This morning in metals news, U.S. raw steel production is up through the first 2 1/2 months of the year, Anglo American will temporarily slow work on its Quellaveco copper project in Peru and China’s copper inventories are up to a four-year high.
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U.S. steel production up 0.4%
U.S. steel production for the year through March 14 is up 0.4% to 20.1 million tons, the American Iron and Steel Institute (AISI) reported Monday.
Capacity utilization reached 81.7% during the period, up from 81.6% during the same period last year.
Anglo American to temporarily withdraw employees from Quellaveco
Miner Anglo American announced it will temporarily slow work at its Quellaveco copper project in Peru as a result of coronavirus-related quarantines.
“Anglo American plc (“Anglo American”) announces the temporary withdrawal of the majority of employees and contractors from its Quellaveco copper project in Peru, following the Government of Peru’s announcement of a 15-day national quarantine to curb the spread of COVID-19,” the company said. “Construction work on the project will therefore be significantly slowed, with only critical areas of the project continuing as normal, until such time as workers can return safely.”
China’s copper inventories rise
Reuters reported China’s copper inventories have surged to a four-year high, even amid the coronavirus outbreak.
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Copper inventories jumped 10% in the last week, according to Reuters.