Base & Precious Metals News

Mar 18 - China Jan-Feb crude steel output surprises with 1.6 % rise on year
China's crude steel output climbed 1.6% in the first two months of 2024 from a year earlier, data showed, confounding market expectations for a fall in production in the low-demand period when many steelmakers carried out maintenance work. The world's largest steel producer made 167.96 million metric tons of the ferrous metal in January and February, the National Bureau of Statistics said.

Mar 18 - China's Jan-Feb aluminium output climbs amid higher profit margins
China's primary aluminium output in the first two months of 2024 climbed 5.5% from the same year-ago period, official data showed, as higher prices encouraged more production. The world's biggest aluminium producer churned out 7.1 million metric tons of primary aluminium in January and February, according to data from the National Bureau of Statistics.


Mar 15 - Indian banks halt silver imports as duty differential spurs private trade
India's banks have stopped silver imports after private traders bought large volumes of the precious metal from the United Arab Emirates to benefit from a lower duty, a total of five dealers and industry officials said. India, the world's biggest silver consumer, imposes a 15% import duty on the metal.

Mar 15 - Raw materials squeeze jolts copper out of its torpor: Andy Home
The copper market has awoken from its year-long slumber. London Metal Exchange (LME) copper surged by 3.1% on Wednesday, breaking out of its long-standing range. The move extended on Thursday morning to an eleven-month high of $8,976.50 per metric ton. The trigger for the price break-out is news that China's copper smelters have agreed to curb output in response to a much tighter-than-expected raw materials market.


Mar 14 - Major Chinese copper smelters agree to curb output, Antaike says
Major Chinese copper smelters have reached agreement to lower operation rates, adjust maintenance plans and postpone new projects, state-backed research house Antaike said in a post on its official WeChat account. The Antaike note comes a day after Reuters reported, citing sources with knowledge of the matter, that top smelters in the country had reached a rare agreement to jointly embark on production cuts at some loss-making plants.

Mar 14 - China lithium boom slows as sagging prices batter high-cost miners
A slump in the price of lithium, a key raw material in electric car batteries, is dragging on China's mining of the ultralight metal which together with a costly extraction process is prompting a reassessment of output growth and new project plans. Softening EV demand has knocked down global lithium prices, with a basket tracked by Benchmark Mineral Intelligence plunging more than 80% in the past 12 months. That has already forced many producers worldwide to shutter production and cut jobs.


Mar 13 - Global copper smelters less active in first two months of 2024
More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed. Earth-i, which specialises in observational data, tracks smelters representing up to 90% of global production for its SAVANT service and sells data to fund managers, traders and miners.
 
Mar 13 - Tin supply trapped in resource nationalism squeeze: Andy Home
It's no coincidence that nickel and tin are the two strongest performers in the London Metal Exchange (LME) base metals pack so far this year. Supply in both markets is dominated by Indonesia, where production and exports are being affected by delays in approving annual work permits.


Mar 12 - China Copper seeks to acquire overseas mines amid tight supply, chairman says
China Copper, one of the country's leading producers of the metal, wants to acquire overseas mineral resources amid tight mined copper supply and rising demand, the company's chairman told Reuters on Monday.  A lack of rich copper resources at home has driven Chinese companies to hunt elsewhere, with an unexpected supply deficit this year adding to the impetus.

Mar 12 - Zambia's Chambishi copper smelter scales back capacity amid power cuts, sources say
China Nonferrous Metal Mining Corp's Chambishi Copper Smelter in Zambia has cut one-fifth of its production due to power shortages in the country, two sources with knowledge of the matter told Reuters. The plant, which produces about 250,000 metric tons of copper per year, is one of the biggest processing facilities in Africa's second-largest copper producer.


Mar 11 - Gulf oil giants Saudi Aramco, Adnoc set sights on lithium
Saudi Arabia and the United Arab Emirates' national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters. Other oil companies, including Exxon Mobil and Occidental Petroleum, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels.

Mar 11 - Booming CME contract a sign of aluminium's Atlantic drift: Andy Home
Activity on the CME's aluminium contract has shifted up several gears in recent months with volumes surging and the number of participants expanding. It's still small relative to the London Metal Exchange (LME), which isn't going to lose its status as benchmark price-setter any time soon. Nor will the Shanghai Futures Exchange (ShFE) stop being the dominant futures price reference for China's giant aluminium sector.


Mar 08 - Gold surge could dull India wedding season demand; China outlook robust
A surge in global gold prices to record highs could dampen consumption during the wedding season in India, but top buyer China will see robust safe-haven demand this year, analysts and traders said. China and India together account for more than half of total global gold demand.

Mar 08 - Panama asks First Quantum to suspend visitor program at disputed copper mine
Panama said on Wednesday it had asked First Quantum Minerals to suspend a visitor program launched last month at the disputed Cobre Panama mine, saying the miner did not consult the government before starting the community relations initiative. The Canadian miner announced the program to help the Panamanian society to get a first-hand experience of what was happening at the site of the copper mine, according to a post from the company's Panama unit on social media platform X.


Mar 07 - China Jan-Feb copper imports rise 2.6% as year-on-year demand improves
China's unwrought copper imports rose 2.6% in the first two months of 2024, customs data showed on Thursday, as domestic demand improved from the same period in the previous year, when pandemic restrictions had just been lifted. Arrivals of unwrought copper and products in China, the world's biggest consumer of the metal, were 902,000 metric tons in January and February, up from 879,000 tons in the same year-ago period, the General Administration of Customs data showed.

Mar 07 - Rio Tinto says checking impact of gas pipeline incident on Gladstone operations
Rio Tinto said on Thursday it had been notified of an incident at its Queensland gas pipeline, which Australian media had earlier said was a fire that had impacted supplies. Rio Tinto also said it was checking with energy provider Jemena to understand how its alumina and aluminium operations would be affected by the disruption.


Mar 06 - Platinum deficit in 2024 to be deeper than expected – WPIC
A global platinum deficit in 2024 will be deeper than previously expected as mines hit by low prices for palladium and rhodium cut supply, the World Platinum Investment Council (WPIC) said, adding there were risks mine supplies could fall even further. The 2024 deficit of 418,000 troy ounces will, however, be smaller than 2023's 878,000 ounces due to lower demand, the WPIC, whose members are major Western platinum producers, said in a quarterly report on Wednesday.

Mar 06 - Gold carried to record high on wave of momentum with focus on US rates
Gold hit a record high on Tuesday, with growing expectation of U.S. monetary easing and continued geopolitical risk buoying activity from momentum-driven funds which could propel the precious metal further. A wider robust fundamental backdrop added support, including strong physical demand in Asia and central bank purchases as well as bullion's traditional safe-haven cachet. Central banks have been net buyers of gold for eight consecutive months.


Mar 05 - Indonesia aims to finalise mining quota approvals by the end of March, official says
Indonesia's Energy and Mineral Resources Ministry has approved the mining quota requests of about 120 mineral companies out of 723 firms that have applied, a senior official told Reuters. Approval process for the quota, known locally as RKAB, has been delayed this year, raising concern by nickel smelters who are facing depleting ore stock.

Mar 05 - Shrinking surplus suggests end to two-year nickel price slide
Dwindling surpluses due to tightening supplies and healthy demand from stainless steel mills and China's electric vehicle battery sector mean nickel prices have, after a two-year slide, probably hit the floor. Nickel on the London Metal Exchange (LME) hit records above $100,000 a metric ton in March 2022 as bets on lower prices were slashed in a move triggered by low stocks in LME approved warehouses and Russian supply angst after Moscow invaded Ukraine in February 2022.


Mar 04 - Rio Tinto CEO bullish on lithium but not eyeing big acquisitions
Demand for key-battery mineral lithium will continue to grow, underpinned by strong adoption of electric vehicles but the price of the metal is expected to be volatile, Rio Tinto CEO Jakob Stausholm said on Sunday. Still, Stausholm said Rio will steer clear of making any big ticket acquisitions to grow its lithium business and instead look at ways to improve the lithium extraction technology.

Mar 04 - Inside a copper output plunge at No. 1 global producer Codelco
Beneath the world's largest open-pit copper mine in Chile lies a tunnel complex filled with dust so dense that machines frequently break down and workers can't operate without spacesuit-like helmets. Conveyer belts often stall and have caused at least one fire. Construction mistakes have led to collapses and two large electromagnets designed to clear damaging objects haven't been functional in four years.


Mar 01 - Global aluminium producers seek Q2 premiums of $145-$155/T, sources say
Global aluminium producers have offered Japanese buyers premiums of $145-$155 per metric ton for April-June primary metal shipments, up 61%-72% from the current quarter, three sources directly involved in quarterly pricing talks said on Thursday. Japan is Asia's major importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

Mar 01 - Chile's SQM expects steady lithium prices in coming months amid supply glut
Chile's SQM, the world's second-largest lithium producer, expects stable lithium prices over the next three months and strong demand through the year, executives said in a call with analysts on Thursday. A day earlier, the company reported fourth-quarter net profit down more than 80% from a year ago as prices for the metal key to electric vehicle batteries continued to slide.


Feb 29 - Tighter Indonesian nickel ore supply boosts prices, curbs smelter output
Nickel ore prices in Indonesia, the world's top producer, have risen on tighter supply after government delays in issuing new mining quotas that has also prompted smelters to curb production, industry participants and analysts said this week. Rising nickel ore prices could translate into higher costs for stainless steel and for battery components for electric vehicles and other electronic gadgets.

Feb 29 - BHP to restructure some global corporate roles as it looks to trim costs
The world's biggest listed miner BHP Group said on Thursday it was disbanding some global teams and transferring those roles covering functions including planning, environment and heritage protection to its mining asset-level management. BHP employs more than 80,000 people in staff and contractors around the world and the announcement comes after CEO Mike Henry has flagged the lack of productivity improvement and high costs of its Australian workforce.


Feb 28 - Chinese money still chasing Canadian critical mining deals despite Ottawa's scrutiny
A year after Canada tightened foreign investment rules for the critical minerals sector, Chinese money has continued to pour into Toronto-listed miners, according to proprietary research conducted by the University of Alberta. The inbound flow is raising hopes among some junior miners that it will be easier to find Chinese funding.

Feb 28 - Bearish demand expectations challenge iron ore's price resilience
Iron ore prices, long resilient despite China's gloomy economic outlook, have tumbled since the end of the Lunar New Year holiday, sparking concerns around faltering demand and denting mining stocks in top producer Australia. Prices have fallen by nearly 8% since China, the world's biggest consumer of the key steelmaking ingredient, returned to work on Feb. 19, pressuring Australian mining stocks to four-month lows on Tuesday.


Feb 27 - Indonesia mining ministry working to approve more nickel, tin quotas, official says
Indonesia's ministry is trying to address delays in approving new mining volume quotas, an official at the Energy and Mineral Resources Ministry said on Monday.  The ministry sofarhas issued approvals for quotas, known by the Indonesian acronym RKAB, for 145 million metric tons of nickel ore and 14 million tons of bauxite, said Tri Winarno, the ministry's director of mineral business development, adding that the focus is currently on RKAB approvals for nickel and tin mining.

Feb 27 - India considers export tax on low-grade iron ore, sources say
India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its overseas sales, two sources directly involved in the matter said. China typically accounts for more than 90% of overall shipments of iron ore from India, which is the world's fourth largest producer of the steel-making ingredient.


