EUROPEAN MORNING BRIEF 10/09: SHFE base metals prices all up; US Midwest ali premium widens; UG2 chrome ore cif China prices rise again
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday September 10.
Base metals prices on the Shanghai Futures Exchange registered gains across the board during Asian morning trading on Monday, following the release of better-than-expected trade data from China over the weekend despite deteriorating relations with the United States.
Check Metal Bulletin’s live futures report here.
The US Midwest aluminium premium widened at the low end of its assessed range last Friday, amid talk of discounts because of falling scrap prices.
Prices for cif China UG2 chrome ore rose again last week following the prior week’s recovery to $158 per tonne owing to resistance from overseas miners and price increases for Chinese domestic ore.
Lackluster demand for steel billet kept global prices largely stable or down in what was slow trading during the week from Monday September 3 to Friday September 7, with many importers snubbing higher offers.
Prices of South Korean origin hot-rolled-coil exports to India have fallen by about $30 per tonne, as a consortium of importers this week booked 20,000 tonnes of HRC at $620-625 per tonne cfr Mumbai for shipment in October.
And in case you missed it, be sure to check out Metal Bulletin’s latest battery raw materials market report.