Cobalt prices have stabilised over the second quarter, after falling in the first quarter of the year; to average US$32,895/t, with the June end price of US$30,571/t.

In September, the market was rattled by rising concerns that an increase in Covid-19 cases in major markets could spur fresh lockdowns and further adversely impact demand.

The Asian composite LNG spot price in September averaged US$3.83/Million British thermal units (MBtu), a strong 32% increase on August’s average US$2.89/MBtu, reflecting bullish sentiment leading into the winter peak demand season.

September finally saw the return of activity to the seaborne metallurgical coal market, up an incredible 14.9% from August, as demand from India for metallurgical coal roars back to life as the country’s blast furnaces are brought back to full operation.

In the June quarter, global throughput fell by 11.5Mbpd to 69.5Mbpd, the lowest for any quarter in 17 years. But there was a robust rebound in China, fuelled by lower crude prices.

Thermal coal markets continued to decline in September. Prices weakened further due to a severe drop in demand form the lingering impact of the coronavirus pandemic.

September has been a roller coaster ride for iron ore prices, with the spot price for 62% Fe Fines Spot Price CFR China starting the month around US$130/dmt, then fell to US$114/dmt, before recovering back to US$123/dmt—averaging US$124/dmt, up a meagre 1.2% from August.

The Chinese domestic economy still moves ahead unabated, as manufacturing continued its rebound in September, with the PMI remaining above 50.

With demand remaining strong from China in September and LME inventories hitting multi-year lows, prices continued to ascend in September with Ex-Asian prices averaging US$6,689/t, from US$6,479/t in August.

China's metals-heavy infrastructure spending, designed to aid the country's post-Covid economic recovery, continues to gain speed, supporting metals prices. China's industrial profits rose 19.1% on-year to CNY612.81bn (US$89.8bn) in August, while its manufacturing PMI rose to 51.5 in September, from 51 in August.

China's metals-intensive infrastructure spending continues to power ahead to drive post-Covid economic recovery, spurring demand for base metals into 2021.

The European aluminium price steadied in September, taking a break from its three-month long recovery, averaging US$1,751/t, up only 0.6% from the previous month. Similarly, the Asian aluminium price tracked sideways for the month at US$1,891/t, up only 1% from August.

Well what a month! – The start of August saw gold surge to an all-time high, sailing through the pivotal US$2,000 oz level on the back of mounting tensions between the United States and China and worrying rises in coronavirus infection rates.