chinese mining efforts - the first province releasing detailed plans for restructuring

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Interfax China Metals & Mining Weekly

13,330 words8 June 201211:57Interfax: China Mining & Metals WeeklyCHNMETEnglish(c) 2012 Interfax Information Services, B.V.The consolidation of the rare earths industry in south China has taken a step forward after Guangdong becamethe first province in the region to release a detailed plan for industry restructuring last week. Guangdong RareEarth Industry Group (GRIEG), a unit of state-owned Guangdong Rising Assets Management Co. Ltd. (GRAM),was singled out to lead the consolidation, and is also likely to be chosen as one of three firms that will oversee therestructuring of the industry in the wider south China region.

But the ultimate beneficiary of the plan could in fact be another GRAM subsidiary, its listed rare earths unitGuangdong Rising Nonferrous Metals Group Co. Ltd. GRAM may choose to inject the assets accumulated byGRIEG in the consolidation process into the listed subsidiary, said analysts.

Deal activity is heating up in China’s gold space meanwhile as miners vie for domestic and overseas resources tomeet the nation’s burgeoning demand for the yellow metal. Attractive valuations of target companies due to lowgold prices are also adding to the action.

Two major deals were announced June 1, with state-owned Shandong Gold Group agreeing to acquire majoritystakes in two Shandong-based miners for a combined price of RMB 3.8 billion ($597 million), and Zijin MiningGroup offering AUD 180.3 million ($174.78 million) for all outstanding shares in Norton Gold Fields Ltd. Zijincurrently owns a 16.98 percent stake in the Australian miner.

Zijin furthermore increased its presence in Tajikistan after reaching an agreement on copper production with thegovernment during President Emomali Rahmon’s state visit to China. The miner currently owns a 75 percentstake in Zeravshan Gold Co., a joint venture (JV) with the Tajik government which in 2011 accounted for 59.3percent of the country’s gold output.

In other news, China’s three leading ferromolybdenum producers reduced their prices this week, potentiallyushering in an industry consolidation as smaller players are forced out of the business amid low profit margins.

Please direct any questions, comments or suggestions regarding China Metals & Mining Weekly to the editor,Orlando Bowie ().

Rare earths consolidation has taken a step forward in south China after Guangdong became the first province inthe region to release a detailed plan for industry restructuring last week.

The document gives a leading role to Guangdong Rare Earth Industry Group (GREIG), a unit of state-ownedGuangdong Rising Assets Management Co. Ltd. (GRAM) that was established in February to act as a regionalconsolidation platform. GRIEG moreover has a strong chance of being chosen as one of the three leading playersthat will control 80 percent of the heavy rare earths industry in south China between them as partof a restructuring plan issued by the State Council in May last year.

Guangdong aims to finish consolidating its miners and smelters by 2013 and to have a full industry chain in placeby 2015. The document targets improvements in new materials technology and lays out plans for a strategicprovincial reserve of key rare earth oxides.

The province furthermore intends to build two or three rare earths industry parks in a bid to attract overseasinvestment, and will also encourage GREIG to acquire overseas rare earths resources and deep-processing firmsto increase its international influence under China’s “Go Out” policy.


But the ultimate beneficiary of the plan could in fact be another GRAM subsidiary, namely the group’s only listedrare earths unit, Guangdong Rising Nonferrous Metals Group Co. Ltd. (GRNW).

Once the consolidation is finished, GRAM may choose to inject GRIEG’s assets into the listed unit. “It’s possiblethat the company will list the new assets separately, but injecting them into GRNW would be much easier,” YeXin, an analyst with Anxin Securities, told Interfax.

GRNW’s growing importance in the local industry is reflected in its share price on the Shanghai Stock Exchange,which has surged by about 100 percent this year to date.

The consolidation process meanwhile is likely to play out as a competition for influence betweencentrally-controlled state-owned enterprises (SOE) and those controlled by local governments, Ye noted.Resources and mining rights are largely in the hands of local SOEs, which will be unwilling to cede them to theircentrally-controlled peers.

On the regional stage, locally-controlled GRIEG could be competing with national giants like Minmetals, Chinalcoand China Nonferrous Metal Mining Corp. (CNMC), which have all established a presence in south Chinathrough acquisitions or by setting up smelters.

While the rare earths industry in Guangdong is more fragmented than in Inner Mongolia, where consolidationefforts have already made significant ground, a high industry concentration relative to the rest of south China andGRAM’s prominence as a large locally-owned SOE make the province an obvious starting point for regionalconsolidation.

Neighboring Jiangxi has more rare earths resources than Guangdong, but the presence of metals giants such asMinmetals and CNMC will increase the friction between locally- and centrally-controlled firms and could hamperthe consolidation, Huatai Securities analyst Liu Minda told Interfax.

In another major policy development to emerge from the industry last week, China is considering establishingnational rare earths stockpiles, China Securities Journal reported last Friday citing official sources. In orderto quell price fluctuations like those seen in 2011, the Ministry of Industry and Information Technology (MIIT)is considering a system to allow strategic buying and selling in which producers buy up surplus supply whenprices fall and sell when prices rise.

China is the world's largest producer of rare earth metals which are critical for the manufacture of high-techproducts ranging from cell phones to missiles. China’s deposits of heavy rare earths, which are more valuableand scarce than light rare earths, are concentrated in south China in provinces such as Jiangxi, Fujian,Guangdong, Hunan and the Guangxi Zhuang Autonomous Region.

Tangshan Iron & Steel Co. Ltd. (Tangsteel) has become the first Chinese steelmaker to enter a structuredfinancing agreement with foreign partners after securing the backing of Swiss steel trader Duterco SA for a$270-million loan from six major banks, the state-owned firm announced Wednesday.

Tangsteel’s deal with the world’s second largest steel trader could pave the way for similar arrangementsinvolving other Chinese steelmakers, offering a further solution for the funding problems wracking the industry.

Under the agreement, Duterco will provide collateral to the banks for a loan to fund Tangsteel’s operating costsfor the production of cold-rolled products, and will also act as international distributor for the goods. The six banksare Deutsche Bank, ABN AMRO, DBS Group, United Overseas Bank (UOB), HSBC and Natixis.

Tangsteel and Duterco have been working together since 2009 and Tangsteel exported 1.07 million tons ofcold-rolled products through the Swiss trader in 2011, accounting for one-sixth of China’s cold-rolled exports. TheChinese steelmaker boosted profits by RMB 200 million ($31.65 million) last year by selling on the higher-pricedinternational market rather than in China.

As well as the price premium on the global market, the firm benefited from a 13-percent customs tax rebate inChina for cold-rolled exports, said Umetals analyst Hu Yanping.

Despite the first interest rate reduction in more than three years on Thursday and two cuts in bank reserverequirement ratios (RRR), China’s steel industry continues to face funding problems, though the difficulties mayease to some extent in the second half, Hu added.

Dwindling profits amid weak downstream demand and low steel prices have taken their toll on the balance sheetsof Chinese steelmakers and contributed to the funding difficulties. Net industry earnings were down 57 percent on


yearly basis in the first four months of 2012 compared to an average decline of only 1.6 percent across China’slight and heavy industries, according to the National Bureau of Statistics (NBS).

Figures from the National Development and Reform Commission (NDRC) meanwhile show first quarter (Q1)profits down 67.8 percent from a year ago at RMB 18.33 billion ($2.9 billion).

Tangsteel is part of state-owned Hebei Iron & Steel Group, one of China’s leading steel producers.

Iron ore stockpiles at China's ports increased this week as higher steel billet prices and lower iron ore pricesencouraged purchases by steel producers, while Thursday’s interest rate cut could encourage more buyingcoming weeks.

Reserves at 30 major ports were up 0.99 percent at 96.66 million tons on Friday, including 10.24 million tonsof Indian iron ore, down 0.29 percent, according to Shanghai-based Mysteel Information.

In the futures market, Australian PB, Indian iron ore grading 63.5 percent, and Brazilian fine grading 63 percentstood at $133, $136 and $131 respectively, down $2, $1.5 and $4 from last week.

The quoted price for Indian iron ore grading 63.5 percent at Tianjin port stood between RMB 1,005 ($159.02) andRMB 1,015 ($160.6) per ton on June 8, down RMB 5 ($0.79) from a week ago.

Iron ore stockpiles at China's 30 major ports, June 8

Port Total (mln tons) Australian ore (mln tons) Brazilian ore (mln tons)Indian ore (mln tons) DetainmentBayuquan 2.74 1.15 1.280.08 NoneDandong 0.5 0.25 0.1 0

NoneQinghuangdao 0.6 0.25 0.10.1 NoneDalian 4.2 1.48 1.72 0

NoneTianjin 5.7 3.7 0.90.8 NoneJingtang 6.4 2.3 1.31.3 NoneCaofeidian 13.35 5.1 4.042.12 NoneYantai 2.4 1.5 0.8 0

NoneLongkou 0.16 0.15 0 0

NoneQingdao 14 5.3 4.21.6 NoneRizhao 14.2 5.9 4.71.8 NoneLanshan 4.6 1.8 0.251.12 NoneLianyungang 5.9 3.1 0.850.35 NoneNantong 1.35 0.7 0.4 0

NoneNanjing 1 0.25 0.250.05 NoneTaicang 2.1 1.3 0.6 0

3-4 daysJiangyin 1.05 0.2 0.150.5 NoneZhenjiang 3.1 0.6 0.650.15 NoneChangzhou 0.35 0.15 0.1 0

None


Zhangjiagang 0.4 0.03 0.1 0None

Beilun 2.65 1.1 0.65 0None

Luojing 1.85 1.15 0.20.1 NoneFuzhou 0.62 0.11 0.17 0

NoneXiamen 0.5 0.08 0.110.03 NoneMawan 0.21 0.21 0 0

NoneGuangzhou 0.26 0.17 0 0

NoneZhanjiang 2.4 0.8 0.5 0

NoneQuanzhou 0.44 0.1 0 0

NoneFangchenggang 3.4 1.6 0.70.14 NoneQinzhou 0.23 0 0 0

NoneTotal 96.66 40.53 24.8210.24 N/A

Source: Mysteel

Zinc output is on the rise in China as smelters resume production after completing upgrades to meet newenvironmental standards, though uncertainty remains over the sustainability of increased output in the secondhalf (H2) in the face of low zinc prices and summer maintenance work, analysts told Interfax.

Leading producer Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (NONFEMET) finished upgrading its Danxiasmelter in Guangdong’s Shaoguan City at the end of last month, while improvements to its nearby Fankoulead-zinc mine were completed at the end of March, the firm said over the weekend.

The firm usually starts annual maintenance work in early May, but local environmental authorities ordered it tobegin two months earlier than usual after high blood lead levels were found in children in the surrounding area.Lead is a by-product of the zinc smelting process.

The firm now expects output of 6,000 tons from its Fankou mine in June, rising to 9.000 tons in July, according toa report from consultancy Fubao Information that cites a company source close to the matter.

A number of smelters in the major production areas of Hunan and the Guangxi Zhuang Autonomous Regionmeanwhile resumed production mid- to late-April.

Authorities in Guangxi had shut down all zinc smelters in Hechi City in January after chromium pollution wasdetected in the Longjiang River. And some small smelters in Hunan brought forward maintenance work to the endof January in the face of sliding prices, and resumed production at the end of April when prices strengthened.

Prices climbed 1.12 percent through April to RMB 15,639 ($2,474.53), while China’s output was down 5.48percent month-on-month and 11.78 percent on the year at 383,764 tons.

Capacity utilization rates have since increased. Large producers with capacity above 200,000 tons saw utilizationrates rise to around 70 percent in May, while for mid-sized players with capacity of 100,000 to 200,000 tons theyclimbed to 50 percent, and those with capacity less than 100,000 tons clocked about 40 percent, Myyouse analystLei Xiaofang told Interfax.

With zinc prices under pressure and the summer maintenance period approaching however, it remains uncertainwhether increased output will be sustainable in the second half. Prices are currently hovering between RMB14,500 ($2,294.3) and RMB 15,500 ($2,452.53) per ton, down from a RMB 18,000 ($2,848.1) peak at the endof July last year, while demand remains soft among major downstream users such as the steel, real estate andhome appliance industries.


CM000016.JPGWeak nickel prices prompted Indonesia to set lower-than-expected base prices for itsrecently-introduced nickel ore export tariff, giving Chinese smelters a temporary breather before the impact of therestrictions filters through to the market.

China's main supplier of nickel ingredients on Monday set base prices for 14 different ores which are subject to a20 percent export tax introduced on May 6. Both foreign and domestic firms without processing facilities in thesoutheast Asian country moreover are prohibited from exporting the ores altogether under the newrules, Interfax previously reported.

The base prices will be adjusted every three months, and for nickel range from $15.80 to $41.52 for four differenttypes of ore grading less than two percent, equating to levies of $3.16 to $8.30 per wet ton.

The tariffs fall far below market expectations – based on the current FOB price – of $8 to $12 per ton, WangHaoyang, an analyst with Shanghai Metals Market told Interfax.

“Cost increases for Chinese smelters will be less drastic than previously thought,” Wang said, adding thatIndonesia’s nickel shipments to China in June could nonetheless be affected if export quotas are introduced.

MetalChina analyst Fan Runze on the other hand sees a marked decline in Indonesian nickel ore imports in June,while the price outlook for the metal remains cloudy amid soft demand in China. “Many large factories arestopping production making prices hard to predict,” said Fan.

The tax is hoped to support prices in the mid-term, though large ore stockpiles in China will limit the short-termimpact, China International Capital Corp. said in a research note May 10.

Stockpiles at seven major ports stood at 13.31 million tons on June 1, up by 1.33 million tons since the beginningof the second quarter (Q2), show Umetal figures. China’s smelters stepped up purchases in response toIndonesia’s restrictions and nickel ore imports have increased for three consecutive months since February, showcustoms data.

The rise in imports masks a reduced appetite for commodities as growth slows in the world’s second largesteconomy – China’s official Purchasing Mangers Index (PMI), a key gauge of manufacturing activity, droppedfurther-than-expected to 50.4 in May, down from 53.3 the previous month.

Decreasing demand for nickel in China along with the global economic uncertainties have seen the metal notchup the worst performance of any base metals on the London Metals Exchange (LME) since February, and theprice has lost about 30 percent in the past few months. LME benchmark nickel contracts fell to $15,980 per ton onJune 6, the lowest since December 2009.

Adding to the gloomy macroeconomic outlook, a supply surplus could put further pressure on nickel – theInternational Nickel Study Group in April predicted a 50,000 ton oversupply in 2012, while CITI Bank has reducedits price forecast by 0.4 percent to $19,430 per ton.

Base prices for Indonesia nickel ore export tax, June – Aug 2012

Ore content (%) Base price (USD/wet ton) Tax (USD/wet ton)<1.5 15.8 3.161.5-1.8 25.14 5.031.8-2.0 32.69 6.542 41.52 8.30

Source: Indonesia Trade Ministry

CM000026.JPGLeading Chinese gold miner Zijin Mining Group has reached an agreement with Tajikistan on jointcopper production in the Sogdiisk region, the office of the Tajik president said in a press release.

The accord comes during a state visit to China by President Emomali Rahmon, though detailed terms have yet tobe announced, Interfax reported from Dushanbe Tuesday.

The Sogdiisk region in north Tajikistan has deposits of sulfide ore, the copper content of which is currentlyunknown. The central Asian country has yet to exploit any of its copper resources.

Zijin Mining currently owns a 75 percent stake in Zeravshan Gold Co., a joint venture (JV) with the Tajikgovernment which in 2011 accounted for 59.3 percent of the country’s gold output.


Zijin Mining has so far invested $200 million in Zeravshan and introduced new technology that help boost goldproduction, according to the press release. A further investment of $100 million should enable the JV to increaseannual production to five tons by 2016.

Zeravshan paid $18 million in taxes in 2011.

Gold production in Tajikistan increased 9.3 percent in 2011 to 2,240.1 kilograms. Thirty-one gold deposits havebeen identified in the country with overall reserves estimated at 675 tons.

Hunan Corun New Energy Co. Ltd. is to acquire Hunan-based Yiyang Hongyuan Rare Earth Co. Ltd. in a bid toextend its industry chain and improve profitability, the manufacturer of advanced batteries announced Thursday.

The acquisition is intended to ensure supplies of input materials, said a Corun securities representative. Rareearths are used in negative films for nickel-metal hydride (Ni-MH) batteries, Corun’s core product.

The deal is worth a total consideration of RMB 1.22 billion ($191.72 million) and comes after the battery makeraborted a previous takeover attempt in January citing difficulties in appraising Hongyuan’s value due to volatilerare earths prices. Corun shares lost 40 percent in the five trading days that followed.

Corun will purchase all Hongyuan shares from the owner Cao Youmin via cash and a stock swap. The batteryproducer will issue 48.12 million shares to Cao at RMB 20.28 ($3.20) per share for an 80 percent stake, andplans a RMB 325 million ($51.45 million) private placement to fund the purchase the remaining 20 percentinterest for RMB 244 million ($38.63 million).

Cao will become Corun’s second-largest shareholder with a 12.7 percent stake which he cannot sell for 36months under the agreement.

Corun shares were suspended from trading on the Shanghai Stock Exchange on March 27 to make way for thedeal. Its share price hit the daily limit for two days running after trading resumed on Thursday, and stood at RMB25.21 ($3.96) at the end of morning trading on Friday.

Based in Yiyang city in central China’s Hunan Province, Hongyuan is involved in rare earths separation, smelting,deep processing and R&D. It was the only firm in Hunan to be granted a rare earth export quota in 2011 but hasyet to obtain one this year.

The takeover will not impact on Hongyuan’s export business, Xie Zhaohui, manager of the firm’s internationaltrading department told Interfax.

