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The US Department of the Treasury's decision to extend the deadline for US businesses to wind down dealings with Rusal until October 23, as announced in a statement on Monday, may usher in short-term bearishness, according to market participants.
China has granted import quotas for copper scrap this year that are reduced by 83.7% from a year ago, in its first 10 rounds of approvals for solid waste import licenses, according to calculations made by Metal Bulletin.
UG2 chrome ore, and Chinese and Japanese ferro-chrome markets were bearish last week on anticipation of China’s stainless steel mills lowering their ferro-chrome tender prices for May.
Participants in the European aluminium market expect a bearish reversal of premiums after the US Treasury decided on Monday that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal.
And finally, be sure to check out Metal Bulletin’s latest battery raw materials market report.