This morning in metals news, Chinese steel and iron ore prices dropped, miner BHP’s first-half earnings fell 8% and the ongoing shutdown of Vedanta’s Sterlite Copper plant has boosted copper prices led to increased dependence on imports for Indian consumers.
Steel and iron ore prices in China fell Wednesday on the heels of the Lunar New Year, Reuters reported.
SHFE rebar prices, for example, fell 2.3% to 3,590 yuan ($533.81) per ton.
Miner BHP Group’s first-half earnings were down 8%, CNBC reported.
According to the report, the miner cited declining production at its Escondida copper mine in Chile and other production outages elsewhere.
Vedanta Copper Plant Remains Closed
The Indian Supreme Court recently reversed a previous ruling by a lower court that would have allowed Vedanta’s Sterlite Copper plant to reopen in the southern Indian state of Tamil Nadu.
As noted by Bloomberg, the price of London copper rose 1.1% Monday on the news of the high court’s reversal.
As a result, Indian consumers have had to depend on imports, Bloomberg notes, as the Sterlite plant, which boasts an annual capacity of 400,000 tons, remains shuttered.
The plant was shuttered last year after locals protesting pollution from the Tuticorin plant were fired upon by police, resulting in 13 deaths.