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.

What to read next
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.