EUROPEAN MORNING BRIEF 12/09: Trade war jitters sink SHFE base metals prices; global ali wrap; US Commerce Department allows ‘surrebuttals’
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday September 12.
Base metals prices on the Shanghai Futures Exchange were down across the board during Asian morning trading on Wednesday, with market participants taking stock of the build-up in trade tensions between the United States and China.
Check Metal Bulletin’s live futures report here.
Global aluminium premiums moved in differing directions in the week ended Tuesday, but market participants worldwide were paying close attention to any developments concerning the US sanctions on Russian producer UC Rusal.
The US Department of Commerce has revised two steps in the process of requesting exclusions from the Section 232 tariffs and quotas on steel and aluminium imports into the US.
London Metal Exchange Week, the largest annual gathering of metals and mining figures in the world, is set to begin on October 8 this year. Click here to see a list of events and functions scheduled for the week.
US tariffs on imports of certain minor metals from China will lead to higher prices in the short term, but market participants are looking further ahead, and players on both sides expect Chinese material to continue to find a home in the US.
Stainless steel prices in the US continued to fall this month on the back of declining surcharges, according to market participants.
Brazilian automotive production increased by 11.70% year on year in August due to higher domestic sales, according to local automotive association Anfavea.
Manganese ores prices edged higher in the week ended September 7 amid tighter availability of certain grades of ore and a stronger demand outlook due to expected alloy capacity increases in the current quarter.