ASIAN MORNING BRIEF 13/09: Base metals prices rise; LME to continue carry fee discounting indefinitely; European moly oxide prices rise after strengthening in Asian contract deals
The latest news and price moves to start the Asian day on Thursday September 13.
London Metal Exchange base metals prices were broadly higher at the close of trading on Wednesday September 12, propped up by a sizeable downturn in the US dollar index amid proposals of another round of trade talks between the United States and China. Read more in our live futures report.
Here are how prices looked at the close of trading:
The LME has decided to continue discounting short-dated and medium-dated carry fees indefinitely, it said in a notice to members on September 12.
The molybdenum oxide market in Europe has increased on new deals reported at midweek, with higher prices settled after stronger contracts were agreed in Asia last week, sources told Metal Bulletin on Wednesday.
Overall tightness in ferro-titanium propelled the market higher for a fourth consecutive week, with prices breaching $6 per kilogram on the high end of the range and possibly poised to extend above that level.
In steel, prices for rebar produced and delivered in northern Europe fell by €5 per tonne on the low end of the range over the past week but are expected to remain largely stable in the coming weeks.
EU domestic cold-rolled coil prices have been stable over the past week, although there have been some declines in import offers.
Domestic prices for hot-rolled coil in the EU have also been largely unchanged over the past week but steelmakers are expected to push for higher prices. The increase might be supported by the effects of the EU’s safeguard case on steel imports and by strengthening demand.
Southern European rerollers have kept their prices for heavy steel plate steady this week despite a decline in slab costs.