China’s three leading ferromolybdenum producers have reduced prices for the material used in high-strengthlow-alloy steel (HSLA), potentially ushering in an industry consolidation as smaller players are forced out of thebusiness amid low profit margins.

Jinduicheng Molybdenum Co. Ltd., China Molybdenum Co. Ltd. and Jinzhou New China Dragon Moly Co. Ltd.cut prices by 1.65 percent or RMB 2000 per ton to between RMB 119,000 ($18,719.77) and RMB 123,000($19,349.01) per ton, state-run newspaper China Nonferrous Metals News reported on its website Wednesday.

Despite the price drop, there is limited downside for molybdenum concentrate, the main ingredientin ferromolybdenum, as prices are already depressed, and the industry is expected to undergo a consolidationas minor players struggle with shrinking profit margins, Antaike Information analyst Peng Ruqing told Interfax.

“The market mechanism will help clean up those minor producers unable to survive on tighter margins, which isgood for the industry,” Peng said.

The price cut moreover is in line with declines in global ferromolybdenum prices due to weak demand amid aslowing Chinese economy and concerns over the European debt crisis, Peng added.

China’s official Purchasing Managers Index (PMI) saw the sharpest drop in 28 months in May, falling to 50.4 from53.3 in April, renewing fears over the extent of its slowdown.

Peng nonetheless remains upbeat: “I think the prices are already close to bottoming out, and I don’t seea significant decline in the short-term.”


China Molybdenum is China’s largest molybdenum producer according to Antaike Information. Listed on theHong Kong Stock Exchange and based in Henan Province, the firm says it was the fourth largest producerglobally in 2011 and accounted for about 6.7 percent of total output in 2010.

Shaanxi Province-based Jinduicheng Molybdenum is the Shanghai Stock Exchange-listed unit of state-ownedJinduicheng Molybdenum Group and also claims to be the world’s fourth largest molybdenum producer on itswebsite. Dragon Moly meanwhile is based in the northeastern province of Liaoning.

Ferromolybdenum is the main source of molybdenum alloying for HSLA, an alloy steel which offers bettermechanical properties and greater resistance to corrosion than carbon steel.

China accounts for about 34 percent of global output of molybdenum, which is mixed with iron oxide andaluminum to produce ferromolybdenum. The country produced 85,000 tons of the transition metal last year whileconsuming about 31 percent of global supplies, according to Research and Markets.

Preliminary exploration work conducted by subsidiaries of Fujian Metallurgy (Holding) Co. Ltd. (FMHC) hasuncovered the world’s largest tungsten deposit in central China’s Jiangxi Province, the Ministry of Land andResources (MOLR) said in a statement on its website Tuesday.

The Datanghu deposit in Wuning County, Jiujiang City, contains proven tungsten reserves of 1.06 million tons,according to a survey conducted by Xiamen Sanhong Tungsten Molybdenum Co. Ltd. (Sanhong Tungsten),a mineral exploration firm, and Xiamen Tungsten Co. Ltd. (Xiamen Tungsten), the world’s largest tungstensmelter. State-owned FMHC controls the two companies with stakes of 34.51 percent and 33.6 percent,respectively.

The mining rights for Datanghu however lie in the hands of Jiangxi Jutong Co. Ltd., in which private equity fundBeijing Judian Investment Co. Ltd. holds a 53 percent stake while Sanhong Tungsten holds a 30 percent share.

The involvement of diverse stakeholders could pose difficulties when it comes to divvying out the reserves, whilethe ore grades at Datanghu also remain uncertain, said Mysteel analyst Chen Cheng.

The mine will take at least five to six years to develop, and in the process the local government may seekto introduce local players into the project, the analyst added.

The results of the survey come after Xiamen Tungsten and Sanhong Tungsten in May last year signedagreements with provincial authorities in Jiangxi to explore tungsten resources and develop the local deepprocessing industry. The deals included a combined RMB 2 billion ($315.96 million) investment in tungstenexploration in northern Jiangxi’s Jiujiang City.

Datanghu will help Xiamen Tungsten increase self-sufficiency in tungsten concentrate – the firm produces 6,500tons a year, enough for about 30 percent of its needs. The remainder is sourced through long-term supplycontracts.

China is the largest tungsten producer in the world, followed by Russia and Vietnam, with resources concentratedin Jiangxi, Hunan and Inner Mongolia. The country produced 121,900 tons of tungsten concentrate in 2011.

The majority of Jiangxi’s tungsten mines are in the south of the province, and Datanghu is the first major depositto be found in the north. Dajishan tungsten mine in southern Jiangxi was previously thought to be China's largesttungsten mine.

FMHC is a diversified metals holdings company owned by the Fujian branch of the State-owned AssetsSupervision and Administration Commission (SASAC). The firm controls 18 companies with interests includingsteel products, aluminum products, tungsten, manganese, gold and iron ore mining.

State-owned Shandong Gold Group, a leading gold producer in China, has agreed to acquire majority stakesin two Shandong-based miners controlled by billionaire Zhang Ankang, winning out over Zhongjin Gold Co. Ltd.in the increasing competition for gold resources between Chinese miners amid burgeoning domestic demand forthe precious metal.

The company has signed a contract to acquire a 98.5 percent stake in each of Shandong Shengda Mining Co.Ltd. and Shandong Tiancheng Mining Co. Ltd. at a combined price of RMB 3.8 billion ($597 million), the group’slisted unit, Shandong Gold Mining Co. Ltd., said in a statement June 1.


The deal took place behind closed doors after the target companies twice delayed an auction in which theprincipal rival would have been Zhongjin, the listed unit of China’s largest gold producer, state-owned ChinaNational Gold Group Co. Ltd.

Initially postponed from April 14 to April 25 while Shengda and Tiancheng underwent preparations, the auctionwas then put on hold for a second time for unspecified reasons until Shandong Gold revealed it had alreadyreached a deal last Friday.

The acquisition could boost Shandong Gold’s total gold reserves by as much as 130 tons, according to thestatement, and brings with it Shengda’s 55-percent stake in prospecting China’s largest monomer gold reserve.The Laizhou mine in Shandong contains gold reserves of 105 tons, worth some RMB 2.6 billion ($408.86 million)at current prices.

China’s gold producers are vying for domestic and overseas resources as the nation remained the world’s largestmarket for gold jewelry for a third consecutive season in the first quarter (Q1), while gold demand from investmentsaw a double-digit year-on-year increase during the period, according to the World Gold Council’s quarterlyreport.

Shares in Shandong Gold’s Shanghai Stock Exchange-listed unit closed up 5.74 percent at RMB 36.31 ($5.71)on Monday, while Zhongjin shares edged up 0.78 percent to RMB 23.26 ($3.66) against a 2.7-percent fall in theShanghai Composite Index.

Zhang Ankang holds a 51 percent stake in Shengda as well as a controlling stake in Tiancheng,state-run International Finance News reported. The businessman is a delegate for Shandong on China’s politicaladvisory body, the Chinese People's Political Consultative Conference (CPPCC), and was worth RMB 3.59 billion($564.53 million) in 2010, according to local media reports.

Zijin Mining Group Co. Ltd. has offered AUD 180.3 million ($174.78 million) for all outstanding sharesin Australia’s Norton Gold Fields Ltd. in a deal set to boost the Chinese miner’s gold output by 14 percent.

Zijin’s wholly-owned subsidiary Jinyu (HK) International Mining Co. Ltd. tendered an offer of AUD 0.25 ($0.24) pershare on June 1 – a 14 percent premium on Norton’s closing share price on May 30. Jinyu furthermore agreedpay a special dividend of AUD 0.02 ($0.019) per share to the shareholders.

Zijin currently owns a 16.98 percent stake in Norton through another of its wholly-owned units, Luminous GoldLtd. The takeover awaits the approval of Chinese regulators as well asAustralia’s Foreign Investment ReviewBoard. Since Norton is a relatively small player, opposition on the Australian side is unlikely, said AntaikeInformation analyst Shi Heqing.

The takeover will increase Zijin’s gold resources by about 13 percent and add to the group’s growing portfolioof overseas interests as it tries to secure gold supplies to satisfy burgeoning demand for the yellow metalin China, said Shi. The firm expects to put a gold mine in Kyrgyzstan into production in 2013, and also ownsprecious metals assets in Russia, Canada and Mongolia.

With gold prices relatively low, listed miners are currently at attractive valuations for takeovers, the analyst added.Gold closed at $1,609.07 per ounce on June 1, down 15.33 percent from a peak of $1,900.3 per ounce in Augustlast year.

Shenyin & Wanguo Futures analyst Cao Bin said prices are likely to hover around $1,600 per ounce in thenear-term amid uncertainty over the chances of a third round of quantitative easing in theU.S., which would boostthe market.

Norton is a mid-tier gold producer listed on the Australian Stock Exchange. The firm’s main shareholders areHSBC Custody Nominees (Australia) Ltd. with 17.43 percent, Citicorp Nominees Pty Ltd. with 16.04 percent, andGold Max Asia Investments Ltd. with 10.90 percent.

