EUROPEAN MORNING BRIEF 19/02: China says 232 findings 'baseless'; US aluminium scrap prices; Global steel billet prices

Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Monday February 19.

The LME aluminium price dipped 0.61% during early Asian trading on Monday February 19, reversing gains seen last Friday.
Check Metal Bulletin's live futures report here.
China’s Ministry of Commerce (MOC) has called the findings of the United States’ Section 232 investigations “baseless” and warned that it will take “necessary measures to safeguard its rights” should the final decision on aluminium and steel import tariffs affect China’s interests.
Some US secondary aluminium scrap prices have continued to march higher, while pockets of supply tightness left some consumers in a squeeze.
Prices in the global steel billet market were mostly trending upward last week amid enlivened demand at some destinations as well as increased scrap prices.
The US aluminium industry is grappling with the US Commerce Department’s recommendations - confirmed by Secretary Wilbur Ross - for President Donald Trump on the Section 232 probe, with that uncertainty translating to jumps in prices and premiums.
Commerce Secretary Wilbur Ross said stiff Section 232 penalties aimed at limiting steel imports won’t drive up prices or hurt employment for big steel users such as automakers.
 
LME snapshot at 4:07am London time
Latest three-month LME Prices
 
Price ($ per tonne)
Change since previous session's close ($)
Copper
7,186
-47
Aluminium
2,195
-13.5
Lead
2,602
-11
Zinc
3,567
-8
Tin
21,750
0
Nickel
13,765
-155

Vivian Teo

Published

Vivian Teo

February 19, 2018

04:26 GMT

Singapore