EUROPEAN MORNING BRIEF 20/04: Most SHFE base metals reverse Thursday’s gains; China’s run-of-mine iron ore output; US copper scrap spreads tighten
Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Friday April 20.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Friday, the exception being tin, which was marginally up on supply concerns due to export issues in Indonesia.
Aluminium and nickel have undergone a particularly steep pullback this morning following strong gains throughout the past week, which had been sparked by supply concerns following the United States’ imposition of sanctions on Russian tycoon Oleg Deripaska’s assets, including UC Rusal.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 3.14am London time|
|Latest three-month LME Prices|
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|SHFE snapshot at 11.00am Shanghai time|
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China’s domestic iron ore output shrank in the first quarter of 2018 amid weaker prices for the material.
Copper and brass scrap markets in the United States have continued to feel the heat from strong overseas demand, which is prompting some domestic buyers to tighten discounts and raise prices to remain competitive.
China’s domestic stainless steel prices increased over the past week due to a recovery in demand and strong gains in the London Metal Exchange’s nickel price.
The growing adoption of electric vehicles throughout the automotive industry will force a significant shake-up in the lithium-ion battery industry in the coming years.
Rebar prices in the United States have risen after multiple mills announced $20-per-ton increases in a tight market, even as a leading producer remained silent.