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Force majeure declared at Kennecott mine

  • : Fertilizers, Metals
  • 20/04/02

Rio Tinto has declared force majeure on shipments of copper cathode from its Kennecott operation in Utah after an earthquake in March.

The declaration was made as the Utah facility continues to reopen after being hit by a 5.7 magnitude earthquake on 18 March.

The facility's mine, concentrator and tailings have resumed operations.

"We are working to restart Kennecott's smelter after the emergency shutdown in response to the earthquake and with our customers to minimize any disruption in supply," Rio Tinto told Argus today.

Kennecott accounts for approximately 11pc of copper production in the US, according to Rio Tinto.


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24/11/22

Bangladesh issues new phosphate tenders

Bangladesh issues new phosphate tenders

London, 22 November (Argus) — Bangladesh's ministry of agriculture has issued a new private-sector tender to buy DAP and TSP, closing on 27 November. The ministry did not specify the total quantities sought but specified that each private importer can offer a maximum of 30,000t of TSP and 40,000t of DAP in the tender. The cargoes offered under the tender are to be shipped by 30 December, and nominated importers must issue letters of credit within seven working days of receiving the work order. The ministry closed a private-sector tender to buy DAP and TSP on 18 November and has probably awarded at least 40,000t of Moroccan DAP at $678.40/t cfr in the tender. It had received offers for 120,000t of DAP at prices ranging from $678.40-711.00/t cfr and 113,000t of TSP at prices ranging from $561.90-585.00/t cfr. BCIC seeks 10,000t of phosphoric acid in tender Bangladeshi state-owned importer BCIC has issued a fresh tender to buy 10,000t of phosphoric acid containing 52-54pc P2O5, closing on 8 January. It wants the cargo to be shipped within 30 days of issuing the letter of credit for delivery to Chattogram. Trading firm Sun International submitted the only offer in BCIC's 20 November tender for 20,000t of the same grade of acid. It offered South African or Chinese acid at $620.87/t cfr (equivalent to $1,150-1,194/t P2O5 cfr), or $530.87/t fob. In its 18 November tender to buy 10,000t of 52-54pc P2O5 acid, BCIC received offers of $1,163-1,213/t P2O5 cfr equivalent. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US alleges Nippon dumped HRC at higher rates


24/11/21
24/11/21

US alleges Nippon dumped HRC at higher rates

Houston, 21 November (Argus) — The US government alleged that Japanese steelmaker Nippon Steel dumped hot-rolled (HR) flat steel products at higher rates than previously determined. The US Department of Commerce's International Trade Administration (ITA) determined that during the period from October 2022 through September 2023, Nippon sold HR steel flat products with a weighted-average dumping margin of 29.03pc, up from the 1.39pc dumping margin the ITA determined for the prior period of October 2021 through September 2022. Tokyo Steel Manufacturing, which was also investigated, was determined to have not sold HR flat steel below market value, unchanged from a prior review. US imports during the period from October 2022 through September 2023 of the investigated items from Japan were 202,000 metric tonnes (t), down from the 293,600t imported in the same period the prior year, according to customs data. The original investigation into imports of Japanese flat-steel products was concluded in 2016. The ITA is now reviewing the time period of October 2023 through September 2024 and expects to issue the final results of these reviews no later than 31 October 2025. The US imported 235,700t of the investigated products from Japan during that time, customs data showed. By Rye Druzchetta Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Recent deep-sea and short-sea cfr Turkey scrap deals


