ASIAN MORNING BRIEF 30/11: Hydro still uncertain on Alunorte; Xinfa aluminium smelters exempted from China’s winter curtailments; Aurubis to resume production at two copper smelters
The latest news and price moves to start the Asian day on Friday November 30.
Base metal prices on the London Metal Exchange registered some gains on Thursday November 29 following a rise in crude oil futures but market sentiment remained uncertain, with commodities facing macroeconomic headwinds. Read more in our live futures report.
Here are how prices looked at the close of trading:
Norsk Hydro said that the time frame remains uncertain for a return to 100% capacity operations at the Alunorte alumina refinery in Brazil.
Xinfa Group’s two aluminium smelters in the Chinese province of Shandong have been exempted from this year’s winter production curtailments, according to a document seen by Fastmarkets MB.
Aurubis has resumed production at its Hamburg, Germany, and Pirdop, Bulgaria, primary copper smelting plants after both were suspended for unscheduled boiler maintenance earlier this week, the company said.
European buyers of hot-dipped galvanized coil said they have been watching the market in expectation of a price reduction due to poor market sentiment.
The economic sanctions imposed by the United States against Iran since early August have had direct and indirect negative effects on the Middle Eastern country’s steel exports as well as its domestic consumption, local sources said.
Rumors have strengthened that discounts are being offered on flat steel prices in Brazil, with imported material having lost value and competition in the country intensifying.