Raw Material Shortages Force Mines In China To Cut Output

SHANGHAI, May 22 (SMM) - The US macro front is full of uncertainties.

SHANGHAI, May 22 (SMM) - Co3O4 prices went up last week.

This is a roundup of global macroeconomic news last night and what is expected today.

The price difference between high and medium-grade ore expanded last week, while that between medium and low-grade ore narrowed. At Qingdao port, the price difference between mainstream high-grade ore (IOCJ fines) and medium-grade ore (PB fines) widened 9 yuan/mt to 93 yuan/mt, while that between mainstream medium-grade ore (PB fines) and low-grade ore (super special fines or SSF) shrank 8 yuan/mt to 135 yuan/mt. Last week, the profits of steel mills expanded slightly, and the price difference between high-grade and medium-grade ores narrowed below 84 yuan/mt.

SHANGHAI, May 15 (SMM) - The prices of cobalt intermediate products fell slightly last week.

SHANGHAI, May 15 (SMM) - Yangshan copper premiums averaged $27.89/mt under warrants in April, down $5.72/mt MoM, and $40.76/mt under bill of lading, up $2.59/mt MoM.

SHANGHAI, May 15 (SMM) - The US debt crisis escalated, while Chinese macro data fell short of expectations.

The demand for silicon metal from polysilicon remained robust. According to SMM data, the domestic polysilicon production in April was 114,000 mt, an increase of nearly 3 percentage points month-on-month.

As of May 1, prices of standard #553 silicon metal were 14,500-14,800 yuan/mt in east China, down 400 yuan/mt or 3% from a week earlier, prices of above-standard #553 silicon metal stood at 14,700-15,000 yuan/mt, down 500 yuan/mt or 3%, prices of #441 silicon metal were 15,400-15,800 yuan/mt, down 500 yuan/mt or 3%, and those of #421 silicon metal were 16,300-16,500 yuan/mt, a drop of 200 yuan/mt or 1%.

The data released on the website of the London Metal Exchange (LME) on Wednesday showed that in LME registered warehouses, the share of Russian aluminium stocks fell slightly, from 53% in March to 52% (256,125 mt) in April.