Metals &Mining Alert-Daily prices and news:US upholds high duties on China stainless sheet
Industrials (/lb): aluminum $0.86 (-1.0%), copper $2.68 (-0.2%), lead $1.02 (-0.2%), molybdenum $6.80 (+0.0%); nickel $4.98 (+1.9%); zinc $1.26 (-0.3%);Precious (/oz): gold $1,235 (+0.0%), silver $17.98 (+1.2%); Steel (/mt): ChinaHRC $571 (-1.0%), SHFE Rebar $507 (-1.8%), MB Scrap Index $279 (+0.2%);Bulks: iron ore (/dmt) $91 (-1.1%), coking coal (/mt) $165 (+0.2%), freight (BCI)1,227 (+11.9%); Energy: Brent (/bbl) $55.90 (+1.5%), WTI (/bbl) $53.33 (+1.4%),natural gas (/mmBtu) $2.83 (+0.8%), thermal coal (/t) $81 (-1.5%).
US International Trade Commission determines material injury from unfairimports of stainless steel sheet and strip from China. Antidumping duties torange 64-77% and countervailing duties 76-191%. 2016 stainless sheet andstrip imports fell 8% YoY to 393kt. Strip products accounted for ~13% ofAllegheny Technologies' total revenue and are likely to benefit from furtherreductions in imports. (US Department of Commerce, Company, DB)China sets 2017 capacity cut targets of ~50m mt for steel (~3% of 2016 globalsupply) and above 150m mt for coal. 2016 targets were set at 45m mt and250m mt whereas actual eliminations exceeded 65m mt and 290m mt for steeland coal, respectively. Investigations on illegally set-up steel projects andinduction furnace makers will continue. (SBB)China’s second largest copper producer, Jiangxi Copper plans to ramp upoperations to full capacity as global prices improve on mine disruptions inChile and Indonesia. 2017 output estimated at 1.4mt (vs. 1.2mt in 2016, ~6%of global 2016 supply). Separately, China has set a GDP growth target of 6.5%for 2017 on improved demand outlook. (Bloomberg Finance LP)US Oil & Gas rig count inches up 2 WoW to 756 (+267 YoY) for the weekending 3/3. Oil directed rigs rose to 609 (+7 WoW, +217 WoW) while naturalgas directed rigs decreased to 146 (-5 WoW, +46 WoW). Canadian count fell 6WoW to 335 (+206 YoY). (Baker Hughes)Nucor Louisiana DRI facility (2.5mt capacity) expected to restart this weekafter being offline for 3 weeks on equipment failure. Repairs are ahead ofschedule and temporary suspension of operations has not impacted output atany of the mills. The halt in DRI production has already boosted demand forprime scrap in US market. (SBB)Goldcorp working with IBM to use technology for exploration efforts in RedLake mine. Analysis of data from drilling reports and geological surveys willhelp geologists accurately determine next target and locate undiscovered golddeposits that may have previously required multiple drills to find. (Mining.com)。
Orbis Investment Management discloses ~3% stake in Arconic and statedintent to support Elliott Management in nominating directors to join Arconic’sboard. Activists are seeking to replace CEO and obtain Board majority.
(Reuters).