ASIAN MORNING BRIEF 19/07: Zinc prices jump on LME; cobalt stolen from Vollers warehouse in Rotterdam; Europe sets provisional safeguards vs imports of 23 steel products
The latest news and price moves to start the Asian day on Thursday July 19.
Zinc prices on the London Metal Exchange rallied at the close of trading on Wednesday July 18, buoyed by weaker than expected housing statistics in the United States amid broad consolidation across most of the other base metals. Read more in our live futures report.
Here are how prices looked at the close of trading:
About 112 tonnes of cobalt in drums have been stolen from the Vollers warehouse in Kesterenstraat 21, Rotterdam.
The European Commission has set preliminary safeguard measures against imports of 23 steel products, it said on July 18.
Brazilian long steel product imports increased by nearly 98% year on year in June due to higher shipments from Turkey.
Prices for mesh-quality wire rod produced and delivered in northern Europe narrowed upward on Wednesday amid supply concerns ahead of the implementation of preliminary safeguarding measures in Europe, sources said.
Chinese conglomerate Panhua Group is looking to invest $3.5 billion to build a steel mill in the Philippines, according to Philippine Economic Zone Authority deputy director general Theo Panga.
The number of new passenger car registrations in the EU rose by 5.2% year on year in June, the European Automotive Manufacturers Association said on July 17.