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1. voda 6 maart 2018 16:17

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   Importtarieven EU op Chinese buizen verlengd
   Betreft tarieven oplopend tot 72 procent.
   
   (ABM FN-Dow Jones)Brussel heeft importtarieven op de invoer van bepaalde buizen en pijpen van roestvast staal uit China met vijf jaar verlengd. Dit maakte de Europese Unie dinsdag bekend.
   
   Het gaat om heffingen oplopend van 48,3 tot 71,9 procent voor bepaalde bedrijven. Deze heffingen werden in 2011 voor het eerst opgelegd. Eind 2016 voerde de EU een onderzoek uit waaruit is gebleken dat China door is gegaan met het dumpen van de betreffende producten. Hierdoor is besloten tot het verlengen van de beschermende maatregelen.
   
   Europese producenten van deze pijpen zijn onder andere het Zweedse AB Sandvik, het Spaanse Tubacex en een dochter van het Oostenrijkse Salzgitter.
   
   Door: ABM Financial News.
   
   info@abmfn.nl
   
   Redactie: +31(0)20 26 28 999
   
   Copyright ABM Financial News. All rights reserved
   
   (END) Dow Jones Newswires
2. voda 8 maart 2018 20:19

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   EU extends anti-dumping measures on Chinese stainless steel seamless pipes
   
   The Commission has prolonged the existing anti-dumping measures on Chinese imports of seamless pipes and tubes of stainless steel for another five years. The duties, ranging from 48.3% to 71.9% were imposed initially in 2011, providing a level-playing field and a breathing space for EU producers, based among others in France, Spain and Sweden.
   
   The review investigation initiated in December 2016 showed that dumping from China continued, and that, if the measures were to lapse, significant quantities of dumped Chinese exports might be directed to the EU market. The measures on pipes and tubes used in the chemical and petrochemical industries will then continue at their current level.
   
   This is yet another action taken by the EU to defend EU companies and jobs against unfair practices in the international steel trade. The steel sector suffers from a global surplus that has driven down steel prices to unsustainable levels in recent years and had a damaging impact on EU producers and related industries. The EU is using the full potential of its trade defence toolbox to ensure fair conditions for its producers and their ability to maintain jobs in the sector. 53 measures are now in place on steel and iron products, including 27 on products coming from China.
   
   As a long-term solution to the overcapacity problem the EU privileges however measures that tackle the root causes of the crisis. To that purpose, the Commission engages in the Global Forum on Steel Excess Capacity that agreed last November on an ambitious package of concrete policy solutions to tackle the pressing issue of global overcapacity in the steel sector.
   
   Source : Strategic Research Institute

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3. voda 8 maart 2018 20:30

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   Nornickel announces full year 2017 audited results
   
   PJSC MMC Norilsk Nickel, one of the largest refined nickel and palladium producer in the world, reports that IFRS financial results for the full year ended December 31, 2017.
   
   2017 HIGHLIGHTS
   
   1. Consolidated revenue increased 11% y-o-y to USD 9.1 billion on the back of higher realized metal prices;
   
   2. EBITDA was up 2% y-o-y to a robust USD 4 billion owing to higher metal revenue that was partly negatively offset by RUB appreciation against USD, one-off increase in social- related expenses and accumulation of palladium stock to deliver under the 2018 contracts;
   
   3. EBITDA margin amounted to an industry-leading level of 44%;
   
   4. CAPEX increased by 17% y-o-y to USD 2 billion as Bystrynsky copper project (Chita) was in its final construction stage and the Bystrinsky concentrator was launched into hot commissioning at the end of 2017, while the upgrade of nickel refining facilities at Kola entered into active construction;
   5. Reported net debt/EBITDA ratio increased to 2.1x as of the end of 2017 driven mostly by the payment of dividend for 2016 and interim dividend for 2017 and one-off increase of working capital;
   
   6. Net debt/EBITDA ratio for the purposes of calculating final dividend for 2017 amounted to 1.88x;
   
   7. Major refinancing activities were completed in 2017, with new funding raised at record low interest rates, enabling a reduction of interest cost by over USD 150 million;
   
   8. In October 2017, the Company paid interim dividend for 1H2017 in the amount of RUB 224.2 per ordinary share (approximately USD 3.8 per ADR);
   
   9. In December 2017, Nornickel signed a 5-year USD 2.5 billion syndicated facility agreement with a group of international banks at Libor +1.5%.
   
   RECENT DEVELOPMENTS
   On January 30, 2018 Moody’s rating agency has raised Nornickel credit rating to the investment grade level “Baa3” and changed the outlook from “Stable” to “Positive”. Therefore, Nornickel currently has investment grade credit ratings from all three international rating agencies Fitch, Moody’s and S&P Global.
   
   MANAGEMENT DISCUSSION AND ANALYSIS
   The President of Nornickel, Vladimir Potanin, commented on the results that “2017 was an exceptionally important year for Nornickel as it was marked by the successful completion of a number of key development projects started in 2013-2014.”
   
   “With the upgraded Talnakh concentrator reaching its nameplate parameters and producing higher quality concentrates, Nadezhda smelting capacities expanded and Kola refining operations increased we managed to fully compensate for the idled metallurgical facilities of old Nickel Plant and increase production volumes of our key metals from own Russian feed by 7-15% year-on- year.
   
