ASIAN MORNING BRIEF 05/12: Some LME metals elevated by positive US-China trade developments; Saudi flat steel import prices up; UAE rebar import prices rise
The latest news and price moves to start the Asian day on Wednesday December 5.
Positive developments in the United States-China trade dispute kept London Metal Exchange base metal prices mostly elevated at the close on Tuesday December 4, although broad strength in the dollar is capping price rallies. Read more in our live futures report.
Here are how prices looked at the close of trading:
Flat steel import prices in Saudi Arabia and the United Arab Emirates (UAE) increased slightly over the past seven days due to higher offers, sources told Fastmarkets on Tuesday.
Import rebar prices in the UAE rose this week but billet import prices decreased in new deals, Fastmarkets heard on Tuesday.
Plate prices in the US continue to hold their ground despite falling hot-rolled coil and oil prices.
The Turkish steel scrap import market remained quiet on Tuesday, with mills staying away from the deep-sea trade due to uncertainty in Asian markets.