Norton’s annual production exceeds 150,000 ounces and its flagship Paddington mine nearKalgoorliesome 600kilometers northeast ofPerthhas defined mineral resources of 5.96 million ounces, including more than one millionounces of proven and probable ore reserves.

Zijin is dual-listed on the Shanghai and Hong Kong stock exchanges. The firm’s shares inShanghaisaw a mutedreaction to the announcement, edging up 0.97 percent from close on May 30 to end at RMB 4.15 ($0.66) onMonday. While mainly focused on gold, the group has interests in various other commodities, including copper,zinc, lead, tungsten and iron ore.


Thermal coal stockpiles in central China’s Hunan Province have reached a record high of 6.6 million tons,sufficient for 45 days of thermal power production, according to statistics released by the Hunan arm of the StateElectricity Regulatory Commission (SERC) on Thursday.

The record breaking reserves are the result of thermal power plants taking advantage of low coal prices, coalindustry expert Li Zhaolin told Interfax.

Domestic coal prices fell to their lowest level of the year this week amid slowing economic growth and weakeningdemand for the commodity, industry portal cqcoal.com said Thursday.Hunan is hopeful that the buildup of coalstockpiles and weather reports indicating sufficient rainfall for hydropower production this summer will help theprovince avoid a second year of power shortages and rationing policies, said SERC.

Up to one-third of power demand went unmet last summer as the province wrestled with insufficient operationalcapacity. Data from local grid operator Hunan Electric Power Corp. (HEPC) shows that daily power demandtopped 280 gigawatt hours (GWh) in the summer of 2011 while supplies only reached 200 GWh.

Hunan can be seen as a bellwether for China’s power supply situation this year, industry expert Sun Xiangmingtold Interfax June 7. Reduced strain on power grids due to slowing manufacturing activity should benefit powersupplies in Hunan as well as other provinces, said Sun.

HEPC forecast this week that summer power supplies should be sufficient to fuel the province without the needreintroduce rationing policies, Interfax reported yesterday. China’s power consumption growth slowedto a 16-month low of 3.7 percent year-on-year in April, the National Energy Administration (NEA) said May14. The NEA is scheduled to release China’s May power consumption figures next week.

Coal prices at Qinhuangdao Port, China’s largest coal transshipment port, fell for the seventh straight week,according to data released by the China Coal Transportation and Development Association (CCTDA) on June 7.

The CCTDA data also shows that coal inventories rocketed 12 percent, or 960,000 tons, from May 30,reaching 8.69 million tons on June 6.

Record setting coal inventories have led to sluggish demand, Li Ting, an expert with the Distribution ProductivityPromotion Center of China Commerce (DPPC) told Interfax on Friday.

Thermal power providers currently hold healthy stockpiles, which has led to weakened sales and falling prices,said Li. Furthermore, domestic producers are cutting prices to keep pace with falling international coal prices.

Li added that domestic coal prices are expected to continue their slide for the next few months before stabilizing.

Coal Prices at Qinhuangdao Port, May 31 – June 7, 2012

Coal type Heat value (Kcal/KG) FOB price May 31 (RMB, ton) FOB priceJune 7 (RMB, ton)Datong premium blend 5,800 810-820 ($127.15 – $128.72) 805-815($126.31 - $127.88)Shanxi premium blend 5,500 760-770($119.3 – $120.87) 750-760($117.68 - $119.25)Shanxi blend 5,000 660-670 ($103.6 - $105.17) 650-660($101.99 – $103.56)General blend 4,500 555-565 ($87.12- $88.69) 540-550($84.73 – $86.30)

Source: CCTDA

Spot prices for domestically produced iron ore, June 8

Place of production Grade (%) Offer price (RMB/ton) Offer price (USD/ton)Liaoning (Beipiao) 66 (wet) 725 114.72Liaoning (Gongchangling) 65 (wet) 740 117.09Liaoning (Fushun) 66 970 153.48Jilin (Tonghua) 66 910 143.99Hebei (Tangshan) 66 1085 171.68Hebei (Hanxing) 66 1045 165.35Shandong (Luzhong) 65 1120 177.22


Shanxi (Daixian) 64 790 125Anhui (Fanchang) 64 1120 177.22Jiangsu (Zhenjiang) 65 1180 186.71Guangdong (Huaiji) 65 (wet) 760 120.25Hubei (Daye) 63 1000 158.23

Source: Mysteel

Note: Pre-tax prices are shown for iron ore produced in Beipiao, Gongchangling, Daixian, Huaiji and Hanxing

Iron ore prices at Jingtang Port, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Australian PB fine 61.5 950-960 150.32-151.9Indian fine 63.5 995-1005 157.44-159.02Indian fine 63 975-985 154.27-155.85Indian fine 62 940-950 148.73-150.32Indian fine 61 890-900 140.82-142.41Indian fine 60 860-870 136.08-137.66Indian fine 59 830-840 131.33-132.91Indian fine 58 800-810 126.58-128.16Indian fine 56 740-750 117.09-118.67Indian fine 54 680-690 107.59-109.18

Iron ore prices in Qingdao Port, Shandong Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Indian fine 63.5 980-990 155.06-156.65Indian fine 63 960-970 151.9-153.48Indian fine 62 930-940 147.15-148.73Indian fine 61 890-900 140.82-142.41Indian fine 60 860-870 136.08-137.66Indian fine 59 820-830 129.75-131.33Indian fine 58 780-790 123.42-125Australian PB fine 61.5 950-960 150.32-151.9Australian PB lump 62.5 1020-1030 161.39-162.97Brazilian fine 63 930-940 147.15-148.73

Iron ore prices in Caofeidian Port, Hebei Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Indian fine 63.5 995-1005 157.44-159.02Indian fine 63 975-985 154.27-155.85Australian PB lump 62.5 1040-1050 164.56-166.14Australian PB fine 61.5 950-960 150.32-151.9Brazilian fine 63 935-945 147.94-149.53

Iron ore prices in Tianjin Port, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Australian PB fine 61.5 960-970 151.9-153.48Australian PB lump 62.5 1040-1050 164.56-166.14Brazilian fine 63 940-950 148.73-150.32Indian fine 63.5 1005-1015 159.02-160.6Indian fine 63 985-995 155.85-157.44Indian fine 62 955-965 151.11-152.69Indian fine 61 915-925 144.78-146.36Indian fine 60 885-895 140.03-141.61Indian fine 59 845-855 133.7-135.28


Indian fine 58 815-825 128.96-130.54Indian fine 56 755-765 119.46-121.04Indian fine 54 690-700 109.18-110.76Indian fine 52 650-660 102.85-104.43

Iron ore prices in Beilun Port, Zhejiang Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wet ton)Brazilian fine 63 930-940 147.15-148.73

Iron ore prices in Zhanjiang Port, Guangdong Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Indian fine 63.5 980-990 155.06-156.65Indian fine 63 960-970 151.9-153.48Indian fine 62 920-930 145.57-147.15Indian fine 61 880-890 139.24-140.82Indian fine 60 850-860 134.49-136.08Australian PB fine 61.5 950-960 150.32-151.9Australian PB lump 62.5 1020-1030 161.39-162.97Brazilian fine 63 930-940 147.15-148.73

Iron ore prices in Rizhao Port, Shandong Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Indian fine 63.5 980-990 155.06-156.65Indian fine 63 960-970 151.9-153.48Indian fine 62 930-940 147.15-148.73Indian fine 61 890-900 140.82-142.41Indian fine 60 860-870 136.08-137.66Indian fine 59 820-830 129.75-131.33Indian fine 58 780-790 123.42-125Indian fine 54 680-690 107.59-109.18Indian fine 52 620-630 98.1-99.68Australian PB fine 61.5 950-960 150.32-151.9Australian PB lump 62.5 1020-1030 161.39-162.97Brazilian fine 63 930-940 147.15-148.73

Iron ore prices in Lianyungang Port, Jiangsu Province, June 8

Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wetton)Indian fine 63.5 990-1000 156.65-158.23Indian fine 63 970-980 153.48-155.06Indian fine 62 935-945 147.94-149.53Indian fine 61 895-905 141.61-143.2Indian fine 60 865-875 136.87-138.45Indian fine 59 825-835 130.54-132.12Indian fine 58 795-805 125.79-127.37Indian fine 54 695-705 109.97-111.55Indian fine 52 630-640 99.68-101.27Australian PB fine 61.5 950-960 150.32-151.9Australian PB lump 62.5 1025-1035 162.18-163.77Brazilian fine 63 930-940 147.15-148.73

Source: Mysteel

Note: Delivery price includes CIF and average port charges Indian ore delivery price includes export taxes (30percent per ton for lump and fine)

CIOPI, May 25 – June 1


Index May 25 June 1 Change (%)CIOPI 479.53 460.76 -3.91Domestic index 361.47 355.37 -1.69Import index 543.95 518.26 -4.72

CIOPI price equivalent, May 25 – June 1

Products May 25 June 1 Change (%)Domestic iron ore (RMB/ton) 930.13 914.42 -1.69Imported iron ore USD/ton 146.92 139.98 -4.72

RMB/ton 1087.43 1036.85 -4.65

Source: China Iron & Steel Association (CISA)

Note: CIOPI was originally released every Monday and was first published on Oct. 10, 2011. The index is nowusually released on Tuesdays and shows data from the week ending the previous Friday.

