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.

What to read next
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]
Mexico’s strategic role in automotive nearshoring is fueling demand for recycled aluminium, with investment in scrap-intensive sectors boosting its non-ferrous secondary markets. Despite tariff uncertainties, USMCA compliance and EV production growth continue to attract global manufacturers.
Goldcorp founder Rob McEwen is back in the spotlight with a bold bet on copper in Argentina. The $2.5 billion Los Azules project, set to become Argentina’s first major copper mine in over 30 years, is reshaping the country’s mining industry while raising sustainability standards. Positioned as a key player in addressing a global copper shortage, the project highlights innovation, persistence and a commitment to meeting the growing demand from global electrification.