EUROPEAN MORNING BRIEF 02/08: Most SHFE base metals down; Mogale Alloys shuts furnace; Sherritt expects high-purity nickel shortage
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday August 2.
Base metals prices on the Shanghai Futures Exchange were under pressure during morning trading on Thursday, following a ratcheting up of trade tensions between the United States and China on Wednesday.
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Afarak has announced the shutdown of a furnace at its Mogale Alloys ferro-alloys operation in South Africa, resulting in the loss of about 7,000 tonnes of ferro-chrome production.
A shortage of high-purity nickel is expected to be seen after 2018 because current market prices are below the incentive levels needed to develop new nickel projects, according to Canada-based nickel and cobalt producer Sherritt International.
OM Holdings (OMH) has reported a 23% year-on-year increase in quarterly ferro-silicon production and a 4% year-on-year drop in manganese alloy production at its 75%-owned Sarawak plant in Malaysia for the three months ended June 30, 2018.
Zinc and lead smelter Nyrstar is ambivalent over changing dynamics in the zinc concentrates market, playing down attempts by Teck Resources in the past month to lower its reliance on long-term smelter partners.