EUROPEAN MORNING BRIEF 08/01: SHFE base metals prices weaker; world manganese ore supply drops in Nov; global billet markets quiet

Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Monday January 8.

Base metals prices on the Shanghai Futures Exchange were weaker across the board during Asian morning trading on Monday, with the complex coming under pressure from news that researchers at China’s central bank have agreed that the time may be right to raise interest rates.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02.51am London time
Latest three-month LME Prices
  Price ($ per tonne)  Change since Friday’s close ($)
Copper 7,132.5 14.5
Aluminium 2,206.5 1
Lead 2,558 3
Zinc 3,348 -4
Tin 19,890 0
Nickel 12,465 -80

SHFE snapshot at 10.50am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne)  Change since Friday’s close (yuan)
Copper 54470 -390
Aluminium 14,980 -125
Lead 19,385 -95
Zinc 25,945 -135
Tin 145,120 -480
Nickel 98,000 -580

World manganese ore supply was still up by 13.3% year on year in November 2017, even as it fell 17.8% compared with the prior month, according to the latest data from the International Manganese Institute.

The global billet markets generally remained silent during the working week from Tuesday January 2 to Friday January 5 amid the New Year holidays.

Cold-rolled coil and hot-dipped galvanized prices have started the year up, according to market participants, but mills’ attempts to push prices to multi-year peaks may collide with imports that are already at their highest point in years.

The ferrous scrap market in the United States was shoring up on Friday January 5, with Detroit’s increases of $30 per gross ton on obsolete grades and $20 per ton on prime scrap serving as a template for other regions.

Latin America’s steel import volumes from China dropped by 10% year on year from January to November 2017.

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