A vessel contracted by Brazil-based miner Vale is grounded off the coast of the country’s north-eastern Maranhão state, having suffered damage after leaving the Ponta da Madeira Maritime Terminal earlier this week.

Growing Chinese copper output and an imbalance in trade terms between China and the west have led to a rising need for the European copper industry to guard its interests, panelists at Fastmarkets’ International Copper Conference in Amsterdam said on February 27.

The novel coronavirus (2019-nCoV) outbreak in South Korea, the largest export market for Chinese stainless steel, is likely to apply additional pressure on stainless steel prices in Asia, sources told Fastmarkets this week.

The Chinese domestic price for silico-manganese has drifted downward significantly in recent assessments because some alloy smelters reduced their offer prices to attract buying interest and generate cash amid the sluggish demand circumstances created by the outbreak of the 2019-nCoV coronavirus, market participants have told Fastmarkets.

The Chinese cobalt sulfate price softened in Fastmarkets' midweek assessment after some suppliers cut their offers to lock in profits amid concerns of a waning market in March.