Prices for cadmium in Europe rose on demand from Indian buyers, while magnesium prices continued to slide on falling export prices from China.

Antimony

The Argus assessments for antimony regulus grade II and trioxide remained stable today at $37,500-38,500/t du Rotterdam. Stocks in European warehouses ran critically low, and little trade was reported today. Market sources said that prices could soften as the end of the year is approaching, but fundamentals have not changed. "There is no new material coming onto the market. China won't be exporting for at least three months, and replacement units are expensive," a trader said. The supply of raw materials in Thailand, Vietnam, and Myanmar remains tight.

Bismuth

Steady spot market conditions left the European bismuth assessment flat at $6-6.25/lb duty unpaid Rotterdam. Prices declined earlier in the week after pressure from lower Chinese export prices weighed on offers up to $6.50/lb. But spot buying interest remained slow and offers held stable today.

Cadmium

Argus assessed European cadmium prices up for a second consecutive assessment, owing to higher demand from Indian consumers. Prices for 99.95pc material increased to $1.95-2.05/lb duty unpaid up from the 12 November assessment of $1.85-1.95/lb. Likewise, prices for 99.99pc material rose to $2-2.10/lb up from $1.90-2/lb. This is the first time that prices have pushed the $2/lb level since July, as demand slumped through August-October.

Cadmium demand from jewellery makers in India jumped this week due to the start of the wedding season which runs from November-July. This uptick in demand prompted sellers in Europe to lift offers.

Chromium

Argus assessed chromium min 99pc at $8,400-11,700/t dp Rotterdam, down from $8,400-11,700 on 12 November. European material continued to sell at the higher end of the range, with strong demand from the aerospace sector. But Russian material is selling at extremely depressed prices, and continued to find buyers, despite concern among some end users about using it in supply chains.

Cobalt

Prices for Chinese-origin cut cathodes into Europe held stable today at $9.80-10.35/lb, while non-Chinese chemical grade prices also held at $11-12.25/lb and alloy grade prices remained unchanged at $14.85-16.25/lb.

One trader reported a 10t sale of non-Chinese chemical grade cobalt at $12.50/lb, though it was unclear whether the deal was repeatable. One trader pointed out an increase in enquiries, after being unable to sell any material at $11.60/lb offer price last week.

Gallium

The European gallium market was flat at $500-550/kg cif main airports today as overall spot market conditions remained unchanged. European traders noted a slight uptick in buying interest but no new deals were confirmed to Argus today.

Prices for Chinese-origin material have come under some pressure in recent weeks as sellers have reduced offers to encourage sales before the end of the year. But material from non-Chinese sources, most of which is recycled, is in higher demand as supply is very tight and some buyers aim to detach from the Chinese supply chain.

Germanium

Argus assessed European germanium prices unchanged, with germanium metal flat at $2,950-3,100/kg cif main airports and germanium dioxide steady at $2,000-2,300/kg. No new deals were confirmed today but spot buying interest was steady.

Domestic Chinese prices for germanium metal fell by around 2pc this week as sellers reduced offers to encourage trade. But prices in Europe have held steady, supported by firm demand and tight spot availability. European germanium prices rose by around 105pc in June-October, on the back of a sharp increase in Chinese export prices and very tight spot availability.

Indium

European indium prices held steady at $350-390/kg duty unpaid Rotterdam today on slow trade. Offers were stable within the range, but no new deals were confirmed while spot buying interest was muted. European indium prices have fallen by 2.6pc over the past 30 days following a dip in Chinese export prices and lower offers from sellers amid slow trade.

Magnesium

Magnesium prices in Europe fell to $2,580-2,680/t du Rotterdam today from $2,675-2,725/t du Rotterdam today, following steeper losses in China. Producers there are slashing offers to attract sales, exacerbated on an export fob basis because of the stronger dollar against the yuan. European buyers received offers in the low $2,400/t fob level, with prompt delivery offers reported at €2,500/t (approx. $2,640/t), but other traders said that this pricing is unrealistic. Low liquidity in the European spot market has created an opaque price environment that has prevented a more definitive price reaction to the drop in China. The European market is now sitting at its lowest level since April 2021, and there is little prospect for support on the demand side, albeit producers in China are teetering on cost of production between Yn16,500-17,000/t which may see prices hit a floor in the near-term.

Manganese

Manganese flake prices stayed flat at $1,900-1,930/t du Rotterdam. One trader sold five containers at $1,915-1,920/lb du Rotterdam. Another sold one truck at $1,920/t, and said that exchange rate fluctuations are allowing the Chinese to offer at slightly cheaper levels, but nothing has changed in terms of market fundamentals or freight. Another trader offered above the range and was unable to find a buyer.

Molybdenum

The Argus assessment for molybdenum oxide min 57pc powder remained stable at $21.85-22/lb duty unpaid Rotterdam. Business in Busan was reported within the given range, and a deal was concluded at $21.95/lb in Rotterdam. "I don't think there will be any big action unless someone will try to restock or some major fundamentals will change, []… everybody is a bit shy on doing any spot business," a trader said about the stagnant European prices.

Niobium

Prices for columbite held steady at $18.50-19.50/lb cif main ports unchanged for the sixth consecutive assessment on steady demand. A trader reported buying interest at $19.50/lb, though overall spot trade was thin while sellers gathered material. Downstream demand for niobium has been strong for most of 2024 due to increased demand from aerospace and defence applications.

Selenium

Slow spot market condition left the European selenium market unchanged at $12.50-15/lb duty unpaid this week. Market participants reported buying interest for 200 mesh material as low as $12/lb but this level was not widely reported across the market, as others maintained offers firmly above $13/lb. Both the European and Chinese selenium markets were flat this week on slow but steady spot demand.

Silicon

Prices for 5-5-3 and 4-4-1 grades edged lower today on continued downside pressure from secondary aluminium producers, positioning traders in a precarious position with wafer thin or negative margins. The range for 5-5-3 grade metal settled at €2,100-2,250/t ddp Europe works today, €25/t lower than 12 November, while 4-4-1 grade fell by the same degree to €2,200-2,350/t. One trader indicated sales were taking place at €2,100/t for 4-4-1 grade, but disclosed no further details, and other market participants did not consider these levels to be viable considering replacement costs. Nevertheless sources conceded that demand in Europe is extremely weak and market conditions are not set to improve in the coming months.

Tantalum

Argus assessed European tantalite prices unchanged $81-86/lb cif main port. Prices have been flat at their current level since 31 October though offers for material with low niobium content have come under pressure over the past week. Sellers reported deals between $82-84.50/lb today while offers for high Nb material were as high as $85.75/lb. One trader sold low niobium material at $80/lb though this level was not widely accepted by other sellers in the market, owing to firm local prices in central Africa.

Downstream tantalum demand is expected to be subdued in the final months of this year following the US's decision to apply a 25pc tariff to Chinese unwrought tantalum products. But strong downstream demand for niobium continues to support prices for tantalite material with high niobium pentoxide content.

Tungsten

The price of ammonium paratungstate (APT) remained flat at $325-340/mtu today on thin market activity and low European demand, with no expectations for increases until the first quarter of 2025. The price for tungsten concentrate was stable at $260-270/mtu on the back of increasing demand from China recently and limited scrap availability.