China’s antimony production in September almost halved from a year earlier as producers reduced output, in response to low spot prices and flat consumer buying interest.
Domestic concentrate output fell by 45.8pc from a year earlier to 3,900t of metal content in September, data from the China nonferrous metals industry association show.
January-September production declined to 45,100t, down by 29.5pc from the same period of 2018, after large producers cut output in response to surplus supply.
The fall in concentrate output has prevented prices from declining since September. Prices have also been supported since the start of September by China Minmetals’ purchase of 18,661t of antimony metal stocks from the former Fanya Metal Exchange on 31 August.
The auction shored up confidence in the spot market, with producers insisting on higher offer prices and withholding material from spot sale because of limited profit margins and tighter concentrate availability.
Flat demand has offset tight spot availability to leave prices for 99.65pc metal unchanged since 22 October at Yn39,500-41,500/t, up from Yn35,000-36,000/t on 3 September. Prices are likely to remain stable in the short term.
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Chinese antimony concentrate importers reduced shipments in July on lower buying interest from domestic smelters that operated from stocks or were well supplied by domestic feedstocks.
China imported 4,419t of antimony concentrate in July, down by 72pc from a year earlier and up by 25.8pc from the previous month, China’s customs data show.
Shipments from Russia dipped by 95.4pc from the previous year to 507t in July, while deliveries from Tajikistan fell by 1.6pc to 2,550t. Imports in July from Australia dropped by 25.8pc to 407t, while imports from Myanmar (Burma) increased by 145pc to 785t.
China imported 43,441t of antimony concentrate during January-July, down by 20pc from the same period last year.
Prices for 99.65pc grade metal hit the bottom of the range of 35,000-36,000 yuan/t ($4,920-5,060/t) on 27 August and rebounded by Yn500/t over the past week to Yn35,500-36,500/t, with more producers withholding sales at lower prices because of tighter profit margins. A lack of demand from the flame retardant industry and investors continued to weigh on the market, leaving little support on prices to move up further.
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China’s tungsten powder manufacturer Zhangyuan Tungsten has rolled over its bid prices for tungsten concentrate and intermediate product ammonium paratungstate (APT) for the second half of August.
The firm has kept its bid prices unchanged from the first half of August at 68,500 yuan/t ($9,720/t) for 55pc wolframite concentrate and Yn108,500/t for APT.
Zhangyuan’s bid prices remain lower than spot prices, which have been assessed stable at Yn73,000-75,000/t for 65pc grade wolframite concentrate since 4 July and at Yn110,000-112,000/t for APT since 8 August. Concentrate producers are holding offer prices firm on limited profit margins. Many APT producers have reduced or halted production because of firm production costs and flat consumer demand.
Zhangyuan has an output capacity of 12,000 t/yr for cemented carbide and 7,000 t/yr for tungsten carbide powder. It is a large consumer of primary tungsten materials, such as APT and tungsten concentrate.
Spot trading activity has been limited as long-term contracts have dominated the market. Suppliers and buyers are unwilling to make price concessions as they are observing how the government will deal with the 29,651t of APT stocks held by the bankrupt Fanya Metal Exchange, following news that the Yunnan government will auction Fanya’s antimony and rare earth stocks on 31 August.
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On 29 June, China’s President Xi Jinping met U.S. President Donald Trump, agreeing to restart China-U.S. trade talks on the basis of equality and mutual respect. On 4 July, Gao Feng, spokesman to the Ministry of Commerce, talked about the latest development of China-U.S. trade talks and disclosed that the two nations have been maintaining communication. Gao Feng emphasized that the trade friction was triggered by U.S. unilateral action of imposing additional tariffs, so it must cancel all additional tariffs if the two nations reach an agreement.
During the meeting of China and U.S. heads, the U.S. promised not to levy new additional tariffs on Chinese goods. In response to this, Gao Feng stated that trade friction should be solved through equal dialogue and consultation at last. China welcomes U.S. decisions on not imposing new additional tariffs which prevent the trade friction from intensifying. China hopes that the two nations could follow important notes made by the two presidents at the meeting, pay attention to reasonable concerns of the other party on the basis of equality and mutual respect and seek for mutual-benefit and win-win solutions to create a stable and foreseeable trading and investment environment for enterprise from both nations and the whole world. It not only satisfies the interests of both nations and people of both nations but also meets the general expectation of the global community.
Gao Feng pointed out that the successful meeting of President Xi and President Trump in Osaka during the G20 Summit clearly showed the direction for the next phase of development of China-U.S. economic trade relations and stirred up positive responses in China, the U.S., and the international community.
