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Chrome takes off on stainless coat tails
tion protocols that should assist in bringing new, better and more profitable products to market in a shorter time with greater product consistency. The paste formulation initiative is a collaboration between two research groups active in the topic of paste flow mechanics. The groups, based at Birmingham and Cambridge, have a particular interest in understanding paste manufacturing routes and the impact of formulation on paste behaviour. The work represents a first, but important, step towards completely predictive formulation - something that can be applied across several industrial sectors. The results should aid formulators in reaching their objectives more effectively. Part of that will be increased understanding of failures in current formulations. Fabrication of nanostructured ceramics actually deals
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MPR April 2005
with metals as well as ceramics. The work will develop process routes for nanostructured ceramic and metal/ceramic composite coatings, thick films and bulk materials for engineering applications. The teams at Loughborough and Manchester working with a number of collaborating companies bring together expertise in nanopowder synthesis, suspension rheology, green forming, sintering and stress analysis. The results will benefit companies currently manufacturing nanoparticles by chemical routes as well as end users of the powders from the automotive, aerospace, electrical, electronic and power generation industries. A further benefit of this programme will be the understanding of the factors affecting the rheology of
nanoparticulate ceramic suspensions, allowing them to be used as inks as well as the precursors for green body and coating production. And finally, the feasibility of bonding silicides will assess a way of increasing the operating temperature of turbine engines by replacing
nickel single crystal blades with niobium silicides with optimised high-temperature properties. The work, much of it carried out at the Universities of Birmingham and Surrey, aims to deliver a process route offering the possibility of cost-effective production of components.
Chrome takes off on stainless coat tails GOOD CURRENT results could stimulate new investment in production capacity with the danger of oversupply and renewed downward drift... The combination of strong demand, tight supply and sharp rises in the costs of freight, energy and chromite raw materials, meant ferrochrome prices reached their highest levels for ten years in early 2005, at US¢72-74/lb, according to a new report from market analyst Roskill. This represents a significant recovery from the early 2002 when prices of US¢27-29lb were at their lowest level for 30 years and some 1.3Mtpy ferrochrome capacity was idled. The recovery in the ferrochrome market has been primarily due to the growth in stainless steel production, which is forecast to maintain strong growth through the mid 2000s, led by Asian demand. Chinese output of stainless steel is estimated to rise from 1.8Mt in 2003 to at least 6Mt in 2008, with growth concentrated in the next two to three years. However, recent high prices and expectations of continued growth in demand have encouraged plans for significant capacity expansion. Commissioning of all proposed capacity would result in the ferro-chrome
market moving back into surplus, exerting downward pressure on prices. The cyclical nature of the ferro-chrome market has resulted in a high degree of vertical integration between chromite mining and ferrochrome production, and concentration of production among relatively few countries and producers. The increasing vertical integration has put severe pressure on non-integrated producers at times of low ferro-chrome prices. As a result, over the past six years ferro-chrome plants have closed down in Croatia, Italy, Norway, Poland, Romania, Slovenia, Spain and the USA. With a combined output of 3.7Mt in 2003, South Africa and Kazakhstan accounted for nearly two-thirds of world ferro-chrome production, a rise from 42 per cent in 1994. The formation of a joint venture between Xstrata Alloys and SA Chrome in early 2004 created the world's largest ferro-chrome producer. The Xstrata-SA Chrome Venture, Samancor Chrome of South Africa, and Kazkhrom of Kazakhstan are the leading producers of chromite and ferro-chrome, accounting for nearly 55 per cent of world output of both products. South Africa and Kazakhstan are also the