   In the end of last October, we launched the Bystrinsky project in Zabaykalsky Kray that became the largest mining operation built in Russia from scratch for the last ten years. For us it is not just a new asset that will deliver additional 70 thousand tons of copper and 250 thousand ounces of gold per annum, but also a perfect opportunity to implement the most advanced technological, social, human capital management and environmental solutions.
   
   As the global economic growth synchronized the optimism of investors returned to commodity market leading to a recovery of base metal and PGM prices in the second half of 2017. Therefore, our revenue was up 11% y-o-y to USD 9.1 billion and EBITDA amounted to USD 4 billion with a strong margin of 44%. Capital expenditures increased to USD 2 billion driven by the continuing downstream reconfiguration program, expansion of high-margin brownfield mining projects and the final stage of construction of Bystrinsky project. We continued investments in IT infrastructure including automated operating systems and shared service center. We have also finished a milestone project of delivering high-speed fiber cable to Norilsk.
   
   I would like to highlight that we took the advantage of favourable market conditions on global capital markets and historically low interest rates to substantially decrease our cost of capital. During the last year we prepaid expensive rouble loans for the total amount of RUB 60 billion, issued two Eurobonds for USD 1.5 billion with a historically low coupons for our Company, renegotiated the terms of bilateral credit facilities for the total amount of USD 2.5 billion and signed a USD 2.5 billion syndicated facility with a group of international banks at lowest rate available for Russian corporates.
   
   At the same time, we are not going to rest on our laurels and set even more ambitious goals for the years to come.”
   
   Source : Strategic Research Institute
4. voda 13 maart 2018 16:09

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   Electric vehicles could fracture the nickel market - Andy Home
   
   Reuters reported that China’s Ministry of Finance made some minor but significant tweaks to its nickel import tariffs at the start of this year. The import duty on melting-grade nickel cathode was doubled from 1 % to 2 %, while that on nickel sulfate was cut from 5.5 % to 2 %. The reason is that nickel sulfate is a form of the metal highly suited to the production of precursor battery materials.
   
   China, already a leader in the electric vehicle battery sector, is evidently laying the ground for stimulating imports of nickel in the most readily usable composition for lithium-ion battery processing.
   
   Batteries are still a relatively small part of nickel’s usage profile, representing about 4 % of global demand, according to the International Nickel Study Group.
   
   But everyone knows that ratio is only going to increase as the electric vehicle revolution builds momentum.
   
   As it does, however, it could fragment an already cracked market, both in terms of the supply chain and pricing.
   
   Most of the world’s nickel production about 70% of it is used as an alloying input in the production of stainless steel.
   
   The type of nickel used for stainless production was historically, in ascending order of price, stainless steel scrap, ferronickel and refined metal.
   
   But the Chinese initiated a materials revolution around the middle of the past decade in response to nickel’s extraordinary bull run to more than USD 50,000 a tonne in 2007.
   
   Looking for cheaper alternatives, they unearthed a technology that had been explored but never developed, namely nickel pig iron.
   
   An explosion in this form of the metal has generated far-reaching consequences, including a whole new nickel ore supply stream from Indonesia and the Philippines, the offshoring of NPI production and even stainless steel production to Indonesia and the crash in the nickel price to less than USD 10,000 in 2016.
   
   Producers of more conventional types of nickel are still struggling to adjust. Witness the decision late last year by Vale, the world’s largest producer, to mothball production capacity.
   
   Nickel’s existing dynamics, beholden as they are to the needs of stainless steel producers, are highly problematic for the EV sector.
   
   Most of the world’s current production growth is taking place in the NPI segment of the market.
   
   NPI production is forecast to hit 700,000 tonnes this year, compared with global refined output of 2.08 million tonnes in 2017, according to Wood Mackenzie.
   
   Global mine output, the research house says, will increase by more than 10% this year but just about all of that will come from Indonesia and the Philippines in the form of nickel ore destined for NPI processing.
   
   The problem is that none of this material is suited for production of the nickel sulfate powder desired by battery makers.
   
   It’s not impossible to transform NPI into sulfate, but it’s neither economical nor logical. As a result, to quote Wood Mackenzie, “about half of global nickel production is not available” for battery usage.
   
   Source : Reuters

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5. [verwijderd] 14 maart 2018 12:15

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   In 2030 moet NL ook zoveel op elektrisch en mileu vriendelijk autos.
   2030 alleen verkoop emissievrije autos en zelfrijdend.
   
   Dus fossiel brandautos.... dumpen shell aandelen...
   
   Frankrijk en UK vanaf 2040.
   En noorwegen vanaf 2025.
   
   Dus toch AMG en Aperam in portfolio.
   
   
6. voda 21 maart 2018 16:59

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   US DoC issues antidumping duty determinations on stainless steel flanges from China and India
   
   US Department of Commerce announced the affirmative preliminary determinations in the antidumping duty (AD) investigations of imports of stainless steel flanges from China and India. Secretary Ross said “The United States will not sit back and watch as our domestic businesses are destroyed by unfair foreign government subsidies and dumping. This Administration is taking fair and transparent action on behalf of American industry to defend businesses and workers while we continue reviewing the facts related to this decision.”
   
