Copper Rises in London After China's Imports Jump to Record

SHANGHAI, May 25 -- Copper advanced after Chinese imports of the metal rose to a record in April, renewing expectations that the country's 4 trillion yuan ($586 billion) stimulus program will sustain prices in the short term.

Inbound shipments of refined copper advanced 7 percent from the previous month to 317,947 metric tons, according to final data released today from the Beijing-based customs office. The shipments for the month were a record, said Zhao Kai, an analyst at Jinrui Futures Co.

China has boosted imports of the metal used to make pipes and wires as the government ramps up its stimulus program to counter the impact of the global recession.

"China's record imports, which probably peaked, may still bolster sentiment and spur a short-term rebound in copper prices," analysts led by Tan Wentao at HNA Topwin Futures Co. wrote in an e-mailed report today.

Three-month delivery copper on the London Metal Exchange rose as much as 2.9 percent to $4,599.5 a ton and traded at $4,574 a ton at 4:49 p.m. in Shanghai.

August-delivery copper on the Shanghai Futures Exchange closed 0.6 percent higher at 36,270 yuan after falling as much as 1.2 percent earlier. Copper for July delivery in New York gained 0.9 percent to $2.0695 a pound.

The latest shipments will "further damp prices, especially at a time when we feel demand is cooling," said Edward Fang, an analyst at China International Futures (Shanghai) Co.

Copper also gained after the dollar fell, making the U.S.- currency denominated contracts cheaper. The Dollar Index, a measure of the greenback against six major currencies, has lost 3.2 percent this week on speculation that the U.S. government's creditworthiness may be weakening.

Among other LME-traded metals, aluminum gained 0.3 percent to $1,454 a ton, zinc rose 3.1 percent to $1,487.50 a ton and lead added 2.2 percent to $1,421 a ton. Nickel climbed 2.6 percent to $12,444 a ton and tin advanced 3 percent to $13,700 a ton as of 4:15 p.m. in Shanghai.

China Large Metal Firms Call for Cutting Tariff on Fertilizer Export

BEIJING, May 20 - Five Chinese large nonferrous metals enterprises have submitted a request to the Ministry of Commerce for cutting tariff on fertilizer export in a bid to relieve excessive oversupply of their byproduct, sulfuric acid, on the domestic market.

The five companies are all specialized in lead and zinc products, suffering tough sales of sulfuric acid since last year.

They are Zhuzhou Smelter Group Co. (600961.SH), Shenzhen Zhongjin Lingnan Nonfemet Co. (000060.SZ), Henan Yuguang Gold & Lead Co. (600531.SH), and Shui Kou Shan Nonferrous Metals Group, and Anyang Yuguang Gold & Lead Nonferrous Metals Co.

Currently, metal companies' sulfuric acid stocks almost fill up their depots, some analysts say.

Insiders point out that as 70 percent of the domestic industrial sulfuric acid is used for producing phosphate and compound fertilizers, the fertilizer sector's performance determines the price of sulfuric acid.

Data from the China Phosphate Fertilizer Industry Association (CPFIA) show that the country's annual diammonium phosphate and monoammonium phosphate capacities now stay at 15 million tons and 16 million tons, respectively, far higher than the domestic demand of 5.5 million tons and 6.5 million tons respectively.

With large stocks, China's phosphate and compound fertilizer enterprises have to depend on export for healthy development.

The Chinese government started to levy special export tariff on fertilizers from April 1, 2008 (export tariff of 35 percent, special tariff of 100 percent). It later adjusted the tariff to 45 percent for slack season, and 120 percent for peak season as of December 1, 2008.

Such move directly led to glut of fertilizer on the domestic market.

According to an official with the China Nonferrous Industry Association, sulfuric acid prices in China had dived from the earlier 2,000 yuan/ton to about 100 yuan/ton, resulting in sharp shrinkage of producers' profits.

An official with Zhongjin Lingnan Nonfemet Co. suggested the government cut tariff on fertilizer export to support nonferrous metals enterprises.

CPFIA vice chairman Zhang Yongzhi earlier proposed implementing zero tariff on fertilizer export from May.

Russian ferroniobium price stable but few deals concluded

BEIJING (Asian Metal) 20 May 09 - Russian participants reported that local ferroniobium market run in low level, and the majority of the consumers are watching the market. The mainstream price for ferroniobium is stable at RUB1,250-1,350 /kg Nb (USD37-40/kg Nb) in the spot market, the same with the previous week.
A Chelyabinsk-based trader comments that the market is very slack, and the downstream consumers will not purchase until they think the price is rather low. The source has few ferroniobium stocks for now, but won't intend to come to the market to buy the material. "The price for ferroniobium is stable at RUB1,250-1,300 /kg Nb (USD37-39/kg Nb), but there are few deals concluded in the market, " said the source.
The source believes that the ferroniobium consuming industries remain sluggish, and some traders will decrease the offer for ferroniobium in short-term to attract buyers. "We have received some inquiries in late April, but the market became quiet in May, and the price would decline in the near future," said the source.
A Moscow-based trader did not conclude any deals of ferroniobium in the past three months. The source confirmed that the prevailing price is around RUB1,300 /kg Nb (USD39/kg Nb) in spot market. With a monthly trading volume of around two tons, the source remarks that the Russian ferroniobium market shows no sign of recovery, and the downstream steel mills are still running at low levels. The market will remain sluggish till the end of Q2.

High-grade ferronickel price unchanged

BEIJING (Asian Metal) 19 May 09 – Though nickel market kept going down further, high-grade ferronickel market remained unchanged in China. Several producers have resumed production, but complained the low price and they cannot make many profits. Some producers keep receiving inquiries and orders from customers, and they are not worried about the sales very much. Some other plants have no plan to resume production in the short term, as they hold little confidence in the market recovery.
A producer from Inner Mongolia claimed that their plant just resumed production late April and the output remains at 300tpm. According to the source, some stainless steel producers keep coming to them and they are not worried about the sales very much. However, they are active to sell the material for fear that ferronickel market will retreat again. The source confirmed that most deals of ferronickel 10%min were concluded at RMB1,000/mtu (USD146/mtu) ex works, and they made few profits. According to the source, some big-sized stainless steel plants have started their purchasing of ferronickel, and the demand may become strong soon.
"We are watching nickel market and wish that the market would stop going down as soon as possible," said the source, who believes that high-grade ferronickel market still needs time to recover, and they will pay more attention to the market recovery of stainless steel plants.
Another producer in Inner Mongolia claimed that their output remains at 300tpm, and they insisted on selling ferronickel 10%min at RMB1,000/mtu (USD146/mtu) ex works. However, some buyers prefer to press down the price further, but they are reluctant to sell and would rather hold stocks. According to the source, this grade ferronickel plants are limited in China and the demand from stainless steel plants becomes steady now.
"Nickel market kept retreating in the past days, and we are worried that ferronickel market will follow suit again sooner or later," said the source, who disclosed that their production cost is as high as RMB1,000/mtu (USD146/mtu) and the profit margin is very small. They will keep production in order to maintain the relationship.

