EUROPEAN MORNING BRIEF 29/11: SHFE base metals stage broad-based recovery; Potanin allowed appeal against Rusal rival; Alcoa eyeing alumina greenfield opportunities

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday November 29.

Base metals prices on the Shanghai Futures Exchange staged a broad-based recovery during Asian morning trading on Thursday, recovering from the previous day’s weakness on a softer dollar.

Tin was the sole exception to the firmer tone seen across the rest of the SHFE base metals complex this morning, with the metal continuing to succumb to the volatility associated with low market liquidity and concerns over elevated on-exchange stock levels.

Check Fastmarkets MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The London Court of Appeals has upheld Vladimir Potanin, one of two major shareholders in Nornickel, in his attempt to block the other, Oleg Deripaska, from buying more shares in the giant nickel and palladium producer.

Alcoa is open to future opportunities in greenfield alumina refineries, according to the company’s chief financial officer William Oplinger, speaking at the Goldman Sachs Metals and Mining conference in New York on Wednesday.

President Donald Trump’s administration still prioritizes the battle against Chinese theft of intellectual property and is wielding US trade measures to break down other nations’ barriers to American exports, US Commerce Department Secretary Wilbur Ross said on Wednesday.

Philipp Schlüter has become chief executive officer of Trimet Aluminium, the company said on Monday.

Long steel demand in Brazil fell year on year in October but growth expectations remain in place for this year and 2019, Gerdau chief executive officer Gustavo Werneck said.

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