Morning Bites (part 2)
🏗China’s excavator sales declined 41% YoY in February (domestic + export), after the +19% YoY in January, according to the CCMA data. Meanwhile, the figure came in slightly below the CME estimates (-36% YoY). The sales also remained 55% weaker vs. the January 2021 level. In particular, domestic sales were down 49% YoY in February (-76% vs. Feb-21), reversing from the 58% YoY low base growth in January. However, record high liquidity inflows in China in early-2024, in addition to various new economic stimulus announced, might add support to the country’s depressed construction sector and, hence, raise the demand for industrial metals this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s excavator sales declined 41% YoY in February (domestic + export), after the +19% YoY in January, according to the CCMA data. Meanwhile, the figure came in slightly below the CME estimates (-36% YoY). The sales also remained 55% weaker vs. the January 2021 level. In particular, domestic sales were down 49% YoY in February (-76% vs. Feb-21), reversing from the 58% YoY low base growth in January. However, record high liquidity inflows in China in early-2024, in addition to various new economic stimulus announced, might add support to the country’s depressed construction sector and, hence, raise the demand for industrial metals this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites
🇵🇪 Peru’s copper production is set to grow 9% YoY to 3.0mnt in 2024, according to the country’s energy and mining minister, Romulo Mucho. Last year, local copper production showed a 13% YoY gain to a record high 2.76mnt, which was roughly in line with the Peruvian government's plan (+15% YoY). However, the new 3.0mnt outlook seems to us to be overly upbeat, as new major projects (e.g. Chalcobamba and Toromocho Expansion) are expected to launch only in 4Q24. Overall, the negative effect for copper prices might limited, as further growth in Peruvian output (~11% of the global Cu supply) is likely to be offset by structural challenges in Chile (~27%), as well as the recent Cobre Panama mine closure (2%)
In addition, top Chinese copper smelters have agreed to halt some loss-making facilities, which would mean additional support for the red metal’s price, in our view
#copper
https://metals-wire.com/sector/Copper
🇵🇪 Peru’s copper production is set to grow 9% YoY to 3.0mnt in 2024, according to the country’s energy and mining minister, Romulo Mucho. Last year, local copper production showed a 13% YoY gain to a record high 2.76mnt, which was roughly in line with the Peruvian government's plan (+15% YoY). However, the new 3.0mnt outlook seems to us to be overly upbeat, as new major projects (e.g. Chalcobamba and Toromocho Expansion) are expected to launch only in 4Q24. Overall, the negative effect for copper prices might limited, as further growth in Peruvian output (~11% of the global Cu supply) is likely to be offset by structural challenges in Chile (~27%), as well as the recent Cobre Panama mine closure (2%)
In addition, top Chinese copper smelters have agreed to halt some loss-making facilities, which would mean additional support for the red metal’s price, in our view
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
💎 India’s rough diamond net imports dropped 13% YoY in February, after the one-off 43% YoY growth in January. Meanwhile, Indian polished diamond net exports shrank 31% YoY (vs. the -26% YoY in January). Synthetic rough diamond net imports surged ~2x YoY, after +3% YoY in January. As such, the share of lab-grown net rough imports in diamond trading was 9% in February
Although diamond imports to India -- which accounts for more than 90% of world polished stone supply -- remained subdued in terms of value in February, the volumes recovered 8% YoY to 15.2mnct, which might be a leading indicator for recovery in the diamond sector, as we have previously suggested would happen. Meanwhile, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💎 India’s rough diamond net imports dropped 13% YoY in February, after the one-off 43% YoY growth in January. Meanwhile, Indian polished diamond net exports shrank 31% YoY (vs. the -26% YoY in January). Synthetic rough diamond net imports surged ~2x YoY, after +3% YoY in January. As such, the share of lab-grown net rough imports in diamond trading was 9% in February
Although diamond imports to India -- which accounts for more than 90% of world polished stone supply -- remained subdued in terms of value in February, the volumes recovered 8% YoY to 15.2mnct, which might be a leading indicator for recovery in the diamond sector, as we have previously suggested would happen. Meanwhile, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 2)
