EUROPEAN MORNING BRIEF 24/12: SHFE base metals prices mostly down; LME amends metal close-out schedule for second kerb session; Rio Tinto completes sale of Grasberg stake

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday December 24.

There was general weakness across the base metals traded on the Shanghai Futures Exchange during Asian morning trading on Monday, with prices broadly down amid bearishness stemming from a challenging macro environment.

Check Fastmarkets MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The London Metal Exchange has amended its metals close-out schedule for the afternoon kerb session, switching the order of copper and lead and extending the zinc close-out on recommendation from the ring dealers committee, it said in a note to members on December 21.

Rio Tinto has concluded the sale of its entire 40% stake in the Grasberg mine in Indonesia for $3.5 billion, as part of a series of transactions involving state-owned PT Indonesia Asahan Aluminium (PT Inalum) and Freeport-McMoRan Inc.

Brazil’s apparent steel consumption increased by 6.90% year on year in November, to 1.70 million tonnes, mostly due to an improved performance in the flat steel sector, according to the national steel association Aço Brasil.

Flat steel import prices partially retreated after previous gains and went down during the past week in South America, as persistent weakness in the Chinese market induced sellers to accept lower bids.

Prices for cold-rolled and hot-dipped galvanized coil in the United States have fallen further over the past week, following similar declines in the hot-rolled coil market.

Bulk-shipment bookings in Vietnam and South Korea have not prevented Asia ferrous scrap prices from continuing on a downward trend.