alternative – have significantly affected demand in the industry.
The International Stainless Steel Federation reports a fall in the
....
ratio from 71% in 2001 to 65% in 2006.
Stainless producers pass on changes in raw material prices to
their customers via the alloy surcharge mechanism. As this
charge is normally based on the average monthly price in the
two months prior to physical delivery by the stainless mills to
the customer, there will be a sharp (albeit temporary) drop in
21-22 November 2007
stainless demand as customers wait for the price correction to
Business Design Centre, London, UK
work through and correct the stainless price. This, coupled with
the high level of stocks built-up over the last year, will lead to
slow growth in stainless output this year, and consequently
Now in its fifth year, Mines and Money is
reduce nickel demand.
Further pressure will be put on the austenitic ratio by several
firmly established as the biggest mining and
big announcements about substitution – such as that from
finance event in Europe and is one of the
Ningbo Huaguang Stainless in China that it is shortly to com-
mence manufacture of a new stainless variant, due to contain
most exciting and best-connected events in
still less nickel than some existing grades. Outokumpu in Europe
the world.
has also said that it intends to ramp up ferritic production at its
Tornio works in Finland – a decision, it says, based principally on
g51 Over 180 exhibitors
the clear market shift away from austenitic – a clear concern for
the long-term future of the nickel market.
g51 3,000+ visitors: senior
Meanwhile, the increase in volume of LME nickel inventories
investors, bankers,
has been quite modest given the slackened demand. This raises analysts, mining
the question of whether off warrant stocks have been built up,
and exploration
which from a fundamental standpoint also suggests scope for
managers, geologists &
further price weakness. NCM therefore projects an annual price
of US$37,000/tonne for 2007, falling to US$27,000 in 2008.
consultants
g51 Compelling
investment cases
Copper
Copper’s June price correction to US$7,260/tonne has not
presented at the
prevented a steady increase, once again breaching the
Investor Forum
US$8,000/tonne mark. Supply tightness continues to drive the
g51 Key experts
performance of copper, with LME stocks reaching 97,550
tonnes on July 12
th
– the lowest level since July 2006 and 55%
discuss the critical
below the 2007 high so far this year (216,100 tonnes on
issues shaping the
January 31
st
). Strike action has been a major contributing fac- industry’s future
tor – particularly in Australia (which, with China, was responsi-
g51 Hospitality drinks and
ble for around 55% of the total production of concentrate in
networking receptions
2006) – with continued bouts reinforcing the necessity for a dis-
g51 The Awards
ruption allowance in supply projections. Affected operations
include Collahuasi, First Quantum and CCR.
Dinner celebrates
outstanding mining
Supply problems ... have been cancelled out by
achievements in the
relatively weak global demand [copper] industry globally
These problems, and concentrate shortages (reflected by low
treatment charges) have been, to a large extent, cancelled out by
Platinum sponsors:
relatively weak global demand. European demand over January-
April looks to have risen 0.8%, but is now showing seasonal
decline. The US has been lacklustre at best, whilst Japan, South
Korea and Taiwan have remained roughly in step with their 2006
figures. China’s strong purchasing in the early part of the year is
now taking its toll, as the State Reserve Board and consumers
have built up their inventories. However, the recent months have
shown a downturn, with a considerable 37% decline from April
to May, followed by June easing a further 6.1% from May.
Furthermore, substitution is a growing concern, especially in For further information or to register
the plumbing sector. However, demand seems sure to pick up,
visit
www.minesandmoney.com
or email
melina.day@mining-journal.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96