🇿🇦South Africa’s PGM mining output gained 3% YoY in January, decelerating from the +9% YoY in December, according to official statistics. Meanwhile, the country’s gold production declined 13% YoY (vs. the -4% YoY in December). Although local PGM production remained slightly up on the annual basis in early 2024, we remind readers that major SA players Sibanye, Impala and Amplats have announced job cuts in response to the unfavourable market conditions. At the same time, the demand for PGMs remains subdued, amid inflationary pressures and the growing appetite for EVs globally
To recap, SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of global gold production
#PGMs #gold
https://metals-wire.com/news-reports
🇿🇦South Africa’s PGM mining output gained 3% YoY in January, decelerating from the +9% YoY in December, according to official statistics. Meanwhile, the country’s gold production declined 13% YoY (vs. the -4% YoY in December). Although local PGM production remained slightly up on the annual basis in early 2024, we remind readers that major SA players Sibanye, Impala and Amplats have announced job cuts in response to the unfavourable market conditions. At the same time, the demand for PGMs remains subdued, amid inflationary pressures and the growing appetite for EVs globally
To recap, SA accounts for ~70% of global Pt, 38% of Pd supply and 3% of global gold production
#PGMs #gold
https://metals-wire.com/news-reports
Morning Bites (part 1)
🔗China’s crude steel output grew 2% YoY in January-February, after the 15% YoY drop in December. According to Reuters, the data came in above market expectations, as production had been assumed to decline during the low-demand period when many steelmakers carry out maintenance work. To recap, China represents ~57% of global steel supply
🏢China's property sales dropped 25% YoY in January-February (vs. -23% YoY in December), and were 35% below the 2021 level. Floor space starts were down 31% YoY (-45% vs. 2021) in the last two months, after the 12% YoY decline in December. Personal mortgage loans also came in 37% lower YoY (vs. -23% in December), while property completions fell 21% YoY (vs. +13% YoY in December). Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
🔗China’s crude steel output grew 2% YoY in January-February, after the 15% YoY drop in December. According to Reuters, the data came in above market expectations, as production had been assumed to decline during the low-demand period when many steelmakers carry out maintenance work. To recap, China represents ~57% of global steel supply
🏢China's property sales dropped 25% YoY in January-February (vs. -23% YoY in December), and were 35% below the 2021 level. Floor space starts were down 31% YoY (-45% vs. 2021) in the last two months, after the 12% YoY decline in December. Personal mortgage loans also came in 37% lower YoY (vs. -23% in December), while property completions fell 21% YoY (vs. +13% YoY in December). Although China’s real estate sector remains heavily depressed, record high liquidity injections in January might bolster local construction activity later in 2024, we believe
#steel #property
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🏦China’s aggregate financing was down 51% YoY in February to CNY 1.55tn, 30% lower than the consensus estimate, after the record high data seen in January. Meanwhile, traditional bank loans fell 20% YoY, after the broadly flat YoY dynamics in January (-4% vs. the consensus). According to Trading Economics, the latest inflows were rather weak, despite the actions of the Chinese authorities to support the economy (e.g. the cut in mortgage rates)
To recap, China accounts for 52% of global steel demand, as well as 55% and 58% of world copper and aluminium consumption, respectively
#global
https://metals-wire.com/news-reports
🏦China’s aggregate financing was down 51% YoY in February to CNY 1.55tn, 30% lower than the consensus estimate, after the record high data seen in January. Meanwhile, traditional bank loans fell 20% YoY, after the broadly flat YoY dynamics in January (-4% vs. the consensus). According to Trading Economics, the latest inflows were rather weak, despite the actions of the Chinese authorities to support the economy (e.g. the cut in mortgage rates)
To recap, China accounts for 52% of global steel demand, as well as 55% and 58% of world copper and aluminium consumption, respectively
#global
https://metals-wire.com/news-reports
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🗞Today, China has published its industrial production data for January-February (see table above)
#statistics #China
https://metals-wire.com/news-reports
#statistics #China
https://metals-wire.com/news-reports
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Morning Bites
🏭Some Chinese steel mills have delayed restarting their production after the Lunar New Year holidays, due to weaker than expected local demand, poor margins and high producer inventories, SteelOrbis reports. As such, in early-March, the Yunnan Association issued a plan to cut monthly output by 0.5mnt (~40% of its production and ~0.6% of Chinese output). Similarly, Guangdong and Shandong (top-10 steelmaking provinces) have also issued suspension plans. Although China’s steel sector sentiment remains subdued following weak real estate market data, record high liquidity injections in early 2024 and Beijing’s recently announced new economic support measures might trigger a recovery in domestic construction activity this year, we believe
To recap: Chinese steel production is expected to decline 7% vs. 2023 in 2025 which could affect ~4% of global steel supply, bolstering prices in the medium term. China represents ~57% of world steel output
#steel
https://metals-wire.com/sector/Steel
🏭Some Chinese steel mills have delayed restarting their production after the Lunar New Year holidays, due to weaker than expected local demand, poor margins and high producer inventories, SteelOrbis reports. As such, in early-March, the Yunnan Association issued a plan to cut monthly output by 0.5mnt (~40% of its production and ~0.6% of Chinese output). Similarly, Guangdong and Shandong (top-10 steelmaking provinces) have also issued suspension plans. Although China’s steel sector sentiment remains subdued following weak real estate market data, record high liquidity injections in early 2024 and Beijing’s recently announced new economic support measures might trigger a recovery in domestic construction activity this year, we believe
To recap: Chinese steel production is expected to decline 7% vs. 2023 in 2025 which could affect ~4% of global steel supply, bolstering prices in the medium term. China represents ~57% of world steel output
#steel
https://metals-wire.com/sector/Steel
Morning Bites
🇵🇪Peru’s copper output inched down 1% YoY in January, reversing the revised +1% YoY in December, according to MINEM data. Meanwhile, the joint production of Chile and Peru (~38% of global Cu supply) was flat YoY in January. We note that the Peruvian government plans to boost domestic Cu output by another 9% YoY in 2024, after the +13% YoY in 2023. In our view, this outlook is rather bullish, as key projects are to be launched in late-2024. The negative effect for copper prices, however, might be limited, as further growth in Peruvian output is likely to be offset by various issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
Peru standalone accounts for ~12% of global Cu supply
#copper
https://metals-wire.com/sector/Copper
🇵🇪Peru’s copper output inched down 1% YoY in January, reversing the revised +1% YoY in December, according to MINEM data. Meanwhile, the joint production of Chile and Peru (~38% of global Cu supply) was flat YoY in January. We note that the Peruvian government plans to boost domestic Cu output by another 9% YoY in 2024, after the +13% YoY in 2023. In our view, this outlook is rather bullish, as key projects are to be launched in late-2024. The negative effect for copper prices, however, might be limited, as further growth in Peruvian output is likely to be offset by various issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
Peru standalone accounts for ~12% of global Cu supply
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 1)
🏭Global primary aluminium output jumped 3.9% YoY in February, after the revised +2.7% YoY in January, the International Aluminium Institute reports. Specifically, China’s output (58% of global Al supply) increased 3.8% YoY. Meanwhile, according to Reuters, market participants expect China’s output to also gain in March, when the power supply seasonally improves. In our view, a recovery of construction activity in China (~58% of global Al demand in 2022), driven by record high liquidity injections in early-2024, remains the major possible trigger for subdued Al prices (with >50% of global Al suppliers breakeven or loss-making at current prices, on our numbers)
According to market estimates, if new projects start up in 3Q24 as planned, China’s aluminium supply is set to rise >2.5% YoY to 42.7mnt this year
#aluminium
https://metals-wire.com/sector/Aluminium
