Making improvements… “Brazil’s Vale SA will launch in March the first phase of its iron ore storage and distribution centre in Malaysia that will improve its access to China, its biggest customer, a company official said on Tuesday,” reports Reuters.
“The world’s top iron ore miner, whose huge Valemax vessels are banned from Chinese ports, built the Malaysian terminal to better compete with Australian rivals Rio Tinto and BHP Billiton.”
“The 400,000-deadweight tonne (dwt) vessels, the world’s biggest bulk carriers, were meant to cut Vale’s shipping costs to China but Beijing banned them in January 2012 to shield its shippers. The Malaysian hub, along with a floating terminal in the Philippines set up in February 2012, may help Vale maximise the use of the ships.”
In metal price news for stainless steel and nickel…
With a 1.0 percent increase over the past day, the nickel spot price was the biggest mover on the LME, closing at $14,405 per metric ton on Monday, February 24. After a 1.0 percent increase, the nickel 3-month price finished the day on the LME at $14,440 per metric ton. The Indian nickel cash price saw a 0.9 percent decline.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat.
The price of Chinese primary nickel declined 0.7 percent. The price of Chinese 316 stainless coil remained essentially flat. The price of Chinese 304 stainless coil held steady. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat. The price of Chinese 304 stainless steel scrap saw little movement.