ASIAN MORNING BRIEF 10/08: LME aluminium, nickel tumble; ThyssenKrupp expects raw materials volatility to continue; moly markets slip

The latest news and price moves to start the Asian day on Friday August 10.

The price movements of base metals on the London Metal Exchange were mixed at the close of trading on Thursday August 9, typified by sharp drops in the prices of aluminium and nickel, while copper found support despite two consecutive days of stock inflows. Read more here in our live futures report.

Here is how prices looked at the close of trading:

German steelmaker ThyssenKrupp expects prices to stay high in the commodity and material markets, although volatility in the raw materials markets and trade conflicts worldwide present potential issues. 

Molybdenum markets have slipped approximately 3% this week, moving in tandem with domestic consumer demand. 

US flat-steel import prices have fallen as buyers anticipate additional declines while they hold onto stocks.

Teck Resources has received environmental approval for the expansion of its Quebrada Blanca copper mine in the Tarapacá region of northern Chile.

ArcelorMittal Zenica said that it has restarted a 1.1-million tonnes-per-year blast furnace at its mill in Bosnia-Herzegovina following what the equipment provider called a “comprehensive rebuild.” 

Pig iron in the CIS region has narrowed this week amid sliding scrap costs.

What to read next
Read more from senior analyst Andy Farida on how the price action in LME nickel has played out in the first half of 2024
Tight aluminium scrap availability, the increase in container costs, sluggish demand in the US and the US market’s current indifference to rising premiums in Europe and Asia were the top subjects discussed during the Harbor Aluminum Summit that took place in Chicago on June 4-6
Germany-based copper recycling and non-ferrous metal provider Aurubis has started commissioning their secondary smelter in Augusta, Georgia, and could eventually introduce black mass recycling to the facility
Base metals on the London Metal Exchange were mixed in morning trading on Monday June 10, with three-month prices lacking direction amid thin traded volumes due a public holiday in China, the largest market for base metals
Copper concentrate treatment and refining charges have repeatedly fallen to record-low levels over the first five months of 2024
The publication of Fastmarkets’ assessments for the nickel briquette premium, delivered Midwest US and the nickel 4x4 cathode premium, delivered Midwest US for June 4 were delayed because of incorrect methodology application.