The escalation of US and Chinese tariffs in the past week had limited impact on minor metal prices today, as participants in newly affected markets took time to digest the near-term implications. Price moves today were mostly in response to previously existing dynamics. Antimony continued to rise on tight availability in Europe caused by Chinese export controls, while the tantalite complex gained on continued disruption in the Democratic Republic of Congo's Kivus region.

Antimony

The Argus assessments for antimony regulus grade II and antimony trioxide moved up today to a new record high of $58,000-60,000/t duty unpaid Rotterdam from $57,00-59,000/t. Sales were reported at $58,500/t and $60,000/t. Overall trading activity was sparse as some traders are choosing not to take positions due to global economic uncertainty and the need for higher credit lines. The high prices have also prompted some consumers to use less antimony whenever they can.

Bismuth

Bismuth prices were unchanged today at $35-40/lb duty unpaid Rotterdam on thin liquidity. Prices have held steady at this level since 27 March following a sharp increase in February and March caused by China's decision to implement export controls in response to US tariffs. Spot trade has slowed as consumers and traders are hesitant to buy more material at current price levels, but supply is tight because of China's export controls and traders are uncertain about how they can replace material.

Chromium

Argus assessed chromium prices at $9,600-11,400/t dp Rotterdam, flat from the previous assessment period. A trader heard a transaction at $9,700/t. Supply in Europe remains tight.

Cobalt

Prices for all grades of cobalt metal held stable today on muted trading, with Chinese-origin material at $15.50-16.25/lb, non-Chinese chemical grade at $17-18/lb and alloy grade at $19-20/lb.

Market panic has cooled since the Democratic of Congo's export ban, but participants are still unsure about the country's long-term intention. Many believe the DRC may impose quotas, but no firm indications have yet emerged.

Gallium

Gallium prices held steady at $675-725/kg cif main airport, unchanged since 20 March. Prices remain firm as tight availability and limited exports to Europe from China continue to support high offers.

Unwrought gallium is exempt from the latest round of US tariffs under the Annex II exemptions list, but market participants noted that it is already very difficult for US customers to source gallium due to China's export controls, which means the exemption has brought little relief.

Indium

European indium prices were flat at $390-410/kg today as firm demand for non-Chinese origin material continued to provide support despite a recent dip in Chinese export prices. Spot trade was slow today but offers were firm at around $400/kg and up.

Trade tensions between the US and China have prompted more indium consumers to source material from South Korea and Japan, as they are nervous that indium could be affected by Chinese export controls in the future. This has supported European prices for indium despite a 3pc drop in Chinese export prices over the last three weeks.

Magnesium

Magnesium prices in Europe fell to $2,450-2,500/t du Rotterdam today, retreating from a four-month high of $2,500-2,550/t du Rotterdam, at which level the market held between 1-3 April. The unwind on the European market follows a similar drop in China where producers could not sustain higher offers because of weak demand from consumers and expectations of lower prices. Export offers to European traders followed accordingly, but spot business in Europe was limited.

Manganese

Manganese flake prices were flat today at $2,070-2,110/t du Rotterdam. Many market participants are in Bangkok for an industry event, reducing inter-trade spot activity. A trader reaffirmed the assessed range and told Argus he expects spot purchasing to pick up once market participants return to Europe. Another trader pegged prices within the Argus range. The second trader said that the rising cost of sulphur and a potential decrease in production levels in China may pressure manganese flake prices, but said he expects low demand in the near term to continue to weigh on the European market.

Molybdenum

The Argus assessment for molybdenum oxide du Rotterdam was unchanged today at $19.20-20.15/lb on limited spot trade, and lack of movement in Asia.

Niobium

Argus assessed columbite prices slightly higher at $20-21/lb cif main airport today, up from the 3 April assessment of $19.50-21/lb as firm niobium demand and tight availability continued to support offers. Spot liquidity was thin as market participants took a pause from buying to observe recent tariff developments between China and the US, but offers were firmly upwards of $20.50/lb, with no recent indications as low as $19.50/lb.

Columbite prices have risen by almost 10pc from the start of the year on the back of firm downstream niobium demand and tighter availability of niobium pentoxide supply from tantalite mined in the Democratic Republic of Congo.

Rhenium

The Argus assessment for catalyst grade ammonium perrhenate (APR) min 69.4pc Re moved up to $1,800-2,000/kg dp Rotterdam from $1,800-1,900/kg dp Rotterdam on 3 April on sales reported at the top end of the range and overall solid demand from the superalloys sector.

Prices for rhenium pellets min 99.9pc Re were flat today at $850-950/lb dp Rotterdam on thin spot activity, with most deals done on a long-term contract basis.

Silicon

Prices for all assessed grades were unchanged today in limited spot liquidity. Argus assessed 5-5-3 grade silicon metal at €1,900-2,100/t ddp Europe works, flat since 3 April but down by €50/t from 1 April, pressured by lower price expectations from aluminium alloy producers. Some traders still resisted prices at the low end of the assessment, with one citing quality concerns with Chinese material. Argus' ranges for 4-4-1, 3-3-0-3 and 2-2-0-2 grades were all flat.

Market participants are still gauging how the US market will respond to the imposition of tariffs on silicon metal (less than 99.99pc Si), and the affect this could have on Europe.

Tantalum

Argus assessed tantalite prices higher at $98-105/lb cif main port today, up from the 3 April assessment of $95-102/lb, as tighter supply and firm tantalum demand lifted prices. Higher replacement costs from Rwanda lifted prices at the bottom end of the range, while firm demand for non-central African material lifted offers at the upper end of the range.

Tantalite prices have risen by 30pc since late January after the M23 rebel group took control of large parts of key coltan mining areas in eastern DRC, cutting off reliable supply from these areas and boosting demand for non-central African material as consumers aimed to distance their supply chains from the conflict. But demand for tantalum products including k-salts, tantalum capacitors, and tantalum metal has increased with demand for electronics and tantalum containing alloys.

Prices for European tantalum ingots found support today, moving to $300-315/kg duty unpaid Rotterdam, from $295-305/kg the previous week. Higher prices for tantalite are causing significant upward price pressure in a tightly supplied market.