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
Price ($ per tonne) Change since previous session’s close ($)
Copper 6,969 15
Aluminium 2,454 -31
Lead 2,341 4
Zinc 3,242 19
Tin 21,550 100
Nickel 14,950 -125

SHFE snapshot at 11.00am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (June) 51,520 -420
Aluminium (June) 15,025 -355
Zinc (June) 24,385 -145
Lead (June) 18,290 -60
Tin (Sept) 148,630 350
Nickel (July) 105,280 -2,840


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.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed