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Wednesday, December 30
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Tuesday's trading session at
$3.97/lb
. Indicators
at 6:00 am CST today show 3 month nickel trading
unchanged, having
recovered from earlier lows. Stockpiles of nickel stored in LME approved
warehouses fell on Tuesday and now total just over the 444,700 tonne level.
Nickel continues to trade rangebound, as it has since late November. Today
will be our last update for 2015 and we will return on Monday to start a
new year with you. We want to wish each of you a New Year of health, wealth,
and joyous memories.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
For the month
of January 2016, North American Stainless will lower the fuel surcharge to
16% for stainless flat and long products. The surcharge rate is considered
a maximum level for January and will be reviewed monthly. -
source
Strong
headwinds forecast for mining sector - As 2015 draws to a close, the Indonesian
mining industry finds itself in the crosswinds of a global downturn in commodity
prices, combined with domestic regulatory challenges that dampen investment
sentiment among both local and international mining investors. -
more
Metal
price meltdown opens door for private equity to walk in - No matter how you
look at it, 2015 was an awful year for metal prices. But if the majority
of experts are correct, 2016 is going to be worse. Maybe a lot worse. -
more
Supply
cuts to provide the floor for nickel in 2016 - Nickel prices were battered
in 2015 and were the worst-hit among the base metals complex mainly dragged
down by plummeting Chinese demand and absence of anticipated shortage following
the Indonesian ban in January 2014. -
more
Nickel:
Not So Mean Reversion - Nickel was the worst performing commodity in 2015,
down 43% to around $8,600 per tonne. Worries over weak Chinese demand for
stainless steel (manufactured from nickel) coupled with robust supply growth
has been behind the falls. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, December 29
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Thursday's trading session at
$3.91/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.05/lb
lower. Stockpiles
of nickel stored in LME approved warehouses rose slightly on Monday and now
total just over the 445,350 tonne level. News is still light as the short
week between Christmas and New Years finds many taking an extended vacation.
Tomorrow will be our last update for the year.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
China’s Growing Steel Shipments Spur Protests As Prices Are Expected
To Plunge In 2016 -
more
Déjà Vu All Over Again: Tailings Dam Failures at Metal Mines
Around the World -
more
Hangzhou shuts steel plant to improve air quality -
more
Global Metals
Prices Hinge on China Production - With an interest-rate increase from the
U.S.Federal Reserve out of the way, battered metals investors are returning
their focus to China, where plans to trim a supply glut have sparked hopes
for a rebound in prices in 2016. -
more
Commodity price slump undercuts mining sector -
more
Axiom Mining
defines first five years of nickel production at Isabel - Axiom Mining has
revealed an updated JORC Resource at the Isabel Nickel Project, which is
located in the Solomon Islands. -
more
Russia's
Usmanov mulls raising Norilsk Nickel stake - Russian billionaire Alisher
Usmanov, in an interview to state Rossiya-24 television, says: "I would recommend
our management buy more rather than sell Norilsk Nickel. We are interested
in earning money on equity stakes.-
more
Courtesy AISI
- In the week ending December 26, 2015, domestic raw steel production was
1,456,000 net tons while the capability utilization rate was 60.9 percent.
Production was 1,795,000 net tons in the week ending December 26, 2014 while
the capability utilization then was 74.6 percent. The current week production
represents a 18.9 percent decrease from the same period in the previous year.
Production for the week ending December 26, 2015 is down 4.4 percent from
the previous week ending December 19, 2015 when production was 1,523,000
net tons and the rate of capability utilization was 63.7 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, December 28
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Thursday's trading session at
$3.91/lb. LME markets
are closed for the Christmas holiday today and will re-open tomorrow morning.
Stockpiles of nickel stored in LME approved warehouses fell on Thursday and
begin this week just over 445,300 tonne level. Shanghai Metals market is
reporting stockpiles of nickel ore held at six major Chinese ports fell y
40,000 tonnes last week and now total 10.27 million tonnes. With nickel going
untraded in London today, market news is nearly non existent and will be
limited until the new year.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Reuters metals morning - Lead hits highest in nearly two months on low
inventories -
more
London
markets are closed so industry news is limited today.
Wednesday, December 23
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Tuesday's trading session at
$3.95/lb
. Indicators
at 6:00 am CST today show 3 month nickel trading around $.03/lb
lower. Stockpiles
of nickel stored in LME approved warehouses rose again on Tuesday and now
total just over the 445,900 tonne level. LME stockpile numbers are now reading
less than 25,000 tonne lower than its all time high. We are traveling tomorrow
so this will be our last update until next week. LME markets are closed Friday
and next Monday. We wish all of our readers a very Merry Christmas and a
very Happy Holiday.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Man Who Called China's Boom and Bust Now Warns of Crisis Risks -
more
COLUMN-China
and the search for a new metals narrative: Andy Home - Monday saw the release
of China's detailed metals trade figures for November. -
more
New
Caledonia's SLN announces cuts - New Caledonia's SLN nickel company has announced
plans to save about 90 million US dollars a year to cope with a severe nickel
crisis. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, December 22
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Monday's trading session at
$4.03/lb. Indicators at
6:25 am CST today show 3 month nickel trading around $.04/lb
lower. Stockpiles
of nickel stored in LME approved warehouses rose by another huge number on
Monday and now total just over the 441,500 tonne level. Cancelled warrants
slipped before 37% as well yesterday. Stockpiles are less than 30,000 below
their all time record high, and an amount in excess of that number, has already
been gained this month.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
(SMM) Outbound shipments of nickel ore from the Philippines tumbled to 2.70
million wmt in November, down 39.05% from October’s, Shanghai Metals
Market data showed.
India Plans Price Curbs to Stem Chinese Steel Import Deluge
- more
Stainless
Steel Production Reached 31.1 Million Metric Tones in these First Nine Months
of 2015 - The International Stainless Steel Forum (ISSF) has released figures
for the first nine months of 2015 totaling 31.3 million metric tons stainless
steel melt shop production, a decrease of 0.5% year–on–year. Production
increased in the Americas and in China. -
more
Allegheny
Tech to Idle Some Pennsylvania Operations - ....The Pittsburgh company said
the idling of some stainless and sheet operations at its Midland, Pa., operation
are expected to be completed in January. -
more
Nickel
supply to continue to drop in 2016 - The current low prices of nickel ore
has forced some nickel miners in the Philippines to shut down their operations,
while others are significantly reducing their production, and this scenario
will likely continue in 2016. -
more
Bankers
question value of Clive Palmer’s nickel refinery - Clive Palmer’s
oft-repeated claim that his embattled Queensland Nickel refinery has $1.9
billion in assets has been rubbished by investment bankers who specialise
in selling similar projects. -
more
Nickel
miner TVI defers Philippine listing until Feb. 29 - Nickel miner TVI Resource
Development (Phils.) Inc (TVIRD) has deferred a planned listing on the Philippine
Stock Exchange to Feb. 29 next year, subject to market conditions and regulatory
approvals, shareholder TVI Pacific Inc of Canada said. -
more
Courtesy AISI
- In the week ending December 19, 2015, domestic raw steel production was
1,523,000 net tons while the capability utilization rate was 63.7 percent.
Production was 1,795,000 net tons in the week ending December 19, 2014 while
the capability utilization then was 74.6 percent. The current week production
represents a 15.2 percent decrease from the same period in the previous year.
Production for the week ending December 19, 2015 is down 0.8 percent from
the previous week ending December 12, 2015 when production was 1,536,000
net tons and the rate of capability utilization was 64.2 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, December 21
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Friday's trading session at
$3.98/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.05/lb
higher. Stockpiles
of nickel stored in LME approved warehouses gained on Thursday and fell on
Friday, and started today's session just under the 436,600 tonne level. Attempts
to breech the $4/lb level continue to be unsuccessful, but the market does
not appear to want to fall to far below this level either. It's Christmas
week and LME markets will be closed on Friday and next Monday for the holiday
and our updates for the week will end on Wednesday. Also, for regular readers,
if you use an adblock add-on, you may want to consider adding an exemption
to this page, as in the coming weeks, we will start blocking ad-block users.
This site remains free thanks to the small number of advertisements appearing
on this page.
Average price of cash nickel so far this month - $3.95/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Press Release
- Effective with shipments January 1, 2016, North American Stainless will
increase the prices for all Cold Rolled grades in 200 series, 300 series,
and type 430. This will be achieved by reducing the discount two percentage
points. Also, NAS will increase polishing extras by reducing the polish discount
10 percentage points. Lastly, NAS will increase the base price of CMP and
Discrete plate by $.02/lb. -
source
Base
metals prices pummelled in 2015, down 26% to date: Commerzbank - Base metals
have been the second-weakest commodities sector so far this year after energy
sources, as measured against the S&P GSCI sub-indices on a spot basis,
Commerzbank said. -
more
'Forgettable'
year for mining says analyst as 2015 comes to close - According to independent
market analyst Peter Strachan, 2015 can be summed up in one word: "forgettable".
-
more
Talvivaara
mine leaks 750M litres of water - Around 750,000 cubic metres - the equivalent
of 750 million litres - of additional waste water will be discharged from
the Talvivaara nickel and zinc mine. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, December 17
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Wednesday's trading session at
$4.01/lb. Indicators at
6:00 am CST today show 3 month nickel trading around $.09/lb
lower on a stronger
Dollar. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday
and now total just over the 435,750 tonne level. The US Fed showed it listened
to the market and raised interest rates by 1/4 of 1% yesterday. You will
remember in the last meeting the Fed did not show any faith in the US economy
and the market tanked in response. It is hard not to get cynical about the
Fed, who appear to do what they feel will keep Wall Street happy, more than
what might be best for the US economy. Our next update will be Monday, Dec
21st, so have a safe and relaxing weekend and we will see you back here for
a shortened holiday week.
Average price of cash nickel so far this month - $3.96/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
US MSCI steel inventories dropped further in November -
more
Nickel
Producers Hammered in Indonesia as Metal Price Slumps 40% - Almost two years
after Indonesia, the largest producer of mined nickel, banned ore exports
to nurture its metals industry, fledgling smelters are being pummeled by
a plunge of more than 40 percent in prices. -
more
LME Mo
Price Rebounds and Rises to US$11,500/MT - On December 10, LME molybdenum
prices for both cash seller/settlement and 3-month seller rose to US$11,500
per ton (= US$5.22 per lb), up by US$1,000 from US$10,500 on Monday (December
6). -
more
Another
door shuts for Clive Palmer’s Queensland Nickel - Clive Palmer is running
out of options to save his Queensland Nickel refinery after a court bid to
claim more than $100 million in damages was put on hold. -
more
Norilsk
to Keep Dividend Even as Mining Rivals Scrap Payments - GMK Norilsk Nickel
PJSC, Russia’s largest mining company, will maintain its dividend policy
and may shelve some longer-term investments to support the payments, an option
favored by its main shareholders, billionaire Chief Executive Officer Vladimir
Potanin said. -
more
Norilsk's Potanin Says Fed Rate May Aid Worst-Performing Metal -
more
Antam-Inalum
Smelter to Operate in 2019 - A smelter grade alumina currently being built
in Mempawah, West Kalimantan is targeted to start operating in 2019. The
project is a collaboration between two state miners Indonesia Asahan Aluminium
(Inalum) and Aneka Tambang (Antam) and China's aluminum producer Aluminum
Corporation of China Limited (Chinalco). -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, December 16
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Tuesday's trading session at
$3.89/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.09/lb
higher, trading about
where it started the day yesterday. Stockpiles of nickel stored in LME approved
warehouses are showing their dark side the last few days. The market monitors
levels as an indicator of demand and supply parameters, but teh last two
days show why that isn't necessarily true. In fact, cancelled warrants, which
reflect the amount of nickel 'sold', do not tell us who is buying the nickel,
or whether it is actually being bought to be consumed - or by traders looking
to invest and sell later. After a second day of 14,500 plus tonne gains,
it is becoming apparent that some of the 40+% cancelled warrants in the past
few months, have been investments, with stockpiles of nickel being shifted
out of the LME warehouse to another, or to a warehouse outside the LME system.
Total stockpile numbers are now just shy of the 438,500 tonne level, and
back to where they were in mid-October. After briefly falling below the level
nickel started the year at, we are now well over that starting level. Three
more days like the past few and we could be knocking on record territory
again.
Average price of cash nickel so far this month - $3.96/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
China’s Fastener Imports and Exports for Jan.-Oct. 2015 -
more
Morgan
Stanley Bets Metal Losers of 2015 to Shine Next Year - Nickel, copper and
zinc, the three base metals that have posted the steepest declines in 2015,
were chosen by Morgan Stanley as its top picks heading into next year. -
more
Negotiations
on CR Austenitic Stainless Sheets before Chinese New Year = Mills are watching
customers' moves = Negotiations for shipment of the latter half of January
are going to start towards the Chinese New Year, and the Japanese mills are
watching customers' attitude. As the nickel price has plunged again to the
level of $3 per pound, they are watching whether customers will request a
decrease in prices by $50 or so. -
more
Shipments Decline
Slows Slightly in November - Shipments declined from 2014 levels in November
for both steel and aluminum in the United States and Canada at somewhat slower
rates than last month. Inventory positions deteriorated again for both metals
in both countries. -
more
Russia's
stainless steel imports decreased 4.6% - According to SpetsStal's appraisal,
the volume of Russian stainless steel import in October 2015, compared with
September, decreased by 4.6% to 24,759 tons. -
more
New
Caledonia to export more nickel ore - The New Caledonian government has
authorized the company MKM to export low-grade nickel ore to Japan and Australia.
-
more
Glencore's
Announcement Shows FeCr Production in 2016 Is 1.6 Mil. Tons = Nickel production
volume is expected to be 116,000 tons = On December 10, Glencore plc announced
its forecast about production in 2016, which shows the production volume
by using its own raw materials is ferro-chrome being 1.6 million tons, +/-
25,000 tons and nickel being 116,000 tons, +/- 4,000 tons. -
more
Clive
Palmer's cash-strapped Qld Nickel goes to court - Queensland Nickel may be
down to its last few millions and close to closure but owner Clive Palmer
still has enough money to pay lawyers. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, December 15
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Monday's trading session at
$3.99/lb. Indicators at
6:00 am CST today show 3 month nickel trading around $.05/lb
lower. Stockpiles
of nickel stored in LME approved warehouses rose by over a staggering 14,500
tonnes on Monday and now total just over the 423,500 tonne level. Based on
the sudden surge in stockpile numbers, we estimate much of this stock is
some of the 'cancelled warrants' we have seen over the past months, now being
put back into stockpile numbers, as traders square their books for year end.
