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Tsingshan Group, China’s top stainless producer, was the latest to announce a Yuan 100/tonne ($14/t) cut in its high-carbon ferro-chrome (FeCr) procurement price for July to Yuan 6,297/tonne including 13% VAT and delivery, mainly to respond to weaker stainless prices, according to market sources.
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The China Securities Regulatory Commission (CSRC), the country’s governing body of all futures exchanges, has granted its approval, allowing three commodity exchanges to launch options contracts for six industrial products over June-August for trading, according to its official post on June 12.
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Odisha Mining Corporation (OMC) is all set to conduct its 60th auction for Chrome ore on 28-May-2020. The details of the forthcoming auctions are as shown below:
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Tsingshan Group has announced a Yuan 500/tonne ($70.4/t) on-month increase for its domestic purchases of high-carbon ferro-chrome (FeCr) for June, lifting its buying price to Yuan 6,397/tonne including 13% VAT in terms of delivery to its plant, according to the company’s notice on May 21.
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China’s major zinc smelters have started scheduling maintenance stoppages this month in response to a shortage of zinc concentrate supplies, according to Mymetal, Mysteel’s data collection arm for non-ferrous products. Some smelters have already idled their furnaces.
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Odisha’s state-owned miner- Odisha Mining Corporation (OMC) had scheduled its Chrome ore e-auction yesterday (28th Apr’20). Out of the total quantity of 33,100 MT, only 23,900 MT were sold, leaving 9,200 MT quantity unsold.
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Tsingshan Group has announced a Yuan 250/tonne ($35.4/t) on-month increase for its purchases of high-carbon ferro-chrome (FeCr) for May, lifting its buying price to Yuan 5,647/tonne including 13% VAT in terms of delivery to its plant, according to the company’s notice on April 30. Significantly, the mill also promised that for long-term contract suppliers who deliver above the base-quantities specified in their contract, it will raise their FeCr unit price by another Yuan 150/t.
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Production summary*
*Rio Tinto share unless otherwise stated
Source: Rio Tinto, released on April 17
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The fast spread of the COVID-19 in the past few weeks have forced some metallurgical mining companies to either slow down or to completely suspend their operations, as many countries where their mining sites are located have adopted the harsh measure of lockdowns to curtail the virus from infecting more citizens and to prevent their medical systems from collapses.
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Metallurgical Corporation of China Ltd (MCC), China’s largest construction and engineering service provider, saw its business model further diversifying from the traditional metallurgical projects in 2019, as the revenue from the sector decreased to 22.5% of the total from the 25.1% for 2018, according to the company’s latest annual report released on April 1.
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Tsingshan Group, China’s and the world’s largest stainless producer, has announced that for its purchases of high-carbon ferro-chrome (FeCr) in April, it has decided to maintain the same buying price as for March of Yuan 5,647/tonne ($828.8/t) including 13% VAT in terms of delivery to its plant, according to a company notice posted late on March 26. For this month’s procurement, Tsingshan pared its bid price by Yuan 150/tonne, as Mysteel reported.
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Glencore, a multinational energy and mineral producer, has been forced to join many other mining companies to idle its nonferrous and coal operations in several countries to cooperate with the respective countries’ efforts in containing the COVID-19, according to a company release on the afternoon of March 26 Central European Timezone.
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Tharisa PLC on Tuesday said it will cease all of its South African mining operations after the night shift on Wednesday, Mar 25th in response to the 21 days lockdown declared by President Cyril Ramaphosa.
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Dispatches of Chrome Ore by Odisha miners have sunk down by almost 41% in Feb’20 against Jan’20. TATA Steel remained the largest miner to dispatch 83,841 MT of Chrome Ore which is approximately half the previous month’s dispatches.
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Tsingshan Group, China’s and the world’s largest stainless producer, has announced a Yuan 150/tonne ($21.6/t) on-month reduction for its purchases of high-carbon ferro-chrome (FeCr) this month, according to the company’s notice on March 11. The cut takes Tsingshan’s buying price to Yuan 5,647/tonne including 13% VAT in terms of delivery to its plant.
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The Dalian Commodity Exchange (DCE) headquartered in Northeast China’s Liaoning province is progressing with the launch of liquified petroleum gas (LPG) futures and options contracts, Mysteel Global has learned. The exchange is currently collecting public feedback about the contract designs and will accept submissions until March 13.
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China Hongqiao Group, the country’s leading aluminum producer headquartered in East China’s Shandong province and listed in Hong Kong, has recently secured the financing for its second-phase alumina expansion in Indonesia to double the capacity to 2 million tonnes/year by the end of 2020, market sources confirmed on Friday.
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Tsingshan group in China announced its January tender price for HC Ferro Chrome which is down by RMB 200 (USD 29) from December levels. The prices for Ferro Chrome were earlier dropped by RMB 400 (USD 57)/50 basis tons in December.
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Dispatches of Chrome Ore by Odisha miners have increased by almost 3% in Nov’19 M-o-M. TATA Steel remained the largest miner to dispatch 148,128 MT of Chrome Ore in Nov’19, which was 8% higher as compared to the previous month. TATA Steel held only 7% of the total quantity for captive use. Meanwhile, dispatches to TS alloys increased by 30% M-o-M with a quantity of 14,403MT, which was also 10% of the total dispatches from TATA Steel. Aarti Steel and Nava Bharat ventures remained the largest buyers of Chrome Ore from TATA Steel with 15% and 14% of the total dispatches.
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The Switzerland-headquartered mining company Glencore will supply up to about 30,000 tonnes of cobalt hydroxide in pure metal to South Korea’s SK Innovation over 2020-2025 to meet the latter’s need to produce more electric vehicle (EV) batteries amid the anticipation on the prosperity in the global EV market, Mysteel Global notes from the company releases.
