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Most base metals prices on the Shanghai Futures Exchange ended the Asian morning trading session on Tuesday in negative territory, with deepening fears of a China-United States trade war weighing on the sector.
Nickel led the complex lower with the most-traded September contract falling to 114,890 yuan ($17,661) per tonne as at 11.30am Shanghai time, down by 1,780 yuan per tonne or 1.5% from Monday’s close.
Check Metal Bulletin’s live futures report here.
Unionized workers at Codelco’s Chuquicamata, the world’s largest open pit copper mine, have threatened strikes in protest against plans to develop underground mining there and ensuing layoffs.
Ferro-chrome prices are rising in China amid domestic smelters shutdowns and South African supply concerns. Check Metal Bulletin’s latest global chrome wrap for the details.
China’s push to enhance its environmental protections has reached a tipping point, with the nation’s new target of implementing a complete ban of all scrap imports by the end of 2020 leaving US recyclers in a lurch.
The Chinese domestic ferro-silicon market has dropped further over the past week, in line with demand and increased production in northern China, while export prices have held despite weaker demand. Meanwhile, the European market has been steady, and market sentiment suggests higher spot prices in the near term.
The European Commission needs to wait before making a decision in the safeguard case until trade flow changes become clear because, currently, there is no threat to the EU steel market from imports, Tommaso Sandrini, president of Italian steel distributors’ association Assofermet told Metal Bulletin.