1. The collapse of Fanya.
In 2014, Fanya
became more prominent in the
minds of the world’s minor metals markets, and
after the investigation of that year, things turned sour for
the exchange in 2015. Investors captured the chairman and
demanded payments that the bourse could not make, the
government sent a clean-up team in to see whether the exchange
should be charged with fraud, and the stocks are still hanging
over the market.
2. Bankruptcies among South African ferro-chrome
Low prices and rising costs have been
plaguing South African ferro-chrome producers for years,
sparking predictions of smelter closures. In the second half of
2015, Tata Steel and International Ferro Metals announced within weeks of each
that their South African smelting operations
were in business rescue and up for sale.
3. A slow start for Al premium contracts.
April, the London Metal Exchange first looked at launching
contracts that would allow the physical market to hedge
aluminium premiums. It recognised that if its warehouse reforms
went to plan, the market might not have much need for premium
contracts. The LME’s new aluminium premium
contracts remain untraded two weeks on from launch and the lack
of interest is a testament to the belated success of the
4. Increasing significance of SHFE pricing.
Metal Bulletin has been monitoring the growing importance of
Shanghai Futures Exchange Trading and its influence on the
direction of metal prices on other exchanges for a long time.
This year, the nickel contract – dubbed 'hobgoblin’ or 'devil
metal’ in China
because of its volatility
– became a market mover in London within weeks of its
5. The offtake for Big Hill in late 2014.
late 2014, Metal Bulletin said Glencore was the favourite to be
awarded marketing rights for Big Hill cobalt alloy. Material
from Ohio-based speciality chemicals provider
OMG’s former Democratic Republic of Congo asset,
Big Hill, began making its way to Glencore
July for marketing.