SP Angel . Morning View - Risk sentiment hit by a correction in oil markets 

SP Angel . Morning View . Tuesday 21 04 20

Risk sentiment hit by a correction in oil markets 

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MiFID II exempt information – see disclaimer below

     

Aura Energy* - (AURA LN) - EGM schedule

BHP (BHP LN) – Quarterly production report leaves guidance largely unchanged

Gem Diamonds (GEMD LN) – Q1 trading update

Power Metals* (POW LN) - Alamo gold project expansion and extension

Tertiary Minerals* TYM – Pyramid Gold project

SP Angel Healthcare team - Vadim Alexandre, Liam Gascoigne-Cohen

Novartis sponsoring a hydroxychloroquine trial in patients with COVID-19

 

Graphene-based sensor developed for Covid-19 detection 

• Grolltex have teamed up with the Sanford Burnham Prebys Medical Discovery Institute to develop a graphene-based virus testing platform to enable accurate detection of Covid-19.
• The graphene sensor chip affixed to a plastic platform uses a very small biological sample which can be used to perform up to 12 viral tests all at one time, including the novel coronavirus.
• This technology indicates the presence of having normal flu symptoms versus serious pathogens, and provides an answer within minutes (Graphene-info).

 

Historic moment as WTI oil contract trades at a negative $39/bbl

• WTI closed in NY at -$37.50/bbl with the market falling further to $40/bbl

Expect big losses in the oil market on negative WTI

• More smaller independent oil traders may well be caught out.
• The market has never seen negative WTI oil futures prices before though negative gas prices have been seen in the past.
• Traders can not take physical delivery unless storage has been pre-arranged.
• Hedge fund generally trade commodity contracts two to three months out due to liquidity but avoid anything too close and being caught out in this sort of situation.

 

Earnings reports are going to look horrible for most companies 

• Miners will be a mixed bag with Rio Tinto and BHP benefitting from ongoing strong demand and still relatively good prices for iron ore.
• Most other miners will suffer from markedly lower metals prices through the first half while some have been forced to stop production.
• Lower oil, energy and reagent costs will offset some of the reduction in revenue.
• Weaker local currencies will also serve to reduce costs.
• Other sectors:
• Utilities should be predictably stable but should benefit from lower input energy costs .
• Supermarkets and many online retailers should look relatively good where not affected by delivery issues.
• Pharmaceuticals and healthcare likely continue to do well
• Housebuilders have mostly stopped activity as is typical in any downturn due to high levels of contract staff.
• Builders merchants are frustrated by a lack of cement and steel which hampers most building work and weakens demand for other supplies.
• Telecoms should do well from tele and video conferencing plus demand for faster broadband connections.
• Banks to suffer from recession raising bad debt levels and bankruptcies .
• Tobacco stocks will suffer as many smokers have or are giving up with the prospect of COVID-19 induced pneumonia.
• Extinction event for Airlines, most Retail and leisure related companies. Breweries struggling with pubs closed.

 

Mines to lower operating costs on Coronavirus restrictions

• Miners are being forced to work smarter to restrict potential coronavirus infection in the workplace and workforce communities.
• Optimisation of mines to work with fewer workers should lower costs and improve safety
• The Co-O gold mine in the Philippines is an example of where local restrictions may help.
• Many other miners are looking at how to use more remote monitoring and automated machinery to reduce costs.
• Changing shift times to avoid contact at the shift change, fewer staff and other social distancing measures may help in the short term.
• Rio Tinto and BHP already use driverless trucks and minimal staffing in the Pilbara, WA due to high staff costs. This also improves health and safety, though the cab of a dump truck is a place of self-isolation.
• The increase in automation is generally good for productivity in the right environment.
• Increased remote monitoring of tyres and other equipment enables better utilisation rates and fewer disruptive events like trucks stuck on ramps
• Open cast mines make good environments for social-distancing whereas Underground mines do not due to confined spaces and air flow.
• Working practice changes to longer shifts with no direct overlap/contact at changeover time.
• Reviewing working practices is a good opportunity for positive change.
• Greater healthcare awareness may result in lower sickness rates and mines may also move to train more younger staff
• Move to devolve more management functions to remote locations and to on-site camps.
• More careful monitoring of people coming into a mine area should result in better control of the mine environment.

 

Dow Jones Industrials		-2.44%	at	23,650
Nikkei 225		-1.97%	at	19,281
HK Hang Seng		-1.96%	at	23,853
Shanghai Composite		-0.90%	at	2,827

 

Economics

Pandemic clause in January trade deal with United States suggests Chinese officials were aware of dangers of the Wuhan coronavirus

• The 'pandemic clause' was inserted into the US-China Trade Deal in January at a time when Chinese officials knew of the threat of a pandemic.
• Wuhan recently revised its official death toll to around 1,300 fatalities.
• The South China Morning Post discovered a report suggesting Chinese officials were aware of an outbreak in November. 

 

US – Congressional leaders and the administration have “come to terms on the principles of the legislation” and were ironing out “final language” for additional dollars for the Paycheck Protection Program, FT reports.

• The $350bn federal loan programme ran out of money last week amid strong demand from pandemic hit businesses.
• The programme may be approved tomorrow.
• President Trump said he will suspend immigration to the US to fight the spread of the pandemic and protect American jobs.
• “In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States," Trump posted on Twitter on Monday.
• It is unclear when President will issue the order.

• March US Chicago Fed national activity index -4.19 (0.16).

 

Chinese companies mislabelling products as Vietnamese to avoid US tariffs

• Vietnamese officials say China is intentionally mislabelling its products as "made in Vietnam" to avoid American tariffs, and have ordered offices to more aggressively examine products' certificates of origin.

 

UK – Health minister argues that without a vaccine it will be difficult to restart the economy and return to normal life.

• The UK will need an army of tracers and technology to control the onward spread of the virus

 

Japan – The government will expand the fiscal aid package by ¥8.9tn ($83bn) taking the total package to ¥117.1tn, according to FT.

• The decision is driven by the intention to provide ¥100k to everybody in the country, as opposed to the previous plant of distributing ¥300k per one of 13m households badly affected by the virus.
• While full details are not yet revealed, the programme is expected to be applicable to children and to foreign residents.

• March Japanese exports fell 11.7% (Feb -1.0%) and
• March Japanese imports off 5% (-13.9%),

 

UK – Jobless claims climbed 12,200 in March, up from 5,900 in February.

• The claimant count rates increased to 3.5%, the highest since the start of 2014.
• The rate is likely to shoot up since the data cut off date was March 12, nearly two weeks before PM Johnson ordered a nationwide lockdown.
• The OBR estimates the economy could have contracted 35%qoq in Q2.

 

Italy – Authorities are expecting to gradually ease lockdown from May 4 as the number of new cases is slowing down.

• 2,256 people have been diagnosed with the coronavirus yesterday, marking the lowest reading since early March.
• The lockdown has been in place since March 9.

 

Australia – The economy will suffer the worst economic recession in decades in H1/20 with GDP expected to contract 10% with most of the decline coming in the June quarter, RBA Governor Lowe said.

• Unemployment is likely to be around 10% by June, up from 5.2% recorded in March.
• Governor has also highlighted the recovery is unlikely to be V-shaped.
• “Whatever the timing of the recovery, when it does come, we should not be expecting that we will return quickly to business as usual,” Lowe said.

 

Germany - March German PPI down 0.8% (-0.4%), yoy -0.8% (-0.1%) and

Merkel urges transparency over Coronavirus from China as speculation mounts

• Speculation over the possible source and Chinese government actions may have prompted Merkel’s statement.
• A number of nations are calling for China to come clean over its actions in failing to suspend flights from Wuhan for three days after Wuhan and Hubei province were closed to the rest of China.
• China’s alleged inclusion of a ‘pandemic clause’ in the US-China trade agreement in January is leading some to think that China knew what was coming.

 

Poland - March industrial output rises 2.4% compared to February 

• March industrial output fell 2.3% YoY vs -3.3% estimate.
• Mining and quarrying rose 12.1% in March 2020 compared to February.

