IN CASE YOU MISSED IT: 5 key stories from May 28

Here are five Fastmarkets MB stories you might have missed on Tuesday May 28 that are worth another look.

The Chinese government is examining an industry proposal to discard the use of the term “scrap” by officially renaming certain copper scrap products as “recyclable copper raw materials” to reflect the high purity of the furnace-ready feed, sources with direct knowledge of the matter confirmed to Fastmarkets.

Mexican steel producer Altos Hornos de México (Ahmsa) had its banking accounts frozen by the local federal government on Monday May 27, amid a corruption probe in the country that also implicates a former executive of state-owned oil company Petróleos Mexicanos (Pemex).

Auroch Minerals has signed a binding agreement with fellow Australian miner Minotaur Exploration to acquire its Western Australian Saints and Leinster nickel sulfide deposits for Australian $1.5 million ($1.03 million), Fastmarkets learned on May 28.

Brazilian steelmaker Usiminas will invest 1.23 billion Reais ($305 million) to revamp the No3 blast furnace (BF) at its Ipatinga mill, located in the southeastern state of Minas Gerais.

European lead and zinc smelter Recylex has again been granted a reprieve from debtors regarding repayments of loans that its German subgroup took out to finance asset investment, but will also be on the hook for a €26.7-million ($29.9-million) fine from the European Union, the company said on May 24.

What to read next
Saudi Arabia, through its spearheading of a mining and minerals production and consumption push in the Middle East, a region usually associated with oil and gas, is leading neighboring countries to increase their presence in the base metals markets
Indonesia is preparing to invest more in its aluminium supply chain as part of its wider critical metals strategy, Fastmarkets understands
Market sentiment remain mixed on whether the investigation will impact aluminium prices and production
Aluminium premiums in all key regions remained well-supported in the week to Tuesday June 18, amid ongoing reports of tight availability, while market participants in Europe and Asia are focusing on ongoing negotiations for Japanese third-quarter supplies
The Kingdom of Saudi Arabia’s (KSA) ambitious plan to diversify away from oil and into metals will increase local nickel consumption and fund international mining projects, given recent massive investments in nickel-intense industries
Fastmarkets proposes to amend the name of the MB-AL-0231 Aluminium P1020A all-in price, delivered Midwest US, US cents/lb to clarify that the price is based on the London Metal Exchange cash aluminium price.