Market growth and decarbonization collide to create an unclear future for steelmaking

Apart from nickel on the London Metal Exchange, the rest of the base metals on both the LME and Shanghai Futures Exchange were once again stronger this morning, Thursday February 25.

China's “unpredictable political moves” in relation to coking coal from Australia has driven some Chinese steel mills to increase their contractual supplies of the steelmaking raw material from elsewhere, sources told Fastmarkets this week.

For a fourth trading day in a row, copper’s three-month price on the London metal Exchange rose to a new year-to-date high on Tuesday February 23, while the rest of the base metals traded slightly lower than where they were on Monday, when they all reached fresh 2021 highs.

Chile’s Corfo on Friday February 19 filed an arbitration process with the International Chamber of Commerce against United States-based lithium miner Albemarle for allegedly underpaying royalties on its lithium sales, Corfo confirmed to Fastmarkets on Monday February 22.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were up significantly across the board this morning, Monday February 22, with all base metals on the LME setting fresh multi- month or year highs.

Copper traders are starting to place bets that the metal will hit $12,000 per tonne by December but market makers say bullishly positioned options are dragging the metal's price higher sooner than that.

Cash premiums of Brazilian soybeans in the paper market slumped on Wednesday as traders positioned bids sharply...

Chinese steelmakers looking to replenish steel scrap stocks after returning from their new year holiday on Thursday February 18, have raised bid prices for both domestic and imported material, sources told Fastmarkets.

China’s metals industry returned from holiday to find metal prices were higher and it would appear have chased prices higher, with all the base metals on the London Metal Exchange and Shanghai Futures Exchange showing gains this morning, Thursday February 18.