Industrial Metals Update China’s REE trade data show demand still rising strongly China’s rare earth (REE) trade data show that exports were up 104% in the first ten months of 2015 compared to the same period a year earlier as the removal of export quotas and tariffs continued to... 25th November 2015 · 1 min read
Industrial Metals Update Any recovery in alumina prices is likely to be limited Alumina prices are strongly influenced by aluminium prices, as demand for aluminium constitutes the bulk of demand for alumina. Since we expect aluminium prices to recover only slowly, alumina prices... 25th November 2015 · 1 min read
Industrial Metals Update Steel prices to recover but not until next year US and Chinese steel prices have continued to fall due to overcapacity and strong exports from China. However, the US government has begun to impose anti-dumping duties and Chinese output should fall... 24th November 2015 · 1 min read
Metals Data Response Global Steel Production (Oct.) World Steel Association (WSA) data for October show that global steel output fell by 3.1% y/y, with declines in most major producing regions. World output has been down y/y in every month this year... 20th November 2015 · 1 min read
Commodities Weekly China worries continue to weigh on sentiment Prices of most industrial metals fell sharply this week, largely reflecting persistent investor concerns about the prospects for Chinese demand. The latest data showed LME money managers cutting their... 20th November 2015 · 1 min read
Global Economics Update Four key charts on the commodities “rout” (and the BDI) This Update aims to provide some perspective on the recent slides in oil and copper prices and the new record lows for the Baltic Dry Index of global shipping costs. It includes a more positive view... 20th November 2015 · 1 min read
Industrial Metals Update Outlook for sectoral REE demand is positive The market sectors which consume the most rare earths (REEs) are also the ones where demand is expected to grow the most next year. As such, REE demand should strengthen further next year. 20th November 2015 · 1 min read
Metals Data Response Global Aluminium Production (Oct.) According to the International Aluminium Institute, global aluminium output grew by almost 8% y/y in October. Excluding China, output rose by less than 4% y/y. 20th November 2015 · 1 min read
Global Economics Update Time for Dr. Copper to be struck off? The continued slide in the price of copper has added to concerns about global growth. However, the industrial metal’s track record at diagnosing the health of the world economy has actually been shaky... 18th November 2015 · 1 min read
Industrial Metals Update Lower copper price premium may have an upside Given prevailing market conditions, reports that Codelco has cut copper price premiums for 2016 sharply was hardly that surprising. We therefore think the negative market reaction has been overdone... 17th November 2015 · 1 min read
Industrial Metals Update Making sense of the China data A deluge of Chinese data this week has coincided with a renewed slump in most metals prices. However, while the headlines have focused on the negatives, our interpretation of the data is that the... 13th November 2015 · 1 min read
Industrial Metals Update Can protectionism save beleaguered aluminium producers? With profits under pressure, aluminium producers outside China have recently campaigned for protectionist trade measures in an attempt to defend themselves against cheap Chinese imports. However, we... 12th November 2015 · 1 min read
Industrial Metals Update Prices fail to heed fundamentals Ongoing declines in stocks of many LME metals have failed to prevent prices from falling further over the last month. Of course, stocks can be subject to manipulation and may not be an accurate... 11th November 2015 · 1 min read
Commodities Update Unloved copper set to rebound The price of copper is languishing below US$5,000 per tonne, undermined by negative sentiment towards commodities in general and concerns about demand from China in particular. Nonetheless, the... 11th November 2015 · 1 min read
Industrial Metals Update Cobalt supply unlikely to keep pace with demand Demand for cobalt looks set to grow rapidly for the foreseeable future given its use in rechargeable batteries. But the supply outlook is deteriorating, suggesting scope for prices to rally strongly. 10th November 2015 · 1 min read
Metals Data Response Indonesia Tin Exports (Oct.) Indonesia’s tin exports rose strongly in October, but we expect volumes to drop sharply from November as new export regulations take effect. Lower Indonesian production and exports next year should be... 5th November 2015 · 1 min read
