Eurobench.com

voda 25 januari 2018 17:21

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Indonesia to produce 25pct of world's nickel ore in 2018

PNG Industry News reported that INDONESIA will play a central role in nickel market dynamics during 2018 from ore production and export through to stainless hot-rolled coil sales, this is according to the latest nickel report ‘nickel: five things to look for in 2018' from Wood Mackenzie, which adds that China's financial pledges to Indonesian-based companies five years ago are bearing fruit.

Indonesia will produce 25% of the world's nickel ore in 2018, with a larger proportion than ever being processed locally to nickel pig iron.

The report said that most of that will be used by the world's newest and largest single-site stainless melting complex which, in turn, offers a serious threat to the long-established yet financially exposed stainless melt shops in the West.

While many in nickel's financial circles will remain preoccupied with the progressively important end-use segment of batteries, the industry focus this year should be on what the government of Indonesia says and what Indonesian companies do, such is the far-reaching nature of the country's progress.

Global mine output is expected to increase by over 10% for the second straight year in 2018.

However, virtually all of the growth will come from just two countries: Indonesia, where mined production will increase by 50%; and the Philippines, which should rise by 10%.

What Indonesia mines and exports not only drives pig iron production at home and in China, but also reflects the rate of progress with domestic pig iron projects, which form the large majority of the additional 100,000 tonnes per annum finished metal capacity that should be online by 2020.

Should any of these smelter projects fall short of their construction targets, the willingness of central government to re-issue their ore export permits, which are only valid for 12 months at a time, could be tested.

Source : PNG Industry News

voda 29 januari 2018 16:24

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Zink in tien jaar niet zo duur

Gepubliceerd op 29 jan 2018 om 07:49 | Views: 1.861

Aperam 16:04
47,28 +0,93 (+2,01%)

LONDEN (AFN/BLOOMBERG) - De prijs van zink stond maandag op de hoogste stand in meer dan tien jaar, na berichten dat de voorraden van het metaal stevig waren geslonken. Daarnaast bereikte de nikkelprijs zijn hoogste piek in drie jaar tijd. Dit was weer het gevolg van gunstige economische vooruitzichten en de impact van de zwakkere dollar.

De prijs voor zink op de Londense metaalbeurs (LME) steeg met ruim 3 procent tot zo'n 3584 dollar per ton, de hoogste stand sinds juli 2007. De voorraden op de LME slinken als gevolg van sluitingen van grote mijnen en milieuhervormingen die de uitvoer vanuit China hebben afgeremd.

Ook in China zat de prijs voor zink in de lift. Het metaal werd op de beurs in Shanghai 3,5 procent duurder.

De prijzen van andere metalen veerden mee op door de zinkkwestie. Nikkel werd bijna 3 procent duurder tot meer dan 14.000 dollar per ton, de hoogste stand sinds mei 2015. Nikkel is onder meer een belangrijk bestanddeel bij de productie van roestvrij staal.

RuuddeMol 29 januari 2018 17:00

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Geweldig nieuws, alleen produceert Aperam geen zink maar is op 5 na de grootste producent van RVS. Nyrstar is de grootste of één van de grootste zinkproducenten ter wereld en is (nu nog) een goedkoop aandeel met perspectief.

voda 29 januari 2018 17:01

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quote:
RuuddeMol schreef op 29 januari 2018 17:00:
Geweldig nieuws, alleen produceert Aperam geen zink maar is op 5 na de grootste producent van RVS. Nyrstar is de grootste of één van de grootste zinkproducenten ter wereld en is (nu nog) een goedkoop aandeel met perspectief.

Ruud, vandaar het BOLD gedeelte. :-)

voda 29 januari 2018 17:07

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Universal Stainless announces Q4 2017 results

Universal Stainless & Alloy Products, Inc reported net sales for the fourth quarter of 2017 of USD 50.3 million, an increase of 47.2% from USD 34.2 million in the fourth quarter of 2016, and slightly below USD 50.9 million in the 2017 third quarter. All end markets made substantial contributions to the year-over-year quarterly sales growth, including aerospace, the Company's largest end market, where sales grew 70.1% from the fourth quarter of 2016.

Sales of premium alloys remained at record levels in the fourth quarter of 2017 at USD 7.3 million, or 14.6% of sales, compared with USD 7.4 million, or 14.5% of sales reached in the third quarter of 2017, and versus USD 3.1 million, or 9.1% of sales, in the fourth quarter of 2016.

For full year 2017, sales increased to USD 202.6 million, up 31.2% from USD 154.4 million in 2016. Sales of premium alloys in 2017 increased 90.1% to USD 27.3 million, or 13.5% of sales, from USD 14.4 million, or 9.3% of sales, in 2016.

The Company’s gross margin for the fourth quarter of 2017 was USD 6.2 million, or 12.3% of sales, compared with USD 5.5 million, or 10.7% of sales, in the third quarter of 2017, and USD 3.1 million, or 9.1% of sales, in the fourth quarter of 2016.

For the fourth quarter of 2017, selling, general and administrative expenses were USD 5.1 million, or 10.2% of sales, compared with USD 4.4 million, or 8.7% of sales, in the 2017 third quarter, and USD 4.5 million, or 13.3% of sales, in the fourth quarter of 2016. The fourth quarter increase is primarily due to increased legal expenses and adjustments to the bonus program accruals.

