China, World Steel
Despite the widespread geopolitical uncertainties, the world continues to be reporting good economic growth, … volatile rhetoric, but reasonably consistent growth.
Of particular note this week read those items below marked with “*”:
Copper* Escondida restarted labour talks. Cu prices blunted by Trump edicts (which threaten trade).
Nickel* Nickel prices must increase sustainable before miners commit to bring on new mine supply.
Zinc & Lead IGO sale of Jaguar to SOL. Zn TC’s increased a little, but premiums are skinny. Pb TCs reduced.
Tin Forecasts that global tin mine production growth rates will decelerate.
Aluminium USA tariffs enforced from 1 June. Hits its own strategic trading partners, missing its target.
Gold Gold’s supposed price drivers awaiting FOMC meeting, in two weeks.
Platinum & Palladium Forecasts are for Pd deficit and a largely balanced Pt market.
Oil* India requests more oil from Iran. India only adheres to UN sanctions, not USA ones.
Coal Coking waits upon Jun18Qtr settlements. Thermal faces supply issues. Demand is good.
Iron Ore Iron ore may have de-commoditised. Quality is key.
Shipping Cape & Panamax rates down on sluggish demand.
China* – Industry & Energy: +ve growth for colour TVs, mobiles, freezers, autos, Li-batteries.
Steel production: +ve World & Chinese avg daily and yr-on-yr output growth.
USA* Construction Spending. Strong positive growth in the major segments.
USA* Inst. of Supply Mgmt: PMI. USA is doing well already! Trump’s stimulus is very badly timed
PinchPoint updates*: All the base metals are tight, but just look at nickel …!
Cobalt: prices and inventory