WEEK IN REVIEW: Metals markets slow, EV drive accelerates

Metal prices were flat to lower this week as the market moved into the less active third quarter.
Some market participants in Europe are starting to take summer holidays, and the turnover of business has slowed. Ferro-alloy markets largely stagnated as steels mills have covered their major requirements.
Another factor depressing prices for ferro-alloys, particularly in chrome and molybdenum, is the fall in the price of LME nickel since Indonesia has relaxed its ban on exports of nickel ore for selected producers.
Three-month nickel ended the week trading at around $9,100/t on the LME.
On the other hand, news that Chilean producer Antofagasta is in talks to avert strikes at two of its mines, supported copper prices this week.
After a prolonged depression, some rare earth prices are starting to rise in China as the government investigates allegations of illegal production. This year saw environmental inspections sweep the country as local and national governments seek to tackle pollution from mining and metal processing.
But in minor metals the impact of environmental inspections in recent months is starting to wane as production is due to come back on stream and as July heralds a drop in export demand. In Europe, prices fell in markets dominated by Chinese supply including antimony and magnesium. The price of manganese metal, heavily linked to the automotive industry, fell to its lowest level in 11 months.
Cobalt prices have found their ceiling at $30/lb amid talk of speculative buying having destabilized the market. As prices rise, there is talk of possibility of the metal’s used being reduced in cathode chemistry of automotive batteries in the long term.
But this week delivered positive news for cobalt lithium batteries as Tesla unveiled a deal …
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Source: Metal Pages