This morning in metals news, copper demand is set to take a fall this year, iron ore prices are getting a boost and the Pilbara Ports Authority announced new risk-assessment measures.
Copper demand decline
According to the International Wrought Copper Council, global copper demand this year is expected to decline by 5.4%, Kitco News reported.
Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!
Meanwhile, 2021 is forecast to bounce back 4.4% next year, according to the IWCC.
Iron ore boost
As for iron ore, recovering demand in China and potential supply disruptions in Brazil, which is currently struggling with a rise in COVID-19 cases, could again contribute to a further rise in iron ore prices, Australia’s ABC News reported.
The boost in prices has proved to be a boon for the government of Western Australia, which posted a budget surplus last year for the first time in five years, according to ABC News.
Pilbara updates COVID-19 protocols
As ports aim to mitigate the spread of COVID-19, many have rolled out updated policies and protocols.
Australia’s Pilbara Ports Authority recently released new measures “to ensure that quarantine arrangements are applied fully to shipping at our ports.”
Metal prices fluctuate. Key is knowing when and how much to buy with MetalMiner Outlook. Request a free trial.
“Pilbara Ports Authority (PPA) has always applied strict biosecurity processes at its ports to protect Australia from unwanted pests and diseases,” the PPA said. “Since the emergence of COVID-19, PPA has tightened its protocols as laid down by Australian Border Force and the Department of Health and to emergency directions that have been issued by the WA Government.”