ASIAN MORNING BRIEF 02/02: Lead’s strong LME performance continues; Glencore raises nickel output guidance; Ferroglobe acquires two manganese alloy plants

The latest news and price moves to start the Asian day on Friday February 2.

The latest news and price moves to start the Asian day on Friday February 2.

Lead prices on the London Metal Exchange were 1.7% higher at the close on Thursday February 1, with the metal continuing its fine performance since the turn of 2018. Read more here in our live futures report.

Here are how LME prices looked at Thursday’s close:

Glencore Plc has raised its nickel production guidance for 2018 due to the ramp-up of its Koniambo complex - which just finished the rebuild of its second furnace in December.

Meanwhile, ferro-alloys producer Ferroglobe has completed the acquisition of Glencore’s manganese alloy plants in Mo I Rana, Norway, and Dunkirk, France - receiving regulatory approval for both purchases.

Swedish steel trading company BE Group forecasts solid demand and largely stable steel prices through the first quarter of 2018.

India’s budget allocation for infrastructure spending in the 2018-19 financial year - up by more than 1 trillion rupees - is expected to increase demand for finished steel products in the area.

Brazilian steel and iron ore producer CSN has signed an extension deal with a bank in the country to roll over the maturity of its debt, a move expected to improve the company’s liquidity.

High prices allowed Ukrainian steelmaker Metinvest to increase its semi-finished steel output for 2017 by 22% year on year, mainly due to a sharp rise in slab production.

Finally, Bahrain rebar producer Unirol is planning to increase its rebar production capacity to 300,000 tonnes per year, an executive for the company told Metal Bulletin.

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