EUROPEAN MORNING BRIEF 02/05: SHFE base metals prices broadly down; US extends deadline for Rusal divestiture; EU, others exempted from 232 will get quotas
Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Wednesday May 2.
Base metal prices on the Shanghai Futures Exchange were broadly down during trading on Wednesday after the dollar strengthened significantly on Tuesday.
Aluminium prices were also under pressure from easing supply concerns following the latest sanction and trade policy developments in the United States.
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The US has given investors an additional month to divest or transfer their holdings in sanctioned Russian companies, including UC Rusal, according to a statement from the US Department of the Treasury on Tuesday.
The European Union and all nations exempted from the Section 232 steel and aluminium tariffs will be subject to quotas, US President Donald Trump’s top trade adviser said.
Some US secondary aluminium alloy prices have continued to move higher due to lingering raw material cost pressures and tight supply, although a cooling off in the terminal markets is eroding some of the upward momentum.
Spot zinc concentrate treatment charges basis CIF to major East Asian ports remained flat while lead concentrate terms declined marginally in April.
Spot treatment and refining charges for copper concentrates firmed moderately in the last two weeks of April, with the market continuing to weigh strong, short-term market availability against potential major disruptions in the coming months.
The United States has postponed imposing Section 232 tariffs on steel and aluminium imported from the European Union, Canada and Mexico, until June 1.