Global steel production reflects industrial and economic activity. For October the highlights are a surge from China and more widely, including from “other world”.
Pinch point graphs for the base metals continue to show tightening markets with reduced exchange inventories, with perhaps the beginnings of price responses.
This week’s comments of particular interest are noted with ‘*’.
*Copper The big guys, FMG, BHP, RIO all increasing focus on copper exploration (and discoveries).
Cobalt Industrial customers working toward better conditions for DRC miners.
Nickel Ni market described as tight in China. Demand increasing.
*Zinc & Lead Zn: stocks falling, backwardation deepening. ORN discovery. Pb – China now a net importer.
Tin If MIT is right in its findings, there is a slow-burn bull fuse smoking away in the tiny tin market.
Aluminium Primary Al production will not meet demand in 2019 say Norsk Hydro.
*Gold The China-USA G20 ‘agreement’ is not so much an agreement as a 90 day ‘ceasefire’.
Platinum & Palladium WPIC increased its forecast for a Pt surplus.
*Oil USA about to become a net energy exporter. OPEC and others considering restrictions.
*Coal Tariffs and Trade-wars: Jobs are created with fanfares. Jobs disappear quietly.
Iron Ore High grade ore premia have been hit hardest in China.
Shipping Capesize rates rebounded on iron ore and agri-trade.
*World Steel: Strong growth, particularly a surge in growth from China, and globally more widely.