Imported Mn ore price keeps slipping at Chinese ports

It is reported that imported manganese ore price continues drifting at Chinese ports today. As a matter of fact, the price was unstable last Friday and all Chinese traders start to adjust their prices.

Currently, Mn44.01% lump ore shipped from Brazil stands at CNY 36 per mtu to CNY 37 per mtu; Mn48.94% lump ore from Gabon, at CNY 40 per mtu at Zhanjiang port. While, Brazilian Mn45% lump ore still posts at 38yuan/mtu. All the prices are to be adjusted today, according to relative principals.

The recent price change is impacted by the adjustment of offers from global ore miners as BHP has been rumored to rectify its export price since last Thursday. Although there is no official news on BHP's price cut, yet its Mn ore price has been actually reduced, analyst from Mysteel noted and the Australian origin Mn45% lump ore is expected to be cut by USD 4 per mtu by market resources.

At present, manganese ore inventory at Lianyungang port goes at around 0.11 million tonnes down by 0.01 million tonnes to 0.02 million tonnes; that at Qinzhou port, at 0.25 million tonnes a decrease of 0.05 million tonne to 0.06 million tonnes; that at Zhanjiang port at 0.15 million tonnes down by 0.02 million tonnes to 0.03 million tonnes which indicates the transactions turn to be better last week. – Mysteel.net

China's Hunan Nonferrous eyes metals stockpiling loan

HONG KONG, May 14 (Reuters) - China's Hunan Nonferrous Metals is considering borrowing 1.2 billion yuan ($176 million) in bank loans to build stocks of metals produced by its plants, a top executive said on Thursday.

Such a stocking plan by the firm, a leading producer of zinc, tungsten, antimony, indium and lead in Hunan province, could drive up Chinese prices of those metals, which could limit the country's exports and attract imports.

China is the world's top producer of lead, zinc, tungsten and antimony.

Hunan Nonferrous' general manager, Li Li, said the Hunan government would give 50 million yuan annually to subsidise interest for the bank loans.

'We are studying such a plan and have not finalised details yet,' Li told Reuters, without providing a timeframe for the completion.

'The provincial government's plan is to support nonferrous metals industry in the province. It mainly is to secure (economic) growth,' Li said.

'By doing stocking, our plants would have orders and those that hold stocks could cash in,' Li said.

He added the stocks could be stored for one year but could also be sold before that if prices rose.

The firm controls Zhuzhou Smelter, which is China's top zinc producer and has 500,000 tonnes of zinc capacity and 100,000 tonnes of lead capacity.

It also controls Hsikwangshan Twinkling Star, the top antimony smelter in the country, which aims to produce 28,000 tonnes of the metal this year.

An antimony analyst at state research firm Antaike, Yang Xue Ling, said Hunan Nonferrous' stocking could drive up prices if the stocking amount was more than 10,000 tonnes as that could change the supply and demand situation.

'The news has impact on prices. It is driving the price trend upward,' Yang said.

China produced less than 60,000 tonnes of antimony metal last year and output would slightly rise this year, she predicted. She added consumption would also rise this year, but gave no estimate.

Dust-Free Antimony Trioxide

We are able to offer the following Dust-Free Antimony Trioxide price from our supplier in China
Origin: China
Quantity (MT): 60
FOB Price: USD3920/MT
Loading Port: HUANGPU
Specifications:
SB2O3: 99.5% min  96%MIN+ (DOP/CP/DIDP/DINP)1-4%
PB: 0.1% max
AS: 0.6% max
FE: 0.6% max
CU: 0.6% max
SE: 0.005%max
Size: 0,5-0.9um

Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
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Antimony Trioxide Catalyst grade

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Origin: China
Quantity (MT): 60
FOB Price: USD4215/MT
Loading Port: Huangpu
Specifications:
Sb2O3:99.9% min
PB: 0.02% max
AS: 0.01% max
FE: 0.01% max
CU: 0.01% max
Size: 0.5-0.9UM
Packing: in 25KG bags of 1MT each
Date Posted: 14 May 2009.

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Antimony Ingot

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Origin: China
Quantity (MT): 60
FOB Price: USD4305/MT
Loading Port: Huangpu
Specifications:
Sb: 98% min
Pb: 1.2% max
AS: 0.7% max
Other:0.2%MAX
Packing:  1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
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ZINC HYDROXYSTANNATE (ZHS)

We are able to offer the following ZINC HYDROXYSTANNATE (ZHS) price from our supplier in China
Origin: China
Quantity (MT): 20
FOB Price: USD 13141/ Mt
Loading Port: Huangpu
Specifications:ZINC HYDROXYSTANNATE (ZHS)
Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
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Potassium diphenyl sulfone sulfonate (KSS)

We are able to offer the following Potassium diphenyl sulfone sulfonate (KSS) price from our supplier in China
Origin: China
Quantity (MT): 10
FOB Price: USD15/kg
Loading Port: XINGANG
Specifications:
Packing: 25kg drums
This price canbe negotiable.
Please test sample at first if you want.
If used in PC/ABS, KSS 0.3%,BDP 10%, PTFE anti-drip 0.2-0.3%
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
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Tribasic lead sulphate

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Origin: China
Quantity (MT): 60
FOB Price: FOB China port USD 2170/MT(FCL)
Loading Port: XINGANG
Specifications:
PbO CONTENT:88-90%,24MTS/20'FCL,
Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
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Zinc Borate

We are able to offer the following Zinc Borate  price from our supplier in China
Origin: China
Quantity (MT): 60
FOB Price: USD1855/MT
Loading Port: XINGANG
Specifications:
Zinc Borate 99%min
Boron Oxygenation (B₂O₃) %:48.5±1.5% max
Zinc Oxygenation (ZnO) %: 37±1.5% max
Pb: 0.02% max
AS: 0.02% max
Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
CNF prices also available, please email us for further details

Ammonium Polyphosphate

We are able to offer the following Ammonium Polyphosphate  from our supplier in China:
Ammonium Polyphosphate
Origin: China
Quantity (MT): 40
Prices :USD 2420.00 / Mt
Loading Port: FOB Shanghai port
Specifications:Equivalent to Clariant's Exolit AP 422, Budenheim FR Cros 484
Packing:Kraft bag or Woven bag with PE liner,
Net Weight 25Kg / bag, 500 kg per pallet + PE winding film, one 20ft FCL can be loaded about 17.5 MT. 
Without pallet can be loaded 20 Mt.600 kg big bag with pallet can be loaded 18 MT.
Date Posted: 12 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
CNF prices also available, please email us for further details

