45 days ago • Posted by William Ramstein
Steel profits soar at Chinese mills on demand thrust
The decarbonization trends in many countries -- which include switching to electric vehicles and expanding wind and solar power -- are likely to generate additional demand for metals. Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.