US HRC Steel prices advance to $447 a short ton; US Steel Scrap prices stay flat

Data from the Statistics Agency of Kazakhstan on Friday showed that, in January-June this year, copper cathode production dropped 4.5% YoY to 231,945 mt. Of this, June output was 39,323 mt, a 20.8% YoY decline. The data also showed that the country's refined zinc production in June stood at 19,807 mt, down 22.4% YoY, and for January-June, refined zinc production was 112,861 mt, a 14.8% YoY decline.

Chilean copper miner Antofagasta reported on July 15 that its Q2 copper production edged down, reiterated its full-year production guidance, and expects stronger H2 output to drive achievement of the full-year target. In the three months to June 30, the company produced 142,000 mt of copper, down 0.7% QoQ, as a decline in output at the Antucoya mine offset performance at other mines. Q2 net cash cost climbed nearly 26% QoQ to $1.36 per pound. Antofagasta said quarterly production is expected to ramp up gradually over the remainder of the year, and maintained its 2026 copper production guidance at 650,000 to 700,000 mt and net cash cost guidance at $1.15 to $1.35 per pound.

The International Energy Agency (IEA) warns that copper miners producing more than one-seventh of the world’s primary copper supply are now mired in turmoil in the sulphuric acid market, a crisis triggered by conflicts including geopolitical tensions in the Middle East. The agency notes that while the long-term supply outlook for copper has improved slightly, the metal still faces multiple severe challenges in the short term. In its newly released "Global Critical Minerals Outlook 2026" report, the Paris-based IEA says that the short- and medium-term outlook for the copper market has sharply deteriorated over the past year.