The copper market saw a near doubling in prices over the last year. Copper fell to an LME low in March 2020 of $4,371 per metric ton. Fast forward to […]
Tag: copper scrap
This morning in metals, miner Rio Tinto recently released its Q4 production results, China unveiled new copper scrap and aluminum scrap regulations, and China’s Jingye Group has called on consultants […]
This morning in metals news, U.S. imports of steel are down 10.6% for the first seven months of the year, U.S. Steel plans to idle its East Chicago plant, and […]
This morning in metals news, we’ve seen a major U.S. auto supplier snap up a European counterpart just before the weekend, the EPA Clean Power Plan’s swan song stalled a […]
Vale SA returned to profitability for the first time in a year today and low prices have led to a copper scrap and concentrate shortage in China.
Vale Posts Profit
Brazil’s Vale SA, the world’s largest iron ore producer, returned to profit in the second quarter, bolstered by higher output and cost cuts as it kept up pressure on Australian rivals in the fight for market share.
The miner overcame a slump in iron ore prices to report a net profit of $1.68 billion on Thursday, moving into the black for the first time in a year. That was a leap of 17.3%from the same quarter a year ago, and more than four times the average forecast of $408 million of six analysts in a Reuters poll.
Copper Scrap Shortage in China
Chinese copper smelters may not get enough raw material after domestic mines and scrap providers scaled down sales because of low prices, which may force some smelters to trim production in the third quarter, industry players said told ThomsonReuters on Wednesday.