The U.S. Forest Service has released a long-awaited environmental study of a proposed 20-year copper mining moratorium on federal land near the Boundary Waters Canoe Area. It is the latest step in a bid by the Biden administration to place a long-term pause on proposed copper-nickel mines across a large swath of northeastern Minnesota.
Copper prices were on Friday set for their biggest weekly fall in a year, down around 6.5%, as investors worried that efforts by central banks to stem inflation will stifle global economic growth and reduce demand for metals.
Steel Price licks wounds at six-month low after falling nearly 500 yuan per metric tonne during the week.Lack of major data/events, softer USD allowed bears to take a breather. Fears of recession, doubts about production cuts and China’s covid conditions provide a trifecta attack on prices.
Steel inventories are slowly piling up in the warehouses of the country’s biggest steelmaking hub, the northeastern city of Tangshan, as well as in the provinces of Jiangsu and Shandong, mill owners told Wu, a senior consultant at Wood Mackenzie.