Nickel Market Analysis
|
|
- Ashlyn Cummings
- 5 years ago
- Views:
Transcription
1 Nickel Market Analysis When does the nickel price rally come? Kunihiko Mizuno, Nickel trader
2 Disclaimer The statements in this presentation represent the considered views of Sumitomo corporation. It includes certain statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements of historical facts, that address future market developments, government actions and events, are forward-looking statements. Although Sumitomo corporation believes the outcomes expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes in general economic, market or business conditions. While Sumitomo corporation has made every reasonable effort to ensure the veracity of the information presented it cannot expressly guarantee the accuracy and reliability of the estimates, forecasts and conclusions contained herein. Accordingly, the statements in the presentation should be used for general guidance only.
3 Corporate profile Sumitomo Corporation Headquarter : Tokyo Japan Foundation : 24 th Dec 1919 Staffs : Approx 75, people Turnover : JPY 8,597 Bil Main Activity : Steel Product, Mineral resources, Infrastructure, Transportation etc Nickel Trading Nickel cathode, Nickel briquette, FeNi, Nickel salt etc covered from Tokyo, Shanghai, Taipei, London, Johannesburg, Denver Investment in Ambatovy project in Madagascar
4 Agenda Topic : When does Nickel price rally come? Historical Price Data NPI Production Production cost LME Stock development Slowing Demand in China? Analysis with future prices Conclusion
5 History of Nickel History of Nickel 1751 Mr Axel Fredrik Cronstedt succeeded the isolation of Nickel 1856 Nickel ore body was discovered in Canada 1885 Nickel steel armor plate was produced commercially in France 1912 Krupp invented Nickel containing Stainless steel 1979 LME contract were introduced Chart 1: Historical Nickel Price Unit:USD/lb
6 NPI Production Chart 2: Ore import since 213 Unit: K WMT 9, 8, 7, 6, 5, 4, 3, 2, 1, - Indonesia Philippine Others Chart 3: Ore Stockpile at Major 9 Ports in China Unit: K WMT 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, - Jan 214 In 214 Jan-Mar Indonesia government banned to export nickel ore (Indonesian ore were imported more than usual beforehand) Chinese NPI producer blended Indonesian and Philippine Due to rainy season, Philippine ore import drops
7 NPI Production Chart 4: NPI Production Unit:KMT 5 9%~15% 4%~8% 1.5~2.% 4 3 Chart 5: NPI Production Forecast in China and Indonesia Unit:KMT 6 Indonesia China Not only because of difficulty to get nickel ore with good quality, but also due to low margin for NPI producers and environmental issues. Decrease from 214 towards approx 3 kton-ni in China Gradually increase in Indonesia but takes time to ramp up
8 Production Cost and Margin Chart 6: Production Cost (7%tile) Unit:USD/MT 5, 4, 3, 2, 1, Chart 7: Relation of World Stock and Margin(7% tile) 25% 2% 15% 1% 5% R² = % % World stock Unit:days Current price is around the production cost of 7 percentile's. The margin is expected to be better with forecast of shortage in
9 Production Cost and Margin Chart 6: Production Cost (7%tile) 5, Unit:USD/MT Chart 7: Relation of World Stock and Margin(7% tile) 25% 4, 2% 3, 15% 1% 2, 1, 5% % % World stock Unit:days Current price is around the production cost of 7 percentile's. The margin is expected to be better with forecast of shortage in
10 LME Price& Stock Developments Chart 8: LME Price and LME stock Chart 9: Relation of LME Stock and Price Unit:USD/MT 6, Unit:MT 5 Unit:USD/MT 6, 5, 4, 3, 2, , 4, 3, 2, , 1 5 1, R² = Unit:days LME stock LME stock stays at the highest level After the announcement of Indonesian ban, price surged but short-lived