   The Commerce Department preliminarily determined that exporters from China and India have sold stainless steel flanges in the United States at 257.11 percent, and 18.10 to 145.25 percent less than fair value, respectively.
   
   As a result of today’s decision, Commerce will instruct U.S. Customs and Border Protection (CBP) to collect cash deposits from importers of imports of stainless steel flanges from China and India based on these preliminary rates.
   
   In 2016, imports of stainless steel flanges from China and India were valued at an estimated $16.3 million and $32.1 million, respectively.
   
   The petitioners are the Coalition of American Flange Producers and its individual members: Core Pipe Products, Inc. (Carol Stream, IL) and Maass Flange Corporation (Houston, TX).
   
   Enforcement of U.S. trade law is a prime focus of the Trump administration. From January 20, 2017, through March 20, 2018, the Commerce Department has initiated 102 antidumping and countervailing duty investigations – a 96 percent increase from January 20, 2016, through March 20, 2017.
   
   The AD law provides U.S. businesses and workers with an internationally accepted mechanism to seek relief from the harmful effects of unfair pricing of imports into the United States. Commerce currently maintains 428 antidumping and countervailing duty orders which provide relief to American companies and industries impacted by unfair trade.
   
   Commerce is scheduled to announce the final determinations in these investigations on or about June 5, 2018.
   
   If Commerce makes affirmative final determinations of dumping and the U.S. International Trade Commission (ITC) makes affirmative final injury determinations, Commerce will issue AD orders. If Commerce makes negative final determinations of dumping or the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.
   
   Source : Strategic Research Institute

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7. [verwijderd] 21 maart 2018 19:45

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   Thx as usual Voda.
   
   Amerika graaft haar eigen graf in.
   Staal industrie ligt op zijn gat.
   Ze hebben tekort aan staal.
   Duurt jaren voordat ze hun interne markt op orde hebben.
   
   Dit wordt lachen.
   Amerika zal straks een tekort hebben aan staal en geen enkel land zal ze daarin voorzien.
   
   Dit wordt yummen..
   
   Het begint al bij Facebook.
   Dan Twitter, Google.
   
   Handelstekort wordt groter en groter...
   
   Begin van het einde van trump en zijn soldaten.
   
   
8. voda 21 maart 2018 20:16

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   Graag gedaan Hermando!
   
   Rise in electric vehicles to boost demand for nickel in 2020s
   
   REALNOE VREMYA reported that rising use of batteries in electric vehicles will create strong demand for nickel from the 2020s, says Reuters citing Russia's Nornickel mining company. The producer in its financial statement for 2017 that “The forthcoming shift in favour of more nickel intensive technologies in battery cathode material alongside the growing share of electric vehicles should drive up strongly the demand for Class 1 nickel products towards 2025.” Nornickel believes that the battery industry will annually use more than 500,000 tonnes of Class 1 nickel by 2025, which ''equals almost half of the current consumption''. At the moment, the highest quality metal is mainly used as an ingredient to produce stainless steel.
   
   Nornickel is one of the world's biggest producer of nickel and palladium. The company is well positioned to profit from the electric vehicle industry boom: it mines cobalt, which is also used in battery production. In 2017, Nornickel sold 215,000 tonnes of nickel and 3,000 tonnes of cobalt. The latter result was down from 5,000 tonnes in 2016 due to a quality problem that has been fixed.
   
   Palladium was Nornickel's largest revenue generator in 2017. The metal is mainly used in catalytic converters aimed at curbing automobile emissions. Last year, palladium prices soared on fears of shortages. The company expects that the market deficit will continue to increase and reach 1,2 million troy ounces this year. The stockpile of more than 500,000 ounces of the rare metal accumulated by Nornickel will be largely sold by the end of June.
   
   According to the company's statement, its core earnings increased by 2% in 2017 due to higher prices for the metals. Nornickel's earnings in 2017 before interest, taxation, depreciation and amortisation amounted to USD 4 billion. The firm is considering several new projects in Russia.
   
   Despite attractive financial results, the price of the producer's shares remains volatile because of a conflict between Nornickel's biggest shareholders, Russian businessman Vladimir Potanin and aluminium producer Rusal. The parties can't reach an agreement whether the firm should deliver a big dividend or focus on robust capital spending. At the beginning of March, the company announced that it would issue a recommendation for its final dividend for 2017 in April or May
   .
   Source : REALNOE VREMYA
9. voda 29 maart 2018 16:47

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   Chinese nickel ore imports lifted 41pct in February
   
   FNARENA reported that China's nickel ore imports have lifted 41% in February as imports from Indonesia surged. Commonwealth Bank analysts observe the rise in nickel ore exports from Indonesia more than offset a decline from the Philippines. The analysts envisage downside pressure on nickel prices amid surpluses in the nickel ore and nickel pig iron markets.
   
   Around 2% of global nickel supply was added in 2017 alone. This could increase in 2018 as Indonesia's government has approved over 28.4million tonne of low grade nickel ore exports. The analysts still envisage Filipino nickel ore exports could recover in 2018, although this may take longer than previously expected.
   
   The Philippines accounts for around 20% of global nickel ore output and around half of the nation's nickel output was at risk of closure under former mining minister Gina Lopez. The analysts suspect nickel prices will be driven by developments in the stainless steel market, as it accounts for around two thirds of nickel consumption.
   
