Sumitomo Metal Mining Co., Ltd. (Sumitomo Metal Mining Co., Ltd.) said today that the company decided to withdraw from the island because of the nickel price crash and the legal disputes caused by the mining rights and interests of the Solomon Islands Nickel ore exploration project.

Sumitomo began its exploration operations in Solomon Islands in 2005 and has been engaged in a six-year legal tug-of-war with Axiom Mining in Australia, which ended in this year, with the outcome that both companies were not fishing in Isabel Nickel mining rights.

“According to our comprehensive review of the business environment, the final decision of the legal process and the judgment of other factors, we have come to the conclusion that it is difficult for us to implement the project,” Sumitom said in a statement.

“We will withdraw all pending mining leases and will be completed by the end of December this year,” the company spokesman said.

Currently, Sumitomo declined to disclose its exploration costs and litigation costs, but said the exit would have a slight impact on its fiscal year ended March 2018.

“Despite the resurgence of the market, the project will be difficult to implement because of the undeveloped nature of the Solomon Islands’ social and legal systems,” the spokesman said.

Sumitomo plans to increase the annual production target of nickel from 20 million tons to 150,000 tons by 2021. The company said it will continue to seek new nickel assets through projects in the Philippines and Indonesia.

The first half of this year, maleic anhydride market ups and downs, as shown below, the lowest price in the 7500-8000 yuan / ton level, the high price can reach 9500 yuan / ton level, the upper and lower spread of 1500-2000 yuan / ton, while prices rose or down The relatively fast speed, making the maleic anhydride market speculative operation greatly enhanced, starting from 2016, maleic anhydride market volatility characteristics to promote speculative opportunities began to increase this year’s performance is more prominent, the market attention has improved significantly.

In addition to considerable price space to give speculation opportunities, the maleic anhydride market there are some other features that can give speculative support. Look at the first half of the price trend, within 6 months, the market has experienced three bands ups and downs, the price fluctuations are relatively frequent, which is to support the market speculative operation of the important factors. Specifically, the two bands spread large, especially in January before the Spring Festival Quotes straight up the process, from 8500 yuan / ton price level straight line rose to 9500 yuan / ton point, but this trend of price fluctuations speculative positions a. The second band 4-5 month price adjustment is relatively small, the price increase of about 500 yuan / ton in the vicinity. The third band, late May to early July, the market experienced a long period of unilateral rise, giving the industry Jiancang stocking time is relatively long.

Currently on the market there are two forms of maleic anhydride, liquid anhydride and solid anhydride, liquid storage requirements are higher, the general situation of the factory directly to the factory, solid anhydride with moisture-proof woven bags, relatively speaking, storage, sales are more flexible , The most important storage conditions is to keep moisture, under normal conditions, solid anhydride can be stored 3-6 months or so, from the product characteristics and storage time point of view, also supports speculation.

Of course speculative operation also has many restrictions, first, maleic anhydride product price is higher, in the 8000-9000 yuan / ton in the vicinity, once Jiancang after the capital occupation and time may be longer, speculative operation time is difficult to do Precise control, the length of time occupied by the funds will also be related to the level of cost. Second, the broadness of the procurement channels will also affect the feasibility of speculation, due to changes in the price of maleic anhydride prices not only by raw materials and related products, the recent industry started its impact on the growing price, , The process of rising prices, enterprises and more direct users and the needs of customers, Jiancang more difficult.

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From the past to see the future, the late maleic anhydride market is also a strong speculative operation it? Future market speculation opportunities, mainly depends on the maleic anhydride market volatility model is not able to extend the current characteristics of maleic anhydride price fluctuations, on the one hand by the impact of raw benzene, on the other hand by the supply and demand impact. From the perspective of raw materials, pure benzene price fluctuation frequency is relatively high, in addition, although the maleic anhydride total excess capacity, but the long-term shutdown capacity of benzene method, butane device still can not meet all the domestic demand, once the device shutdown Maintenance, the supply of tightening will lead to an independent rise in the price of maleic anhydride, so the future price of maleic anhydride is expected to fluctuate the frequency is still high, no significant change in production capacity before the maleic anhydride market speculative operability is still strong.

Last week, dimethyl carbonate market turmoil, and the East China region at a low level, reducing the expected supply. Raw materials prices firm, related products, acetic acid ester market trend is re-rising, most businesses began to wait and see this week, the market trend is more obvious.

In the first half of 2017, China’s PX imports totaled 6.581 million tons, an increase of 8.1%; the first half of the year the amount of imports 5.653 billion US dollars, an increase of 21.9%; average price of 859 US dollars / ton, an increase of 12.8%.

In the first half of 2017, the main import countries (or regions) of China’s PX were: Korea (47.6%), Japan (18.7%) and Taiwan Province (9.9%). The main export customs were: Dalian Customs (41.3%), Nanjing Customs (30.2%) and Ningbo Customs (11.4%).

The first half of this year, the domestic iron ore imports and prices Qi Fei, and domestic mines will continue to pressure?

