Steel inventories at major Chinese Steel mills rose for a second consecutive week to 15.7mt in mid-August, up 4% compared to early August, according to the China Iron and Steel Association (CISA), ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Copper production at Las Bambas mine is up 67% YoY

"Still, Steel inventories are 4.8% lower year on year. Crude Steel production at major mills rose by 2% from early August to 2.12mt/d in mid-August, as healthy Steel margins encouraged higher output."

"Chinese semi-finished Steel exports surged significantly by 320% YoY to 7.4mt in the first seven months of the year, according to Chinese Customs. This was largely driven by strong demand from Southeast Asia and the Middle East. In July alone, shipments exceeded 1.5mt (14% of total global Steel exports)."

"In Copper, Chinese miner MMG Ltd. increased Copper production at its Las Bambas mine to 210kt in the first half of 2025, up 67% YoY, as improved relations with local communities helped to avoid unexpected stoppages. The mine is projected to produce 400kt of Copper ore in 2025, representing 77% of MMG’s total Copper production target for the year."