Metals &Mining Alert-Daily prices and news:Global crude steel output continues ascent

类型：行业研究机构：德意志银行研究员：Jorge Beristain,Chris Terry 日期：2016-12-23

Industrials (/lb): aluminum $0.78 (+0.5%), copper $2.50 (+0.1%), lead $1.00(+1.2%), molybdenum $6.80 (+0.0%); nickel $4.96 (+0.4%); zinc $1.20 (+1.2%);Precious (/oz): gold $1,132 (-0.5%), silver $16.10 (+0.9%); Steel (/mt): ChinaHRC $572 (-0.5%), SHFE Rebar $454 (-2.8%), MB Scrap Index $279 (-1.6%);Bulks: iron ore (/dmt) $79 (-2.2%), coking coal (/mt) $250 (+0.0%), freight (BCI)1,044 (+0.5%); Energy: Brent (/bbl) $55.40 (+0.9%), WTI (/bbl) $52.23 (+0.2%),natural gas (/mmBtu) $3.26 (-3.8%), thermal coal (/t) $87 (+0.9%).

    World crude steel output rises 5% YoY to 132m tons in November (flat MoMon days-adj. basis), the seventh consecutive YoY gain, with capacity utilizationat 70% (-10bps YoY, +250bps MoM). China’s output rose 5% YoY to 66m tons(flat MoM). US output rose 7% YoY to 6.2m tons (+3%), after five consecutiveYoY declines. YTD global output was 1.5bn tons (+0.4% YoY). (WSA).

    Global aluminum production steady at 5Mt in November (+0.3% MoM, +3%YoY) as higher production in China (+73kt MoM), offsets reduced production inNorth America (-11kt), Europe (-17kt) and Africa (-9kt). YTD global productionwas ~53Mt (-0.2% YoY). (International Aluminum Institute).

    US steel import permits for December through 12/20 total 1.9m st. If adjustedto a full month, imports would be 3.0m st (+28% YoY), vs. November permitsof 2.9m st and October imports of 2.7m st. (US Import Administration).

    Global lithium asset consolidation continues, as several companies announceddeals last week. On 12/19, Canadian Wealth Minerals announced plans toacquire Chile’s Laguna Verde project (total inferred resource of ~513kt oflithium carbonate and 4.2mt of potassium chloride) for ~$9m. Also, Australia’sArdiden entered into option agreement with Alset Energy to acquire Wisa Lakelithium project. Lastly, on 12/15, MGX Minerals acquired 11 metallic andindustrial minerals permits for ~91k hectares of prospective land in Alberta,becoming the largest lithium brine land holder in Canada. (Mining Weekly).

    Russia’s gold reserves touch 51.9m oz in December (vs. 50.9m oz inNovember). This marks the second largest monthly gain after 1.3m oz increasein previous month which was the largest monthly increase in two years. Valueof holdings fell to $61.6bn from $64.4bn due to gold losing 12% sinceNovember. Country held 45.5m oz at the start of 2016 (+17% YoY) (Reuters).

    Hunt Mining signs agreement to sell existing tailings from the Martha Tailingsarea to Pan American Silver. Terms of agreement allow Hunt to sell up to 10kdmt per month. As an addition to the agreement Hunt has received an advancepayment of $250k for the delivery of the first 25k dmt. (Company).

    Vale agrees with BHP and Samarco to allow use of Timbopeba pit for Samarcotailings once the JV restarts operations. Vale would transfer the pit to Samarcoand will receive non-processed ore in-return for a certain period. (Company)