Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Monday, with only nickel and tin prices managing to post slight gains.
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China’s bauxite imports could increase to 130-150 million tonnes per year within the next ten years
, as it seeks to fill a domestic supply gap, according to Mark Roggensinger, senior market analyst at Hydro.
Hydro has declared force majeure at its Alunorte alumina refinery in Brazil’
s northern state of Pará following an order by the country’s authorities to cut output by 50%.
The Atlantic alumina market will swing back to a premium over the Pacific as a result of a 50% cut to output
, and subsequent force majeure
announcement, from Hydro’s Alunorte refinery in Brazil, according to market participants spoken to by Metal Bulletin.
Downstream market participants in both steel and aluminium were in a state of alarm
following US President Donald Trump’s confirmation that he intends to levy tariffs on imports of both metals into the United States.
Brazil’s aluminium industry is concerned about a potential surge of Chinese sheet and foil shipments
into the country following Trump’s decision.