NEWS
IRON and STEEL   Copper   Iron Ore  

Copper steadies, iron ore price climbs on blockbuster Chinese imports

The price of copper regained its footing and iron ore prices continued the climb on Thursday after customs data showed imports of raw materials by China stayed robust in January after a strong 2017.

The price of copper regained its footing and iron ore prices continued the climb on Thursday after customs data showed imports of raw materials by China stayed robust in January after a strong 2017.

In brisk trading New York Comex copper for delivery in March were flat compared to Wednesday settlement price trading at $3.0855 a pound ($6,802 per tonne). Copper is still down sharply for the week after suffering its worst trading session of the year yesterday.

China's scrap imports could halve in 2018 boosting concentrate cargoes to another all-time high this year

While down slightly from December (traditionally a high-import month when Chinese traders try to meet annual volume targets), January customs data from China showed import volumes of unwrought copper rose 16% compared to last year totalling 450,000 tonnes during the month. 2017's annual total came in at 4.7m tonnes, down 5.7% from the year before.

The January jump in copper concentrate cargoes were even more impressive, increasing 25% from the same month last year to total 1.6m tonnes in January. China's copper concentrate imports reached a record high in November of 1.78m and for the year reached a new record of 17.3m tonnes.

The increased volumes over 2017 are indicative of Beijing's clampdown on copper scrap imports as part of the country's crackdown on pollution and consolidation of heavy industries. A recent report by BMO Capital Markets forecasts that China's scrap imports could halve in 2018 boosting concentrate cargoes to another all-time high this year.

Iron ore shipments in triple digits again

China's iron ore imports rose in January even as steel mills are idled as part of a government drive against pollution and stockpiles at ports reached new peaks above 150m tonnes.

China consumes more than two-thirds of the seaborne iron ore market and produces as much steel as the rest of the world combined.

Iron ore is up 7% since the beginning of the month as it continues to rally from lows in the $50s struck in June last year

Beijing's winter war on smog has concentrated on the country's steelmaking hubs near the capital where mandated cuts came into effect in October. Chinese steelmakers are increasingly seeking out high-quality imports over domestic ore in anticipation of restart of production in mid-March.

Imports of high-quality iron ore fines and lump ore from Australia, Brazil and South Africa jumped 19% from December to just above 100m tonnes last month. Cargoes reached a record high of 102.8m in September last year.

Total shipments for 2017 topped record imports in 2016 of just over 1 billion tonnes.

The Steel Index benchmark price for Northern China 62% Fe ore climbed for the fifth straight session on Friday to trade at $77.85 a tonne, up 7% since the beginning of the month as it continues to rally from lows in the $50s struck in June last year.

News No: 1922
Date: 2018/02/09 - 03:05
News Source: Mining.com

copper  Iron Ore  New York Comex  China's scrap  Steel Index 

Comments:

Leave a Comment:

   
   
   
 

China's 2019 term TC/RCs for imported copper drop on slow growth expectations

Chinese analysts attributed the drop in fees to the anticipated slow down in the world's mined copper output growth, amid the building of new smelters in China.
 

Teck to name partner in Chilean copper project in December

Canada’s largest diversified miner, plans to announce in December which company will be its development partner at the Quebrada Blanca copper mine in northern Chile.
 

Mac, Jimblebar iron ore fines discounts narrow

Discounts are narrowing for lower-priced 62pc mainstream iron ore fines imported to China as shrinking profit margins force steel mills to shift their focus to controlling costs.
 

Vale holds talks to expand world's biggest open-pit iron mine

Vale SA is holding talks with Brazilian officials about expanding the world’s largest open pit iron-ore mine to meet growing Chinese demand for the high-grade ore.
 

Antofagasta goes ahead with $1.3B expansion of Los Pelambres mine

Shares in Chilean miner Antofagasta Plc. (LON:ANTO) got a boost Thursday after the company announced the board of directors had approved a $1.3 billion expansion of its Los Pelambres copper mine in Chile.
 

Indian pellet prices fall further in China

Indian iron ore pellet prices have fallen by around 7.5pc so far this month to around $125/dry metric tonne (dmt) cfr China, hit by a drop in demand in the wake of less stringent environmental restrictions imposed on mills.
Upcoming Events
Find a Job !
Tenders
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners