Lead, tin defy trend as base metals drift lower on LME

(MB) Base metal prices on the London Metal Exchange were mostly lower at the close on Wednesday January 3, with lead and tin the only metals to finish the day in positive territory. Glencore said it will add 100,000 tonnes of zinc, or roughly 200,000-220,000 tonnes of zinc concentrates, to the market in 2018 via a facility restart. Meanwhile, Glencore’s Lomas Bayas copper mine in Chile has begun government-mediated talks with its labor union after workers rejected the company’s latest contract offer.  US steel product import volumes fell by more than 10% month on month and year on year in December, marking the second month of significant volume declines.  US stainless steel scrap prices, have started the year with a move higher due to a rise in nickel prices on the LME.  Steelmaker Nucor Corp has raised its prices for steel sheet products by $40 per ton ($2 per hundredweight) effective immediately, exceeding the price increases imposed by US mills on the West Coast. Argentina’s ArcelorMittal Acindar has appointed Marcelo Marino Pena Luz as its new chief executive officer, the company said Tuesday. He replaces José Ignacio Giraudo in the position.