EUROPEAN MORNING BRIEF 26/12: SHFE base metals prices mixed; chrome prices unchanged in China; Chinese wire rod export prices flat

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

Base metals prices on the Shanghai Futures Exchange were on divergent paths during Asian morning trading on Wednesday December 26, with aluminum registering the largest gain on news of further capacity cuts in China.

Check Fastmarkets MB’s live futures report here.

Shanghai Futures Exchange, base metals prices

Ferro-chrome and chrome ore prices in China were unchanged in the week ended December 21 amid low liquidity while market participants awaited January ferro-chrome tender prices from major Chinese stainless steel mills.

Export prices for wire rod out of China were unchanged over the past week with many buyers away for the Christmas break.

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An investigative commission created by Pará’s state legislature Alepa found “very strong evidence of environmental crime” in the region where Alunorte, Norsk Hydro’s alumina refinery in the Brazilian northern state, is located.

Several of China’s top smelters agreed to reduce another 800,000 tonnes of aluminium capacity in the coming days, Fastmarkets learned from the conference held in Nanning, Guangxi province in China on Friday December 21.

Cobalt prices continued to slide in the second half of the month as sellers feeling the pressure to destock ahead of the year-end faced buyers reluctant to add to their books in December.