EUROPEAN MORNING BRIEF 26/11: SHFE base metals prices broadly down; skepticism for QME’s international aspirations; Aurubis mulls cu concs deal

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday November 26.

Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Monday amid the prevailing risk-off sentiment due to simmering United States-China trade tensions and a slight uptick in the dollar index.

Check Fastmarket MB’s live futures report here.

live-futures-report-lme-prices-2018-11-26.PNG

live-futures-report-shfe-prices-2018-11-26.PNG

Alumina traders in China have responded with skepticism to Qianhai Mercantile Exchange’s (QME) plans to internationalize its yuan-denominated prices and list them on foreign exchanges such as Hong Kong Exchanges & Clearing Market, Fastmarkets has learned.

Europe’s top copper smelter Aurubis is undecided as to whether it will follow the settlement made by miner Antofagasta and smelter Jiangxi Copper for copper concentrate treatment and refining charges, it said on November 23.

Price increases for the steel supplied to carmakers in Brazil may exceed 20% in 2019 despite the downward price trend in China, the chief financial officer of Brazilian steelmaker Usiminas, Alberto Ono, said on Friday November 23 during an investor meeting.

Indian importers are considering imports of hot-rolled coil from China because South Korean suppliers have exited the Indian market due to falling prices.

Brazilian pig iron suppliers continued to insist on higher export offer prices last week on lower material availability during the rainy season and lower availability due to suppliers having closed order books for the year.

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