ASIAN MORNING BRIEF 03/04: Comex copper prices rise; China imposes tariffs vs US ali scrap products; silicon export market weakens

The latest news and price moves to start the Asian day on Tuesday April 3.

Comex copper prices traded at a one-week high on Monday morning in the United States following a wave of positive Chinese manufacturing data. Read more in our live futures report.

The London Metal Exchange was closed on April 2 for Easter Monday.

China has dealt a serious blow to the US aluminium scrap industry, officially slapping a blanket 25% tariff on recycled aluminium from the nation effective April 2.

The Chinese silicon export market weakened further this past week, with exporters again lowering their quotes to attract business due to continued sluggish demand.

Copper stocks in the Shanghai-bonded zone rose due to a closed import arbitrage while nickel and zinc stocks fell in March, according to Metal Bulletin’s assessments.

In ferrous markets, an ArcelorMittal subsidiary has submitted an offer in its joint rebid for insolvent Indian steel producer Essar Steel India.

US merchant bar prices rose after domestic mill hikes took effect, with few discounts to be found, according to market participants.

China’s hot-rolled coil prices gained some strength on Monday, although trading thinned after the paper market lost steam during the day.

East China’s Shagang has reduced its long steel product prices for shipment in early April in the wake of a weakening spot market.

Canada’s Quebec Iron Ore, a subsidiary of Champion Iron Ltd, said last week that it it will ship 200,000 wet metric tons of high-grade 66% iron content concentrate to Asia.

What to read next
Fastmarkets proposes to discontinue the converted price assessments for the following markets:
Fastmarkets has discontinued the following converted price assessments:
Fastmarkets is proposing to amend the index specifications of its 62% Fe iron ore port index to more closely reflect the chemical composition of mainstream mid-grade ores produced from Australia’s Pilbara region.
The consultation, which is open until October 28, 2022, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for alumina, aluminium, cobalt, copper, lithium and manganese ore, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.
Fastmarkets is inviting feedback from the industry on its pricing methodology and product specifications for non-ferrous materials, as part of its announced annual methodology review process.
Fastmarkets wishes to clarify in this pricing notice its current methodological approach to Russian brands in its metals and mining pricing assessment process after Russia’s unprovoked invasion of Ukraine.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed