EUROPEAN MORNING BRIEF 14/12: Weak China data weighs on SHFE base metals; Rabobank, Concord, PGS developing blockchain trading platform; Fastmarkets planning new Mn ore indices
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Friday December 14.
Base metals traded on the Shanghai Futures Exchange were all down during Asian morning trading on Friday, weighed down by weak economic data from China and a firmer dollar of late.
Check Fastmarkets MB’s live futures report here.
Dutch bank Rabobank, international trading firm Concord Resources and warehousing firm PGS are developing a blockchain trading platform for the metal repo financing business, the companies said.
Fastmarkets plans to offer new manganese ore indices on a free-on-truck (fot) basis for both 37% and 44% material, normalized to the port of Tianjin, in an effort to deepen its coverage of the manganese market.
Since its merger with Xstrata, Glencore – previously a trading and marketing firm – has become a mining firm whose earnings before interest, taxes, depreciation and amortization is dominated by earnings from its industrial activities. The recent appointment of Peter Freyberg as head of the company’s industrial mining assets, a newly created position with oversight and responsibility for all Glencore industrial mining assets, underscores that.
The European hot-rolled coil market has remained under pressure from the traditional seasonal slowdown in demand and uncertainty over the final decision in a safeguarding case, sources told Fastmarkets this week.
The pig iron export market in the Commonwealth of Independent States remained inactive during the week ended Thursday as buyers preferred to postpone bookings ahead of the year-end holidays.