11 Jul-1 Nov-1 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Chinese demand slow? Chart 1: Change in Stainless Steel Production Unit : K ton Chart 11: Housing price in 1 cities Unit: RMB/m 2 11,5 11, 1,5 1, 9,5 9, 214 ( vs 213) 215 (vs 214) 8,5 Not only giant Stainless steel mills but smaller ones increased in 214Q1 Tsingshan expands while the others cut production in 215Q1 Anti-damping tax by EU committee will be burden for Chinese Stainless Steel Housing price is falling after the peak in Mar 214
12 Chinese demand slow? Chart 12: Change in Stainless Steel Production Unit: K MT 1. Demand Expectation for Chart 13: Comparison of the Each Factors Unit: K MT/month 4 NPI production Other Production Metal Import FeNi Import Metal Export Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Domestic Outoput Import Export Apprent Ave 215 Q1 Apparent consumption is weaker in 215 Q1 than 214 Q1 It s at the same level of 214 (even though Ni was exported a lot in 214 after the Scandal) FeNi import is up while Metal import is down (total import is at almost same level)
13 Complicated Structure in Nickel Industry <Nickel> <Copper> MeNi NOS FeNi NPI STS Others MeCu Cable Others A lot of option as Ni, to produce STS Depends on the Ni price, 3 series is replaced by 2, 4 series etc. The other factors have also significant impact on Nickel/STS demand (ex. Oil price fall has negative impact on the STS demand from OTCG while it has positive impact on Automotive )
14 Overall indicator Future prices LME contracts Forward contract in LME out to 63 months forward Each month has each price Backwardation appears when Market is tight Chart 14: Sample of future price (Contango) Chart 15: Sample of future price (Backwardation) $14, $14,5 Cost = Finance + rent May 7 $5,475 $9,18 Cheaper May 8 $41,295 Indicator = Cost + Price gap
15 Future prices Chart 16: The development of the indicator 6, 5, 4, 3, 2, 1, 5, (5,) (1,) The LME stock level was extremely low Fund money accelerated the tightness 211 LME stock turned the corner Strong recovery especially in China 214 LME stock was increasing Indonesian government banned ore export (15,) (2,) (25,) (3,) 6month 18month 12month 24month
16 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Future prices Chart 16: The development of the indicator 6, 5, 4, 3, 2, 1, Till October 13 The indicator implied little concern As LME stock increasing Since October 13 Gradually the indicator went negative Followed by Ni price rally September 14 Philippine announced potential ore export ban But the indicator kept up-trend with price fall (5) (1,) (1,5) 6month 18month 12month 24month Now The indictor has been back to the level The Market was more panic in H1 in 214.
17 Shanghai future prices Chart 17: The Future prices of SHFE (as of 12 th May) Chart 18:The price comparison Unit:RMB/MT Open interest Unit : lots Unit:USD/MT 112, 14 16, 111, SHFE Jul SHFE Aug 12 RMB 3,89 LME 3M 11, 1 15, 19, 8 18, 14, 6 17, 16, 4 13, 15, 2 14, ni157 ni159 ni1511 ni161 ni163 12, 27-Mar 3-Apr 1-Apr 17-Apr 24-Apr 1-May 8-May Steep backwardation between July and August in SHEF It has been getting wider as the due date comes closer It might have affect on LME price as well
18 Conclusion Long Term Deficit from 216 onwards due to the time gap to ramp up Indonesian NPI Nickel price will be supported by the structural shortage Short term Little serious concern about securing nickel Need time before market comes up SHFE July might be a wild card even for LME price
19 Thank you!! Contact : Kunihiko Mizuno Tel : Mail : kunihiko.mizuno@sumitomocorp.co.jp
Nickel Market Outlook
22/9/215 Nickel Market Outlook Stuart Harshaw This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about
More informationThe LME Strategic pathway: how the exchange will continue to support the tin market
Public The LME Strategic pathway: how the exchange will continue to support the tin market 6 th Annual Beer & Co. Tin Conference November 2018 SETTING THE GLOBAL STANDARD Strategic Pathway: overview 2
More informationNickel Stocks. Introduction
