EUROPEAN MORNING BRIEF 31/08: China, Malaysia drive manganese ore supply spike; US to allow product-specific 232 exemptions; global SiMn output reaches 6-month high
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday August 31.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday August 31 with aluminium and copper weakening while the rest of the complex registered slight gains.
The slightly bullish performance follows the release of better-than-expected data from China – see data section below – which helped to mitigate some of the bearishness surrounding the market due to ongoing trade tensions between China and the United States.
Check Metal Bulletin’s live futures report here.
World manganese ore supply rose 20% year on year in July due to increased production in China and Malaysia, the International Manganese Institute (IMnI) has revealed.
US President Donald Trump signed a proclamation this week that will allow companies to request product-specific exclusions for steel imports from South Korea, Brazil and Argentina, along with aluminium imports from Argentina, even after import quotas from those countries are filled.
Chinese silico-manganese production jumped 22% month on month in July, wiping out June production cuts and driving global supply to its highest level since January.
Brass scrap prices are continuing to deteriorate in the United States, with scrap supplies outpacing domestic demand due to the impact of shrinking appetites from Chinese buyers.
Matthew Campbell is to join Triland Metals Ltd as co-head of London Metal Exchange sales, marking the third member of the former Scotiabank team to be hired by the company in recent weeks.