2015年1月7日普氏能源日报

2015年1月7日普氏能源日报www.platts.comSBBSTEELMARKETSDAILYCOVERINGTHERAWMATERIALSINPUTSTOSTEELMAKINGVolume9/Issue4/January7,2015[STEEL]www.twitter.com/PlattsSBBSteelPlattsrawmaterialassessments,January7Close/MidpointChange%ChgIODEXIronorefines62%Fe($/dmt)CFRNorthChina70.75-71.7571.25-0.50-0.70PleaseseePlattscompleteironprice/netbackstable,p.3Cokingcoal,premiumlowvol($/mt)FOBAustralia108.75108.750.250.23CFRChina117.25117.250.000.00Pleaseseefullmetallurgicalcoalprice/freighttable,p.4FerrousscrapHMSCFRTurkey,$/mt319.00-321.00320.001.000.31HMSFOBRotterdam,$/mt304.00-306.00305.001.000.33A3,FOBBlackSea,$/mt290.00-295.00292.500.000.00ShreddeddelMidwestUS,$/lt340.00-350.00345.00-5.00-1.43ShreddedFOBEastCoast,$/mt298.00-302.00300.000.000.00HMSdeldockEastCoast,$/lt250.00-255.00252.500.000.00HMSFASUSWestCoast,$/mt240.00-245.00242.500.000.00Pittsburgh—USscrappricesretreatedWednesday,asmillsheldthelineanddeal-erswhoearlierthisweekhadachievedpricegains$20-30/ltupfromDecembersawaddi-tionalsupplyenterwhathadbeenashortmarket,sourcessaid.Somedomesticmillshadsettledtransac-tionsearlierthisweekatpricesapproaching$30/lthighermonthonmonth.However,dealsdoneWednesdayastheJanuarybuyweekprogressedweresidewaystoup$15/lt.“Themillssloweditdownasmuchastheycouldandputalidonanyincreases,”oneMidwestdealersaid.“Theydrewalineinthesandandreducedtheirbuys.Itiskindofthesamethingeveryyear.EveryonethinksthatJanuarywillbethePromisedLand…butUSscrappricesretreatasmillsholdlinemostpeoplegetdisappointed.Toomuchsup-plycameandthisiswhathappenswhenthereisnotenoughdemand.”ShreddedsalesweresettledWednesdayatup$10/ltinDetroit,to$340/lt,andup$15/ltintheOhioValley,to$350-355/lt.Somemillshavealreadyloweredbidpricesforadditionaltonnageandhaveindicatedtheywouldturnawaytonsonthehighendofcur-rentpriceslevels.“Thingsevaporatedquickly,”onedealersaid.“Itappearsdemandwilllikelynotbequiteasrobustasearlieranticipatedgivenlacklustermillbookings.”ThePlattsdailyshreddedassessmentslipped$5/ltWednesday,settlingat$340-EUactiononIndianSiMncould‘killindustry’London—Indianmanganesealloyspro-ducerssaidWednesdayimplementationofanti-dumpingdutiesonsilicomanganesesoldintoEuropewoulddestroyIndia’smanganesealloysindustry.TheEuropeanCommissionopenedananti-dumpinginvestigationintoimportsofsilicomanganesefromIndiaintotheEuropeanUnioninresponsetoacomplaintfromEUproducers,theECsaidattheendof2014.ThecomplaintwaslodgedonNovember10byEuropeanferroalloysindustrygroupEuroalliagesonbehalfofthreeproducersrepresentingmorethan25%ofthetotalEUproductionofsili-comanganese,theECsaid.