ASIAN MORNING BRIEF 28/11: Base metals mostly retreat on LME; manganese ore sales rise, prices reverse losses; amendment to international cobalt price specifications proposed
The latest news and price moves to start the Asian day on Tuesday November 28.
Base metals prices on the London Metal Exchange closed largely in negative territory on Monday November 27. Nickel in particular failed to recover from earlier losses, closing down nearly 4%. Read more in our live futures report.
Here are how prices looked at 6.15pm London time.
Manganese ore sales at Chinese ports have picked up slightly over the past two weeks compared with large seaborne sales, while traders pay premiums for small clips to avoid significant exposure to price risks.
High-grade manganese ore prices reversed recent losses on November 24, while low-grade material slid more slowly.
Metal Bulletin is proposing to amend its international cobalt price specifications as a result of changes in the market, and is inviting feedback.
Spot lead concentrate treatment charges (TCs) have returned to positive levels after an import arbitrage into China faded. Conversely, zinc TCs have continued to slump while Chinese smelters stock up for the winter months.
Ferro-vanadium and vanadium pentoxide prices consolidated at higher levels last week in China and Europe, with no change to the tight raw material supply situation.
China imported 61,355 tonnes of refined zinc in October, up 145% on a yearly basis due to supply tightness in the domestic market but down 20.5% from the previous month as a result of the closed arbitrage window, according to customs data.
The Chilean government has imposed final anti-dumping duties on imports of steel grinding rods from China, according to the country’s anti-distortions commission.
China’s refined lead imports increased more than sixfold on an annual basis in October amid an opened arbitrage window, according to Chinese customs data released on November 24.