We are now only 300 tonnes below where stockpile numbers started November.
Cancelled warrants fell below the 40% level yesterday for the first time
since mid September, about the time LME stockpile numbers started falling
on a consistent basis. In other words - a drop in nickel stockpile numbers
does not always mean the nickel is being actually used and in many cases
is moved to a warehouse by a trader and sold back when prices trade higher.
That gamble has not paid off this year.
Average price of cash nickel so far this month - $3.97/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Too much
nickel being produced, analysts warn - As much as 70 per cent of global nickel
output is unprofitable, the chief executive officer Glencore says, amid calls
to slash production. -
more
New
Caledonia seeks Clive Palmer escape over nickel sales - Nickel mining companies
in New Caledonia are desperately trying to develop export markets to China
for fear the main buyer of their ore, Clive Palmer’s Townsville smelter,
could shut. -
more
Bindura
Nickel Corporation plans to further reduce its workforce by 350 workers as
the company continues with a restructuring .... -
more
S.
African Charge Chrome Price for Europe in Jan-Mar Down by US Cents 12 - On
December 9, Merafe Resources Limited, South Africa, a joint venture partner
for Glencore -Merafe Chrome Venture announced on its home page that the benchmark
price of South African charge chrome meant for Europe for shipments from
January to March in 2016 was settled at US Cents 92.0 per lb. -
more
Courtesy AISI
- In the week ending December 12, 2015, domestic raw steel production was
1,536,000 net tons while the capability utilization rate was 64.2 percent.
Production was 1,795,000 net tons in the week ending December 12, 2014 while
the capability utilization then was 74.6 percent. The current week production
represents a 14.4 percent decrease from the same period in the previous year.
Production for the week ending December 12, 2015 is down 1.1 percent from
the previous week ending December 5, 2015 when production was 1,553,000 net
tons and the rate of capability utilization was 65.0 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, December 14
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Friday's trading session at
$3.95/lb. Indicators at
6:00 am CST today show 3 month nickel trading around
$.04/lb
lower.
Stockpiles of nickel stored in LME approved warehouses rose for the third
consecutive session on Friday and now total just over the 409,000 tonne level.
This is the first three day gain stretch we have seen since the first week
of October and two of the three gains recorded, have been over 6000 tonnes
each,. putting stockpile numbers above where they started the month. SMM
is recording nickel ore inventories held at six major Chinese ports rose
50,000 tonnes last week to total 9.92 million tonnes. The reversal in the
slide in LME stockpile numbers is interesting and we are entering another
period where demand is dropping below production numbers - or if there is
another reason.
Average price of cash nickel so far this month - $3.98/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
U.S. Cutting Tool Consumption Down From 2014, Up From September -
more
Australia's
Independence Group sees high-cost nickel miners exiting - Nickel miners
are under mounting pressures to reduce production as falling prices have
resulted in about half the global sector losing money, Australia's Independence
Group said. -
more
Glencore
may shut Murrin Murrin nickel mine in WA - Swiss miner Glencore says it might
close more Australian mines if weak commodity prices persist, with the Murrin
Murrin nickel mine in Western Australia the next probable candidate.-
more
New
Caledonia could suffer if Queensland smelter shuts - New Caledonia's president
last month warned Australian MP and businessman, Clive Palmer, there could
be unrest in the French territory if he shuts down his Townsville nickel
smelter. -
more
Clive Palmer told if nickel smelter closes there will be violence in New
Caledonia -
more
Prices of
CR Austenitic Stainless Sheets in Asia Reach Bottom As Expected - The Japanese
cold-rolled (CR) stainless steel mills show a growing awareness that prices
of CR austenitic stainless sheets have reached a bottom in the East Asian
region. -
more
Independence
still bullish on Nova - Independence Group has no concerns the parlous state
of global nickel markets will impact on its Nova nickel project, with the
company flagging a material improvement in anticipated operating costs this
morning. -
more
In a
hole - Commodity busts have left more of a mark on the barren mining region
of northern Chile than the booms that preceded them. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, December 10
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Wednesday's trading session at
$3.96/lb. Indicators
at 6:15 am CST today show 3 month nickel trading around $.06/lb
, as nickel is unable
to climb over the $4/lb range for a third day. Stockpiles of nickel stored
in LME approved warehouses rose by 6,600 tonnes on Wednesday, and now total
just under the 399,900 tonne level. Nickel has once again surrendered the
$4/lb level, and is getting no help from a weak Euro. The future of some
operating nickel mines is starting to come into question, as some began to
inquire. Our next update will be Monday, the 14th. Have a safe and relaxing
weekend!