Gao Feng also replied to U.S. President Trump’s comments on allowing enterprises to further sell products to Huawei during the G20 Summit, hoping the U.S. could take action accordingly and stop the wrong practices of cracking down on Chinese enterprise by using national power.
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BEIJING (Asian Metal) 28 Jun 19 – Currently, mainstream transaction prices for Chinese antimony ingot 99.65%min are RMB 38,000 – 39,000/t (USD 5,526 – 5,672/t) EXW D/P, unchanged from late last week. The market has begun to see transactions as of this Friday. A few downstream consumers express willingness to purchase at slightly lower prices, and some suppliers also intend to slightly cut sales prices in order to promote sales. Despite no change in offers from most suppliers, insiders predict that spot prices for Chinese antimony ingot would remain at low levels in the coming week in light of suppliers’ needs to recoup funds.
A trader in Yunnan said, “We now quote antimony ingot 99.65% min at RMB 38,000/t (USD 5,526/t) EXW D/P, the same as that of last week. We haven’t closed any sales so far this week as no order was concluded.” He last sold 20t of the material at RMB 38,000/t (USD 5,525/t) in mid-June. He added that the downstream demand remains weak now but inquiries have doubled compared with last week. He disclosed that, in order to speed up capital turnover, they won’t rule out the possibility of selling at lower prices if their customers make large purchases. The trader is of the opinion that prices for antimony ingot would keep stable at low levels in the coming week.
With a regular monthly trading volume of 120t, the trader expects to see 80t in June, unchanged from last month, holding inventory of about 100t.
A Hunan-based producer said, “We now quote antimony ingot 99.5% min at RMB 38,500/t (USD 5,599/t) EXW D/P, unchanged from last week. We haven’t closed any deals so far today.” HE last sold 20t of the material at RMB 28,500/t (USD 5,599/t) EXW D/P late this week. The producer said, “There is a subtle change in sentiment in antimony ingot market. After Wednesday, our downstream customers became more active in transactions and lowered inquiry prices. But we are still hesitant about lowering prices.” The producer said they would continue to wait on the sidelines. It is expected that spot prices for Chinese antimony ingot would remain at low levels in the following week.
With an annual production capacity of 5,000t, the producer expects to produce 300t in June, unchanged from the prior month, holding no inventory now.
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BEIJING (Asian Metal) 26 Feb 19 – Mainstream prices for Chinese antimony ingot 99.85% min go down by RMB 500/t (USD 74.85/t) from last week to RMB 47,800 – 48,800/t (USD 7,156 – 7,305/t) EXW D/P currently. As the demand remains weak and inventory of antimony concentrate ore stays at a high level, the prices of antimony ingot begin to decrease. Insiders believe that prices for Chinese antimony ingot 99.85% min would continue to decrease in the coming week.
A producer from Guangxi said, we quote RMB 48,500/t (USD 7,260/t) EXW D/P for antimony ingot 99.85% min at present and can sell at RMB 48,000/t (USD 7,186/t) for firm bids, down by RMB 500/t (USD 73.79/t) from one week ago.” Their last deal was concluded at RMB 48,300/t (USD 7,231/t) for 40t last Thursday. As the market demand is weak, they have to reduce their output by 25% from last month. The source believes that prices for Chinese antimony ingot 99.85% min would continue to decrease by RMB 500/t (USD 74.85/t) in the coming week.
With an annual production capacity of 6,000/t for antimony ingot, they produced 400t in January and expect 300t in February. Due to the Spring Festival holiday, holding 150t of stocks for the time being.
“One of our suppliers quotes RMB 48,000/t (USD 186/t) EXW D/P for antimony ingot 99.85% min currently and can’t accept any prices lower RMB 47,800/t (USD 7,155/t) from a regular supplier,” a producer in Hunan said. They think that the price for antimony ingot will decrease continuously as antimony concentrate ore’s stock stay at a high level currently. They have no plan to purchase antimony ingot until in the middle of March. Therefore, the source believes that prices for Chinese antimony ingot 99.85% min would continue to decrease by RMB 500.t (USD 74.85/t) in the coming week.
With an annual consumption capacity of 4,000t for antimony ingot, they consumed 300t of the material in January and expect 200t in February due to the Spring Festival holiday, holding 200t of stocks for the time being.
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China and the United States have agreed to continue talks in Washington next week after two days of negotiations in Beijing produced “progress,” but not enough to finalize a deal to end the trade war.
