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.

Domestic prices for hot-rolled coil in the EU increased over the week to Friday April 30, going above €1,000 ($1,205) per tonne for the first time.

Turkish deep-sea scrap import prices have increased sharply since China decided to remove the export tax rebate on some steel products. But demand among major scrap importers in Asia was still limited because of upcoming holiday periods in the region.

Brazilian flat steel producers are poised to raise domestic prices by 10-18% in May, due to rising global steel and raw materials values, along with resilient local demand, market participants told Fastmarkets this week.

The publication of Fastmarkets’ European aluminium scrap and secondary prices assessments for Friday April 30 have been delayed because of a technical issue.

Turkish steelmakers speeded up their deep-sea scrap purchases at the end of the week, with Asian demand for steel products increasing sharply since China confirmed the cancellation of its export tax rebate on some steel products, sources told Fastmarkets on Friday April 30.

Fastmarkets, the global commodity price reporting agency, and NOREXECO ASA, the international pulp and paper exchange, today announced that the exchange will launch two new cash-settled China pulp futures contracts on June 1 based on Fastmarkets RISI’s NBSK CIF China assessment and Fastmarkets FOEX’ PIX China BHKP Net index.

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.

Fastmarkets’ weekly price assessments for the CIS export steel market will not be published on May 3 or 4 because of recent changes to the public holiday schedule in Ukraine. Instead, the prices will be published on May 5.

Turkish steelmakers took a break from deep-sea scrap purchases to monitor conditions in the finished steel markets on Thursday April 29, ahead of a 17-day coronavirus lockdown, sources told Fastmarkets.