Base metals prices on the Shanghai Futures Exchange were broadly up during morning trading on Tuesday, with a retreat in the dollar continuing to provide support to the complex. Sellers of UG2 chrome ore have lowered their offers over the past week while the yuan softened against the dollar and inventories continued to rise. Manganese ore prices are rebounding on the back of rising silico-manganese futures prices in China. Chinese vanadium export prices declined last week amid sluggish demand and lower prices outside the country, while European prices were marginally softer with the summer lull continuing to weigh on prices. East China’s Shagang has increased the prices for its long steel products for shipment in late August amid price gains in the spot market. Turkish hot rolled coil producers are turning their attention to Asian markets such as Vietnam, putting pressure on regional prices.

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