IN CASE YOU MISSED IT: 5 key stories from December 11

Here are five Fastmarkets MB stories you might have missed on Wednesday December 11 that are worth another look.

Japan’s Kanto Tetsugen has secured a higher price at its ferrous scrap auction for December, which is likely to boost sentiment in the Asian market for the steelmaking raw material.

The emergence of a contango in London Metal Exchange aluminium spreads for early next year helped push premiums in the Dutch port of Rotterdam upward in the week ended Tuesday December 10, while rates elsewhere were either unchanged or down amid prevailing weak market conditions.

Chinese copper producer Jiangxi Copper will become the largest shareholder of Canada-listed First Quantum Minerals (FQM) after its $1.12-billion purchase of PIM Cupric Holdings (PCH), which holds around 18.015% of FQM’s issued shares.

A closed arbitrage window between the Shanghai and London exchanges forced nickel premiums in China lower, while a push for market participants to clear stock by year-end in the United States moved premiums lower there as well.

The sharp fall in London Metal Exchange three-month lead price has put upward pressure on the US lead premium. Stock liquidation and weak buying saw the Italian delivered zinc premium decline, while the Shanghai zinc market held firm.

What to read next
It was already getting more difficult to source nickel qualified as compliant to the Inflation Reduction Act (IRA). Under a future Donald Trump administration, it’s likely to get harder still, in the short-term at least.
Aluminium market participants in the US anticipate stable business supported by continued tariffs and potential interest rate cuts, while industry sources in Europe and Latin America are watchful of potential new trade restrictions.
Chinese authorities officially announced that they will be expanding the range of permitted recycled copper and aluminium imports from mid-November, but market participants Fastmarkets spoke to at a conference this week are not convinced that this will mean more material will be imported into the country in the short run.
Li-Cycle announced on Thursday October 31 that it had entered an agreement with Glencore to sell 100% of the premium nickel-cobalt mixed hydroxide precipitate (MHP) production at its stalled hub in Rochester, New York – a step that could support Li-Cycle’s efforts to finalize a loan with the US Department of Energy (DOE).
Unprecedented supply tightness and record low treatment and refining charges (TC/RCs) are likely to challenge copper smelters in 2025 – even more than in 2024, sources told Fastmarkets.
The publication of Fastmarkets’ MB-PB-0086 lead 99.99% ingot premium, cif India and MB-PB-0087 lead 99.97% ingot premium, cif India assessments for Tuesday November 5 were delayed due to a reporter error.