ASIAN MORNING BRIEF 19/10: Base metal prices retreat on LME; Worldsteel exec predicts no stop in protectionism; Year-end manganese ore rally unlikely
The latest news and price moves to start the Asian day on Friday October 19.
Base metal prices on the London Metal Exchange fell at the close of trading on Thursday October 18 due to a firmer US dollar index, although zinc was relatively steady thanks to low stocks and the threat of more sanctions by the United States. Read more in our live futures report.
Here are how prices looked at the close of trading:
The wave of safeguard measures against the international steel trade is unlikely to stop anytime soon, the World Steel Association’s top executive said in an interview with Fastmarkets.
Vale’s cobalt production fell by 31% year on year in the third quarter of 2018 due to decreased output from its Sudbury and Voisey’s Bay operations.
A year-end manganese ore rally is unlikely for 2018, which would make it the first year since 2015 that the market ends without a dramatic fourth-quarter rally.
A drop in European molybdenum prices looks in line with a decrease in consumer demand, with traders waiting for consumer interest to pick up before committing to any significant inter-merchant business.
Australian lithium miner Galaxy Resources reported a decline in mining volumes and lithium spodumene production for quarter ended in September 2018 versus the preceding three months.
The export market for pig iron from the Commonwealth of Independent States decreased this week due to a surplus of material that allowed buyers to command lower prices.
Australian-Chinese miner MMG has increased its 2018 production guidance from Dugald River in Australia, with the zinc mine’s ramp-up progressing faster than expected.