- US tariffs impact ship recycling prices
- Japan economy grows 2.8% in Q4
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with aluminuim recording a gain of 1.31% d-o-d. Meanwhile, inventories at LME-registered warehouses also witnessed mixed movements, with nickel up by 1.63% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $9,135/tonne (t), decreasing by 13% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 177,000/t and ex-Chennai at INR 178,000/t.
Global updates
Tariffs threaten ship recycling prices
US tariffs on Chinese steel and aluminum are causing uncertainty in ship recycling markets. A potential flood of cheap Chinese steel could devastate prices. Coupled with currency fluctuations and falling steel plate prices, the outlook is bleak. Despite a promising start to 2025, further price declines are anticipated, creating challenges for yards upgrading to meet new standards.
Japan’s economy grows 2.8% in Q4, surpassing expectations
Japan’s economy expanded an annualised 2.8% in the October-December quarter, exceeding market forecasts of a 1% increase. This translated into a 0.7% quarterly growth, outperforming the anticipated 0.3% rise. The stronger-than-expected GDP performance reflects robust economic activity, highlighted by people enjoying food and drinks at Tokyo’s Izakaya pubs, signalling a positive trend for the country’s economic recovery.
Oil prices rise
Brent crude futures were recorded at $74.88/barrel today. Meanwhile, WTI crude oil futures increased by 0.03% d-o-d to $70.76/barrel.
Natural gas prices fell
Natural gas stood at $3.63/metric million British thermal unit (MMBtu), down by 2.52% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.61, up by 0.03% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.76 against the dollar.
Leave a Reply