The index uses a base price from April 1994 set at 100 points

Import prices are delivery prices, and include CIF (cost, insurance and freight) but exclude taxes. RMB pricesinclude China's 17 percent value-added tax)

Import prices are for dry shipments of fines grading 62 percent, and domestic prices are for dry concentrategrading 62 percent

Laterite ore prices at Tianjin Port, June 8, 2012

Type Grade (%) Delivery price (RMB/wet ton) Delivery price(USD/wet ton)Philippine laterite ore 0.9-1.1 360-370 56.97-58.56Indonesian laterite ore 1.8-1.9 500-600 79.13-94.95Philippine laterite ore 1.4-1.6 290-390 45.89-61.72

Laterite ore prices at Lianyungang Port, Jiangsu Province, June 8, 2012

Type Grade (%) Delivery price (RMB/wet ton) Delivery price(USD/wet ton)Philippine laterite ore 0.9-1.1 360-370 56.97-58.56Philippine laterite ore 1.4-1.6 290-390 45.89-61.72Indonesian laterite ore 1.8-1.9 500-600 79.13-94.95Indonesian laterite ore 1.9-2.0 600-700 94.95-110.78

Laterite ore prices in Rizhao Port, Shandong Province, June 8, 2012

Type Grade (%) Delivery price (RMB/wet ton) Delivery price(USD/wet ton)Philippine laterite ore 1.4-1.6 290-390 45.89-61.72Indonesian laterite ore 1.8-1.9 500-600 79.13-94.95Philippine laterite ore 0.9-1.1 360-370 56.97-58.56

Laterite ore prices in Lanshan Port, Shandong Province, June 8, 2012

Type Grade (%) Delivery price (RMB/wet ton) Delivery price(USD/wet ton)Philippine laterite ore 1.9-2.0 600-700 94.95-110.78Philippine laterite ore 1.8-1.9 500-600 79.13-94.95Philippine laterite ore 1.0 360-370 56.97-58.56

Source: Umetal

Note: Delivery price consists of CIF price, value-added tax and average charges at the port.

Alumina spot market roundup, June 8


Product Price(RMB/ton) Change(RMB/ton) Price(USD/ton) Change(USD/ton) Change(%)Domestically-produced aluminaChalco 2900 0.00 458.950.00 0.00Zouping Gaoxin Aluminum & Power 2700-2750 0.00 427.3-435.210.00 0.00Other producers (average) 2680-2730 0.00 424.13-432.040.00 0.00Imported aluminaQingdao Port 2700-2720 -15.00 427.3-430.46-2.37 -0.55Lianyungang Port 2700-2720 -15.00 427.3-430.46-2.37 -0.55

Source: Chinaccm

Note: Price ranges in the table show the highest and lowest prices for a given item recorded on June 8.

Change is calculated on a weekly basis using average prices on June 1 and June 8

Imported alumina prices are delivery prices, and include the CIF (cost, insurance and freight) price, necessarytaxes and port charges

Aluminum Corp. of China Co. Ltd. (Chalco) is China's largest alumina producer and sells only a small proportionof its output on the spot market

Zouping Gaoxin Aluminum & Power Co. Ltd., formerly Weiqiao Aluminum, is a major producer known for highproduction costs due to its heavy dependence on imported bauxite

Base metals spot prices in Shanghai, June 8

Product Price(RMB/ton) Change (RMB/ton) Price(USD/ton) Change(USD/ton) Change(%)1# Electrolytic copper 54300-54600 -1,025 8593.4-8640.88-162.21 -1.85Imported copper 54250-54450 -1,065 8585.49-8617.14-168.54 -1.92A00 Aluminum ingot Al ≥ 99.70 15890-15930 -40 2514.72-2521.05-6.33 -0.251# Lead ingot Pb ≥ 99.994 15000-15150 -25 2373.87-2397.61-3.96 -0.170# Zinc ingot Zn ≥ 99.995 14650-14750 -50 2318.48-2334.3-7.91 -0.341# Zinc ingot Zn ≥ 99.99 14600-14700 -50 2310.57-2326.39-7.91 -0.341# Tin ingot Sn ≥ 99.90 151500-152500 -2,250 23976.07-24134.33-356.08 -1.461# Nickel ingot Ni ≥ 99.90 118600-122100 -2,350 18769.39-19323.29-371.91 -1.92

Minor metal spot prices in Shanghai, June 8

Product Price(RMB/ton) Change(RMB/ton) Price


(USD/ton) Change(USD/ton) Change(%)1# Magnesium ingot ≥ 99.95% 17650-18050 50

2793.25-2856.56 7.91 0.280# Antimony ingot ≥ 99.91% 77000-78500 -2,750

12185.86-12423.24 -435.21 -3.421# Electrolytic manganese ≥ 99.7% 15300-15400 0

2421.35-2437.17 0.00 0.000# Cadmium ingot, bar ≥ 99.995%(domestically-produced) 17000-18000 -500 2690.38-2848.64 -79.13

-2.78Cobalt ≥ 99.8% 225000-235000 -5,000

35608.03-37190.61 -791.29 -2.131# Titanium sponge ≥ 97-98% (kg) 64-67 -4

10.13-10.6 -0.63 -5.76Indium ≥ 99.99% (kg) 3300-3350 -50

522.25-530.16 -7.91 -1.48Vanadium ≥ 99.5% (kg) 2400-2600 0

379.82-411.47 0.00 0.001# Molybdenum ≥ 99.95% 260-280 0

41.15-44.31 0.00 0.00

Source: Shanghai Yangtze River Nonferrous Metals Market

Note: Price ranges in the tables represent the highest and lowest prices for a given item recorded on June 8

Change is calculated on a weekly basis, using the difference between average prices on June 1 and June 8

Spot prices for domestically produced metallurgical coke, June 8

Place of production(place of sale) Type Price (RMB/ton) Price (USD/ton) Weekly change(%)Shanghai (Shanghai) A13.5S0.8 1850 292.72 0Anhui (Huaibei) A13.5S0.6 1950 308.54 0Shandong (Weifang) A13.5S0.8 1700 268.99-2.86Hebei (Handan) A13S0.7 1730 273.73 0Shanxi (Tangshan) A13.5S0.7 1805 285.6 0Shanxi (Hejin) A13S0.7 1650 261.08 0Heilongjiang (Qitaihe) A13.5S0.4 1630 257.91 0Henan (Pingdingshan) A13.5S0.8 1830 289.56 0Shanxi (Changye) A13S0.7 1600 253.16-1.23Shanxi (Taiyuan) A12.5S0.65 1850 292.72 0Inner Mongolia (Wuhai) A13.5S0.8 1730 273.73 0Guizhou (Liupanshui) A13.5S0.75 2030 321.2 0Qinghai (Xining) A12S0.75 N/A N/A N/AYunnan (Qujing) A15S0.8 2100 332.28-2.33

Source: Mysteel

Note: Prices given in the table are ex-works prices plus tax, excluding sales prices in Handan and Tangshan,which include tax and transportation fees

Weekly change was calculated with figures released by Mysteel on June 8

Scrap metals spot prices in Shanghai, June 8, 2012

Product Price(RMB/ton) Price


(USD/ton) Change(RMB/ton) Change(USD/ton) Change(%)Bare bright (millberry) copper wire Cu>99% 49100-49400 7770.46-7817.94 -1,000

-158.26 -1.99Brass scrap 34200-34500 5412.42-5459.9 -500

-79.13 -1.43Mixed casting aluminum scrap (Fe<2%) 13100-13300 2073.18-2104.83 0

0.00 0.00Shred zinc (Zn 84%-86%) 11200-11400 1772.49-1804.14 -100

-15.83 -0.88Pure nickel scrap 12100-122000 1914.92-19307.46-55,950 -8,854.53 -45.49Scrap steel 2380-2430 376.65-384.57 -100

-15.83 -3.99

Source: www.recyclechina.com

Note: Weekly change is calculated using prices from June 1 and June 8

Benchmark contracts for aluminum, copper, zinc, lead and wire on the Shanghai Futures Exchange saw declinesin the week ending June 8, while gold, silver and rebar gained.

SHFE aluminum contracts, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)al1206 15,880 15,965 15,860 15,905 -55 11,570-4,810 15,900 7,140 568.25al1207 15,930 16,010 15,840 15,870 -80 32,756-4,552 15,870 10,010 795.77al1208 15,825 15,955 15,825 15,875 -55 69,872-7,944 15,870 20,592 1,636.02al1209 15,850 15,960 15,800 15,865 -70 101,7801,506 15,865 54,584 4,336.30al1210 15,945 15,975 15,820 15,880 -70 46,0748,360 15,865 28,594 2,272.85al1211 15,900 16,010 15,865 15,885 -85 10,7905,992 15,875 8,424 669.95al1212 15,950 15,995 15,870 15,885 -85 2,666678 15,880 1,588 126.36al1301 16,170 16,170 15,890 15,895 -125 604242 15,905 500 39.81al1302 16,150 16,150 15,885 15,930 -70 2388 15,930 68 5.43al1303 15,970 16,010 15,940 15,970 -185 10260 15,990 78 6.24al1304 15,905 16,080 15,905 15,980 -145 166 15,980 10 0.80al1305 16,130 16,130 15,910 15,995 -110 2014 15,995 76 6.09Al Total 16,170 15,800 276,488-440 131,664 10,463.86

Note: Change is calculated using close prices from June 1 and June 8


1 lot = 5 tons.

The renminbi traded at 6.3276 against the U.S. dollar on June 4.

SHFE copper contracts, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)cu1206 53,890 54,900 53,430 53,960 -1,140 16,910-5,560 54,110 33,790 9,149.23cu1207 54,040 54,710 53,050 53,680 -1,200 43,952-2,600 53,810 45,780 12,339.10cu1208 53,480 54,500 52,700 53,330 -1,280 81,542-11,908 53,570 105,492 28,306.37cu1209 53,120 54,260 52,330 53,030 -1,300 291,074-21,528 53,270 2,725,440 727,616.45cu1210 53,030 54,080 52,210 52,800 -1,430 135,18252,098 53,070 620,768 165,278.92cu1211 53,100 54,030 52,180 52,740 -1,430 24,6888,696 53,010 49,930 13,269.08cu1212 53,230 54,010 52,170 52,750 -1,460 8,8282,556 53,030 12,992 3,450.72cu1301 52,900 54,050 52,100 52,710 -1,560 4,3161,356 53,020 4,032 1,069.39cu1302 53,260 54,210 52,290 52,690 -1,610 1,588340 53,070 1,012 268.66cu1303 53,400 54,100 52,070 52,810 -1,510 998210 53,120 932 247.36cu1304 53,360 54,100 52,290 52,910 -1,400 868314 53,130 728 193.68cu1305 53,480 54,120 52,090 52,920 -1,490 556174 53,100 588 156.50Cu Total 54,900 52,070 610,50224,148 3,601,484 961,345.47


1 lot = 5 tons.


SHFE zinc contracts, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)zn1206 14,535 14,760 14,450 14,650 -75 9,790-3,150 14,665 7,570 553.70zn1207 14,665 14,850 14,410 14,670 -65 36,316-9,968 14,695 30,198 2,214.21zn1208 14,650 14,860 14,465 14,685 -70 97,864-15,084 14,715 69,060 5,063.23zn1209 14,665 14,880 14,470 14,710 -60 170,578-5,372 14,730 560,168 41,157.28


zn1210 14,715 14,910 14,520 14,745 -65 59,73826,874 14,765 109,326 8,063.59zn1211 14,760 14,940 14,560 14,780 -95 6,1701,870 14,790 4,722 348.65zn1212 14,775 14,970 14,600 14,815 -85 3,854396 14,835 1,508 111.50zn1301 14,785 15,015 14,665 14,810 -115 44648 14,885 302 22.41zn1302 14,810 15,040 14,700 14,865 -100 222-2 14,915 148 11.02zn1303 14,780 15,100 14,665 14,950 -50 32846 14,970 250 18.68zn1304 14,855 15,170 14,745 15,060 -15 148-2 15,020 90 6.75zn1305 14,900 15,195 14,830 15,080 -20 568 15,080 36 2.71Zn Total 15,195 14,410 385,510-4,336 783,378 57,573.73


1 lot = 5 tons.


Rebar contracts on SHFE, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)rb1206 4,050 4,050 4,050 4,050 4 1800 4,050 60 2.43rb1207 4,114 4,177 4,114 4,177 24 274-10 4,151 64 2.64rb1208 4,133 4,162 4,102 4,162 -5 430-50 4,162 138 5.68rb1209 4,121 4,176 4,075 4,140 19 1,648-206 4,144 1,416 58.33rb1210 4,068 4,130 4,020 4,108 13 739,728-90,326 4,112 5,059,090 206,672.53rb1211 4,097 4,138 4,040 4,111 14 8022 4,114 332 13.60rb1212 4,089 4,119 4,021 4,096 7 22222 4,102 232 9.41rb1301 4,062 4,096 4,004 4,079 -7 113,89012,316 4,081 214,006 8,688.05rb1302 4,039 4,100 4,031 4,097 0 50-4 4,089 12 0.49rb1303 4,047 4,068 4,047 4,092 -11 30-2 4,092 4 0.16rb1304 4,086 4,125 4,049 4,105 -21 244 4,094 24 0.98rb1305 4,080 4,139 4,039 4,110 -9 848352 4,102 936 38.23Rb Total 4,177 4,004 858,126-77,902 5,276,314 215,492.55



1 lot = 10 tons.


Wire contracts on SHFE, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)wr1209 3,994 4,135 3,994 4,063 4 0-4 4,063 14 0.57wr1210 4,051 4,088 3,953 4,086 -4 6-4 4,086 60 2.40wr1211 4,086 0 40 4,086 0 0.00wr1212 4,056 -9 20 4,056 0 0.00wr1301 4,043 3 20 4,043 0 0.00wr1303 4,067 0 40 4,067 0 0.00Wr Total 4,135 3,953 18-8 74 2.97


1 lot = 10 tons.


Gold contracts on SHFE, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)au1206 329.44 333.44 323.1 323.1 3.9 372-192 323.67 240 79.30au1207 331 334.85 321 323.3 1.5 42-32 323.25 226 74.54au1208 332.3 335.55 322.82 322.82 0.62 120-12 323.7 110 36.47au1209 333.02 336.53 322.6 324.73 2.89 142-66 325.56 1054 349.84au1210 333.54 336.11 323.19 323.61 0.71 704 324.77 146 48.16au1211 334.4 335.85 322.97 324.96 1.86 5616 326.31 60 19.85au1212 333.5 337.3 322.51 324.93 2.3 113,362-16,242 325.31 401,008 133,490.67au1301 333.5 337.7 322.23 325.6 2.88 6416 325.75 110 36.48au1302 334 336.79 324.1 324.88 2.41 32-2 324.49 8 2.64au1303 335.37 336 322.72 322.72 1.13 16-2 322.72 10 3.28


au1304 334.68 337.01 334.55 321.73 0.48 100 321.73 14 4.70au1305 334.51 337.08 327.19 327.19 4.1 268 327.19 38 12.75Au Total 337.7 321 114,312-16,504 403,024 134,158.67


1 lot = 1,000 grams.


Lead contracts on SHFE, week ending June 8

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)pb1206 15,000 15,100 15,000 15,050 -100 72-28 15,050 74 27.88pb1207 14,940 15,160 14,900 15,020 -80 724-218 15,030 330 124.25pb1208 15,000 15,125 14,880 14,995 -85 2,16848 15,025 742 278.51pb1209 15,020 15,120 14,850 14,965 -95 792386 14,995 588 221.12pb1210 15,075 15,140 14,990 14,990 -45 11060 15,000 86 32.39pb1301 15,100 -40 20 15,100 0 0.00pb1303 15,340 -50 40 15,340 0 0.00pb1304 15,315 -215 40 15,315 0 0.00Pb Total 15,160 14,850 3,876248 1,820 684.14


1 lot = 25 tons


Silver contracts on SHFE, week ending May 25

Contract Open(RMB) High(RMB) Low(RMB) Close (RMB) Change(RMB) Open interest Open interest change Weekend settling price Volume (lot)Turnover(mln RMB)ag1209 5,923 6,154 5,901 5,935 103 79,718-6,810 5,959 1,650,134 148,579.27ag1210 5,920 6,387 5,915 5,950 114 272-40 5,999 580 52.26ag1211 5,959 6,100 5,947 5,979 126 464 5,979 38 3.43ag1212 5,952 6,195 5,936 5,982 114 23,686


-908 6,004 263,586 23,887.40ag1301 5,872 6,236 5,872 5,984 112 25024 6,010 1,144 103.44ag1302 5,980 6,210 5,980 5,987 101 420 5,984 36 3.31ag1303 6,060 6,224 6,008 6,032 121 96-2 6,020 16 1.46ag1304 6,016 6,220 6,016 6,040 129 1700 6,085 32 2.93ag1305 6,018 6,233 6,018 6,106 168 248 6,086 56 5.11Ag Total 6,387 5,872 104,304-7,724 1,915,622 172,638.61


1 lot = 15 KG


Stockpiles of copper, zinc and lead in warehouses monitored by the Shanghai Futures Exchange (SHFE) fell by14,623 tons, 3,215 tons and 611 tons respectively in the week ending June 8, aluminum and gold rose by 915tons and 159 kilograms, while rebar and wire remained unchanged.

SHFE weekly copper warehouse stocks, June 8, 2012

Area Warehouse Stocks, June 1 (tons) Stocks, June 8 (tons) Change(tons)Deliverable On warrant Deliverable On warrantDeliverable On warrantShanghai Qisheng 37,223 13,154 32,850

10,002 -4,373 -3,152Guochu Tianwei 1,984 0 1,984 0

0 0Jinghong 0 0 0 0

0 0Zhongchu Wusong 46,954 21,390 42,805 18,469

-4,149 -2,921Shanggang Wuliu 5,111 1,446 4,638 995

-473 -451Shanghai Yuqiang 0 0 0 0

0 0Zhongchu Dachang 24,296 2,200 12,939 2,200

-11,357 0Tongsheng Luchao 0 0 0 0

0 0Tongsheng Yangshan 17,944 1,269 19,768 1,269

1,824 0Zhongchu Lingang 13,532 75 17,437 75

3,905 0Subtotal 147,044 39,534 132,421 33,010

-14,623 -6,524TOTAL 147,044 39,534 132,421

33,010 -14,623 -6,524

SHFE weekly aluminum warehouse stocks, June 8, 2012

Area Warehouse Stocks, June 1 (tons) Stocks, June 8 (tons)Change (tons)Deliverable On warrant Deliverable On warrantDeliverable On warrantShanghai Qisheng 507 445507 445 0 0


Guochu Tianwei 399 299 399299 0 0Jinghong 0 0 0 0

0 0Zhongchu Wusong 20,205 1,115 25,2981,065 5,093 -50Shangang Wuliu 81,120 27,293 78,61925,997 -2,501 -1,296Shanghai Yuqiang 1,161 0 1,161 0

0 0Zhongchu Dachang 68,097 17,118 65,33915,586 -2,758 -1,532Tongsheng Luchao 0 0 0 0

0 0Tongsheng Yangshan 0 0 0 0

0 0Zhongchu Lingang 0 0 0 0

0 0Subtotal 171,489 46,270 171,32343,392 -166 -2,878Guangdong 830chu 18,000 2518,000 25 0 0Shengshi 5,850 0 5,850 0

0 0Shengshi xiaotang 4,020 0 4,020 0

0 0Nanchu 17,277 301 18,361301 1,084 0Subtotal 45,147 326 46,231326 1,084 0Jiangsu Zhongchu Wuxi 60,000 5,91360,000 4,919 0 -994Wuxi Guolian 895 0 1,263 0

368 0Subtotal 60,895 5,913 61,2634,919 368 -994Zhejiang Zhejiang Kangyun 35,000 7,90635,000 7,405 0 -501

Kangyun Zhuji 7,049 4,4706,678 4,470 -371 0

Guochu 837 0 0 00 0 0

Ningbo Jiulongcang 0 0 00 0 0

Subtotal 42,049 12,37641,678 11,875 -371 -501TOTAL 319,580 64,885320,495 60,512 915 -4,373

SHFE weekly zinc warehouse stocks, June 8, 2012

Area Warehouse Stocks, June 1 (tons) Stocks, June 8(tons) Change (tons)Deliverable On warrant Deliverable On warrant

Deliverable On warrantShanghai Qisheng 110,000 92,206

110,000 89,805 0 -2,401Guochu Tianwei 13,516 8,183 13,516

7,760 0 -423Zhongchu Wusong 8,037 2,753 8,414

2,503 377 -250Shanggang Wuliu 68,352 52,107 65,752


49,687 -2,600 -2,420Shanghai Yuqiang 20,000 14,013 20,000

14,191 0 178Zhongchu Dachang 45,317 16,724 45,317

16,425 0 -299Tongsheng Luchao 0 0 0

0 0 0Subtotal 265,222 185,986 262,999

180,371 -2,223 -5,615Guangdong Shengshi xiaotangNanchu 10,225 1,076 10,225 1,076 0 058,223 18,710 57,231 18,009

-992 -701Subtotal 68,448 19,786 67,456

19,085 -992 -701Jiangsu Wuxi Guolian 275 274

275 274 0 0Zhejiang Zhejiang Kangyun 4,926 0

4,926 0 0 0Kangyun Zhuji 0 0 0

0 0 0Guochu 837 0 0 0

0 0 0Ningbo Jiulongcang 0 0 0

0 0 0Subtotal 4,926 0 4,926

0 0 0TOTAL 338,871 206,046

335,656 199,730 -3,215 -6,316

SHFE weekly lead warehouse stocks, June 8, 2012

Area Warehouse Stocks, June 1 (tons) Stocks, June 8 (tons)Change (tons)Deliverable On warrant Deliverable On warrantDeliverable On warrantShanghai Qisheng 4,383 1,8834,288 1,883 -95 0Guochu Tianwei 7,666 3,642 7,6663,642 0 0Zhongchu Wusong 1 0 1 0

0 0Zhongchu Dachang 6,965 0 6,965 227

0 227Guochu Lingang 101 101 101 101

0 0Subtotal 19,116 5,626 19,0215,853 -95 227Guangdong Shengshi xiaotang 3,477 1,0243,477 1,024 0 0Nanchu 4,626 3,040 4,1503,040 -476 0Huangpu 830 0 0 0 0

0 0Subtotal 8,103 4,064 7,6274,064 -476 0Jiangsu Zhongchu Wuxi 743 477 703

477 -40 0Zhejiang Kangyun Zhuji 85 25 85

25 0 0Guochu 837 0 0 0 0

0 0


Subtotal 85 25 85 250 0

Tianjin Zhongchu Nancang 0 0 00 0 0

Tianjin Bohai 0 0 0 00 0

Guochu 833 0 0 0 00 0

Subtotal 0 0 0 00 0

TOTAL 28,047 10,19227,436 10,419 -611 227

SHFE weekly gold warehouse stocks, June 8, 2012

Stocks, June 1 (kilograms) Stocks, June 8 (kilograms) Change (kilograms)699 858 159

SHFE weekly rebar warehouse stocks, June 8, 2012

Area Warehouse Stocks,June 1 (tons) Stocks, June 8 (tons)Change (tons)Shanghai Wugang Logistics 0 0 N/AZhongnong Wujing 0 0 0Tiemin Steel 0 0 0Subtotal 0 0 N/AJiangsu Zhongchu Wuxi 0 0 0Huilong Port 4,732 590 0Qisheng Wanlin 12,105 9,742 0Subtotal 0 0 N/AZhejiang Zhejiang Kangyun 0 0-2,363Kangyun Chongxian 0 0 0Kangyun Ningbo 0 0 0Wuchan Logistics 0 0 0Subtotal 12,105 9,742 N/ATianjin Zhongchu Nancang 0 0 0Taida 0 0 -2,363Subtotal 12,105 9,742 N/ATOTAL 4,732 590 0

SHFE weekly steel wire warehouse stocks, June 8, 2012

Area Warehouse Stocks,June 1 (tons) Stocks, June 8 (tons)Change (tons)Shanghai Wugang Logistics 0 0 0Zhongnong Wujing 0 0 0Tiemin Steel 0 0 0Subtotal 0 0 0Jiangsu Zhongchu Wuxi 0 0 0Huilong Port 0 0 0Qisheng Wanlin 0 0 0Subtotal 0 0 0Zhejiang Zhejiang Kangyun 0 0 0Kangyun Chongxian 0 0 0Kangyun Ningbo 0 0 0Wuchan Logistics 0 0 0Subtotal 0 0 0Tianjin Zhongchu Nancang 0 0 0Taida 0 0 0Subtotal 0 0 0TOTAL 0 0 0


Source: Shanghai Futures Exchange

Renminbi kilobar gold prices in Hong Kong, June 8

Contract Bid (RMB) Ask (RMB) Last (RMB) Open (RMB) Close (RMB) High LowKilo Gold / RMB 322.55 322.85 322.4 0.0 0.0 324.1 321.8

Source: The Chinese Gold & Silver Exchange Society

Index Code June 1 June 8 Change(%)Shanghai Composite Index 000001 2373.44 2281.45 -3.88Shanghai A Share Index 000002 2486.19 2389.79 -3.88Shanghai B Share Index 000003 236.87 228.57 -3.50Shanghai 180 Index 000010 5636.46 5406.56 -4.08Shenzhen Composite Index 9989 966.79 928.86 -3.92Shenzhen A Share Index 9990 1011.42 971.77 -3.92Shenzhen B Share Index 9991 646.59 619.43 -4.20Shenzhen Sub 9901 10145.8 9707.18 -4.32Shenzhen Sub A Share Index 9902 11157.28 10683.49 -4.25Shenzhen Sub B Share Index 9903 4672.44 4395.37 -5.93

Source: Shanghai Securities Exchange and Shenzhen Securities Exchange

Security Code June 1 (RMB) June 8 (RMB) Change(%) Trade volume ('000 shares)Wuhan Iron & Steel 600005 2.86 2.8 -2.10596,515Baotou Steel Union 600010 6.44 6.15 -4.502,656,695Baoshan Iron & Steel 600019 4.84 4.8 -0.83881,500Jinan Iron & Steel 600022 2.73 2.61 -4.40499,616Minmetals Development 600058 26.7 25.12 -5.92601,407Laiwu Steel 600102 7.13 7.13 0.00 0Rare Earth Hi-Tech 600111 45.67 44.9 -1.693,084,402Ningbo Tongmu 600114 12.34 10.75 -12.88511,161Xining Special Steel 600117 6.45 6.11 -5.27137,386Hangzhou Iron & Steel 600126 3.91 3.68 -5.88118,122Ningxia Hengli 600165 6.85 6.48 -5.4050,967Nanshan Aluminum 600219 7.49 7.07 -5.61251,056Lingyuan Iron & Steel 600231 5.51 5.18 -5.99114,857Xinke New Materials 600255 7.51 6.73 -10.39212,319Rising Nonferrous Metals 600259 78.05 73.23 -6.18238,246Nanjing Iron & Steel 600282 2.79 2.7 -3.23113,269Hong Xing Iron & Steel 600307 4.17 3.78 -9.35405,199Sichuan Hongda 600331 8.88 8.33 -6.19324,593Jiangxi Copper 600362 25.7 24.48 -4.75


446,654Kingray New Materials 600390 15.31 14.85 -3.00106,955Fushun Special Steel 600399 5.37 4.95 -7.82179,544Ji'En Nickel 600432 14.91 14.05 -5.77120,156Baoji Titanium 600456 21.35 20.3 -4.92188,285Sino-Platinum Metals 600459 19.25 18.2 -5.4558,754Hangxiao Steel Structure 600477 5.46 5.17 -5.31106,985Lyrun New Material 600478 20.84 25.21 20.975,787Zhongjin Gold 600489 23.08 23.13 0.221,270,272Chihong Zinc & Germanium 600497 16.11 15.13 -6.08204,455Nanchuan Changli Steel 600507 4.43 4.23 -4.5189,639Yuguang Gold & Lead 600531 20.85 19.66 -5.71220,845Shandong Gold Mining 600547 34.34 36 4.831,699,613Xiamen Tungsten 600549 48.81 46.5 -4.73692,665Anyang Iron & Steel 600569 2.61 2.53 -3.07198,994Bayi Iron & Steel 600581 8.14 7.49 -7.99284,867Zhongfu Industrial 600595 6.61 6.08 -8.02180,624Dongyangguang Aluminum 600673 9.1 8.79 -3.41314,576Jinrui Mining 600714 14.8 14.07 -4.9365,806Xinyu Iron and Steel 600782 4.76 4.6 -3.3675,734Maanshan Iron & Steel 600808 2.44 2.3 -5.74598,443Xinjiang Joinworld 600888 12.28 11.38 -7.33135,254Guangzhou Iron & Steel 600894 6.92 6.76 -2.3173,033Zhuzhou Smelting Group 600961 11.62 10.55 -9.21516,600Liuzhou Steel 601003 3.55 3.37 -5.0770,594Chongqing Steel 601005 3.72 3.06 -17.74488,285Western Mining 601168 9.88 9.36 -5.26415,339Chalco 601600 16.38 15.09 -7.88691,698Yechiu Metal Recycling 601388 6.9 6.57 -4.78428,978Zijin Mining 601899 4.14 4.07 -1.693,853,928Jinduicheng Molybdenum 601958 14.1 13.4 -4.96308,507


Henan Mingtai Aluminum Industrial 601677 12.19 11.23 -7.8839,504

Source: Shanghai Securities Exchange

Security Code June 1 (RMB) June 8 (RMB) Change(%) Trade volume ('000 shares)Zhongjin Lingnan 000060 9.32 8.94 -4.08 397,255Hongfeng Industry 000594 2.97 2.67 -10.10 3,717,838Wanfang Aluminum 000612 12.78 12.21 N/A 118,309New Steel & Vanadium 000629 8.04 8.04 0.00 0Tongdu Copper 000630 21.93 20.51 -6.48 578,571Jinling Mining 000655 13.58 12.65 -6.85 90,052China Tungsten 000657 9.9 9.9 0.00 0Daye Special Steel 000708 10.37 10.1 -2.60 70,512Hebei Iron & Steel 000709 3.03 2.91 -3.96 848,055SGIS Songshan 000717 2.83 2.66 -6.01 524,725Huludao Zinc 000751 3.54 3.44 -2.82 487,123China Nonferrous 000758 23.69 22.07 N/A 407,467Bengang Steel Plates 000761 4.95 4.58 -7.47 112,920Tibet Mining 000762 16 16.24 1.50 278,226Xinxin Ductile Iron Pipes 000778 7.96 7.2 -9.55 684,863Taiyuan Twin Tower 000795 16.03 14.48 -9.67 346,270Yunnan Aluminum 000807 6.66 6.45 -3.15 523,358Taigang Stainless Steel 000825 3.76 3.64 -3.19 312,232Shanxi Guanlu 000831 9.15 9.15 0.00 0Yunnan Copper 000878 19.67 18.58 -5.54 580,237Angang New Steel 000898 4.22 4.01 -4.98 406,309Valin Tube and Wire 000932 2.65 2.58 -2.64 265,081Shenhuo Coal 000933 11.15 9.91 -11.12 817,528Shougang 000959 2.99 3 0.33 375,132Yunnan Tin 000960 22.6 20.58 -8.94 308,521Orient Tantalum 000962 16.39 14.8 -9.70 252,328Sinosteel Tianyuan 002057 18.55 16.85 -9.16 75,410Gaoxin Zhangtong 002075 4.97 4.61 -7.24 96,066Fujian Sangang Minguang 002110 7.03 6.65 -5.41 39,501Luopin Zinc & Electricity 002114 7.84 7.79 N/A 283,328West Metal Material 002149 14.01 12.95 -7.57 65,174Chenzhou Mining 002155 29.25 20.35 -30.43 879,317Alcha 002160 9.21 8.57 N/A 139,268Jincheng Copper 002171 11.7 11.12 -4.96 95,394Yunhai Metals 002182 10.68 9.95 -6.84 247,386Zhejiang Hailiang 002203 12.71 8.1 -36.27 153,191Humon Smelting 002237 39.78 39.64 -0.35 135,743

Source: Shenzhen Securities Exchange

Security Code June 1 (HKD) June 8 (HKD) Change(%) Trading volume ('000 shares)Bengang Steel Plates 200761 2.8 2.7 -3.57 57,391

Source: Shenzhen Securities Exchange

Index June 1 (HKD) June 8 (HKD) Change (%)Hang Seng Index 18,558.34 18,502.34 -0.30Hang Seng Red Chip 3,704.71 3,693.88 -0.29Hang Seng H Shares 9,620.87 9,352.79 -2.79Hong Kong GEM 396.86 386.78 -2.54

Source: Hong Kong Stock Exchange

Security Code June 1 (HKD) June 8(HKD) Change


(%) Trading volume ('000 shares)Xingfa aluminum 98 1.13 1.12 -0.88 50Real Gold Mining 246 8.81 8.81 0.00 0CITIC Pacific 267 11.64 11 -5.50 18,854Maanshan Iron & Steel 323 1.85 1.78 -3.78 65,973Angang New Steel 347 4.43 4.34 -2.03 24,760Jiangxi Copper 358 16.1 16.22 0.75 62,788Xingye Copper 505 0.99 1 1.01 646China Oriental 581 1.95 1.95 0.00 310Yueda Mining 629 0.51 0.49 -3.92 1,017Fosun International 656 4.22 4.13 -2.13 6,798Changying Holdings 689 0.182 0.175 -3.85 112,162Shougang International 697 0.34 0.35 2.94 81,802China Rare Earth 769 1.82 1.81 -0.55 10,920China Metal Recycling 0773 6.7 6.19 -7.61 10,533G-resources 1051 0.42 0.42 0.00 105,093Chongqing Iron & Steel 1053 1.15 0.99 -13.91 15,982APAC Resources 1104 0.29 0.29 0.00 3,391Minmetals Resources 1208 3.27 3.2 -2.14 11,933Zhongwang 1333 2.99 2.93 -2.01 8,141Zhaojin Mining 1818 8.83 10.02 13.48 56,639Chalco 2600 3.2 3.12 -2.50 85,743Hunan Nonferrous 2626 2.29 2.31 0.87 10,857China Special Steel holding 2889 0.53 0.53 0.00 2,363Zijin Mining 2899 2.53 2.66 5.14 394,937Lingbao Gold 3330 3.59 3.5 -2.51 5,376Xinjiang Xinxin Mining 3833 1.82 1.7 -6.59 4,188Luoyang Molybdenum Industry 3993 2.83 2.84 0.35 34,807China Metal Resources 8071 0.29 0.29 N/A 5,143Tianyuan Aluminum 8253 0.04 0.04 0.00 0China Nonferrous Metals 8306 0.083 0.072 -13.25 8750China Hanking 3788 2.48 2.49 0.40 105

Source: Hong Kong Stock Exchange

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