EUROPEAN MORNING BRIEF 13/03: SHFE base metals prices broadly weaker; Hawesville Ali smelter restart; strike ends at Nexa's Cajamarquilla zinc smelter

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Tuesday March 13.

Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Tuesday.

Zinc was the only metal to witness any gains, while nickel prices edged downward following their rally on Monday with negative sentiment stemming from a weaker downstream stainless steel market weighing on prices.

Check Metal Bulletin's live futures report here.

LME snapshot at 02.47am London time
Latest three-month LME Prices
  Price ($ per tonne)  Change since yesterday's close ($)
Copper 6,915 2
Aluminium 2,098 7
Lead 2,341 -2
Zinc 3,261 21.5
Tin 21,355 -20
Nickel 13,720 45

SHFE snapshot at 10.54am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne)  Change since yesterday's close (yuan)
Copper 51,830 -130
Aluminium 13,950 -115
Lead 18,180 -265
Zinc 25,080 95
Tin 146,180 -790
Nickel 104,050 -60

Century Aluminum Co's plans to restart production at its smelter in Hawesville, in the US state of Kentucky, are now official thanks to US President Donald Trump signing the order to levy a 10% tariff on the country's aluminium imports last week.

A week-long strike by workers with trade union representation at South America’s largest zinc smelter, Cajamarquilla, has ended, owner Nexa Resources has confirmed.

One of Novelis Inc’s rolling mills in Brazil has suffered a roof collapse, causing a delay in deliveries to customers, regional sources told American Metal Market.

Trump’s Section 232 tariffs on imported steel and aluminium will go into effect on Friday March 23 at 12:01am New York time.

Poland’s KGHM has sacked its third chief executive officer in two years, according to a company statement released on March 10.

Historically-low rhenium prices are leading to a decline in the amount of recycled material coming into the market, with several recycling facilities having closed or reduced production.

Anna Xu

anna.xu@metalbulletinasia.com

Published

Anna Xu

March 13, 2018

04:55 GMT

Shanghai