Average price of cash nickel so far this month - $4.00/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
AK Steel Announces
Stainless Steel Price Increase - AK Steel said today that it will increase
base prices for all of its stainless steel products, effective with shipments
on January 1, 2016. -
more
Ni SUS Scrap
Purchase Price in December Starts with around JPY125,000 = Cheap Ni price
continues, but price cut is difficult due to procurement of spot goods =
The purchase price for nickel-containing stainless steel scrap (SABOT) in
December by the stainless steel mills in the Kanto area started with JPY120,000
- JPY125,000 per ton (delivered at factory), down by JPY0 - JPY5,000 from
early November. -
more
Chinese steel
dumping threatens sector recovery in Europe, US - European and US steel producers
are only slowly emerging from a 2008 sector meltdown, but already they are
faced with a new challenge: Chinese dumping.-
more
Glasenberg
renews call for loss makers to shut - Glencore CEO, Ivan Glasenberg, returned
to a favourite theme in questions during the firm's investor update today
saying he "... did not understand" why rival miners kept loss-making assets
open. -
more
Clive
Palmer denies Queensland Nickel refinery bail-out plea, asks State Government
to go guarantor - Clive Palmer has insisted he is not seeking a Queensland
Government bail-out for his Townsville nickel refinery. -
more
Clive bites back at 'misinformation' on nickel refinery cash -
more
Russia's
stainless steel exports in October 2015 - According to an estimate by SpetsStal
Association, the volume of Russian stainless steel exports in October 2015,
compared to the previous month, decreased 19.7% to 350 tons. -
more
Commodities
Buzz: - Sherritt's nickel output climbs at Ambatovy JV Canada's Sherritt
International Corporation said the nickel output for the Ambatovy Joint Venture
totaled 4,006 tons (100% basis) in November, climbing by 3.6% compared to
the last month. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, December 9
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Tuesday's trading session at
$3.93/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.05/lb
higher. Stockpiles
of nickel stored in LME approved warehouses fell on Tuesday and now total
just over the 393,200 tonne level. Nickel went into a dive yesterday, after
our morning update was posted, but on news Anglo American was laying off
85,000 workers, the trading price began to recover. Base metals also shadowed
crude oil yesterday, which fell to its lowest since 2009, before recovering.
Oil is back above $38 a barrel, and nickel is climbing back toward the $4/lb
level.
Average price of cash nickel so far this month - $4.01/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
China's export tax cuts could worsen global steel, chemical gluts -
more
If It Owns a Well or a Mine, It’s Probably in Trouble -
more
Anglo
American to cut 85,000 mining jobs worldwide as part of restructure, four
Australian mines remain for sale - Global miner Anglo American says four
coal mines in Australia remain up for sale as the company restructures its
operations around the world. -
more
Clive
Palmer: Queensland Nickel ordered to stand trial for alleged environmental
breaches - Clive Palmer's troubled refinery Queensland Nickel is facing further
problems with a magistrate today ordering the company to stand trial for
alleged breaches of environmental regulations. -
more
How do you sleep at night, nickel worker’s wife asks Clive Palmer -
more
Vale confirms
it will be going underground at Voisey’s Bay - Brazilian-based mining
company Vale confirmed in August that it has sanctioned the construction
of an underground nickel mine at Voisey’s Bay in Labrador. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, December 8
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Monday's trading session at
$3.98/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.04/lb
lower, after nickel
fell below the psychological support level of $4/lb yesterday. Stockpiles
of nickel stored in LME approved warehouses fell on Monday and now total
just under the 394,000 tonne level. Cancelled warrants continue to run in
the lower 40% range. Potential mine and refinery closures dominate the market
news today, as the low price of traded nickel continues to take a toll.
Average price of cash nickel so far this month - $4.03/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Commodity crunch leaves miners gasping for air -
more
China ramps
up commodity exports as domestic glut grows - Chinese commodity producers
struggling with excess output and hurt by sinking prices looked abroad at
a record rate last month to find markets for products including aluminium,
refined fuels and steel, data showed on Tuesday. -
more
Qld nickel
refinery 'in state govt hands' - The future of Clive Palmer's north Queensland
nickel refinery rests in the hands of the state government, his company says.
-
more
Mining magnate Palmer seeks government support to save nickel plant -
more
New
Caledonia nickel plant closure denied - The French mining concern Eramet
has rejected reports that its subsidiary SLN is about to quit New Caledonia.
-
more
Minmetals
to take over China's MCC part of state reform - govt - State-owned China
Minmetals Corp will absorb state-run China Metallurgical Group Corp as part
of the country's restructuring of its state enterprises, according to a
government statement on Tuesday. -
more
Yildirim
Group Invokes Force Majeure Due to Fire at Tikhvin Plant = Plant will be
shut down for 6 months, and loss of production will be 30,000 tons = A fire
occurred at Tikhvin Ferro Alloy Plant in Russia owned by a Turkey's major
firm, Yildirim Group on November 26. -
more
Courtesy AISI
- In the week ending December 5, 2015, domestic raw steel production was
1,553,000 net tons while the capability utilization rate was 65.0 percent.
