ASIAN MORNING BRIEF 22/08: LME base metals post further gains, barring nickel; Turkish chrome ore producers hit by market fundamentals, high stocks; Oliver Nugent to join Citibank from ING, sources say
The latest news and price moves to start the Asian day on Wednesday August 22.
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Tuesday August 21, underpinned by a retreat in the United States’ dollar while international trade rifts continue to deter commodity investment. Read more in our live futures report.
Here are how prices looked at the close of trading:
High chrome ore stocks and dampened demand are weighing on chrome ore producers in Turkey, who are also battling growing inflation, market participants told Metal Bulletin.
Former LME executive Oliver Nugent is leaving his role as a commodities strategist at ING Group to join the commodities research division of Citibank, sources close to the matter told Metal Bulletin.
Indian scrap imports are expected to keep rising into 2019 despite the launch of local car shredding operations.
Prices for hot-rolled and cold-rolled steel sheet in Russia’s Central Federal District around Moscow have risen this week, with mills attempting to keep their domestic market profitability high versus export sales. Meanwhile, the country’s rebar producers plan to increase prices amid a shortage of material in the secondary market.
Finnish stainless steelmaker Outokumpu has lowered its alloy surcharge for September deliveries of grade-304 cold-rolled stainless steel sheet by €61 ($70) per tonne.
Physical iron ore was trading at lower prices in China as of August 21, with authorities in north China’s steelmaking hub of Tangshen having decided to instigate emergency measures to reduce emissions beginning 3pm local time on Tuesday until 12pm on August 27 to combat anticipated high levels of air pollution.