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.

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