EUROPEAN MORNING BRIEF 28/08: SHFE base metals prices broadly down; Tshipi mine stoppage notice lifted; Cu benefits from slimmer global surplus
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday August 28.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Tuesday, with only aluminium and tin registering slight gains.
The general weakness came despite renewed risk sentiment across global markets following the announcement of the United States-Mexico Trade Agreement on Monday.
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The management of the Tshipi Borwa Manganese Mine has succeeded in having a mine stoppage notice lifted by South Africa’s Department for Mineral Resources.
The glut of metal in the global refined copper market has been steadily eroding over the past few months, with increased demand narrowing the surplus to an estimated 20,000 tonnes in the first five months of this year, International Copper Study Group data shows.
Brazilian steelmaker Gerdau has sold all of its assets and operations in India for $120 million, with the aim to focus on its operations in Brazil and the United States.
The US International Trade Commission (ITC) has voted to extend anti-dumping duties on stainless steel bar from India.
Venezuela’s export market for hot-briquetted iron (HBI) weakened further after one producer cut its price to conclude a deal.