Antimony Trioxide Twinkling Star Brand

We are able to offer the following Antimony Trioxide Twinkling Star Brand price from our supplier in China
Origin: China
Quantity (MT): 40
FOB Price: USD3950/MT
Loading Port: HUANGPU
Specifications:
SB2O3: 99.5% min
PB: 0.1% max
AS: 0.6% max
FE: 0.6% max
CU: 0.6% max
SE: 0.005%max
Size: 0,5-0.9um
Packing: 25kg bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
CNF prices also available, please email us for further details

Low Carbon Ferromanganese

Low Carbon Ferromanganese

We are able to offer the following Low Carbon Ferromanganese price from our supplier in China
Origin: China
Quantity (MT): 60
FOB Price: USD2215/MT
Loading Port: XINGANG
Specifications:
Mn: 80% min
C: 0.5% max
Si: 1.5% max
P: 0.2% max
S: 0.03% max
Size: 10-100mm 90% min
Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
CNF prices also available, please email us for further details

Electrolytic Manganese Metal Flakes

Electrolytic Manganese Metal Flakes

We are able to offer the following Electrolytic Manganese Metal Flakes price from our supplier in China
Origin: China
Quantity (MT): 300
FOB Price: USD2200/MT
Loading Port: SHENZHEN
Specifications:
Mn: 99.7% min
C: 0.04% max
S: 0.05% max
P: 0.005% max
Si+Fe+Se: 0.205% max
Size: in flakes
Packing: in plastic woven bags of 1MT each
Date Posted: 14 May 2009.

Price and availability subject to confirmation. This price quoted supersedes all previous prices.
CNF prices also available, please email us for further details!!!

The Uses of Antimony Trioxide

The main derivative of antimony metal, which can be found in mines in China, Bolivia, Russia, and South Africa, is antimony trioxide or antimony oxide. The main use for antimony oxide is as a flame retardant synergist. That means that it is used in synergy with a halogenated compound to increase the halogenated compound's ability to flame retard. The presence of the synergist allows much less halogenated product to be added to whatever you are trying to protect against flammability. Usually about half as much halogenated compound is needed if you use an antimony oxide synergist. Many industries use antimony as a flame retardant synergist including but not limited to the plastics, textiles, rubber, paper, and paint industries. You can use this product as an appropriate synergist for flame retarding polyvinyl chloride (PVC), polypropylene (PP), high impact polystyrene (HIPS), polyethylene (PE), ethylene propylene diene M-class rubber (EPDM), acrylonitrile butadiene styrene (ABS), epoxies, phenolics, polyurethanes, and many others. It is usually sold in powder form along with powdered halogenated compounds. However, some companies sell liquid dispersions that include both the antimony trioxide and halogenated compound in the appropriate ratios.

Trivalent antimony oxide also has other uses. One large application is as a catalyst in polyethylene terephthalate polymerization. Typically, a higher purity grade is used for this purpose. Antimony is the preferred catalyst for PET manufacturing because the cost/performance ratio is considered optimal. There are other PET catalysts that are more efficient; but they have historically been much more expensive than their antimony counterpart. There is a small amount of concern over the possible migration of the antimony into the liquids contained in PET bottles like water or other drinking materials despite the fact that this product is of low toxicity. Several studies have shown that there is a small amount of migration but the concentrations of antimony in bottled water and the like are far below allowed maximum concentrations.

Antimony trioxide can also be used as a clarifying agent for glass, an opacifier for porcelain and enamel and a white pigment for paint. Its uses are quite varied. When it is used as a clarifying agent, it is added to the glass melt to remove bubbles from the solution. Many specialty glass companies use antimony trioxide for this purpose. Antimony oxide is a white crystalline powder so as a result it can be used as a white pigment for paint and as a white opacifier for porcelain and enamel.

SAM XU is a technologist with JIEFU.
JIEFU specializes in antimony trioxide and antimony based chemicals

Antimony Trioxide Twinkling Star Brand

We have pleasure in giving you our present price as follow:
    1;Price: FOB HUANGPU 3950USD/MT
     2,Product: Antimony Trioxide 99.5%MIN,
    3,Specification:Antimony Trioxide Twinkling Star Brand
    4,Packing: Packed in 25kgs Kraft paper bags with the inner of PE bag, 1000kgs on wooden pallet with plastic-film protection.
    5,Minimum order quantity: 20MT in FCL
    6,payment terms: 30% advance payment within three working days after signed the contract, balance by T/T within Five working days after receive the copy of B/L.
    7,Shipment:Prompt shipment.the goods is ready for shipment in Huangpu port.China.
    8,Validity of quotation: for 3 days.

If you have any question, please don't hesitate to ask. 

Looking forward to hearing from you soon and establish Long-Term cooperative relationship with you.

Thanks and Best regards.

Sam Xu

Industrial metals fall as flu fears hit markets

* Large rises in aluminium, lead inventories but copper dips

* Economic downturn still hurts demand outlook

* Copper, zinc, nickel and lead slip more than 4 percent

LONDON, April 27 - Copper fell more than 4 percent before paring losses on Monday, as fears a deadly flu outbreak could reach pandemic proportions served a new blow to commodity markets battling economic turmoil.

Copper for three-months delivery on the London Metal Exchange closed at $4,350 a tonne from $4,470 a tonne on Friday but earlier hit a near three-week low of $4,252.

Battery material lead fell 6.5 percent to a day's low of $1,341.50 a tonne from $1,435 a tonne, and closed at $1,360. Nickel fell $175 to end at $11,375 from $11,550, and hit a day's low of $10,930 a tonne.

"Nobody knows what is going to happen with the swine flu," said Dan Smith, analyst at Standard Chartered. "People have got a bit optimistic in terms of risk-appetite, so we've seen a significant reversal of that in the last day or so."

"There have been quite a few positives in the market in terms of China, but the rest of the world has remained poor."

Fears of a global pandemic of swine flu, which first emerged in Mexico, grew over the weekend with new infections in the United States and Canada discovered on Sunday, and as millions of people in Mexico hid indoors to avoid a virus that has already killed more than 100 people.

A pandemic would deal a major blow to a world economy already suffering its worst crisis in decades, and experts say it could cost trillions of dollars.

European shares reversed earlier losses to offer some support later in the session, despite Asian stocks falling 2 percent on news of the flu outbreak.

"Investors in Asia are all the more aware of the potential damage after the outbreak of SARS in Hong Kong six years ago hobbled the city and regional economy, as well as flare-ups of bird flu in the past few years," RBC Capital said in a note.

Concerns about supply were reflected in the premium for cash over three-month contracts for copper.

"Stocks are falling rapidly and that is leading to tightness," said Robin Bhar, an analyst at Calyon. "It relates to the fact that there's a lot of material that's been cancelled and will leave the warehouses and be probably shipped to China."

He added that backwardation normally occurs in markets in a strong global economic environment, but the current anomaly in copper is due to a recent trend of demand from China.

COPPER INVENTORIES FALL

LME copper stocks fell by 4,275 tonnes to a three-month low of 425,275 tonnes.

Cancelled warrants - material tagged for delivery - stood at 67,600 tonnes, up from 65,800 tonnes on Thursday.

Market players widely believe the material is continuing a recent trend of heading for China. But worries linger that demand support from China may ease, and copper prices may come under pressure as markets approach a traditionally quiet season.

"Medium term, seasonally we're heading into a weaker demand period so you would expect prices to come back a little before an expected recovery before the end of the year," Standard Bank analyst Leon Westgate said.

Aluminium, used in transport and packaging, closed at $1,446 a tonne in LME rings from $1,457. Hitting the demand outlook, stocks of aluminium at LME warehouses continued rising, climbing 9,625 tonnes to a record above 3.7 million tonnes.

China's aluminium prices are expected to remain weak for the rest of the year as excess supply from resumed production capacity weighs on the physical market.

Tin ended at $12,400 from $12,600, while zinc eased 4.9 percent to a low of $1,350 from $1,420 a tonne but closed at $1,372.

Investors are also nervous about the release of U.S. bank 'stress test' results, a Federal Reserve meeting and a flood of earnings due later this week.

Metal Prices at 1611 GMT
Metal Last Change Percent Move End 2008 Ytd Percent move
COMEX Cu 197.50 -9.60 -4.64 139.50 41.58
LME Alum 1445.00 -12.00 -0.82 1535.00 -5.86
LME Cu 4365.00 -105.00 -2.35 3060.00 42.65
LME Lead 1360.00 -75.00 -5.23 999.00 36.14
LME Nickel 11275.00 -275.00 -2.38 11700.00 -3.63
LME Tin 12010.00 -590.00 -4.68 10700.00 12.24
LME Zinc 1370.00 -50.00 -3.52 1208.00 13.41
SHFE Alu 12540.00 -200.00 -1.57 11540.00 8.67
SHFE Cu* 34950.00 -320.00 -0.91 23840.00 46.60
SHFE Zin 11840.00 -270.00 -2.23 10120.00 17.00
** 1st contract month for COMEX copper * 3rd contract month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07

China Called to Suspend Stockpiling Nonferrous Metals in H1, Association Officia

BEIJING, Apr. 28 - China should suspend reserving nonferrous metals in the first half year since the earlier government stockpiling has already played positive effects on the market and the one-million-ton reserve plan in three years has been completed by almost 60 percent, said Wen Xianjun, vice chairman of China Nonferrous Metals Industry Association (CNMIA).

According to the government's stimulus plan for nonferrous metals industry, China will purchase one million tons of aluminum for state reserve in three years. Up to now, it has purchased 590,000 tons or 59 percent of the total.

Aluminum prices in China have gone steady since December last year, but started dropping from April 13. Prices of Shanghai aluminum futures contracts have dived from 14,900 yuan/ton to 12,740 yuan/ton, close to the cost price.

Market expects the government to buy more aluminum in a bid to curb the price from slumping below the cost price.

However, Wen's remark showed his opposition to government reserves, which may exert great impact on the next move of the State Reserve Bureau, some analysts say.

Wen added that March and April are the peak period for the domestic aluminum enterprises to resume production. Therefore, large aluminum capacity will be released in May, which may lead to further slide of aluminum prices, analyzed Wen.

The domestic aluminum prices are expected to hover around cost price of 12,000-125,000 yuan/ton for the whole year, noted Wen.

(Source: chinamining.org)

Commodity markets cautiously shift strategy

LONDON, May 5 - A credit crunch, economic downturn and now swine flu have knocked down expectations of a swift return to a commodities super-cycle, but signs have emerged of more adventurous trading strategies.

As proof of investor interest, flows of new money into commodities in the first quarter have been estimated at record levels as cheaper markets provided buying opportunities.

London Metal Exchange copper has risen by around 50 percent so far this year and U.S. benchmark crude futures have gained 22 percent.

The most investment in the first quarter went into single-commodity exchange-traded funds (ETFs), also known as exchange-traded products, which allow investors to buy a share in raw materials in a similar way to acquiring an equity stake in companies.

Daniel Wills of ETF Securities, an ETF specialist, said investors had become bolder after a period of carefully focusing on individual commodities.

"What we've seen more recently is investors starting to broaden their exposure and come out of their shell a little bit," he said.

"Initially that was into perhaps less of the safe-havens, moving away from gold. The next round of flows we saw were into silver. Most recently we've started to see a pick-up in the more industrial-related precious metals such as platinum and palladium."

After "massive deleveraging" at the end of last year out of the commodity indices, or baskets of commodities traditionally favored by long-only investors, there were tentative signs of positioning for economic recovery, said Olivier Jakob of Petromatrix.

"The composition of the passive investment has been different," he said.

"But a trend is starting to be visible...it could be investors are heading back to the broader indices to have a broader exposure and position for a potential recovery later in the year."

In addition, traders and analysts have said some appetite for risk had returned as under-investment in new production because of price weakness was expected to drive strong rallies as soon as a firmer economy stimulated commodity demand.

"We believe that this is very bullish for commodity prices over the medium term. Only a small recovery in end-user demand is likely to push many commodity prices sharply higher -- most likely in the second half of 2009," said Shaun Port of British-based Fitzwilliam Asset Management.

OUTLYERS

Base metals are considered among the most sensitive to early signs of economic recovery and increased industrial output.

Oil, as the most liquid of all commodities, would also be expected to respond quickly.

Its price has been moderated by huge levels of inventory, but supported by rapid action from the Organization of the Petroleum Exporting Countries, which has reduced output at a record rate.

"The differentiating feature is how quickly supplies have been curtailed in response to the price collapse and demand contraction," said Lawrence Eagles of JP Morgan in a note.

"The furthest ahead in the process seems to be oil and some of the base metals.

Reuters' latest poll of oil analysts found they had raised their forecast for the first time since July last year.

The survey predicts an average of nearly $51 in 2009 for U.S. crude, just short of Tuesday's price of around $54.

The market is still far from last year's record of nearly $150 and more cautious analysts point to the bearish factors.

EXCESS OF ENTHUSIASM?

World stock markets have this week climbed to four-month highs as traders anticipated a return to economic growth before the end of the year.

Some analysts have argued the equities strength could be premature and would therefore fizzle out.

In particular, the risk the swine flu outbreak that began in Mexico could worsen has increased the chances the economy could take longer than previously expected to recover.

Most commodities would be dragged back down in sympathy with any stock market correction, analysts have said, unless they shake off this year's habit of taking direction from equities.

Readjusting focus to the fundamentals of supply and demand would not necessarily push markets higher.

Even the ability of China -- a major consumer of raw materials that has maintained growth while the rest of the world has dipped into recession -- to support commodities is less than certain.

Richard Batty of Standard Life Investments said investors believed China could keep growing, but not to the extent that would send commodity prices surging.

"The market appears willing to believe a 6-8 percent GDP growth level in 2009 is possible -- a subdued growth rate by recent standards and not a sustained driver of commodity prices in the years ahead," Batty said.

If China loses faith, the dollar will collapse

By Andy Xie

Emerging economies such as China and Russia are calling for alternatives to the dollar as a reserve currency. The trigger is the US Federal Reserve's policy of expanding the money supply to prop up the banking system and its over-indebted households. Because the magnitude of the bad assets within the banking system and the excess leverage of its households are potentially huge, the Fed may be forced into printing dollars massively, which would eventually trigger high inflation or even hyperinflation and cause great damage to countries that hold dollar assets in their foreign exchange reserves.

The chatter over alternatives to the dollar mainly reflects the unhappiness with US monetary policy among the emerging economies that have nearly $10,000bn (€7,552bn, ￡6,721bn) in foreign exchange reserves, mostly in dollar assets. Any other country with America's problems would need the Paris Club of creditor nations to negotiate with its lenders on its monetary and fiscal policies to protect their interests. But the US situation is unique: it borrows in its own currency, and the dollar is the world's dominant reserve currency. The US can disregard its creditors' concerns for now without worrying about a dollar collapse.

The faith of the Chinese in America's power and responsibility, and the petrodollar holdings of the gulf countries that depend on US military protection, are the twin props for the dollar's global status. Ethnic Chinese, including those in the mainland, Hong Kong, Taiwan and overseas, may account for half of the foreign holdings of dollar assets. You have to check the asset allocations of wealthy ethnic Chinese to understand the dollar's unique status.

The Chinese love of the dollar began in the 1940s when it held its value while the Chinese currency depreciated massively. The renminbi remains a closed currency and is not yet a credible vehicle for wealth storage.

The US could repair its balance sheet through asset sales and fiscal transfers rather than printing money. The $2,000bn fiscal deficit, for example, could have gone to over-indebted households for paying down debts instead of dubious spending to prop up the economy. When property and stock prices decline sufficiently, foreign demand, especially from ethnic Chinese, will come in volume. America's vast and unexplored natural resource holdings could be auctioned off.

The global environment is extremely negative for savers. The prices of property and shares are not yet good value and may decline further. Interest rates are near zero. The Fed is printing money, which will inflate away the value of dollar holdings. Other currencies are not safe havens either. As the Fed expands the money supply, it puts pressure on other currencies to appreciate. This will force other central banks to expand their own money supplies to depress their currencies. Hence major currencies may take turns devaluing. The end result is inflation and negative real interest rates everywhere. Central banks are punishing savers to redeem the sins of debtors and speculators. Unfortunately, ethnic Chinese are the biggest savers. Diluting Chinese savings to bail out failing US banks and bankrupt households will eventually destroy the dollar's status. Ethnic Chinese demand for it is waning already. China's bulging foreign exchange reserves reflect the lack of private demand for the US currency.

US policy is pushing China towards developing an alternative financial system. For the past two decades its entry into the global economy rested on providing cheap labour to multinationals and pegging the renminbi to the dollar. The dollar peg allowed it to leverage the US financial system for its international needs, while domestic finance re-mained state-controlled to redistribute prosperity from the coast to the interior. This dual approach has worked well. China could have its cake and eat it. Of course, the global credit bubble was what allowed the approach to be effective; its inefficiency was masked by bubble-generated global demand.

China is aware it must become independent from the dollar at some point. Its recent decision to turn Shanghai into a financial centre by 2020 reflects its anxiety over relying on the dollar system. The US will not pay attention to something so distant. However, if global stagflation takes hold, as I expect it to, it will force China to accelerate reforms to float its currency and create a single, independent and market-based financial system. When that happens, the dollar will collapse.

The writer is an independent economist based in Shanghai and former chief economist for Asia Pacific at Morgan Stanley

(Source: Financial Times)

Chinese Zinc Futures Prices May Fall in The Short Term - Analysts

SHANGHAI, May 7 - Zinc futures prices on the Shanghai Futures  Exchange  (SHFE)  may slide in the short term on falling demand and increasing supply, an analyst said on May 6th.

"Zinc prices  have  rebounded  too  rapidly  recently  - the global zinc market expected  to  be in surplus this year. With the traditional slack consumption  season  from  May  to  August,  it is likely that SHFE zinc prices will  drop  in  the  near  future, Chen Xiaodong, an analyst from Guang Sheng Futures, said.

Chen added that the Chinese government has started implementing stricter controls  on  bank  loans  recently, which means there will be less cash flowing into commodity markets and commodity prices may be pulled down.

Furthermore,  increasing  market  supply  will have a negative impact on SHFE zinc  prices  in  the  near future. Since late March, domestic zinc output has  started  to  increase  due  to rebounding zinc prices, which encouraged  most  zinc  smelters  and  miners  to  restart operations at previously idle facilities, Sun Fan, an analyst from CITIC Futures, said.

Analyst Zhao Kai from Jinrui Futures predicted that domestic zinc pricesmay fall to RMB 11,000/mt (USD 1,612.15) before late August.

The most-traded  2009  August  zinc  contract  on  the SHFE ended at RMB 13,090/mt (USD 1,918.45) on May 6, up 1.36 percent from the previous trading day.

Antimony trioxide price climbing higher everywhere

Following the increasing antimony metal price, price of antimony trioxide also increased in European market.
A European trader sold 10t of 99.5%min antimony trioxide to a local customer at USD3,900/t in warehouse Rotterdam in the end of last week, and he sees the price increased by USD100/t compared to the week before. The source claimed that his sales of the material is about 5-10t each week in April. "There is demand of antimony trioxide, but very little compared to last year," said the source.
He holds that there is no shortage of antimony trioxide in European market because there are several local producers, also all of them are not producing at the full capacity right now. However, since the Chinese suppliers increased the antimony quotations, European producers raised their offers too as they claimed higher raw material cost. Because the increasing price is not driven by increasing demand, the trader expects price to stabilize soon.
Another European trader confirmed the increasing price of antimony trioxide in Europe. "Chinese offers rose by USD200/t in the last two weeks from USD3,600-3,800/t to currently USD3,800-4,000/t CIF Rotterdam, and the material in Rotterdam warehouse increased from USD3,700-3,800/t to USD3,900-4,000/t in warehouse Rotterdam.
Agreed with the previous source, the trader thinks that the main reason of the higher price is due to the announcement from Chinese government that Hunan province was going to invest over one billion RMB on metal stock. "But the metals also including some base metals, antimony is going to be very small part of it," said the trader, and he thinks there is no momentum for price to increase further.

