ASIAN MORNING BRIEF 01/12: Base metals lack direction on LME; Zim Alloys said preparing to meet with creditors to discuss potential new buyer; Recylex brings in new chief to replace Roche
The latest news and price moves to start the Asian day on Friday December 1.
Base metals again lacked a uniform direction after a weak start on the London Metal Exchange on Thursday November 30. Read more in our live futures report.
Here are how prices looked at the end of the day on Thursday.
Zimbabwe Alloys - otherwise known as Zim Alloys - is preparing to meet with creditors next week in order to discuss a potential new buyer for the company, sources told Metal Bulletin.
European lead and zinc recycler-smelter Recylex has named a new chief executive officer. He replaces incumbent Yyves Roche, who is leaving the company after helming it for 12 years.
A group of unionized workers have rejected a contract offer by Canada’s Teck for its copper mine in Chile, which allows the workers to strike if no deal is reached after government-mediated talks.
Spot alumina prices have fallen this week in the Pacific, struggling to resist the price weakness in the aluminium market.
The United States has quadrupled the preliminary anti-dumping duty on imports of wire rod from South Korea, according to a US Federal Register notice.
Meanwhile, large-diameter line pipe mills in the US are said to be almost ready to file an anti-dumping and countervailing duty trade petition with the US Department of Commerce, American Metal Market has been told.
Italian steelmaker Ilva faces the threat of closure if an Italian court accepts a complaint lodged by two senior politicians within the country, according to Italy’s minister of economic development.
Brazilian steel institute Aço Brasil has revised its forecast for the country’s steel consumption, based largely on the association’s belief that a “timid” market rebound is expected in December.