Production was 1,812,000 net tons in the week ending December 5, 2014 while
the capability utilization then was 75.3 percent. The current week production
represents a 14.3 percent decrease from the same period in the previous year.
Production for the week ending December 5, 2015 is up 4.4 percent from the
previous week ending November 28, 2015 when production was 1,487,000 net
tons and the rate of capability utilization was 62.2 percent.
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Monday, December 7
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Friday's trading session at
$4.08/lb. Indicators at
6:00 am CST today show 3 month nickel trading around $.03/lb
higher. Stockpiles
of nickel stored in LME approved warehouses fell on Friday and now total
just over the 394,650 tonne level. Shanghai Metals Market reports nickel
ore stockpiles held at six major Chinese ports fell by 180,000 tonnes last
week and now total 9.87 million tonnes. After falling back below $4/lb last
Thursday, nickel has bounced back over that level, and showing some staying
power.... at least for today.
Average price of cash nickel so far this month - $4.02/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
Iron Ore Drops Below $40 per Ton for First Time Since at Least 2009 -
more
Losses rise for Chinese steelmakers as demand continues to wane -
more
Billionaire
Palmer steps up fight with China's CITIC amid nickel slump - Officials in
Australia's Queensland state are prepared to step in to help protect jobs
at a nickel refinery if needed, but called on its owner, mining magnate and
politician Clive Palmer, to be open about the refinery's financial position.
-
more
Judge dismisses bid for Clive Palmer-owned Queensland Nickel to be paid royalties
by Chinese partner CITIC -
more
$1,500 CFR
of HR Austenitic Stainless Sheets Appear for Asia - According to information
obtained by a source, China's Qingshan Iron & Steel seems to have offered
its price of hot-rolled (HR) austenitic stainless steel sheets at $1,500
CFR for Asia. -
more
Drop in nickel
price worries firm - Ramu NiCo Management Ltd, the operator of the Ramu nickel
mining in the Madang, says it is gravely concerned about the continuous drop
in nickel price in the world market. -
more
Now that
big miners accept reality of low commodity prices, will dividend cuts, asset
sales and closures follow? - It may seem like stating the obvious, but top
miners BHP Billiton and Rio Tinto have said recently that they expect commodities
prices to remain subdued. -
more
Why the Chinese
metal production cuts won't work: Andy Home - The last few days have brought
a string of cutback announcements by Chinese metals producers. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Thursday, December 3
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Wednesday's trading session at
$4.04/lb. Indicators
at 6:00 am CST today show 3 month nickel trading around $.08/lb
lower, and after
an initial morning plunge, hasn't done much sense. Stockpiles of nickel stored
in LME approved warehouses fell on Wednesday and now total just under the
401,000 tonne level. If withdrawals continue at the rate they have been,
then stockpile numbers will fall below the 400,000 tonne level tomorrow,
for the first time since November 2014. Nickel continues to see saw around
the $4/lb level. Our next update will be on Monday the 7th, so have a relaxing
and enjoyable weekend.
Average price of cash nickel so far this month - $4.01/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
After Yellen's teaser comes Draghi the easer -
more
Nickel's caught in a vicious circle but who's to blame? Andy Home - Even
within the bombed-out landscape that is the industrial metals sector right
now nickel is something of a stand-out. -
more
Brazil asks
court to uphold closure of Vale Amazon nickel mine - Brazil's attorney general
has asked the supreme court to uphold the closure of Brazilian mining company
Vale SA's Onça Puma nickel mine for allegedly failing to meet the
terms of its environmental license, the prosecutor said on Wednesday. -
more
New ISSF
website - Experience shows that concrete structures like bridges and piers
can require expensive renewal and maintenance after only a few decades of
use. -
more
Press Release
- For the month of December 2015, North American Stainless will lower the
fuel surcharge to 18% for stainless flat and long products. The surcharge
rate is considered a maximum level for December and will be reviewed monthly.
-
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Wednesday, December 2
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Tuesday's trading session at
$4.11/lb. Indicators at
6:00 am CST today show 3 month nickel trading around $.04/lb
lower. Stockpiles
of nickel stored in LME approved warehouses fell on Monday and now total
just over the 403,230 tonne level. Today is the first time in 2015, that
LME nickel stockpile numbers have fallen below where they were one year ago.
On Dec 2, 2014 stockpiles rose to 405,570 tonnes. Nickel has climbed above
the $4/lb level and so far, are holding on.
