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.

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.