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Base metals prices on the Shanghai Futures Exchange were all down during Asian morning trading on Tuesday, with concerns of a full-blown trade war between the United States and China denting market sentiment and inducing a wave of selling across the complex.
Check Metal Bulletin’s live futures report here.
Seaborne and port manganese ore prices advanced again over the past week on higher offers from miners and traders.
Spot copper concentrate treatment and refining charges (TC/RCs) jumped up sharply in the first half of June after smelters overcame resistance from traders and miners to sell at higher levels.
The spot aluminium billet upcharge in the United States has found a new high, which market sources attributed to supply bottlenecks in response to high demand from extruders.
The Chinese domestic ferro-silicon market has lost earlier gains as a result of slow demand outweighing environmentally driven production cuts and anticipated tighter supply. Meanwhile, the European market has been stable ahead of the third-quarter delivery settlements between alloy suppliers and consumers in the steel sector.
Crude steel production in Argentina grew by 11.2% year on year in May, according to figures released by national steel association Acero Argentino on Monday.