ASIAN MORNING BRIEF 26/06: Nickel leads decline in base metal prices; LME to introduce regional HRC contracts; Codelco’s unionized workers in Chile threaten strike at copper mine
The latest news and price moves to start the Asian day on Tuesday June 26.
Nickel prices fell by more than 3% at the close of trading on the London Metal Exchange on Monday June 25 while other base metals prices also slumped. Read more in our live futures report.
Here are how prices looked at the close of trading:
The London Metal Exchange will introduce three regional hot-rolled coil contracts at the start of 2019, coinciding with a change in attitude toward risk management tools for the ferrous sector, according to the exchange’s business development manager.
Unionized workers at Codelco’s Chuquicamata, the world’s largest open-pit copper mine, have threatened strikes in protest against plans to develop underground mining there and ensuing layoffs.
Global crude steel production rose by 6.6% year on year in May, partly due to an increase in China, according to statistics published by the World Steel Association (Worldsteel) on Monday.
Liberty House aims to make “more than $5 billion in investments over the next few years” across the United States and Canada following the restart of its steel wire rod mill in Georgetown, South Carolina, on June 25.
Eurasian Resources Group plans to boost output of alumina powders to meet growing demand in the 3D printing sector.
Global direct-reduced iron output increased by 16.7% year on year in May, according to Worldsteel data published on Monday.
Emirates Global Aluminium received its first bauxite shipment from Compagnie des Bauxites de Guinée on Sunday in preparation for the commissioning of its Al Taweelah alumina refinery in Abu Dhabi.
The arbitrage for copper, aluminium, zinc and nickel imported into China declined on June 25.