MetalCrawler: UBS Bearish on Chinese Steel, Antofagasta Deals With Protests, Gold Apple Watch Has Some Problems

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MetalCrawler crawls the web for the latest metal news so you don’t have to. We even get that hard to reach metal news from China. Today there’s also more on the Gold Apple Watch and Chile’s copper mining industry.

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UBS Says Chinese Steel Won’t Grow

  • Switzerland’s UBS said in a note  that the bank expects 0% compound annual growth for China’s steel production over the next five years, down from a previous forecast of 1.4%, according to the Financial Times. UBS cut its 2015 forecast for steel’s main ingredient iron ore, already down from $70 a ton to $58 this year, to $59 a ton. UBS said “Iron ore mining companies still forecast China’s steel output to grow at 2.5% Compounded Annual Growth Rate until 2025, but we disagree. Our analysis shows that its steel production has already reached a turning point.”

Better Have Strong Wrists

  • Stephen Pulvirent of Bloomberg News writes that there are many problems with Apple Inc.‘s $10,000 gold version of the Apple Watch, unveiled yesterday. For starters, If you set it’s patented gold-alloy case aside, it has the same sapphire glass display, sensors, and electronics as the $549 Apple Watch. So you’re paying a mark-up of 18 times the lower price for the same thing. Most luxury watches have higher quality parts as well as cases. It’s also “so heavy it feels like a brick.”

Protests Slow Output at Chilean Copper Mine

  • Output at the Pelambres mine of Chilean copper miner Antofagasta Plc. has been cut by about 5,000 tons in the past week due to protests by local villagers who have blocked access to the mining complex, Pelambres said on Sunday. The company told Yahoo Finance UK that a small number of demonstrators from the Choapa Valley, where some local communities blame the mine for water shortages, had hampered normal operations but had not forced a shutdown of the mine.

 

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