ASIAN MORNING BRIEF 27/04: Aluminium climbs on LME; European billet premiums fall from 3-year highs; early labor talks at Escondida unsuccessful

The latest news and price moves to start the Asian day on Friday April 27.

The latest news and price moves to start the Asian day on Friday April 27.

Base metal prices on the London Metal Exchange steadied at the close of trading on Thursday April 26, while aluminium climbed 1.3% during the afternoon. Read more here in our live futures report.

Here is how prices looked at Thursday’s close:

European aluminium billet premiums have retreated from recent three-year highs following the US Treasury Department’s decision to extend the wind-down period for Rusal contracts.

Early labor contract talks at Chile’s Escondida copper mine has ended without a new labor deal.

US domestic wire rod prices have increased despite any recent price rises - with mills able to achieve higher prices due to short supply of material.

Global steel supply-demand balance is expected to remain tight until March 2019, according to Japan’s Nippon Steel & Sumitomo Metal Corp (NSSMC).

Russian steelmaker Evraz reported a drop of 18.2% year over year for semi-finished steel products to 1.45 million tonnes.

Latin American steel group Ternium expects apparent steel consumption in Argentina to rise 9% this year - this while Mexico is said to be considering tariffs of 15% on steel imports.

Meanwhile, Brazilian polymetals project Nexa Resources has received a preliminary environmental license for its $354-million underground zinc-lead-copper project in Brazil.

Aqua Metals has reached an agreement with battery manufacturer Johnson Controls to extend their equipment supply agreement for another year.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed