EUROPEAN MORNING BRIEF 20/11: Trade tensions sink SHFE base metals; cif China Mn ore prices edge higher; Brazilian court rules Vale must keep Onça Puma at standstill
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Tuesday November 20.
Base metals prices on the Shanghai Futures Exchange were broadly little changed to weaker during Asian morning trading on Tuesday, with the complex stymied by renewed concerns surrounding the United States-China trade spat.
Check Fastmarket MB’s live futures report here.
Manganese ore prices ticked up in China on a cif basis in the week ended Friday November 16 due to year-end restocking.
Vale must continue the stoppage at its Brazilian ferro-nickel operation, Onça Puma, and pay more than 100 million Reais ($27 million) in compensation to nearby indigenous communities, a Brazilian court ruled last week.
Automotive shredders in the US have continued to adjust their scale buying prices two weeks after the November settlement with all but one rising, indicating there is no downside to shredded scrap in the near future.
Emerging trends on the ferrous scrap futures exchange suggest limited upside potential for No1 busheling, with next month’s settlement projected to inch up just $2.06 per gross ton from November and contract quotes declining from December 2018 to May 2019, according to the CME Group.