 

Currencies

US$1.0840/eur vs 1.0854/eur yesterday.  Yen 107.42/$ vs 107.86/$.  SAr 18.858/$ vs 18.903/$.  $1.242/gbp vs $1.246/gbp.  0.632/aud vs 0.635/aud.  CNY 7.083/$ vs 7.078/$.

 

Commodity News

Precious metals:          

Gold US$1,696/oz vs US$1,681/oz yesterday - Swiss gold exports jump 124% in March

• Exports rose from 42.8 tons in February vs 96.1 tons in March according to the Swiss Federal Customs Administration.
• The sharp increase in exports was given by demand from the US, as American investors rushed to buy bullion due to its safe-haven appeal and buyers rushed to deliver against futures contracts traded on Comex.
• Last month saw 43.2 tons of refined gold exported from Switzerland to the US vs 0.4 tons the month prior (Bloomberg).

   Gold ETFs 94.5moz vs US$94.1moz yesterday

Platinum US$774/oz vs US$783/oz yesterday

Palladium US$2,150/oz vs US$2,207/oz yesterday

Silver US$15.31/oz vs US$15.24/oz yesterday

            

Base metals:    

Copper US$ 5,103/t vs US$5,238/t yesterday - Chinese refined copper output falls to 10-month low in March

• China's production of copper cathode in March dropped to its lowest level since May 2019, as production was disrupted by the coronavirus outbreak.
• Copper cathode production fell 2.5% compared to the same period last year to 771,000t according to data from the National Bureau of Statistics.
• Daily production stood at 24,870t in March, down from the daily average of 25,450t in January and February.
• Overall copper cathode production in Q1 2020 was 2.29mt, up 0.4% compared to the same period in 2019 (SMM).

Glencore to reopen Zambian operations 

• Glencore announced yesterday that it would reverse its decision to close the Mopani Copper Mine if it reaches an agreement with the government.
• If an agreement is reached, operations will restart at Mopani and Glencore will issue a notice of its intention to place operations under care and maintenance after 90 days.
• Glencore wanted to shut the mine due to the disruptions caused by the coronavirus pandemic along with lower copper prices, however the government said that the miner failed to give sufficient notice.

Aluminium US$ 1,492/t vs US$1,512/t yesterday

Nickel US$ 12,260/t vs US$12,390/t yesterday - Nickel prices remain volatile as BHP cuts production guidance amid potential surplus

• Battery manufacturers may struggle to secure supplies of suitable quality nickel as auto sales pick up
• Mine closures in Indonesia and the Philippines could disrupt smelter production with nickel ore at Chinese ports falling to 9.5mt
• Vale cut 2020 production to 180,000t from >200,000t
• Ongoing mine closures and production cuts are likely to reduce the expected >300,000t surplus over the next few weeks

Zinc US$ 1,906/t vs US$1,955/t yesterday

Lead US$ 1,673/t vs US$1,671/t yesterday

Tin US$ 15,015/t vs US$15,250/t yesterday

            

Energy:            

Oil US$24.1/bbl vs US$27.4/bbl yesterday

• The WTI oil price slipped back below zero this morning following yesterday’s unprecedented move into negative territory for the first time as COVID-19 decimated demand in global energy markets
• WTI for delivery next month was trading at -US$4.29/bbl as trading began in Europe — meaning producers were continuing to pay buyers to take oil off their hands given limited access to storage
• It closed yesterday’s session at -US$37.63/bbl but climbed back above zero to reach US$2.54/bbl in Asian trade, before giving up its gains once again
• The fall was partly the result of a market technicality, with today marking the final trading day of WTI futures contracts for delivery in May
• With a lack of capacity to store the crude at the US delivery point in Cushing, left traders desperate to offload contracts rather than take on the physical product without anywhere to put it
• Investor focus will now turn to the WTI contract for June delivery to see if the pattern persists

Natural Gas US$1.903/mmbtu vs US$1.751/mmbtu yesterday

• Natural gas prices surged 12% higher yesterday despite a dislocation in the crude oil markets that saw the May contract fall to most it has in history
• The weather is expected to remain colder than normal on the US east coast for the next 2 weeks and warmer than normal on the US west coast during the same timeframe
• Total stocks now stand at 2.097Tcf, up 876Bcf from a year ago, and 370Bcf above the five-year average

