This morning in metals news, No. 1 copper producer Chile saw its export levels drop 21% last month amid protests around the country, steel production in the U.S.’s Great Lakes region dropped last week and Shanghai Metals Markets forecast Chinese tin prices to rise back above $20,000 per ton by the end of the year.
Chile Copper Exports Decline in October
Anti-government protests in several cities around Chile — including the capital, Santiago — have resulted in at least 23 deaths, according to Reuters, and had an impact on the country’s economy.
According to Reuters, while the protests have not significantly impacted copper mine production, Chile’s exports of copper dropped by 21% in October.
Great Lakes Steel Production Down
Steel production in the U.S.’s Great Lakes region declined by 26,000 tons last week, the Times of Northwest Indiana reported.
Production last week reached 676,000 tons, according to the Times, marking a 3.6% decline.
SMM: SHFE Tin Could Breach $20K Per Ton This Year
According to Shanghai Metals Markets, the SHFE tin price could bounce back this year and rise above $20,000 per ton.
“In line with other analysts, SMM are positive on the tin market for the remainder of the year,” the International Tin Association said in a release. “While we are forecasting stable demand in Q4 and falling supply (particularly in China), we expect that any price increase this year will be resisted by the high stocks on the LME. In 2020, we also see demand returning to the market as economic growth recovers and uncertainty dissipates. However, currently idled production is likely to re-enter the market to cope with increased consumption. Next year, we see tin recovering from current uncharacteristic lows, but feel that average price forecasts of US$ 22,000/tonne are slightly optimistic.”