ASIAN MORNING BRIEF 30/08: LME base metals hurt by investor uncertainty over US-Sino trade relations; Consumers, regulation driving responsible ali output, Rio Tinto exec says; Moody’s downgrades Erdemir
The latest news and price moves to start the Asian day on Thursday August 30.
Base metal prices on the London Metal Exchange were largely lower at the close of trading on Wednesday August 29, pressured by investor uncertainty over trade relations between the United States and China while positive second-quarter gross domestic product growth indicated strength in the US economy. Read more in our live futures report.
Here are how prices looked at the close of trading:
Consumer demand and regulatory requirements are increasingly driving the responsible production and sustainability of aluminium, a senior executive at Rio Tinto Aluminium said.
Ratings agency Moody’s has lowered its credit rating for Turkish steelmaker Erdemir Group to Ba3 from Ba2, describing its outlook as negative.
Iran’s prices for exported billet have decreased by $10-15 per tonne for the week ended August 29 due to reduced interest in Iranian material caused by economic sanctions introduced by the US against the country in early August.
Prices for domestic hollow steel sections produced and delivered in northern Europe increased by €10 per tonne on the upper end of the range this week.