Net income for the fourth quarter of 2017 was USD 7.9 million, or USD 1.06 per diluted share, including a net tax benefit of USD 1.06 per diluted share primarily attributable to the new federal tax legislation. In the third quarter of 2017, the Company incurred a net loss of USD 0.3 million, or USD 0.04 per diluted share, including unusual charges related to the facility fires totaling USD 0.03 per diluted share, and USD 0.03 per diluted share of discrete tax expense items mainly related to the new stock compensation accounting guidance in 2017. In the fourth quarter of 2016, the Company's net loss was USD 1.6 million, or USD 0.22 per diluted share.

For full year 2017, net income was USD 7.6 million, or USD 1.03 per diluted share, (including USD 1.03 per diluted share of net tax benefit) compared with a net loss of USD 5.3 million, or USD 0.74 per diluted share, in full year 2016.

The Company’s EBITDA for the fourth quarter of 2017 was USD 5.8 million, an increase of 2.3% from the 2017 third quarter and an increase of 82.4% from the prior year fourth quarter.

For full year 2017, the Company’s EBITDA was USD 22.9 million, an increase of USD 9.5 million, or 71.6%, compared with full year 2016.

Backlog (before surcharges) at December 31, 2017 was USD 77.7 million, an increase of 17.3% from September 30, 2017, and 77.3% higher than at the end of the 2016 fourth quarter. The December 31, 2017 backlog is the largest backlog since the second quarter of 2012.

The Company’s fourth quarter debt was USD 79.7 million compared with USD 77.1 in the third quarter of 2017, with the increase for higher working capital driven by strong bookings and backlog growth.

Capital expenditures for the fourth quarter of 2017 increased to USD 3.3 million from USD 1.6 million in the third quarter of 2017 and USD 1.3 million in the fourth quarter of 2016 and included down payments on capital projects scheduled for 2018 in Dunkirk and Bridgeville.

Chairman, President and CEO Dennis Oates commented that “We continue to see positive customer sentiment and increasing market momentum. Our bookings in the fourth quarter were the highest level reached since the first quarter of 2012. Our top line continued to grow, including a record level of premium alloy sales, despite the normal seasonal slow-down as customers address their year-end inventory targets and extreme weather conditions. We made modest progress in improving our gross margin during the fourth quarter, although there was some spill-over effect from the September fire-related issues as we sold through third quarter production and worked to keep orders flowing according to schedule. These challenges are now largely behind us and our focus is on expanding gross margins, driving efficiencies and seizing opportunities in the current strong market.”

Source : Strategic Research Institute,

voda 1 februari 2018 20:27

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China nickel - FEAST AND FAMINE

Reuters reported that any lingering fears that resource nationalism in Indonesia and the Philippines would starve Chinese nickel pig iron producers of raw material should be laid to rest.

Sure, imports of nickel ore from the Philippines dropped 5 % last year to 29.11 million tonnes but Indonesia returned to help plug any gap.

Imports of Indonesian ore rocketed tenfold to 3.84 million tonnes as that country’s government partly reversed its previous ban on exports of unprocessed minerals.

The offshoring of Chinese NPI production to Indonesia, meanwhile, continues apace, with the flow of such material back to China surging 32 % last year to almost 1 million tonnes.

Amid this feast of raw materials, look no further to understand why China’s imports of refined nickel slumped 38 % last year.

There was, however, a noticeable pick-up in December itself. At 40,500 tonnes net imports were the highest they’d been since April 2016.

Russian material accounted for half that amount, which is significant since the London Metal Exchange will start in April the delisting process for two Norilsk Nickel brands of nickel commonly used by metals financiers.

Both brands remain deliverable to the Shanghai Futures Exchange, raising the possibility of a mass relocation of Russian metal into China.

Was December’s high tally an end-of-year one-off or the start of something bigger?

Source : Reuters

voda 2 februari 2018 16:38

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Universal Stainless announces base price increases on specialty steel long products

Universal Stainless & Alloy Products, Inc announced base price increases ranging from 3% to 10% on specialty steel long products manufactured at its Bridgeville, Dunkirk and North Jackson facilities. The increases will be effective for all non-contractual new orders entered February 5, 2018 forward. Current material and energy surcharges will remain in effect.

Mr Chris Zimmer Executive Vice President and Chief Commercial Officer, commented that “We are committed to providing our customers high quality steel with industry leading delivery performance and lead times. This price adjustment is necessary to support our ongoing reinvestment into our operations and facilities to better serve our customers.”

Source : Strategic Research Institute

voda 5 februari 2018 17:17

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Dutch plan to 3D print a stainless-steel bridge over a canal, but not all has gone to plan

Eureka Magazine reported that building bridges has been a preoccupation of mankind for centuries. Over the years, designs have been as varied as the materials used to build them and while you may think engineers have got it all figured out when it comes to bridge design and construction, a project to build a bridge across an Amsterdam canal is challenging conventional wisdom.

Amsterdam-based start-up MX3D is 3D printing a 12 metre long stainless-steel pedestrian bridge to be installed across the busy Oudezijds Achterburgwal canal in the old city centre later this year. The concept is relatively simple: put a welder on a robot arm, place one on either side of a waterway and begin ‘printing’ until they meet in the middle. Easy, right?