“ThiswillbeabigblowtoIndia.TwoofitsmajormarketsareSoutheastAsiaand(continuedonpage2)(continuedonpage2)USscrappricesretreatasmillsholdline...frompage1EUactiononIndianSiMncould‘killindustry’...frompage1350/ltdeliveredMidwestmill.Theassessmentremainsup$15/ltfromearlyDecember.Southeastpricingsettledatsidewaysintherangeof$340-350/lt.Othermar-ketsremainedinnegotiationslateWednesday,withexpectationsofpricingsettlingsidewaystoup$15/lt.Obsoletegradesgenerallymovedinthesamerangeregiontoregion,whilemostmillspurchasedprimegradesatsidewayspricing.ANortheastshreddersoldshreddedmaterialMondayatup$20/lttoamill-ownedbrokerandonWednesdaysoldtheremainderofitstonnageatup$10/lttoaseparatemill-ownedbroker,accordingtothedealer.Thepriceswere$320-330/ltonashippingpointbasis.“Ibelieveinternationalmarkets,ironorepricing,dollarstrength,weakeningsteelpricesanddownwardpressureoncommodi-typricingingeneralhavebeenhugefactorsonkeepingthismarketincheck,”anotherMidwestdealersaid.“Ourmarketsquicklycooledtoanup$10-15range.”—NicholasTolomeoEurope.WithnewMalaysianproductionstartingthisyear,SoutheastAsiaisalsoindangerforIndia,”anIndianmanganesealloysproducersaid.With50%oftheIndia’ssilicomanganeseindustryreliantonexports,hesaidthiswouldbea“bigblow”Atlanticpelletpremiumestimatedcontractprice$/dmtChangeJan32.50-4.00WeeklyManganeseOre($/dmtu)$/dmtuWeeklychangeAssessed44%ManganeseOreCIFTianjin4.210.0002-Jan-1537%ManganeseOreCIFTianjin3.700.0002-Jan-15forallproducers.AnIndiantradersaidhewassurprisedattheinvestigationbutdidnotthinkitwouldresultinextradutiesonIndianmate-rial.“TheWorldTradeOrganizationsaysyoushouldremovetradebarriers.IfthewholeofEuropesaystostopIndianmate-rialthenthisiscontrarytoWTOguide-lines,”hesaid.However,inEuropesourcessaidtheywereexpectingtoseeadutyimposedonmaterial.OneEuropeantradersaidmostsilicomanganesefromIndiawassoldtoSouthEuropeandhadlowmanganesecontent.WithsoldpricesinEuropefor65:16below$850/mtDDP,however,hesaidtherewaslittlematerialcomingfromIndia.Giventhelackofimports,hesaid“thereisnobasistohaveaprovisionaldutywhichcannormallybeappliedinsixmonthsiftherearealotofcomplaints.”SourcesagreedEuropeansilicomanga-nesepricesmayseeanincreasewithoutpressurefromIndianmaterial.AsecondEuropeantradersaidhewaskeentoseeactiontakenassoonaspossiblebecausehewasnotabletoachievepremiumsonhighqualitymaterialasaresultofthelowoffersfromIndia.Havingdeterminedtherewassufficientevidencetojustifytheinitiationofapro-ceeding,theECsaiditsinvestigationwillbeconcludedwithin15monthsoftheDecember20publicationofthenoticeintheOfficialJournal.Provisionalmeasuresmaybeimposednolaterthanninemonthsfromthepublicationdate.—JitendraGillIronoremarketShort-livedsteelrisesapsconfidenceinironoreSingapore—Theseaborneironoremar-ketweakenedWednesdayafteradaylongriseinsteelpricesfailedtoholdup.The62%FeIODEXwasassessed50centslowerat$71.25/drymtCFRNorthChina.Weaknessinthesteelmarketwasevi-dentinfuturesandphysicalprices.SpotpricesofsquarebilletinTangshandroppedYuan20/mttoYuan2,100/mt($342.75/mt)ex-stockTangshan.ShanghairebarfuturestooksomethingofabeatingafterTuesday’sgains,withthemostactiveMaycontractlasttradingatYuan2,585/mt($422/mt),downYuan34/mtfromTuesday,andsettlingatYuan2,586/mt,downYuan26/mtonday.