Average price of cash nickel so far this month - $4.01/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
China
Seeks to Support Metals Prices… With a Really Bad Idea - Rumors abounded
late last week about a really bad idea that the China Nonferrous Metals Industry
Association suggested the state is planning. -
more
Vale's
Onca Puma ferro-nickel plant operates through court-ordered mine closure
- Brazilian miner Vale is operating a nickel processing plant at the Onca
Puma project, an Amazon mine where a court has ordered mining activities
halted, the company's nonferrous metals chief told Reuters on Tuesday. -
more
Vale
expects Goro nickel mine output to rise 50 pct in 2016 - Brazilian miner
Vale SA expects a 50 percent increase in output from its Goro New Caledonia
Nickel project in 2016, non-ferrous metals chief Jennifer Maki said at an
investor conference at the New York Stock Exchange on Tuesday. -
more
Uncertainty dogs New Caledonia nickel sector - There are conflicting reports
about the immediate future of the seven-billion US dollar Vale nickel plant
at Goro in New Caledonia. -
more
Townsville
Mayor seeks urgent meeting with Treasurer over Queensland Nickel refinery
- Townsville Mayor Jenny Hill has demanded that Clive Palmer's Queensland
Nickel (QNI) "come clean with government" and open its books as she begged
the state Treasurer to save the town's struggling nickel refinery. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
Tuesday, December 1
Daily
Nickel/Stainless Steel Briefing(8:00 AM CST is 1PM in London)
Three month nickel closed Monday's trading session at
$4.02/lb. Indicators at
6:00 am CST today show 3 month nickel trading around $.01/lb
lower. Stockpiles
of nickel stored in LME approved warehouses fell on Monday and now total
just under the 405,250 tonne level. The Euro is higher this morning, but
nickel has been unable to find any benefit yet today.
Average price of cash nickel so far this month - $4.19/lb
Average price of LME traded nickel in 2014 - $7.65/lb / 2013 - $6.80/lb /
avg 2012 - $7.95/lb /
(USGS) Metal Prices in the United States Through 2010 -
pdf
here
2016 Forecast
To Be Another Downbeat Year For Stainless Steel - The outlook for the global
stainless steel market is disappointing, as purchasing activity remains weak
and transaction values continue to slide. -
more
Negotiations
on CR Austenitic Stainless Sheets for Jan Shipt = The Japanese mills are
just waiting watchfully = The Japanese mills of cold-rolled (CR) austenitic
stainless steel sheets had proceeded with negotiations on CR sheets for January
shipment next year but as the nickel price is falling to the level of $3
per pound, they have suspended negotiations and have adopted a wait-and-see
attitude. In the Chinese market, the price of CR austenitic stainless sheets
is 11,750 CNY ($1,865, including tax), which dipped below $1,600 in dollar
equivalent and excluding tax to $1,594. -
more
In Rubble
of Commodity Super-Cycle, Citigroup Picks Winners - There’s still money
to be made from investing in commodities, according to Citigroup Inc. -
more
Palmer
firm demands $48m urgently - Clive Palmer’s Queensland nickel business
faces dire consequences if a demand for $48 million from his estranged Chinese
business partners is not met by the end of the week, the Supreme Court has
heard. -
more
Bindura
posts US$4 mln H1 loss - Bindura Nickel Corporation has reported an operating
loss of US$4 million for the six months to June compared to a profit of US$12,5
million on weakening revenue. -
more
Copper,
Nickel Prices Drop Further Despite China’s Production Cut Plans - On
Monday, copper and nickel prices fell down as impact of rising dollar outweighs
production cutbacks by the Chinese leading metal producers. China is the
world’s leading producer of refined metal but due to consistent fall
in the commodities prices, the country decided to cut its production of copper
and nickel to counter the falling prices. -
more
Minnesota’s
permit for Northshore mine expansion riles tribes, environmental groups -
Tribal and environmental groups say the state’s plan to allow expansion
of a taconite mine raises the same concerns as the prospect of copper-nickel
mining in northeastern Minnesota. -
more
Morning Nickel
Price Statistics & Figures
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
Shanghai Jinchuan nickel price - available
here
or
here(updated)
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply news and information free
of charge.Contact
us
"A Guide To LME
Trading"...pdf here(all ton listings are metric
tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST -
DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on this page
are indications only. Note - For real time and official LME prices, LME requires
a user subscribe to an authorized LME vendor.
Daily
Nickel/Stainless Steel Briefing
(8:00 AM CST is 1PM in London)
. Indicators
at 6:00 am CST today show 3 month nickel trading
unchanged, having
recovered from earlier lows. Stockpiles of nickel stored in LME approved
warehouses fell on Tuesday and now total just over the 444,700 tonne level.
Nickel continues to trade rangebound, as it has since late November. Today
will be our last update for 2015 and we will return on Monday to start a
new year with you. We want to wish each of you a New Year of health, wealth,
and joyous memories.
