This morning in metals news: copper prices gained momentum Wednesday; the rival of German steelmaker Thyssenkrupp rejected the idea of an alliance; and a Pakistani steelmaker is looking to ramp up its output amid a construction spike in the country.
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Copper price momentum
The LME copper price bounced back Wednesday after falling Tuesday, Reuters reported.
The copper price gained 0.2% Wednesday, as stocks fell to a 15-year low, per the report.
As with other materials, recovering Chinese demand continues to support metals prices (including copper).
Salzgitter CEO says company not interested in Thyssenkrupp alliance
The rival of German firm Thyssenkrupp told Reuters it is not interested in an alliance.
Salzgitter CEO Heinz Joerg Fuhrmann said a merger of the two would not improve the company’s standing.
Last year, Stuart Burns delved into Thyssenkrupp’s struggles, including its departure from Germany’s blue-chip DAX index.
In August, Thyssenkrupp reported on the impact of the coronavirus pandemic on its finances (citing the automotive technology fallout, in particular).
Pakistani steel firm aims to augment steel capacity
Per Bloomberg, China-backed steel projects in Pakistan are looking to raise a lot of money and significantly augment their steel capacity.
Agha Steel Industries Ltd. aims to triple its capacity for gray steel bars, Bloomberg reported.
Furthermore, the company plans to raise between 3.6 billion and 5 billion rupees, according to the report.
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