Goldman Sachs Sees European Gas Prices Tripling, Gives Price Forecast in H2 2023

During Freeport-McMoRan’s Q2 earnings call, the company disclosed that the block cave underground project resumption of production at the Grasberg mine in Indonesia is progressing in line with expectations, with ramp-up at Production Block 2 and Block 3 proceeding according to the plan formulated in April. Production at Grasberg was partially suspended earlier due to the September 2025 wet ore inflow incident in the underground mine, after which the company initiated cleaning, repairs, and phased production resumptions. According to Freeport, repair work at the Grasberg Block Cave was completed in Q1 2026, and production resumption ramp-up began in March, reaching planned operating levels in Q2. The company currently expects Grasberg capacity to recover to approximately 65% in H2 2026, further improve to around 80% by mid-2027, and plans to approach full capacity by the end of 2027. On production, Freeport expects the Grasberg mine to produce a cumulative total of approximately 6.8 billion pounds of copper from 2026 to 2030, averaging about 1.4 billion pounds per year. Copper production is expected to rebound significantly after 2027 as the Block Cave capacity gradually resumes. Additionally, Freeport noted that Grasberg still has expansion potential, with the Kucing Liar project under development. Ramp-up is expected to begin around 2030, with an expected incremental copper capacity addition of 750 million pounds per year once full production is achieved.

In H1 2026, China’s sulphur market experienced a full transmission chain of “import collapse – output pressure – export stagnation”. Key figures: Production: National sulphuric acid output in January–May fell 1.6% y‑o‑y, with significant declines in traditional phosphate fertiliser producing provinces like Hubei, Guizhou, and Yunnan, while Anhui and other smelter‑acid‑concentrated regions saw growth. Exports: Sulphuric acid exports practically halted in June......

This week (7.17-7.23), the machine operating rate of the enamelled wire industry declined WoW...