EUROPEAN MORNING BRIEF 29/03: China supply reform to support Ali prices; world manganese ore supply rises in Feb; South Korea’s exemption from 232 tariffs
Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Thursday March 29.
Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 03.32am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since yesterday’s close ($)|
|SHFE snapshot at 10.32am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since yesterday’s close (yuan)|
|Aluminium (May) ||13,845||105|
|Zinc (May) ||24,790||-15|
|Lead (May) ||18,640||-5|
|Nickel (July) ||96,770||170|
Chinese supply reform is expected to limit the country’s investments in new aluminium capacity, which combined with a ramp-up in demand growth could provide support to aluminium prices on the London Metal Exchange, according to investment firm Cowen & Co.
World manganese ore supply rose by almost 20% year on year in February, due to South African miners ramping up production in response to rallying prices.
The US and South Korea have agreed on terms for a country exemption from the US’ Section 232 steel tariffs that is to take effect on May 1, the US Trade Representative said in a statement on Wednesday March 28.
The US’ bulk ferrous scrap export prices made strong gains in two cargo trades to emerging markets this past week, prompting East Coast exporters to raise dock buying prices ahead of what might be another upswing in domestic scrap pricing.
A shortage of crude indium material is pushing prices higher, market participants have told Metal Bulletin.
Tungsten miner W Resources has secured a development grant of €5.3 million ($6.58 million) for its La Parilla tungsten development in southwest Spain from the regional government, the Junta de Extremadura, it said on Wednesday.
And finally, Metal Bulletin has collated the main talking points from its 19th Asian Ferro-Alloys conference in Hong Kong on March 20-22. Click here to see what people discussed at the conference.