Increased value-added tax rates on minerals kick in

A higher value-added tax (VAT) on 82 mineral products became effective Thursday.

China raised the VAT rate for minerals two months ago to ease the burdens of producers. Mineral producers welcomed the policy but analysts are uncertain whether the new tax rates would bolster the sector.

The VAT rate for such mineral imports as copper ore, nickel ore, aluminum ore as well as ore concentrates was raised to 17 percent from 13 percent, according

to the Ministry of Finance and the State Administration of Taxation.

The two ministries said the new rates will cover both ferrous and nonferrous metals and non-metal minerals. The rate for salt would remain unchanged at 13 percent.

"The four-percent increase is an adjustment of a big margin," a source inside the Henan Yuguang Gold and Lead Co. said. The man, who preferred to remain anonymous, added the company would be able to save a large amount of money it would have spent on taxes and will therefore be able to reduce costs.

Thanks to higher VAT rates, such companies will be able to deduct a larger amount of taxes paid for ore imports when they sell final products.

Jiang Ning, an analyst with the Shanghai-based nonferrous metals website, said it was too early to tell whether the nonferrous metal sector would perform better.

Nonferrous metal producers have posted all-round losses after prices fell by 20 to 46 percent in last few months. Some producers were forced to suspend production to avoid further losses.

According to the National Bureau of Statistics (NBS), profits of the non-ferrous metal and processing industry fell 34.1 percent year-on-year in the first 11 months of 2008.

Jiang said he expected the nonferrous sector to have a poor performance in the first quarter of this year.

In addition to higher VAT rates, the country's State Reserve Bureau, which maintains stockpiles of key raw materials, was reported to be discussing a purchase of 300,000 tonnes of aluminum at a premium price from producers. The move is aimed at increasing prices and supporting producers.

Jiang said if that happens, such a move would only be effective in the short term and was not enough to change the long-term trend. He added that the biggest problem for non-ferrous metal producers was insufficient demand after global financial turmoil slashed demand across the world.

The steel sector also suffered because of retreating global demand. The NBS said profits of the iron and steel industry fell by 13.7 percent during the first 11 months of 2008.

Many analysts said the metal industry in general is regaining confidence as a result of the proposed purchase plan. They said increased infrastructure construction would also boost demand for steel.

The VAT rate hike for mineral products was part of the country's more broad VAT reform which exempts companies from paying value-added tax for equipment purchases.

The reform was announced in November and included in the 4 trillion yuan (586 billion U.S. dollars) stimulus package.

The VAT reform is expected to reduce the tax burden on companies by more than 123 billion yuan next year.

In 2007, VAT revenue exceeded 1.5 trillion yuan, accounting for31 percent of the country's total tax income.

Re: China puts ceiling on 2009 output of tungsten, antimony, rare earth

China's coal enterprises all appealed to the government for halting the resource tax reform considering the general gloomy economic situation and growing burden in coal production cost, according to market source.

Instead, coal enterprises asked for subsidy to value added tax to alleviate their production cost.

In a symposium held by Research Office of the State Council on March 18, coal enterprises claimed that the rise in cost pressure is the main reason for their reluctance to drop the coal price.

So far, domestic coal enterprises haven't conceded to China's five power giants on contractual coal price because of their high production cost.

Nevertheless, the ongoing research on resource tax reform plan has triggered coal producers' concern over further cost increase.

Meanwhile, coal enterprises are more likely to see a drop in coal price as some small coalmines resume production and the international coal price is in decline.

According to a coal enterprise source, many local coal enterprises especially those mainly producing power coal, are living a tough life and even incurred loss.

Earlier, market rumor went that the government would charge resource tax at 10 percent of sale revenue, much higher than the market guess at 3-5 percent.

Shi Yu, analyst with China Merchants Securities hold that China's coal industry has entered the recession period due to the great impact of international financial crisis on China's economy, and it is expected to take 3-5 years to walk out of the trough.

China to raise export rebate for some nonferrous metals, report

Chinese government will adjust by a big range the import and export duties for some nonferrous metals in line with the draft of Adjustment and Development Plan for China's Nonferrous Industry, China Business News reported.

According to the draft, average export rebates for high-elegant copper tube, high-elegant copper plate and stripe, high-grade aluminum foil, high-grade aluminum formation products, high-grade aluminum plate and stripe will be raised from 5 percent to 13 percent.

Export rebate rate for deep-processed products, which can replace part of imported ones, will be raised to 17 percent.

Aluminum alloy formation products will receive an export rebate of 5 percent for the first time.

Export duty of aluminum alloy poles with section circumference of under 210mm will be cut from 15 percent to 5 percent.

The draft says domestic consumption of aluminum products won't shrink under the related bailout plans, but the growth rate may decrease.

Export duties on ferroalloy may be lowered

China, the world's largest ferroalloy producer, is possibly to lower export duties on ferrochrome and ferromanganese in the second half of this year from current 20 percent to assist domestic producers in export businesses, a source with the China Ferroalloy Industry Association said.

Meanwhile, the government will soon release a name list of ferroalloy producers that are allowed to bargain with power companies on electricity fees on monthly basis.

China produced 18.25 million tons of ferroalloy last year, up 4 percent year-on-year, and is expected to produced 14 to 15 million tons this year.

China's Yunnan In 2nd Round Of Metals Stockpiling For Reserves

China's Yunnan province launched its second round of metals stockpiling May 1, the provincial government's industry and communications committee said in a statement, in an effort to ensure steady growth for industries in the region.

The government buying includes purchases of copper, aluminum, lead, zinc and tin, as well as germanium, and industrial silicon, the statement said, referring to details in Yunnan's nonferrous metals stockpiling plan.

The move is similar to the province's first round of purchases of base metals in December, where it purchased a total of 552,000 metric tons of metals from nine producers.

The statement didn't specify the amount of metals the province plans to purchase this time but said other metal producers in addition to the nine in the first round are allowed to participate but will be under strict scrutiny in the application process.

