Copper Ore
Copper Ore
What Next for China Iron Ore Prices?
What next for China iron ore prices?
The latest research weekly from Macquarie suggest that iron ore contract prices for China(cnmining) in 2009 will be around 20 percent lower than in 2008, copper TC/RC costs are rising and aluminium imports and exports continue to fall.
The 2009 annual iron ore negotiations are approaching, and once again, news headlines are teeming with all kinds of arguments from different iron ore stakeholders. We believe that iron ore contract prices will fall next year, but will not collapse (we are expecting a 20% decline for 2009). Spot business will also be more important in the next year.
Over the past week, steel prices have lost their uptrend momentum. Hot rolled coil prices were unchanged from last week at $456/t ex-Vat, and cold rolled coil prices were down by a slight 0.5% WoW to $543/t ex-Vat. Also, rebar suffered a 0.4% WoW decline to $440/t ex-Vat, and galvanised steel was $548/t ex-Vat, down by 0.8% WoW.
Local spot iron ore prices were unchanged from last week. 66% Hebei iron ore fine stayed at $102/t ex-Vat, while the Indian 63.5% iron ore fine prices increased by $5/t to $80/t cif.
Copper treatment and refining charges (TC/RCs) have strengthened in the spot market along with smelter production cuts in China and collapsing copper prices. We heard the average benchmark TC/RC is sealed at US$80/t and US8.0¢/lb (US20.5¢/lb combined) in the spot market compared with US$45/t and US4.5¢/lb ((US11.5¢/lb combined) quoted in October.
According to the preliminary trade data from China customs, China imported 217,214t of unwrought copper and semi-finished copper products in November, down 6% from October and a 3% drop from the same period in 2007. The October number was the highest since April. For the first 11 months of 2008, total imports were down by 8.0% YoY to 2.35mt.
Chinese unwrought aluminium exports, including aluminium alloy, kept falling in November to 30,396t (lowest level in 2008), a 36% fall MoM and a 32% drop from the same period in 2007. The combination of lower prices and the introduction of a 15% customs duty on aluminium alloy exports, effective 20 August, has severely affected Chinese aluminium exports.
Chinese aluminium imports also declined. The provisional data from China are for imports of aluminium, alloys and semi-fabricated products combined, and thus are not directly comparable with the export figures. These data show imports falling from 66,000t in October to 54,500t in November. Allowing for an estimated 40,000t of semis imports (down from 45,400t in October), this would imply imports of aluminium and alloys of around 14,500t in November.
About the Author
http://www.cnmining.org/news/?id=769
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Teryl Resources Creates a Buzz around the Bisbee Copper Queen
Teryl Resources (TSX.V: TRC) is to take flight as it moves to another stage of an ambitious drilling program on its Gold Hill property near Bisbee, Arizona. The company has signed a drilling contract for the project, start work as soon as the drill is available. The program is expected copper target in the ownership of many. The ownership of the gold mine Cerro has 14 mining concessions that include the patented Old Gold Hill, Superior, and Baston mines. Old digs shallow pleasures found in the entire property, as well as small shafts, pits and cuts. Gold Hill is located less than four miles west of Phelps Dodge (now Freeport McMoRan acquired $ 26 million dollars) Copper Queen / Lavender Pit was one of the world's largest and richest mines during its heyday from 1.954 to 1.970. Operation was open from 75 million tons of gold and silver ore Copper Phelps Dodge. The company has expanded its holdings in the area by staking a dozen patented claims near Copper Queen. Teryl has the opportunity to earn 100% interest in the property, with a small fee to pay the original owners.
Teryl another important project consists of four strategically located claim blocks (the "Project Gil Fish Creek Claims, claims Stepovich, and West Ridge Property) in the District of Alaska mining Fairbanks, where he is one of the large landowners with holdings contiguous to Kinross (TSX: K, NYSE: KGC) Fort Knox Project. Fort Knox is the most large mine gold production in Alaska, with 4 million ounces. Tank.
Other properties of holding company to mainstream risk-based money in the town north of British Columbia and oil revenue-producing projects gas in Texas and Kentucky.
Production in the Bisbee Mining District dates to 1880 with the discovery of copper deposits of carbonate of copper in the Queen. new reservations is always, and since 2006, there were 11 producers of copper mines in Arizona. In agreement with a monograph by Spencer Titley and Lukas Zurcher University Arizona, the geology of the region is known as] [Convergence plaque Old Nevada Participation in training in the boiler rhyolite WNW trend belt that straddles the international border, which, Bisbee, Arizona (approximately 200mA) can be produced. Expansion Chihuahua land in southern Arizona bark shows a separate block characterized by Laramide igneous activity and associated intrusions Cu system centered on mineral province metal which transgresses the border. "Ownership results so far support this hypothesis with a 3% Cu in the sample surface with gold values as well. Recent deep penetrating geophysics in Arizona has revealed new operators previously unknown deep copper resources above. The analysis of geophysical data company has defined its target of drilling 3-4 highly anomalous.
Teryl strategy is simple because the pursuit of deposits near the main current and former producers. This approach allows the company to maximize the potential of reward while mitigating the risks for investors. The company has also applied this philosophy to its program in Alaska. Teryl signed a joint venture agreement with Kinross, with 80% Teryl Kinross/20% on Gil Project. Gil's main area is a length of 3000 feet. Teryl According to the site, the company spent 1.6 million dollars in exploration that has defined resource of 400,000 ounces of gold (10,000,000 tonnes grading 0.04 ounces of gold per ton).
The company management is not afraid to think big. "Everything we do is find another Fort Knox," says John Robertson, President of Teryl. The company also has a joint venture agreement with Linux Gold 50-50 (of which Mr. Robertson is also chairman) on applications Fish Creek. The company recently completed a private placement of $ 400,000 with $ 150,000 for the drilling of specific areas of the property Fish Creek is identified as a geophysical anomalies.
Alaska generally considered an expensive place to work, however, is Teryl particularly well placed to execute an operation at low cost. The property is just 22 miles north of Fairbanks, where workers may remain in the city, eliminating the need of society is the construction of the house. The infrastructure of the region is excellent, very close to the Fort Knox and a highway.
Some key factors that will allow the company to offer investors a good value risk / reward: the ability to cover its fixed costs, two programs of work within the phase of drilling properties in the backyard of largest producers rich history (and politically stable) areas and metals.
Any exploration success in Bisbee, without doubt, the interest of the majors such as Rio Tinto (owner of Bear Creek), Freeport McMoRan and Newmont. Mr. Robertson is optimistic about the direction of the company as "the gold price is moving on to new highs, and Teryl is very well placed. "
Teryl offers unparalleled value to its portfolio current price, the risk was minimal floor, while the current program at Gold Hill shows very high growth potential. Few companies at this price level have this much potential. This could well be a piece that floats like a butterfly and sting like a bee.
The article is intended for information only and does not constitute a recommendation to buy or sell shares of a company mentioned in this document. It is based on sources deemed reliable, but can not guarantee the accuracy, express or implied. Opinions expressed in this article are those of the author, unless the states are assigned to persons other than the author, in this case, the opinions are those of the person to whom they are attributed.
About the Author
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