EUROPEAN MORNING BRIEF 17/04: SHFE base metals prices broadly up; China’s crude steel, finished steel output rises in March; unresolved Fanya stocks remain wild card for indium

Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Tuesday April 17.

Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Tuesday, partially buoyed by positive Chinese economic data.

Meanwhile, the fallout surrounding the sanctions imposed by the United States on Russian aluminium producer UC Rusal continue to drive prices for the light metal higher.

The most-traded June aluminum contract on the SHFE traded at 14,840 yuan ($2,362) per tonne as of 11.19am Shanghai time, up 218 yuan per tonne from Monday’s close.

Check Metal Bulletin’s live futures report here.

LME snapshot at 4.20am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,899 -12
Aluminium 2,390 -9.5
Lead 2,354 -16
Zinc 3,148 11.5
Tin 21,155 130
Nickel 14,245 -90

SHFE snapshot at 11.20am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (June) 50,940 450
Aluminium (June) 14,840 215
Zinc (June) 23,735 45
Lead (June) 18,190 90
Tin  (May) 144,970 890
Nickel  (July) 103,780 -570

China’s crude steel and finished steel output remained in an upward trend in March, according to data released by the country’s National Bureau of Statistics.

The unresolved metals stocks of China’s Fanya Metal Exchange remain the wild card in the indium market, despite the recent rise in the metal’s price, Donna Vareha-Walsh, director of Indium Corp’s metals business unit, told delegates at the annual Minor Metals Association conference in Canada last week.

China’s newly implemented restrictions on imported copper scrap have caused some drastic changes in global flows that may prompt the country to revert its policy within the next two years, consultant and scrap specialist Michael Lion said during the annual CESCO Week copper conference held in Santiago, Chile, last week.

The Brazilian competition regulator, Cade, has approved the sale of long steel assets from ArcelorMittal Brasil to Mexico’s Grupo Simec, according to a document published in the country’s official gazette on Monday April 16.

Vale’s cobalt production increased by 5.4% year on year in the first quarter of 2018 while it focused on higher quality products, the Brazilian diversified miner said on Monday April 16.

What to read next
Chinese mining giant CMOC reported a 178% year-on-year increase in cobalt metal production for the first six months of 2024, according to an announcement by the company on Friday July 12
Aluminum scrap generation in Europe is expected to decrease in the current quarter due to lower demand from downstream metal producers amid the domestic seasonal summer slowdown, according to the latest market overview from the Bureau of International Recycling (BIR)
The US government will impose tariffs on steel and aluminium shipped from Mexico that were made elsewhere, in a bid to curb trans-shipment and excess production, the White House said in a statement on Wednesday July 10, a move widely applauded by the pair of metals industries
Norway-based aluminium producer Hydro and German car manufacturer Porsche signed a long-term agreement on Tuesday July 9 for supply of low-carbon aluminium to further decarbonize the supply chain of Porsche’s sports cars. The agreement follows the letter of intent signed in April
The Indonesian government is looking to ease its export ban on bauxite, sources familiar with the matter have told Fastmarkets
Price and supply were the major topics of conversation for market participants across the value chain attending Fastmarkets’ flagship Lithium Supply and Battery Raw Materials conference in Las Vegas on June 24-27