- Write by:
-
Friday, August 5, 2022 - 13:11:37
-
780 Visit
-
Print
Mining News Pro - The zinc price rose the most in almost five months on Thursday after Glencore warned that Europe’s energy crisis poses a substantial threat to supply.
Glencore has already suspended production at one of its zinc smelters in Europe, leading to a sharp drop in its metal output this year, and on Thursday it disclosed that its other smelters in the region are barely turning a profit.
The company produced 350,900 tonnes of zinc in H1, 47,500 tonnes (12%) lower than H1 2021, mainly relating to the suspension of Portovesme’s zinc line in Q4 2021, due to high European power prices.
While risks to industrial-metals demand are mounting, Europe’s power crisis is also weighing heavily on the supply outlook, the company said.
Zinc surged as much as 8.5%, the biggest intraday gain since March 8, finishing the day up 4.4% at $3,420, the strongest since June 28.
“On the supply side, the current energy supply and price environment pose a significant threat, as Europe accounts for around 30% of ex-China metal production,” Glencore said in its half-year earnings report.
“Most fundamental indicators continue to point to tight market conditions, particularly in the West.”
Short Link:
https://www.miningnews.ir/En/News/621911
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
Belgium’s Nyrstar is reactivating the Budel zinc smelter in the Netherlands after a four-month period of care and ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
No comments have been posted yet ...