Chief technology officer from MX3D, Tim Geurtjens, explained that “When we started we thought let’s get an old robot arm the kind you see on car production lines and put a simple EUR 1000 welder on the end. We thought, ‘this is going to be easy’. But things turned out to be much more complicated.”

Broadly speaking, the technology is about adding layers of material. However, MX3D is not using modern additive techniques like selective laser melting or even direct metal laser sintering. Instead they’ve chosen a more traditional process… welding.

Mr Geurtjens said that “It is a MIG welding technique. It is melting the base material and adding a metal wire and that is fusing together. We are basically building with molten metal. One of the most complicated things was to get control of the welding process. You can study welding for your entire life and still not know everything about it. It is a very synergic process if you change one value, everything changes as well we really underestimated that.”

While the team initially considered printing the bridge in steel, they quickly moved towards stainless steel to overcome problems of corrosion. Using steel would have meant that a coating would be needed, which would completely cover the bridge’s surface, hiding the fact it was made of steel and more importantly the fact it had been 3D printed.

Mr Geurtjens said that “Changing material to stainless steel was a very expensive decision. Stainless-steel is not cheap but this is maybe the only 3D printed bridge we are ever going to make, so let’s do it right.”

A key part was the control of the process, which was primarily driven by bespoke software that the team developed themselves to optimise all the various parameters. There was a lot of trial and error involved and while some simulation was used, the practicality of the process meant that a significant amount of practice was needed to prove out the process and properties of the printed material.

Mr Geurtjens explained that “We are developing software, parameters and printing strategies for the different kinds of 3D printable ‘lines’. For instance, vertical, horizontal or spiralling lines require different settings, such as pulse time, pause time, layer height or tool orientation. All of that is incorporated in the software.”

The control is now so good that the team can print intricate structures, far more like the organic structures often printed in smaller ‘in-box’ additive machines. The process also does away with support structures due to the inherent strength of the material. This creates an ‘out of box’ 3D printing method that makes it possible to create 3D objects in almost any size.

Progress
While the concept of 3D printing a bridge in situ is an exciting and intriguing one, the practicality comes with a host of challenges, least of which is actually getting the technology to work. In short, it’s a health and safety, and operational nightmare.

As with most welding processes, sparks are emitted from the welding head which are bright enough to damage eyesight if looked at directly. In addition, getting the necessary permits to build the bridge would be a long winded, if not impossible, undertaking. The other difficulty is that access to the site would be limited due to the narrow streets.

Mr Geurtjens said that “From the beginning, we knew we wanted to have the bridge there. But we walked around and thought this is never going to work. We’d need to set up shop there, so have an office, power supplies, shield everything off, shield off the robot and welder from the weather and weatherproof the equipment. The logistics and cost would make it very difficult.”

The team therefore decided to create a lab in which to develop the process and begin fabrication of the bridge as intended. Once built the bridge could be tested and put through the necessary rigour required for a public foot bridge, before it could be transported, assembled in place and commissioned. To date, the team has fabricated half the bridge using the technique and expect to complete fabrication within the next few months.

Given the pioneering nature of the build, the process has numerous permutations as well as the possibility of voids produced during printing or perhaps the inclusion of oxides on the material. It means it’s difficult to know how the structure will hold up over time. To answer this question, the team plans to lace the structure with sensors to measure, monitor and analyse the performance of the bridge which, upon completion, will be the world’s largest 3D printed metal structure.

The sensors will collect data on structural measurements such as strain, displacement and vibration and measure environmental factors such as air quality and temperature, enabling engineers to measure the bridge’s ‘health’ in real-time and monitor how it changes over its life.

Mr Geurtjens explained that “We will make the bridge a smart bridge by fitting it with all kinds of sensors and accelerometers as well as measuring temperature and humidity basically any sensor we can lay our hands on we’ll put on the bridge and start measuring. First of all though, we will measure the structure’s integrity.

He added that “Obviously, to get a permit for the bridge is quite challenging as it is very hard to prove that a new material and process like this is actually strong enough to be used. So, we will do some full load tests, equivalent to 300 people on top of it to measure deformation and measure the health of the bridge. But we won’t stop there. What we will do is measure structural integrity and see what the bridge does. Then afterwards, we’ll leave the sensors there, so when we put the bridge on location we will keep measuring and generating data from it.”

Autodesk is supplying the cloud services that will power the bridge’s data collection and processing. MX3D is also working with researchers from The Alan Turing Institute to develop machine learning algorithms that will enable the bridge to interpret its environment. This data will also allow MX3D to ‘teach’ the bridge to understand what is happening on it, such as how many people are crossing it and how quickly.

The data from the sensors will also be input into a ‘digital twin’ of the bridge, a living computer model that will reflect the physical bridge through its life, with growing accuracy in real-time as the data comes in. The performance and behaviour of the physical bridge can be tested against its digital twin, which will provide valuable insights into designs for future 3D printed metallic structures. It will also enable the current 3D bridge to be modified to suit any required changes in use, ensuring it is safe and secure for pedestrians under all conditions.

