Weekly Market Updates 2017  (Available for ICDA Members only)

Latest
 
N°288 -31 July 2017 
Global Market Outlook
 
icda-wmu-31-07-2017-p1"IHS Markit’s Flash U.S. Manufacturing PMI was at 53.2 in July (up from 52.0 in June) reaching a 4-month high, supported by accelerated growth in output, new orders, employment and stocks of inputs during July. Commenting on this, Chris Williamson, Chief Business Economist at IHS Markit said: “The July PMI surveys show an economy gaining growth momentum at the start of the third quarter, enjoying the strongest monthly improvement in business activity since January"        
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N°287 - 24th July 2017 
Global Market Outlook
 
"South Africa: Mining Charter III suspended pending judgement
According to Mining Review Africa, the South African Chamber of Mines advised that the Minister of Mineral Resources, Mosebenzi Joseph Zwane, has given a written undertaking that the Reviewed Mining Charter would not be implemented in any way pending judgement in the urgent interdict application brought by the Chamber of Mines..."        
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N°286 - 17th July 2017 
Global Market Outlook
 
"China announces anti-pollution checks in the Sichuan province

The Chinese government has announced it would lead a new round of anti-pollution checks in the Sichuan province, stating that these checks would last 12 to 15 days. According to Argus Metals International, these checks will reduce the country’s ferrochrome supply as almost all ferrochrome producers in Sichuan will be forced to suspend their operations. Some producers have already started to idle their operations in anticipation of the checks that will take place in the second half of July..."

       
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N°285 - 10th July 2017 
Global Market Outlook
 
"Chinese stainless steel producers raise July HC FeCr tender prices

According to Metal Pages, Chinese stainless steel producers TsingshanSteel, Baosteel and Jiscoraised their high carbon ferrochrome tender prices for July delivery amid lower alloy availability after a number of producers reduced their outputs because of falling prices in the second quarter..."

 
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N°284 - 4th July 2017 
Global Market Outlook
 
"Japan ferro-alloy and stainless steel exports rise

According to Argus Metals International, data from Japan’s iron and steel federation shows that May Japanese exports of ferro-alloys and stainless steel rose on the previous year amid increased deliveries to the US.

Exports of ferro-alloys were up 8.3% from May 2016 and totalled 15.8 Kt with Taiwan receiving over half of shipments and the US receiving 482 t (versus 197 t in May 2016). January to May exports were down 2.1% from the same period in 2016, reaching 82.4 Kt..."

       
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N°283 - 26th June 2017 
Global Market Outlook
 
"Regarding the new Mining Charter, the Chamber of Mines has announced that it will be applying at the earliest opportunity for a court date for a declaratory order on continuing empowerment consequences, as well as immediately seeking an interim court interdict to suspend the implementation of Mining Charter Three according to Mining Weekly. The president of the Chamber of Mines said in a press conference “Our goal is not to avoid transformation. It's to engage properly with government and other stakeholders to find agreement on a rational, pragmatic, effective new charter that will take us further along the road to transformation..."             
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N°282 - 19th June 2017 
Global Market Outlook
 
"Changes to the South African Mining Charter has the market in turmoil according to various sources, with stocks for major producers dropping significantly in the London and Johannesburg stock exchange. According to Metal Bulletin and other sources, Mineral Resources Minister MosebenziZwanesaid in a speech on Thursdaythat mining companies need to top up their black ownership levels to 30% within 12 months from the time the new charter comes into effect and that companies seeking prospecting rights needed black ownership of 50% plus one..."             
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N°281 - 12th June 2017 
Global Market Outlook
 
"Ring of Fire – Canada
New developments around the Ring of Fire as KWG travelled to China last month with representatives from the Marten Falls First Nation to meet potential investors. Potential Chinese partners had travelled to Canada in 2016 to conduct a feasibility study on KWGs project for a north-south railroad corridor that would create a link between Nakina and the Ring of Fire deposits..."           
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N°280 - 6th June 2017 
Global Market Outlook
 
"China’s Caixin general manufacturing purchasing managers’ index (PMI) fell 0.7 points, dropping from 50.3 in April to 49.6 in May falling beneath the neutral 50 level, thus indicating that the sector is contracting for the first time in 11 months amid weaker confidence towards the year ahead, weak expansion, weak customer demand both home and abroad, the quickest fall in workforce numbers since September and a drop in purchasing activity for goods producers for the first time in 11 months. Commenting on this, Dr. ZhengshengZhong, Director of Macroeconomic Analysis at CEBM Group added: the sub- indices of output and new business stayed in expansionary territory, but both fell to their lowest levels since June last year. The sub- indices of input costs and output prices dropped into contractionary territory for the first time since June 2016 and February 2016 respectively..."           
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N°279 - 29th May 2017 
Global Market Outlook
 
