Base metals prices, with the exception of zinc, on the Shanghai Futures Exchange were all up during Asian morning trading on Friday.
Nickel prices outperformed, tracking the recent strength of prices on the London Metal Exchange, while aluminium prices were supported by news that the United States will impose Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union.
Check Metal Bulletin’s live futures report here.
The prospects of a successful conclusion to the ongoing talks to renew the North American Free Trade Agreement (Nafta) have taken a heavy blow from US President Donald Trump’s decision on Thursday to impose duties on steel and aluminium products from Canada and Mexico at 25% and 10%, respectively.
The latest data from the International Manganese Institute showed world manganese ore supply totaled 1.68 million dry metric tonnes in April, down 2.8% compared with March, while silico-manganese production fell 8.1% globally in the same comparison.
East China’s Shagang has increased the prices for its long steel products for shipment in early June.
Cobalt prices fell midweek amid slower spot demand and easing immediate supply concerns, Metal Bulletin heard on Thursday.