🏭Global primary aluminium output jumped 3.9% YoY in February, after the revised +2.7% YoY in January, the International Aluminium Institute reports. Specifically, China’s output (58% of global Al supply) increased 3.8% YoY. Meanwhile, according to Reuters, market participants expect China’s output to also gain in March, when the power supply seasonally improves. In our view, a recovery of construction activity in China (~58% of global Al demand in 2022), driven by record high liquidity injections in early-2024, remains the major possible trigger for subdued Al prices (with >50% of global Al suppliers breakeven or loss-making at current prices, on our numbers)
According to market estimates, if new projects start up in 3Q24 as planned, China’s aluminium supply is set to rise >2.5% YoY to 42.7mnt this year
#aluminium
https://metals-wire.com/sector/Aluminium
Morning Bites (part 2)
💍Signet same-store sales dropped 9.6% YoY in 4Q23 (November-January), broadly in line with the 3Q23 dynamics. Specifically, same-store sales in North America shrank 10.0% YoY (-12.3% YoY in the previous quarter); proceeds from the international segment were down 1.0% YoY (-4.6% YoY in 3Q23). According to Signet CEO Virginia Drosos, the company expects some improvement in same-store sales over FY25 (ends in January-2025), as engagements gradually recover, but total sales are seen falling 2-5% YoY
In our view, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
💍Signet same-store sales dropped 9.6% YoY in 4Q23 (November-January), broadly in line with the 3Q23 dynamics. Specifically, same-store sales in North America shrank 10.0% YoY (-12.3% YoY in the previous quarter); proceeds from the international segment were down 1.0% YoY (-4.6% YoY in 3Q23). According to Signet CEO Virginia Drosos, the company expects some improvement in same-store sales over FY25 (ends in January-2025), as engagements gradually recover, but total sales are seen falling 2-5% YoY
In our view, the gradual improvement of consumer sentiment in the key US and Chinese markets (which jointly account for ~65% of the world's gem-set jewellery trade) might provide additional support to diamond demand, we believe
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites
🚘EU + UK passenger car registrations rose 10% YoY in February, roughly in line with the 11% YoY growth in January. The dynamics also matched our estimates. Meanwhile, sales were still 13% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain sluggish in the near future, given the weak local economic activity (as indicated by the EU PMI remaining <50) and persistent inflationary pressures in the region, which is a negative factor for PGM consumption
To recap, the EU+UK accounted for some 20% and 32% of world autocatalyst Pd and Pt demand, respectively, in 2022
#cars
https://metals-wire.com/sector/PGM
🚘EU + UK passenger car registrations rose 10% YoY in February, roughly in line with the 11% YoY growth in January. The dynamics also matched our estimates. Meanwhile, sales were still 13% below the pre-COVID, 2019 level. We reiterate our view that EU car sales are likely to remain sluggish in the near future, given the weak local economic activity (as indicated by the EU PMI remaining <50) and persistent inflationary pressures in the region, which is a negative factor for PGM consumption
To recap, the EU+UK accounted for some 20% and 32% of world autocatalyst Pd and Pt demand, respectively, in 2022
#cars
https://metals-wire.com/sector/PGM
Morning Bites
🔗Global crude steel output rose 4% YoY to 149mnt in February, following the revised 5% YoY gain in January, the World Steel Association reports. Meanwhile, China’s production (55% of global crude steel supply in February) rose 4% YoY, following the revised +5% YoY in January. At the same time, ex-China steel output was also up 4% YoY. Specifically, Indian output (~8% of global steel supply) continued to grow, having risen 11% YoY (after the revised +17% YoY in January), while Russia’s output was down 4% YoY. US steel production fell 1% YoY in February, while the EU's shrank 3% YoY (vs. the revised +2% YoY in January)
Meanwhile, Сhinese steel production might be pressured in the coming months: concerns regarding the Chinese economic recovery could weigh on steel supply, as the main steelmaking provinces have already issued suspension plans
#steel
https://metals-wire.com/sector/Steel
🔗Global crude steel output rose 4% YoY to 149mnt in February, following the revised 5% YoY gain in January, the World Steel Association reports. Meanwhile, China’s production (55% of global crude steel supply in February) rose 4% YoY, following the revised +5% YoY in January. At the same time, ex-China steel output was also up 4% YoY. Specifically, Indian output (~8% of global steel supply) continued to grow, having risen 11% YoY (after the revised +17% YoY in January), while Russia’s output was down 4% YoY. US steel production fell 1% YoY in February, while the EU's shrank 3% YoY (vs. the revised +2% YoY in January)