metal-powder.net
countries with the greatest potential to increase production, thereby leading to further concentration of the chromite and ferro-chrome supply. The largest expansion planned by the Xstrata-SA Chrome Venture could potentially increase total ferrochrome capacity to 2.55Mtpy by the end of 2010. In Kazakhstan, Kazkhrom plans to raise chromite pelletising capacity by 400,000tpy during 2005. In the long term, Kazkhrom may become forwardly integrated into stainless steel production, aimed at meeting Chinese and Russian demand. Structural change in the South African ferro-chrome industry Structural change is underway in the South African industry, with Chinese and Indian companies taking or planning to acquire interests in South African operations. Traditionally swing suppliers of ferro-chrome on world markets during periods of high prices, China and India became net importers of ferro-chrome in the early 2000s and acquired interests in South African operations to secure raw materials. There has also been a change of ownership of South Africa's second largest producer. In February 2005,
BHP Billiton and Anglo American reached an agreement for the sale of Samancor Chrome to Kermas Group of the UK for US$469M. Outlook for chromium chemicals and chromium metal Market economy demand for chromium chemicals is estimated to have fallen by 3% in 2003, and a similar rate of decline seems likely to continue throughout the mid 2000s. Increasing concerns over environmental and health risks associated with hexavalent chromium have resulted in restrictions on the consumption of chromium chemicals in wood preservation, pigments, leather tanning and metal surface treatments. In contrast, the outlook for the chromium metal market is for increasing growth over the next five years. Demand was severely depressed between 2001 and 2003 as the aerospace industry suffered its worst recession for 30 years and low levels of economic activity reduced demand for superalloys in industrial applications. The upturn in the aerospace and industrial turbine markets has been reflected in higher chromium metal demand since 2004. Consumption is estimated to have risen by 15 per cent in 2004, and could increase further.
Dividends - not all big bucks PT INTERNATIONAL Nickel Indonesia has approved a dividend of $0.0975 per share consisting of a final dividend for 2004 in the amount of $0.0375 per share and an extraordinary dividend of $0.06 per share. The decision to pay an extraordinary dividend of $0.06 per share was made in light of the company's strong performance and high nickel prices in 2004 and its
metal-powder.net
current strong financial condition. The total dividend of $0.0975 per share is payable on May 10, 2005 to shareholders of record as of April 25, 2005. Indonesian shareholders will be paid the Rupiah equivalent of the U.S. dollar amount, based on the Bank of Indonesia middle rate of exchange on April 25, 2005. Foreign shareholders will be paid in US dollars.
April 2005 MPR
15
14
MPR April 2005
with metals as well as ceramics. The work will develop process routes for nanostructured ceramic and metal/ceramic composite coatings, thick films and bulk materials for engineering applications. The teams at Loughborough and Manchester working with a number of collaborating companies bring together expertise in nanopowder synthesis, suspension rheology, green forming, sintering and stress analysis. The results will benefit companies currently manufacturing nanoparticles by chemical routes as well as end users of the powders from the automotive, aerospace, electrical, electronic and power generation industries. A further benefit of this programme will be the understanding of the factors affecting the rheology of
nanoparticulate ceramic suspensions, allowing them to be used as inks as well as the precursors for green body and coating production. And finally, the feasibility of bonding silicides will assess a way of increasing the operating temperature of turbine engines by replacing
nickel single crystal blades with niobium silicides with optimised high-temperature properties. The work, much of it carried out at the Universities of Birmingham and Surrey, aims to deliver a process route offering the possibility of cost-effective production of components.
