This morning in metals news, the Chinese steelmaking province of Hebei has moved up its target date for plant relocation and capacity cuts, miners in the Democratic Republic of the Congo are moving to copper as a result of dropping cobalt prices, and Chile’s copper exports fell in June.
Hebei Moves Up Capacity Cut Target Date
China’s steelmaking province of Hebei is moving up a target date for planned capacity cuts and production relocation, Reuters reported.
According to the report, the province is moving the target date by two months, up to the end of October.
Cobalt to Copper
With cobalt prices on the decline, miners in the DRC are switching to copper, Bloomberg reported.
The country produces a majority of the world’s cobalt, which is used in electric vehicles and smartphones, among other high-tech uses.
The report cities Andries Gerbens, a cobalt specialist at Darton Commodities, who said output by artisanal miners in the country could decline by 70% this year.
Chile’s Copper Exports Fall
Chile’s exports of copper declined in June, Reuters reported.
According to Chile’s central bank, the country’s copper exports fell 14% in June on a year-over-year basis, down to a value of $2.628 billion.