Quarterly rare earths market update – July 2024
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Japan’s scrap export tender hits 3‑year high in April
Japan’s scrap export tender hits 3‑year high in April
Shanghai, 9 April (Argus) — The Japanese scrap dealer cooperative Kanto Tetsugen export tender continued its strong upward momentum in April, reaching its highest level since March 2023. A total of 10,000t of H2 scrap was awarded at ¥54,329/t ($342/t) free alongside ship (fas) today, up by ¥4,208/t from March, Kanto Tetsugen said. This is equivalent to ¥55,329/t ($348.5/t) on an fob basis. The tender cargo is likely to be shipped to Bangladesh again, market participants indicated, combined shipment with shindachi cargoes to optimize freight costs. The seaborne market was surprised by the tender result as it was far above expectations. Prior to the tender, most overseas buyers were targeting below ¥52,000/t fob for H2, even as available offers remained limited. In the domestic market, H2 prices were around ¥51,000-52,000/t, while dockside collection prices stood at ¥51,000-51,500/t fas. Traders are now watching how much Tokyo Steel will raise its domestic purchase prices in response to the sharply higher tender outcome. Most Japanese traders expect the tender result to drive export offers higher, although it remains uncertain whether overseas buyers can match these levels. "Export negotiations will become increasingly difficult due to the widening price gap," a Japanese trader said. The Argus daily assessment for H2 scrap fob Japan stood at ¥51,300/t on 8 April, compared with a March monthly average of ¥48,950/t fob. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Recent deep-sea and short-sea cfr Turkey scrap deals
Recent deep-sea and short-sea cfr Turkey scrap deals
London, 8 April (Argus) — A summary of the most recent deep-sea and short-sea cfr Turkey ferrous scrap deals seen by Argus. Ferrous scrap short-sea trades (average composition price, cif Marmara) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 7-Apr 3,000 380 (80:20) April Samsun Bulgaria HMS 1/2 80:20 Y Ferrous scrap deep-sea trades (average composition price, cfr Turkey) Date Volume, t Price, $ Shipment Buyer Seller Composition Index relevant 2-Apr 35,000 400 (80:20) May Iskenderun USA HMS #1, P&S, shred Y 2-Apr 35,000 400 (80:20) May Izmir Cont.Europe HMS 1/2 75:25, P&S, shred Y 31-Mar 50,000 402 (80:20) May Marmara Canada HMS 1/2 95:5, P&S, shred Y Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran steel supply unlikely to benefit from ceasefire
Iran steel supply unlikely to benefit from ceasefire
London, 8 April (Argus) — Iran's steel production is unlikely to recover swiftly despite the announcement of a two-week ceasefire between the US and Iran late on Tuesday that could bring relief from higher energy prices and potentially enable shipping to resume through the strait of Hormuz. Damage to major Iranian steel producers Mobarakeh Steel and Khuzestan Steel after air strikes at the end of March have resulted in the companies halting production because of extensive damage to their plants. Repairs and the resumption of output is expected to take months, which is likely to tighten the supply of products to the semi-finished steel markets, to which both mills are large suppliers, with a combined production capacity of around 14mn t/yr. This could in turn keep slab and billet prices elevated — fob Asia slab prices have increased by $24/t since the end of February, while cfr Asean billet prices have risen by $30/t, according to Argus assessments. Iranian prices have also strengthened, with a deal concluding $26/t higher for April shipment compared with March-shipment prices. But the ceasefire announcement could bring some production cost relief in the form of lower energy prices, based on initial market reaction. European gas prices plunged at market opening on Wednesday, with front-month futures at Europe's benchmark Dutch TTF hub nearly 20pc lower, while the front-month Ice June Brent crude contract fell by around 16pc. Lower crude prices weighing on fuel oil markets and the prospect of shipping through the strait of Hormuz resuming could also benefit producers and exporters by pulling freight rates lower. Some steel producers in Asia and Europe, particularly of long products, raised prices throughout March because of higher energy costs, while a number of seaborne suppliers increased offers on a cfr basis to account for surging freight and logistics costs. The ceasefire has had no immediate impact on steel prices today, some traders said, but others noted that the euro strengthening against the US dollar has affected import prices — an offer at $700/t cfr would work out around €10/t lower at today's rate compared with the end of last week. "The risk [for Hormuz] to remain blocked is still too high if the ceasefire will be interrupted. So I guess shipowners will not accept cargoes from the Gulf," a trader said. By Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Metallium advances US gallium recovery project
Metallium advances US gallium recovery project
London, 7 April (Argus) — Australian metals recycling firm Metallium has advanced plans to recover gallium from complex waste streams after completing the first phase of a contract with the US Department of Defense (DoD) ahead of schedule. Metallium is developing a process to recover gallium from waste streams, including semiconductor scrap and electronic waste, using its proprietary Flash Joule Heating (FJH) process. The FJH process is a hydrometallurgical recycling method used to extract trace amounts of gallium from steel or alloy scrap. The company also aims to recover germanium and other critical minerals in future phases with this method. Metallium can now apply for Phase II funding of up to $1mn to advance pilot-scale operations. It expects to start full commercial operations at its Texas facility this year. In addition to government funding, Metallium raised $55mn from investors in June to accelerate scaling. Global producer Glencore will supply 2,400 t/yr of electronic waste, becoming the major feedstock supplier and offtaker for Metallium. Metallium signed a deal last week to supply US-based metals refiner and manufacturer Indium with several metals recovered from its US recycling operations. Gallium has been designated as a critical material by the US and other governments because of its importance in military systems, semiconductors and optics. Global supply remains highly concentrated, with China accounting for nearly all primary gallium production, according to the US Geological Survey. China's export controls, introduced in 2023, have intensified competition for non-Chinese supply, prompting investment in recovery methods. End-of-life recycling of gallium remains difficult to scale because the metal is present only in very small quantities once integrated into finished products. But higher prices and process improvements are making recovery projects increasingly viable as niche or strategic supply sources, particularly for defence-related demand, market sources told Argus . Gallium prices have risen by 175pc year on year. Prices remained steady today at $1,850-2,000/kg cif main airport on firm demand and limited supply outside China. By Cristina Belda and Harrison Holloway Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.