Chrome takes off on stainless coat tails GOOD CURRENT results could stimulate new investment in production capacity with the danger of oversupply and renewed downward drift... The combination of strong demand, tight supply and sharp rises in the costs of freight, energy and chromite raw materials, meant ferrochrome prices reached their highest levels for ten years in early 2005, at US¢72-74/lb, according to a new report from market analyst Roskill. This represents a significant recovery from the early 2002 when prices of US¢27-29lb were at their lowest level for 30 years and some 1.3Mtpy ferrochrome capacity was idled. The recovery in the ferrochrome market has been primarily due to the growth in stainless steel production, which is forecast to maintain strong growth through the mid 2000s, led by Asian demand. Chinese output of stainless steel is estimated to rise from 1.8Mt in 2003 to at least 6Mt in 2008, with growth concentrated in the next two to three years. However, recent high prices and expectations of continued growth in demand have encouraged plans for significant capacity expansion. Commissioning of all proposed capacity would result in the ferro-chrome
market moving back into surplus, exerting downward pressure on prices. The cyclical nature of the ferro-chrome market has resulted in a high degree of vertical integration between chromite mining and ferrochrome production, and concentration of production among relatively few countries and producers. The increasing vertical integration has put severe pressure on non-integrated producers at times of low ferro-chrome prices. As a result, over the past six years ferro-chrome plants have closed down in Croatia, Italy, Norway, Poland, Romania, Slovenia, Spain and the USA. With a combined output of 3.7Mt in 2003, South Africa and Kazakhstan accounted for nearly two-thirds of world ferro-chrome production, a rise from 42 per cent in 1994. The formation of a joint venture between Xstrata Alloys and SA Chrome in early 2004 created the world's largest ferro-chrome producer. The Xstrata-SA Chrome Venture, Samancor Chrome of South Africa, and Kazkhrom of Kazakhstan are the leading producers of chromite and ferro-chrome, accounting for nearly 55 per cent of world output of both products. South Africa and Kazakhstan are also the
metal-powder.net
countries with the greatest potential to increase production, thereby leading to further concentration of the chromite and ferro-chrome supply. The largest expansion planned by the Xstrata-SA Chrome Venture could potentially increase total ferrochrome capacity to 2.55Mtpy by the end of 2010. In Kazakhstan, Kazkhrom plans to raise chromite pelletising capacity by 400,000tpy during 2005. In the long term, Kazkhrom may become forwardly integrated into stainless steel production, aimed at meeting Chinese and Russian demand. Structural change in the South African ferro-chrome industry Structural change is underway in the South African industry, with Chinese and Indian companies taking or planning to acquire interests in South African operations. Traditionally swing suppliers of ferro-chrome on world markets during periods of high prices, China and India became net importers of ferro-chrome in the early 2000s and acquired interests in South African operations to secure raw materials. There has also been a change of ownership of South Africa's second largest producer. In February 2005,
BHP Billiton and Anglo American reached an agreement for the sale of Samancor Chrome to Kermas Group of the UK for US$469M. Outlook for chromium chemicals and chromium metal Market economy demand for chromium chemicals is estimated to have fallen by 3% in 2003, and a similar rate of decline seems likely to continue throughout the mid 2000s. Increasing concerns over environmental and health risks associated with hexavalent chromium have resulted in restrictions on the consumption of chromium chemicals in wood preservation, pigments, leather tanning and metal surface treatments. In contrast, the outlook for the chromium metal market is for increasing growth over the next five years. Demand was severely depressed between 2001 and 2003 as the aerospace industry suffered its worst recession for 30 years and low levels of economic activity reduced demand for superalloys in industrial applications. The upturn in the aerospace and industrial turbine markets has been reflected in higher chromium metal demand since 2004. Consumption is estimated to have risen by 15 per cent in 2004, and could increase further.
Dividends - not all big bucks PT INTERNATIONAL Nickel Indonesia has approved a dividend of $0.0975 per share consisting of a final dividend for 2004 in the amount of $0.0375 per share and an extraordinary dividend of $0.06 per share. The decision to pay an extraordinary dividend of $0.06 per share was made in light of the company's strong performance and high nickel prices in 2004 and its
metal-powder.net
current strong financial condition. The total dividend of $0.0975 per share is payable on May 10, 2005 to shareholders of record as of April 25, 2005. Indonesian shareholders will be paid the Rupiah equivalent of the U.S. dollar amount, based on the Bank of Indonesia middle rate of exchange on April 25, 2005. Foreign shareholders will be paid in US dollars.
April 2005 MPR
15