Feb 26 - Alcoa aims to take out Australian partner Alumina in $2.2 bln deal
U.S. aluminium producer Alcoa made a $2.2 billion all-stock buyout proposal for its Australian joint venture partner Alumina, in a deal that would give it greater upstream exposure and simplify its operations. Alumina's only asset is a 40% stake in the Alcoa World Alumina and Chemicals (AWAC) joint venture, which is controlled by Alcoa and has interests in bauxite mining, alumina refining and aluminium smelting across Australia, Brazil, Spain, Saudi Arabia and Guinea.

Feb 26 - Zimbabwe wants lithium miners to plan new capacity despite price dive
Zimbabwe wants miners to come forward by the end of March with plans to produce battery-grade lithium, despite a sharp fall in global prices for the mineral, a senior government official said on Friday. Africa's top lithium producer Zimbabwe in November gave miners the March deadline to submit plans for the local production of battery-grade lithium, used in electric vehicles and clean energy storage, as it hopes to benefit from a global shift from polluting fuels. 

 

Feb 23 - Tin's prospects strong as buoyant tech demand meets knotty supply chainBooming semiconductor and technology sales are set to underpin tin prices in coming months, with export kinks in Indonesia and mine stoppages in Myanmar clouding the outlook for supply. Benchmark tin on the London Metal Exchange is the second best performing base metal on the exchange so far this year, gaining 2.7% and touching a six-month high of $27,665 a metric ton on Feb. 13.Feb 23 - Anglo American to review assets after writedowns and profit plungeAnglo American will review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel operations, the company said on Thursday. The miner announced a $1.6 billion impairment charge on its De Beers diamond business owing to faltering demand and a $500 million impairment on its Barro Alto nickel mine as prices are hit by slowing demand from the electric vehicle sector.


Feb 22 - Australia's lithium producers see signs market is stabilising
Pilbara Minerals said it saw signs the lithium market was stabilising as Australia's top producers reported a slump in earnings and took steps to ride out slowing demand for the raw material of electric vehicle batteries. Lithium prices have fallen around 70% over the past year as EV sales growth slowed, but capacity expansions by chemicals makers and government support globally bode well for the market longer term, Pilbara Minerals CEO Dale Henderson said.

Feb 22 - China lithium futures ride environmental rollercoaster
China's lithium carbonate futures prices rebounded on Wednesday after sentiment was stirred by a market speculation that operations in a major production hub may face environmental inspections that could lead to output restrictions.  The most-active July contract on the Guangzhou Futures Exchange surged by 10% to touch an intraday high of 103,000 yuan a metric ton earlier the session, its highest since Jan. 25.


Feb 21 - Rio Tinto posts 11% drop in annual profit
Rio Tinto's full-year underlying earnings came in-line with analysts expectations on Wednesday, as production gains in its iron ore business countered weaker prices in aluminium, and warned it still faced rising costs. Average prices Rio Tinto received for aluminium sold slipped over 2023 from COVID-era peaks, as supply chains normalised and demand from Western markets weakened. This offset a boost from production growth across major commodities.

Feb 21 - Gecamines plans overhaul of mining JVs in world's top cobalt supplier
The Democratic Republic of Congo's state miner is broadening a push to extract more from its copper and cobalt joint ventures, seeking to negotiate for higher stakes across the board to gain leverage in management of some of its biggest mines. Gecamines is also leveraging existing shareholding in mines to negotiate off-take contracts for the purpose of trading copper and cobalt on its own.


Feb 20 - BHP half-year profit beats expectations, inflation impact recedes
BHP Group logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary impacts were receding. The world's largest listed miner was cautiously optimistic on a demand recovery in the developed world in the next 12 months but said it was not yet clear how effective stimulus policies have been in China, its biggest customer.

Feb 20 - Goldman, hedge funds step up activity in physical uranium as prices spike
Investment banks Goldman Sachs and Macquarie as well as some hedge funds are positioning themselves to reap the benefits of a newly buoyant uranium sector as prices of the nuclear fuel ingredient spike. While many other investment banks are still avoiding uranium, Goldman and Macquarie are boosting trading in physical uranium and in Goldman's case trading its options as well, five industry and hedge fund sources with knowledge of the deals said.


Feb 19 - Australia's iron ore giants to lean conservative on dividends, analysts say
Australia's iron ore majors are expected to limit dividend payouts in their half-year results this week, keeping cash on hand for large capital spending on energy transition-linked growth, analysts said. Diversified miners BHP and Rio Tinto, which are reporting their half- and full-year results, respectively, are expected to report earnings flat to slightly lower, with Rio Tinto's performance hurt by falling prices for aluminium.

Feb 19 - Australia gives nickel a quick fix, but surgery of global industry needed: Russell
Australia is throwing a lifeline to its under pressure nickel mining sector, but the solution on offer is more of a band aid than the needed major surgery, the carving of the global nickel industry into green and dirty. Resources Minister Madeleine King placed nickel on the critical minerals list, a move that allows the industry to access some of the A$4 billion  of federal government funding aimed at promoting minerals vital to energy transition.

Feb 16 - Mexican mining sector balks at plan to ban open-pit mines
Mexican President Andres Manuel Lopez Obrador's proposal to ban open-pit mining will generate uncertainty and curtail investment for the key sector, mining industry representatives said this week. Lopez Obrador announced the proposal to prohibit new concessions for open-pit projects last week amid a slew of initiatives as he looks to shape political debate ahead of a June presidential election that his protégé is expected to win.

Feb 16 - Australia lists nickel as 'critical mineral' to unlock billions in support
Australia classified nickel as a "critical mineral", opening the way for the crisis-hit industry to access billions of dollars in cheap government loans, as its prime minister prepared wider policy support for the green energy industry.  Australia wants to build a battery chemicals industry to reap more value from its mineral wealth, but the nickel sector is facing thousands of job cuts after a jump in Indonesian supply saw prices plunge 40% in a year.


Feb 15 - UK and Japan slip into recession (Reuters)

- Britain's economy fell into a recession in the second half of 2023, a tough backdrop for Prime Minister Rishi Sunak who has promised to boost growth ahead of an election expected later this year. The GDP contracted by a worse-than-expected 0.3% in the three months to December, official data showed.

- Britain is not alone. Japan also slipped into a recession at the end of last year, losing its title as the world's third-biggest economy to Germany and raising doubts about when the central bank would begin to exit its ultra-loose monetary policy. The GDP fell an annualized 0.4% in the October-December period.

  

Feb 15 - BHP flags $5.7 bln impairments on Samarco dam failure, nickel operations
BHP Group will record another $3.2 billion impairment in relation to its Brazilian Samarco dam failure, and a $2.5 billion impairment charge for its Western Australia Nickel business, the world's biggest listed miner said. BHP flagged the two-non cash impairments ahead of its half year results next week where its earnings are expected to have broadly held up against the same time last year, underpinned by strong iron ore prices.

Feb 15 - Australia flags grants for global investment in its green metals processing
Australia will offer a total $26 million in grants to international companies for investing in the country's critical minerals processing industry, its resources minister Madeleine King said on Wednesday. The resources-rich nation is seeking investment from allies in the supply chain of minerals essential to the energy transition that are at risk of production or supply disruption.


Feb 14 - Aurubis to work with Codelco on sustainable copper mining
Aurubis AG, Europe's largest copper producer, on Tuesday said it has agreed to work with giant Chilean mining group Codelco on environmentally responsible copper mining practices to improve its supply chain's green credentials. Aurubis CEO Roland Harings told Reuters Aurubis will seek to provide Codelco, the world's top copper producer, with technology and know-how to achieve more environmentally-friendly operations in Chile, including at its copper smelters.

Feb 14 - LME back in the dock, this time over 'dirty metals'
Just three months after winning its legal case over the handling of the 2022 nickel crisis, the London Metal Exchange (LME) is set for a return visit to London's High Court. Last time it was U.S. hedge funds seeking damages for cancelled nickel trades. This time it's environmental activists targeting Indonesian copper.


Feb 13 - Trafigura delivers zinc to LME warehouses for lucrative rent deals
Commodity trader Trafigura has delivered large amounts of zinc to London Metal Exchange warehouses in Singapore under lucrative rent-sharing deals, three sources familiar with the matter said, pushing stocks there back towards November's 20-year peak. Two of the sources said London-listed miner Glencore was also delivering zinc to LME registered warehouses, but that the quantities are small. Reuters was not able to establish the exact amounts of zinc being delivered into the LME system by Trafigura and Glencore.

Feb 13 - China, Indonesia face deeper output cuts to tackle nickel price slide
China and Indonesia are set to reduce nickel output by at least 100,000 metric tons this year as producers seek to limit losses following a slump in the price of the metal used in stainless steel manufacture and for EVs, traders and analysts said. They added further cuts would be needed if producers wanted to boost prices and remove the surplus from the market, rather than just halt losses.


Feb 12  - Rio Tinto wrangles investors over water contamination claims
Global mining giant Rio Tinto, which sparked outrage after destroying an ancient Indigenous site in Australia in 2020, faces new pressure from socially conscious investors and lenders, this time on water practices at two of its mines. A group representing UK pension funds, Local Authority Pension Fund Forum (LAPFF), has raised concerns about the company's water management at its Oyu Tolgoi copper mine in Mongolia and an ilmenite mine in Madagascar.

Feb 12  - Pressure groups sue LME for allowing trade of 'polluting' Indonesian metal
Two pressure groups have filed a legal action against the London Metal Exchange (LME) for allowing the sale on its platform of metal produced in Indonesia that they allege is polluting local rivers used by indigenous communities, they said on Thursday. The London Mining Network (LMN) and the Global Legal Action Network (GLAN) said in a statement papers have been filed in London's High Court asking for a judicial review.


Feb 09 - Palladium price drops below platinum for the first time since 2018
Spot palladium prices fell below those of sister metal platinum for the first time since April 2018 on Thursday, as growing demand concerns and bets on stable supply weighed on the metal. By 1303 GMT palladium was down 2.8% at $869.6 per troy ounce, its lowest in five years, while platinum stood at $874.5.

Feb 09 - Rivals Rio Tinto, BHP tie up in Australian 'green iron'
Mining rivals Rio Tinto, and BHP Group joined with Australia's largest steelmaker to announce a pilot "green iron" project to help cut emissions for steelmakers around the globe who rely on Australian iron ore. Australia's two largest iron ore producers and BlueScope Steel, will study the feasibility of building a pilot ironmaking electric smelting furnace (ESF), the country's first, with a potential start date of 2027, according to a joint statement.


Feb 08 - China's CMOC eyes further growth in Congo and beyond after taking cobalt crown
Chinese mining firm CMOC Group could buy more assets in copper and cobalt-rich Democratic Republic of Congo, and sees further potential for growth in South America and Indonesia, an executive told Reuters on Wednesday. "If there are opportunities, if there are assets that meet our criteria, of course we do consider increasing our presence in the DRC. Why not? We already have investments," Julie Liang, CMOC vice president for ESG, said in an interview on the sidelines of the Africa Mining Indaba.

Feb 08 - Tsingshan's 2023 nickel output jumps to record high
Chinese nickel giant Tsingshan Group's nickel output rose 27% in 2023 to a record 1.12 million metric tons nickel unit, company data showed. The higher output contributed to the world's growing supplies, pressuring prices of the metal used in stainless steel and battery making.


Feb 07 - Chile copper miner Codelco's 2023 production declines, but recovery seen this year
Production at mines owned by Chile's cash-strapped copper miner Codelco fell to 1.325 million metric tons in 2023, the company's chief executive told Reuters on Tuesday, promising a slight recovery in the coming year. Production at Codelco's mines is seen ticking up to 1.353 million tons in 2024, CEO Ruben Alvarado told Reuters during a visit to the underground Chuquicamata mine.

Feb 07 - China raises first 2024 rare earths mining quota by 12.5% y/y
China has set its first rare earths mining quota for 2024 at 135,000 metric tons, the country's Ministry of Industry and Information Technology said on Tuesday, 12.5% higher than a year earlier. However, the rise is smaller than the 19% year-on-year increase seen in the first quota released in 2023. Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in electric vehicles, wind turbines and consumer electronics.


Feb 06 - Anglo American considers deeper cost cuts in face of worst downturn in years
Anglo American may consider deeper cost-cutting measures unless market conditions improve after a fall in prices and a downturn in the platinum group metals (PGMs) sector that is the worst in 35 years, CEO Duncan Wanblad said on Monday. The diversified miner announced sweeping cuts last year to save about $1.8 billion.

Feb 06 - US DFC boosts Congo funding, bids to de-risk world's top cobalt supplier
The US International Development Finance Corporation (DFC) said it was scaling up financing and guarantees for mining projects in Democratic Republic of Congo, to help de-risk and unlock private sector investment in the world's top cobalt producer. The DFC could more than double its investment in the mining sector in African countries, including DRC, to about $1.4 billion from $750 million invested in 2023 in a major drive to secure future supplies of critical metals, Nisha Biswal, the deputy CEO, told Reuters.


Feb 05 - Western miners lag as oil powers enter race for Africa's critical metals
Risk aversion is likely to leave major Western miners lagging in a race to tap Africa's reserves of critical raw materials that has gathered pace now Middle Eastern oil powers have begun to emulate China's years of investment on the continent. Attracting the capital needed to advance copper, cobalt, nickel and lithium projects in Africa will be high on the agenda when executives, bankers and government officials gather in Cape Town, South Africa, for the annual African Mining Indaba beginning on Monday.

Feb 05 - Rare earths prices seen rebounding in second half of 2024
Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas, analysts said. Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics. Prices surged to their highest in a decade in 2022 only to plunge last year on increased production in China and slower-than-expected demand growth crippled by the country's patchy post-pandemic economic recovery.


Feb 02 - China's production costs will determine how low LME nickel prices go - Macquarie
The costs of making a low-grade product, nickel pig iron (NPI), in China will be key for nickel prices, which fell by 45% on the London Metal Exchange (LME) in 2023 and face further pressure, Macquarie said on Thursday. Nickel was the worst performer among LME metals in 2023 when it posted its biggest fall since 2008, due to rising production of low-grade nickel products in Indonesia and China.

Feb 02 - Glencore reports lower 2023 copper, nickel, cobalt output; flags further falls
Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year. "Production challenges have become common in the industry, and a lack of supply growth in most commodities in mining should lead to a squeeze higher in prices over the next 12+ months," Jefferies analysts said.


Feb 01 - Vietnam rare earths output drops as China's grows, US says
The U.S. geological agency has sharply revised down estimates on Vietnam's rare earths output and expects a further drop despite its rich resource base, according to an annual report, which showed a rise in dominant producer China's output. The U.S. Geological Survey's estimates, published late in January, came only a few months after Vietnamese authorities arrested in October corporate executives who were partnering with Western companies to develop rare earths mining projects in Vietnam.

Feb 01 - Boliden plans to cut output and jobs at Tara zinc mine, source says
Swedish miner Boliden's plans to shrink operations and reduce targeted output at its Tara zinc mine in Ireland when it restarts this year, a source close to the matter told Reuters. The mine was put on care and maintenance in June after prices of the galvanizing metal hit a three-year low and Boliden has begun talks with staff over a planned resumption in the second quarter of this year.


Jan 31 - Gold demand down 5% in 2023, to be supported by geopolitics in 2024, WGC says
Global gold demand excluding over-the-counter trading fell by 5% to 4,448.4 metric tons in 2023 but remained strong compared with a 10-year average due to geopolitical and economic uncertainty, the World Gold Council (WGC) said. Ongoing conflicts, trade tensions and over 60 elections taking place around the world are likely to support demand this year and compensate for a potential hit to jewellery purchases amid high prices and economic slowdown, it added.

Jan 31 - China copper smelters advised to cut output given tight raw material supplies
China's Nonferrous Metals Industry Association (CNIA) said late on Monday it had advised copper smelters to cut production and postpone new projects amid tightening raw material supplies. The world's top copper consumer has recently been hit by unexpectedly tight supplies of copper concentrate after the closure of a big copper mine in Panama, at a time when smelters were looking to expand output.


Jan 30 - LME targets Hong Kong as option for warehouse expansion
The London Metal Exchange (LME) is studying Hong Kong as a location to expand its global metal warehouse network, five sources with knowledge of the matter said, hopeful success there might open the door to mainland China, its ultimate target. Registering warehouses in China, the world's largest consumer of industrial metals, to store metal traded on the LME has been a strategic aim since Hong Kong Exchanges and Clearing bought the LME in 2012 for $2.2 billion.

Jan 30 - Copper to dither before recovering later in 2024
Worries about economic growth will weigh on copper prices in coming months, but shortfalls in supply due to mine disruptions and demand for the green transition will bolster the market later in the year, a Reuters poll showed. Benchmark prices for the metal used in power and construction slid early in 2024 on unease about China's troubled property sector and as investors pared back expectations of early cuts to elevated interest rates.


Jan 29 - Chinese copper smelters propose output cuts on concentrate tightness
China's top copper smelters on Friday have proposed cutting their output, three sources familiar with the matter said on Friday, as tight supplies of copper concentrate ore for processing have cause treatment charges to fall. The China Smelters Purchase Team, a group of the country's top copper smelters, held an online meeting on Friday to discuss how to deal with a sharp drop in spot copper concentrate treatment charges, or the price they receive for smelting the ore concentrate into copper, the sources said.

Jan 29 - Chinese companies to invest up to $7 bln in Congo mining infrastructure
Chinese construction companies will invest up to $7 billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt joint venture in the Democratic Republic of Congo, they said on Saturday. Both parties agreed to maintain the current structure of the shareholding, while the Chinese partners, Sinohydro Corp and China Railway Group Limited, will pay 1.2% of royalties annually to Congo, according to a statement.


Jan 26 - Red sea attacks push BHP to divert some shipping via African coast
Australian mining giant BHP Group said on Thursday that the Red Sea disruptions are forcing some of its freight service providers to take alternative routes, such as Africa's Cape of Good Hope, while others still prefer the Red Sea with additional controls. "The Red Sea is one of the key shipping routes in the world, however, the majority of BHP's shipments do not go through this route," and there have been no major business disruptions so far, the world's largest listed miner said in a statement.

Jan 26 - Brazil orders Vale, BHP and Samarco to pay $9.7 bln in damages for dam disaster
A Brazilian federal judge ruled that miners Vale and BHP and their joint venture Samarco must pay $9.67 billion in damages for a 2015 tailings dam burst, according to a legal decision on Thursday seen by Reuters. Vale and BHP said in separate statements they were not informed by the judiciary about the decision.


Jan 25 - Freeport-McMoRan's profit beats estimates on strong copper production
Copper miner Freeport-McMoRan beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by strong production and higher prices for the red metal, sending its shares up about 6% in morning trading. Demand for copper, which is used in nearly every electronic device as well as in construction and many other industries, remains tight due in part to strong demand in the United States and Canada, executives said.

Jan 25 - Tin shackled by surplus, but green industry demand poised to mop up supplies
The potential for a build-up of tin supplies this year is likely to put pressure on prices, but accelerating demand from the energy transition sector, including solar panels and electric vehicles, should support prices in the future. Tin is used in circuit-board soldering for products like mobile phones and in electric cars and also in the manufacture of solar panels.


Jan 24 - Rio Tinto taps Australia's largest solar farm to power aluminium assets
Rio Tinto announced a deal to buy power from a new solar farm in Queensland as it seeks to green its aluminium operations on the country's east coast and halve its direct and indirect emissions by 2030. The company has signed a 25-year agreement with green energy firm European Energy Australia, which is building the 1.1 gigawatt Upper Calliope solar farm in Queensland which when complete will be the country's largest, Rio said.

Jan 24 - Poland, Baltics want aluminium, LNG bans in new EU sanctions package on Russia
Poland and the Baltic states are calling for import bans on Russian aluminium and liquefied natural gas for the European Union's 13th package of sanctions against Moscow over its Ukraine invasion, a Polish official said. The EU is aiming to pull together more measures ahead of the second anniversary of the Ukraine war at the end of February.


Jan 23 - Demand blues dominate zinc market mood
On January 15, Nyrstar announced it would suspend its Budel smelting operations in the Netherlands due to high energy costs. Zinc prices on the London Metal Exchange on that day hit $2,615 a metric ton, the highest in more than a week. But since then prices have dropped 6% to around $2,450.

Jan 23 - Sweden's H2 Green Steel raises $5.2 bln in new funding
H2 Green Steel has raised 4.75 billion euros ($5.17 billion) in new funding for its planned flagship plant in the northern Swedish town of Boden, which will be the world's first large-scale green steel project. The company, founded in 2020, has signed debt financing of 4.2 billion euros, added equity of close to 300 million euros from investors and been awarded a 250 million euro grant from the EU Innovation Fund, it said in a statement on Monday.


Jan 22 - Rare-earths miner Lynas' Q2 revenue halves on falling prices, lower China demand
Australia's Lynas Rare Earths said its second-quarter revenue fell sharply, missing analysts' estimates, as prices plunged during a slowdown in construction activity in China, sending its shares to 30-month lows. Rare earth prices during the quarter extended declines as demand in China, especially in the country's appliance sector, fell with the construction downturn, said Lynas, the world's largest producer of rare-earths outside China.

Jan 22 - Liontown shares crash on potential delay in lithium mine ramp-up
Australia's Liontown Resources flagged it may delay the planned ramp-up and expansion of its flagship Kathleen Valley lithium project following a decline in prices of the battery metal, sending its shares tumbling 25%. Liontown said it was reviewing the project in Western Australia to lower near-term funding needs, which could include delaying its 4 million tonne per annum (mtpa) underground development, other mine plan adjustments, and further cost cuts.


Jan 22 - China's 2023 imports of copper concentrate from Australia highest since 2021
China imported 10,104 metric tons of copper ore and concentrate from Australia last month, bringing the 2023 total volumes to the highest since June 2021, customs data showed on Saturday, as Beijing eased an unofficial ban on Australian imports. China has gradually eased tariffs and unofficial bans against a range of Australian commodities since a new government came to power in Canberra in 2022.

 

Jan 19 - Glencore, Trafigura target spot prices for mined copper sales, sources say
Glencore and Trafigura are pushing Asian smelters to accept low spot prices for turning their mined copper into metal this year, as opposed to industry benchmarks that are much higher, three sources with knowledge of the matter said. Historically, the industry has used annual benchmarks for their fees, known as treatment charges, for contracts to process concentrate into copper.

