ASIAN MORNING BRIEF 23/02: Most base metals caught in sell-off on LME; Wieland-Werke to acquire Aurubis rolled products division; zinc concentrate market at ‘turning point’ this year, Nyrstar says
The latest news and price moves to start the Asian day on Friday February 23.
Most base metals retreated on the London Metal Exchange on Thursday February 22, with the complex caught in a sell-off. Read more in our live futures report.
Here are how LME prices looked at Thursday’s close:
Wieland-Werke plans to acquire Aurubis’ rolled-products division later this year, which is intended to kickstart the company’s growth in the US and Asian markets, it said.
Nyrstar said that the zinc concentrate market is at a “turning point” this year, with the company’s zinc metal and mined zinc output expected to rise in 2018.
Spot prices for European molybdic oxide and ferro-molybdenum rose this week despite the China’s absence from the spot market.
Kaz Minerals more than doubled its underlying profit in 2017 versus the previous year due to strong copper sales.
The announcement of possible remedies proposed by the Section 232 report in the United States has elicited protests from US steel tube and pipe consumers, who claim that supply uncertainty will stifle investment and employment.
French tube and pipe producer Vallourec sees favorable market conditions in the US and Brazil in 2018, with the former enjoying an increasing level of oil and gas activity.
Global earnings for steel tube and pipe producer Tenaris jumped 85% in the fourth quarter due to higher sales compared with the same period a year earlier.