"India and Japan push for alternative to One Belt One Road
Last week, India hosted the African Development Bank conference in Ahmedabad. This conference, held for the first time outside of Africa, hosted over 5000 African delegates as well as a Japanese delegation. This conference was held after India notably boycotted the OBOR meeting in Beijing, where Japan was absent and only two African delegates participated. The AfDB conference was held to discuss the further development of the Free Ocean project between India and Japan and its extension to African countries..."                  
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N°278 - 22nd May 2017 
Global Market Outlook
 
"New developments around the Ring of Fire as KWG Resources turn to China

Delegates from KWG Resources and the chief of the Marten Falls First Nation community were in China last week to meet with potential investors in the exploitation of the chromite deposits in the Ring of Fire. As KWG Resources vice-president Maurice Lavigne told Radio Canada “60% of extracted chromite and ferrochrome produced in the world goes to China, it’s important that we work with them from the start...

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N°277 - 15th May 2017 
Global Market Outlook
 
"Ring of Fire - Canada

The Canadian « Ring of Fire » is once again on the agenda after years at a standstill. With the Sault-Ste-Marie by-elections taking place on June 1st 2017, Noront Resources is determined to make mining and ferrochrome production a central topic. They met with all the local candidates to present their project to build a smelter plant in Sault-Ste-Marie, with the aim to produce ferrochrome from locally mined chromite in hopes to enter the US stainless steel market via the Great Lakes.

KWG Resources announced that it was working with the Marten Falls First Nation community in order to cooperate on a 4 billion CAD railway deal with China. This deal would unlock the now landlocked region of the Ring of Fire and open the way for mining operations..."                      

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N°276 - 8th May 2017 
Global Market Outlook
 
"China’s Caixin general manufacturing purchasing managers’ index (PMI) fell 0.9 points, dropping from 51.2 in March to 50.3 in April but remaining over the 50 level, thus indicating that the sector is still expanding. Commenting on this, Dr. ZhengshengZhong, Director of Macroeconomic Analysis at CEBM Group added: “the sub-indexes of output and new business both fell to the weakest levels since September, while the employment index dropped to the lowest in three months. Stocks of finished goods stayed in contraction territory and companies were rather reluctant to restock. The input prices index declined for the fourth straight month while the output prices index fell for the fifth month running..."                      
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N°275 - 18th April 2017 
Global Market Outlook
 
"The J.P.MorganGlobal Manufacturing was at 53.0 in March, stable from February’s 69-month high: “The euro area remained a brighter spot within the global manufacturing sector. Its PMI rose to a near six-year record high, with growth improving in each of the Eurozone’s big-three nations (Germany, France and Italy). Solid, albeit slower, growth was signalled in the US, Japan, the UK and Russia...."                      
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N°274 - 10th April 2017 
Global Market Outlook
 
"Last week Cr ore and concentrate prices were down..."                      
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N°273 - 3rd April 2017 
Global Market Outlook
 
"China’s steel purchasing manager’s index (PMI) reduced in March following 2 months of increase, but remained above the 50 level indicating that the sector is still expanding. The steel PMI dropped by 0.8 points MoM to 50.6 according to data from the China Steel Logistics Professionals Committee (CSLPC), which compiles the index“Although March is typically one of the peak months for steel consumption, a price decline during the period had dampened downstream demand, making the market even weaker than the preceding month...."                      
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N°272 - 27th March 2017 
Global Market Outlook
 
"IHS Markit’s Flash Eurozone Manufacturing PMI Index decreased to 57.2 from 57.3 in February. Commenting on this Chris Williamson, Chief Business Economist at IHS Markit said“The Eurozone economy’s throttle opened further in March, with business activity and hiring surging higher. The March flash PMI rounds off the best quarter for six years and signals GDP growth of 0.6% in the first quarter. Employment growth is meanwhile the best seen for nearly a decade. The acceleration in growth towards the end of the quarter, as well as improving..."                      
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N°271 - 20th March 2017 
Global Market Outlook
 
"IHS Markit’s Global Business Outlook which measured expectations for the year ahead across 12,000 companies in February, showed the highest level of worldwide business confidence in 2.5 years: “February saw the highest net percentage of companies planning to increase output prices since October 2015 (+14%).”
Commenting on this Chris Williamson, Chief Business Economist at IHS Markit said“Global business optimism has perked up since late last year, supporting our view that worldwide economic growth will accelerate in 2017. We’ve seen businesses take a more upbeat view of the coming year in all major developed economies, as well as in..."                 
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N°270 - 13th March 2017 
Global Market Outlook
 
