Proudfoot’s Post

Copper prices have fallen to $8,900 per ton, while iron ore has decreased by 0.9% to trade under $100 per ton in Singapore. In a recent article from MINING.com, CRU's Liz Yuxi Gao analyses these price drops and their impact on supply and production. “In China, steel margins have remained in negative territory, indicating that steel demand is weak, and mills see no reason to keep production elevated or to build stocks of raw materials,” Liz said. “Meanwhile, supply was exceptionally high in Q2.” Read more: https://lnkd.in/gGNDHEjF #steel #copper #ironore

2025 looks hard to predict for the copper concentrates market. In recent conversations with market sources, there has certainly been a divergence of expectations for 2025. However, everyone agrees the market will be tight and there will be a lot of uncertainty. Market uncertainties and risks under extreme conditions, including production suspension or shutdown at smelters due to exceedingly low TC/RCs, limited support from sulfuric acid prices and difficulty in opening lines of credit, will make the market more challenging and more complicated in 2025, sources said. Sources highlighted increased focus on index linked contracts, intermediate products like scrap, by-product gains, and heightened challenges created by extreme conditions among other factors in discussions with Fastmarkets. Our full copper concentrate preview article, written by Pingping Sally Zhang, is available to subscribers here: https://lnkd.in/euXCQ8KZ Fastmarkets Fastmarkets Metals and Mining #copper #coppermining #copperconcentrates

During LME week LME three-month copper hit a multi-month high, this came off the back of positive sentiment created by news of fresh Chinese stimulus measures. However, since its recent high copper is now down 5.5%. The price has fallen with uncertainty surrounding what Chinese stimulus will mean for copper prices. Beyond this, "flat" refined demand is pressuring prices down. Participants told Fastmarkets tight concentrate supply is unlikely to quickly lead to a refined copper supply demand imbalance - with expanding smelting capacity helping to create the concentrate tightness. Full story available to subscribers here: https://lnkd.in/eM5YHt77 Fastmarkets Fastmarkets Metals and Mining #copper

Sector Update: Metals & Mining The persistently weak demand environment in the European steel and aluminum industry at, however, unchanged stable price levels year-on-year confirms our stable outlook for 2024. A recovery, albeit only moderate, could emerge in 2025, although this remains subject to uncertainty and must be preceded by an upturn in the end markets (construction, automotive, manufacturing). The long-term growth opportunities on the copper market remain intact despite the temporary weakness. 📌 Read the full report by Georg Zaccaria, CFA: https://lnkd.in/epfQut_d #RaiffeisenResearch

Prices for two of the world’s most important mined commodities are diverging quickly, with copper rallying above $9,000 a ton as supply cuts hit the market and iron ore sinking as demand headwinds mount. Copper has surged 5% this week, ending a months-long spell of inertia, as investors hone in on risks to supply at mines and smelters. Tentatively, traders are also warming to the idea that the worst of a global downturn is in the past, particularly for metals like #copper that are increasingly used in #electricvehicles and #renewables. https://lnkd.in/dm_aB_Pk

Here are the top stories from today's global edition: US: Recycled SS prices rise with LME nickel US stainless steel processor buying prices rose across grades on Friday in tandem with a 7pc increase in LME Nickel prices. Shohini Nath analyzes the price trends and how the surge in LME nickel could affect the SS market in the short term. https://lnkd.in/dsTZjtzQ Cochilco lifts 2024 Cu price forecast by 10pc The Chilean Copper Commission (Cochilco) has raised its 2024 copper price projection by 10.4pc to $4.30/lb from $3.85/lb as tight supply pushes prices higher. George Dcruze details Cochilco's market outlook and provides Chile and global 2024 copper guidance.  https://lnkd.in/dPe2_hyE KGHM’s copper output rises in Q1 2024 Polish mining company KGHM Polska Miedz Group reported a payable copper production of 179,200mt in Q1 2024, a 2pc increase compared to 175,600mt in Q1 2023. Milolo keren Beya reports on the company's Q1 and March production and sales figures.  https://lnkd.in/dncC_99e

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The three-month LME zinc price is up 17.2% so far this year gaining heavily from tight zinc concentrate supplies. Zinc concentrates TCs are at unprecedented lows, with sources telling Fastmarkets the tightness is likely to continue to impact zinc production in the coming months, tightening the zinc market. “We maintain a positive price outlook across the short-to-medium term premised on our expectations that tightness in the concentrates markets will trigger deeper production cuts by zinc smelters over the next few months,” said Fastmarkets analyst James Moore. Other sources noted some balance in the market is proved by weak demand for refined zinc in some regions, like Europe. full article available to subscribers hear: https://lnkd.in/eGPbxv9d Fastmarkets Fastmarkets Metals and Mining #zinc

India has recorded substantial growth in the production of key minerals with iron ore and limestone reaching the highest level in the FY’24. During this period the country produced 275 MMT of iron ore and 450 MMT of limestone, leading to significant growth in these vital sectors. In the same series, preliminary data for the FY’25 (April-May) also shows continued growth in these sectors. Iron ore production has increased to 52 MMT from 50 MMT in the same months last year, showing a growth of 4 percent. Limestone production also increased from 77 MMT to 79 MMT, achieving a growth rate of 2.6%. Additionally, manganese ore production has witnessed a significant growth of 16.7%, with production reaching 0.7 MMT during the same period. #ironore #limestone #production #consumption #mining #steel

Negative treatment charges are becoming increasingly common in the copper concentrate market. Tight supply and expanding smelter capacity have helped bring down TCs with Fastmarkets' index repeatedly hitting all time lows in recent weeks. Smelters are now buying concentrate with TCs now close to zero. Last month, copper TCs and premiums in China were both negative which some compared to flour being more expensive than bread. However, sources told Fastmarkets that smelter economics are more nuanced than simple headline numbers, providing some explanation for why this situation has arisen. Sources have also told Fastmarkets that they believe, despite recent all time high prices for LME copper, the tightness of concentrates may not lead to tight refined copper markets. The full article is available for free on Fastmarkets' website: https://lnkd.in/g_F4PM5i Fastmarkets Fastmarkets Metals and Mining #copper #coppermining #copperconcentrate #mining