The world’s largest mining firms have watched millions wiped from their respective share values as the prices of the key commodities they produce have slipped steadily lower.
Responses have been relatively muted so far: most miners have been playing a waiting game, hoping that their peers will take capacity offline or that China will make a miraculous recovery from its current malaise.
But it’s becoming increasingly apparent that waiting it out isn’t going to be enough. The question is, who will blink first, and how?
Most of the reduced capacity, especially in markets like copper, is the result of production problems related to the weather, energy, strikes or a number of other factors - not curtailments by design.
China has spectacularly failed to cut aluminium production despite months of the industry’s key producers calling for them;...