EUROPEAN MORNING BRIEF 04/07: SHFE base metals struggle; global Ali wrap; Finnfjord cutting FeSi output in Jul-Aug
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday July 4.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Wednesday, with copper prices sliding to a near two-month low amid weakness in the yuan versus the dollar and an uptick in trade tensions between the United States and China.
Check Metal Bulletin’s live futures report here.
Aluminium premiums across Europe, Asia and the United States were broadly down in the week to Tuesday July 3, with the backwardation in forward spreads on the London Metal Exchange putting significant pressure on the market.
Norwegian ferro-silicon producer Finnfjord Smelteverk will cut about 3,500 tonnes of production between July and August of this year because of planned maintenance to one of its furnaces, according to an industry source.
Domestic Chinese ferro-chrome prices have risen in line with July tender prices from leading stainless steel mills.
Vanadium prices resumed their rally in earnest last week after buyers paid higher prices to secure scarce units, with no signs of change to the persistent tight supply situation.