Germanium dioxide and metal prices continued to increase today, lifted by tight feedstock supply and stockpiling in China. Stronger Chinese demand also continued to lift rhenium and tellurium prices higher.

Antimony

The Argus assessments for antimony regulus II and trioxide grades moved up slightly today to $21,800-23,000/t, from $21,800-22,800/t on 11 July, supported by higher fresh offers from China and tight concentrate availability. Export prices from China moved up by $100/t today to $22,500-22,900/t for 99.65pc grade metal. Despite the increase, demand remains limited in Europe during the the summer slowdown and spot deals are scarce.

Bismuth

Slow trade left the European bismuth assessment unchanged at $6.20-6.80/lb duty unpaid Rotterdam. Offers held steady within the current price range, but no new deals were confirmed to Argus due to a lack of buying interest.

Chinese export prices moved higher again today after tighter supplies lifted prices domestically. The Chinese market rallied through the second quarter but took a pause at the start of July during a period of slower buying interest. Market participants in Europe are watching the domestic Chinese market's near-term price direction closely, as further increases will raise replacement costs for many European traders.

Cadmium

The European cadmium market fell for the third consecutive assessment on the back of slow trade and weakening prices globally. Prices for 99.95pc material were assessed at $1.85-1.95/lb duty unpaid Rotterdam, down from $1.95-2.05/lb, and higher purity 99.99pc material dipped to $1.90/lb-2/lb down from $2-2.10/lb.

Slow buying interest combined with a weaker market in India continued to weigh on offers. Domestic Indian prices have fallen by close to 9pc over the past month as a result of lower demand.

Cobalt

Prices for cobalt metal remained stable on muted spot market activity during the summer months, with chemical grade stable at $12-13.50/lb and alloy grade cobalt unchanged at $16-17.10/lb.

1t of standard grade metal was sold last week at $13.05/lb ex works Europe, and small tonnage sales of Chinese metal were reported at slightly above the $11.50/lb mark, although Argus was not able to confirm these deals. One trader said that they are not offering below $11.90/lb.

"We remain well committed in all markets with fairly tight inventories", said one trader, suggesting that market activity is set to remain muted for the rest of the summer period.

Gallium

Gallium prices were unchanged at $500-550/kg cif main airport due to settled spot market conditions. Gallium demand has been slow for much of 2024 but tight supply and limited options for restocking have supported prices above $500/kg.

Germanium

Prices for germanium dioxide and germanium metal continued to move higher on the back of a rising domestic Chinese market. Argus assessed prices for 99.99pc germanium metal at $2,000-2,200/kg cif main airport, up from the 11 July assessment of $2,000-2,100/kg. One deal was confirmed at $2,000/kg while sellers targeted prices upwards of $2,200/kg. Germanium dioxide prices also increased to $1,350-1,550/kg cif main airport, up from $1,300-1,500/kg, as multiple deals concluded within the range.

Tighter feedstock supply and stockpiling have lifted germanium prices in China, prompting sellers outside China to lift their offers as well. Supply in Europe, the US and Japan remains tight as a result of the export controls China brought in for gallium and germanium products in August 2023

Indium

Argus assessed European indium prices flat at $375-400/kg duty unpaid Rotterdam, on slow spot trade. Prices have held steady at this level since 25 June as market participants took a step back from the market during the summer months.

Magnesium

The Argus assessment for magnesium min 99.9pc du Rotterdam edged down to $2,810-2,880/t from $2,810-2,900/t on 11 July as sellers slightly reduced offers in an effort to attract demand amid weak buying interest. High freight rates that have supported the market in recent weeks continued to limit the extent of downside movement, but are no longer sufficient to drive renewed upward movement in the face of low demand and stable prices in China.

Manganese

Manganese flake prices stayed firm today at $2,140-2,200/t du Rotterdam. A trader said that activity in Europe has been slow because of the summer holidays, but that prices coming out of China are slightly weaker. He pegged prices for Chinese material at $2,020-2,100/t cif Rotterdam. The trader closed a sale at $2,210/t delivered in Europe, which on an in-warehouse is within the Argus range.

Molybdenum

European molybdenum oxide prices dropped to $22.80-23/lb duty unpaid Rotterdam today from $23-23.20/lb on 11 July as slow trading activity persisted. Although no new deals were reported to Argus, traders described demand as stable but not high. Argus assessed prices in Busan, South Korea, at $22.70-22.90/lb in-warehouse today, down from $23-23.20/lb on 11 July.

Niobium

Argus assessed columbite prices unchanged at $17.50-18.50/lb cif main airport as steady demand held prices steady. Sellers targeted prices upwards of $18/lb but an offer at $19/lb was rejected. A container of Nigerian origin material was sold at $17.50/lb. Lower prices for niobium containing tantalite material have resulted in some lower bids for columbite this week but overall niobium demand remains firm.

Rhenium

Rhenium prices moved up today to $1,150-1,250 dp Rotterdam from $1,100-1,250/kg a week ago for catalyst grade APR, and were stable at $550-630/lb dp Rotterdam for min 99.9pc pellets. Basic grade APR remained flat today at $750-850/kg du Rotterdam. There has been an uptick in demand from Chinese customers and for the aviation sector in the US, market sources said. One supplier in Chile has reportedly sold out for the next two months, exacerbating the price increase.

Silicon

Silicon prices in Europe stayed flat today on limited trading activity.

The assessments for 5-5-3 and 4-4-1 grades were stable from 11 July at €2,400-2,500/t and €2,500-2,600/t ddp Europe works, respectively.

The fca Europe works assessments for 3-3-0-3 and 2-2-0-2 silicon metal were unmoved at €2,600-2,800/t and €2,800-2,900/t.

Tantalum

Lower demand caused tantalite prices to decline further today. Argus assessed prices at $76-79/lb cif main port, down from $76.50-79.50/lb on 11 July after smelters took a step back from the market and sellers cut their offers. One deal was confirmed at $76/lb while smelters bid for material around $74-75/lb.

Tantalite prices have trended lower since 4 July as a result of lower spot demand from smelters in China. Domestic Chinese prices for 99.5pc tantalum pentoxide have also trended lower over the past two weeks, dropping to Yn1,600-1,630/kg ex-works China from Yn1,615-1,655/kg on 2 July.

Tellurium

Argus assessed European tellurium prices at $95-105/kg duty unpaid Rotterdam today, up from the 11 July assessment of $93-100/kg as sellers lifted offers further on the back of increasing replacement costs from Asia and tight spot supplies. Sellers targeted prices upwards of $100/kg this week while some buyers in Europe are reluctant to accept prices over that level.

Supply in Europe is tight, while replacement costs from China have increased by close to 20pc since 11 June. This has prompted sellers to raise their offers, especially for prompt material.

Tungsten

The European tungsten concentrate price softened to $248-255/dmtu today from $250-260/dmtu in-warehouse Rotterdam on 11 July as there is currently ample availability of primary material and scrap.

Ammonium paratungstate (APT) prices were flat at $340-345 per metric ton unit (mtu), under pressure from lower Chinese prices, but muted demand prevented any further decrease today.

Vanadium

Argus assessed prices for vanadium pentoxide (V205) stable at $5.85-6.35/lb duty unpaid due to continued slow trade typically caused by the summer lull season. Producers continue to sell material through long-term contracts instead of the spot market.