“Thereislittleincentiveformillstoprocureironorewhensteelpricesarefall-ing,”saidaZhejiang-basedtrader.“Buyersarenotconfident.”Plattsdailymetallurgicalcoalassessments,January7Asia-Pacificcokingcoal($/mt)FOBCFRCFRChangeAustraliaChinaIndiaAustraliaChinaIndiaHCCPeakDownsRegion109.75118.25120.150.250.000.15PremiumLowVol108.75117.25119.150.250.000.15HCC64MidVol101.00109.50111.400.250.000.15LowVolPCI92.25100.75102.650.250.000.15LowVol12AshPCI86.5095.0096.900.250.000.15SemiSoft81.5090.0091.900.250.000.15MetCoke--197.00--0.00NorthChinapromptportstockpricesEx-stockJingtangCFRJingtang(Yuan/mt,inclVAT)equivalent($/mt)**PremiumLowVol*920.00120.00HCC64MidVol*855.00111.19*weekly(assessedJanuary2),20-daydeliveryfromdate.**ex-stockprice,netofportcharges,importtaxandVATAtlanticcokingcoal($/mt)FOBUSEastCoastChangeVMAshSLowVolHCC110.500.0019%8%0.80%HighVolA111.250.0032%7%0.85%HighVolB106.000.0034%8%0.95%Detailedmethodologyandspecificationsarefoundhere:DrybulkfreightassessmentsRouteVesselClassFreightrate($/mt)ChangeAustralia-ChinaCapesize5.05-0.45Australia-ChinaPanamax8.50-0.25Australia-IndiaPanamax10.40-0.10USEC-ChinaPanamax25.00-0.50USEC-IndiaPanamax23.00-0.50USEC-RotterdamPanamax8.000.00USEC-BrazilPanamax10.75-0.25EastAustralia:basisHayPointport.USEC:basisHamptonRoads.Seemethodologyforfurtherdetails.HCCassessedspecificationsCSRVMAshSPTMFluidityPremiumLowVol71%21.5%9.3%0.50%0.045%9.7%500HCCPeakDownsRegion74%20.7%10.5%0.60%0.030%9.5%400HCC64MidVol64%25.5%9.0%0.60%0.050%9.5%1,700Penalties&Premia:Differentials($/mt)Within%ofPremiumLowVolFOBNetvalueMin-MaxAustraliaassessmentprice($/mt)Per1%CSR60-71%0.50%0.54Per1%VM(airdried)18-27%0.50%0.54Per1%TM(asreceived)8-11%1.00%1.09Per1%Ash(airdried)7-10.5%1.25%1.36Per0.1%S(airdried)0.3-1%1.00%1.09USlow-volHCCPenalties&Premia;Differentials($/mt)Within%ofUSlow-volHCCFOBNetvalueMin-MaxUSECassessmentprice($/mt)Per1%CSR50-64%0.50%0.5540-49%0.50%0.55Per0.1%S0.70-1.05%0.75%0.831.06-1.25%1.00%1.11Per1%TM(asreceived)6.0-11.0%1.00%1.11Per1%Ash5.0-10.0%1.25%1.38Source:PlattsTheassessedpriceofHCCPeakDowns®originateswithPlattsandisbasedonpriceinformationforarangeofHCCswithaCSR>67%normalizedtothestandardofHCCPeakDowns®(CSR74%).PeakDowns®isaregisteredtrademarkofBMAllianceCoalOperationsPtyLimited“BMA”.ThispriceassessmentisnotaffiliatedwithorsponsoredbyBMAinanyway.SourcessaidtradingactivityquietedWednesdayasbuyersfeltthesteeluptrendwastemporary.Despitetheweak-ness,however,somesourceswerebullishaboutenddemand.“ThemarkethasbeensupportedbymillstryingtorestockfortheChineseNewYearperiod[inmid-February],”asourceataChinesestate-ownedtradinghousesaid.“Theythinkpricesaregoingtogoupclos-ertotheholidayperiodwhendemandfororegoesup,soit’sbesttobuynowintheiropinion.”AsteelmakerinZhejiangsaidorepric-eswerebeingtemporarilysupportedastherewassomebuyingtakingplace.