ASIAN MORNING BRIEF 10/04: LME base metals mostly higher; LME volumes up after sanctions against UC Rusal; Irepas warns of likely steel quotas

The latest news and price moves to start the Asian day on Tuesday April 10.

Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday April 9, with only lead and zinc bucking the trend. Read more in our live futures report.

Here is how prices looked at Monday’s close:

Volume traded on the London Metal Exchange has soared since the United States Treasury sanctioned and froze the assets of Oleg Deripaska and UC Rusal. Meanwhile, the Asian aluminium market is considering the impact on aluminium premiums after the sanctions, with responses mixed among Asian industry participants so far.

The safeguard investigation by the European Commission into steel product imports is likely to result in quotas being applied instead of tariffs, according to the International Rebar Producers & Exporters Association (Irepas).

Italian flat steel distributor ArcelorMittal CLN Distribuzione Italia (AM CLN) and special steel producer Industeel last week acquired majority ownership of European stainless and alloy steel distributor Centro Servizi Metalli (CSM), AM CLN said.

Anglo American is in negotiations that will result in its shareholding in the Quellaveco project in Peru falling as low as 51%, according to the chief executive officer of the company’s copper business.

An environment of improved copper prices is unlikely to lead to the irrational exuberance of the previous commodities bull run, with harsh lessons learned and still at the forefront of minds, the head of Anglo American’s copper business said.

What to read next
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Participants in the US steel market were divided on the impact of a price increase from Nucor’s sheet mill group this week, with some suggesting hot-rolled coil prices could fall further while others were optimistic that announcement could halt - or even reverse — the recent downtrend
Chromite prices rose further in the two weeks to Tuesday May 31 on support from cost pressures and logistical issues in South Africa
UG2/MG chrome ore prices experienced major declines in the week to Tuesday July 12, dropping by $15 per tonne week on week, as the market saw the beginnings of a break in the continuing stalemate of recent weeks
The European charge and high-carbon ferro-chrome benchmark for the third quarter of 2022 has slumped by 16.7% from the previous quarter’s settlement to $1.80 per lb
Executives at major flat-rolled steel producers in the United States discussed three common themes during their companies’ earnings calls for the second quarter of 2022, sharing views on a potential recession, affects from recent government policy changes and trends in steel raw materials
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed