ASIAN MORNING BRIEF 10/10: Base metals mostly rebound on LME; Metals industry prepares for Brexit; Refined metal demand driving global copper premiums, Aurubis CEO says

The latest news and price moves to start the Asian day on Wednesday October 10.

Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing by more than 3%. Read more in our live futures report.

Here are how prices looked at the close of trading:

If Brexit – the departure of the United Kingdom from the European Union on March 29, 2019 – isn’t on your radar, it should be.

Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive Jürgen Schachler told Fastmarkets.

Fastmarkets has discontinued its weekly price assessment for Algeria rebar imports, expressed in euros per tonne cfr. There will be no price assessment on October 10.

Flat steel import prices in the United Arab Emirates and Saudi Arabia have been mostly stable over the past week, with demand being weak and buyers expecting prices to fall, sources told Fastmarkets on October 9.

The Turkish deep-sea scrap market was quiet on Tuesday October 9, with suppliers holding their offer prices steady, according to market participants.

Recent unfavorable developments in the Turkish economy – in the steel market in particular – caused by the aggravation of diplomatic relationships with the US has put pressure on steel producers in the Commonwealth of Independent States, both in terms of export volumes and prices.

Vietnam’s Ministry of Industry and Trade has started a final review of anti-dumping measures imposed on stainless cold-rolled steel from China, Taiwan, Indonesia and Malaysia, it said on October 3.

China’s domestic rebar price registered a small increase on Tuesday on higher futures and gains in the billet market.

What to read next
Market reactions to the soon-to-be-implemented US copper tariff are driving short-term volatility and supply imbalances while fuelling long-term efforts to expand domestic production, recycling and infrastructure.
US export controls on recycled copper would have unintended consequences that could weaken the country’s domestic recycling and manufacturing ecosystems, the president of the Recycled Materials Association (ReMA) said.
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]