“Buyersthinkpriceshavebottomedout,sothey’retryingtobuybeforepricesgohigher,butIthinkthisisn’tgoingtolastlongasfundamentalshaven’tchanged,”thesteelmakersaid.“Steelsalesstillaren’tdoinggreat.”RiotendernotawardedAustralianminerRioTintooffered57%FeRobeRiverfinesinaspottenderWednesday,saidsourceswhoreceivedtheinvitationtobid.The170,000mtshipmentwillloadoverJanuary22-31.However,atthecloseofAsianbusiness,itwasnotknownifthetenderwasawarded.Meanwhile,BrazilianminerValeofferedlate-Wednesday62.47%FeStandardSinterFeedGuaibainafixed-pricespottenderclosingThursdayat3:30pmBeijingTime(0730GMT),sourceswhoreceivedthetendersaid.The174,282mtSSFGfinesshipmentwillpassSingaporeJanuary25,andcontained1.89%alumina,5.62%silica,0.058%phosphorus,0.229%manganese,2.71%lossonignitionand9.1%moisture.SpotlumppremiumssteadySpotlumppremiumsremainedflatforasecondstraightweek,asPlattsassessedtheweeklyspotlumppremiumat$0.31/drymtunit.Thepremiumisnor-malizedtoaCFRbasisandexpressedovertheIODEXfinesassessment.Marketsourcessaid,whiletherewassomevolatilityinfinesprices,lumppremi-umsremainedcomparativelystableandactualtradingwasveryscant.AsourceataJiangsu-basedmilladdedthatunlikefinespriceswhichsof-tenedWednesday,lumppremiumswouldnotfollowsuitasavailabilityofmain-streamlumpmaterialatChineseportswasstilllimited.RioTintoalsosold70,000mtof62%FeAustralianPilbaraBlendlumpTuesdayat$92.20/dmtCFRQingdaoontheCOREXplatform,loadingJanuary22-31.—CelestynWongandMelvinYeoMetallurgicalCoke62%CSR$/mtChange%ChgCFRIndia197.000.000.00FOBNorthChina180.00-1.00-0.55Yuan/mtDDPNorthChina(weekly)1110.000.000.00IODEX62%FeCFRNorthChinaOTCswapsassessment,January7switchIODEX62%$/dmtChange%ChgTSI62Feb1571.000-0.750-1.050.250Mar1570.500-0.750-1.050.250Apr1569.750-0.750-1.060.250Q2201568.750-0.750-1.080.250Q3201568.350-0.750-1.090.350Q4201568.100-0.750-1.090.350Calendar201667.000-0.750-1.110.300Detailedmethodologyandspecificationsarefoundhere:www.platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/ironore.pdfCokingcoalswapsassessment,January7$/mtChange%ChgPlattsPremiumLowVolFOBAustraliaFeb15110.500-0.50-0.45Mar15110.750-0.25-0.23Apr15111.000-0.25-0.25Q22015111.000-0.50-0.45Q32015111.250-0.25-0.22Q42015111.750-0.25-0.252016114.500-0.50-0.43ScrapmarketTurkishscraptradequietduringholidayLondon—TheTurkishscrapmarketwasquietWednesdayascontinuingholi-daysinsomeregionskeptparticipantsinaholdingpattern.SourcesexpectedmoreactivitynextweekasRussiaandUkrainereturnfollowingtheOrthodoxChristmasholidayWednesday.Atradefromlastweekwasheardandconfirmedwithasourceclosetothedeal.ApremiumUKsuppliersold35,000mtofHMSI/II80:20toanelectricarcfurnace-basedproducerat$319.75/mtforFebruary5delivery.PlattsassessedHMSI/II80:20Wednesdayat$320/mt,up$1/mtfromTuesday,onthebackofthisdeal.AEuropeansuppliersaidhiscompanyhadnoofferpriceandwaswaitingforclarityonsupplyissuesandimpactsfromseasonalweatherbeforere-enteringthemarket.