Here’s a quick look at news and thoughts on particular commodity markets, including global copper production, soaring natural gas prices, and more.
MetalMiner, one of our sister sites, is scouring the landscape for what matters. This week:
World copper production increases 4.9%
Global copper mining production rose 4.9% in the first half of the year, the International Copper Study Group reported.
However, the leading producer of copper, Chile, saw its production fall by 1.2%.
Production in Peru, the second largest producer of copper, rebounded 14%.
World production of refined copper increased 3.2%.
Nucor to build a new sheet plant
Nucor Company assesses the potential locations of a new plate plant with an annual capacity of 3 million tonnes.
The Charlotte-based steelmaker said he was investigating potential locations in Ohio, Pennsylvania and West Virginia.
“The new plant will be geographically located to serve customers in the Midwest and Northeast markets and will have a significantly smaller carbon footprint than its nearby competitors,” said Nucor.
Soaring natural gas prices
Adding to the ever-growing list of raw materials and products whose prices are rising, natural gas prices have reached record highs.
Soaring natural gas prices have prompted some companies, such as British steel, to warn of potential impacts on production.
Stuart Burns of MetalMiner reviewed the impact of rising natural gas prices in the UK and Europe.
“The UK relies heavily on natural gas for residential and industrial use,” he wrote. “The resulting price hikes have already resulted in the closure of two large fertilizer factories in the UK.
“This has had the effect of reducing the production of CO2. It is made as a by-product and is the source of about 80% of the UK’s supply. CO2 is needed for a wide variety of uses. industrial and agricultural applications. “
Iron ore prices fall
Against the generally bullish trend in commodities, iron ore has suffered significant losses in recent months.
Prices last week fell below $ 100 a tonne. As MetalMiner’s Sohrab Darabshaw explained, iron ore prices have fallen 40% since July.
Ford and Redwood to Collaborate on Battery Recycling and Supply Chain
Ford Motor Co. announced its partnership with battery materials company Redwood materials on closed-loop battery recycling and the development of a domestic battery supply chain.
“Ford and Redwood are working together to make battery recycling part of Ford’s national battery strategy. Redwood’s recycling technology can recover, on average, more than 95% of elements like nickel, cobalt, lithium and copper, ”the automaker said. “These materials can be reused in a closed loop with Redwood moving to produce an anode copper foil and active cathode materials for future battery production. By using locally produced recycled battery materials, Ford can reduce costs, increase the supply of battery materials, and reduce its dependence on raw material imports and extraction.
Use of American steel capacities at 84.9%
U.S. steel capacity utilization for the week ending Sept. 18 fell to 84.9 percent, the American Iron and Steel Institute reported.
Steel production during the week totaled 1.87 million net tonnes. This total marked a decrease of 0.4% from the previous week.
Meanwhile, for the year to date, US steel production reached 67.66 million net tons, up 20.2% year-over-year.
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