Steel billet buyers in China have continued to make import purchases in recent days amid expectations that further domestic production cuts will be imposed at the start of next year, sources told Fastmarkets on Tuesday September 7.

Shanghai-listed Hainan Mining says it will invest no more than 1.065 billion yuan ($164 million) for the construction of a 20,000-tonnes-per-year battery-grade lithium hydroxide plant in Dongfang Lingang Industrial Park in China’s Hainan province.

Base metals prices on the London Metal Exchange were up across the board this morning, Wednesday July 7, suggesting dip buying after Tuesday’s weakness that saw copper, aluminium and nickel fall by 2%, or more.

Base metals prices on the Shanghai Futures Exchange, apart from those for lead, were up during morning trading on Tuesday July 6. Those on the London Metal Exchange were mixed, but that was after a generally positive day on Monday.

China bucked the trend among major iron ore importers by continuing to increase its purchases of the steelmaking raw material from abroad in 2020.

Base metals, iron ore, rebar and precious metal prices on the Shanghai Futures Exchange were up across the board this morning, Monday July 5, with all the base metals, apart from lead, also higher on the London Metal Exchange.

Seven creditors have sued a Chinese warehousing and logistics firm to claim a loss of copper concentrate worth 1.073 billion yuan ($166 million), according to several court documents, the latest of which was released on June 23.

The Russian government has approved temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31, according to an official government decree.

Customer requirements and financing will shape the decarbonization of the steel industry, panelists said at Fastmarkets’ 2021 Steel Success Strategies Industry Briefing earlier this week.

Rebounds were under way in the base metals complex in London this morning, Friday June 18, while in Shanghai the base metals mostly reflected the weakness seen on the London Metal Exchange on Thursday.