Metals Industry News

Base metals prices on the London Metal Exchange were mostly higher at the close on Friday July 23, with nickel up 2.3%.

An overview of the new energy materials markets and their price moves from the past week.

Spot copper concentrate processing charge rose to its highest level since June last year, with the market firming up levels after a month of volatility.

China's alumina price has risen after severe floods in Henan province led to the closure of several local refineries, market sources told Fastmarkets.

The flooding caused by torrential rains that have battered central China's Henan province since last weekend has disrupted logistics and deliveries there although production remains largely unaffected, market sources told Fastmarkets.

Norwegian-based aluminium and renewable energy producer Norsk Hydro released a summary of financial and production results for the second quarter of 2021 on Friday July 23.

London Metal Exchange tin prices traded at fresh all-time highs of $34,700 per tonne on Friday July 23, with base metals starting the day in an uptrend despite mixed data from Europe's manufacturing industry.

Inventories of the base metals diverged in Shanghai Futures Exchange-registered warehouses this week, with zinc gaining the most at 21.3% while copper stocks fell by 18.2%, according to the stocks report on Friday July 23.

Chinalco Mining Co, a subsidiary of China Aluminium Group located in Luoyang city, Henan has suspended operations at its alumina refinery due to severe floods affecting the province in the past few days, Fastmarkets learned on Friday July 23.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally stronger this morning, Friday July 23, the exception was lead on the LME that was down by 0.5%, but that was after a strong gain on Thursday.

A summary of China’s base metals imports for June 2021, according to Chinese customs data released on Wednesday July 21.

Here are five Fastmarkets stories you might have missed on Thursday July 22 that are worth another look.

Fastmarkets is inviting feedback from the industry on the pricing methodology for MB-AL-0005 aluminium pressure diecasting ingot DIN226/A380, delivered Europe, and MB-AL-0040 aluminum alloy A380.1, delivered Midwest, as part of a methodology review process to meet the International Organization of Securities Commissions (IOSCO) principles.

Base metals prices were up across the board at the 5pm close of trading on the London Metal Exchange on Thursday July 22, with the market appearing to calm down after a recent period of choppy trading.

A large-scale expansion at Freeport-McMoRan’s El Abra copper mine in Chile is still being evaluated, although potential changes to the country’s fiscal regime could lead to its deferment, the US copper producer said.

Freeport McMoRan’s subsidiary PT-Freeport Indonesia (PT-FI) is advancing agreements to expand its Gresik copper smelter and refinery by 30% and plans to up its stake in PT Smelting to a majority interest, the company said.

United States copper producer Freeport-McMoRan reiterated its 2021 consolidated sales target of around 3.85 billion lbs (1.75 million tonnes) of copper while its ramp-up to underground mining at its Grasberg mine in Indonesia continues.

Fastmarkets has corrected its alumina index, fob Australia, which was published incorrectly on Tuesday July 20 and Wednesday July 21 due to an index calculation error.

Base metals prices on both the LME and SHFE were mixed this morning, Thursday July 22, but have generally recovered from Monday’s weakness, suggesting the dip-buying mentality still dominates.

Base metals prices were largely higher on the London Metal Exchange on the morning of Thursday July 22, recovering further after from Monday's fragility.