Copper production gains, see world copper data
Here’s a quick look at news and thoughts on particular commodity markets, including global copper production, soaring natural gas prices, and more.
Metal miner, a sister site to ours, travels the landscape for what matters. This week:
World copper production increases 4.9%
Global copper mining production resumed 4.9% during the first half of the year, reported the International Copper Study Group.
However, the leading producer of copper, Chile, saw its production fall by 1.2%.
Production in Peru, the second largest producer of copper, rebounded 14%.
World production of refined copper increased 3.2%.
Nucor to build a new sheet plant
Nucor Company is assess potential locations for a new plate plant with an annual capacity of 3 million tonnes.
The Charlotte-based steelmaker said he was investigating potential locations in Ohio, Pennsylvania and West Virginia.
âThe new plant will be geographically located to serve customers in the Midwest and Northeast markets and will have a significantly smaller carbon footprint than its nearby competitors,â said Nucor.
Soaring natural gas prices
Adding to the ever-growing list of raw materials and products with rising prices, natural gas prices reached record levels.
Soaring natural gas prices have prompted some companies, such as British steel, to warn of potential impacts on production.
Stuart Burns of MetalMiner reviewed the impact of rising natural gas prices in the UK and Europe.
âThe UK relies heavily on natural gas for residential and industrial use,â he wrote. âThe resulting price hikes have already resulted in the closure of two large fertilizer factories in the UK.
âThis has had the effect of reducing the production of CO2. It is made as a by-product and is the source of about 80% of the UK’s supply. CO2 is needed for a wide variety of uses. industrial and agricultural applications. “
Iron ore prices fall
Against the generally bullish trend of commodities, iron ore, which suffered significant losses These last months.
Prices last week fell below $ 100 a tonne. As MetalMiner’s Sohrab Darabshaw explained, iron ore prices have fallen 40% since July.
Ford and Redwood to Collaborate on Battery Recycling and Supply Chain
Ford Motor Co. announced that he teamed up with battery materials company Redwood materials on closed-loop battery recycling and the development of a domestic battery supply chain.
âFord and Redwood are working together to make battery recycling part of Ford’s national battery strategy. Redwood’s recycling technology can recover, on average, more than 95% of elements like nickel, cobalt, lithium and copper, âthe automaker said. âThese materials can be reused in a closed loop with Redwood moving to produce an anode copper foil and active cathode materials for future battery production. By using locally produced recycled battery materials, Ford can reduce costs, increase the supply of battery materials, and reduce its dependence on raw material imports and extraction.
Use of American steel capacities at 84.9%
Utilization of US steel capacity for the week ending September 18 fell to 84.9%, reported the American Iron and Steel Institute.
Steel production during the week totaled 1.87 million net tonnes. This total marked a decrease of 0.4% from the previous week.
Meanwhile, for the year to date, US steel production reached 67.66 million net tons, up 20.2% year-over-year.
More MetalMiner is available on LinkedIn.