Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
You have 5 more viewings!
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
You have 4 more viewings!
You have 2 more viewings.
Unfortunately, you have no more viewings.
Ferrous
Nonferrous Macquarie reports that copper prices are becoming increasingly sensitive to developments in Chile: “Recent copper price action seems very attentive to events in Chile, the world’s largest mining country with 28% of annual supply. The country has experienced one of the most challenging outbreaks of COVID-19, catching up fast to second-placed Peru in the South American region. On top of this, many miners have contracted the virus and some have died, which has led to growing calls to restrict production activity to safeguard workers. On the other hand, as Codelco’s CEO pointed out last week, the country will need the revenues generated by its overseas copper sales to help pay for its massive welfare and recovery stimulus, and set Chile back on the road to economic stability.”
Fastmarkets reports today that “Copper prices are poised to move above the $7,000-per-tonne level next year as the supply impacts of the Covid-19 pandemic last well beyond this year and the market enters a prolonged period of structural undersupply, the chief executive officer of Eurasian Resources Group (ERG) said. According to Benedikt Sobotka, around 700,000 tonnes of mined copper output has been lost to date due to disruptions related to the pandemic, with further disruptions looming in South America - especially in Chile. Capital expenditure cuts have also been made by copper miners while the project pipeline is shrinking due to Covid-19 lockdown-related delays, he noted. Visible copper inventories are down by a third year on year, copper concentrate treatment and refining charges (TC/RCs) have narrowed to the lowest level since 2012 and cif Shanghai cathode premiums firmed to multi-year highs in May, Sobotka said.”
Copper prices in London traded as high as $6,143/mt on Monday but the LME official 3-mo. copper asking price was still off 1.3% for the year-to-date as of this morning:
And in case you missed it from the top of today’s report, “China approved a large import block of copper/aluminum/steel scrap, the largest since 1Q20, probably a response to a scrap shortfall that emerged during lockdown. The China Solid Waste and Chemicals Management Center (CSWCMC) approved additional imports of 176.7kt of high-grade copper scrap; 209.7kt of aluminum scrap and 5kt of steel scrap. Approvals so far in 2020 (9 separate directives) total 718.5kt copper (7% of China’s 2020e total supply); 693.7kt aluminum (2%), 16.5kt steel scrap (tiny contribution; most scrap generated locally). Scrap flows have been scrutinized since 2017 by both the CSWCMC and China’s Ministry of Ecology and Environment, to limit imports of polluting materials,” Macquarie reports.
Plastics: Malaysian “export accreditation” and U.S Plastic Exports As per ISRI’s e-mail last week, “As a result of several member inquiries about obtaining a letter of accreditation from ReMA to export to Malaysia, we have come to learn the purpose of this requirement. The Malaysian Government is now requiring that importers of plastic scrap must have an ‘export accreditation’ from their foreign suppliers. In other words, companies exporting plastics to Malaysia must be ‘accredited’ by their government before they can export the material. Most governments can do this, but as you may know, the U.S. Government does not do this – and the Malaysian Government understands that and is willing to accept an ‘accreditation certificate’ from ISRI. To that end, ReMA has gained approval by the Malaysian Government that our letter serves that purpose.
Important things to note:
Also for special mention – the Malaysian Government is already enforcing the Basel Convention’s new trade restrictions. This means that they are keeping a strict eye on the quality and content of plastics that arrive at ports. The accreditation requirement is for all plastics exports, but it does not provide a guarantee of clearance by customs. Material that is clean and mostly homogenous will have the greater chance of being cleared by Malaysian customs.”
Please contact Adina Renee Adler, VP Advocacy for further assistance.
Also of note: