ASIAN MORNING BRIEF 08/05: Base metals prices rise in Asia; US Midwest premium steady; antimony spot prices pressured by weak demand in China, Europe
The latest news and price moves to start the Asian day on Tuesday May 8.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Monday May 7, with the complex benefiting from a slight drop in the dollar index.
There were no London Metal Exchange prices on Monday due to a bank holiday.
The US Midwest aluminium premium was unchanged on May 4, with market participants noting that soaring freight rates were supporting elevated numbers.
Persistently weak demand in both the Chinese and European antimony markets continued to exert downward pressure on spot prices over the past week.
Chrome alloy prices in China weakened over the past week, taking ore down with them, following monthly reductions in mills’ tender prices.
Brazilian iron ore exports to China inched up 1.76% year on year in April as prices fell.
Rebar import prices in Singapore rose over the past week due to higher offers for China-origin material.
The seaborne iron ore concentrate market saw little activity last week with only three working days in China, although premiums for high grades and low-impurity products continued to be sustained by strong steel market demand and stricter environmental protection regulations.