August 2003

SA Chrome denies takeover speculation

SA Chrome has dismissed market rumours citing the company as a possible takeover target for fellow South African mining company Xstrata as "pure speculation".

Metal One buys stainless steel processors

Metal One, the 60:40 steel trading joint venture between Mitsubishi Corp and Nissho Iwai formed in January, has acquired two more of the stainless processing firms in Asia belonging to Osaka-based stainless coil centre company Hanwa Kozai.

US prices for ferromoly rise; other alloys steady

U.S. ferromolybdenum prices have perked up thanks to a summertime supply shortfall, market sources said.

Russian ferro-alloys merger not yet concluded

Market observers claim that the deal is done, but officials at Chelyabinsk Electrometallurgical Combine have so far refused to confirm the acquisition of the Kuznetsk ferro-alloys plant from the MDM group.

Indonesia attempts crackdown on steel smuggling

While new anti-smuggling measures have brought some success in the stainless steel industry and at the country’s major ports, many steel importers are still able to avoid the duties imposed by Jakarta

PT Maspion to launch new stainless CR grades

PT Maspion Stainless Steel Indonesia is aiming to secure a larger share of its domestic market next year by launching production of three new grades of stainless cold rolled sheet

Silicon poised to move higher

Low demand and summer vacations may be keeping the lid on silicon prices for the moment, but some market observers are predicting power shortages and dumping duties will push prices higher.

Chinese ferro-tungsten producer resumes output

China’s Ganzhou Jiangwu Ferro-Tungsten has resumed production after a voluntary stoppage that spanned end-June and the whole of July.

ICCL and IMFA plan merger

Heavily indebted Indian Charge Chrome Ltd (ICCL) and Indian Metals and Ferro Alloys Limited (IMFA), are due to merge to form one of the largest bulk ferro-alloy producers in India.

Xstrata launches $600m bond issue

Xstrata has launched a bond issue to raise $600 million. The 3.95 percent bonds, which are due to mature in 2010, will be convertible into shares. Xstrata is being Advised on the issue by UK investment bank Cazenove.