This morning in metals news: tin prices have surged; Norsk Hydro announced the end of a previously announced battery initiative; and, lastly, Cleveland-Cliffs is buying a ferrous scrap processor.
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Tin prices gain
As we noted earlier this week, news that Indonesia is considering a tin export ban is offering some support to tin prices.
LME three-month tin reached $39,250 per metric ton this week, up 7.2% month over month, according to MetalMiner Insights data.
Meanwhile, from a technical perspective, LME tin trading volumes reached a November peak of 7,138 on Nov. 16. Volumes fell as low as 2,538 later in the month before bouncing back up.
Subscribers can find more tin insights in this month’s Monthly Metal Outlook report.
Norsk Hydro announces end to battery initiative
Earlier this year, Norsk Hydro announced plans to extend its joint battery initiative with Panasonic and energy firm Equinor.
The firms had been exploring the viability of a joint European battery company.
However, this week the companies announced they are pulling the plug.
“Based on an overall assessment of the business case for participation in the European battery value chain, the three companies have decided to end their feasibility study,” Norsk Hydro said in a release.
“No further activity is planned by the partners at this time. This means that the ongoing site selection process in Norway and in the EU will be discontinued by JBI.”
Cleveland-Cliffs buys scrap processor
In other company news, Cleveland-Cliffs said it acquired ferrous scrap processor Ferrous Processing and Trading Company.
The scrap firm processes about 3 million tons of scrap per year, Cleveland-Cliffs said, half being prime grade.
“The way the scrap business historically worked has now changed for good,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. “With our closing of the FPT acquisition today, we are now immediately focused on amplifying the value of what we believe is the next precious metal. To drive this, we have already begun the dialogue with our steel customers with a focus on increasing our scrap offtake from them under a real closed-loop proposition.”
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