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.

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.