ASIAN MORNING BRIEF 13/03: Base metals prices slump on LME; Int’l Copper Conference participants discuss state of market; Asian aluminium market mixed on Australia’s exemption from US tariffs
The latest news and price moves to start the Asian day on Tuesday March 13.
Base metals prices on the London Metal Exchange were lower across the board at the close on Monday March 12, with overhead selling pressure weakening prices. Read more in our live futures report.
Here are how LME prices looked at Monday’s close:
Copper industry participants from throughout the value chain gathered at Metal Bulletin’s 31st International Copper Conference to discuss the state of the market.
Australia’s exemption from forthcoming United States aluminium import tariffs have drawn mixed responses from the Asian aluminium market, with some sources suggesting that this could lead to good western aluminium supply tightness in the region while others downplayed any possible impact on premiums.
Spot prices for ammonium paratungstate (APT) and tungsten concentrates continued to rise last week, with sellers either raising their offers or declining to offer at all while Chinese raw materials remain in tight supply.
Poland’s KGHM has sacked its third chief executive officer in two years, the company said on March 10.
The Chinese ferro-silicon spot market slumped over the past week due to slow demand from key consumers in the steel and magnesium sectors.
Chinese silicon export prices have been stable due to high raw material costs and limited output during the dry season, although market participants are wary of headwinds due to low buying interest while European prices are steady amid hesitant market sentiment.
The reduced availability of steel billet and increased prices for ferrous scrap resulted in the global steel billet market trending mostly upward for the week ended March 9, Metal Bulletin has learned.
Commonwealth of Independent States slab export prices soared for the week ended March 12 amid reduced availability of the material as well as continuing growth in flat steel prices in customers’ own markets.
Import prices for rebar in Singapore fell over the past week, with buyers taking the opportunity to stock up on the long steel product amid a softening Chinese market.