ASIAN MORNING BRIEF 10/10: Base metals mostly rebound on LME; Metals industry prepares for Brexit; Refined metal demand driving global copper premiums, Aurubis CEO says
The latest news and price moves to start the Asian day on Wednesday October 10.
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Tuesday October 9, supported by a marginal downturn in the dollar index, with nickel prices rocketing by more than 3%. Read more in our live futures report.
Here are how prices looked at the close of trading:
If Brexit – the departure of the United Kingdom from the European Union on March 29, 2019 – isn’t on your radar, it should be.
Major annual copper premium increases are coming as a result of booming demand for refined metal, Aurubis chief executive Jürgen Schachler told Fastmarkets.
Fastmarkets has discontinued its weekly price assessment for Algeria rebar imports, expressed in euros per tonne cfr. There will be no price assessment on October 10.
Flat steel import prices in the United Arab Emirates and Saudi Arabia have been mostly stable over the past week, with demand being weak and buyers expecting prices to fall, sources told Fastmarkets on October 9.
The Turkish deep-sea scrap market was quiet on Tuesday October 9, with suppliers holding their offer prices steady, according to market participants.
Recent unfavorable developments in the Turkish economy - in the steel market in particular - caused by the aggravation of diplomatic relationships with the US has put pressure on steel producers in the Commonwealth of Independent States, both in terms of export volumes and prices.
Vietnam’s Ministry of Industry and Trade has started a final review of anti-dumping measures imposed on stainless cold-rolled steel from China, Taiwan, Indonesia and Malaysia, it said on October 3.
China’s domestic rebar price registered a small increase on Tuesday on higher futures and gains in the billet market.