North American Aluminum Scrap Prices Remain Flat on Index on 31st Oct, 2016

The Indian government will fund around USD12 million of a USD22 million pilot project to build India's first fully hydrogen-based direct reduced iron (DRI) plant, aimed at cutting steel-sector carbon emissions. Led by CSIR with IMMT, the project targets completion by August 2029, focusing on adapting hydrogen-DRI technology to India's low-grade hematite ore — a tougher challenge than the higher-grade magnetite used in global projects. Unlike private players experimenting with partial hydrogen use, this plant will run on 100% hydrogen via a vertical shaft furnace. For now, green hydrogen costs around USD5/kg (needs to fall to USD1/kg for viability), keeping green steel approximately USD200/tonne costlier than conventional steel.

[India Domestic] India's domestic steel market extended its upward momentum on Tuesday against Sept 14 with prices all moving higher on strong buying interest. Billet-makers remain positive on near-term demand and are passing on higher sponge iron costs with rolling mills showing limited resistance to the price increases so far. Mandi billet up by 10.42USD/tonne (1,000INR/tonne) to 499.42USD/tonne (47,900INR/tonne) delivered Mandi. PDRI sponge iron up by 3.12USD/tonne (300INR/tonne) to 310.70USD/tonne (29,800INR/tonne) EXW Raipur. Mandi HMS 1&2 (80:20) rose by 10.42USD/tonne (1,000INR/tonne) to 409.74USD/tonne (39,300INR/tonne) delivered Mandi. Chennai HMS 1&2 (80:20) up by 8.33USD/tonne (800INR/tonne) to 362.74USD/tonne (34,800INR/tonne) delivered Chennai. Market activity has picked up with buyers bidding around 359.63-360.67USD/tonne (34,500–34,600INR/tonne), while offers are heard at around 364.84-365.86USD/tonne (35,000–35,100INR/tonne). Market participants noted the market as active with firm buying interest and limited willingness among sellers to reduce offers. Rebar increased by 11.46USD/tonne (1,100INR/tonne) to 529.63USD/tonne (50,800INR/tonne) EXW Raipur.

Atlantic Copper has formally inaugurated its CirCular advanced metals recycling plant at the Huelva metallurgical complex in Spain. The project represents an investment of more than €550 million and can process up to 60,000 tonnes per year of non-ferrous fractions derived from waste electrical and electronic equipment (WEEE). Integrated into Atlantic Copper's existing metallurgical operations, CirCular is designed to recover copper, gold, silver, palladium, platinum and nickel from secondary materials. The facility is described as the first of its kind in Southern Europe and has been recognized as a strategic project by both the European Commission and the Andalusian government. The start-up adds significant new European capacity for processing complex copper-bearing electronic scrap within an established primary smelting system.