First, six months of iron ore imports and exports go up

According to data released by the General Administration of Customs of China, China imported 94.7 million tons of iron ore in June, up 3.36% from 91.5 million tons in May. China’s iron ore imports have increased substantially for two consecutive months. Stone imports grew 16.01% year on year.

Over the past year, a total of six months of imports of more than 90 million tons, 2017 exclusive four times (June, May, March, January), 2016 2 times (November, September), of which 2017 In March, China imported iron ore reached a peak of 95.56 million tons.

In the first half of this year, China’s total imports of iron ore 539 million tons, up 9.3% over the same period last year. If imports in the second half of this year, then this year’s imports will easily break through 1 billion tons, will also be the second consecutive year more than 1 billion tons, and may even refresh the previous year’s history (1.024 billion tons).

Imports of iron ore in the same time, iron ore import prices are also rising.

According to the General Administration of Customs data, this year, although iron ore prices fell by 19%, but compared with last year, China’s iron ore import prices in June increased by 23.6%, the first six months, iron ore imports are Price rose 55%.

Second, the domestic mines continue to pressure

June 30, domestic iron ore 62% grade dry iron ore concentrate tax price of 486.06 yuan / ton, the chain rose 0.25 yuan per ton, but still higher than the import of iron ore 40.89 yuan / ton; the average price of the month 483.95 yuan / ton, higher than the import iron ore 70.88 yuan / ton.

China’s foreign mining favors the world’s three major miners feel happy. Despite the overall decline in iron ore prices this year, both the BHP Billiton, Rio Tinto and Vale, their production line from mid-June began to accelerate.

From the domestic mine monthly investment situation, metallurgical and mining investment in fixed assets has been a sharp decline for 37 months, from January to May, fixed asset investment fell 24.5%, all industrial categories in the largest decline in investment in the industry, – in February just to stabilize the signs of investment confidence, the basic fight back to the prototype, reflecting a serious shortage of market confidence. Of which private investment will be 36.7% year on year, private investment accounted for 63.9% of total investment, accounting for the same period last year dropped 12.3 percentage points.

At present, due to the cost of domestic mines to consider, the resumption of mining investment and risk are relatively large, is expected to late the domestic production will be basically stagnant, the output down to 8-9 million tons interval, the second half of the mineral change range Small, will continue to pressure.

Third, the iron ore market in the second half of the three major trends

1, steel procurement slow pace of procurement

In the market downturn in 2013-2015 period, due to cost control considerations, steel refineries continued to decline in the scale, but with the 2016 market rebound, steel plowing efforts increased, superimposed market speculation, the number of days spent on imported ore A substantial increase to 35 days of high, which also led directly to the Spring Festival after the steel stock to continue to suppress the pressure on the stock price, the Hong Kong deposit pressure continued to accumulate.

In view of the current low prices, high inventory, the second half of the steel industry will be stabilized.

From January to May, China’s crude steel production increased by 4.4%, net exports fell 29.1% year on year, crude steel apparent consumption grew 9.1%, iron ore consumption grew 5.1%.

As iron and steel production to maintain a high level, the overall demand for iron ore remained stable, steady decline.

2, high-grade ore and lump ore demand is better

With the supply side of the reform to promote the first half of the steel industry profits remained at a high level, high profit state lasted for nearly three years, the market demand for ore increasingly high concentration of ore.

From the mainstream of PB powder, lump ore price difference and profit contrast can be found on the spread and the positive correlation between steel profits increased significantly after 2015, due to backward low-end production capacity out, and shut down the increase in the number of blast Production efficiency and molten iron production have become the main way to profit of steel mills, and the demand for grade and quality is better, and the relative price of lump ore is obviously improved.

3, the amount of scrap to enhance

After a comprehensive inventory of the steel, the steel supply gap is mainly supplemented by the new electric arc furnace production. Electric arc furnace is the main raw material for the production of scrap, so the electric arc furnace production will re-stimulate the demand for scrap, and to the process of production capacity of the blast furnace shut down the corresponding reduction in the amount of ore in the second half of the two steelmaking raw materials between the show Long relationship.

From the historical data, scrap and ore prices are highly correlated, but the volatility of scrap prices is lower than the ore, and relatively lagging behind, with the bar steel ban, scrap prices in the first half was also weak.

But from June scrap prices began to buck the trend, the cumulative increase of 14%, which can determine the electric furnace production capacity has begun to reflect, with the progress of production is expected, the latter part of the scrap will be further scarce, compared to the production capacity reduction Of the amount of ore is difficult to consume in the alternative capacity, the overall domestic demand for ore will drop slightly.

Fourth, the conclusion

Comprehensive consideration, the second half of the supply of ore will gradually increase, and the basic high-grade ore, the basic needs of maintaining a weak trend of stability, steel mills on the lack of subsidies, still maintain on-demand procurement strategy. So the supply increased, the demand decreased slightly, the supply and demand balance will continue to expand.