The nine producers are Yunnan Aluminium Co., Yunnan Coal Chemical Industry Group, Yunnan Tin Co., Yunnan Luoping Zinc & Electricity Co., Yunnan Chihong Zinc & Germanium Co., Yunnan Jingding Zinc Co., Xiangyun Feilong Co., Yunnan Gejiu Electricity Plant, and Yunnan Copper Co..

Yunnan's second round of purchases will last eight months, from April 30 through Dec. 31, said the statement.

Total output of ferro-alloys by China in Q1 / 09 had decrease of 7%

Zone To Produce Silicon Alloys Had Considerable Decline In Its Output, Causing Tight Supply

The production activities of ferro-alloys in China for the first quarter (January – March) of 2009 were known. Namely, China produced 3,928,900 tons in total of ferro-alloys in January – March quarter of 2009, having decreased by 7.10% compared with that (4,227,900 tons) in the same quarter of 2008. For a reference, China produced 1,574,200 tons in total of ferro-alloys only in March of 2009, which had a decrease of 6.8% compared to that (1,689,000 tons) in the same month of 2008.

According to the data compiled and released by WSA (World Steel Association), China produced 127.44 million tons of crude steel in January – March quarter of 2009, having increased by 1.4% compared with that in the same quarter of 2008, and also produced 45.10 million tons of crude steel only in March of 2009, which had a slight decrease of 0.3% from that in the same month of 2008.

In comparison with a slight increase of crude steel production in China for January – March quarter of 2009, the total output of ferro-alloys in China for the quarter decreased to a considerable extent. This decline in production of Chinese ferro-alloys was due to a sluggish tone on exports of ferro-alloys from China and a sharp fall of prices for ferro-alloys caused by the depressed market. However, when the production activities of ferro-alloys at each district of China in the first quarter of 2009 were investigated in detail, the quantities of ferro-alloys produced in the so-called silicon land, consisting of Inner Mongolia Aut Region, Ningxia Hui Aut. Region and Gansu Province, had large decreases of 22 – 57% from those in the same quarter of 2008. These decreases in production of ferro-alloys had been caused by a severe winter climate but, as the silicon land faced the same severity in winter season of last year, the circumstances in both of 2008 and 2009 are thought to be on a similar level. Only the reason, why the production of ferro-silicon in China for the first quarter of 2009 had a substantial decrease, is supposed to be a negative intention to produce ferro-silicon as its price has fallen steeply. However, in August – September of this year when the stocks of ferro-silicon in Far Eastern region, including Japan, are anticipated to be reduced to reasonable levels, it is worried that price of Chinese ferro-silicon may have a sharp rise on the background of the tight supply.

On the other hand, although it was once informed that the production of manganese ferro-alloys in China is anticipated to have a large decrease, main districts in China contrarily increased the production. In view of the fact that China also produces manganese ores at local mines, main areas to produce manganese ferro-alloys in China have been symbolized by the four districts of Sichuan Province, Guizhou Province, Guangxi Zhuang Aut. Region and Hunan Province. In January – March quarter of 2009, Guangxi Zhuang Aut. Region had a slight decrease of 5.8% in production of manganese ferro-alloys but other three districts increased their production by 41.6% in Sichuan Province, by 46.4% in Guizhou Province and by 33.1% in Hunan Province respectively compared to those in the same quarter of 2008.

The market prices of manganese ferro-alloys had once reached a peak in August of 2008 but, after that, have turned to fall. Price of Chinese silico-manganese has currently come down to a level of US$1,100 per metric ton CIF Japan, which is half of US$2,450 as prevailed previously. Price of high carbon ferro-manganese is US$1,300 per metric ton CIF Japan at present.

Needless to say, these prices are not payable for its production costs. Accordingly, it was once informed that these manganese areas as mentioned above have decreased their output of manganese ferro-alloys in the first quarter of 2009 to a large extent but, on the contrary, the data indicated certain increases in production of manganese ferro-alloys at these areas. The market prices of Chinese manganese ferro-alloys, such as silico-manganese, have suddenly fallen considerably from February – March of 2009 and one of the reasons for this sharp fall of prices is supposed to be due to an increase in production of manganese ferro-alloys. It goes without saying that other factors are a sharp fall of prices for manganese ores imported into China as raw material and a positive action on sales of silico-manganese at discounted prices taken by India.

As an aftereffect on excessive imports of manganese ores committed by China in 2008, a surplus of manganese ores stocked in China is estimated at 1 – 2 million tons and it is essential for China to digest these excessive stocks of manganese ores as soon as possible. Even under the present situation which the international prices of manganese ores are in the direction to fall further for the future, China has been urged to digest the stocked raw materials. The main areas to produce manganese ferro-alloys in China are those, having delayed to develop its economic circumstances, and many of these areas have positioned to produce ferro-alloys as a core business for local economy. Therefore, from a point of view to sustain local economy, it is difficult for these areas to reduce their production of ferro-alloys

China puts ceiling on 2009 output of tungsten, antimony, rare earth

BEIJING, May 7 (Xinhua) -- China said Thursday it would impose a ceiling on the output of mineral resources like tungsten, antimony and rare earth in 2009 amid shrinking demand.

    The move is aimed to protect China's reserves of these minerals, the Ministry of Land and Resources said in an online statement.

    The country's tungsten ore concentrate output is limited to 68,555 tonnes this year; rare earth ore to 82,320 tonnes, and antimony ore to 90,180 tonnes, said the ministry.

    These quotas on output were based on decreasing demand across the world as a result of the ongoing global financial crisis, said the ministry.

    The ministry said it would also not take any license applications before June 30, 2010 for exploring the three resources.

    China holds 40.5 percent of the world's proven tungsten reserves, and is the world's biggest antimony producer. The nation has a proven rare earth reserve of 52 million tonnes, or about 58 percent of the world's total.

    The country started to cap the annual output of tungsten in 2002 and that of rare earth in 2006. It is the first time such restrictions have been placed on antimony.

    The ceiling on tungsten ore concentrates (with tungsten trioxide content above 65 percent) last year was 66,850 tonnes, and that on rare earth ore at 87,620 tonnes.

    The ministry said such caps are intended to stabilize global demand and supply of these products and ensure their sustainable use.

Twinkling Star Brand Antimony Trioxide

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PbO %          0.01      0.065     0.09        0.2          4.0
Fe2O3 %        0.0015    0.0026    0.006    0.05        0.08

Se %           0.0004    0.0005    0.0007      0.05       0.07
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	Dewatering temp °C	340	340
	Thermal Wt. Loss % under 1000 degree	30.00%	30.00%
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Hazards of Antimony Trioxide

Antimony trioxide is not considered a hazardous chemical by the Department of Transportation unless packaged in containers of more than 30 pounds. Typically, antimony trioxide is sold in bags of 50 pounds or 25 kilograms, neither of which meets this criterion. If the product is sold in super sacks, which can range from 1,000 pounds to 1,000 kilograms, then it must be shipped as a hazardous chemical of Hazard Class 6.1 and Packing Group III.

