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The Labor Day holiday in the United States meant that three-month base metals prices on the London Metal Exchange were little changed at the close of trading on Monday, with trading volumes thin. LME nickel futures showed the biggest losses over the afternoon.
In Asia, Vietnamese buyers remained in the market for imported hot-rolled coil in the week to Monday due to a supply shortage, with many sellers raising or withholding their offers on expectations of a continued price uptrend in the near term.
Stricter sintering restrictions in Tangshan. China, have served to boost buying interest for iron ore lump, according to trade sources. Lump premiums have risen over the past week with an increase in transactions for both seaborne cargoes and port stocks, sources told Fastmarkets.
India’s Jindal Steel & Power (JSPL) has begun the sale of its assets in Oman, the company has told the Bombay Stock Exchange. This follows the company’s announcement on July 1 that it had accepted a binding offer from Templar Investments for its entire stake in Jindal Shadeed Iron & Steel, Oman (JSIS Oman), in a deal reported to be worth more than $1 billion.
And in Turkey, steel mills paid prices that crept above $300 per tonne for deep-sea scrap cargoes late last Friday but that momentum did not continue into Monday, sources said, with no trades agreed on the first day of the working week.