A Production News Detonated Iron Ore Market Rebar But Calm To The Right
- Apr 22, 2019-
A production news detonated iron ore market rebar but "calm" to the right
On March 15th a Brazilian court ordered VALE to suspend operations at the Timbopeba mine, which produces 12.8m tonnes a year.VALE's official website subsequently stated that it would abide by the court's decision.The court also ordered the company to stop using the Doutor dam, which receives tailings from the mine.Vale also said the court's decision on Timbopeba was based on preliminary information from the Doutor dam sent by prosecutors in the state of minas gerais.It added that the dam was inspected by experts from the state mining agency on 14 March and they found no "relevant anomalies that put its safety at risk".In the above news disturbance, on March 18, the main iron ore contract rose to the highest 645 yuan/ton, the final closing price of 632.5 yuan/ton, or 1.61%.The suspension of operations at the Timbopeba mine had a limited impact on global iron ore supply and demandBefore the accident, vale was aiming to produce 400 million tons in 2019, up from 10 million tons in 2018, according to Chen junjie, an analyst at yongan black futures.On January 30th vale suspended operations at VargemGrande and Paraopebas after the January 26th accident.The closure of the Brucutu mine on February 7th, as Brazilian regulators tightened their grip, has twice affected 70m tonnes of iron ore a year.Add in an additional 12m tonnes and the total loss is 82m tonnes.Assuming vale can increase production by 20 million to 25 million tons through mines in other regions, it is expected to produce 333 million tons in 2019, Chen said.Zhai hepan, head of black industry research at CCB futures, said the overall impact on global iron ore supply and demand was limited.He said the "suspension" is different from the "closure", and before assessing the impact of the dam break and resource and environmental policies, the "suspension" mainly affects short-term supply, but has little impact on the medium and long term.
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Drill stems must be designed to transfer drilling torque for combined lengths that often exceed several miles down into the Earth's crust, and also must be able to resist pressure differentials between inside and outside (or vice versa), and have sufficient strength to suspend the total weight of deeper components. For deep wells this requires tempered steel tubes that are expensive, and owners spend considerable efforts to reuse them after finishing a well.
A used drill stem is inspected on site, or off location. Ultrasonic testing and modified instruments similar to the spherometer are used at inspection sites to identify defects from metal fatigue, in order to preclude fracture of the drill stem during future wellboring. Drill pipe is most often considered premium class, which is 80% remaining body wall (RBW). After inspection determines that the RBW is below 80%, the pipe is considered to be Class 2 or "yellow band" pipe. Eventually the drill pipe will be graded as scrap and marked with a red band.
Drill pipe is a portion of the overall drill string. The drill string consists of both drill pipe and the bottom hole assembly (BHA), which is the tubular portion closest to the bit. The BHA will be made of thicker walled heavy weight drill pipe (HWDP) and drill collars, which have a larger outside diameter and provide weight to the drill bit and stiffness to the drilling assembly. Other BHA components can include a mud motor, measurement while drilling (MWD) apparatus, stabilizers, and various specialty downhole tools. The drill stem includes the entire drill string, plus the kelly that imparts rotation and torque to the drill pipe at the top.
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