Chinese President Xi Jinping on Friday urged for a mutually beneficial deal in next week’s talks, while seated at the head of a long table of Chinese and American negotiators including US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
“I hope you can make persistent efforts to push forward an agreement that can benefit both sides,” Xi was quoted as saying by Chinese state broadcaster CCTV. “We all think that in terms of maintaining the prosperity and stability of the world, as well as promoting global economic prosperity and development, our two countries share broad mutual interest.”
He said officials from both sides should properly manage their differences and step up communications to ensure the healthy development of their trade relationship, but added that “principles must be adhered to.”
We are willing to resolve the issues through cooperation and seek agreement acceptable to both sides,” Xi said.
Officials from both nations sounded positive notes on the latest discussions, despite the two sides remaining far apart on key structural issues.
US Treasury Secretary Steven Mnuchin (center) leaves a hotel in Beijing. Photo: Bloomberg
“These detailed and intensive discussions led to progress between the two parties. Much work remains, however,” the White House said in an announcement Friday. “Both sides will continue working on all outstanding issues in advance of the March 1, 2019, deadline for an increase in the 10 percent tariff on certain imported Chinese goods.”
Lighthizer said at the start of the meeting with Xi that “very difficult issues” remained after two days of talks.
“We feel we have made headway on very, very important and difficult issues,” he said. “We have additional work we have to do but we are hopeful. So, thank you very much for this meeting and we look forward to the main road.”
The South Chian Morning Post earlier confirmed that the two sides would continue talks in Washington next week since the negotiations in Beijing were “made progress, but not enough to seal a final deal,” according to a source briefed on the talks.
The source, who declined to be identified, added that the Chinese delegation may leave Beijing on Tuesday.
Xi and US President Donald Trump agreed to a 90-day truce when they met in Buenos Aires on December 1, 2018.
If China and the United States fail to reach a deal or agree to an extension of the deadline, the US could increase tariffs on US$200 billion worth of Chinese products from 10 percent to 25 percent.
Trump said earlier this week that he could extend the March 1 deadline and that he was looking forward to meeting Xi in the near future. A meeting between the two leaders is seen as key to cementing a deal, which US officials have said will need to include structural reform from China as well as an enforcement mechanism to ensure commitments are followed through.
Sources close to the discussions earlier told the Post the two sides remained at odds over major us requests including those relating to intellectual property protection and reciprocal market access. One person described Beijing as marketing only “cosmetic, non-impactful offers” on issues such as industrial subsidies, saying it was “like pulling teeth.”
“The United States delegation focused on structural issues, including forced technology transfer, intellectual property rights, cyber theft, agriculture, services, non-tariff barriers, and currency,” the White House announcement said.
“The two sides also discussed China’s purchases of United States goods and services intended to reduce the United States’ large and persistent bilateral trade deficit with China.
The possibility of eliminating the 10 percent punitive tariffs Washington has imposed on US $200 billion of Chinese products was also part of the negotiations, according to two other sources. Twenty-five percent tariffs on US$50 billion of Chinese imports would remain unchanged, they said.
China’s trade talks team has been led by Vice-Premier Lui He, who also met Trump in the Oval Office after earlier discussions in Washington at the end of January. At the time, he said China would buy 5 million tonnes of US soybeans, a move US business leaders called “low-hanging fruit.”
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BEIJING (Asian Metal) 8 January 19 – At present, mainstream prices for Chinese antimony 99.65% min and 99.85% min stand at RMB 49,000-50,000/t (USD 7,153-7,299/t) and RMB 49,500-50,500/t (USD 7,226-7,372/t) EXW D/P respectively, both down by RMB 400/t (USD 58.39/t) from last week. Downstream antimony dioxide plants are going to suspend production amid relatively weak end demand at the year-end. Meanwhile, some consumers still wait for lower prices with relatively sufficient stocks in hand. As a result, spot transactions are scarce now. It is predicted that prices for Chinese antimony ingot 99.65% min and 99.85% min would continue to dip in the coming week.
“We quote RMB 49,500/t (USD 7,226/t) EXW D/P for antimony ingot 99.65% min at the moment, down by RMB 300/t (UDS 43.80/t) compared with that of last week. We lower our price to reduce stocks at the end of the year, but refuse to accept counteroffers,” noted a Hunan-based producer, adding that their last deal of 20t was sealed at RMB 49,500/t (USD 7,226/t) early last week. Mainstream prices for antimony concentrate 50% still hover at the high level of around RMB 38,500/t (USD 5,620/t), but given the need to ease capital pressure, he expects antimony ingot 99.65% min prices to inch down further in the following week.