Jan 19 - Italy to put ArcelorMittal steelworks under government control
Italy will put the former Ilva steel company under special administration to keep it afloat, the government told trade unions in a meeting on Thursday. The move follows weeks of clashes between Prime Minister Giorgia Meloni's administration and ArcelorMittal, the main shareholder in Acciaierie d'Italia , as Ilva is now known.


Jan 18 - Australia's BHP flags possible writedowns at nickel unit on low prices
BHP Group said it was reassessing the value of its nickel operations after a price slump, in a move that could lead to writedowns amid an oversupply of the metal used in electric vehicle batteries. The world's biggest listed miner, which signed a deal to supply nickel to Tesla in 2021, is reevaluating the business after prices fell 40% in the last year as Indonesian supply jumped, causing restructures and writedowns at nickel mines across Australia.

Jan 18 - Albemarle to cut staff, pause expansions amid falling lithium prices
Albemarle, the world's largest lithium producer, said on Wednesday it will cut jobs and defer spending on a U.S. refinery project as part of a wide-ranging plan to slash costs amid falling prices of the metal used to make electric vehicle batteries. Shares of the Charlotte, North Carolina-based company fell 2.8% to $122.44 in morning trading on the New York Stock Exchange. The stock has lost nearly half of its value in the past 52 weeks.


Jan 17 - Barrick Gold reports lower preliminary gold output for 2023
Canadian miner Barrick Gold Corp said on Tuesday its full-year preliminary production of gold fell from a year earlier, even as output rose sequentially in the fourth quarter. The world's second-largest gold miner said in November its 2023 gold production was forecast to be lower than expected due to equipment issues at its Dominican Republic mine and lower output at two sites in the Nevada Gold Fields project.

Jan 17 - BHP faces nickel choice this year as high-cost Australian miners suffer
Australian nickel producers, hit by a sharp jump in supply from rival Indonesia, are starting to buckle under low prices that analysts expect will force a rethink by top global miner BHP Group on its nickel strategy this year. The metal has long been feted as a key battery material for electric vehicles because it improves energy density so cars can run further on a single charge.


Jan 16 - LME to suspend 10% of listed metals brands until they submit responsible sourcing audit
The London Metal Exchange plans to suspend or delist 10% of its listed metals brands in coming months until their producers provide it with their responsible sourcing reports, the exchange said on Monday. The move is a step in the campaign, which the world's largest and oldest metals trading venue, owned by Hong Kong Exchanges and Clearing, launched in 2019 seeking to clean up global trade chains from metal tainted by child labour, corruption or conflict financing.

Jan 16 - Rio Tinto sees China's economy slowly recovering this year
Rio Tinto said that it expects stimulus measures in China to drive a slow recovery in the world's biggest steel user as it reported its second highest-ever iron ore shipments in 2023. China's stimulus measures have already lent support to commodity prices, Rio Tinto said, and it also expects to see an economic recovery in the euro zone gather steam later this year given that interest rates have likely peaked.


Jan 16 - The LME Monthly Report ( HKE-LME )

Happy belated new year and welcome to a slightly later than usual Monthly Prompt!
 
Last year saw encouraging growth on our markets. Average daily volume (ADV) across the entire metals complex was up 11%* to 562,171 lots, whilst December ADV breached 700k for the first time since March 2020.
 
Aluminium ADV was up 8%, Copper 16%, zinc 5% and tin 26%. The star performers were lead with a 48% rise (and the top three ever LMEselect 3M volume days ever recorded) and the ferrous suite, with a 65% increase year-on-year.
 
Ferrous volumes were driven in large part by impressive growth from LME Steel Scrap CFR Turkey (Platts), which grew by 88% to over 800k lots traded (incl. UNA) in total for 2023.
 
Meanwhile, nickel continues to show good signs of recovery, driven in particular by growth in Q4. ADV in the last quarter of 2023 was 50k lots, a year-on-year increase of 47% and month-on-month rise of 23%.
 
Market open interest (MOI) for all contracts at the end of December rose 25% to about 1.8m lots - the highest ever year-to-date MOI growth.


Jan 15 - France, ArcelorMittal agree on $2 bln investment to cut French plant emissions
France and steelmaker ArcelorMittal have agreed on a 1.8 billion-euro investment to cut greenhouse emissions at a steel plant in Dunkirk, northern France, finance ministry officials said on Sunday. The French government's subsidy package, which could be up to 850 million euros, had already been cleared by the European Commission and is part of President Emmanuel Macron's strategy to cut emissions at France's 50 most polluting sites.

Jan 15 - Chile's SQM suspends operations at lithium salt flats due to blockades
Chile's SQM, the world's second-largest lithium producer, said it has suspended operations at the Atacama salt flat in Chile due to road blockades. "Since we do not know how long the road blockade will continue, it is not possible for us to estimate the financial impact of the stoppage," the company said in a statement dated Saturday.


Jan 12 - China's 2023 iron ore imports hit a record high on rising demand
China's iron ore imports in 2023 hit a record high, up 6.6% from a year before, customs data showed, thanks to stronger demand amid a lack of government-mandated steel output caps and higher-than-expected steel exports. The world's largest iron ore consumer brought in a total of about 1.18 billion metric tons in the past year, data from the country's General Administration of Customs showed.

Jan 12 - China copper smelter margins squeezed by tight supply of raw material
Competition for mined copper supplies is expected to intensify, further eroding margins for Chinese firms that produce half the world's refined copper, but significant output cuts that tighten the metal market are unlikely. Chinese copper producers, mostly state-owned, are under pressure to maintain or raise production targets to shore up sluggish growth in the world's second-biggest economy.


Jan 11 - Share of Russian aluminium in LME warehouses rises to 90% after UK curbs
The share of available aluminium stocks of Russian origin in London Metal Exchange-approved warehouses rose to 90.4% in December from 78.8% in November, data on the exchange's website showed on Wednesday. The rise follows a restriction imposed by Britain from Dec. 15 on UK entities and individuals taking physical delivery of Russian-made base metals, part of wider sanctions on Moscow for its war in Ukraine.

Jan 11 - Vale BM says decision to merge Canada nickel ops with Glencore a priority
Vale Base Metals is prioritising a decision on whether to combine its nickel operations in Canada's Sudbury basin with those of Glencore this year, a move that could reduce costs for both companies, its chairman said. Nickel is a key component in electric vehicle batteries and mining companies have been trying to cut costs to produce it at a time of declining prices.


Jan 10 - Asian buyers profit from record discounts for near-term LME copper
Oversupply weighing on near-term prices of copper on the London Metal Exchange has created record discounts against longer-dated contracts and an opportunity for Asian buyers to purchase the metal cheaply, traders said. The discount, or contango, for the cash copper over the benchmark three-month contract on the LME hit a record high of $108 a metric ton on Jan. 8, while the discount over the February contract stands at $58 a ton.

Jan 10 - Norway parliament votes in favour of seabed mining, as expected
Norway's parliament on Tuesday voted in favour of allowing Arctic seabed mineral exploration, in line with a deal reached between the government and key opposition parties last month, overcoming objections from environmental campaigners. The decision comes as Norway hopes to become the first country to make deep-sea mining happen on a commercial scale and secure critical minerals and jobs despite concerns over the environmental impact and international calls for a moratorium.


Jan 09 - China's Dalian commodity exchange excludes iron ore from fee waivers
China's Dalian Commodity Exchange has excluded iron ore, coking coal and coke from its latest waivers on commission fees, according to traders and a state-backed media report, a move market players say could be aimed at reining in speculation. The exchange said on Friday it would waive or reduce some commission fees market participants incur in executing transactions and other processes from Jan. 9 to the end of the year, without specifying the products affected.

Jan 09 - Alumina price panic a sign of future aluminium volatility: Andy Home
The Shanghai Futures Exchange price for the product that sits between bauxite and metal in the primary aluminium production chain jumped 30% over the last two weeks of December, peaking at a Jan. 3 high of 3,838 yuan per metric ton. The distant trigger for the supercharged rally was a Dec. 18 explosion at an oil terminal in Conakry, the capital of Guinea, which is a major bauxite supplier to China's alumina refineries.

Jan 08 - US sets final food can steel dumping duties on China, Canada, Germany, KoreaThe U.S. Commerce Department said on Friday it found that imports of tin mill products from Canada, China, Germany, and South Korea are being dumped onto the U.S. market and imports of tin mill products from China are also being subsidized. The department also found that imports of tin mill products - a shiny silver metal widely used in cans for food, paint, aerosol products and other containers - from the Netherlands, Taiwan, Turkey, and the United Kingdom are not being dumped, it said in a statement.Jan 08 - First Quantum 'deeply concerned' about planned mine protest, urges officials to actCanadian miner First Quantum's local unit in Panama said on Friday it is "deeply concerned" about protests announced for Jan. 9 to take over its closed copper mine and urged the government to take action to guarantee security at the site. The union representing workers at the company's Cobre Panama mine warned earlier this week of the plan by the separate SUNTRACS union and an allied group to "invade" the site, in the latest face-off over the mine that provoked nationwide protests last year.


Jan 05 - First Quantum in talks with Jiangxi Copper on sale of stake in Zambian mines - source
Canadian miner First Quantum Minerals is in talks to sell a stake in its Zambian copper mines to Chinese state-owned Jiangxi Copper Corp, aiming to bolster the company's finances, a person familiar with the matter told Reuters. Details are yet to be finalized and it was not clear whether the latest talks would lead to a transaction, the person said.

Jan 05 - Endeavour Mining ousts CEO over 'serious misconduct'
Endeavour Mining, said on Thursday it had removed CEO Sebastien de Montessus with immediate effect, citing "serious misconduct". The action followed an investigation by the board into an irregular payment instruction of $5.9 million issued by him in relation to an asset disposal by the company.


Jan 04 - China's 2023 steel exports seen at 7-year high - industry body
China's 2023 steel exports are forecast to have hit a seven-year high of more than 90 million metric tons, the China Iron and Steel Association (CISA) said in a report on Wednesday. The world's top steel maker exported 67.32 million tons in 2022.

Jan 04 - Workers at First Quantum's shuttered Panama mine warn of threat to 'invade' site
The union representing workers at First Quantum's copper mine in Panama on Wednesday warned of another union's plan to "invade" the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year. The UTRAMIPA miners' union said in a statement it was "worried" by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner's operation on Jan. 9.


Jan 03 - HSBC expects commodity prices to remain high in 2024, drop in 2025
HSBC forecast on Tuesday that squeezed supply, improved Chinese demand and the global energy transition will keep commodity prices elevated in 2024, before falling the following year. "We forecast commodity prices to rise by an average of 2% in 2024 and fall by 4% in 2025," HSBC wrote in a note.

Jan 03 - Fortescue says iron ore cars derailed at Western Australia operations
Australia's Fortescue said that multiple iron ore cars had been derailed from the company's tracks on Saturday at its Western Australia operations. Local media earlier reported that the Fortescue rail line into Port Hedland, Australia’s iron ore export epicentre, remained out of action on Tuesday.


