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FT Mercati provides its customers with the latest news from the commodities market. Here a selection of our latest news:

11/28/2023

OCTOBER 2023 CRUDE STEEL GLOBAL PRODUCTION - WSA

World crude steel production for the 71 countries (*) reporting to the World Steel Association, was 150.00 million tonnes in october (+0.6 % YoY).
Production for the period jan-october 2023 was 1.567.3 million tonnes (+0.2% YoY).
We reminder that productione in whole 2022 was 1.831.5 million tonnes (-4.3% YoY).
(*) The 71 countries accounted for approximately 98% of total world crude steel production in 2022.
In november 2023 they have been added to the historical 63: Algeria, Morocco, Bahrain, Iraq, Jordan, Kuwait, Oman, Yemen.

11/28/2023

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
27 november = $ 82.75 /b (down from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.

11/28/2023

CHINA - INDUSTRIAL INDEX AND METALS in OCTOBER- NBS

According to the Chinese National Bureau of Statistics (NBS), some price benchmarks for various industrial sectors are reported below. For metals and mining in october were:
PRODUCER PRICE INDICES:
mining = +2.4% MoM and -6.2% YoY
Raw materials = +0.4% MoM and -2.3% YoY ;
Mining of ferrous metal ores = +1.6% MoM and +10.1% YoY ;
Mining of non-ferrous metal ores = +0.6% MoM and +9.1% YoY ;
PURCHASER PRICE INDICES :
Ferrous metals = +0.2% MoM and -2.1% YoY ;
Non-ferrous metal materials and wires = -0.3% MoM and +3.7% YoY .

11/28/2023

IWCC FORECASTS THE DEMAND IN 2023 and 2024

According to the International Wrought Copper Council (IWCC), global refined copper demand in 2023 is expected to increase to 25.230 million tonnes (+1.0% YoY) , and in 2024 might be 25.880 million tonnes (+2.6% YoY) .
The 2023 demand forecasts is slightly lower than the previous forecasts .

11/28/2023

IWCC FORECASTS OUTPUT IN 2023 and 2024

According to the International Wrought Copper Council (IWCC), in its latest six monthly review, copper mine production is expected to be 21.900 million tonnes in 2023 (+0.9% YoY).
In 2024 a 2.5% YoY increase is forecast .
Refined copper production forecast to be 25.340 million tonnes in 2023 (+1.4% YoY).
In 2024 refined production might be 26.170 milion tonnes.

11/28/2023

UAE - EGA INITIATES CONSTRUCTION LARGEST ALUMINIUM RECYCLING PLANT

Emirates Global Aluminium (EGA) has officially begun the construction of the largest aluminium recycling plant in the United Arab Emirates (UAE). The facility, set to process 170 thousand tonnes of aluminium annually, will be adjacent to EGA's existing smelter in Al Taweelah. ndustry analysts foresee a significant surge in global demand for recycled aluminium, projecting an increase from 27 million tonnes per year in 2022 to 57 million tonnes by 2040.
This growth is expected to constitute approximately 60 per cent of the global aluminium supply increase between 2022 and 2030, and around 70 per cent between 2030 and 2040.
The recycling plant is designed to transform post-consumer aluminium scrap, including used window frames, and pre-consumer aluminium scrap from extrusion production into premium aluminium billets with low-carbon and high-quality characteristics.