Uranium US$32.55/lb vs US$32.50/lb yesterday

            

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$84.0/t vs US$83.1/t

Chinese steel rebar 25mm US$527.9/t vs US$530.7/t - Nippon Steel to temporarily shut third blast furnace

• Japan's largest steelmaker will temporarily close a third blast furnace in mid-May in response to the collapse in demand from automakers and steelmakers.
• According to the company, the close will bring the total reduction in Nippon's furnace volume to about 25% (Reuters).
• The country's second largest steelmaker JFE Holdings have halted two blast furnaces which has also reduced its capacity by 25%.

Thermal coal (1st year forward cif ARA) US$55.0/t vs US$55.3/t

Coking coal swap Australia FOB US$130.5/t vs US$130.5/t

            

Other:   

Cobalt LME 3m US$30,000/t vs US$30,000/t

NdPr Rare Earth Oxide (China) US$36,777/t vs US$36,734/t

Lithium carbonate 99% (China) US$5,435/t vs US$5,439/t

Ferro Vanadium 80% FOB (China) US$26.7/kg vs US$26.7/kg

Antimony Trioxide 99.5% EU (China) US$5.0/kg vs US$5.0/kg

Tungsten APT European US$240-245/mtu vs US$240-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,450/t vs US$2,550/t

 

Battery News

SK Innovation wins deal to supply EV batteries to BAIC

• South Korean battery maker SK Innovation has beaten state sponsored Chinese competitors to a deal to supply batteries to BAIC. (The Investor)
• Industry sources suggest BAIC’s Arcfox Mark 5 SUV will be equipped with SK Innovation NCM811 batteries produced in Changzhou. (Korean Herald)
• The NCM811 has a cathode composed of 80% nickel, 10% cobalt and 10% manganese.
• The Mark 5 will have a range of 400-500km and is set for release in H2’20.
• SK Innovation is in the process of developing a 90% nickel battery and is in the process of working towards commercialisation.
• SK Innovation also supplies Hyundai Motor Group and the wider BAIC group including Daimler.

 

Brightsun Li-S batteries begin industrial trials (AsiaOne)

• Australian new energy tech company Brightsun is preparing for industrial trials later this year on their Li-S batteries.
• The Company has developed lithium-sulphur batteries with an energy density 5-8x greater than conventional secondary batteries.
• Test results from internationally recognised agency SGS show Brightsun’s Li-S battery maintain 91% of its original capacity through 1700 cycles at a rate 2C (charge/discharge in 30 mins).
• Capacity decay is as low as 0.01% per cycle.
• At 5C (charge/discharge in 12.5 mins) the Li-S battery retains 74% of original capacity after 1000 cycles.
• Brightsun has patented Li-S technology that prevents the generation of polysulfide on the sulphur cathode and supresses dendrite growth of Li on the anode.

 

Company News

 Aura Energy* - (AURA LN) 0.15p, Mkt cap £2m - EGM schedule

• Aura Energy reports that as a result of the measures in place to contain the Covid19 virus its EGM has been rescheduled to 21st May "provided the social distancing and gathering restrictions are lifted by the National Cabinet and the state of Victoria".
• The meeting had previously been scheduled for 14th April.

*SP Angel are Nomad and Joint-Broker to Aura Energy

 

BHP (BHP LN) 1,262p, £71bn – Quarterly production report leaves guidance largely unchanged

