This morning in metals news, the Chilean government said no to a proposed $2.5 billion copper and iron project, Chinese aluminum demand rose by nearly one-tenth in the first half, and LME zinc and nickel get a boost from steel.
Chile Rejects Andes Iron Proposal
The Chilean government on Monday rejected a $2.5 billion project proposal from private company Andes Iron, according to Reuters.
Chile’s Ministers’ Committee delivered the decision Monday. According to Reuters, the project would have produced 12 million tons of iron annually and 150,000 tons of copper.
Environmental concerns and questions of political bias ultimately downed the project, according to the report`.
Aluminum Demand Surged in H1 China
In the first half of the year, Chinese aluminum demand leaped 9.6% from the same time frame in 2016, according to Platts.
Demand rose to 17.5 million metric tons, according to the Antaike, China’s state-owned nonferrous metals information division.
Zinc, Nickel Get a Lift
Zinc and nickel both posted gains on Monday, with the former reaching its highest price in a decade, according to Reuters.
Strong demand from China’s steel sector helped overcome capacity-constraining efforts from Beijing.
Hitting its highest price since October 2007, LME zinc reached $3,180.50 per ton.