   Canaccord Genuity takes a closer look at the NPI segment, believing the market is underappreciating the margins for Indonesian NPI operations. In a global context, the analysts believe NPI is the most significant segment providing supply growth in the nickel market, estimated to account for over 30% of the current nickel market.
   
   The broker agrees stainless steel will continue to dominate the nickel market in the near to medium term. Integrated stainless/NPI production could displace higher costs production elsewhere and potentially free up class 1 nickel products for other uses. NPI product offers several advantages such as competitive capital and operating costs, high suitability for steel making and superior payability.
   
   In the wake of a site visit to state of the art integrated stainless steel and NPI production facilities in Indonesia, the broker upgrades nickel price forecasts by 15% for 2018 and 4.5% for 2019. The broker also upgrades Western Areas to Hold from Sell and increases the target to USD 3.10.
   
   Source : Fnarena
10. voda 4 april 2018 20:25

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    Ferronickel Holdings to ship 2 million WMT to China Baowu unit
    
    Business Mirror reported that GLOBAL Ferronickel Holdings Inc, the country’s second largest nickel producer eyes to ship 2 million wet metric tonnes of nickel ore to a subsidiary of China’s largest steel manufacturer China Baowu Steel Group this year.
    
    In a disclosure to the local bourse, FNI said its subsidiary Platinum Group Metals Corp has renewed its supply contract with Hong Kong based Baosteel Resources International Co, Ltd. Baosteel Resources specializes on trading of metallurgic raw materials, according to its company web site.
    
    FNI said that “The purchase agreement covers a full range of products, from low-grade ore with nickel content of 0.90 % to high-grade ore with nickel content of as high as 1.8 %.” FNI said that “The pricing will be based on prevailing market prices for the 2018 mining season.”
    
    PGMC has been supplying Baosteel Resources with low grade limonite ore to high-grade saprolite since 2014, according to FNI.
    
    PGMC also renewed its supply deal with Guangdong Century Tsingshan Nickel Industry Co. Ltd. last month for the former’s shipment of 1.5 million WMT of nickel ore. The supply contract covered medium-grade nickel with high-grade iron ore, and would be priced as well based on prevailing market prices this year.
    
    In an earlier pronouncement, FNI said that it has set a 6 million WMT target shipment for PGMC this year, but “subject to weather conditions.”
    
    Last year FNI’s nickel output rose to a three year high of 6.153 million WMT amid higher metal prices and cost-efficient operations. The figure was 34.72-percent higher than the 4.567 million WMT recorded volume in 2016.
    
    Source : Business Mirror
11. voda 11 april 2018 19:33

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    Philippines president warns that open pit mining ban could continue until 2019
    
    Investing News reported that nickel supply could be under pressure after Philippines President Mr Rodrigo Duterte threatened to ban all open pit mining next year if companies do not conduct tree planting projects. Mr Duterte said that “I want trees as tall as me in six months. If there is none, consider your permit revoked. Do not wait for the day of your sorrow.”
    
    The Philippines is the world’s second largest nickel-producing country, with output reaching 230,000 MT in 2017. The country was also the top exporter of nickel ore to China in the past four years after Indonesia imposed a ban on shipments in 2014.
    
    Since April last year, a ban on new open pit mines has been in place, covering projects including the USD 5.9 billion copper–gold Tampakan project in southern Mindanao island.
    
    Chamber of Mines’ Recidoro said that “We hope the president will reconsider his position because open pit mining is an established mining method worldwide,” adding that the ban will also disrupt the extraction of cement and coal.
    
    As part of Duterte’s mining crackdown, a total of 26 mines have been shut down or suspended since last year due to environmental damage and alleged violations. A review of the suspensions is still pending and could take longer than initially expected.
    
    In March, the country’s mining council said the first phase of the review will cover legal, technical and environmental concerns and will be finished by June. Meanwhile, the social and economic aspects will take a further three months, doubling the total time estimated originally.
    
    Last year, the Philippines exported 29.1 million metric tonnes of nickel ore to China last year, down from 30.6 million tons in 2016, according to Chinese customs data. In total, nickel production in the country declined almost 34 %.
    
    Looking ahead, BMI Research forecasts Philippine nickel production growth to average 1 % year-on-year in 2018.
    
    Analysts said that “The Philippines will maintain a steady average production growth rate of 1.8 % over 2018-2027 as output gradually recovers from the decline of 2017, maintaining the country’s current position as the second largest nickel producer.”
    
    However, they believe the country’s global market share will decrease from 10.5 % in 2018 to 9.2 % in 2027.
    
    Source : Investing News

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12. [verwijderd] 11 april 2018 20:26

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    Mooi bericht Voda.
    
    Dank je.
    
13. voda 13 april 2018 20:56

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    PT Antam Q1 nickel production up 107pct
    
    Netral News reported that PT AnekaTambang Tbk achieved positive operational performance and sales of key commodities in the first quarter of 2018. The company recorded ferronickel production volume of 6,088 tons of nickel in ferronickel, up 107 % from the first quarter of 2017 achievement of 2,934 TNi.
    
    In line with production volume growth, ferronickel sales in the first quarter of 2018 grew 109 percent compared to the first quarter of 2018 or 5,363 TNi in line with the growth of ferronickel demand for the company.
    