Source : Strategic Research Institute

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voda 8 februari 2018 19:49

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Tsingshan’s Indian JV Chromo Steel starts construction of stainless steel plant in Gujarat

Economic Times reported that China's Tsingshan Holding Group has started work on construction of a cold-rolling line, which be one of the largest stainless steel projects in India when completed. Tsingshan has formed a joint venture company Cromo Steels Private Ltd Co (CSPL) to construct INR 150 billion (USD 2.3 billion) integrated plant. The plant would consist of hot-rolling and cold-rolling lines as well as smelting facilities in Gujarat

The plant will sell mainly 304-series hot-rolled flat products as well as cold-rolled products to markets in East and South East Asia which are also the main markets for Tsingshan's Indonesian steel operations

The facility will reportedly have crude stainless steel capacity of 2 million tonnes per year while the CRC line will have capacity of 600:000 tonne per year

Construction of the project is likely to be completed within five to six years.

Source : Economic Times

voda 8 februari 2018 19:53

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Malaysia imposes anti-dumping duties on cold-rolled stainless steel imports from China, South Korea, Chinese Taipei and Thailand for 5 years
Published on Thu, 08 Feb 2018

Bernama reported that the Malaysian government has concluded the anti-dumping investigation concerning imports of cold-rolled stainless steel (CRSS) and decided to impose the final affirmative anti-dumping duties, effective for five years till Feb 7, 2023. Ministry of International Trade and Industry (MITI) said the Royal Malaysian Customs Department would enforce the collection of anti-dumping duties from imports from China, South Korea, Chinese Taipei and Thailand.

It said under China, the duties for Shanxi Taigang Stainless Steel Co Ltd would be 2.68 per cent; and, others, 23.95 per cent.

For South Korea, Hyundai BNG Steel Co Ltd and Hyundai Steel Co there would be no duties; POSCO would pay 4.44 per cent and others, 7.27 per cent.

For Chinese Taipei, Chia Far Industrial Factory Co Ltd and Yieh United Steel Corp would not have to pay the duties; Tang Eng Iron Works Co Ltd 7.78 per cent; Walsin Lihwa Corp 2.79 per cent; and, others 14.02 per cent.

For Thailand, POSCO-Thainox has to pay 22.86 per cent; and, others 111.61 per cent.

MITI said the investigation was initiated in accordance with the Countervailing and Anti-Dumping Duties Act 1993 and Countervailing and Anti-Dumping Duties Regulation 1994 on May 15, 2017 based on a petition filed by Bahru Stainless Sdn Bhd (petitioner) on behalf of the domestic industry producing CRSS.

Source : Bernama

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voda 8 februari 2018 20:03

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Philippines nickel output in 2017 down 33%

Business Mirror reported that Philippine nickel mine production in 2017 fell to a six year low of 230,000 metric tonnes after the government suspended and shuttered some mining operations. Preliminary data released by the USGS indicated that the country’s total nickel mine output in 2017 declined by 33.71% from 2016’s record of 347,000 tonne.

Data from the USGS showed that this is the country’s lowest nickel mine output since 2012, when production reached 424,000 MT volume.

The USGS in its annual report, titled “Mining Commodities Summaries 2018.” said that “The largest decrease in production took place in the Philippines, owing to the continued suspension of as many as one-half of the country’s mining operations for failing to meet environmental standards.”

Despite the 33.71% cut in the output of the Philippines the world’s top nickel producer total global production in 2017 nearly remained unchanged at 2.1 million metric tonne.

The USGS report that “The decreases were offset primarily by increased production in Indonesia, which in January eased an export ban on direct-shipping ore for companies that intend to construct nickel-processing facilities.”

Indonesia’s nickel mine output last year doubled to 400,000 tonne, from the previous year’s 199,000 tonne, effectively overtaking Philippines as the top nickel mine producer in 2017.

Philippine nickel mine output has been steadily increasing in the past decade, registering a record-high of 554,000 tonne in 2015.

The country’s nickel mine production have declined since 2016 after registering a 31.4% production cut due to low prices in the international market, unfavorable weather conditions, and the suspension of mining operations, according to the Mines and Geosciences Bureau.

This was even before former Environment Secretary Regina Paz L Lopez launched an audit on all the country’s mining operations, the MGB noted in its 2016 year-end report.

In February 2017, Lopez ordered the closure and suspension of some 26 mining operations in the country due purportedly to their detrimental effects to the environment, particularly the watersheds.

Lopez’s order resulted in the further reduction of the country’s total nickel output, triggering an increase of at least 2% in the prices of nickel at the London Metal Exchange due to perceptions of possible supply gap in the global market.

The USGS said in a report published last year that “The Philippines, the world’s leading producer of nickel ore, suspended one-half of its mining operations in September [of 2016] for failing to meet environmental standards, triggering a 2% increase in LME nickel prices, helping the recovery of global nickel prices.”

However, the suspended and shuttered mining firms were allowed to resume operations after they appealed to the Department of Environment and Natural Resources and the Office of the President.

A list available at the MGB web site showed that there are about 17 operating nickel mines in the Philippines as of June 13, 2017. The list also indicated that seven nickel mines were suspended by the MGB.

Last month Environment Secretary Roy A. Cimatu said his agency will release the results of the government’s review of the mining firms’ appeals by March.