• Subject to a caveat on the impact of the Covid19 virus during the final quarter of its financial year to 30^th June, BHP reports that its production and cost guidance targets remain intact.
• The company confirms the guidance for petroleum (110-116 MMboe), Western Australian iron ore (273-286mt)  and metallurgical coal (41-45mt) and says that the guidance for its operated copper production is also intact and that ʺAntamina guidance is under review following temporary suspension of operations due to COVID-19. Energy coal production guidance is under review with Cerrejón placed on temporary care and maintenance due to COVID-19.ʺ
• While confirming the strength of its financial position and underlying assets, the company confirms that its highest priority ʺis the safety, health and wellbeing of our workforce and communitiesʺ.
• Referring to market demand, CEO, Mike Henry commented that ʺWhile demand in China has strengthened in recent weeks, we expect other major economies, including the US, Europe and India, to contract sharply in the June 2020 quarter. The situation remains fluid, however, with our strong financial position and low-cost operations, our business is resilient, with capacity to generate solid cash flow through this period and emerge well placed as the global economy recoversʺ.
• BHP says that, among its global 72,000 workforce there have been ʺa small number of confirmed cases of COVID-19, all of whom have either recovered or are recovering wellʺ.
• Commenting on the economic background and the dramatic impact of the virus, the company says that ʺMany major economies will contract heavily in the June 2020 quarter, including the United States (US), Europe and India. In contrast, China has moved from intensive viral suppression to early indications of economic recovery. The majority of heavy industrial activity had restarted as of the end of March 2020, albeit with considerable variation across provinces and sectorsʺ.
• Beyond that, the company says that ʺThe arc of recovery will vary widely across countries. Where "hibernation policies"⁽⁵⁾ have been enacted, we anticipate a smoother resumption of activity after the first wave than would otherwise have been the case.ʺ
• Bulk commodity prices have been more resilient in the face of the pandemic than those of the exchange traded commodities which have been heavily sold down.
• BHP says that ʺwe expect that steel production ex-China could contract by a double-digit percentage in the 2020 calendar year.ʺ On the positive side, ʺIn China, blast furnace utilisation rates have increased from around 73 per cent earlier in the year to almost 79 per cent in April. Daily rebar transactions are now at or above normal seasonal levels. Finished inventories are falling as downstream activity improves, although the level is still very high relative to historyʺ.

Conclusion: BHP sees recovering steel production in China and is maintaining production guidance across its commodity spread while cautioning over the future impact of Covid19.

 

Gem Diamonds (GEMD LN) 34.1p, Mkt Cap £48.4 – Q1 trading update

• Gem Diamonds reports that during the quarter ending 31^st March it has earned revenues of US$47.3m (Q4-2019 US$51.3m) from the sale of 29,298 carats of diamonds (Q4- 2019 29,945 carats).
• Average diamond prices declined by approximately 6% to US$1,615/carat during the quarter (Q4-2019 US$1,713/carat).
• The company says that it sold 11 diamonds for prices in excess of US$1m during the quarter generating revenue of US$20.7m.
• Gem Diamonds reports net debt of US$21.5m at 31^st March and that it has US$33.6m of undrawn facilities. ʺThe Group has performed extensive cash flow planning for the lockdown period, including a period to facilitate ramp-up to full production. This has confirmed that the Group's cash on hand, together with its available facilities, flexible tender sale process and implemented cost cutting measures are sufficient to withstand the lockdown period and the anticipated ramp up to full productionʺ.
• Part of the company’s response to the restrictions include the introduction of salary reductions for management ʺranging from 20% for the Chairman of the Company's Board, all Board Directors and senior executives, down to 15% and 10% across various management salary bands. In addition, scheduled salary increases for Directors and executive management at Group level have been postponed.ʺ
• Operations at the company’s Letseng mine in Lesotho are currently suspended in accordance with the Covid19 containment measures implemented by the Lesotho Government, however the company CEO, Clifford Elphick, said that ʺwe are confident that the mine will be able to rapidly ramp-up to full production once the lock-down period is lifted and it is safe for all our employees and contractors to return to site.ʺ
• Mr. Elphick also said that ʺThe positive results of the flexible tender sales process demonstrated the continued demand for Letšeng's high quality diamonds with the average price of US$1,615 achieved during the Period, notwithstanding the extremely uncertain and challenging global conditionsʺ.
• Unsurprisingly in the circumstances, the company reports that the disposal of the Ghaghoo diamond mine in Botswana ʺremains subject to regulatory approvals in Botswana. In line with the care and maintenance status of this operation and for reasons of safety, ore body preservation and cost containment, the dewatering of the underground workings has recently been stoppedʺ.
• Gem Diamonds is also supporting the Covid19 containment efforts of Lesotho by ʺproviding a mobile office and testing facility for use by the Department of Health in Maseru in order to carry out crucial testing and various prevention and testing initiatives in the surrounding communitiesʺ.

