ASIAN MORNING BRIEF 29/03: Base metals mostly rise on LME; Gresik copper smelter said temporarily shutting; Sterlite Copper smelter advances scheduled maintenance

The latest news and price moves to start the Asian day on Thursday March 29.

Base metals prices on the London Metal Exchange generally ended higher at the close of trading on Wednesday March 28, with only aluminium and zinc trading lower. Read more in our live futures.

Here are how LME prices looked at Wednesday’s close:

Indonesia’s Gresik copper smelter in eastern Java will shut down for up to 10 days next week to resolve technical problems, sources told Metal Bulletin.

Sterlite Copper’s Tuticorin smelter has advanced its scheduled maintenance and will close for “approximately” 15 days, the company said, while thousands of local residents gathered in protest of the planned expansion.

Union leaders at Codelco Norte, a division of Chilean copper producer Codelco, are urging supervisors to vote for industrial action following the company’s latest contract offer.

K Alex Stewart, founder and chairman of global inspection and analysis organization Alex Stewart International, died on March 26 at the age of 83.

Aluminium scrap markets in the United States were mixed, with mill-grade scrap stepping lower on declines in the terminal market and smelter-grade products mostly on steady footing while all eyes remain on potential aluminium scrap tariffs in China.

In the steel market, Saudi Arabia’s National Committee for Steel Industry on Tuesday called for urgent action against allegedly dumped imports into the country, specifically by raising duties.

Unionized workers at Iron Ore Co of Canada’s mine in Labrador City, in the Canadian province of Newfoundland and Labrador, have gone on strike.

What to read next
The Inflation Reduction Act in the United States may ironically cause global metal market prices to rise for some metals used in electric vehicles (EVs), Fastmarkets sources said
An alarming drop in water levels in Germany’s Rhine River and other key waterways in Europe has led to massively strained logistics in shipping commodities across Europe, driving up costs and exacerbating material supply, sources told Fastmarkets
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Participants in the US steel market were divided on the impact of a price increase from Nucor’s sheet mill group this week, with some suggesting hot-rolled coil prices could fall further while others were optimistic that announcement could halt - or even reverse — the recent downtrend
Chromite prices rose further in the two weeks to Tuesday May 31 on support from cost pressures and logistical issues in South Africa
UG2/MG chrome ore prices experienced major declines in the week to Tuesday July 12, dropping by $15 per tonne week on week, as the market saw the beginnings of a break in the continuing stalemate of recent weeks
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.