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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.
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The uptick in Chinese ferromolybdenum prices has given a strong lift to the performance of Shanghai-listed China Molybdenum Co (CMOC), the country’s top molybdenum producer headquartered in North China’s Henan province.
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Ganfeng Lithium Co, China’s largest lithium producer headquartered in East China’s Jiangxi province, has secured a three-year deal to supply lithium hydroxide to Tesla’s battery producers including Panasonic, a Ganfeng official confirmed on September 26.
The supply deal will account for Ganfeng’s 20% lithium hydroxide capacity, according to a company
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Shanghai-listed China Molybdenum Co, the country’s top molybdenum producer, holds a positive view of China’s market for ferromolybdenum for the current half of this year, according to its 2018 semi-annual report released on August 28.
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Vale had a mixed second-quarter with its nonferrous metals businesses, according to the Brazilian miner's Q2 performance report released on July 16.
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Brazilian miner Vale has completed cobalt streaming transactions with two Canada-based companies for the sale of a combined 75% of the cobalt stream from its Voisey's Bay nickel-cobalt-copper mine in Labrador, Canada, according to a Vale release on June 28.
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Afrochine Smelting Co, the ferroalloys subsidiary of China's Tsingshan Group in Zimbabwe in southern Africa, is proposing to build a steel mill with 2 million tonnes/year capacity in the capital Harare, market sources shared on June 13. Business representatives from East China's Zhejiang province signed a memorandum of understanding (MoU) with Zimbabwe government representatives in Harare on June 11.
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Brazilian miner Vale has agreed to sell future cobalt output from its Voisey's Bay mine in Canada for $690 million so as to allow the company to make further investments in precious metals related to battery materials for electric vehicles, Vale said on June 12.
