Aluminium, zinc, lead, nickel, tinMixed
Risk-off sell-off on Thursday, partial recovery on Friday
Tin fell about 5% and lead, zinc, nickel and aluminium each lost at least 1% on Thursday as oil jumped and equities fell. Prices steadied on Friday. Aluminium is trading below its levels earlier in the year.
For your business: Aluminium and zinc scrap rates have softened slightly. Short-term swings are large, so lock prices on the day of the deal rather than relying on last week’s quote.
Oil and shippingWatch
Brent above $100 on Middle East shipping disruption
Brent crude traded around $104 a barrel as disruption to shipping in the Gulf continued, and freight rates remain high. Higher energy costs raise the cost of smelting aluminium and zinc and of moving scrap by sea and road.
For your business: Expect higher freight on imported scrap and longer transit times. Factor transport costs into landed-price comparisons.