Jan 02 - Gold to enter 2024 with sights set on record highs
Gold investors anticipate record high prices next year, when the fundamentals of a dovish pivot in U.S. interest rates, continued geopolitical risk, and central bank buying are expected to support the market after a volatile 2023. Spot gold is on track to post a 13% annual rise in 2023, its best year since 2020, trading around $2,060 per ounce.

Jan 02 - Strong gains for cocoa, iron ore in 2023 as energy prices dip
Cocoa and iron ore prices surged in 2023, while natural gas and coal prices tumbled, with most agricultural products expected to outperform energy and industrial metals in the New Year amid supply constraints and dry weather. The Thomson Reuters/CoreCommodity CRB Excess Return Index, which includes more than a dozen commodities such as oil, gold, sugar and copper, is set to fall 4% for 2023 after interest rate hikes dampened global growth and shook financial markets.


Dec 22 - China bans export of rare earths processing tech over national security
China, the world's top processor of rare earths, banned the export of technology to make rare earth magnets on Thursday, adding it to a ban already in place on technology to extract and separate the critical materials. Rare earths are a group of 17 metals used to make magnets that turn power into motion for use in electric vehicles, wind turbines and electronics.

Dec 22 - Metals spend the year pinned between old and new cycles: Andy Home
It's been a year to forget for industrial metal traders. Early optimism around China's return from lockdown dissipated over the first half of the year, leaving most metals chopping around in difficult range-trading conditions over the second half.


Dec 21 - Nippon's US Steel deal needs scrutiny, says Biden campaign adviser Deese
Brian Deese, a key player in President Joe Biden's 2024 re-election bid, said on Wednesday that Nippon Steel's proposed purchase of U.S. Steel was concerning and that the administration should look closely at it. Several Democratic and Republican U.S. senators have criticized the deal this week, citing national security concerns or raising questions about why the two companies did not consult U.S. Steel's main union ahead of the announcement.

Dec 21 - Czech minister calls on Liberty Ostrava steel owners to return cash to firm
The Czech industry minister on Wednesday called on the owners of steel maker Liberty Ostrava to return money lent to related parties to the firm. Liberty, which has an annual capacity of 3.6 million metric tons of steel and employs about 6,000, is on the brink of collapse after its energy supplier declared insolvency over missed payments from the steel maker and prepared to cut off energy supplies.


Dec 20 - China's germanium, gallium exports recover further in November
China's exports of gallium and germanium products recovered further in November, customs data showed on Wednesday, as more companies managed to obtain permits after export controls on the chipmaking metals were imposed in August. China introduced restrictions on exports of eight gallium and six germanium products on Aug. 1, and mandated exporters to apply for licenses.

Dec 20 - Funds less negative on copper as supply landscape shifts: Andy Home
Funds have been reducing their bets on lower copper prices as macroeconomic headwinds abate and the market collectively reassesses copper's supply dynamics. Money managers are now marginally net long of copper on both the London Metal Exchange (LME) and CME contracts.


Dec 19 - Nippon Steel confident hefty premium for U.S. Steel makes sense
Nippon Steel said on Tuesday its $14.1 billion deal to buy U.S. Steel would help it tap into a new growth market, as concerns over the huge premium the world's fourth largest steelmaker was paying sent its shares down as much as 6%. Nippon Steel has been looking to expand overseas in recent years, as a shrinking population in Japan, where it generates nearly three-fifths of its revenue, is dimming the demand outlook for high-end steel used for autos and electronic goods.

Dec 19 - LME plans new metals contracts using ShFE prices
The London Metal Exchange (LME) is planning to launch new metals contracts using prices from the Shanghai Futures Exchange (ShFE), three industry sources familiar with the matter said, further increasing China's influence on global metals markets. Collaboration between the 146-year-old LME and ShFE was mentioned briefly by LME's Chief Executive Matthew Chamberlain in October at the annual LME Week dinner, without any detail.


Dec 18 - Australia deems copper, nickel strategic, opens funding pathway
Australia has opened a door to government funding for copper and nickel projects, putting them on a list of materials deemed essential to the global energy transition but which have not yet faced supply chain disruptions. Strategic materials will be able to access some $40 billion in government support from agencies including Export Finance Australia, The Northern Australia Infrastructure Facility, The Clean Energy Finance Corporation, The Value Adding in Resources Stream as well as the National Reconstruction Fund.

Dec 18 - Spot copper fees drop 25% from September on supply tightness
Fees to process copper concentrate in the Chinese spot market have fallen by a quarter in less than three months to stand below $70 a metric ton on Friday, fanned by worries over tight supply. The spot copper concentrate treatment charges (TC) in China, as assessed by information provider Shanghai Metals Market (SMM), hit $69.48 a ton, down 25% from $93.23 a ton on Sept. 28.


Dec 15 - LME launches consultation on when to suspend market in volatile trading
The London Metal Exchange (LME) has launched a consultation about when volatile prices should force a suspension of trading, it said on Thursday. The proposal is part of sweeping reforms the exchange has launched following a crisis in nickel trading in March 2022, during which prices nearly doubled within hours, forcing a suspension of trading and voiding of deals.

Dec 15 - China's Nov crude steel output falls for fifth month as demand slows
China's crude steel output in November fell 3.8% from the prior month, extending a decline for the fifth consecutive month, official data showed, as low margins and slowing demand dented enthusiasm for production at many steelmakers. The world's largest steel producer manufactured 76.1 million metric tons of the ferrous metal last month, down from 79.09 million tons in October, data from the National Bureau of Statistics (NBS) showed.


Dec 14 - LME nickel volumes hit highest since March 2022 crisis
Nickel trading volumes on the London Metal Exchange (LME) have climbed to their highest since the fiasco in March 2022 when confidence in the LME's ability to control the market slumped and many users abandoned the contract. On March 8 last year, nickel prices more than doubled to above $100,000 a metric ton in turbulent trade and the LME, the world's largest and oldest metals forum, was forced to shut the nickel market for the first time since 1988.

Dec 14 - China is still the top dog in commodities, but its bark is changing: Russell
For the past two decades the mantra in commodities has largely been if you build it, China will buy it. That's still somewhat true, and the world's biggest importer of natural resources remains a colossus. But the nature of China's demand for commodities is starting to shift, and the trends that emerged in 2023 are likely to continue next year.


Dec 13 - Marubeni expects Japanese aluminium premiums to rise in later 2024
The premiums that Japanese buyers pay for aluminium are likely to remain at $75-$95 a metric ton in the first quarter of 2024, but gradually rise after that due to tighter supply in Asia and firmer domestic demand, trading house Marubeni said on Tuesday. Japan is Asia's top aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

Dec 13 - Boliden plans to restart Europe's biggest zinc mine in second quarter of 2024
Boliden is planning to resume wage negotiations next month with around 650 employees at its Tara zinc operation in Ireland with a view to resuming output in the second quarter of 2024, the Swedish miner told Reuters. Boliden put its Tara operations on care and maintenance in June due to negative cash flows after prices of the galvanizing metal hit a three-year low on Jun. 1 2023.


Dec 12 - Tighter supplies to create tailwind for copper prices
Mine closures and disruptions have rapidly changed the landscape for copper supplies and prompted analysts to lower their forecasts for surpluses in a positive signal for prices of the industrial metal. Copper prices on the London Metal Exchange on Friday headed towards the four-month highs of $8,640 a metric ton seen on December 1, partly due to Anglo American lowering its production guidance.

Dec 12 - China 2023 steel output set to rise despite property woes: Russell
China's steel output is expected to rise for the first year in three in 2023 as a soft domestic property sector is compensated by strong vehicle manufacturing and rising exports. China, which makes about 55% of the world's steel, produced 874.7 million metric tons in the first 10 months of the year, up 1.4% from the same period in 2022, according to official data.


Dec 11 - Aluminium group calls for EU to go much further on Russian bans
The EU should go beyond banning aluminium wire, foil, tubes and pipes produced in Russia by sanctioning Russian aluminium metal for a greater impact, industry group European Aluminium said. European Union members are looking at a proposed 12th package of sanctions, including bans on aluminium wire, tubes and pipes, a small proportion of Russian aluminium imports.

Dec 11 - Panama gov't orders First Quantum to end mining operations, country unit says
Panama's trade and industry ministry has ordered Canada's First Quantum to end operations at its lucrative copper mine, the firm's unit in the country said on Friday. The ministry sent the unit, Cobre Panama, a formal advisory that it must "end extraction, processing, refining, transportation, export and sales activities" at the mine, Cobre Panama said in a statement.


Dec 08 - Anglo American preps sweeping cost cuts as price rout bites - sources
Anglo American is preparing to freeze spending on growth and widen job cuts in South Africa, going far beyond its initial savings target and paving the way to mothballing some higher-cost platinum mines, sources familiar with the matter said. Anglo's sweeping spending cuts could be announced as soon as Friday, when the miner updates investors on its three-year outlook, five sources said.

Dec 08 - Australia's Liontown in talks with US Defense Dept on tantalum supply
Miner Liontown Resources is speaking with the United States Department of Defense about supplying tantalum from its Australian operations if the U.S. passes a new regulation by year end as expected, its chief executive told Reuters on Thursday. Lining up a tantalum deal with the U.S. defense department would provide the company a crucial endorsement and potentially future funding as it develops its Kathleen Valley lithium mine, seen as one of the most promising deposits of the metal.


Dec 07 - China's Nov iron ore imports stay at elevated level on improving margins
China's iron ore imports in November climbed 3.4% from October, customs data showed on Thursday, as improved steel mill margins and a rebound in the yuan underpinned buying of the key steelmaking ingredient. The world's largest iron ore consumer brought in 102.74 million metric tons of the key steelmaking ingredient last month, up from 99.39 million tons in October, data from the country's General Administration of Customs showed.

Dec 07 - China November copper imports rise to highest in almost two years
China's November copper imports climbed 10.1% from the prior month to the highest in almost two years, data showed on Thursday, as dwindling stocks and a stronger yuan bolstered buying interest. Imports of unwrought copper and copper products, used widely in the construction, transport and power sectors, totalled 550,566 metric tons, according to the General Administration of Customs.


Dec 06 - Trafigura lent nickel receipts to uninvolved firms, Gupta says in court document
Employees at commodity trader Trafigura worked with Indian businessman Prateek Gupta to keep secret a deal to substitute scrap and other low-value metal for nickel, Gupta alleged in a court document released on Tuesday. Geneva-based Trafigura filed a lawsuit against Gupta in February, alleging seven companies that Trafigura said were controlled by him carried out systematic fraud involving nickel cargoes.

Dec 06 - Norway parliament deal marks major step towards seabed mining
Norway's minority government and two opposition parties have agreed to allow seabed mineral exploration in the Arctic region, they said on Tuesday, in a key step towards full-scale ocean mining. The deal comes as Norway hopes to become the first country to make deep-sea mining happen on a commercial scale and secure critical minerals and jobs despite concerns over the environmental impact and international calls for a moratorium.


Dec 05 - First Quantum agrees with Zambian firm to fast-track copper project
Canada's First Quantum Minerals and a Zambian mining company have signed an agreement to fast-track the development of a copper project in Africa's second-biggest producer of the metal, the companies said on Monday. Zambia has ambitions to triple its copper output and has reviewed its tax policy to increase mining exploration and output.