Meanwhile, Сhinese steel production might be pressured in the coming months: concerns regarding the Chinese economic recovery could weigh on steel supply, as the main steelmaking provinces have already issued suspension plans
#steel
https://metals-wire.com/sector/Steel
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Morning Bites (part 1)
🥉Global mined copper production rose 2.6% YoY to 1.8mnt in January, the International Copper Study Group reports. Per ICSG, global mine production gained YoY, as the operating constraints that had affected production in early 2023 are now gone (mainly in Chile, Indonesia and the US). Mining is also being bolstered by additional output from major new projects starting or ramping up to full capacity. Moreover, Congo output continued to grow (+9% YoY), supported by the expansion of the Kamoa mine. Meanwhile, ICSG notes the increase in refined copper consumption, driven by strong apparent demand in China (+6% YoY in January), with usage in the rest of the world estimated to have declined
In our view, further Cu production dynamics is likely to be limited by supply issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
#copper
https://metals-wire.com/sector/Copper
🥉Global mined copper production rose 2.6% YoY to 1.8mnt in January, the International Copper Study Group reports. Per ICSG, global mine production gained YoY, as the operating constraints that had affected production in early 2023 are now gone (mainly in Chile, Indonesia and the US). Mining is also being bolstered by additional output from major new projects starting or ramping up to full capacity. Moreover, Congo output continued to grow (+9% YoY), supported by the expansion of the Kamoa mine. Meanwhile, ICSG notes the increase in refined copper consumption, driven by strong apparent demand in China (+6% YoY in January), with usage in the rest of the world estimated to have declined
In our view, further Cu production dynamics is likely to be limited by supply issues in other regions: e.g., ore grade depletion in Chile and the recent closure of Cobre Panama mine (2% of global mined Cu supply)
#copper
https://metals-wire.com/sector/Copper
Morning Bites (part 2)
🏗China’s preliminary excavator sales were down 2% YoY in March (domestic + export), decelerating from the -41% YoY in February, but remaining near historical lows, according to the CME estimates. The figure was also 68% below the 2021 level. We note that domestic excavator sales are expected to grow 6% YoY from the low base (-80% vs. 2021 level). In our view, the persistently weak local excavator demand indicates that there has been no change in the depressed Chinese real estate sector. At the same time, record high liquidity injections in early-2024 and Beijing’s recently announced support measures for the economy might bolster domestic construction activity this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
🏗China’s preliminary excavator sales were down 2% YoY in March (domestic + export), decelerating from the -41% YoY in February, but remaining near historical lows, according to the CME estimates. The figure was also 68% below the 2021 level. We note that domestic excavator sales are expected to grow 6% YoY from the low base (-80% vs. 2021 level). In our view, the persistently weak local excavator demand indicates that there has been no change in the depressed Chinese real estate sector. At the same time, record high liquidity injections in early-2024 and Beijing’s recently announced support measures for the economy might bolster domestic construction activity this year, we believe
To recap, China accounts for 52% of global steel consumption, and for 55% and 58% of world Cu and Al demand, respectively
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🔗CISA mills' daily crude steel production during mid-March was reported at 2.05mnt, down 0.5% vs. the previous ten days, and -9.1% YoY. Local steel inventories remained broadly flat over the period (but were +3.0% YoY). We remind readers that China’s record high liquidity injections in early 2024 and the recently announced new economic support measures by Beijing might bolster domestic construction activity and steel products prices this year
Furthermore, according to CISA estimates, Chinese steel production (~57% of global output) is set to decline 7% vs. 2023 in 2025, which could result in a ~4% drop in the world's steel supply, bolstering prices in the medium term
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills' daily crude steel production during mid-March was reported at 2.05mnt, down 0.5% vs. the previous ten days, and -9.1% YoY. Local steel inventories remained broadly flat over the period (but were +3.0% YoY). We remind readers that China’s record high liquidity injections in early 2024 and the recently announced new economic support measures by Beijing might bolster domestic construction activity and steel products prices this year