24/11/21
24/11/21

Recent deep-sea and short-sea cfr Turkey scrap deals

London, 21 November (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 19-Nov 5,000 345 November Izmir Greece HMS 1/2 80:20, shred Y 19-Nov 2,000 342 November Izmir Malta HMS 1/2 80:20, shred Y 12-Nov 3,000 348 November Izmir Romania HMS 1/2 80:20 N 12-Nov 5,000 350 November Izmir Croatia HMS 1/2 80:20 N 12-Nov 5,000 350 November Turkey France HMS 1/2 80:20 Y 12-Nov 10,000 351 November Marmara France HMS 1/2 80:20 Y Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 20-Nov 40,000 345 (80:20) December Marmara Scandinavia HMS 1/2 80:20, shred, bonus Y 20-Nov 20,000 340 (80:20) December Iskenderun UK HMS 1/2 80:20 Y 19-Nov 30,000 344 (75:25) December Izmir Cont. Europe HMS 1/2 80:20, bonus N 19-Nov 40,000 353 (80:20) December Iskenderun USA HMS 1/2 80:20, shred, bonus Y 15-Nov 40,000 354 (80:20) December Iskenderun Cont. Europe HMS 1/2 80:20, shred, bonus Y 15-Nov 40,000 356 (80:20) December Marmara Cont. Europe HMS 1/2 80:20, shred, bonus Y 14-Nov 20,000 350 (80:20) November Iskenderun UK HMS 1/2 80:20 N 13-Nov 40,000 356 (80:20) December Marmara Cont. Europe HMS 1/2 80:20, shred, bonus Y 13-Nov 40,000 353 (80:20) December Marmara Cont. Europe HMS 1/2 80:20, shred, bonus Y Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Indian NP/NPK stocks drop to below 3mn t


24/11/21
24/11/21

Indian NP/NPK stocks drop to below 3mn t

London, 21 November (Argus) — India's domestic sales of NP/NPK fertilizers have continued to outpace both production and imports, leaving stocks below 3mn t for the first time since February 2023. Domestic sales of NP/NPK under the country's direct benefit transfer system amounted to 1.47mn t in October, up by 45pc on a year earlier. Sales from April-October — the first seven months of India's 2024-25 agricultural year — totalled 8.72mn t, up by 23pc on the year. Domestic NP/NPK production rose by 15pc on the year to 867,900t last month, putting April-October output at about 6.25mn t, up by 11pc on the year. NP/NPK imports in October amounted to 183,000t, up by 51pc on October last year. April-October imports amounted to 1.28mn t, down by 10pc year on year. The data imply total NP/NPK stocks in India of about 2.93mn t at the end of October, down by 12pc on the month and down by 15pc on the year. By Nykole King Indian NP-NPK stockbuild mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japan’s crude steel output drops further in October


24/11/21
24/11/21

Japan’s crude steel output drops further in October

Tokyo, 21 November (Argus) — Japan's crude steel production in October fell on the year for an eighth straight month, partly because of lower steel demand from the construction sector. The country produced 6.9mn t of crude steel in October, down by 7.8pc from a year earlier, according to preliminary data released by industry group the Japan Iron and Steel Federation (JISF) on 21 November. Crude steel production by basic oxygen furnace (BOF) fell by 6.8pc on the year to 5.1mn t, marking the eighth consecutive month of year-on-year fall. Crude steel output by electric arc furnace (EAF) declined for a third straight month by 10.5pc to 1.8mn t. A double-digit output fall by EAF is partly reflecting the weaker steel demand in the construction sector. The country's steel demand is heavily dependent on the automobile and construction sectors, and steel products for each industry are generally produced using the BOF and EAF methods respectively. Booked orders of ordinary steel for construction use in September fell by 11.3pc on the year to 651,035t, marking the fourth consecutive month of year-on-year decline, according to the separate data released by JISF on 18 November. The country's major steel producer JFE on 6 November revised downward its crude steel output to 22.4mn t for the current fiscal year ending 31 March 2025. This is 600,000t lower than its initial figure announced in August, partly owing to weaker than anticipated steel demand from the construction sector, according to the steel company. Rising material costs and labour shortages are causing delays in major construction projects, JFE said, adding that lower steel demand in the construction industry is "becoming even more obvious.". By Yusuke Maekawa Japanese ferrous output ('000't) Oct '24 Sep '24 Oct '23 m-o-m ± % y-o-y ± % Crude steel production Ordinary steel 5,328 5,098 5,792 4.5 -8.0 Specialty steel 1,597 1,525 1,719 4.7 -7.1 Total crude production 6,925 6,623 7,511 4.6 -7.8 Crude steel production method Basic oxygen furnace 5,101 4,794 5,473 6.4 -6.8 Electric arc furnace 1,824 1,829 2,038 -0.3 -10.5 Pig iron production 5,075 4,802 5,405 5.7 -6.1 Source: Japan Iron and Steel federation *Based on preliminary data Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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