Source : Business Mirror

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voda 9 februari 2018 15:19

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Final Phase of CD and AD Investigations on stainless steel flanges from China and India

The Commission hereby gives notice of the scheduling of the final phase of antidumping and countervailing duty investigation Nos. 701-TA-585-586 and 731-TA-1383-1384 (Final) pursuant to the Tariff Act of 1930 to determine whether an industry in the United States is materially injured or threatened with material injury, or the establishment of an industry in the United States is materially retarded, by reason of imports of stainless steel flanges from China and India, provided for in subheadings 7307.21.10 and 7307.21.50 of the Harmonized Tariff Schedule of the United States, preliminarily determined by the Department of Commerce to be subsidized and sold at less-than-fair-value.

For purposes of these investigations, the Department of Start Printed Page 5460Commerce has defined the subject merchandise as “certain forged stainless steel flanges, whether unfinished, semi-finished, or finished (certain forged stainless steel flanges). Certain forged stainless steel flanges are generally manufactured to, but not limited to, the material specification of ASTM/ASME A/SA182 or comparable domestic or foreign specifications .

Unfinished stainless steel flanges possess the approximate shape of finished stainless steel flanges and have not yet been machined to final specification after the initial forging or like operations. The sizes and descriptions of the flanges within the scope include all pressure classes of ASME B16.5 and range from one-half inch to twenty-four inches nominal pipe size. Specifically excluded from the scope of these orders are cast stainless steel flanges.”

For a complete description of the scope in these investigations, please refer to Appendix I in the following FR notices, 83 FR 3118, January 23, 2018 and 83 FR 3124, January 23, 2018.

The final phase of these investigations is being scheduled pursuant to sections 705(b) and 731(b) of the Act (19 U.S.C. 1671d(b) and 1673d(b)), as a result of affirmative preliminary determinations by the Department of Commerce that certain benefits which constitute subsidies within the meaning of section 703 of the Act (19 U.S.C. 1671b) are being provided to manufacturers, producers, or exporters in China and India of stainless steel flanges, and that such products are being sold in the United States at less than fair value within the meaning of section 733 of the Act (19 U.S.C. 1673b). The investigations were requested in petitions filed on August 16, 2017, by Core Pipe Products, Inc., Carol Stream, Illinois and Maass Flange Corporation, Houston, Texas.

Source : Strategic Research Institute

voda 9 februari 2018 15:25

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Batteries and Stainless Steel to Drive Nickel Demand - Roskill

Roskill is releasing its new Nickel market report with forecasts out to 2027 in February 2018. It is essential reading for anyone needing a comprehensive overview of this market. The nickel market is set to register its second-successive deficit in 2017. However, the LME nickel price remains low by historical standards. A succession of market surpluses up to 2015 have left reported nickel stocks at near-record highs, equivalent to 9.9 weeks of consumption.

In its new ten-year market outlook to 2027, Roskill forecasts primary nickel consumption to rise by just under 4% per year between 2017 and 2027, driven by increased consumption by stainless steel producers and by the battery sector.

Stainless steel and batteries to lead primary nickel demand growth

Roskill estimates that the stainless steel sector accounted for nearly 70% of all primary nickel consumption in 2017. Demand for primary nickel in this market is anticipated to increase by 2.5% per year over the course of our forecast period, thanks to rising output in China and Indonesia. Mills in these countries rely heavily on primary sources to obtain the nickel units they require, unlike producers in regions such as the EU, or the USA and India, where the use of scrap dominates.

Despite this growth, the stainless steel sector's share of nickel consumption is set to decline over the coming decade because of the rising importance of the battery sector. While nickel has historically been used in batteries for portable electronics, most of the recent growth and excitement in the battery sector has come from automotive applications.

Since its creation, the automotive sector has relied on fossil fuelled internal combustion engines to power vehicles. However, with an increasing awareness of the pollution that such power sources create, increasingly stringent fuel economy and emissions regulations have been implemented. This has encouraged some manufacturers to pair a battery-powered electric motor with a conventional engine, thus creating a hybrid power train. Hybrid electric vehicles such as the Toyota Prius have been an important market for nickel metal hydride batteries.

Looking further ahead, however, powering a vehicle purely through a battery-fed electric motor is becoming an increasingly viable option. Indeed, manufacturers are already investing in such technology and several purely battery electric vehicles are already available today. It is becoming increasingly clear that we are currently at a turning point: Roskill expects sales of purely fossil-fuelled cars to start declining, even as sales of all types of vehicles continue to rise. By 2027, Roskill forecasts that EV sales will account for nearly 30% of the total.

HEVs and 48V mild hybrids and 12V micro hybrids are expected to account for further sales. Combining these sales projections with those for PHEVs, FCEVs, LSEVs and fully-electric vehicles, Roskill expects that close to 70% of new passenger sales will have some degree of electrification by 2027.

Currently, the best technology to store the energy required by electric motors is the lithium-ion battery, and most (although not all) types of such batteries contain nickel. Therefore, the increasing electrification of the automotive industry will represent a new demand stream for nickel.

In addition, increasing the energy density of lithium-ion batteries (and therefore increasing vehicle range) means increasing the concentration of nickel within the battery cathode, a trend that we also expect to occur during our forecast period. This will give demand for nickel in the battery industry a double-boost.

By 2027, we expect primary nickel demand in batteries to be above 500kt per year, still only a third of the consumption by the stainless steel sector, but the increase in demand from this sector will be greater than the rise in consumption by stainless steel mills, even in terms of tonnes. Primary nickel demand in the battery sector is forecast to rise by over 20% per year between 2017 and 2027.