Furthermore, according to CISA estimates, Chinese steel production (~57% of global output) is set to decline 7% vs. 2023 in 2025, which could result in a ~4% drop in the world's steel supply, bolstering prices in the medium term
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
💍China’s jewellery and watch retail sales were flat YoY in January-February, after the one-off 9% YoY decline in December. The sales were also 17% above the 2021 level (as well as +31% vs. early-2019). Meanwhile, Rapaport notes that local retail activity started picking up in February, with steady demand for small diamonds. In our view, further improvement in China's diamond demand (which accounts for ~12% of the world's gem-set jewellery trade), in addition to potentially lower key rates in the top economies (e.g. the EU and US) in 2024, would support the gradual recovery in the global diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
💍China’s jewellery and watch retail sales were flat YoY in January-February, after the one-off 9% YoY decline in December. The sales were also 17% above the 2021 level (as well as +31% vs. early-2019). Meanwhile, Rapaport notes that local retail activity started picking up in February, with steady demand for small diamonds. In our view, further improvement in China's diamond demand (which accounts for ~12% of the world's gem-set jewellery trade), in addition to potentially lower key rates in the top economies (e.g. the EU and US) in 2024, would support the gradual recovery in the global diamond market
#diamonds
https://metals-wire.com/sector/Diamonds
Morning Bites (part 1)
📈Russia’s gold output jumped 23.4% YoY in February, accelerating from the 7.0% YoY gain in January, according to Rosstat data. Meanwhile, Russian gold production was up 51.2% MoM, likely amid seasonal effects (+31.0% MoM in February 2023). Overall, we maintain our positive view on gold, amid the steady demand from global central banks. In addition, the anticipated key rate cuts in the world's top economies (e.g. the EU and US) in 2024 could well add further support to the precious metal’s price, in our view
To recap, Russia accounts for ~9% of the world's mined gold output
#gold
https://metals-wire.com/sector/Gold
📈Russia’s gold output jumped 23.4% YoY in February, accelerating from the 7.0% YoY gain in January, according to Rosstat data. Meanwhile, Russian gold production was up 51.2% MoM, likely amid seasonal effects (+31.0% MoM in February 2023). Overall, we maintain our positive view on gold, amid the steady demand from global central banks. In addition, the anticipated key rate cuts in the world's top economies (e.g. the EU and US) in 2024 could well add further support to the precious metal’s price, in our view
To recap, Russia accounts for ~9% of the world's mined gold output
#gold
https://metals-wire.com/sector/Gold
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Morning Bites (part 2)
☢️ The 800MW Palisades nuclear power plant in the US is set to restart by 2025, as Holtec gets a USD 1.52bn loan from the US Department of Energy (DOE), potentially making it the first local nuclear plant to be restarted, Reuters reports. To recap, Palisades was shut down in May 2022, after more than 40 years of commercial operation. Although Palisades accounts for <1% of US nuclear power capacity, the news underpins growing interest for uranium globally - a favourable factor for prices in the long term, we believe
Currently, US operable nuclear capacity stands at 97GWe (net energy) with 20GWe being halted (~5% of global operable capacity), which might add support to global U demand were there to be further recommissioning
#uranium
https://metals-wire.com/sector/Uranium
☢️ The 800MW Palisades nuclear power plant in the US is set to restart by 2025, as Holtec gets a USD 1.52bn loan from the US Department of Energy (DOE), potentially making it the first local nuclear plant to be restarted, Reuters reports. To recap, Palisades was shut down in May 2022, after more than 40 years of commercial operation. Although Palisades accounts for <1% of US nuclear power capacity, the news underpins growing interest for uranium globally - a favourable factor for prices in the long term, we believe
Currently, US operable nuclear capacity stands at 97GWe (net energy) with 20GWe being halted (~5% of global operable capacity), which might add support to global U demand were there to be further recommissioning
#uranium
https://metals-wire.com/sector/Uranium