EUROPEAN MORNING BRIEF 25/09: Restocking activity supports China FeSi prices; OFAC move said to signal Rusal deal; Tuticorin smelter closure supported by committee
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday September 25.
Base metals prices on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Tuesday, with participants taking a cautious approach to trading following the recent escalation in trade tensions between China and the United States.
Check Metal Bulletin’s live futures report here.
The Chinese ferro-silicon market was steady in the week ended September 21, with prices gaining support because consumers were building up stocks ahead of a national holiday.
The aluminium market in the United States is viewing the latest extension of general licenses related to UC Rusal Plc as a sign that a deal with the Russian aluminium producer is impending.
An investigation committee deciding the fate of the 400,000 tonne per year Tuticorin copper smelter said the majority of representatives supported its closure, according to local media reports on Sunday September 23.
Manganese ore prices have been boosted by expectations of increased demand for alloy after the Chinese government issued new standards for steel products to take effect in November.