EUROPEAN MORNING BRIEF 30/11: SHFE base metals prices broadly consolidate; Q1 MJP Al talks start at $91/t; Hydro hopes to return Alunorte ops to full capacity
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Friday November 30.
Base metals prices on the Shanghai Futures Exchange broadly consolidated during Asian morning trading on Friday, with the market focused on the upcoming Group of Twenty (G20) summit in Argentina – where US President Donald Trump and his Chinese counterpart Xi Jinping are due to meet.
Check Fastmarkets MB’s live futures report here.
A major aluminium smelter has offered material to Japanese traders and end users at a premium of $91 per tonne cif main Japanese ports (MJP) for the first quarter of 2019, down 11.7% from the previous quarter, sources told Fastmarkets MB on Thursday.
The timeframe remains uncertain for a return to 100% capacity operations at the Alunorte alumina refinery in Brazil, owner Norsk Hydro said at its Capital Markets Day in London on Thursday.
Aluminium prices should trade downward going forward once China’s demand expectations sour, Novelis’ South American chief operating officer Francisco Pires told Fastmarkets MB on Tuesday.
China’s refined tin production is set to fall by 29% year on year in the fourth quarter, mostly due to a lack of concentrate from Myanmar, the International Tin Association said in a note on Thursday.
World silico-manganese supply totaled 1.62 million tonnes in October, up 16.1% year on year and 9.9% from September, driven by production increases in China and India, according to data from the International Manganese Institute.