EUROPEAN MORNING BRIEF 02/07: Most SHFE base metals prices down on disappointing China data; global SiMn supply up 28% y-o-y in May; zorba supply overhang hurts US Ali scrap market

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday July 2.

Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Monday, with market sentiment dampened by disappointing Chinese economic data released over the weekend.

China’s official manufacturing PMI fell to 51.5 in June from 51.6 in the prior month and falling short of a forecast reading of 51.9. A reading above 50 indicates expansions, while below contraction. Meanwhile, the country’s non-manufacturing PMI was slightly above expectations at 55, against a forecast reading of 54.7.

Check Metal Bulletin’s live futures report here.


Docherty, Kyle (MB - SG)


Docherty, Kyle (MB - SG)

Global silico-manganese supply and manganese ore supply rose by 28% and 2% year on year respectively in May, according to the latest data from the International Manganese Institute.

Zorba suppliers in the United States are pounding the pavement in search of new outlets, with evaporating demand from China creating a supply overhang that is beginning to erode some domestic secondary aluminium scrap prices.

The Midwest aluminium premium in the US logged a second consecutive drop, with market participants pointing to the growing backwardation of aluminium prices on the London Metal Exchange as the primary driver.

Zinc concentrate treatment charges (TCs) rose to their highest level so far this year at the end of June on a cif Asia Pacific basis, while the head of the Chinese zinc association has called for a 10% cut in national production to support zinc prices and TCs.

What to read next
The publication of Fastmarkets’ manganese ore seaborne indices for Friday March 31 was delayed due to inputting errors in the data submission process.
As of May 1, 2023, Fastmarkets will improve the foreign exchange (FX) spot rates published on the Fastmarkets Dashboard and in the Scrap Settlement PDF.
European energy analysts’ “what if” questions have turned into “what now” questions in the wake of Russia’s stalled war efforts against Ukraine
Despite the metal being classed as “strategic” in the European Union’s proposed Critical Raw Materials Act (CRMA), questions remain about the future of magnesium supply in Europe, market participants have told Fastmarkets
The publication of Fastmarkets’ assessment of the Southeast Asia copper premium for Tuesday March 28 was delayed due to a scheduling error.
Recycling is increasingly being considered the best way to reduce carbon emissions from metals production, and huge investment in recycling facilities has been seen in recent years, with robust merger and acquisitions activity
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.