Dec 05 - Western start-ups seek to break China's grip on rare earths refining
Start-up tech firms are racing to transform the way rare earths are refined for the clean energy transition, a push aimed at turbocharging the West's expansion into the niche sector that underpins billions of electronic devices. The existing standard to refine these strategic minerals, known as solvent extraction, is an expensive and dirty process that China has spent the past 30 years mastering.


Dec 04 - Copper miners, Chinese smelters agree first drop in fees in 3 years
Global miners on Friday reached agreements with Chinese smelters for a lower copper concentrate treatment and refining charges (TC/RCs) for 2024, the first drop in three years, sources familiar with the matter said. Miner Antofagasta agreed with Chinese smelters, including China's biggest smelters, for January-December 2024 treatment and refining charges (TC/RCs) at $80 a metric ton and 8 cents per pound, four sources said.


Dec 04 - Iron ore benchmarks diverge as China tries to cool prices: Russell
The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The two benchmarks generally move in tandem, but can de-couple, especially when Beijing expresses displeasure over price gains for the key steel raw material, as has happened in recent weeks.


Dec 01 - Congo's Gecamines to push for copper, cobalt trading share
Congo's state mining group Gecamines said it will push to secure the rights to buy copper and cobalt at mines it has holdings in, as it attempts to build its own stocks and trade the metals. To do so, Gecamines needs to amend some terms of its joint venture agreements in Democratic Republic of Congo, which is the world's top supplier of battery-grade cobalt and the third largest copper producer after Peru and Chile.

Dec 01 - Global aluminium producer seeks Q1 premium of $95/T - sources
A global aluminium producer has offered Japanese buyers a premium of $95 per metric ton for January-March primary metal shipments, down 2% from the current quarter, three sources directly involved in quarterly pricing talks said. Japan is Asia's biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.


Nov 30 - LME triumphs in lawsuit over cancelled nickel trades
The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case demanding $472 million in compensation after the exchange cancelled billions of dollars in nickel trades last year following a surge in prices. Hedge fund Elliott Associates and market maker Jane Street Global Trading brought the case after the world's largest metals marketplace cancelled $12 billion in trades when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade in March 2022.

Nov 30 - 'We aren't going anywhere': How Panama fishing boats brought First Quantum to its knees
For more than a month, a group of 16 fishing boats has been blocking a key port in Panama, choking off coal and essential supplies destined for First Quantum Minerals' giant copper mine there, eventually forcing it to halt operations at the company's biggest revenue source. The fishing flotilla has provided a fresh jolt of marine backing to the thousands of Panamanians who have been marching daily to demand the annulment of the Canadian miner's contract, arguing its presence violates Panama's sovereignty and threatens its environment.


Nov 29 - Dwindling copper supply from Panama and Peru could wipe out global surplus in 2024
Reduced supply from major copper producers Panama and Peru may flip the global copper market into a deficit from surplus in 2024 or at least tighten oversupply if the disruptions are not resolved in coming months, analysts said on Tuesday. Panama's top court on Tuesday ruled that Canadian miner First Quantum's contract to operate the Cobre Panama mine there is unconstitutional, while a union representing half of the workers at Peru's Las Bambas mine went on strike.

Nov 29 - Ruling due on Wednesday in nickel trades lawsuit against LME
London's High Court will rule on Wednesday whether the London Metal Exchange (LME) unlawfully cancelled billions of dollars of nickel trades in March last year, brought by two U.S.-based financial companies, staff at the court said. Hedge fund Elliott Associates and market maker Jane Street Global Trading are claiming $472 million in compensation for the voided nickel trades on March 8, 2022, after the LME suspended trading for more than a week.


Nov 28 - France seeks deal by January to save New Caledonia nickel sector
France is seeking an agreement by the end of January to salvage New Caledonia's nickel industry, which has been hobbled by political tensions and high energy costs, Economy Minister Bruno Le Maire said on Monday. New Caledonia has some of the world's largest nickel reserves but its producers have suffered years of losses, leaving the Pacific territory eclipsed by a nickel mining boom in Indonesia.

Nov 28 - Soft China and India may undermine gold's rally hopes: Russell
The spot price of gold has climbed to a six-month high, buoyed by hopes that monetary tightening in western countries is largely done and dusted. While signs that the U.S. Federal Reserve and other western central banks have finished increasing interest rates are a definite positive for the precious metal, they're not the only factor.


Nov 27 - China says boosts iron ore concentrate capacity to secure supplies
China has added 50 million metric tons of iron ore concentrate capacity from 2022, state media quoted an official at the industry association as saying on Monday, part of a plan to boost production of the key steelmaking ingredient. China, the world's top steel manufacturer, needs to import 80% of its iron ore. It has pledged to increase domestic supply to 370 million tons by 2025 from 286 million tons in 2022.

Nov 27 - China's lithium prices fall faster as supply beats expectations
Lithium prices in China fell more sharply this week, hitting a 26-month low, as a trial delivery of the metal to the Guangzhou Futures Exchange indicated larger-than-expected supply in the world's top producer of the battery metal. The most-traded January lithium futures contract on the exchange edged up 1% on Friday to end the week at 124,050 yuan per metric ton, down 10% on the week. They shed 7% last week.

Nov 24 - Trafigura plan to take lead from LME system sparked price spike -sources
Commodity trader Trafigura is planning to take large amounts of lead from London Metal Exchange approved (LME) warehouses, two sources with knowledge of the matter said, with a metals trader adding that the move was behind a short-lived price rally earlier in the week. Benchmark lead prices on the LME touched a 10-month high of $2,308.50 a metric ton on Monday when LME data showed cancelled warrants - metal earmarked to leave the LME system - had jumped to 44% of the total or 59,400 tons on Nov. 17.

Nov 24 - Copper supply rethink as smelter treatment charges fall: Andy Home
Chilean copper miner Antofagasta last week inked the first major 2024 concentrates supply deal with China's Jinchuan Group. It remains to be seen whether the terms form an annual benchmark for others. Indeed, it's far from certain there will be a single benchmark for next year due to a shifting copper concentrates landscape.


Nov 23 - LME zinc inventories see more large gains, tripling in a week
Another large inflow of zinc arrived in warehouses approved by the London Metal Exchange (LME), meaning the total has more than tripled in about a week to the highest levels in over two years, LME data showed on Wednesday. The sharp rise comes amid a background of oversupply of the metal mainly used for galvanising steel as weak economic activity hits industrial manufacturing, especially in Europe. 

 

Nov 23 - China to tighten oversight on iron ore market after price rally
China's state planner said on Thursday that it would closely monitor changes in the iron ore market and further tighten supervision of spot and futures trading in its latest effort to curb a rally in the price of the key steelmaking ingredient. The National Development and Reform Commission (NDRC) said it met with iron ore trading companies and futures firms to understand their activity in the spot and futures markets after a "continuous and rapid" rise in iron ore prices.


Nov 22 - Top Chinese smelters seek higher fees than agreed by Jinchuan to process copper
China's top copper producers are looking for higher fees from Freeport for processing the U.S. miner's concentrates next year, above those agreed between Antofagasta and Jinchuan Group, four sources with direct knowledge of the matter told Reuters. The fees known as treatment and refining charges (TC/RCs) form a key component of copper smelters' income for converting copper concentrate into metal, which typically fall and squeeze smelters' profit margins when concentrate supply is tight. 

 

Nov 22 - Nickel to get boost from commodity index re-balancing in JanuaryNickel is likely to see a surge of buying before and during an annual re-balancing in January of commodity indexes, analysts said, getting a boost after prices tumbled this year on worries about surpluses of the stainless steel material. Funds that use the S&P GSCI and Bloomberg commodity indexes have to adjust their holdings during a five-day rebalancing, largely based on price moves the previous year.


Nov 21 - First Quantum plans maintenance for Panama copper mine amid protests - sources
Canada's First Quantum Minerals will carry out maintenance at its Panama mine from Nov. 23 due to coal supplies being blocked by protestors opposing the government's contract with one of the world's biggest and newest copper mines, two sources familiar with the discussions said on Monday. This move would effectively suspend production at the Cobre Panama mine until coal supplies resume as the mine cannot operate without power, one of the sources said. The sources declined to be identified as the information is not public.

Nov 21 - China's MMG seals $1.9 bln deal to buy Khoemacau copper mine in Botswana
Chinese miner MMG Ltd's share price jumped on Tuesday to a near eight-week peak after it agreed to buy Canada-based Cuprous Capital, the parent company of the Khoemacau copper mine in Botswana, with an enterprise value of $1.88 billion. MMG has been hunting for copper assets for more than a year, amid a surge in demand for the metal needed in green energy transition.


Nov 20 - China's Oct aluminium imports rise on solid demand, fears of reduced domestic supply
China's aluminium imports rose for the fifth straight month in October, customs data showed on Saturday, as buying appetite improved amid solid demand and expectations of reduced supply in the domestic market. The world's biggest consumer and producer of aluminium imported 351,065 metric tons of unwrought aluminium and products including primary metal and unwrought, alloyed aluminium last month, data from the General Administration of Customs showed.


Nov 20 - Antofagasta agrees lower 2024 copper charges with Chinese smelter at $80 per ton

Chilean miner Antofagasta agreed treatment and refining charges (TC/RCs) of $80 a metric ton and 8 cents per pound with Chinese smelter Jinchuan Group for copper concentrate supply next year, three sources said on Saturday. The charges, paid by miners to smelters to process ore into refined metal, are 9% lower than the 2023 benchmark level, agreed around the same time last year, of $88 a ton and 8.8 cents per pound.


Nov 17 - Copper demand growth seen driven by India, Southeast Asia, new energy

India and Southeast Asian countries like Thailand and Vietnam, are expected to drive the growth in copper consumption towards 2030, as China's super-cycle growth slows, industry experts said. Southeast Asia and India together will likely account for 20% of global refined copper demand growth during the 2023-2028 period, and could account for 60% of longer-term copper demand growth, Craig Lang, an analyst at CRU, said at the World Copper Conference Asia.

 

Nov 17 - Citi delivers around $155 million worth of zinc for rent deal - sources

Citi has delivered 60,000 metric tons of zinc with a value of around $155 million to London Metal Exchange (LME) approved warehouses in a potentially highly profitable rent-sharing deal, two sources with direct knowledge of the matter said. The U.S. bank is expanding its footprint in metals after it agreed a similar zinc deal in August and in September was involved in an aluminium trade for 100,000 metric tons of the metal, with a value of around $225 million.


Nov 16 - Codelco cuts cocktail party, tables in key Asia copper event amid restructuring

Chilean state mining company Codelco, the world's biggest copper producer, is cutting some of its usual spending at a major copper gathering in China, sources said, as the company undergoes restructuring. Codelco chairman has said the company is reassessing the costs of upgrades to the life of its mines.

 

Nov 16 - Antofagasta's 2024 payment offer for copper processing below $75 - sources 

Chilean miner Antofagasta has offered to pay Chinese smelters less than $75 a metric ton in 2024 to turn copper concentrate into metal, 16% below contracts signed last year, two sources with direct knowledge of the matter told Reuters. A spokesperson for the London-listed miner said Antofagasta "does not comment on copper negotiations"


Nov 16 - India to seek steady coking coal supplies from Australia - sources

The Indian government will request Australia to take measures to ensure steady supplies of coking coal, four sources said, as part of efforts to help steel mills reeling from falling supplies and rising prices of the key raw material in steel-making. Nagendra Nath Sinha, the most senior official at India's federal Ministry of Steel, will meet Philip Green, Australia's high commissioner to India, and the two sides are likely to discuss India's need for coking coal, said the sources, who included two Indian government officials and two industry executives.


