EUROPEAN MORNING BRIEF 17/10: Most SHFE base metals tick up; US Al premium hits 6-month low; Chinese export vanadium prices soar
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday October 17.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Wednesday after sentiment improved following strong gains in global equity markets.
Check Metal Bulletin’s live futures report here.
Weakness was felt in aluminium premiums around the globe this past week, with premiums faltering due to a looming backwardation on the London Metal Exchange as well as a general illiquidity in spot markets worldwide.
Chinese export vanadium prices soared last week, supported by strength in the domestic market, while markets in Europe and the United States were slowed by subdued activity levels.
The government of Mexico will request an exemption from a 25% duty that Canada plans to impose on imports of steel products.
Rio Tinto lowered its 2018 guidance for aluminium by more than 4% on Tuesday October 16, to reflect the impact of the ongoing lock-out at the Becancour smelter in Quebec, Canada.