ASIAN MORNING BRIEF 20/03: Lackluster showing for LME base metals; US duty-exclusion process outlined; Jupiter Mines relisting
The latest news and price moves to start the Asian day on Tuesday March 20.
Base metals prices on the London Metal Exchange were mostly lower at the close on Monday March 19, with aluminium the sole gainer. Read more here in our live futures report.
Here is how LME prices looked at Monday’s close:
Rules for individuals and companies seeking steel and aluminium product exemptions to the United States’ recently announced Section 232 tariffs have been released by the US Commerce Department, which started accepting applications on Monday.
Jupiter Mines is pursuing a A$240 million ($185 million) relisting on the Australian Securities Exchange (ASX), the company said.
Local rebar and import billet prices in Egypt increased again this week on strong demand.
The European Commission has warned that it is prepared to impose temporary safeguard duties on imports into the European Union of US-made steel and aluminium in response to new US duties on aluminium and steel imports.
Meanwhile, lithium mostly hits the headlines in debate about increasing battery production, but it’s probably not presently the mineral that worries the industry most. That distinction likely goes to cobalt, for a few reasons.
China’s rebar prices fell in both the domestic and export markets amid declining futures and weak demand.
And finally, import prices for rebar in Singapore softened over the past week after traders and sellers lowered their offers for Chinese products in response to tepid demand from domestic buyers.