Proper personal protective equipment for handling antimony trioxide include goggles, gloves and a lab coat or work garment over street clothes. While antimony will generally not harm anyone who touches it with their bare skin, some people do seem to be more sensitive to antimony trioxide. In those cases, individuals develop a rash similar to poison ivy after prolonged or repeated exposure. This condition is known in the industry as antimony measles. People tend to be more susceptible to antimony measles when their skin is moist as when perspiring.

Antimony trioxide should not be ingested or inhaled if possible; so most manufacturing or packaging operations require their personnel to wear masks or respirators when dealing with antimony trioxide powder. If powder is inhaled, there is generally some mild irritation to the respiratory tract and the individual might experience a sore throat or cough. If for some reason antimony trioxide is ingested there can be irritation to the mouth, nose and throat as well as nausea, vomiting, bloody diarrhea, dizziness, and muscular pain. A doctor's care should be sought if ingestion occurs. Subjects with pre-existing conditions like heart disease or impaired respiratory function could experience more severe reactions more quickly so exposure should be limited.

Chronic exposure to antimony trioxide could result in heart or liver damage and according to the State of California, antimony trioxide is a carcinogen. Some companies that have employees who are exposed to antimony trioxide on a regular basis have each employee go through a yearly physical including chest x-rays to make sure there are no long-term adverse effects from their exposure. This is mostly precautionary, but is good practice.

It is also good practice for employees to wash their skin and hair thoroughly after exposure to antimony trioxide dust. As a result, many employers provide their employees with uniforms to wear while at work and then equip their locker rooms with showers so that everyone can clean himself or herself before they leave work. This way, you can ensure that no antimony trioxide leaves the facility.

SAM XU is a technologist with JIEFU. Amspec manufactures and distributes full package flame retardants.

Manganese based ferroalloys prices touch rock bottom

It is reported that though electrolytic manganese price surges in domestic market recently, SiMn and FeMn markets remain weak. SiMn6517 is mainly quoted at CNY 6,600 per tonne to CNY 7,000 per tonne and SiMn6014 is offered at CNY 5,500 per tonne to CNY 5,900 per tonne. Prices now stands at CNY 6,600 per tonne to CNY 6,800 per tonne for high carbon FeMn Mn 65% and 8,000 yuan/ton for medium carbon FeMn Mn75C2.0. Many alloy producers complain about dull sales as price has dived near cost line.

According to a Hunan-based producer, profit only stays at some CNY 100 per tonne at the moment. The producer maintains production yet is worried about future market owing to stagnant sales and low purchase prices.

Many steelmakers offer purchase prices at no more than CNY 6,700 per tonne for high carbon FeMn Mn65%. FerMn market is unlikely to revive in a short term.

A SiMn producer in Guangxi also reveals that SiMn6517 is now quoted at CNY 6,600 per tonne a level near production cost. The producer is also pessimistic about future market since demand will hardly rebound.

Market analysts believe prices for SiMn and FeMn have dropped to the bottom hence will not fall dramatically in the coming days on the buoyancy from production costs. – Mysteel.net

Price of Chinese electrolytic manganese metal suddenly turns to rise

Following an expectation to recover stainless steel production in China and a rebound of prices for nickel and chrome as raw materials for stainless steel production, an attitude for sales of Chinese electrolytic manganese metal has suddenly turned to be aggressive. Both of producers and shippers in China have still held speculative factors as a Chinese characteristic and, being influenced by this aspect, the price of Chinese electrolytic manganese metal for export is now being offered at US$2,500 per metric ton CIF Japan.

The latest price of Chinese product for export prevailed in last week was US$2,300 per metric ton CIF. LME price of nickel metal as a rival for manganese metal has suddenly turned to rise from the 10th of April to a level of US$12,000 per ton from a lower level than US$10,000 per ton as seen before the 1st of April. Accordingly, price of nickel metal transacted in domestic market of China has been risen successively from the beginning of April, because Jinchuan Group, as a leading nickel smelter in China, has insisted on an improvement of the price at present, which is not payable for its production cost.

The sales of high carbon ferro-chrome at discounted prices by India have also disappeared from the market and spot price of charge chrome has risen by 14% to 65 – 66 US-Cents per lb. of Cr CIF Japan from the bottom (58 US-Cents) with keeping a basic tone to rise further.

The output of stainless steel by Baosteel Group of China in January – March quarter of 2009 is anticipated to maintain a scale of 100,000 tons without any increase of stocks and a future map of stainless steel production in China (viewed to decrease at the beginning of 2009 but is being felt to increase at present) is currently changing somewhat.

Being influenced by this change of the circumstances surrounding stainless steel, the market of electrolytic manganese metal in China has suddenly turned to take an aggressive attitude for sales. Since the Central Government of China has more strengthened the regulations for environmental pollution from the beginning of 2009, the production of electrolytic manganese metal in China has been driven to continue on a low level, in addition to a higher cost to be not payable for its production, and the supply situation of this metal in China has become tight. By taking a chance on a sharp rise of nickel prices, Chinese producers have endeavored to sell electrolytic manganese metal at high prices but this attempt is successful or short-lived, depending on further developments of the matter.

Even a forecast of nickel prices has divided. There is a view in the market that the production of stainless steel mainly in part of Europe and part of Asia (Taiwan and China) will revive in October – December quarter of 2009 and jump by 32% from that at present. On the other hand, at the Conference held in last week at Pittsburgh of the USA, an atmosphere was felt that the ceiling price of LME nickel will be on a level of US$13,000 per ton as the maximum for the time being. Therefore, a shortsighted view of nickel prices has divided to an extreme extent. – TEX Report

Franklin quickly becoming significant antimony supplier

Franklin Mining, Inc. (PINKSHEETS: FMNJ) (FRANKFURT: FMJ) CEO William Petty confirms that since his public confirmation of the operating agreement at Bolivia's Turiri Mine, Franklin Mining has received numerous inquiries from both US and international manufacturers and distributors concerning product availability and is presently negotiating for laboratory testing and other evaluations prior to contracting for product delivery.

"The response to our Turiri announcement has been overwhelming. We have received inquiries wanting to purchase our production. And, we have been contacted by a couple of other antimony miners with question about distributing their product," said Mr. Petty.

"Bolivia has long been recognized as being one of the few countries with proven antimony reserves. Several small operators have expressed interest in working through Franklin to find buyers for their production."

About Franklin Mining, Inc: Franklin Mining, Inc. has mining interests in the United States and Bolivia. Additional information is available at www.FranklinMining.com.