Steel Shipments Down in November, China to Stockpile Copper

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Today in MetalCrawler, shipments of steel from US producers were down in November while China’s state stockpiler is looking to buy more copper.

AISI Says Still Shipments Down in November

The American Iron and Steel Institute (AISI) reported today that for the month of November 2015, US steel mills shipped 6,457,870 net tons (nt), a 12.4% decrease from the 7,369,472 nt shipped in October 2015, and a 15.5% decrease from the 7,638,086 nt shipped in November 2014.

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Shipments on the year-to-date in 2015 are 79,990,315 nt, an 11.4% decrease vs. 2014 shipments of 90,270,336 nt for the first 11 months of 2015.

China to Stockpile More Copper?

China’s state stockpiling agency is expected to start buying up domestic copper supply this month after local smelters urged it to intervene in order to support prices, industry sources said. The State Reserves Bureau has already invited at least one large copper smelter to sell refined copper cathode in a tender, said a source at the smelter, who declined to be named by Reuters due to the sensitivity of the matter.

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The SRB plans to buy as much as 150,000 metric tons of copper, the source said.

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