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Global Steel Production Declines, Copper Market in Surplus, Nickel Inventories Increase

Global Steel Production Declines, Copper Market in Surplus, Nickel Inventories Increase
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  1. Metals: Global steel output declines

    Metals: Global steel output declines

    The latest data from the World Steel Association (WSA) shows that global steel production fell 5.1% year-on-year to 161.6mt in May, while cumulative output declined 1.2% YoY to 786mt in the first five months of the year. In the EU, monthly crude steel output fell 11.2% YoY to 11.6mt last month. Meanwhile, Chinese steel production fell 7.3% YoY to 90.1mt in May as domestic mills reduced production due to weak margins and stringent production curbs from local authorities.

    The International Copper Study Group’s (ICSG) latest update shows that the global copper market remained in a supply surplus of 32kt in April. As a result, the ICSG estimates an apparent surplus of 384kt in the first four months of the year, compared to a deficit of 43kt during the same period last year. Global mine and refined copper production increased by 2.5% YoY and 8% YoY, respectively, while overall apparent refined demand increased by 3% YoY in the first four months of the year.

    In terms of nickel, the latest LME data shows that warehouses in the US witnessed their first inflows of the metal since September 2021. It is reported that 1,500 tonnes of bagged pellets were delivered to Baltimore warehouses. Total LME stocks in the US are now at 1,506 tonnes, the highest since 2022. Total LME nickel inventories stand at 39,156 tonnes, with the majority of this stored in Asian warehouses.


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