ASIAN MORNING BRIEF 12/07: Base metals tumble on LME; US stainless scrap prices fall; Australian nickel mine restarting
The latest news and price moves to start the Asian day on Thursday July 12.
Lead prices on the London Metal Exchange fell by around 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Read more in our live futures report.
Here are how prices looked at the close of trading:
The stainless steel scrap market in the United States was split during the week ended July 11, with prices for the austenitic grades falling while the ferritic grades were mostly steady after an expected drop in chrome prices failed to materialize and the price of nickel remained range-bound.
The Avebury nickel mine, in Australia’s island state of Tasmania, is set to restart after almost 10 years of inactivity due to high nickel prices and healthier prospects for demand, Metal Bulletin heard on July 11.
Metal Bulletin - in collaboration with Westwood Global Energy Group, the leading provider of research, data analytics and consulting services to the global energy industry - has launched its future of corrosion-resistant alloys report.
Prices for rebar in the United Arab Emirates were stable this week on low demand, while billet import prices increased with new offers, sources told Metal Bulletin on July 10.
Activity in the European market for hot-rolled coil (HRC) has been slow this week, with buyers keeping to their wait-and-see positions ahead of the announcement of a provisional decision in a regional safeguard case, sources told Metal Bulletin on Wednesday.
Turkish pipe export prices have continued to weaken in July due to poor demand in major markets stemming from the US Section 232 import tariffs and a European Union safeguard investigation, sources said on Wednesday.