Most base metals registered declines in inventories at Shanghai Futures Exchange-registered warehouses during the week to Friday July 30, although lead was up by 6.5% and nickel rose by 1.5%.

The Vietnamese steel market remained in a state of shutdown during the week ended Friday July 30 due to a worsening of the Covid-19 pandemic situation in the country, which limited interest in imported scrap, sources told Fastmarkets.

China will cancel more rebates of value-added tax for some steel exports from August 1, its Ministry of Finance said on Thursday July 29.

Base metals prices on the London Metal Exchange were up across the board during morning trading on Thursday July 29 given a range of price-supportive events, with nickel the standout performer with an increase of 1.4% from its closing price on Wednesday.

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Base metals prices on the London Metal Exchange were down across the board on Tuesday July 27, after a generally upbeat day on Monday, while the base metals on the Shanghai Futures Exchange were mixed this morning.

Explosive growth in renewable diesel production has led to an extremely tight US soybean oil supply/demand situation that could take months, if not years, to alleviate.

The Turkish steel mills continued to limit their deep-sea scrap bookings in the week ended Friday July 16 due to weak finished steel sales, while the downturn in the country had a knock-on effect on prices in the global markets.

Prices for shredded steel scrap imports into Pakistan and India were stable on Friday July 23 due to slow trading and public holidays, sources told Fastmarkets.