Contrary to earlier forecasts that new steelmaking capacity in North America would reverse the record-high price spike this year, analysts and market participants now have indicated that the additional production will not have much impact until deep in to 2022.

Due to a reporter error, the United States zinc and copper premiums for Tuesday August 3 were published in Fastmarkets’ price book after the scheduled time of 4pm GMT.

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Tuesday August 3, with LME copper and SHFE aluminium bucking the trend, but the drop in US ten-year treasury yield hints of a pick-up in haven buying.

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The recent Covid-19 outbreak across southeast Asia is weighing on Thai aluminium billet demand in the region after five months of price rises, sources told Fastmarkets.

Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.

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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.