EUROPEAN MORNING BRIEF 05/09: First Q4 MJP ali deal done; global copper wrap; European FeV prices up on renewed demand
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday September 5.
Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday, with nickel leading the complex lower. Tin was the only metal record any gains.
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A Japanese consumer has concluded a deal with a major aluminium producer for October-December delivery to main Japanese ports (MJP) on a cif basis at a premium of $103 per tonne over the London Metal Exchange cash price, the consumer confirmed to Metal Bulletin on Wednesday.
Copper cathode premiums in the United States were stable in the week ended Tuesday, with participants shifting their collective focus to annual contract negotiations.
Manganese ore prices gave up recent gains on August 31 amid buyer resistance to recent offer prices, while alloy prices were steady or higher week on week.
The European ferro-vanadium market has shown renewed signs of life over the past week, with prices beginning to rebound amid a return of consumer interest in the spot market, while Chinese export prices remained flat on a lack of interest among overseas buyers.
American Metal Market plans to launch a daily hot-rolled coil index in response to unprecedented steel market volatility sparked by Section 232, the renegotiation of the North American Free Trade Agreement and a potential trade war with China.