This morning in metals news: the European Commission on Wednesday extend anti-dumping duties on stainless steel from China; miner Glencore released its half-year report; and Brazil is trying to meet China’s surging iron ore demand.
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E.U. extends anti-dumping stainless duties
The European Commission on Wednesday announced it would extend the bloc’s anti-dumping duties on stainless steel from China.
“The Commission today extended its anti-dumping duties on imports of Chinese corrosion-resistant steel to a larger selection of products,” it said in a release. “The decision aims to counter circumvention of the existing EU trade defence measures.”
Glencore releases H1 2020 results
Miner Glencore reported a first-half net loss of $2.6 billion, compared with gains of $226 million in H1 2019.
“Every aspect of life in 2020 has been impacted by the Covid-19 crisis,” CEO Ivan Glasenberg said. “Our teams have adapted to these difficult conditions and we are pleased to announce an overall strong financial performance from our various businesses, reflecting the countercyclical earnings power from our large scale Marketing activities, combined with a cash generative industrial asset base, which quickly adapted to the changed environment.”
The impact of the pandemic has been uneven across the various countries in which Glencore operates.
“Key mining regions such as Australia and Canada were relatively unimpacted, while Peru, Chile and South Africa suffered significantly more disruption,” the Glencore report said. “Overall impacts on mine supply have grown incrementally since March and now represent a material offset to the demand shock created by the rapid lockdowns and corresponding collapse in global economic activity.”
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SCMP: Brazil’s Vale looks to possible new deepwater port
In its effort to meet Chinese iron ore demand, Brazilian miner Vale is looking to potentially ramp up iron ore exports from the Alcantara Port Terminal, the South China Morning Post reported.
China imported record levels of iron ore earlier this summer as the country continues its economic recovery, the Post noted.