    For gold commodities, in Q1of 2018 the total gold production volume from the Pongkor and Cibaliung mines reached 539 kg with gold sales volume reaching 6,945 kg or an increase of 226 % compared to the first quarter of 2017 achievement of 2,127 kg. This is in line with the strategy of development of gold market both domestic and export and innovation of ANTAM Precious Metals products.
    
    Mr Arie Prabowo Ariotedjo president director of ANTAM explained that the performance and sales growth is in line with efforts to strengthen the financial structure and provide a positive return to shareholders through improved production and sales of key commodities by keeping production cash costs low.
    
    Mr Arie said that "These efforts serve as the basis for ensuring long-term profitability."
    
    In March 2018, the company obtained the Renewal of Metal Minerals Export Approval for the export sale of low grade nickel ore (<1.7 % Ni) of 2.7 million wmt and washed bauxite ore with ?42 % Al2O3 of 840 thousand wmt from the Ministry of Energy and Mineral Resources for the period of 2018-2019.
    
    In 2017, ANTAM has received a recommendation of low grade nickel ore exports totaling 3.9 million wmt of 2.7 million wmt obtained in March 2017 and 1.2 million wmt acquired in October 2017. While the ore export recommendation washed bauxite was obtained in the period of March 2017.
    
    In the first quarter of 2018, ANTAM's nickel ore production volume reached 2.11 million wmt, an increase of 301 percent with sales reaching 1.15 million wmt, a significant growth of 2,171 % compared to quarter nickel ore sales I 2017 of 50,500 wmt.
    
    In addition, bauxite commodity stream activity contributed positively to the first quarter of 2018. Bauxite production volume was 200,300 wmt, grew by 116 % with sales volume reaching 61,380 wmt, up 37 % compared to the first quarter of 2017.
    
    Source : Netral News
14. ijzervreter 16 april 2018 15:32

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    Russia, Brazil woes could lead to aluminum supply shortage: Hydro CEO
    Terje Solsvik
    3 MIN READ
    
    OSLO (Reuters) - The global aluminum market could face supply shortages because of U.S. sanctions on Russia and Norsk Hydro’s production cuts in Brazil, Hydro’s chief executive told Reuters on Monday.
    
    FILE PHOTO: A view of alumina refinery Alunorte, owned by Norwegian company Norsk Hydro ASA, in Barcarena, Para state, northern Brazil March 5, 2018. REUTERS/Ricardo Moraes/File Photo
    Industries ranging from automakers to soda-can producers are worrying over deliveries and sharp price hikes, Svein Richard Brandtzaeg said in an interview.
    
    Over the weekend, Hydro cut output from the Albras aluminum plant in Brazil by half, as it had previously warned, in response to an unresolved dispute at its nearby Alunorte alumina refinery, which supplies the key raw material.
    
    “If this lasts long, it’s possible it will also lead to production cuts at our Norwegian smelters, which also receive alumina from Alunorte,” Brandtzaeg said.
    
    “This is not positive for the aluminum industry. We’ve got long-term customers seeking stable relations, and our car-making customers are particularly worried in this situation, both by the prices but also by the cost of delivery premiums,” he added.
    
    Aluminum prices hit six-year highs on the London Metal Exchange on Monday, continuing a spike that began when the United States imposed sanctions on UC Rusal, the world’s second-biggest producer, as well as Hydro’s own cuts.
    
    “There is a shortage of alumina, and there will also be a shortage of aluminum unless Rusal can find new markets quite quickly,” Brandtzaeg said at Hydro’s headquarters in Oslo.
    
    Rusal could potentially maintain its production by exporting more to Asian countries, although this could in turn disrupt the regional market balance, he added.
    
    “The metal would remain part of the global balance and we’d have to expect more exports from Asia into our European markets, particularly since China faces restrictions on exports to the U.S.,” Brandtzaeg said.
    
    U.S. President Donald Trump last month imposed import tariffs of 10 percent on aluminum and 25 percent on steel to protect U.S. metal producers from cheap imports.
    
    Rio Tinto’s declaration of force majeure on certain customer contracts as a result of the U.S. sanctions on Rusal also boosted aluminum prices on Monday.
    
    Hydro’s cutbacks at Albras, South America’s largest aluminum plant with an annual capacity of 460,000 tonnes, amount to an equivalent of 230,000 tonnes per year, and will last until Alunorte is back to full capacity.
    
    Following heavy rains in February, Hydro admitted there had been unregulated emissions of water into a river at the Alunorte plant, but denied it had contaminated the environment.
    
    Alunorte, the world’s largest alumina refinery, declared force majeure after Brazilian authorities ordered it to halve its production.
    
    Editing by Gwladys Fouche and Adrian Croft
15. ijzervreter 16 april 2018 15:35

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    Aluminium touches 6 year high on force majeure threats
    Rio Tinto said it would declare force majeure on contracts following US sanctions imposed on Rusal
    17 minutes ago
    The Aughinish Alumina refinery in Limerick.
    The Aughinish Alumina refinery in Limerick.
    
    
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    Aluminium prices touched a new six-year high on Monday as the dollar fell and after Rio Tinto said on Friday it would declare force majeure on some of its customer contracts following US sanctions on its partner Rusal.
    
