EUROPEAN MORNING BRIEF 17/09: SHFE base metals prices broadly down; PPS buys tin at lower premium; Hydro ends acquisition of Rio’s Isal
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday September 17.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Monday, with the complex pressured by weak Chinese macroeconomic data and trade war concerns.
Check Metal Bulletin’s live futures report here.
South Korea’s Public Procurement Service (PPS) awarded last Friday a tender for 100 tonnes of tin, according to a notice posted on the state-owned stockpiling agency’s website.
Uncertainty about the fate of US sanctions against UC Rusal plc have kept aluminium foundry alloy premiums up in the United States and Europe, with sellers able to wield control of 2019 supply contract negotiations thanks to buyers’ dwindling inventories.
Norsk Hydro has ended its planned $345 million acquisition of three Rio Tinto aluminium assets in Europe including Icelandic smelter Isal, after considering “alternative timelines, outcomes and developments,” it said last Friday.
Spot cobalt prices made marginal gains last Friday after buyers encountered limited availability of material while restocking after the summer.
And in case you missed it, be sure to check out an overview of the battery raw materials markets in our latest battery raw materials market report for the week ended September 14.