ASIAN MORNING BRIEF 19/01: Base metals mostly rebound; European regional aluminium premiums expected to rise further; US President Trump’s hard line on trade to hurt auto, metals sectors
The latest news and price moves to start the Asian day on Friday January 19.
The base metals complex was generally up in end-of-day trading on Thursday January 18, with aluminium leading the way with a 2.2% price increase while lead hit a three-month high. Read more in our live futures report.
Here are how prices looked at the end of the day on Thursday.
Participants in the European physical aluminium market expect regional premiums to continue to move upward despite the backwardation that has developed in London Metal Exchange prices.
US President Donald Trump’s hard line on trade policy could significantly hurt both the automotive and metals industries in the United States, executives and analysts said at American Metal Market’s 23rd Mexican Steel Forum in Cancun, Mexico.
Meanwhile, US trucking rates are expected to continue to rise, pushing regional premiums up along with them, according to US metal market participants.
TransCanada now plans to begin construction on a revived Keystone XL oil pipeline project after securing commitments of 500,000 barrels per day for the next 20 years.
Brazilian competition regulator Cade has expressed concerns about the effects that a proposed merger between ArcelorMittal Brasil and Votorantim Siderurgia could have on the regions wire rod market.
Meanwhile, Brazilian foreign trade chamber Camex has decided not to impose final trade duties against hot-rolled coil from China and Russia despite determining dumping on the part of both countries.
Swiss special and stainless steel producer Schmolz + Bickenbach has raised its bid to acquire a substantial portion of French specialty steelmaker Asco Industries (Ascometal).
Turkey’s Tosyali Holding plans to build a billet and rebar steelmaking plant in Ethiopia, with plans to first meet local demand for rebar before exporting to other African nations.