Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were, for the most part, a lot stronger this morning, Monday May 10, but broader markets were mixed.

China’s new and stricter steel capacity swap ratios will cool the overheated steelmaking raw materials market and pave the way for more electric-arc furnaces to be used in its mammoth steel industry, market sources told Fastmarkets this week.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday May 7, as were broader markets.

The Coalition of American Metal Manufacturers and Users (Cammu), along with more than 300 US manufacturing businesses, asked US President Joe Biden to immediately terminate the Section 232 steel and aluminium tariffs in a letter dated Thursday May 6.

Base metals prices on the London Metal Exchange were a bit more mixed this morning, Thursday May 6, while the return of trading on the Shanghai Futures Exchange after the Labor Day holidays saw good gains in all metals apart from zinc.

With Chinese markets closed, volume traded on the London Metal Exchange has been light this morning, Tuesday May 4, with 2,368 lots traded as of 6.14am. But the base metals were holding up in high ground with gains averaging 0.7%, led by a 1.1% rise in copper to $9,916.50 per tonne.

The demand for nickel and cobalt as battery materials for electric vehicles (EV) will keep their long-term bullish fundamentals intact, according to Canadian miner Sherritt International.

Demand for refined copper in China has now surpassed levels seen prior to the Covid-19 pandemic, according to Vancouver, Canada-based Teck Resources.

Copper is once again pushing ahead with its advance toward $10,000 per tonne this morning, Tuesday April 27, and such is the upward momentum now across most of the complex that it has woken nickel up from its two-month slumber in low ground.

As the US steel market continues to build up steam, can the promise of new capacity in 2021 lead the way to a steel price correction?