Data: SHFE, DCE market movement (May 28)

Bezant Resources has commenced commercial copper-gold concentrate production at its Hope & Gorob project in Namibia, marking the transition of the operation from development into revenue-generating production. Run-of-mine ore from the newly developed Hope & Gorob mine is now being processed through the company’s Tsoaxaub Metals flotation plant. Bezant said mine and processing plant construction were completed ahead of schedule and within internal budgets, while commissioning will continue over the coming weeks as production ramps up. More than 40,000 mt of run-of-mine ore has been mined since mid-August, including approximately 10,000 mt currently stockpiled at the processing plant. Bezant said initial indications suggest copper grades are broadly consistent with resource estimates and the Hope open-pit block model, while gold grades in mined ore have so far exceeded forecasts. The company is targeting minimum plant throughput of 9,000 mt during October, with first saleable copper-gold concentrate expected to be available for offtake in late October. Bezant plans to continue ramping up production toward nameplate capacity by the end of 2026. Bezant is also advancing planning for a Phase II expansion that could increase processing throughput by up to 40% using ore from the existing Hope & Gorob resource. Further step-out and expansion drilling is planned after stable production and cash flow are established, with the company targeting an initial 500,000 mt of contained copper as a potential threshold for a larger Phase III development. The start of commercial concentrate production at Hope & Gorob adds a new source of copper supply in Namibia and represents a significant operational milestone for Bezant. The immediate focus will be on achieving stable plant performance, producing the first saleable concentrate in late October and ramping throughput toward nameplate capacity by year-end. Progress on the planned Phase II expansion will also be important in determining the longer-term scale of the operation.

North American Stainless (NAS), part of Acerinox, said Type 316 cold-rolled products shipped from Oct. 1 would carry a higher base price through a two-point reduction in the functional discount. All active requests for quotation are subject to the adjustment. This is a base-price mechanism change rather than a monthly alloy surcharge.

Industeel, part of ArcelorMittal had recently updated its October stainless alloy surcharges. 316L/316LN fell 0.9% MoM to €3,684/t, 316LMo 0.7% to €4,115/t, 317L 0.7% to €4,758/t and 904L 1.0% to €6,768/t. 2205+ and 2507 were nearly flat at €3,724/t and €4,389/t, while UR 254 eased to €7,147/t. The schedule excludes energy surcharge.