    Benchmark aluminium on the London Metal Exchange rose 2.7 per cent to $2,347 per tonne in official rings.
    
    Prices earlier touched their highest since March 2012 at $2,366.50.
    
    “Aluminium keeps gaining since we are likely to get force majeures declared by other traders since Russia’s Rusal was one of the world’s largest producers,” said Commerzbank head of commodities research Eugen Weinberg.
    
    Rio Tinto also said it was reviewing Rusal’s 20 per cent stake in the Queensland Alumina refinery, Rusal’s supply and offtake arrangements, bauxite sales to Rusal’s refinery in Ireland and offtake contracts for alumina.
    
    Rio supplies Aughinish Alumina with bauxite, which is then turned into alumina. While sources said that Aughinish Alumina, Europe’s largest alumina refinery, which was acquired by Rusal in 2007, has enough bauxite to last until the end of June, Rio’s decision has added to concerns over the future of the operation on the Shannon estuary.
    
    Taoiseach Leo Varadkar on Friday held a private meeting with management of the Russian-owned alumina producing plant in Askeaton, Co Limerick, as “concern” mounted over the plant’s continued operations, and the future of its 450 employees. – Additional reporting, Reuters
16. ijzervreter 16 april 2018 15:36

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    De prijsstijging van vandaag verklaard.
17. ijzervreter 18 april 2018 10:49

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    Goldman Sachs Warns Rusal Shock May Drive Aluminum to $3,000
    By
    18 april 2018 08:11 CEST Updated on 18 april 2018 10:31 CEST
    Bank boosts metal’s outlook, but says selloff may follow rally
    Buyers scrambling for supplies after sanctions target Russia
    Goldman Sachs Group Inc. says that the extraordinary rally in aluminum unleashed by U.S. sanctions against United Co. Rusal may have way, way further to go, forecasting the metal may spike to $3,000 a metric ton, while raising the possibility of further curbs against Russian coal supplies.
    
    The metal may surge to between $2,800 and $3,000 in the near term as the U.S. moves against the second-largest producer have “dramatically affected” the market, the bank said in a note received Wednesday as it boosted price predictions for three, six and 12 months. The $3,000 target is 25 percent above Tuesday’s close, and almost 50 percent above the price before the curbs.
    
    “U.S. sanctions on Russian oligarchs and the companies that they own or control have dramatically affected the aluminum market,” the bank said. “The uncertainty associated with our forecasts is great. In the event that resolutions are not found quickly enough, prices are likely to exceed our forecasts.”
    
    The global aluminum market has been upended by the U.S. action against Rusal, which has triggered a worldwide supply shock as buyers seek alternative output, while producers also weigh the fallout for alumina, the semi-processed product that’s needed to make the metal. Aluminum prices have already skyrocketed to six-year highs, and Goldman expects further gains before a reversal that may pull them back down to below current levels.
    
    “There is still upside to aluminum prices despite the extraordinary rally,” the bank said. “The Russian sanctions came at a time when the upstream alumina market was already facing tightness due to operational issues at the Alunorte refinery in Brazil,” it said, referring to Norsk Hydro ASA’s refinery.
    
    On Wednesday, the metal climbed as much as 2.3 percent to $2,460 a ton on the London Metal Exchange, the highest intraday level since 2011, and traded at $2,453 at 9:27 a.m. in London. Goldman’s three, six and 12-month outlooks were raised to $2,500, $2,300 and $$2,000.
    
    Alumina has surged along with aluminum since the U.S. salvo against Rusal, and there are forecasts it too will go on rising. Alumina prices are heading toward record highs as buyers scramble to secure material after the sanctions, according to India’s state-run giant National Aluminium Co., or Nalco.
    
    Coal Curbs?
    
    Goldman’s note also addressed the possibility of sanctions against other Russian commodities. “In the event that additional sanctions target Russian coal producers, which are a major supplier to European and East Asian markets, the long-dated aluminum price may also become unanchored,” it said. “Even the partial loss of Russian coal supply would be enough to tighten the market given spare mining capacity is scarce after years of under-investment.”
    
    While aluminum prices are expected to rally further, they’re also seen retreating when the market adjusts, including the possibility of more exports from China and a restructuring of Rusal’s operations, according to the note. “We expect aluminum prices to fall back to $2,000 a ton in 12 months,” it said.
    
    Before then, Goldman laid out Rusal’s likely problems in sustaining output. Even if the company can find buyers for its primary aluminum, there are risks in sourcing sufficient volumes of alumina and bauxite, a large share of which comes from operations outside Russia, as well as third parties, the bank said.
    
    “In a scenario where Rusal’s Russian operations are cut off entirely from foreign supplies, its domestic alumina production would be enough to sustain only 1.5 million tons of its 3.7 million ton aluminum production,” it said. “Annual aluminum production losses would thus amount to 2.2 million tons.”
18. adri67 18 april 2018 10:58

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    Aluminiumprijs bereikt recordhoogtes na sancties tegen Rusland
    
    Jeroen Groot fd.
    
    Stijgende aluminiumprijzen, een kelderende aandelenkoers voor de Russische aluminiumgigant Rusal en Japanse metaalhandelaren die het Russische aluminium uit voorzorg terugsturen: de markt voor aluminium staat volledig op zijn kop na de Amerikaanse sancties tegen Rusland.
    
