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.

What to read next
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Participants in the US steel market were divided on the impact of a price increase from Nucor’s sheet mill group this week, with some suggesting hot-rolled coil prices could fall further while others were optimistic that announcement could halt - or even reverse — the recent downtrend
Chromite prices rose further in the two weeks to Tuesday May 31 on support from cost pressures and logistical issues in South Africa
UG2/MG chrome ore prices experienced major declines in the week to Tuesday July 12, dropping by $15 per tonne week on week, as the market saw the beginnings of a break in the continuing stalemate of recent weeks
The European charge and high-carbon ferro-chrome benchmark for the third quarter of 2022 has slumped by 16.7% from the previous quarter’s settlement to $1.80 per lb
Executives at major flat-rolled steel producers in the United States discussed three common themes during their companies’ earnings calls for the second quarter of 2022, sharing views on a potential recession, affects from recent government policy changes and trends in steel raw materials
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.