tp besok sih antm inco tetap merah
On 6/6/07, James Arifin <[EMAIL PROTECTED]> wrote: > Pak Sudes, > > terus terang tulisannya Citigroup nggak bilang apa2 soal ketakutan > akan kelebihan supply tapi malah ketakutan tidak cukup supply, cuma > cara nulisnya dibuat ribet dan ribet putar kemana mana > > On 6/6/07, Samuel Sudeswanto Yeung <[EMAIL PROTECTED]> wrote: > > > > > > > > > > > > > > > > maaf, ada yang bisa bantu saya untuk menterjemahkannya dan > > menjelaskannya? > > karena kalau dari yang saya baca, banyak hal yang tidak konsisten? > > terimakasih ^^ > > > > --- In obrolan-bandar@yahoogroups.com, Joe Grunk <[EMAIL PROTECTED]> > > > > wrote: > > > > > > THE PIG IRON FACTOR > > > Citigroup worries about sharp correction in nickel price > > Citigroup's equity research unit Tuesday expressed worry about a > > sharp correction in nickel prices, calling the supply demand > > situation "an accident waiting to happen." > > > Author: Dorothy Kosich > > > Posted: Wednesday , 06 Jun 2007 > > > RENO, NV - > > > While Citigroup has increased its long term nickel price > > projection from $4/lb to US$6/lb, metals analysts Alan Heap and Alex > > Tonks termed the supply-demand situation "an accident waiting to > > happen." > > > Noting that "nickel prices have been resilient under an > > accumulation of bearish news, supported by a short squeeze," the > > analysts declared that they don't believe "these conditions will > > last. A combination of increasing supply and demand destruction will > > bring a sharp correction in prices." > > > In their analysis published Tuesday, Heap and Tonks expressed > > concerns that the nickel market is "unstable, and prices could halve > > over a few months when the fundamentals begin to bite." > > > Nonetheless, Citigroup also forecasts that primary nickel demand > > in the major consuming economies will increase 10%, while global > > demand will rise 8%. Several factors could harm primary demand, > > however, including stainless destocking, substitution of high nickel > > alloys, and substitution of primary nickel by scrap. > > > Although LME nickel stocks have doubled from their April low > > point, Citigroup noted that "total reported stocks remain low and > > the market is still fundamentally tight." > > > Meanwhile, they also asserted that "the surge in production of > > nickel in pig iron presents an important source of new supply and > > one of the most important threats to the sustainability of high > > prices." Their research determined that New Caledonia exports are > > displacing Philippines ore for nickel in pig iron production. > > > "Production of nickel in pig iron reached 30kt of contained Ni in > > 2006, up from virtually zero in 2005," Heap and Tonks wrote. "We now > > estimate that production in 2007 will be around 70kt, and by year > > end running at 100ktpy." In the meantime, pig iron capital costs are > > almost zero although producers may be required to produce a higher > > quality product, they suggested. > > > Citigroup estimated pig iron operating costs to average US$8- > > $12/lb. > > > Among the factors which could cause a sharp decline in the pig > > iron production: > > > > > > A fall in the nickel price > > > Environmental problems involving mines in the Philippines and > > at blast furnaces > > > Governments may restrict or ban the export of nickel > > ores. "This seems highly likely and such proposals have already been > > made in Indonesia and New Caledonia." > > > In contrast to the supply outlook for other base metals > > growth, "growth in nickel supply will be determined by the outlook > > for a few major projects," Citigroup suggested. > > > Citigroup's analysis asserts that barriers to nickel entry into > > commodity markets are increasing. "Most of the new supply will be > > from laterite projects [accounting for more than 90% of new supply] > > which are expected to face high capital costs and technical > > challenges." > > > Capital costs for new laterite projects average US$11.33, > > sulphides US$4.50, according to Citigroup. > > > "The cash cost curve is expected to continue to steepen on a > > trend basis, and industry average cash margins to widen as a > > consequence," the analysts predicted. > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > --------------------------------- > > > Pinpoint customers who are looking for what you sell. > > > > > > > > > > > >
