ASIAN MORNING BRIEF 13/07: Base metals post modest recovery on LME; Switzerland joins growing list of nations filing complaints against US 232 at WTO; Indonesia’s PT Inalum to buy majority stake in Grasberg

The latest news and price moves to start the Asian day on Friday July 13.

With the exception of aluminium, base metals prices on the London Metal Exchange staged a modest recovery at the close of trading on Thursday July 12, led by a 2.2% surge in nickel prices, while the market continues to adjust to the escalating trade rift between the United States and China. Read more in our live futures report.

Here are how prices looked at the close of trading:

Switzerland has requested dispute consultations with the US at the World Trade Organization, joining a growing group of countries to seek such talks regarding US duties on certain imported steel and aluminium products.

PT Inalum will become a 51% shareholder in Indonesia’s Grasberg – the world’s second-largest copper mine – by buying shares from Rio Tinto and Freeport-McMoRan.

Molybdic oxide prices in Europe have added to gains made on Friday amid more buying interest thus far this week.

World’s largest steelmaker ArcelorMittal SA has announced higher prices for its coil products in northern Europe.

Commonwealth of Independent States’ sales of pig iron have been reported from the Baltic Sea region, but the Black Sea market has stayed quiet this week.

UK’s Sheffield Forgemasters has tapped BAE Systems’ David Bond to become chief executive officer of the company effective August 1.

What to read next
Chinese mining giant CMOC reported a 178% year-on-year increase in cobalt metal production for the first six months of 2024, according to an announcement by the company on Friday July 12
Aluminum scrap generation in Europe is expected to decrease in the current quarter due to lower demand from downstream metal producers amid the domestic seasonal summer slowdown, according to the latest market overview from the Bureau of International Recycling (BIR)
The US government will impose tariffs on steel and aluminium shipped from Mexico that were made elsewhere, in a bid to curb trans-shipment and excess production, the White House said in a statement on Wednesday July 10, a move widely applauded by the pair of metals industries
Norway-based aluminium producer Hydro and German car manufacturer Porsche signed a long-term agreement on Tuesday July 9 for supply of low-carbon aluminium to further decarbonize the supply chain of Porsche’s sports cars. The agreement follows the letter of intent signed in April
The Indonesian government is looking to ease its export ban on bauxite, sources familiar with the matter have told Fastmarkets
Price and supply were the major topics of conversation for market participants across the value chain attending Fastmarkets’ flagship Lithium Supply and Battery Raw Materials conference in Las Vegas on June 24-27