ASIAN MORNING BRIEF 08/11: LME aluminium price rises but zinc falls despite low stocks; new US sanctions to cut Iranian steel exports further; Al arb narrows for second month in row
The latest news and price moves to start the Asian day on Thursday November 8.
Aluminium prices ended higher on the London Metal Exchange on Wednesday November 7 but a 10-year low in zinc inventories failed to boost the metal’s price. Read more in our live futures report.
Here are how prices looked at the close of trading.
The latest round of sanctions imposed by the United States on November 5 is expected to cut Iranian steel exports further, gradually leading to lower Iranian steel output, market sources believe.
The aluminium import arbitrage between the US and Asia narrowed for the second month in a row in October due a softer US Midwest premium and high ocean freight costs.
European prices for mesh-quality wire rod were flat across the northern and southern parts of the continent on Wednesday, with market participants becoming increasingly concerned over the state of the European Union’s import quotas.
The price for rebar produced and delivered in northern Europe rebounded at the low end of the range in the week to Wednesday, with sellers rejecting any further push for lower prices due to high scrap prices.
The Lead Reach Consortium signed a cooperation deal with the European Chemicals Agency designed to speed up and improve the information available on registered substances and allow regulators to make faster, better-informed decisions.
Latin American steel association Alacero appointed Máximo Vedoya as its new president on Wednesday.