yuan 97,000/t including the 16% VAT as of March 6, according to Mysteel’s database.
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Chengtun Mining Group Co, headquartered in Shenzhen in South China’s Guangdong province, intends to spend up to Yuan 546.2 million ($81.8 million) acquiring 100% stake of Australia’s Nzuri Copper Limited, owner of two copper-cobalt projects in Democratic Republic of Congo, according to Chengtun’s official announcement released on February 27. The acquisition is aimed at ensuring supplies of raw materials to the Chinese firm’s smelter in North Kolwezi, DRC, which is commissioned in 2018 yearend, Mysteel notes.
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Mines in North China, especially those producing non-ferrous metals, are bracing for disruptions to their operations fearing central and local government authorities will respond with vigour to last Saturday morning’s horrific accident in an underground silver mine in Xilin Gol League in North China’s Inner Mongolia.
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Ganfeng Lithium Co, China’s largest lithium producer headquartered in Southeast China’s Jiangxi province, plans to subscribe to new shares issued by Australia-based Pilbara Minerals Limited (PLS) through its wholly-owned subsidiary GFL International Co, a company official told Mysteel on Friday, explaining that the equity purchase is mainly aimed at expanding access to overseas resources and ensuring raw materials supply.