“Scrapisresisting.Everythingisthesameasthelastdayof2014,”aTurkishtradersaid,addingmoreclaritywouldcomenextweek.—SimonPriceEuropeanscraptotickupinJanuary:sourcesLondon—Europeanscrappricesarelikelytorecoverthismonthsupportedbythestrongdollar/weakEuro,sourcessaidWednesday.WhiletheSwedishsteelindustryalreadyannouncedariseofSEK300/metricton(Eur31/mt)forJanuary,othersourcesaroundEuropeconfirmedtheexpectationisformonthlyscrappricesettlementstomoveupinJanuarybyEur8-15/mt.AseniorEuropeantraderconfirmedtheexpectationofarecoveryinJanuary,mentioningapossibleEur8/mtincrease,whileaSpanishmerchantnotedthemar-ketwasexpectingmillstoannounceaEur10-15/mtincreaseinpurchasinglev-elsthisweek.InGermany,sourcessaiditwastooearlythisweektogiveareliableindica-tionofJanuary’ssettlement,butadmit-tedtherewastalksuggestingpriceswouldriseslightly,butbynomorethanEur10/mt.Thiswouldtakethepriceofshreddedscrap(gradeE40)thismonthtoEur255-260/mt.AccordingtoPlattsdata,theTurkishHMSI/II(80:20)importpricerecoveredoverEur20/mtsincetheendofNovember2014thankstoaslightrecov-ery,aidedbywinter,andthestrengthen-ingofthedollar.—SimonPricewithEmanueleNorsaandSaraMachamCokingcoalmarketMetcoalpricesstabilizeatlowlevelsLondon—AtlanticcokingcoalmarketsWednesdayfoundEuropeansstillwait-ingforakick-startinnewbusinessamidstabilityatlowprices,withsomefocusedonupcomingtalksforannualUScontractsstartinginApril.Thesetalksaremainlyforhigh-volcoals,whilespotliquiditymightbelowintheinterimtocontractclosure,onesourcesuggested.Thefreightmarketwasbusy,withsev-eralGermanandUKmillsseekingJanuarylaycansfromtheUSGulfofMexicoportofMobile,Alabama.Thebusinesswaslikelytobemainlycontractlinked.However,asourcenotedpricingfromAlabama-basedminershadrecentlybeenaggressive.Otherwise,USminersweresaidtonotbeparticularlyactiveinseekingspotbusiness.OneUSminesourceacknowledgedsomecurrentlowpricingforUScoals,par-ticularlyforlowerCSRandhighwallpres-sureCentralAppalachiancoals.ForPCI,interestaroundRussianpricingwasheard,withcontractbuyersperkingupatareportofanannualdealat$100/mtCIFARAforlow-volPCIand$95/mtCIFARAformid-vol.Thepricelevelscitedwerejudgedbysometolookattractive.SomeRussianPCIpricingoncontractsinEuropewasconnectedtofreightdiffer-entialswithAustraliaFOBprices,saidabuyerinresponsetowhetherthecurrentQ1$99/mtbenchmarkforlow-volpremiumPCIsheldrelevance.InAsia,metcoalpriceswerestable,withlittlespotactivity.ThePlattsUSlow-volhardcokingcoalassessment,basedongood-qualityCAPPlow-volspecifiedon58%CSRand1.5%MMRat19%VM,wasstableat$110.50/mtFOBUSEastCoast.ThePlattsUShigh-volAassessmentremainedat$111.25/mt,andPlattsassessedUShigh-volBbasedon34%VMcoalwith25,000ddpmat$106/mtFOBUSEC.PremiumLowVolpricespushedup25centsat$108.75/mtFOBAustraliaasPanamaxratestomainspotbuyerChinafell.TheHardCokingCoal(64MidVol)assessmentsimilarlyrose25centsto$101/mtFOBAustralia.