With an annual production capacity of 5,000t for antimony ingot, the producer expects to see an output of 300t in January, unchanged from the previous month, holding 500 t of stocks now.
“Our suppliers offer antimony ingot 99.65% min at RMB 49,800/t (USD 7,270/t) EXW D/P currently, down by RMB 200/t (USD 29.20/t) from that of last week. With relatively adequate stocks in hand, we have no plan to make purchases temporarily, waiting for lower prices,” disclosed a Hunan-based consumer, adding that they last bought 120t of the material at RMB 50,000/t (USD 7,299/t) in mid-December 2018. They plan to suspend production in late January and thus are uninterested in making purchases of raw material, predicting that prices for antimony ingot 99.85% min would keep dropping in the coming week.
With an annual consumption capacity of 40,000t for antimony ingot, the consumer expects to use 300t in January, in line with last month and has 100t of stocks now.
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BEIJING 6 Dec 10 – Current mainstream prices for Chinese antimony ingot 99.85% min stand at RMB 49,500-50,500/t (USD 7,203-7,348) EXW, in line with last week. Dampened by slack downstream demand, most consumers wait on the sidelines. With few deals seen in the spot market, insiders believe Chinese antimony ingot 99.85% min prices would move downward in the coming week.
A Hunan-based consumer claimed, “Our suppliers currently quote antimony ingot 99.85% min at RMB 50,000/t (USD 7,275/t) EXW, in line with last week. We have no plan to purchase this week as we only purchase based on rigid demand and our stockpile remains relatively sufficient.” The source noted they last purchased 150t at RMB 50,000/t (USD 7,275/t) in the middle of last week. In light of lackluster demand from their downstream clients, they now make a purchase every one to two weeks. To avoid enlarging the stocks. According to the source, some producers have already marked the price down to RMB 49,500/t (USD 7,203/t). The consumer believes that the price would drop by RMB 500/t (USD 73/t) in the coming week.
Based on a consumption capacity of 8,000 tpy for antimony ingot 99.85% min, the consumer expects to consume 500t in December, in line with last month. They currently hold about 100t of stocks.
A Guangdong-based trader noted, “We currently offer antimony ingot 99.85% min at RMB 49,500/t (USD 7,203/t) EXW, in line with last week. We received no inquiries this week amid the sluggish demand.” The source disclosed they last sold 5t at RMB 52,000/t (USD 7,566/t) in mid-November. They haven’t closed any deals in the past two weeks. He believes that the price for material would slip by RMB 500/t (USD 73/t) in the coming week.
With a regular monthly trading volume of 30t for antimony ingot 99.85% min, the trader expects to sell 25t in December, unchanged from last month. The currently hold 60t of inventory.
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BEIJING (Asian Metal) 21 Nov 18 – Mainstream export prices for antimony ingot 99.65% min stay at USD 7,800-8,000/t FOB China currently, on a par with late last week. On account of soft demand in the spot market and firm prices of raw material for antimony ingot, it is anticipated that the export process for antimony ingot would stay flat in the coming week.
A trader in Guangxi quotes antimony ingot 99.65% min at USD 8,100/t FOB China at present, with no fluctuation from last week. “We last concluded 20t of antimony ingot 99.65% min at USD 7,800/t FOB China late last week,” the source disclosed, “No deals have been done this week up to now, for customers merely offered prices above USD 7,650/t FOB China, while we could not accept any prices below USD 7,800/t FOB China.” Though their trading volume in November might be decreased by 30% from 800t in October dragged by the weak demand in the spot market, the source predicts that export prices for antimony ingot 99.65% min would stay flat in the following week due to the stable prices of antimony concentrate.
The trader, with a regular monthly trading volume of 800t, hold 2,000t of stocks now.
A trader in Guizhou quotes antimony ingot 99.65% min at USD 8,000/t FOB China, in line with last week. “We last concluded 40t of antimony ingot 99.65% min at USD 8,100/t FOB China in late October,” the source narrated, “Though we decreased prices by USD 100/t from last month, we made no deals so far in November, in that our customers wanted to make us at least USD 200/t of concessions, which is not acceptable for us.” Since the quotation is already close to their cost price, the source assumes that export prices for antimony ingot might stay firm in the coming week.
Having a regular monthly trading volume of 40t, the trader holds 500t of stocks currently, 98% of which would be processed into antimony trioxide in their own plant.
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