Supply growth to come mainly from China and from Indonesia
Since 2014, supply growth has lagged demand growth, as weak nickel prices have dissuaded investment in new capacity and led to some capacity closures. As a result, the market has moved from a structural surplus into deficit, with 2017 being the second year in succession that demand has been above supply.

Although producers have shied away from investing in new capacity, there have been some exceptions. In recent years, Chinese producers have been investing heavily in nickel pig iron plants in Indonesia. The country had been the major source of laterite ores for Chinese NPI plants, but in 2014, the Indonesian government banned the export of unprocessed ores, in a move designed to stimulate domestic investment. This tactic was successful: in 2014 Indonesian primary nickel production was around 24kt, but we expect this to have reached over 170kt in 2017, thanks to the commissioning of new plants. By 2027, we expect Indonesian refined production to have risen to over 550kt.

Despite attracting investment, Indonesian authorities wrong-footed the market in early 2017 and chose to allow the export of low-grade ores, albeit with some conditions. As a result, not only has Indonesian capacity risen, but Chinese NPI plants will also have access to greater quantities of ore than they had in recent years. This should also allow local NPI producers to increase output and by 2027 we expect primary nickel production to be some 140kt higher than in 2017.

Jointly, Indonesia and China will account for around 60% of all production growth in the next decade. With nickel prices still low by historical standards and visible stocks elevated, there has been little incentive to invest in new refining capacity. However, the expected rise in nickel consumption in batteries has increased interest in producing battery-grade material, such as nickel sulphate.

Recently, BHP Billiton decided to add a sulphate plant at its existing Kwinana refinery to convert the plant's production of nickel powder into nickel sulphate using sulphuric acid from its Kalgoorlie smelter. A second phase is a possibility, and Roskill expects similar announcements by other producers in the future.

Deficit to narrow in the next few years as Indonesian capacity ramps up

Roskill believes that the scale of investment in Indonesia will lead to a more rapid increase in refined supply than demand in the years ahead, leading to increasingly small deficits and then into a succession or modest surpluses. Only towards the end of our forecast period does a lack of visible projects lead to a decline in supply growth and to new market deficits.

The upshot is that the LME nickel price is likely to rise further during periods of market deficits, although price growth should be held back by the high level of visible stocks. Market surpluses in the middle of our forecast period will drag prices down before renewed deficits at the end of our forecast horizon push prices higher again.

Source : Strategic Research Institute

voda 20 februari 2018 17:08

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Vale 2017 nickel production update

Vale announced that its production of nickel reached 288,200 tonne in 2017, being 7.3% lower than in 2016 as a result of the closure of one of the furnaces in Thompson, in line with Vale’s commitment to a smaller nickel footprint, and the transition to a single furnace in Sudbury, which will optimize the North Atlantic flowsheet and improve overall competitiveness. Annual production in 2017 was in line with the 287,000 tonne previously forecasted during the Vale Day presentation.

Annual production from VNC sourced material reached 40,300 tonne in 2017, 6,000 t higher than 2016 and also in line with the guidance of 40,000 tonne that had been previously provided. Onça Puma reached an annual production of 24,700 tonne in 2017, 600 tonne higher than in 2016.

Sales volumes of nickel were 294,600 tonne in 2017, 5.3% lower than in 2016 mainly as a result of lower production. Sales volumes were higher compared to production volumes in 2017 mainly due to 4,000 tonne of purchased nickel sales and 2,000 tonne of finished inventory draw down.

Canadian operations
Production from the Sudbury mines reached 17,700 tonne in 4Q17, 4.3% lower than in 3Q17 and 11.1% lower than in 4Q16. The decrease compared to 3Q17 was due to the full transition to a single furnace operation in 4Q17 whereas Sudbury operated with two furnaces during part of 3Q17. Production decreased in relation to 4Q16 due to the transition to a single furnace operation as well as the cessation of mining activities at Stobie mine since 2Q17, following Vale’s strategy to optimize margins and reduce the nickel footprint. The ramp-up of the single furnace operation was completed ahead of schedule and the furnace has been running above expected levels.

Production from the Thompson mines reached 7,000 tonne in 4Q17, 4.5% higher than in 3Q17 and 2.8% lower than 4Q16. The increase when compared to 3Q17 was due to a scheduled maintenance shutdown at its surface plants in 3Q17. The decrease when compared to 4Q16 was due to lower production as the Birchtree mine was placed under care and maintenance at the end of September, as well as the closure of one of the furnaces since January 2017 whereas Thompson operated with two furnaces in 4Q16. Thompson will fully transition to a mine-mill operation in 3Q18, when the remaining furnace and refinery will be shut down.

Production from the Voisey’s Bay source reached 13,200 tonne in 4Q17, 26.9% higher than in 3Q17 and 19.0% lower than in 4Q16. The increase compared to 3Q17 was mainly due to the drawdown of Voisey’s Bay feed in Thompson as it returned to full production after the scheduled maintenance shutdown in 3Q17. Production decreased in relation to 4Q16 as both Thompson and Sudbury operated with two furnaces during 2016 and consumed higher volumes of Voisey’s Bay feed.

Production at the Long Harbour processing plant reached 8,400 tonne in 4Q17, in line with 3Q17 and 61.5% higher than in 4Q16. Production continues to ramp up with November 2017 output reaching 85% of nameplate capacity. The nickel concentrate being produced at Voisey’s Bay is now processed solely at Long Harbour.

