Sustained demand for containerized ferrous scrap imports in the key Taiwanese market should continue to support prices in the near term, market sources told Fastmarkets.
Fastmarkets’ daily price assessment for containerized steel scrap, HMS 1&2 (80:20), United States material import, cfr main port Taiwan was $425-430 per tonne on Friday April 23, unchanged from a day earlier but widening downward by $5 per tonne from $430 per tonne on April 16.
There were multiple transactions concluded at $425-428 per tonne cfr Taiwan in the middle of the week with major steel mills purchasing cargoes offered at low prices by traders.
Sellers had been quick to sell off cargoes amid lower spot prices in Turkey, thinking that the ongoing Islamic holy month of Ramadan would continue to dampen prices.
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Korea Zinc has agreed annual supply contracts for lead concentrate from South32’s Cannington mine in Australia with a 25.5% reduction in treatment charge (TC) terms from a year ago.
The two companies agreed to a TC of $136 per tonne and refining charge (RC) of $1.50 per oz, down from $182.50 per tonne / $1.50 per oz, sources claiming direct knowledge said. The deal was locked as per contract with no changes to volumes, they added.
South32 declined to comment and Korea Zinc did not respond to a request for comment.
Annual terms in contracts for Cannington have in recent years been taken as a benchmark for other lead concentrate with high silver content, such as from Sumitomo s San Cristobal mine in Bolivia.
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The first shipment of iron ore to leave Angola since 1976 left the Cutato mine in Cuando Cubango province by rail on April 10-11, according to Jamie van Reijendam, general manager of global trade at London trading house Ronly.
The 60,000-tonne shipment of 60-62% Fe Cutato lump is due to be exported from the southern port of Namibe in May, he said.
Ronly has been involved with the Companhia Siderúrgica do Cuchi (CSC) project in the southern African country as financier since 2019
and has exclusive offtake rights.
CSC’ majority shareholder, Brazil s Modulax Indústria e Comércio (Modulax), has been developing the project since 2015 and started operations at the Cutato mine at the start of 2021.