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.