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
Asian spot copper premiums rose in the week ended Tuesday July 23, with premiums imported into China increasing on improved arbitrage terms. In the US market, supply failed to keep up with strong demand while in Europe participants were mostly off for the summer holidays
In the fourth episode of Fastmarkets critical minerals podcast Fast Forward, Freeport-McMoRan CEO and president Kathleen Quirk tells host Andrea Hotter why there's a preference to build and not build new supplies of copper right now
Demand for primary aluminium from the green transition remains a “brighter spot” for consumption amid an otherwise challenging downstream demand outlook, Eivind Kallevik, Norsk Hydro’s chief executive officer and president, told Fastmarkets in an exclusive interview on Tuesday July 23
Acquisition Company Limited (ACG) has agreed to buy the Gediktepe mine in Turkey — the company’s first deal as it works to build a sizeable mid-tier copper producer, its chairman and chief executive officer told Fastmarkets.
Copper market price speculation is driving the base metals narrative, head of research at UK-based services provider Sucden Financial Daria Efanova said during the company’s third-quarter metals webinar on Wednesday July 17.
Chinese mining giant CMOC reported a 178% year-on-year increase in cobalt metal production for the first six months of 2024, according to an announcement by the company on Friday July 12