Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage

Freeport-McMoRan disclosed during its Q2 earnings call that production resumptions at the underground Block Cave project at the Grasberg mine in Indonesia are progressing in line with expectations, with the ramp-up of Production Block 2 and 3 advancing according to the plan formulated in April. Previously affected by a wet material influx incident in the underground mine area in September 2025, part of Grasberg’s production was suspended. The company subsequently initiated cleanup, repair, and phased resumption of production. Reuters According to Freeport, repair work at the Grasberg Block Cave was completed in Q1 2026, and production ramp-up began in March, reaching the planned operating level in Q2. The company currently expects Grasberg’s capacity to recover to approximately 65% in H2 2026, further increase to around 80% by mid-2027, and plans to approach full operation by the end of 2027. In terms of production, Freeport expects the Grasberg mine to produce a cumulative total of approximately 6.8 billion pounds of copper from 2026 to 2030, with average annual copper production of about 1.4 billion pounds. As Block Cave capacity gradually recovers, copper production is expected to rebound notably after 2027. Additionally, Freeport indicated that Grasberg still has expansion potential, with the Kucing Liar project under development. The ramp-up is expected to commence around 2030, and after reaching full production, it is expected to add 750 million pounds per year of copper capacity.

En el primer semestre de 2026, el mercado del azufre en China experimentó una cadena de transmisión completa: “colapso de importaciones – presión en la producción – estancamiento de exportaciones”. Cifras clave: Producción: La producción nacional de ácido sulfúrico en enero–mayo cayó un 1,6 % interanual, con descensos significativos en provincias productoras de fertilizantes fosfatados tradicionales como Hubei, Guizhou y Yunnan, mientras que Anhui y otras regiones concentradas en ácido de fundición registraron crecimiento. Exportaciones: Las exportaciones de ácido sulfúrico prácticamente se detuvieron en junio......

Esta semana (del 17 al 23 de julio), la tasa de operación de la maquinaria de la industria de alambre esmaltado disminuyó con respecto a la semana anterior...