ASIAN MORNING BRIEF 27/03: Copper, aluminium defy rise in most LME base metals; Concord eyes protectionism-driven opportunities for traders; Brazil launches anti-dumping probe vs China
The latest news and price moves to start the Asian day on Tuesday March 27.
Base metals prices on the London Metal Exchange closed mostly in positive territory on Monday March 26, barring copper and aluminium. Read more in our live futures report.
Here are how LME prices looked at Monday’s close:
London-based metals merchant Concord Resources is eyeing opportunities, including those for physical traders, brought about by resource nationalism and protectionism after announcing results that show how the company’s rapid expansion accelerated throughout 2017.
Brazil has launched an anti-dumping investigation into imports of steel rolling mill rollers from China, according to foreign trade secretariat Secex.
Galvanizers in Europe are largely resistant to volatile and rising zinc prices, senior executives in the industry said at the Metal Bulletin Zinc and Its Markets Seminar in London.
The threat of a trade war between two of the largest world economies - the United States and China - has dragged Asian steel prices down over the past week.
Emirates Steel, the largest steel producer in the United Arab Emirates, increased its rebar price to 2,412 dirhams ($657) per tonne ex-works for April production on Monday.
Despite strong demand, the United States government’s decision to impose a 25% duty on steel imports under Section 232 will lower the volume of shipments to the country from Al Ghurair Iron & Steel, the company’s chief executive officer said.
South Korea is working to ease the steel import quota limits imposed by the US following its Section 232 investigations, the Korea Iron and Steel Association said on March 26.