Nov 15 - China's Oct crude steel output extends dip on thinner margins, weak demand

China's crude steel output fell for the fourth consecutive month in October, official data showed on Wednesday, as more mills implemented furnace maintenance amid thinning margins and disappointing demand in the peak consumption season. The world's largest steel producer manufactured 79.09 million metric tons of the metal last month, down 3.7% from 82.11 million tons in September, data from the National Bureau of Statistics (NBS) showed.

 

Nov 15 - As Exxon eyes lithium, crucial decision looms on filtration technology

Exxon Mobil has yet to decide which lithium filtration technology it will deploy as part of its aggressive plans to become one of the world's top producers of the metal used to make electric vehicle (EV) batteries, an executive said on Tuesday. On Monday, the oil giant unveiled its long-awaited lithium strategy and said it aims to filter the ultralight metal from reservoirs about 10,000 feet beneath the U.S. state of Arkansas. Reuters first reported the news last weekend.


Nov 14 - EU agrees mineral supply targets to cut reliance on China

Negotiators for EU governments and lawmakers reached a deal on Monday on targets for domestic supply of critical minerals such as lithium and nickel to reduce its reliance on third countries, principally China. The European Commission proposed the Critical Raw Materials Act in March, a centrepiece of EU strategy to allow it to compete with the United States and China in making clean tech products.

 

Nov 14 - Iron ore defies commodity gloom amid China property hopes: Russell

Iron ore has defied weakness in most of the commodity complex, with prices climbing to an eight-month high amid both positive sentiment and supportive fundamentals in China, the world's biggest buyer of the steel raw material. Iron ore contracts in Singapore ended at $129.24 a metric ton on Monday, the highest since March 16, extending a rally since an Aug. 3 low of $103.21 to 25%.


Nov 13 - US, Indonesia to discuss potential for deal on EV minerals - sources

The United States and Indonesia will discuss how to advance a potential minerals partnership aimed a stimulating trade of the electric vehicle (EV) battery metal nickel, according to three people with direct knowledge of the conversations. Next steps that could move the countries toward formal negotiations on the partnership will be discussed when Indonesian President Joko Widodo visits the White House for a meeting with U.S. President Joe Biden on Monday, according to one of the people.

 

Nov 13 - Exxon aims to begin lithium production by 2026 in Arkansas - source

Exxon Mobil is set to unveil its long-awaited lithium strategy on Monday with an announcement that it aims to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, according to a source with direct knowledge of the oil major's plans. Exxon's expansion into the sector comes as emerging technologies aim to boost global production of the ultralight metal by filtering it from salty brine deposits found across the globe and supplying it to battery makers eager for fresh sources.

Nov 10 - LME simplifies off-warrant stock reporting rules
The London Metal Exchange (LME) said on Thursday it will require warehouses in its network to report all inventory that can be delivered against its contracts, in a move that reduces the complexity of previous rules. The changes are part of sweeping reforms announced by the 146-year old exchange to boost confidence in the LME, its management and systems damaged by the nickel crisis in March 2022. 

Nov 10 - Breakthrough in wildcat strike sees some Congo copper drivers resume work
Trucks carrying thousands of tons of copper in the Democratic Republic of Congo accompanied by security escorts have resumed travel toward the border with Zambia following a wildcat strike, two sources told Reuters on Thursday. About 2,700 trucks carrying around 89,000 tons of copper had been stuck in Kolwezi after drivers went on a wildcat strike demanding a risk allowance of $700 per journey, Reuters reported on Nov. 7 citing sources.

Nov 09 - Portuguese anti-mining groups urge suspension of lithium projects after PM's resignation
Portuguese anti-mining groups have urged the government to suspend and review all lithium projects while authorities investigate alleged corruption in the handling of "green" energy deals that have led to the resignation of the prime minister. Antonio Costa resigned on Tuesday, hours after prosecutors detained five people, including his chief of staff, and named two formal suspects close to him in an investigation into lithium mining and hydrogen projects. 

Nov 09 - Western miners seek premium pricing for rare earth metals to break China grip
A handful of Canadian, German and Australian critical mineral explorers plan to command premium prices for key metals used in electric vehicles, promising quality and consistency in exchange for shifting reliance away from China, the dominant producer and price-setter. China controls 95% of the production and supply of rare earth metals, integral to manufacturing magnets for electric vehicles (EVs) and wind farms, and this monopoly has allowed China to dictate prices and stir turmoil among end users through export controls.

Nov 08 - Codelco cuts 2024 copper premium to China, changes contract structure
Chile's Codelco cut the premium for selling copper to its biggest Chinese clients by 36% for next year and is trying to fix it in a way that would guarantee its revenues, three sources with knowledge of the matter said this week. Codelco, the world's largest copper producer, has offered to sell copper at a premium of $89 a metric ton to major Chinese clients for its 2024 contracts, down from this year's $140 a ton, the sources said.

Nov 08 - Copper, cobalt supplies from Congo stranded by truckers' strike
Copper and cobalt produced by companies, including Glencore and CMOC, are stranded in Kolwezi, Democratic Republic of Congo (DRC), due to a truckers strike that started in late October, four sources with direct knowledge of the matter said. Already 2,700 trucks carrying around 89,000 metric tons of copper are stuck in Kolwezi, two of the sources said.

Nov 07 - China Oct iron ore imports fall on thinning margins, wider steel production cuts
China's iron ore imports in October fell 1.8% from September, customs data showed on Tuesday, dropping for a second straight month as narrowing steel margins, wider production cuts among steelmakers and high prices curbed buyers' appetites. The world's top iron ore consumer brought in 99.39 million metric tons of the key steelmaking ingredient last month, down from 101.18 million tons in September, data from the country's General Administration of Customs showed.  

Nov 07 - China's October copper imports hit 10-month high as inventories fall
China's copper imports hit a ten-month high in October, customs data showed on Tuesday, as declining domestic stocks and firm demand underpinned buying activity. Imports of unwrought copper and copper products, used widely in the construction, transport and power sectors, totalled 500,168 metric tons, the highest since last December, data from the General Administration of Customs showed. The data includes anode, refined, alloy and semi-finished copper.

Nov 06 - Rainfall plays key role in capping Chinese aluminium capacity: Andy Home
Another month, another new record for China's primary aluminium production sector. Output in the world's largest producer of the light metal has increased by an annualised 2.3 million metric tons since March and hit a fresh peak of 42.6 tons in September, according to the International Aluminium Institute. The production surge has refocused minds on the government's capacity cap of 45 million tons, a measure dating back to 2017 which requires new smelting capacity to be offset by closures of older plants.  

Nov 06 - China steel association says EU carbon tax a new trade barrier, calls for more talks
The Carbon Border Adjustment Mechanism (CBAM) proposed by the European Union creates a new trade barrier for Chinese exports, China's state-backed steel association said on Friday, calling for more talks with the bloc to address climate issues. The EU approved in April the world's first plan to impose a levy on high-carbon goods imports from 2026, targeting imports of steel, cement, aluminium, fertilisers, electricity, and hydrogen.

Nov 03 - Panama lawmakers scrap plan to annul copper mine concession
Lawmakers in Panama scratched provisions from a proposed bill that would cancel a recently approved mining concession extending the life of a controversial but lucrative copper mine by at least two decades, legislators told Reuters on Thursday. The fate of the Cobre Panama mine, which accounts for 1% of global copper output and is operated by a local unit of Canadian miner First Quantum, has been roiled by street protesters opposed to the project over the past couple weeks.  

Nov 03 - Lithium producers stay bullish on EVs despite growing headwinds
The world's largest lithium producers say they remain bullish on long-term demand for the battery material in the midst of recent price drops fueled by growing worries that the global pace of electric vehicle adoption is slowing. LG Energy Solution, General Motors, Honda and other auto and battery makers have trimmed EV expansion plans in recent weeks, partly due to rising interest rates, which in turn has stoked concerns of a supply glut for the battery metal.

Nov 02 - Miner First Quantum faces rocky road as Panama protesters dig in
Battered Canadian mining company First Quantum Minerals is bracing for a rocky road ahead as Panama moves to strike down its contract to operate one of the world's largest copper mines. Panama's shock decision on Sunday to call a binding vote on whether to scrap the mine's recently struck 20-year contract sparked a sell-off in Vancouver-based First Quantum shares.  

Nov 02 - Bears bet big that nickel can close the product gap: Andy Home
The bears are out in force on the London Metal Exchange (LME) nickel market. Fund players have lifted their bets on lower prices to levels last seen in 2019, or even earlier if expressed as a percentage of open interest. It's not hard to understand why. The LME three-month nickel price has been on the slide for most of the year, sucking in momentum-tracking technical funds. Currently trading around $18,000 per metric ton, nickel is down by 42% on the start of January and challenging chart support levels dating back to late 2021.

Nov 01 - China's Yunnan begins aluminium production cuts as dry season begins
Chinese aluminium smelters in southwestern Yunnan province started cutting a total of 1.15 million metric tons of capacity this week, to comply with curbs expected to last until April, a smelter manager and two analysts said. The curb, issued by China Southern Power Grid on Oct. 30, asked local producers to cut their production by between 9% and 40% of capacity, according to Li Lin, aluminium director at AZ Consulting. 

Nov 01 - Mining faces gulf between ambition and reality on energy transition, China: Russell
Mining companies in the West are facing two overarching challenges in trying to produce enough metals to enable the energy transition, and at the same time build alternative supply chains to lessen their dependence on China. The problem is that there is a vast gulf between the scale of the ambition and the reality of what's actually happening, and what's likely to happen in the next few years.

Oct 31 - Indian gold demand loses lustre in peak festive season as prices rally
Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council (WGC) said on Tuesday. India is the world's second-largest gold consumer, and a drop in purchases could limit a rally in global prices. Falling demand for gold imports could also help narrow India's trade deficit and support the rupee. 

Oct 31 - Australian mining red tape hurts its global investment case- Hancock
Australia's slow pace of mining approvals is diminishing its attraction as a global investment destination, Hancock Prospecting, owned by Australia's richest person Gina Rinehart, said on Tuesday. Hancock joins BHP Group and Rio Tinto in flagging red tape around mining projects as hurting Australia's drive to secure major investment into its minerals industry.

Oct 30 - Aussie billionaire threatens to sink SQM's $1 bln lithium deal
Hancock Prospecting, owned by Australia's richest person Gina Rinehart, threatened on Friday to torpedo a deal by the world's second biggest lithium chemicals maker, Chile's SQM, for an Australian lithium miner. Hancock Prospecting, an iron ore miner, has built up a stake of 18.3% in Azure Minerals, which is developing the Andover project in Western Australia, a filing to the Australian securities exchange showed on Friday.

Oct 30 - China's exports of refined lead feed LME stocks rebuild: Andy Home
China's exports of refined lead hit a 15-month high in September with year-to-date shipments already exceeding last year's total. The acceleration in outbound flows has been triggered by a persistent cash premium on the London Metal Exchange (LME) lead contract which has widened the export arbitrage window.