"The J.P.Morgan Global Manufacturing PMI in February hit a 69-month high reaching 52.9 from 52.7 in January. According to IHS Markit and J.P.Morgan“The rate of expansion in global manufacturing production accelerated to a three-year high in February, underpinned by stronger growth of total new orders and rising levels of international trade..."                     
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N°269 - 6th March 2017 
Global Market Outlook
 
"Last week all Cr ore and concentrates prices were stable...                                                                                                       en  zh 
 
N°268 - 27th Ferbruary 2017 
Global Market Outlook
 
"The Markit Flash U.S. Manufacturing PMI Purchasing Managers’ Index recorded 53.9 in February, down fro 55.6 in January. Commenting on this Chris Williamson, Chief Business Economist at IHS Markit said“The drop in the flash PMI numbers for February suggest that the post-election upturn has lost some momentum. Growth of business output, new orders and hiring all waned, as did inflationary pressures. “February also saw a sharp pull-back in business optimism about the outlook over the next 12 months, which suggests companies have become more cautious about spending, investing and hiring. “However, even with the February dip, the PMI remains at a level broadly consistent with the economy growing at a 2.5% annualized rate in the first quarter. The survey’s employment index is meanwhile indicating that a respectable 165,000 jobs were added to the economy in February.                    
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N°267 - 20th Ferbruary 2017 
Global Market Outlook
 
"The Caixin China General Manufacturing PMI in January posted 51, indicating a further improvement in the operating conditions in the manufacturing economy. However it was down from last December’s 47-month record of 51.9. As per Caixin/IHS“Latest data signalled a further improvement in the health of China’s manufacturing sector at the start of 2017. However, the rate of improvement slowed since December, as output and new orders increased at weaker rates amid a further reduction in employment. In contrast, new export work rose at the fastest pace since September 2014..."                        
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N°266 - 13th Ferbruary 2017 
Global Market Outlook
 
"At 52.7, the J.P.Morgan Global Manufacturing PMI was unchanged from the December’s 34-month high: “The improvement in business conditions was led by the investment goods sector, where the PMI rose to its highest level in over five-and-a-half years. The improvement at consumer goods producers was slightly better than that seen in December, while growth in the intermediate goods category lost some momentum. Manufacturing production increased for the fifty-first successive month in January...".
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N°265 - 6th Ferbruary 2017 
Global Market Outlook
 

"During the Chinese Holiday, international chrome ore and concentrate prices have been stable (Chart 1).According to an official press release from Jubilee Platinum, the commissioning of its chrome recovery and platinum group metals (PGMs) plants at its Hernic project” is on schedule..."                             
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N°264 - 30th January 2017 
Global Market Outlook
 

According to the World Bank, strong gains are expected for industrial commodities such as energy and metals in 2017. In its Commodity Markets Outlook, the World Bank announced a crude oil price forecast for the year at $55 per barrel, up 29% from 2016: “The energy price forecast assumes members of the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers will partially comply with an agreement to limit production after a long period of unrestrained output...”

"At 52.7, the J.P.Morgan Global Manufacturing PMI was unchanged from the December’s 34-month high: “The improvement in business conditions was led by the investment goods sector, where the PMI rose to its highest level in over five-and-a-half years. The improvement at consumer goods producers was slightly better than that seen in December, while growth in the intermediate goods category lost some momentum. Manufacturing production increased for the fifty-first successive month in January..."                                                                                       en  zh 

N°263 - 23rd January 2017 
Global Market Outlook
 

According to IHS Markit, the ASEAN Manufacturing sector saw its business conditions worsening at the quickest rate in 13 months during December. The index fell was down to 49.1 in December 2016 from 49.4 the previous month. Commenting on this Bernard Aw, economist at IHS Markit said: "The fourth quarter has seen a contraction in the ASEAN PMI for the first time in 2016..."

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N°262 - 19th January 2017 
Global Market Outlook
 

ICDA Interview
Lara Smith: 
Regarding ferrochrome producers, “there is no major comparative advantage in the cost saving of chrome ore apart from transport between China and South Africa.”

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N°261 - 09th January 2017 
Global Market Outlook
 
"The J.P.Morgan Global Manufacturing PMI increased the the fourth consecutive month in December to 52.7 from 52.1 in November. According to the J.P.Morgan Global Manufacturing PMI survey“December PMI data signalled a stronger improvement in the health of the global manufacturing sector..."
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N°260 - 19th December 2016 
Global Market Outlook
 
ICDA Interview! R.K Sharma: “FIMI is of the firm opinion that wherever the country is self-sufficient in raw material, the same should not be imported." 
L.R: Where are the chrome mines in India and how is the market organized?
R.K.S: Chromite mines in India are located in Odisha and Karnataka, with 99% of the production coming from Sukinda valley in Odisha...
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