Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mainly positive on the morning of Tuesday May 25, with only SHFE lead showing significant weakness.

Market chatter about China possibly imposing new export taxes for steel as part of commodity price cooling measures has been rampant in the past week, causing traders and market participants to re-think their trading strategies, and overseas buyers to consider a potential supply shortfall.

A handful of recent cargoes of shredded steel scrap have successfully cleared through Chinese ports, raising hopes across the market that China may start to import more of this key material grade in the near future.

Turkish steel scrap import prices have so far held firm despite a sharp drop in China’s steel and scrap markets this week.

Australia will have used up its exportable barley surplus in the next two months after Saudi Arabian demand filled a void...

Seaborne coking coal prices were largely stable in the cfr market after more market participants became cautious in a fluctuating ferrous market while in the fob market, they maintained the uptrend on Friday May 21 due to increased buying interest, market sources told Fastmarkets.

Panic selling in the major Vietnamese hot-rolled coil import market has let prices dip below $1,000 per tonne cfr Vietnam for SAE1006-grade materials this week, sources said on May 21.

Cooling sentiment in the entire ferrous supply chain in Asia has cooled import prices for containerized ferrous scrap in the key Taiwanese market, sources said on May 21.

Base metals prices on the London Metal Exchange were mainly stronger this morning, Thursday May 20, on dip buying, while those on the Shanghai Futures Exchange were down across the board in reaction to the 3.5% average loss on the LME on Wednesday.

London Metal Exchange three-month copper futures hit $10,720 per tonne in May amid disruption from the Covid-19 pandemic and political tensions affecting material supply from mines.