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EU FeTi prices rebound on offer hikes, scrap squeeze
EU FeTi prices rebound on offer hikes, scrap squeeze
London, 23 January (Argus) — European ferro-titanium prices have increased by 7pc since 8 January, after producers hiked offers in response to a squeeze on scrap availability and some steel mills sought alternative supply sources to Latvian producer LLR-Ecotech in response to its Austrian parent company filing for insolvency. Argus assessed European ferro-titanium prices at $4.65-4.90/kg Ti dp/df Rotterdam on 22 January, up by 7pc since 8 January and the highest since 11 September. The increase was supported by a number of factors but some market participants still question the sustainability of the rise based on broader weak demand fundamentals. The market was in a sustained decline from June 2024 until earlier this month because of depressed demand from steel mills and falling scrap costs. Underlying demand has not materially changed. Overall demand this month has consisted of standard enquiries from trading firms, cored-wire producers and mills for spot first-quarter volumes. One mill also released a large enquiry on a long-term contract basis. For prices to be sustained or rally further, there would need to be a significant increase in real consumption from mills, which in the broader pressured context of Europe's steel industry seems unlikely. Austrian metal trading firm LL-Resources (LLR) filed for insolvency on 5 January because it was not able to utilise credit lines following the discontinuation of a factoring agreement. Its Latvian ferro-titanium producer subsidiary SIA LLR-Ecotech subsequently confirmed that its operations have not been affected by the insolvency. But the announcement still triggered scrap suppliers and ferro-titanium producers to withhold or hike offers, while some steel mills moved to review alternative suppliers. Reviewing and qualifying alternative producers allows steel mills and cored-wire producers to manage their risk in case of non-delivery. But unless LLR-Ecotech fails to deliver and declares force majeure, which has not happened, then those mills cannot renege on existing contracts. This means at least some of the enquiries currently in the market are hypothetical. Producers have adopted varied stances in response. The prevailing approach has been a rise in offers to around $4.75-4.90/kg Ti, at which level Argus has confirmed multiple transactions. One producer has hiked its prices to $5.60/kg Ti, with a load reportedly closed at this level, but market participants broadly dispute the viability of prices above $5/kg Ti at this point. Other sellers are holding back from the spot market and instead prioritising their long-term commitments. Argus assessed 90/6/4 titanium turnings at $1.70-1.90/kg ddp NWE on 22 January, up from $1.55-1.75/kg on 8 January. One ferro-titanium producer said that if turnings cross a $2/kg threshold, scrap sellers will enter the market after a long period of holding inventory in anticipation of higher prices. A separate ferro-titanium producer reported difficulty picking up turnings even at prices over $2/kg. The squeeze on scrap is partly seasonal following inventory drawdowns in the fourth quarter and low generation rates during the Christmas and new year period. A fall in the dollar against the euro since 17 January has also factored into higher scrap costs. Latvian imports of titanium scrap averaged 408 t/month in January-November, custom data show. If LLR-Ecotech stops buying scrap because it does not have sufficient cash flow or credit insurance then this would ease scrap supply, not tighten it. On the other hand, if LLR-Ecotech cannot produce and deliver ferro-titanium that would remove an average of around 477 t/month from the market. But several sources pointed out this would not fundamentally change consumption and would just be a temporary reallocation of demand. This could sustain prices in the near term as other producers may not have spare production to serve additional customers. Most European ferro-titanium producers are not operating at full capacity, but increasing output would require more raw materials. A flurry of further enquiries for titanium turnings and solids would drive up scrap prices further, which ferro-titanium producers would then factor into higher offers to prevent losses down the line. The lag between purchasing, shipping, processing and melting scrap means that units purchased today would not be converted to ferro-titanium until one or two months time. If higher ferro-titanium prices do not hold, producers run the risk of incurring significant losses on higher-priced raw materials. By Samuel Wood European ferro-titanium prices Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazilian flat steel stocks rise in December
Brazilian flat steel stocks rise in December
Sao Paulo, 23 January (Argus) — Brazilian flat steel stocks rose by 11.4pc to 1.12mn metric tonnes (t) in December from a year earlier amid softer demand over the holidays and strong import competition, Brazilian steel distributors' association INDA said. Service centers and distributors also struggled to pass on the 8pc price increase imposed by mills in October, INDA said. The higher prices, combined with competition from imported steel, slowed sales in the last two months of the year and pushed inventories higher. Hot-rolled coil and plate inventories rose by 9.5pc to 710,900t from 649,000t a year earlier, while cold-rolled coil and sheet stocks climbed by 48.1pc to 62,000t from 42,000t over the same period. Coated steel inventories increased by 20.1pc to 173,200t from the previous year. Heavy plates stocks rose by 2.5pc to 183,200t in December from a year earlier. Inventory turnover closed at 4.5 months, above the 2.9-month historical average. The figures cover only inventories at INDA members' warehouses, excluding stocks held by trading firms and non-affiliated service centers. Service centers bought more than they sold in December, purchasing 298,200t against 248,300t in sales, pushing inventories nearly 50,000t higher for the month. Distributors placed orders ahead of the price increase planned by mills for January in an attempt to keep their stock at a lower average cost, INDA president Carlos Jorge Loureiro said. Mills raised prices in January but had to scale back the hike because elevated stocks at service centers and distributors, combined with low-priced import competition, weakened their pricing power. Brazilian producers and buyers agreed on a 4pc price increase for domestic HRC and 2.5pc for other flat steel products, down from the 5-8pc initially proposed. By Isabel Filgueiras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Geely's expansion may boost Brazil EV market
Geely's expansion may boost Brazil EV market
Sao Paulo, 23 January (Argus) — Chinese automaker Geely's short-term expansion strategy could boost the Brazilian electric vehicle (EV) market on the back of its aggressive sales approach outside of China. Geely, which was the world's seventh best-selling auto brand in 2025, announced on 22 January a five-year expansion framework through 2030 focused on growth outside of China. The automaker is now targeting global sales of over 6.5mn vehicles/yr by the end of 2030, including passenger and commercial vehicles, with EVs making up 75pc of total volumes. Sales outside of China are expected to account for at least one third of the total, or roughly 2.2mn units. Geely's goal is to reach the top five of best-selling brands in the world, amassing revenue of 1 trillion yuan ($143.4bn)/yr by the end of 2030 — and Brazil could play a large role in that. Geely returned to the Brazilian market after a nine-year hiatus with the launch of two fully electric (BEV) models: an SUV called EX5, and the EX2, a comparatively affordable city car. The EX2, which was China's best-selling vehicle in 2025, debuted in Brazil in November and quickly became the country's third best-selling BEV, propelling Geely to second place among BEV brands, behind only BYD. The Geely conglomerate also markets cars under the Volvo and Zeekr brands in Brazil. Overall, the group sold 13,658 units in 2025, but that is expected to rise to over 35,000 as acceptance rates of Geely-branded vehicles continues to grow, according to specialized consulting firm Bright. The Geely brand alone will account for over 71pc of that at 25,000 units in 2026, an increase of over seven-fold from 3,368 units in 2025, Bright said. And there is enough demand to support the growth, with analysts expecting EV sales in Brazil to more than double to as many as 600,000 units in 2026, including around 270,000 units from Chinese automakers, which will also begin to manufacture vehicles in the country. Geely plans to assemble both models in Brazil following its acquisition of a 26.4pc stake in Renault's Brazilian operations and securing access to the French automaker's factory in the country. It is unclear how many vehicles Geely will assemble in Brazil. Renault's Brazil factory can produce 320,000 vehicles/yr, but it only made 139,214 units in 2024, according to the company's sustainability report. Chinese brands often struggle in their early months in Brazil because of limited dealership coverage. Geely may have avoided this problem by using Renault's nationwide network, selling vehicles in 19 states within just two months. BYD, now Brazil's fifth best-selling brand, took more than a year to reach that milestone. If current trends persist, Brazil's EV sales could increase to 1.9mn in 2030, according to Bright. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Vinton rebar mill upgrade raised to 360,000 st/yr
Vinton rebar mill upgrade raised to 360,000 st/yr
Houston, 22 January (Argus) — Texas electric arc furnace (EAF) rebar mill Vinton Steel plans to expand its melt shop and rolling mill more than previously anticipated. Vinton's parent company, Kyoei Steel, on 16 January detailed an expanded investment plan that includes the construction and commissioning of a new 360,000 short ton (st)/yr melt shop by March 2027 and expansion of the existing rolling mill to 360,000 st/yr. Both projects will be 30,000 st/yr larger than what was announced a year ago . Construction is expected to begin in April with the projects coming online in October 2027. The investment will cost $327mn, which is $72mn higher than originally announced last January because of US import tariffs and inflationary pressures, including higher material and construction costs, Kyoei said. By Marialuisa Rincon Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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