Morning Bites (Part 1)

⛏China is aiming to tackle the growth in iron ore prices, which is more than 50% since October. The Chinese authorities are urging companies that store massive volumes to sell some of their materials. They are also considering raising port-storage fees for large cargoes in order to stimulate trade. China is the largest iron ore consumer (~70% of the world's imports), and such regulations might exert pressure on prices, although there has been no effect so far.
 
🇵🇦First Quantum has resumed operations at the port of Punta Rincon after the suspension since 23 February, Reuters reports. First Quantum halted ore processing operations in February after exceeding the storage limit of copper concentrate (~10kt). Cobre Panama accounts for 1.5% of global copper output, while 60% of Punta Rincon's copper concentrate export is destined for China.

 #iron_ore  #copper
https://metals-wire.com:3000/news-reports