—HectorForsterFerroalloysmarketMolyoxidepricesjumpassalesinEuropeincreaseLondon—MolybdenumoxidepricesjumpedWednesday,asmarketparticipantssaidtherewasmoreinterestfromthetradeandoffersfromproducersandtrad-ersweresaidtobelimited—andhigher—throughouttheday.ThePlattsdailydealermolybdenumoxideassessmentroseto$9.20-9.30/lbSteelMillEconomics:GlobalSpreads,January7,2015Change%changeChinaFlatSteelSpread(CFSSusingIODEX)*317.05$/mt-0.12-0.04ChinaFlatSteelSpread(CFSSusingTSI)*317.61$/mt-0.60-0.19ChinaLongSteelSpread(CLSSusingIODEX)223.20$/mt3.981.82ChinaLongSteelSpread(CLSSusingTSI)223.76$/mt3.501.59ChinaHotMetalSpread(CHMSusingIODEX)*270.13$/mt1.930.72ChinaHotMetalSpread(CHMSusingTSI)*270.69$/mt1.450.54ChinaCokingMargin(CCM)**255.00RMB/mt0.000.00ChinaBillet-RebarSpread(CBRS)335.00RMB/mt40.0013.56TurkeyScrap-RebarSpread(TSRS:Platts)185.00$/mt-1.00-0.54TurkeyScrap-RebarSpread(TSRS:TSI)186.00$/mt0.000.00TurkeyScrap-BlackSeaBilletSpread(TSBS:Platts)75.00$/mt-1.00-1.32TurkeyScrap-BlackSeaBilletSpread(TSBS:TSI)76.00$/mt0.000.00USScrap-HRCSpread(USSHRC)286.98$/st4.461.58USScrap-HRCFuturesSpread(USSHRCF)296.98$/st4.461.53USScrap-RebarSpread(USSRS)321.98$/st4.461.41*Weekly,assessedonMondays.**Weekly,assessedonFridays.Forspreadscalculationandassessmentmethodology,pleasegoto:from$9.05-9.15/lb.Saleswerereportedat$9.20/lb,$9.25/lb,$9.30/lband$9.35/lbinRotterdam,allforpromptrelease.Asaleat$9.15/lbwasalsoreportedinRotterdamlateTuesday.Producersandtradersbothreportedreceivingmoreinquiriesfromconvertersandtraderslookingforoxidepowder.Buyerssaidtheyhadreceivedoffersashighas$9.40/lbinRotterdam.“Thereisnothingavailableunder$9.30/lbandpeo-plearesayingtheyexpectmoreinquiriesoverthenextcoupleofdays,”oneEuropeanbuyersaid.AEuropeantradersaidnewsofCanadianMercatorMineralParkHoldingsmovingtohaltproductionatitscopper/molybdenummineinnorthwesternArizonawasplayingaroleinhigherprices.Sourcessaidthiswouldtakeout8mil-lion-10millionlbfrom2015output.“Peoplewerejustwaitingforaspark,”hesaid.However,notallmarketparticipantsagreedtherewouldbeashortageofmolyb-denumin2015.AsecondEuropeantradersaidhewasexpectingdemandandsupplytoremainunchanged.“Wewillhavelessproductionthisyear,butthiswillbecom-pensatedbynewsupply,”thetradersaid,referringtoSierraGorda.InAsia,spotoffersforoxidepowderwerereportedat$9.20-9.25/lbCIFAsiaorin-warehouseBusan,butnodealswerereportedconcludedyet.Sourcessaidthatwhiletheyantici-Plattssteelindustryassessments,January7Close/MidpointChange%ChgAsiaHot-rolledcoil$/mtFOBShanghai*455.00-460.00457.500.000.00Reinforcingbar$/mtFOBChina*397.00-405.00401.000.000.00*AssessedDecember18,2014EuropeHot-rolledcoilEur/mtEx-works,Ruhr400.00-410.00405.002.500.62CIFAntwerp390.00-400.00395.000.000.00DDPNWEurope(AccessibletoSBBBriefingsubscribersatsbb.com)$/mtFOBBlackSea425.00-435.00430.000.000.00PlateEur/mtEx-works,Ruhr495.00-505.00500.002.000.40CIFAntwerp415.00-425.00420.0010.002.44ReinforcingbarEur/mtEx-works,NWEur415.00-425.00420.000.000.00