With LME Asia Week fast approaching, Fastmarkets MB took an in-depth look at one of the topics likely to dominate discussions at this year’s event: What is keeping aluminium prices on the Shanghai Futures Exchange elevated following the cut to China’s value-added tax early in April?
Brazil’s primary aluminium production totaled 147,000 tonnes in the first quarter of 2019, falling by 24.7% compared with 195,100 tonnes in the first quarter of 2018, according to the country’s association for the sector, Abal.
Prices for hot-rolled coil in China may not have room to move much higher because a further 31.05 million tonnes per year of capacity will come on stream in 2019, market sources in the country told Fastmarkets this week.
The premium paid for European nickel briquettes fell to its lowest level since July 2017 on April 30, amid extremely weakened demand from the stainless steel sector for the material, while European off-warrant supply remains healthy and facilitates the decline.
Russian aluminium producer UC Rusal’s sales of aluminium value-added products were down 22.2% year on year in the first quarter of 2019 amid US sanctions and high premiums, it announced on April 30.
Here are five Fastmarkets MB stories you might have missed on Tuesday April 30 that are worth another look.