Australia may lose $45 billion amid green steel rush, report says
Australia accounts for 56% of seaborne iron ore trade.
The copper price rose on Monday despite China’s spreading lockdowns.
The country has so far decided to stick with its Covid Zero policy, despite growing evidence that it’s threatening economic growth.
A copper fabricator in Henan that produces pipes and parts used in household appliances and medical devices said its sales were down 20% to 30% in tonnage terms in the first half of April from a year earlier. Many customers are at a standstill due to restrictions, said an official at the company, who asked not to be identified because of internal rules.
In southwest China, Yunnan Tin Co., the country’s largest producer of the metal, said it had halted production at its mining unit to comply with local government virus restrictions. The disruption was expected to be short-term, the company said in an exchange filing.
Copper for delivery in May rose 2.5% from Friday’s settlement price, touching $4.842 per pound ($10,652 per tonne).
[Click here for an interactive chart of copper prices]
The official at the fabricator in Henan said its customers around China were facing problems, with some air-conditioner producers unable to operate due to lack of component deliveries.
Related: China’s spreading lockdowns keeping metals supply chains snarled
(With files from Reuters and Bloomberg)
