This morning in metals news, British Steel could have a buyer lined up, protests have disrupted copper mine activities in Peru and the American Iron and Steel Institute (AISI) released July steel import data.
British Steel Update
According to The Guardian, a Turkish military pension fund will emerge as the preferred bidder for British Steel, which could ultimately save thousands of jobs, including around 4,000 jobs at its Scunthorpe plant.
The British steelmaker, the U.K.’s second-largest steelmaker went into liquidation earlier this year after it failed to secure a government loan, leading to a bidding process began for the firm.
Greybull Capital purchased the firm from Tata Steel for a ceremonial £1 in 2016.
Protests Disrupt Peruvian Copper
Protests have disrupted copper flows in the world’s No. 2 copper producer, Peru.
According to Reuters, anti-mining protests in the country have prevented approximately $400 million in copper exports from reaching their destinations.
U.S. Steel Import Market Share Hits 19% in July
The U.S.’s steel import market share reached 19% in July, according to the American Iron and Steel Institute this week, citing the U.S. Department of Commerce’s Steel Import Monitoring and Analysis data.
Steel import permit applications surged in July. Applications totaled 3.57 million tons in July, up 31.0% from June and up 75.1% from June’s final total of 2.04 million tons.