Reports
Commodity/Economic Comments
For the month
of January 2016, North American Stainless will lower the fuel surcharge to
16% for stainless flat and long products. The surcharge rate is considered
a maximum level for January and will be reviewed monthly. -
Strong
headwinds forecast for mining sector - As 2015 draws to a close, the Indonesian
mining industry finds itself in the crosswinds of a global downturn in commodity
prices, combined with domestic regulatory challenges that dampen investment
sentiment among both local and international mining investors. -
Morning Nickel
Price Statistics & Figures
. Indicators
at 6:00 am CST today show 3 month nickel trading around $.05/lb
Global Metals
Prices Hinge on China Production - With an interest-rate increase from the
U.S.Federal Reserve out of the way, battered metals investors are returning
their focus to China, where plans to trim a supply glut have sparked hopes
for a rebound in prices in 2016. -
Axiom Mining
defines first five years of nickel production at Isabel - Axiom Mining has
revealed an updated JORC Resource at the Isabel Nickel Project, which is
located in the Solomon Islands. -
Russia's
Usmanov mulls raising Norilsk Nickel stake - Russian billionaire Alisher
Usmanov, in an interview to state Rossiya-24 television, says: "I would recommend
our management buy more rather than sell Norilsk Nickel. We are interested
in earning money on equity stakes.-
London
markets are closed so industry news is limited today.
New
Caledonia's SLN announces cuts - New Caledonia's SLN nickel company has announced
plans to save about 90 million US dollars a year to cope with a severe nickel
crisis. -
Stainless
Steel Production Reached 31.1 Million Metric Tones in these First Nine Months
of 2015 - The International Stainless Steel Forum (ISSF) has released figures
for the first nine months of 2015 totaling 31.3 million metric tons stainless
steel melt shop production, a decrease of 0.5% year–on–year. Production
increased in the Americas and in China. -
Nickel
supply to continue to drop in 2016 - The current low prices of nickel ore
has forced some nickel miners in the Philippines to shut down their operations,
while others are significantly reducing their production, and this scenario
will likely continue in 2016. -
Bankers
question value of Clive Palmer’s nickel refinery - Clive Palmer’s
oft-repeated claim that his embattled Queensland Nickel refinery has $1.9
billion in assets has been rubbished by investment bankers who specialise
in selling similar projects. -
Talvivaara
mine leaks 750M litres of water - Around 750,000 cubic metres - the equivalent
of 750 million litres - of additional waste water will be discharged from
the Talvivaara nickel and zinc mine. -
Nickel
Producers Hammered in Indonesia as Metal Price Slumps 40% - Almost two years
after Indonesia, the largest producer of mined nickel, banned ore exports
to nurture its metals industry, fledgling smelters are being pummeled by
a plunge of more than 40 percent in prices. -
Morgan
Stanley Bets Metal Losers of 2015 to Shine Next Year - Nickel, copper and
zinc, the three base metals that have posted the steepest declines in 2015,
were chosen by Morgan Stanley as its top picks heading into next year. -
Negotiations
on CR Austenitic Stainless Sheets before Chinese New Year = Mills are watching
customers' moves = Negotiations for shipment of the latter half of January
are going to start towards the Chinese New Year, and the Japanese mills are
watching customers' attitude. As the nickel price has plunged again to the
level of $3 per pound, they are watching whether customers will request a
decrease in prices by $50 or so. -
Glencore's
Announcement Shows FeCr Production in 2016 Is 1.6 Mil. Tons = Nickel production
volume is expected to be 116,000 tons = On December 10, Glencore plc announced
its forecast about production in 2016, which shows the production volume
by using its own raw materials is ferro-chrome being 1.6 million tons, +/-
25,000 tons and nickel being 116,000 tons, +/- 4,000 tons. -
Bindura
Nickel Corporation plans to further reduce its workforce by 350 workers as
the company continues with a restructuring .... -
S.
African Charge Chrome Price for Europe in Jan-Mar Down by US Cents 12 - On
December 9, Merafe Resources Limited, South Africa, a joint venture partner
for Glencore -Merafe Chrome Venture announced on its home page that the benchmark
price of South African charge chrome meant for Europe for shipments from
January to March in 2016 was settled at US Cents 92.0 per lb. -
Commodities
Buzz: - Sherritt's nickel output climbs at Ambatovy JV Canada's Sherritt
International Corporation said the nickel output for the Ambatovy Joint Venture
totaled 4,006 tons (100% basis) in November, climbing by 3.6% compared to
the last month. -
Vale confirms
it will be going underground at Voisey’s Bay - Brazilian-based mining
company Vale confirmed in August that it has sanctioned the construction
of an underground nickel mine at Voisey’s Bay in Labrador. -
Drop in nickel
price worries firm - Ramu NiCo Management Ltd, the operator of the Ramu nickel
mining in the Madang, says it is gravely concerned about the continuous drop
in nickel price in the world market. -
Nickel's caught in a vicious circle but who's to blame? Andy Home - Even
within the bombed-out landscape that is the industrial metals sector right
now nickel is something of a stand-out. -
Brazil asks
court to uphold closure of Vale Amazon nickel mine - Brazil's attorney general
has asked the supreme court to uphold the closure of Brazilian mining company
Vale SA's Onça Puma nickel mine for allegedly failing to meet the
terms of its environmental license, the prosecutor said on Wednesday. -
Bindura
posts US$4 mln H1 loss - Bindura Nickel Corporation has reported an operating
loss of US$4 million for the six months to June compared to a profit of US$12,5
million on weakening revenue. -
