SMM Metals Reports

Base Metals Close with Gains Despite Strong Dollar, SMM Says

SHANGHAI, Nov. 26 (SMM) – Base metal prices largely closed with gains despite a stronger dollar, and the gain is expected to continue on Nov. 25, Shanghai Metals Market foresees.  
“SHFE nickel rose to the upward limit yesterday, and the surge in dollar, which hit to 100, didn’t curb the gain in base metal prices,” SMM says. 
Crude oil prices rose as Russian-Turkey tension sparked safe-haven appeal, but still faced pressures from a strong dollar and high inventories. 
In other news, the US market will be closed for Thanks-giving Day. 
Copper: 34,300-34,700 yuan per tonne
Aluminum: 9,950-10,150 yuan per tonne
Lead: 12,400-12,600 yuan per tonne
Zinc: 12,700-12,900 yuan per tonne
Tin: 83,000-85,000 yuan per tonne
Nickel: 67,800-70,500 yuan per tonne

Will China Nickel Ore Inventories Continue Growing after Rising above 10 Mln tonnes?

SHANGHAI, Nov. 26 (SMM) – Last week, nickel ore inventories at six major Chinese ports totaled 10.03 million tonnes last week, rising above 10 million tonnes. 
Will port inventories in China continue growing? 
“Nickel ore inventories at those major ports have grown for four weeks in a row, and the main reason behind the rise is due to sluggish trading in the ore market,” SMM nickel analyst explains. 
Chinese medium and high-grade NPI producers are now struggling in tough conditions due to low NPI prices but relatively high prices of ore. Some NPI producers, with ore inventories in hand, planned to stop production after using up current ore inventories, SMM survey finds. 
“Weak demand is significantly slowing ore consumption at ports, but falling arrivals of shipments from the Philippines will on the other hand ease the growth,” says SMM nickel analyst, predicting a gradual de-stocking at ports.
According to China Customs, inbound shipments of nickel ore were down 17 percent in October month-on-month, a reflection of supply disruptions from the Philippines, the leading ore supplier, due to the monsoon season.   

Collections of Stories on Base Metal Markets at SMM Summit

Tags: SMM event,  smm summit
SHANGHAI, Nov. 18 (SMM) - The 2015 SMM summit, held from Nov. 12-13, just concluded, and the followings are major stories in the copper, aluminum, lead, zinc and nickel markets during the meeting.  
LME Copper to Average $5,200 in 2016, SMM Predicts at Annual Summit

Vale Q4 Nickel Resources Output to Peak for 2015

Tags: vale,  nickel output
SHANGHAI, Nov. 12 (SMM) - Vale’s output of nickel resources in the fourth quarter is expected to peak for the year, now that its maintenance planned for the year has been almost done, according to Jennifer Maki, the company’s base metal director.
The company produced 71,600 tonnes (Ni content) of nickel resources in the third quarter this year, up 6.7% QoQ. Its output of nickel resources from Sudbury, Canada grew 56.8% QoQ in Q3, and from Indonesia and New Caledonia increased 47.9% and 52.1%, respectively, QoQ.
Vale’s nickel resources output in 2015 is expected to be slightly higher than planned. The company produced 275,000 mt (Ni content) of nickel resources in 2014, and sales reached 272,000 mt (Ni content), both hitting new highs since 2008.

Chinese scrap imports declined sharply in September

 As per the most recent data, the steel scrap imports by China during the month of September this year declined sharply over the previous year. Also, imports were down when compared with those during August this year.
The country’s scrap imports during September 2015 totaled 193,000 tons. The imports dropped by 5.6% year on year. The country had imported 204,000 tons of scrap during the same month last year. When compared with the previous month, the scrap imports by the country were down by 27.6%. China had imported 266,000 tons of scrap during August this year.
The largest scrap exporter to China during September this year was Japan. The scrap imports from Japan totaled 168,000 tons, accounting for nearly 87.3% of the total imports by China during the month. In second place was South Korea with 7,000 tons. The imports from South Korea have registered an increase of 12.8% year-on-year.
The cumulative scrap imports by the country during the initial nine-month period of the year totaled 1.902 million tons.
The country’s steel scrap imports are estimated to exceed 2.5 million tons during the entire year 2015.