China’s new and stricter steel capacity swap ratios will cool the overheated steelmaking raw materials market and pave the way for more electric-arc furnaces to be used in its mammoth steel industry, market sources told Fastmarkets this week.

Import prices for ferrous scrap in Vietnam increased during the week to Friday May 7 on bullish sentiment in the spot market, and could break the $500-per-tonne-cfr-Vietnam mark for bulk cargoes, industry sources told Fastmarkets.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday May 7, as were broader markets.

China-based lithium producer Ganfeng Lithium has agreed to acquire Bacanora Lithium for up to £190 million ($264 million) via Shanghai Ganfeng, its wholly-owned subsidiary, according to a statement filed to the Shenzhen Stock Exchange on Friday May 7.

The battery-grade seaborne Asian lithium carbonate market continued to post gains over the week on Thursday May 6 amid tight spot availability.

ArcelorMittal has again increased its official offer prices for hot-rolled coil in Europe by €30 ($36) per tonne, sources told Fastmarkets on Friday May 7.

Fastmarkets proposes to change the assessment schedule for Italian zinc premiums from weekly to fortnightly.

The Coalition of American Metal Manufacturers and Users (Cammu), along with more than 300 US manufacturing businesses, asked US President Joe Biden to immediately terminate the Section 232 steel and aluminium tariffs in a letter dated Thursday May 6.

Turkish steel producers continued booking deep-sea scrap for June shipment despite fast-rising prices, sources told Fastmarkets on Thursday May 6.

The price of copper has hit $10,000 per tonne once before, but this time around things are different.