Chinese Steel Output Falls in July, Anglo-American Finds A Chilean Copper Mine Buyer

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Chinese steel output fell last month. In Chile, investment funds have agreed to to buy the Mantoverde and Mantos Blancos copper mines being sold by major miner Anglo-American.

Chinese Steel Output Falls

Chinese crude steel output fell 4.6% to 65.84 million metric tons in July from a year ago, government data showed on Wednesday, as steel mills in the world’s top producer faced tumbling prices and faltering demand.

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Average daily output stood at 2.124 mmt, down 7.6% from June, its lowest since November 2014, according to Reuters calculations based on data from the National Bureau of Statistics (NBS).

Softer demand caused by slowing Chinese economic growth has pushed steel prices down 26% so far this year, plunging many mills into the red and forcing them to cut output or ship more to overseas markets.

Someone is Betting At Least $500 Million on Copper

Chilean press reports say that investment funds have agreed to buy the Mantoverde and Mantos Blancos copper mines being sold by major miner Anglo-American. The price for the deal will reportedly be significant. Coming in at between $500 million and $1 billion, according to Business Insider.

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The papers didn’t name the particular groups involved in the sale. But did note that an “English investment fund” would be the buyer of the two mines.

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