Conclusion: Gem Diamonds Q1 sales volumes were broadly consistent with the previous quarter although average diamond prices were some 6% lower. At this stage, the company remains confident of its ability to restore production at the Letseng mine rapidly once the virus containment measures are lifted.

 

Power Metals* POW LN 0.30p, Mkt cap £1.55m - Alamo gold project expansion and extension

• Power Metals has announced that, as a result of the disruption resulting from Covid19 containment measures, it has agreed with the vendor that the due diligence period is to be extended until 30th June.
• In addition, the company confirms that following its site visit in January, "the Company's local partner has now completed the staking of additional claims to significantly expand the Project footprint [and that] The additional claim areas are being registered with the County and Bureau of Land Management and the footprint of the Project will cover the area potentially containing a proximal bedrock gold source for the gold nugget mineralisation identified near surface (circa 60 ounces of gold nuggets at surface having been found in the original project area)"
• Power Metals can earn a 60% interest in the project "by expending US$1,100,000 (circa £850,000) on property payments over a four-year period and exploration work costs over a three year period.  First year costs are modest and would amount to US$150,000 (circa £116,232)."
• Chief Executive, Paul Johnson said that "In addition to the Alamo gold project, we are increasingly aware of additional US gold exploration opportunities and there is the prospect of building a gold portfolio around the Alamo gold project".

*SP Angel act as nomad and broker to Power Metals

 

Tertiary Minerals* TYM – 0.22p, Mkt cap £1.6m - Pyramid Gold project

• Tertiary Minerals reports that it has completed the first hole of its current programme at the Pyramid Gold Project in Nevada.
• The first hole, which was drilled to a depth of 137m,  was completed ahead of schedule as a result of early mobilization of the drilling equipment.
• Geological logging of the core is underway and the company reports that it expects to receive assay results within the next four weeks.
• The project, which is located approximately 25 miles northwest of Reno was acquired in May 2019.

*SP Angel act as nomad and broker to Tertiary Minerals

 

SP Angel Healthcare team - Vadim Alexandre, Liam Gascoigne-Cohen

Novartis sponsoring a hydroxychloroquine trial in patients with COVID-19

• Novartis is planning a Phase 3 trial which aims to evaluate the use of hydroxychloroquine in treating COVID-19 patients.
• Hydroxychloroquine was originally approved by the FDA for treating malaria and certain autoimmune diseases.
• The trial aims to recruit c.440 patients hospitalised with COVID-19 disease.
• Patients will all continue with standard of care treatments and one of the following: hydroxychloroquine, hydroxychloroquine plus azithromycin (an antibiotic) or placebo.
•  Having already donated 30m hydroxychloroquine to the US, Novartis aims to donate up to 130m tablets of hydroxychloroquine if deemed beneficial against COVID-19. 

In the onset of the pandemic, (hydroxy)chloroquine garnered significant interest as a potential treatment for COVID-19. This stemmed from anecdotal clinical data reporting that the drug had a beneficial effect on COVID-19 patients leading to the US FDA approving the drug under Emergency Use Authorization. However, interest of hydroxychloroquine has slightly subsided, given its harmful side effects and further smaller trials indicating hydroxychloroquine use had no clinical benefit. Randomised, double-blind, placebo-controlled trials such as the one planned by Novartis, should provide more robust evidence regarding the efficacy of these drugs. The repurposing of existing therapies from other conditions may offer a faster route to a COVID-19 therapy rather than developing a novel treatment, as manufacturing has already been scaled-up for commercial purposes.

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

 

Sales

Richard Parlons – 0203 470 0472

Abigail Wayne – 0203 470 0534

Rob Rees – 0203 470 0535

 

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

 

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

 



Sources of commodity prices
Gold, Platinum, Palladium, Silver	BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel	Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt	LME
Oil Brent	ICE
Natural Gas, Uranium, Iron Ore	NYMEX
Thermal Coal	Bloomberg OTC Composite
Coking Coal	SSY
RRE	Steelhome
Lithium Carbonate, Ferro Vanadium, Antimony	Asian Metal
Tungsten	Metal Bulletin

 

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