EUROPEAN MORNING BRIEF 04/12: Most SHFE base metals prices retreat; Glencore lowers cobalt production forecast at Katanga; Chinese FeSi price extends gains

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Tuesday December 4.

Base metals prices, bar those for tin, on the Shanghai Futures Exchange were all down during Asia morning trading on Tuesday, with investors taking profits following the strong performance by the complex on Monday.

Check Fastmarkets MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

United Kingdom-listed miner and commodities trader Glencore has revised downward by 8,000 tonnes its forecast for cobalt production in 2019 from its Katanga mine in the Democratic Republic of Congo, following a suspension of exports.

The Chinese ferro-silicon market has added to recent price increases amid persistent demand from steel mills in the week ended Friday November 30, while in Europe prices are under pressure after reports of new deals, with long-term delivery negotiations in focus.

Ferro-chrome spot prices in China were unchanged in the week ended Friday November 30 after the drop in tender prices to December from November was smaller than expected.

Brazil’s primary aluminium production continued to slow in October, according to local aluminium association Abal.

Chile’s state-owned copper producer Codelco has reached an agreement with workers from its Ministro Hales division for wage raises, the company stated on Saturday December 1.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed