EUROPEAN MORNING BRIEF 07/05: US Midwest Ali premium supported by rising freight costs; Afarak issues Q1 profit warning; Thousands of China-bound US non-ferrous scrap containers in limbo
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday May 7.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Monday, with the complex benefiting from a slightly easier dollar.
The London Metal Exchange is closed today due to national holidays.
Check Metal Bulletin’s live futures report here.
|SHFE snapshot at 11:00am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since previous session’s close (yuan)|
The US Midwest aluminium premium was unchanged last Friday, with market participants telling American Metal Market that soaring freight rates are supporting elevated numbers.
Afarak has warned it expects to report a loss for the first quarter of 2018, citing a 30% drop in the benchmark price for ferro-chrome, higher raw materials costs and the appreciation of the South African rand.
US non-ferrous scrap exporters are weighing their options and considering what to do with thousands of non-ferrous scrap containers now stuck in limbo following China’s sudden suspension of its North American customs inspection division.
ED&F Man Capital Markets Ltd has appointed Fred Demler as the company’s executive vice president and global head of metals, the first time the international financial brokerage firm has created such a role.
Brazilian slab export prices were unchanged last week, with few deals and offers heard amid uncertainties concerning the United States’ Section 232 trade actions.