EUROPEAN MORNING BRIEF 11/10: SHFE base metals prices move lower; US silicon price fall; Shagang rolls over prices

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday October 11.

Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Thursday October 11 amid concerns over the global macro-economic environment and dollar strength.

Check Fastmarket MB’s live futures report here

The price of silicon in the United States fell for a seventh consecutive month in the latest monthly assessment on Wednesday October 10, reaching its lowest level in nearly a year, with buyers keeping their distance from the spot market.

Lead scrap and spent lead-acid battery prices in the United States have held steady, but precipitous declines on the London Metal Exchange are weighing on the market; meanwhile, zinc scrap prices remained flat in spite of soaring LME contracts.

Eastern China-based Shagang has rolled over prices for its long steel products for shipment in the middle of October.

Import prices for stainless steel in East Asia remained relatively steady over the past week amid sluggish trading as a result of China’s National Day holiday, while participants observed Chinese offers edging up and Taiwanese offers on a downtrend.

Stainless steel scrap prices for processors and for consumers have continued to decline in the United States, with chrome prices falling while the nickel market has held mostly steady.