$/mtFOBbasisTurkey500.00-510.00505.000.000.00Billet$/mtFOBBlackSea395.00395.000.000.00NorthAmericaHot-rolledcoil$/stEx-works,Indiana590.00-600.00595.000.000.00CIF,Houston530.00-550.00540.000.000.00Plate$/stEx-works,USSE765.00-785.00775.00-15.00-1.90CIF,Houston670.00-690.00680.00-10.00-1.45Reinforcingbar$/stEx-works,USSE620.00-640.00630.000.000.00CIF,Houston475.00-485.00480.000.000.00EuropeandUScold-rolledcoilassessments,January7Eur/mtClose/MidpointChange%ChgEx-works,Ruhr480.00-485.00482.500.000.00CIFAntwerp455.00-460.00457.500.000.00DDPNWEurope(AccessibletoSBBBriefingsubscribersatsbb.com)$/mtFOBBlackSea520.00-525.00522.500.000.00$/stEx-works,Indiana720.00-730.00725.00-10.00-1.36CIF,Houston580.00-600.00590.000.000.00patedoxidepowderpricestoinchupinthenextfewdays,therewasuncer-taintyaboutwhetherpriceswillbeabletogainmuchtraction.Theysug-gestedhigherpriceswouldseemoreoffersemerge.“Thefewofferswe’reseeingatthemoment,especiallyinEurope,maynothavetodowithlimitedcargoes,buttodowithlimitedinventoriesthatsellersarewillingtoletgoatcurrentpricelev-els,astheirpurchasingcostsmayhavebeenverycloseto$9/lb,”aChinesetradersaid.EuropeanMWdailyferromolybde-numwasunchangedat$23-23.20/kg.SourcessaidaGermantenderforferro-molybdenumwasconcludedlowerthanexpected,butfivetrucksweresaidtohavebeenbought.Priceslevelswerespeculatedataround$23-23.20/kgDDP,butPlattswasunabletoconfirm.Ontalkthattheconcludedpricewasbelow$23/kg,severalsourcessaiditwouldnotbeEuropeanstandardferromo-lybdenumthatwassold.—JitendraGillwithHongmeiLiinSingaporeChinaFeCrspotpricesflatonmillrolloversSingapore—Domesticspotpricesof50%CrChinesehigh-carbonfer-rochromewereassessedflatweekonweekWednesdayatYuan6,350-6,500/mt(equivalentto77-79cents/lb)afterthecountry’smajorstainlessmillsrolledoverJanuaryferrochromepurchasepric-esfromDecember.ShanxiTaigangStainlessSteelset-tledJanuarypricesearlythisweekunchangedfromDecemberatYuan6,200/mt.InlateDecember,BaosteelandJiuquanIron&Steelbothkeptpric-esunchangedonmonthatYuan6,450/mt.“Therolloversmeanthereisnomoredriveforspotpricestoclimb,”anofficialwithaneastChinastainlessmillsaid.DomesticspotpricesincreasedinNovemberandparticipantshadantici-patedfurtherincreasesinthemarketatthetime.ButthepositivesentimentwaslaterdampenedbytheJanuarypricerollovers.SourcessaidspotpricesatYuan6,500/mtwerehardtoachievebutitwaspossibleforregionslikethesouth,wheresupplywastighteramidproductioncuts.SpotofferswereholdingupasFeCrpro-ducerswerefocusedonsupplyingmillsundermonthlycontractsandhadlimitedmaterialtosellspot,anofficialwithamillincentralChinasaid.Spotpriceswerelikelytoremainsta-bleatleastuntilFebruarypurchasepricesettlementsbetweenstainlesssteelmakersandferrochromeproducersinlateJanuaryand/orearlyFebruary,sourcessaid.—VivianTeoAmericasBrazil’sironoreexportstoChinaincreaseSaoPaulo—IronoreexportsfromBraziltoChinainDecemberrose21.2%to20.51millionmtfromth