EUROPEAN MORNING BRIEF 22/05: COBC expects final approval for copper/cobalt trading, export license; competition drives down manganese ore prices; FeCr prices edge up on tightening supply
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday May 22.
Lead prices on the Shanghai Futures Exchange outperformed during Asian morning trading on Tuesday, tracking the strong performance of the London Metal Exchange’s three-month lead price on Monday. The other SHFE base metals, with the exception of copper and nickel, were weaker.
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Canada-based Cobalt Blockchain Inc (COBC) expects final ratification shortly for a copper/cobalt trading and export license that will allow it to establish regional buying depots in the Democratic Republic of Congo (DRC), process minerals in-country and export internationally.
Manganese ore prices fell heavily in the week ended May 18, in particular the price for 44% manganese, with sellers accepting the refusal among buyers to pay higher prices.
Ferro-chrome prices rose in China for domestic and imported material on May 18 due to producers standing firm on offer prices in a tighter market.
Carmaker Daimler AG has gone “on the offensive” to secure a sustainable raw materials supply chain and has developed a number of initiatives across key raw materials to create transparency and to protect human rights, the Germany-based group has said.
Cobalt 27 has agreed an $80 million revolving credit facility to help fund its investments in the mineral industries, including streaming and royalty agreements, the company said late last week.