EUROPEAN MORNING BRIEF 06/02: Most SHFE base metals in negative territory; Arconic plans global portfolio review; Chinese, European vanadium prices soften
Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Tuesday February 6.
Much like yesterday, most base metals prices on the Shanghai Futures Exchange were under pressure during Asian morning trading on Tuesday, with sharp falls in the US stock market overnight damping market sentiment.
Nickel prices continued their recent run of weakness as they led the complex, with the exception of tin, lower for the second day in a row.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.25am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since yesterday’s close ($)|
|SHFE snapshot at 10.26am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since yesterday’s close (yuan)|
Arconic Inc plans to spend 2018 evaluating its global portfolio, according to the company’s top executive, framing it as a “learning exercise” but leaving the possibility open for big changes.
Chinese and European ferro-vanadium prices softened last week amid lackluster spot market demand, while the US market held firm under similar conditions.
A group of Real Alloy Holding Inc’s noteholders will serve as the stalking horse bidder of its North American and European business units in its court-ordered sales process as part of its Chapter 11 bankruptcy restructuring.
US steel mills have continued to fall in line, with most maintaining flat ferrous scrap prices to fill their February buying programs - although the Philadelphia market is likely to be softer due to export pricing.
Chrome ore and alloy prices rose in China late last week after tight domestic supply in the East Asian country prompted leading stainless steel mills to give higher February bid prices.
Manganese ore prices continued to exhibit strength on thinning supplies last week, while Chinese alloy markets felt pressure from slowing demand.