Indonesian operation
Production of finished nickel from PTVI reached 19,000 tonne in 4Q17, 4.4% higher than in 3Q17 and 12.8% lower than in 4Q16. The decrease compared to 4Q16 was mainly due to differences in the required time for processing matte into finished nickel as increasing volumes of PTVI source feed were shipped to our Clydach refinery.

PTVI nickel in matte production reached 19,300 tonne in 4Q17, 4.5% lower than in 3Q17 and in line with 4Q16.

New Caledonia operation
Production of finished products from VNC reached 10,900 tonne in 4Q17, 7.9% and 22.5% higher than in 3Q17 and 4Q16, respectively.

Production of NiO and NHC at VNC reached 10,600 tonne in 4Q17 and an annual production of 37,300 t in 2017. Site production was 12.8% higher than 3Q17 and 14.0% higher than 4Q16. NiO represented 80% and NHC 20% of VNC’s 4Q17 site production. VNC continues to ramp up its production.

Brazilian operation
Production reached 6,000 tonne in 4Q17, 15.5% lower than in 3Q17 and 7.1% higher than in 4Q16. The decrease when compared to 3Q17 was due to lower ore grades while the increase when compared to 4Q16 was a result of stronger plant performance in 4Q17.

Source : Strategic Research Institute

voda 20 februari 2018 21:25

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Nickel prices flies on supply hits - Andy Home

Reuters reported that on the London Metal Exchange three month nickel has this week punched up through the USD 14,000 level for the first time since May 2015 to hit a Thursday high of USD 14,420 per tonne. It has gained 10 % since the start of the year and has bounced 34 % from its December low of USD 10,740 per tonne.

Speculative money has poured into this hot market, fund managers tripling their net long exposure LME-NI-MNET to the London contract over the course of December and January.

Shanghai investors have been equally enthusiastic, albeit with a Chinese twist of treating nickel as a bullish steel rebar derivative.

Nickel is basking in the electric vehicle glow but the full demand impact is still in the future.

Right now, rather, this is a good old-fashioned commodity story of strong demand from the global stainless sector, falling stocks and supply hits, both expected and unexpected.

Indonesia, however, is waiting in the wings.

Four years after the country upended the nickel market with its ban on exports of ore, it is set to return to the world stage, bigger and more integrated than ever before.

SUPPLY HITS

Brazil’s Vale kick-started this rally with a December 6 announcement it was cutting production by 15%, or 45,000 tonnes, in 2018 to “preserve its nickel optionality”.

It was a reminder of just how low nickel prices have fallen in the last couple of years but a welcome, if belated, sign of industry leadership.

If Vale lit the fire, extra fuel came from one of those totally unforeseen incidents that plague commodity forecasting.

A tropical cyclone swept across the island of Madagascar early January, causing damage to the Ambatovy nickel operations.

Production was halted and is only now ramping up again. Slowly.

Sumitomo Corp, now the largest shareholder in the joint venture after a restructuring late last year, said it expects the plant to run at an average 50 % utilisation this quarter. Production of refined nickel will fall from 40,500 tonnes to 33,400 tonnes in the year to March.

Chinese supply, meanwhile, has also taken a double hit.

Nickel pig iron producers in Shandong province were among the industrial sectors required to reduce operating rates for the winter heating season running from mid-November through mid-March.

Unexpected disruption came in the form of a Dec. 31 fire at Jinchuan Group’s giant 135,000-tonne-per year smelter.

The affected 30,000 tonnes of capacity will take around three months to rebuild, although there is potential offset from other parts of the plant, reported Shanghai Metals Market.

These supply hits, both planned and unplanned, both Western and Chinese, seem to be feeding draws on LME inventory.

LME nickel stocks are “noisy” with much two-way traffic at locations such as Johor but the net outcome last year was a minimal decline of 5,454 tonnes.

So far this year the clear trend has been downwards with a 27,654-tonne, 7.6-percent fall.

Source : Reuters

Bijlage:

voda 21 februari 2018 20:26

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Philippines 2017 nickel output down by 6pct

Reuters reported that nickel ore output in the Philippines, the world’s top supplier, dropped 6% last year as several mines were under maintenance or temporarily closed due to environmental issues. The Mines and Geosciences Bureau said in a report that thirteen of the country’s 30 nickel mines had no output last year.

The Southeast Asian country’s output of nickel ore, most of which is shipped to China to make stainless steel, totaled 23.35 million dry metric tonnes compared with 24.95 million DMT in 2016.

Gold output fell 2 percent to 22,699 kilograms, while silver production was down 10 percent at 31,748 kgs.

Production of copper concentrate dropped 16 percent to 280,394 DMT.

The MGB said that the country’s metal output last year was valued at 108.64 billion pesos (USD 2.08 billion), up 5.7 percent from the previous year as prices rose amid tight supply and robust demand.

Mining is a contentious issue in the Philippines, which has vast but largely undeveloped mineral wealth, because of environmental mismanagement by some miners.

