ASIAN MORNING BRIEF 04/01: Lead, tin defy trend as base metals drift lower on LME; Glencore facility restart to add 100,000T of zinc to market; Lomas Bayas mine begins government-mediated talks with union

The latest news and price moves to start the Asian day on Thursday January 4.

Base metal prices on the London Metal Exchange were mostly lower at the close on Wednesday January 3, with lead and tin the only metals to finish the day in positive territory. Read more in our live futures report.

Here are how prices looked at the end of the day on Wednesday.

Glencore said it will add 100,000 tonnes of zinc, or roughly 200,000-220,000 tonnes of zinc concentrates, to the market in 2018 via a facility restart.

Meanwhile, Glencore’s Lomas Bayas copper mine in Chile has begun government-mediated talks with its labor union after workers rejected the company’s latest contract offer.

US steel product import volumes fell by more than 10% month on month and year on year in December, marking the second month of significant volume declines.

US stainless steel scrap prices, have started the year with a move higher due to a rise in nickel prices on the LME.

Steelmaker Nucor Corp has raised its prices for steel sheet products by $40 per ton ($2 per hundredweight) effective immediately, exceeding the price increases imposed by US mills on the West Coast.

Argentina’s ArcelorMittal Acindar has appointed Marcelo Marino Pena Luz as its new chief executive officer, the company said Tuesday. He replaces José Ignacio Giraudo in the position.

What to read next
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
Aluminum scrap generation in Europe is expected to decrease in the current quarter due to lower demand from downstream metal producers amid the domestic seasonal summer slowdown, according to the latest market overview from the Bureau of International Recycling (BIR)
The US government will impose tariffs on steel and aluminium shipped from Mexico that were made elsewhere, in a bid to curb trans-shipment and excess production, the White House said in a statement on Wednesday July 10, a move widely applauded by the pair of metals industries
Norway-based aluminium producer Hydro and German car manufacturer Porsche signed a long-term agreement on Tuesday July 9 for supply of low-carbon aluminium to further decarbonize the supply chain of Porsche’s sports cars. The agreement follows the letter of intent signed in April
The Indonesian government is looking to ease its export ban on bauxite, sources familiar with the matter have told Fastmarkets
Price and supply were the major topics of conversation for market participants across the value chain attending Fastmarkets’ flagship Lithium Supply and Battery Raw Materials conference in Las Vegas on June 24-27