    'Ik heb nog nooit zoiets gezien in de aluminiummarkt', zegt Oliver Nugent, een analist die nu voor ING de metalenmarkt volgt en hiervoor werkzaam was bij de Londense metalenbeurs, de London Metal Exchange (LME). 'We krijgen veel telefoontjes van klanten die willen weten waar ze aan toe zijn'.
    
    Rusal
    De prijs voor aluminium vliegt omhoog nu de Russische aluminiumgigant Rusal zwaar wordt getroffen door de Amerikaanse sancties. Die zorgen ervoor dat zakendoen met dit bedrijf voor westerse landen zo goed als onmogelijk is, en dat haalt in één klap een forse hoeveelheid van het metaal van de wereldwijde markt. 'Rusal is goed voor 6% van de wereldwijde productie,' zegt econoom Casper Burgering van ABN Amro. 'Na de Chinese producenten is het de grootste producent ter wereld'.
    
    Dinsdag steeg de prijs voor aluminium gedurende de handelsdag even tot $2.435 per ton, het hoogste niveau in bijna zeven jaar. De sancties werden al op 6 april aangekondigd, maar het is niet toevallig dat de aluminiumprijs dinsdag een extra zet krijgt. Vanaf nu moeten aanbieders op de metalenbeurs in Londen namelijk kunnen aantonen dat hun aluminium niet van Rusal afkomstig is. Aluminium is sinds begin april bijna 20% duurder geworden.
    
    Aandelenkoers
    De aandelenkoers van Rusal maakt een omgekeerde beweging: die is inmiddels met meer dan 60% gedaald, en ook de obligaties van Rusal worden in rap tempo minder waard.
    
    Persbureau Bloomberg meldt ondertussen dat Japanse metaalhandelaren het bedrijf hebben gevraagd te stoppen met het verschepen van aluminium naar hun land. Volgens het persbureau zouden die handelshuizen het risico op repercussies van de Amerikanen niet willen lopen.
    
    De sancties zijn bovendien niet het enige wat de aluminiumprijs omhoog jaagt. In Brazilië is de productie van een grote aluminiumfabriek al eerder gehalveerd vanwege milieuproblemen. Bovendien waren de ingrediënten voor een stijging van de aluminiumprijs al voor de sancties aanwezig, zegt Nugent van ING.
    
    'Na jaren van overproductie zijn veel aluminiumsmelterijen in het westen er mee gestopt. Nu de economie weer aantrekt is er weer meer vraag maar blijft het aanbod achter'.
    
    De grote vraag is nu hoe ver de prijs nog kan stijgen. De bestuursvoorzitter van Norsk Hydro, het Noorse bedrijf dat ook de getroffen fabriek in Brazilië bezit, sluit een prijsstijging tot $ 3000 per ton niet uit, zo meldt de Financial Times dinsdag.
    
    Geheime voorraden
    'Onzin,' reageert Nugent van ING. 'De omstandigheden zijn nu inderdaad uitzonderlijk, maar mensen vergeten dat er nog hele grote voorraden aluminium op de wereld zijn, een erfenis van de jaren van overvloed.' Die aluminiumvoorraden liggen onder andere in grote pakhuizen in het Zeeuwse Vlissingen, traditioneel een opslagplaats voor het aluminium dat op de LME wordt verhandeld. 'Een deel van die voorraden wordt door handelaren geheim gehouden, dus waarschijnlijk is er veel meer aluminium op voorraad dan uit de cijfers van metalenbeurzen zoals de LME blijkt,' zegt Nugent.
    
    Maar Burgering van ABN Amro is niet zo stellig. 'De prijsstijgingen worden vooral door de politiek gedreven, dat maakt het heel lastig om te voorspellen. Onder normale marktomstandigheden zie ik nog lang geen $3000 per ton, maar dat hangt er maar net vanaf hoe het politieke spelletje wordt gespeeld.'
    
    Kassenbouwer
    Kassenbouwer Havecon uit Bleiswijk, grootverbruiker van aluminium, is nog niet onder de indruk van de stijgende aluminiumprijzen. Dit omdat die volgens Havecon in lijn zijn met de stijgende kosten van andere grondstoffen als pvc, staal en glas. Bovendien legt het bedrijf de inkoopprijs voor langere tijd vast. ‘Ik denk dat de prijzen nog wel even doorstijgen, en dan krijgen we er in het vierde kwartaal wel last van’, zegt directeur Henk Verbakel. ‘Maar het keerpunt waarop we naar alternatieve grondstoffen gaan zoeken is nog lang niet in zicht.’ Havecon verwerkt jaarlijks 3.000 ton aluminium, voornamelijk voor de frames van de daken van de kassen. Havecon koopt geen Russisch aluminium in, maar haalt het uit Portugal, Spanje, Griekenland en Polen. ‘Daarvan weten we waar het vandaan komt en dat de kwaliteit goed is.’
    
    
19. voda 18 april 2018 14:32

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    Vale Nickel production update
    
    zie bijlage voor de cijfers
    
    Production and sales overview
    Production of finished nickel reached 58,600 t in 1Q18 mainly reflecting Vale’s rigorous capital allocation process based on returns, that resulted in decreased Voisey’s Bay production output to extend its mine life while the Voisey’s Bay Mine Extension project is reassessed, as well as, Vale’s decision to adjust its nickel supply by placing non-competitive mines, such as Stobie in Sudbury and Birchtree in Manitoba, on care and maintenance. Finished nickel production in 1Q18 was also impacted by (i) lower production of finished nickel from PTVI as a result of a planned maintenance shutdown in the Matsusaka refinery in Japan; (ii) unscheduled maintenance works at Sudbury’s Coleman Mine; and (iii) timing issues with finished production from New Caledonian source material being shipped and consumed at downstream refineries, which resulted in 17.9% reduction when compared to 1Q17, with VNC finished production being expected to recover over the next quarters, given that the production rate at the site is going well. Nickel production is expected to increase to about 65,000 t in 2Q18.
    
    Sales volumes of nickel were 57,900 t in 1Q18, reflecting lower production volumes in 1Q18 as well as finished inventories build-up of 700 t to replenish inventory levels.
    
    Canadian operations
    
    Production from the Sudbury mines reached 14,000 t in 1Q18, 20.9% lower than in 4Q17 and 21.8% lower than in 1Q17. Sudbury source production decreased when compared to 1Q17 due to Vale’s deliberate decision to place non-competitive mines on care and maintenance, which resulted in the cessation of mining activities at Stobie mine since 2Q17 as the company pursues its margin over volume strategy. When compared to 4Q17, the decrease was mainly due to the impact of structural challenges in the ventilating shaft at Coleman Mine, resulting in an unscheduled maintenance shutdown, with expected return to production by April 2018.
    
    Production from the Thompson mines reached 5,200 t in 1Q18, 25.7% lower than in 4Q17 and 8.3% higher than in 1Q17. Production was lower than in 4Q17 due to some unscheduled maintenance shutdowns at the smelter and severe winter conditions, as well as mechanical and electrical limitations. The increase compared to 1Q17 occurred despite operating without Birchtree mine since the end of 3Q17, following Vale’s strategy to optimize margins in the nickel business, as in 1Q17 Thompson experienced smelter operational issues. Thompson will fully transition to a mine-mill operation in 3Q18, when its last furnace and refinery will be shut down.
    
    Production from the Voisey’s Bay source reached 9,600 t in 1Q18, 27.3% lower than in 4Q17 and 28.9% lower than in 1Q17. The overall decrease was a deliberate decision to decrease production output in the mine in order to extend its mine life while Vale reassesses the economics of Voisey’s Bay Mine Extension project. Additionally, production decreased in relation to 4Q17 also due to the total inventory drawdown of Voisey’s Bay source concentrate that was being processed in Thompson and Sudbury refineries, and the decrease compared to 1Q17 was also due to the higher consumption rates of Voisey’s Bay concentrate at Sudbury in 1Q17 while the Sudbury smelter operated with two furnaces.
    
    Production at the Long Harbour processing plant reached the quarterly record of 8,600 t in 1Q18, 2.3% higher than 4Q17 and 109.8% higher than in 1Q17. The nickel concentrate being produced at Voisey’s Bay is currently processed solely at Long Harbour. The refinery continues its successful ramp-up with trials of plating grade nickel for customers.
    
    Indonesian operation (PTVI)
    
    PTVI nickel in matte production reached 17,100 t in 1Q18, 11.2% lower than in 4Q17 and in line with 1Q17 production. The decrease compared to 4Q17 was mainly due to a scheduled partial maintenance shutdown. Production was in line with 1Q17 production as a similar scheduled maintenance shutdown was conducted in the period.
    
    Production of finished nickel from PTVI reached 13,800 t in 1Q18, 27.4% lower than in 4Q17 and 15.3% lower than in 1Q17, mainly due to the negative impact of the scheduled annual maintenance shutdown at the Matsusaka refinery in Japan as well as the timing differences between mining and refining PTVI source feed that is being shipped to the Clydach refinery in Wales. PTVI source material is shipped to Clydach to maximize production of higher value carbonyl products following Vale’s margin optimization strategy for the nickel business.
    
    New Caledonia operation (VNC)
    
    Production of NiO and NHC at VNC site (prior to shipping to Dalian in China for refining) was 9,300 t in 1Q18. Site production was 12.3% lower than in 4Q17 and 7.3% higher than in 1Q17. The decrease compared to 4Q17 was mainly due to power outages, lime production delays and lower feed grades. NiO represented 84%, and NHC 16%, of VNC’s 1Q18 site production.
    
    Production of finished products from VNC reached 7,300 t in 1Q18, 33.0% lower than 4Q17 and 28.4% lower than 1Q17, mainly due to restocking of supply chain inventories at the refinery in Dalian. VNC finished production is expected to recover over the next quarters, given that the production rate at the site is going well.
    
    Brazilian operation (Onça Puma)
    
    Production from the Onça Puma operation reached 5,700 t in 1Q18, 5.0% and 6.6% lower than in 4Q17 and in 1Q17, respectively. The decrease when compared to 4Q17 and 1Q17 was mainly due to lower ore grades.
    
    Source : Strategic Research Institute
    

    Bijlage:
20. [verwijderd] 18 april 2018 16:18

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    thanks Voda & Adri.
    
    Dat zijn leuk leesvoer voor weekend.