Source : Reuters

voda 23 februari 2018 16:51

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Nickel market records deficit in January to December 2017 - WBMS

The Nickel market was in deficit during January to December 2017 with apparent demand exceeding production by 102 kilo tonne. In the whole of 2016 the calculated deficit was 68.2 kilo tonne. Reported stocks held in the LME at the end of December 2017 were 5.5 kilo tonne lower than at the end of the previous year. Refined production in January to December 2017 totaled 1822.2 kilo tonne and demand was 1924.2 kilo tonne.

Mine production during January to December was 1886.4 kilo tonne, 108 kilo tonne above the comparable 2016 total. Chinese smelter/refinery output decreased by 1 kilo tonne compared with 2016 and apparent demand was 100 kilo tonne lower than in the previous year due to reduced imports of Nickel metal from Russia.

World apparent demand was 21 kilo tonne higher than the previous year. No allowance is made in the consumption calculation for unreported stock changes

In December 2017, nickel smelter/refinery production was 159.3 kilo tonne and consumption was 191.1 kilo tonne.

Source : Strategic Research Institute

Bijlage:

voda 4 maart 2018 17:22

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Vale aims to cut nickel output

Reuters reported that Brazil’s Vale, the world’s no. 1 nickel producer, plans to save well over USD 150 million by reducing costs across its nickel operations, which have notched positive cash flow for the past two months. As the miner strives to diversify away from its massive iron ore presence, it is aiming for base metals to account for at least 30 % of its financial results by the end of 2019. Last year, base metals stood at about 14 % of earnings before interest, taxes, depreciation and amortization.

Mr Fabio Schvartsman Chief Executive Officer said in a conference call with analysts that “I hope that the 30 % estimate turns out to be conservative in terms of the share that base metals have in Vale’s results.”

But the company has struggled over its presence in the nickel segment, where prices have yet to pick up because of oversupply, despite the metal’s key role in lithium-ion batteries that are used in electric cars.

Vale has said it will halt new investment in nickel operations and has been looking for years for an investor for its New Caledonia nickel mine, located on a Pacific Island.

Mr Schvartsman said that “Our decision about will occur only at the end of the year and no option is off the table, from finding an investor to care and maintenance.”

Over-budget and years late when it started up in 2010, the New Caledonia project accumulated nearly USD 1.3 billion in losses from 2014 to 2016.

Vale’s top executives also forecast iron ore prices to be sustained by economic growth and growing steel output. Iron ore for prompt delivery at the Qingdao port in China was quoted on Wednesday at USD 78.61 per tonne. But Vale said it was also happy with prices per tonne in the USD 60-to-USD 70 range.

Source : Reuters

Bijlage:

voda 5 maart 2018 17:11

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Sassda to celebrate innovation at 2018 stainless steel awards

Sassda has announced the launch of its biennial stainless steel awards, this year under the theme Celebrating Innovation, acknowledging world-class thinking and success at a local and international level. The 2018 Sassda Columbus Stainless Awards are open to individuals and companies (locally and abroad) that are involved in the design, production, conversion, distribution and use or specification of stainless steel and entrants do not need to be a member of Sassda.

Sassda executive director of Mr John Tarboton said that “We would like to encourage participation in what we believe is now the ‘Oscars’ of the stainless steel industry and an initiative which has become synonymous with world-class products and skill. This year’s winners will also be the recipients of an ‘Award Winner’ logo that has been created, for them to use in their marketing and company collateral, to ensure that the awards add value to their business on a day-to-day basis.”

The awards draws winners from a broad spectrum of sectors to ensure they are fully representative of the depth and diversity of the industry, thereby generating commercial awareness and a real return on investment. Mr Tarboton added that “At a practical level, they also serve to strengthen the confidence and belief of industry players in both their sector and their own company culture, with employees becoming more cognisant of the pivotal role they play in underpinning the economy of a country.”

The 2018 awards will draw winners from an expanded number of categories as there are now 17 for entrants to choose from. The full list is as follows: Student, Environmental, Services, Welding, Manufacturing Innovation, Art, Consumerware Catering and Hospitality, Agro-Processing, Food & Beverage, Architecture Building & Construction, Engineering, Duplex Stainless Steel, Ferritic Stainless Steel, Product Development, Most Transformed, Export Achievement, Business Excellence, Lifetime Achievement, as well as an Overall Winner.

Source : Strategic Research Institute

Bijlage:

voda 5 maart 2018 19:17

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Review of nickel movement in 2018

Reuters reported that the nickel market looks set to record another sizable deficit this year, but not sufficient to herald a substantial increase in prices during the period. Nevertheless, we remain mindful of the long-term battery narrative and the growing chorus of market watchers with a more bullish viewpoint.

Rechargeable batteries used in electric vehicles have had companies scrambling to lock in supplies of key ingredients such as nickel, cobalt, and lithium.

According to forecasts, electric vehicles are expected to represent between 7 % and 20 % of the global auto market by 2025, up from 1 % in 2017.

Meanwhile, we estimate global refined nickel output rose by almost 4 percent last year and that growth will only fall slightly short of that pace this year.

Amid expectations for a period of synchronized economic growth, we currently forecast that global nickel demand will remain reasonably robust again this year.

This, in turn, will result in another year of a relatively sizable deficit.

Nevertheless, this will not be sufficient to reduce inventories of nickel to disconcertingly low levels next year, or even into 2019.

Based on this fundamental picture, we forecast that nickel prices will rise by around 16 % this year a respectable, but not stellar, performance.

Source : Reuters

Bijlage:

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