EUROPEAN MORNING BRIEF 30/01: SHFE base metals prices correct; zinc miners try to halve annual concentrate TCs; European alloy steel surcharges rise sharply
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Tuesday January 30.
Base metals prices on the Shanghai Futures Exchange were all weaker during Asian morning trading on Tuesday, with a correction underway across the complex following a strong performance in the previous session.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.04 am London time|
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|SHFE snapshot at 10.04 am Shanghai time|
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Zinc miners hope to halve the annual concentrate treatment charges (TCs) in initial offer prices to smelters this year, while the market prepares for what could be one of the most vibrantly contested negotiations for years.
European alloy surcharges for January deliveries of grade-316 cold-rolled stainless steel sheet have risen sharply month on month amid higher nickel and molybdenum costs.
Metal Bulletin has updated its list of key contract negotiations at the world’s leading copper mines this year. Click here to view the status of such talks as of Monday.
Codelco has reached an early wage deal with unionized workers at its Andina division, the Chilean copper producer said on January 27.
The commodities market is a fickle beast, and few know that better than Giulio Bonifacio, chief executive officer and president of Nevada Copper, which has given its Pumpkin Hollow project the green light.
There is more to excite the metals industry than the batteries boom, with the global economy’s gradual emergence from the 2008 recession boding well for metal demand, according to Lord Copper.
Tight supplies and trader buying continued to push spot cobalt prices higher in the week ended Friday January 26, but currency moves deterred large spot purchases of cobalt in the second half of last week.
Chinese ferro-silicon prices have been steady in the past week, stabilizing losses made through the month when idled production was restarted; meanwhile, the European price set another record high, and US prices climbed after a period of inactivity due to strong overseas prices. Check the latest global ferro-silicon wrap here.
Major Chinese stainless steel mill Tsingshan Group has raised its high-carbon ferro-chrome tender price for February delivery due to tight supplies both domestically and overseas on Monday after Baosteel and Taiyuan Iron & Steel raised ferro-chrome tender prices for February last week.