ASIAN MORNING BRIEF 12/10: Aluminium defies downtrend in LME base metals; SGX to launch contract based on Fastmarkets MB’s 65% Fe iron ore index; Canada, Egypt may launch steel safeguard cases

The latest news and price moves to start the Asian day on Friday October 12.

Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our live futures report.

Here are how prices looked at the close of trading:

The Singapore Exchange (SGX) announced on Thursday that it would launch a high-grade iron ore derivative product settled against the daily Fastmarkets MB 65% Fe iron ore index.

Canada and Egypt will likely start safeguard cases for steel products in order to enhance the protection of their own domestic markets, speakers said at Eurometal Hamburg 2018.

The LME benefitted from this year’s “economic turbulence” in the growth of its volumes but overall a return of investor confidence to the exchange can be seen as the reason for growth, the LME’s chief executive officer said.

German copper giant Aurubis’ proposed sale of its rolled-copper product business to Wieland-Werke might not proceed with the current terms following a preliminary assessment by the European Commission, the company said.

Tungsten miner Wolf Minerals’ UK subsidiary has failed to secure funding for its Drakelands mine in Hemerdon, Devon.

Import prices for Southeast Asian steel billet edged down on Thursday due to the region’s sustained weakness in buying interest.

Turkish long steel buyers are awaiting the effect of a court decision to determine the direction of the market.

What to read next
Fastmarkets has corrected the pricing rationale for MB-AL-0302 aluminium 6063 extrusion billet premium, ddp North Germany (Ruhr region), $/tonne, which was published incorrectly on Friday April 19. No prices were corrected.
The low-carbon aluminium differential in the US made its first move on Friday April 5 since Fastmarkets launched it five months ago.
Brazil's aluminium industry is further enhancing its sustainability by boosting renewable energy use and recycling, while mitigating risk from high-carbon imports
German copper producer Aurubis is among the least likely to consider reducing capacity despite record low treatment charges (TCs), according to its chief executive officer
European copper demand, particularly for wire rod, remains strong and seems to be outpacing broader macro-economic growth in the region, the chief executive officer of German producer Aurubis has said.
The process to place the smaller and less efficient of the two processing plants at Los Bronces on care and maintenance is expected to be completed by mid-2024 and comes as the company pushes value over volume, the chief executive officer of Anglo American Chile said