INSG Insight INSG SECRETARIAT BRIEFING PAPER March 21 No.9 Nickel Stocks Introduction This report, the ninth in the series of INSG Insight briefing reports, provides members with information on nickel
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee December 1-11, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationFerrochrome Market Overview 2017
Ferrochrome Market Overview 217 Presented by: Mark Beveridge Principal Consultant CRU Nickel, Chrome, Stainless Steel Group Key Themes Which factors define the chrome market? 1. Chinese demand and the
More informationAGM Investor Presentation 28 September 2011
Toledo Mining Corporation plc AGM Investor Presentation 28 September 2011 Disclaimer The information contained in this presentation ( Presentation ) is confidential to Toledo Mining Corporation PLC ( Toledo
More informationEnergy and Mines World Congress: Scotiabank Metals Outlook
Energy and Mines World Congress: Scotiabank Metals Outlook November 27, 217 Rory Johnston Commodity Economist Scotiabank Economics A Tale of Two Growth Outlooks: World Picks Up Slack of Slowing China 5
More informationMarket analysis. Mines Smelters Zinc Copper. President & CEO Jan Johansson. Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway
Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway Market analysis President & CEO Jan Johansson Mines Smelters Zinc Copper Boliden s Capital Markets Days 7-8 June 2006 Odda, Norway 2 Continued
More informationNICKEL PERSPECTIVES. Barry Jackson, Sept 2016
NICKEL PERSPECTIVES Barry Jackson, Sept 2016 1 CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Anglo American plc ( Anglo American ) and comprises the written materials/slides for
More informationAnnual Accounts February 1, 2007 Juha Rantanen, CEO.
Annual Accounts 2006 February 1, 2007 Juha Rantanen, CEO www.outokumpu.com Highlights in 2006 Market development Improvement actions update and strategic direction Annual Accounts 2006 Outlook 2 February
More informationGENERAL SHAREHOLDERS MEETING ACERINOX Business Year 2012
GENERAL SHAREHOLDERS MEETING ACERINOX Business Year 2012 Madrid, June 5th 2013 ACERINOX EUROPA FACTORY NORTH AMERICAN STAINLESS FACTORY COLUMBUS STAINLESS FACTORY BAHRU STAINLESS FACTORY ROLDAN FACTORY
More informationAnalysis & Outlook of Non-Ferrous Metals Market Trends
May 2014 Analysis & Outlook of Non-Ferrous Metals Market Trends Mark Keenan Head of Commodities Research - Asia Important Notice: The circumstances in which this publication has been produced are such
More informationMetals take a hit but aluminium is clueless on tariffs
Economic and Financial Analysis Commodities Article Metals take a hit but aluminium is clueless on tariffs Base metals suffered losses last week as a slowdown in Chinese manufacturing deflated expectations
More informationMetals Outlook: The Good, The Middling & The Unlucky
Metals Outlook: The Good, The Middling & The Unlucky November 21, 217 Rory Johnston Commodity Economist Scotiabank Economics A Tale of Two Growth Stories: World Picks Up Slack of Slowing China 5 4 G OECD
More informationAlcoa s Perspective on Global Aluminum Platts Aluminium Symposium January Greg Wittbecker, Vice President, Alcoa Materials Management
Alcoa s Perspective on Global Aluminum Platts Aluminium Symposium 2012 16 January 2012 Greg Wittbecker, Vice President, Alcoa Materials Management Cautionary Statement Forward-Looking Statements This presentation
More informationAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 AGENDA 2 1 Opening remarks / market update 2 Financial results 3 Operational review 4 Strategy update 5 Outlook 1 2 3 4 5 OPENING REMARKS / MARKET UPDATE
More informationBoliden. Interim Report January - March Mines Smelters Zinc Copper. Boliden AB 1 May 4, 2006
Boliden AB 1 Boliden Interim Report January - March 2006 Mines Smelters Zinc Copper Boliden AB 2 Continued strong growth in China lower growth rate in the rest of the world Global 2006 Q1* - Cu-consumption
More informationAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AGENDA 2 1 Opening remarks / market update Richard 2 Financial results David 3 Operational review Richard 4 Strategy update Richard 5 Outlook Richard
More information1 F b e 3 ruary, 2010
February 3, 2010 1 Forward-looking Statement This presentation contains certain forward-looking statements. The Company has tried, whenever possible, to identify these forward-looking statements using
More informationHKU announces 2015 Q2 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q2 HK Macroeconomic Forecast April 9, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More informationDecember 2017 Machinery Orders
Japan's Economy 15 February 2018 (No. of pages: 5) Japanese report: 15 Feb 2018 December 2017 Machinery Orders Lull in manufacturing orders causes concern possible slowdown due to capex cycle Economic
More information30 September 2009 QUARTERLY REPORT ABOUT MINARA
QUARTERLY REPORT 30 September 2009 ABOUT MINARA Minara Resources Limited is a leading Australian resources company based in Perth, Western Australia. Minara Resources owns and operates the Murrin Murrin
More informationSMM Quantitative Trading Strategy
SMM Quantitative Trading Strategy Contract Arbitrage Type SHFE Copper None SHFE Aluminum None SHFE Lead SHFE Zinc Non-Ferrous SHFE Nickel SHFE Steel Rebar SHFE Hot-rolled coil Ferrous DCE Iron Ore None
More informationASX Commodities: Grains
Commodities: Grains July 215 Kristen Hopkins Disclaimer This material contains information only. The information is for education purposes only and any advice should be sought from a professional adviser.
More information1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
More informationIntroduction to the UK Economy
Introduction to the UK Economy What are the key objectives of macroeconomic policy? Price Stability (CPI Inflation of 2%) Growth of Real GDP (National Output) Falling Unemployment / Raising Employment
More informationMonthly Economic Report
Monthly Economic Report April 19, 2018 Copyright Mizuho Research Institute Ltd. All Rights Reserved. 1. The Japanese Economy: the business conditions DI deteriorated; FY2018 fixed investment plans were
More informationChinese domestic iron ore
Chinese domestic iron ore How much will survive? Ian Roper Commodity Strategist June 215 For important disclosure information please refer to the last page of this presentation. 2 21 22 23 24 25 26 27
More informationDry Bulk Market Outlook 15 March Marine Money: Gulf Ship Finance Forum Prepared by Angelica Kemene Head of Market Analysis & Intelligence
Dry Bulk Market Outlook 15 March 2018 Marine Money: Gulf Ship Finance Forum Prepared by Angelica Kemene Head of Market Analysis & Intelligence Dry Bulk Demand Outlook Short term & long term demand Global
More informationStainless Steel Nickel Hedging
Stainless Steel Nickel Hedging Presented by Catherine Markey and Robert Fig International Stainless and Special Steel Summit 08 September 2011 - Munich Nickel hedging a stainless example Origins of commodity
More informationWorld Sugar Market Outlook
World Sugar Market Outlook 28 th of September 216 Platts conference New Delhi Benoît Boisleux 1 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
More informationPositive trend in earnings and strong cash flow
Positive trend in earnings and strong cash flow Presentation of the Q3/2017 result Martin Lindqvist, President & CEO Håkan Folin, CFO October 25, 2017 Agenda Q3/2017 and performance by division Financials
More information1 Oct b o er ,
October 29, 2009 1 Forward-looking Statement This presentation contains certain forward-looking statements. The Company has tried, whenever possible, to identify these forward-looking statements using
More informationErdemir Group Months Consolidated Financial Results
1 / 35 Erdemir Group 2014 9 Months Consolidated Financial Results 28 October 2014 2 / 35 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements
More informationCommodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h 24 J u n e 2 0 1 6 V o l u m e 8 6 7 Commodities Observing the fundamentals Written by: Dwayne Dippenaar, Research Analyst at Laurium Capital The South
More informationErdemir Group Months Consolidated Financial Results
1 / 35 Erdemir Group 2014 6 Months Consolidated Financial Results 12 August 2014 2 / 35 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements
More informationU.S. Steel Market Outlook. Amy Ebben ArcelorMittal USA November 30, 2018
U.S. Steel Market Outlook Amy Ebben ArcelorMittal USA November 30, 2018 Agenda ArcelorMittal introduction U.S. steel industry performance and trade Global steel industry Review of steel markets 1 About
More informationNorth American Steel Industry Recent Market Developments, Future Prospects and Key Challenges
North American Steel Industry Recent Market Developments, Future Prospects and Key Challenges OECD Steel Committee June 8-9, 29 Paris, France * American Iron and Steel Institute (AISI) Steel Manufacturers
More informationMongolia Selected Macroeconomic Indicators December 18, 2013
Mongolia Selected Macroeconomic Indicators December 18, 213 For further information, please contact: SSelenge@imf.org 2 2 27 28 29 21 211 212 213 212 213 Q1 Q2 Q3 Oct. Nov. First 11 months Total US$-value
More informationMonths Consolidated Results. 28 April 2015
1 28.04.2015 2015 3 Months Consolidated Results 28 April 2015 2 28.04.2015 DISCLAMIER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More informationSHERRITT THE NAME IN NICKEL. PDAC Presentation. Steve Wood Chief Operating Officer. March 2018
SHERRITT THE NAME IN NICKEL PDAC Presentation Steve Wood Chief Operating Officer March 2018 1 Forward-looking statements This presentation contains certain forward-looking statements. Forward-looking statements
More informationJANUARY 24, 2018 ALUMINIUM
ALUMINIUM Japan P1020A cif 100 98 Japan P1020A cif 95-110 95-105 Shanghai P1020A in-whs 90-100 90-100 Shanghai P1020A cif 95 95 Same as bonded Shanghai. Shanghai P1020A cif 90-100 90-100 Taiwan P1020A
More informationAnalyst Meet Presentation Standalone Financial Results, Quarter Ended 30 Sep 2011
Analyst Meet Presentation Standalone Financial Results, Quarter Ended 30 Sep 2011 Agenda Business Environment Key Developments Performance Overview Projects Update Guidance Update 2 Global economy Recovery
More informationWiktor Bielski, VTB Capital. Speculators or fundamentals who drives the copper price?
Wiktor Bielski, VTB Capital Speculators or fundamentals who drives the copper price? Copper has a long history of speculative trading The most common question from investors interested in commodities over
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationSCHMOLZ + BICKENBACH Investor Presentation Q3/9M 2015 Results Lucerne, 12 November 2015
SCHMOLZ + BICKENBACH Investor Presentation Q3/9M 20 Results Lucerne, 2 November 20 Disclaimer This publication constitutes neither a prospectus within the meaning of article 652a and/or 6 of the Swiss
More information2017 Annual General Meeting
2017 Annual General Meeting June 13, 2017 SHERRITT INTERNATIONAL CORPORATION 1 Forward-looking statements This presentation contains certain forward-looking statements. Forward-looking statements can generally
More information11 May Energy Coal
11 May 217 Energy Coal Energy coal: dislocation from fundamentals Size of the Asia Pacific market 2 Energy Coal Market Volumes by Basin (Million Tonnes) 1, 9 8 7 6 5 4 3 2 1 The Asia-Pacific market is
More informationMongolia Selected Macroeconomic Indicators September 19, 2013
Mongolia Selected Macroeconomic Indicators September 19, 13 For further information, please contact: SSelenge@imf.org Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 May-11 Sep-11 May-1 Sep-1 May-13
More informationCopper market outlook: Transitioning to deficits
Copper market outlook: Transitioning to deficits Prepared for: Nonferrous Metals Forum of the Shanghai Derivatives Market Forum, 25 th May 27 Prepared by: Erik Heimlich, Senior Consultant, Copper Price
More informationOutlook for Physical Gold & Silver Demand. Philip Newman Denver Gold Group, European Gold Forum 7 th May 2014
Outlook for Physical Gold & Silver Demand Philip Newman Denver Gold Group, European Gold Forum 7 th May 214 About Metals Focus Truly independent precious metals consultancy Experienced team of precious
More informationErdemir Group 2009 Consolidated Financial Results
Erdemir Group 2009 Consolidated Financial Results 22 February 2010 1 /28 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More informationModerating External Trade Caused IPI to Hit 3-Month Low at 3%
12 July 2018 ECONOMIC REVIEW May 2018 Industrial Production Index Moderating External Trade Caused IPI to Hit 3-Month Low at 3% IPI meets market estimates. Malaysia s industrial production expands by 3%yoy
More information%
IMFC Global Investment Program Commentary: April, 2010 Performance Analysis April 0.56 % Winning Months 21 Year to date 2.93 % Losing Months 18 Total ROR (Ann.) 18.75 % Current Drawdown 1.18 % 1 Year 7.93
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationIron Ore & Steel Derivatives Let the Battle Begin
Iron Ore & Steel Derivatives Let the Battle Begin Topics Raw Material Price Volatility Financial Hedging Attributes Iron Ore World Steel Exchange Scrap Presented by: DATE: Tuesday November 30, 2010 Patrick
More informationAnnual Results for FY2016 Be the Best, Be the One 2017
Presentation Annual Results for FY2016 Be the Best, Be the One 2017 May 9 th, 2017 Sumitomo Corporation Cautionary Statement Concerning Forward-looking Statements This report includes forward-looking statements
More information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationFinally, A Global Tailwind for U.S. Manufacturing Growth
Finally, A Global Tailwind for U.S. Manufacturing Growth MAPI Foundation Webinar December 12, 217 Cliff Waldman Chief Economist cwaldman@mapi.net Key Takeaways The global economic recovery is both strengthening
More informationMonthly Economic Insight
Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.
More informationUpdate on world status and trends for critical raw materials
Update on world status and trends for critical raw materials World Materials Forum 2017 David Trafford CEO, Consulting 29 June 2017 Recap 2016: Prospective Study on some critical materials Average annual
More informationMonths Consolidated Results. 25 April 2016
1 25.04.2016 2016 3 Months Consolidated Results 25 April 2016 2 25.04.2016 DISCLAMIER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about forward-looking
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationJapanese Stock Market Outlook. SMAM monthly comments & views - October
Japanese Stock Market Outlook SMAM monthly comments & views - October 2015 - Executive summary Japanese Economy Japanese economy was dragged by stalling private consumption and exports though extremely
More informationGlobal Nickel Conference. April 2007
Macquarie Bank Global Nickel Conference April 2007 Peter Johnston Important Notice This presentation contains certain statements which may constitute forward-looking statements. Such statements are only
More informationFocus on China: Economic Outlook. April 4, 2018 Michael Han, Chief Economist
Focus on China: Economic Outlook April 4, 218 Michael Han, Chief Economist Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements
More informationLAST WEEK S
BASE METALS ALUMINIUM Australia Alumina fob 384.17 393.83 Japan P1020A cif 75-85 65-75 Shanghai P1020A in-whs 95-105 95-105 Two cargoes of Australian material traded at $375/dmt, $385/dmt adding significant
More informationSix months of FY ending December 31, (0.4) (1.9) 22.5 (0.4) (0.3) (0.4) (0.1) (0.4) (0.7) (2.0) 0.9 (1.
