ASIAN MORNING BRIEF 31/08: Trump order allows US consumers to bypass 232 quota from certain countries; Liberty House to double HRC output in South Wales; Former Scotiabank exec joining Triland
The latest news and price moves to start the Asian day on Friday August 31.
Prices for base metals on the London Metal Exchange mostly fell by the close of trading on Thursday August 30, hampered by continued uncertainty about the United States’ trade relations, while a resurgence of volatility across emerging markets’ currencies weakened investment. Read more in our live futures report.
Here are how prices looked at the close of trading:
US President Donald Trump signed a proclamation this week that will allow US consumers to bypass the Section 232 tariffs and purchase steel imports from South Korea, Brazil and Argentina - along with aluminium imports from Argentina - even after quotas for metal from those countries are filled.
LibertyHouse plans to boost hot-rolled coil production at its Newport rolling mill in South Wales in the United Kingsom, which would double coil production.
Former Scotiabank executive Matthew Campbell will join Triland Metals Ltd in its London office as co-head of London Metal Exchange sales - reconnecting with two other former members of the Scotiabank team..
Chinese hot-rolled coil prices plummeted August 30 on the expectations of an increase in supply amid rising production and belief that this winter season will not have restrictions imposed.
Meanwhile, European hot-rolled coil prices have risen despite competitive import offers from Turkey.
The export market for pig iron from the Commonwealth of Independent States has been quiet this week due to expectations of possible scrap price reductions in September.