This morning in metals news, this week’s MetalMiner-Avetta webinar is fast approaching, global steel industry groups demand action on steel excess capacity, and Anglo American released its third-quarter production results and full-year guidance revisions.
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Steel Groups Rally Against Excess Capacity
Amid a backdrop of sliding steel prices, steel industry groups around the world renewed a call asking for new efforts aimed at tackling steel excess capacity.
“We are grateful for the efforts made to date by the G20 and OECD governments to address excess capacity, and to support a level playing field at the G20 Global Forum on Steel Excess Capacity and OECD Steel Committee,” the industry groups said. “Unfortunately, effective reductions in capacity and concrete actions to remove government measures that distort markets, including raw materials markets, have not been adequate to date. Efforts by governments to eliminate practices that lead to excess capacity should be redoubled.
“We are hopeful that the diligent efforts of Japan, the current G20 Chair, are successful in extending the G20 Global Forum on Steel Excess Capacity beyond 2019, and we urge all G20 and OECD steelmaking economies to pursue all vigorous means to obtain substantive results on the critical problem of steel excess capacity.”
Anglo American Releases 3Q Results, ’19 Guidance
Miner Anglo American revised its 2019 copper guidance downward, down to a range of 630,000 tons to 650,000 tons (from a range of 630,000 tons to 660,000 tons), partially as a result of drought conditions in central Chile.
Third-quarter copper production reached 159,000 tons, down 8% from 172,000 tons in Q3 2018. For the year to date, the firm’s copper production dipped 1% to 479,000 tons.
Palladium production in the third quarter was flat on a year-over-year basis, while platinum production fell 1% to 527,000 ounces.