November 11, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, September 30, ) I. Consolidated business results for the six months ended September 30, (Billions of
More informationBase metals fundamentals: an overview of
Base metals fundamentals: an overview of 2018-2019 Alex Harrison Editorial and pricing director, Metal Bulletin Shanghai Derivatives Market Forum Shanghai May 30 2018 Objective: to provide the world s
More informationWeiqiao Textile Company Limited Interim Results Presentation 16 September 2008
Weiqiao Textile Company Limited 2008 Interim Results Presentation 16 September 2008 2 Disclaimer This presentation may include certain forward-looking statements. The actual results or development of Weiqiao
More informationSHERRITT THE NAME IN NICKEL
SHERRITT THE NAME IN NICKEL Investor Presentation April 2018 1 Forward-looking statements This presentation contains certain forward-looking statements. Forward-looking statements can generally be identified
More informationNOVEMBER 22, 2017 ALUMINIUM
ALUMINIUM Japan P1020A cif 94 93 Spot cif MJP premium was stable in the $85-100/t range ahead of Q1 talks likely starting at end of Nov. Market participants await firm Q1 offers from producers, expect
More informationBUSINESS YEAR 2009 RESULTS
BUSINESS YEAR 2009 RESULTS Madrid, 26 February 2010 WORLD PRODUCTION OF STAINLESS STEEL Thousand Mt. 30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000
More informationArgentum Metal Management Ltd HOLGER ELLMANN PARTNER
Argentum Metal Management Ltd HOLGER ELLMANN PARTNER The macro-economic outlook Year to date YOY Aluminium demand January to September 2015 Global demand rose by 5.6 % to 43.4 Mio tonnes European demand
More informationAddressing the challenges. Credit Suisse Latam Commodities CEO/CFO Conference São Paulo, March 25, 2015
0 Addressing the challenges Credit Suisse Latam Commodities CEO/CFO Conference São Paulo, March 25, 2015 1 Disclaimer This presentation may include statements that present Vale's expectations about future
More informationBusik Choi, POSCO Research Institute. Stainless Steel Industry Outlook
Busik Choi, POSCO Research Institute Stainless Steel Industry Outlook [Asian Nickel Conference] Stainless Steel Industry Outlook Sep. 26, 213 Busik Choi, Economist POSCO Research Institute? 3 Management
More informationTransGraph Research Consulting Technology
Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands Medium term outlook on Zinc July 217 2 Market Recap LME Zinc traded higher in June supported by prevailing supply
More informationPrices & Futures Markets
Prices & Futures Markets Platinum Platinum advanced strongly during 2, rising from a low of $414 in January to a peak of $625 in December. During the early part of the year, uncertainty over Russian exports
More informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
More informationUrea makes new push higher Supply problems crop up just as demand for fertilizer rises By Bryce Knorr, grain market analyst
Urea makes new push higher Supply problems crop up just as demand for fertilizer rises By Bryce Knorr, grain market analyst What passes for calm in the fertilizer market never seems to last long. Just
More informationZinc curve is tight: The short term bear trap
Commodities Article Zinc curve is tight: The short term bear trap Zinc has swung into a deep backwardation on the LME squeezing shorts who took confidence in the apparently high availability of LME stocks.
More informationIsabel Nickel Project. Corporate Presentation March 2016
Isabel Nickel Project Corporate Presentation March 2016 1 Disclaimer This presentation has been prepared and is provided by Axiom Mining Limited ( the Company ). It should not be considered as an offer
More informationQuarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War
Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai
More informationEquity Research PT Krakatau Steel (Persero)Tbk
20-Jan-17 20-Feb-17 20-Mar-17 20-Apr-17 20-May-17 20-Jun-17 20-Jul-17 20-Aug-17 20-Sep-17 20-Oct-17 20-Nov-17 20-Dec-17 Equity Research PT Krakatau Steel (Persero)Tbk 26 January 2018 Integrated Steel industry,
More informationMongolia Selected Macroeconomic Indicators January 24, 2014
Mongolia Selected Macroeconomic Indicators January 2, 21 For further information, please contact: SSelenge@imf.org 2 2 27 2 29 21 211 212 213 213 Q1 Q2 Q3 Oct. Nov. Dec. Q Total US$-value 1,3 1,97 2,3
More informationPatrick Buffet, Chairman & CEO of the ERAMET group, stated:
Paris, July 29 th, 2013 PRESS RELEASE The ERAMET group s 1 st half results 2013 ERAMET s Board of Directors, meeting on July 26 th, 2013 under the Chairmanship of Patrick Buffet, prepared the financial
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationSteel Indexing & Price Transparency
ISRI Convention & Expo Indexing & Price Transparency Patrick A. McCormick Managing Partner April 20, 2007 1 Price Indexing & Price Transparency New Tools for A New World Economy High Rates of Demand Growth
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationText. improvement in earnings. Textdemand drove continued
Good Textdemand drove continued improvement in earnings Text Presentation of the Q2/2018 results Martin Lindqvist, President & CEO Håkan Folin, CFO July 20, 2018 Agenda Market and demand trends Performance
More informationInterim report January March 2013
Interim report January March 213 Lennart Evrell President & CEO Mikael Staffas CFO Summary Revenues 9,249 (1,321) MSEK EBIT ex PIR* 751 (1,258) MSEK EBIT 695 (1 54) MSEK Free Cash Flow -22 (888) MSEK Msek
More informationDate: 23 October 2017 ESMA OPINION on position limits for NICKEL contracts. I. Introduction and legal basis
Date: 23 October 2017 ESMA70-155-1830 OPINION on position limits for NICKEL contracts I. Introduction and legal basis 1. On 4 August 2017, the European Securities and Markets Authority ( ESMA ) received
More information2017 Full Year Results
A GLOBAL LEADER IN METAL FLOW ENGINEERING 2017 Full Year Results 1 March 2018 Patrick André Chief Executive 1 Disclaimer This presentation, which has been prepared by Vesuvius plc (the Company ), includes
More informationFlash Report Consolidated Basis Results for the First Half of Fiscal 2017 (April 1, 2017 September 30, 2017) <under Japanese GAAP>
Flash Report Consolidated Basis Results for the First Half of Fiscal 2017 (April 1, 2017 September 30, 2017) Company name: Nippon Steel & Sumitomo Metal Corporation Stock listing:
More informationHulamin Limited Interim Results Presentation
Hulamin Limited Interim Results Presentation For the half-year ended 30 June 2009 Abnormal Market Conditions Sharpest fall in global consumption of aluminium since 1975 oil shock Rolled products and extrusions
More informationRicardo Teles / Agência Vale. Vale s Performance in 2Q18
Ricardo Teles / Agência Vale Vale s Performance in 2Q18 Rio de Janeiro, July 25 th, 2018 1 Agenda 2 This presentation may include statements that present Vale's expectations about future events or results.
More informationFY10/3Q Consolidated Results Highlights
February 4, 2011 1 Forward-looking Statement This presentation contains certain forward-looking statements. The Company has tried, whenever possible, to identify these forwardlooking statements using words
More informationGuide to Implied Pricing for Base Metals
Guide to Implied Pricing for Base Metals April 2019 SETTING THE GLOBAL STANDARD : introduction What is implied pricing and what metals are covered? combines liquid outright orders with carry (or calendar
More informationErdemir Group Months Consolidated Financial Results. 11 November 2013
Erdemir Group 2013 9 Months Consolidated Financial Results 11 November 2013 2 / 32 DISCLAIMER Ereğli Demir Çelik Fabrikaları T.A.Ş. (Erdemir) may, when necessary, make written or verbal announcements about
More information