Base metals prices on the London Metal Exchange were mainly lower this morning, Monday March 29, but those on the Shanghai Futures Exchange were stronger across the board while they reacted to Friday’s LME performance.

Vietnamese buyers have been seeking bulk deep-sea ferrous scrap to make up for a lack of supply from Japan, market sources told Fastmarkets.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday March 26, suggesting overall sentiment remains bullish while participants see dips as a buying opportunity.

Turkish scrap import prices have gone down, as expected, with news of a UK cargo being sold at the end of last week coming to light on Thursday March 25.

A green-tinged recovery from Covid-19 sees readjustment in iron ore price dynamics.

Turkish steel mills remained absent from the deep-sea scrap import market on Wednesday March 24, due to the slump in the value of the lira and weak steel demand, market participants told Fastmarkets.

Total crude steel output across 64 major producer countries was 150.2 million tonnes in February 2021, down by 8% month on month but up by 4% from February 2020, the World Steel Association (Worldsteel) said on March 23.

The three-month nickel price on the London Metal Exchange was up by 1% during morning trading on Tuesday March 23, while aluminium fell to $2,227.50 per tonne, with a combination of macroeconomic factors and fundamentals issues resulting in mixed price movements.

Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange, as well as spot precious metals prices, were mainly weaker this morning, Tuesday March 23, as were broader markets.

The Shanghai Futures Exchange’s plans to list ferro-chrome futures, potentially this year, will bring welcomed hedging opportunities and may weaken the dominance of China’s stainless steel mills in the ore and alloy markets, participants told Fastmarkets.