EUROPEAN MORNING BRIEF 13/08: Strong dollar pressures SHFE base metals; Trump doubles 232 tariffs on Turkey; bauxite deficit could boost China alumina prices
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday August 13.
Base metals prices on the Shanghai Futures Exchange were mixed during morning trading on Monday, with a firmer dollar and uncertainty surrounding escalating global trade tensions fueling a reduction in investors’ appetite for the base metals.
Check Metal Bulletin’s live futures report here.
United States president Donald Trump said on Friday August 10 that he has authorized higher tariffs on imports from Turkey, imposing a 20% duty on aluminum and 50% duty on steel.
Chinese alumina prices could rise due to declining domestic bauxite quality, with refineries turning to seaborne markets to supplement raw material supply, delegates heard at the China Aluminium Industry Summit in Harbin on August 7-10.
Bill Whelan, who founded the warehouse companies Metro and Istim, is stepping into base metals trading with a new company, Bengal Commodities Ltd, Metal Bulletin has learned.
China’s domestic spot battery-grade lithium carbonate prices remain under downward pressure this week, with fewer suppliers making higher offers.
Antimony prices in Europe jumped above $8,000 per tonne on Friday, an increase of 1.2% from the midweek assessment, fueled by the news that China has seized over 3,000 tonnes of smuggled antimony.