ASIAN MORNING BRIEF 20/07: Base metal prices crash as dollar strengthens; Chinese EV battery manufacturers face margin squeeze; Escondida workers agree to resume talks with BHP
The latest news and price moves to start the Asian day on Friday July 20.
Base metal prices on the London Metal Exchange closed down across the board on Thursday July 19, with zinc and lead recording the largest percentage drops amid news of a stronger US dollar and a lack of positive updates on the trade war front. Read more in our live futures report.
Here are how prices looked at the close of trading:
Higher raw material costs and cuts to electric vehicle subsidies are expected to squeeze the profit margins of Chinese battery manufacturers.
Escondida workers have agreed to resume negotiations with BHP in Paris regarding the future of its main mill in northen Chile.
In a Japanese court, prosecutors from the Tokyo District Prosecutors Office have brought indictment charges against Kobe Steel - with the charges including alleged data falsification.
A boom in steel production in Algeria - targeted to grow by about 7 million tonnes by the end of 2020 - is expected to eliminate billet imports in the country.
Russian steelmaker Severstal reported a 23.8% increase in sales for the second quarter of this year amid higher raw material sales volumes and strong steel product prices.
Australia’s Anti-Dumping Commission will continue to impose trade sanctions on imports of galvanized steel product from China, Taiwan and South Korea after August 5, 2018, with one South Korean producer exempt from the decision.