Oct 27 - Indonesia export plan to upset Freeport's mined copper benchmark
Indonesia's bid to add value to its mineral exports will dilute copper miner Freeport's benchmark status for annual contracts as its 2024 sales will fall short of levels needed for a global reference, three sources with direct knowledge of the matter said. As one of the world's largest copper miners, producing two million metric tons annually, treatment and refining charges (TC/RCs) Freeport agrees with Chinese smelters has for years been used as a basis for contracts worldwide. 

Oct 27 - Codelco workers warn against job cuts, do not rule out strike -union head
Workers for Chile's Codelco will not rule out a strike if the state-owned copper company enacts job cuts to counteract a slump in production, which has reached its lowest point in a quarter century, the head of the company's union association said. In an interview with Reuters, Amador Pantoja, president of the Federation of Copper Workers (FTC) - which brings together the company's unions - said Codelco, the world's largest copper producer, should focus on getting structural projects, which have faced numerous delays, into production.

Oct 26 - G7 announcement on Russian diamond ban expected by end Oct.
A G7 statement announcing a ban on imports of Russian diamonds is expected by the end of this month, followed closely by a proposal for the European Union's 12th package of sanctions on Russia, diplomatic sources said. "We now need the final blessing of the G7 before then translating these elements in legal texts at the European level," an EU diplomat said. 

Oct 26 - Steelmaker SSAB launches $224 mln share buyback after earnings beat
Swedish steelmaker SSAB announced a 2.5 billion crown share buyback program on Wednesday as it posted a smaller than expected drop in third-quarter operating profit, sending its stock price up 6% in early trade. A seasonal slowdown in European steel markets was more pronounced than usual in the third quarter and demand in the region is expected to remain subdued in the final three months of the year, the company said. 

Oct 25 - Canada's Teck Resources says restructuring remains 'priority' as Q3 underwhelmsTeck Resources was progressing "expeditiously" on a split of its coal and copper businesses, the Canadian miner said on Tuesday, after missing quarterly profit estimates on weak sales of steelmaking coal. The company also trimmed its full-year production forecast for copper, steelmaking coal, and molybdenum, sending its shares down.

Oct 25 - Anglo American lowers 2023 copper production guidance
Global miner Anglo American on Tuesday lowered its 2023 production guidance for copper on curtailments at its Chilean operations, even as its output of the metal rose 42% in the third quarter. Anglo expects to produce between 830,000 and 870,000 metric tons of copper this year, lowering a previous forecast of 840,000 to 930,000.

Oct 24 - Russia's Nornickel: Q3 nickel output higher q/q, palladium output drops
Russia's Nornickel, the world's largest palladium producer and a major producer of high-grade nickel, said on Monday its third-quarter nickel production was 21% higher than in the previous quarter at 53,945 metric tons. Unlike many Russian companies, Nornickel has not been directly targeted with Russian sanctions over its actions in Ukraine, but Western suppliers staying away from the Russian market may pose operational challenges for Nornickel's production in the longer term.

Oct 24 - India's JSW steel boss says 'nothing concrete' with Canada's Teck
India's JSW Steel Ltd's discussions with Canada's Teck Resources over buying a possible stake in its coking coal unit have yielded "nothing concrete", JSW Steel Chief Executive Jayant Acharya told Reuters on Monday. Last month, Reuters reported that JSW Steel, India's largest steelmaker by capacity, had slowed down the process to buy a stake in Teck Resources because of a diplomatic spat between New Delhi and Canada.

Oct 23 - Graphite buyers to boost imports ahead of China's curbs - analysts
Some graphite consumers will aim to accelerate imports of the EV battery ingredient from China in November before the country's export curbs for some products come into force, but it may be difficult due to complex specifications, analysts said. China, the world's top graphite producer and exporter, said on Friday that from Dec. 1 exports of some types of natural and man-made forms of graphite would require permits. 

Oct 23 - Australian miner South32's met coal output falls on Illawarra disruptions - Reuters News
Australia's South32 posted a bigger-than-expected 18% drop in its first-quarter metallurgical coal output on Monday, hurt by production disruptions at its flagship Illawarra operations in New South Wales. Shares of the diversified miner fell as much as 3.6% to A$3.250, their lowest since Sept. 28, and were among the top 10 losers in the ASX 200 benchmark index.

Oct 20 - China, world's top graphite producer, to curb exports of key battery material
China will require export permits for some graphite products to protect national security, its commerce ministry said on Friday, in its latest move to control supplies of critical minerals in response to challenges over its manufacturing dominance. China is the world's top graphite producer and exporter and also refines more than 90% of the world's graphite into the material that is used in virtually all EV battery anodes, which is the negatively charged portion of a battery. 

Oct 20 - Freeport-McMoRan to slow expansions amid inflation, weak copper prices
Copper miner Freeport-McMoRan posted a better-than-expected third-quarter profit on Thursday, but said it would slow expansion plans due to inflation and slumping prices for the red metal used across the global economy. The announcement from one of the world's largest copper producers is the latest warning from the mining industry that supplies of minerals critical to the clean energy transition are likely to fall far short of aggressive demand forecasts in coming years.

Oct 19 - Rio Tinto flags return to record iron ore production
Rio Tinto plans to raise output by 16% at its newest iron ore mine in Western Australia as it sets out step by step changes that will bring it back to record production levels as soon as 2025. The world's biggest iron ore producer will increase production capacity at its Gudai-Darri mine in the Pilbara region of Western Australia by 7 million metric tons to 50 million tons a year at a cost of $70 million, it said on Wednesday.

Oct 19 - G7 to discuss four versions of Russian diamond ban this week
G7 countries will this week discuss four plans to ban Russian diamonds from G7 markets from Jan. 1, from light-touch self-regulation to strict import measures, laying bare differences that explain why a ban has been so difficult to agree for more than a year, documents showed. The four proposals were prepared by Belgium, India, a French jewellery industry group and the World Diamond Council and will be discussed at a technical meeting of G7 representatives on Thursday, officials close to the talks told Reuters.

Oct 18 - Global steel demand growth downgraded to 1.8% in 2023 on high rates
Global steel demand is expected to rise by 1.8% in 2023 as infrastructure projects in top consumer China help to offset weakness elsewhere, the World Steel Association (WSA) said on Tuesday, downgrading its forecast. The industry group revised its April forecast, which estimated steel consumption would rise by 2.3% this year. 

Oct 18 - China's Sept crude steel output falls further, surprising market
China's crude steel output fell 5% in September from August, official data showed on Wednesday, confounding some market expectations for a rise after steelmakers had lifted utilisation rates amid the peak construction season. The world's largest steel producer manufactured 82.11 million metric tons of the ferrous metal last month, down from 86.41 million tons in August, data from the National Bureau of Statistics (NBS) showed.

Oct 17 - Rio Tinto cuts Canada iron ore production estimate on extended plant outage
Rio Tinto reported a rise in quarterly output across its copper and aluminium portfolios on Tuesday, sending its shares 3% higher, even as the miner cut its annual estimate for the Canadian iron ore business due to operational failures. The world's biggest iron ore producer expects an iron ore output of 9.3 million to 9.8 million tons (mt) from its Iron Ore Company of Canada (IOC) business, down from 10.0 to 11.0 mt previously projected. 

Oct 17 - Australia's Newcrest reports lower quarterly gold output on maintenance shutdowns
Newcrest Mining, which is in the final stages of a takeover by global gold mining giant Newmont Corp, on Tuesday posted an 18.1% sequential fall in quarterly gold production, hurt by maintenance shutdowns during the quarter. Planned maintenance activities at the miner's Cadia, Telfer, Brucejack projects resulted in a lower throughput during the quarter, while output at Red Chris declined due to lower gold grade.

Oct 16 - Lithium developer Liontown to raise funds after Albemarle dumps $4.2 bln bid
Australian lithium developer Liontown Resources on Monday entered a trading halt to raise funding for its flagship Kathleen Valley lithium project after U.S.-based miner Albemarle  abandoned a A$6.6 billion ($4.16 billion) buyout bid. Albemarle withdrew its indicative proposal amid "growing complexities," the companies confirmed in separate statements that came days after Hancock Prospecting, an iron ore miner controlled by Australia's richest person, Gina Rinehart, raised its stake to 19.9% of Liontown. 

Oct 16 - London Metal Exchange tries to move on from nickel crisis: Andy Home
The London Metal Exchange's (LME) Monday seminar was packed out, the Tuesday black-tie dinner was as glitzy as ever and the champagne and wine flowed liberally in the many meetings and cocktail parties taking place across London's West End. This year's LME Week, the annual gathering of the world's metals industry, felt like a return to bygone days, the numbers boosted by the welcome return of Chinese visitors after three years of travel restrictions.

Oct 13 - China's Sept iron ore imports fall as steel margins shrink, domestic supply grows
China's iron ore imports in September fell 4.9% from August, customs data showed on Friday, as declining steel margins and rising domestic supply curbed buying. The world's largest iron ore consumer brought in 101.18 million metric tons of the key steelmaking ingredient last month, down from 106.42 million tons imported in August, which was the highest since October 2020, data from the country's General Administration of Customs showed. 

Oct 13 - Newcrest investors strongly approve $17 billion Newmont takeover
Newcrest Mining shareholders have voted strongly in favour of accepting the A$26.2 billion buyout bid from global gold mining giant Newmont Corporation, Australia's largest corporate takeover this year. The company announced on Friday that 92.63% of the votes cast by Newcrest shareholders were in favour of the deal going ahead, exceeding the requirement for at least 75% support.

Oct 12 - Miners seek partners for copper assets as M&A heats up
A flurry of copper mining deals are being lined up for the next six to 12 months, industry sources said, as producers seek to spread the soaring cost of new projects for the metal key to the energy transition. The capital needed to develop new mines has shot up some 50% to between $3 billion-$4 billion on average in recent years, fuelled by declining ore grades, stricter environmental requirements and rising labour costs. 

Oct 12 - Eramet rues timid European banks, sees lithium plant costing $1.5 bln
European banks are too slow to finance mining projects because of red tape linked to environmental, social and governance (ESG) issues, France's Eramet said, as it pursues a lithium project with China's Tsingshan that could cost $1.5 billion. Eramet aims to start producing lithium in Argentina in the second quarter of next year under the first phase of its joint venture with steel giant Tsingshan, part of Eramet's shift towards minerals needed for electric vehicle batteries.

Oct 11 - LME WEEK-China's top copper buyers expect a 36% cut in Codelco premium
China's largest copper buyers expect to pay a premium of around $90 per metric ton next year for Codelco's metal, 36% below what they are paying this year, four sources with direct knowledge of the matter said. Premiums set for physical delivery of copper are paid on top of the reference London Metal Exchange contract and are sometimes used as a benchmark for global contracts. 

Oct 11 - LME WEEK-Russia's Rusal has fully allocated 2023 sales volumes - company
Citi has been purchasing large volumes of physical aluminum and zinc on the London Metal Exchange, in a metal-financing trade that has made it one of the biggest players in the market in recent months, Bloomberg News reported on Tuesday. In the last few months, Citi requested delivery of about 100,000 tons of aluminum and 40,000 tons of zinc — worth over $300 million, the report said citing people familiar with the matter.

Oct 10 - Codelco 2024 copper premium offer matches 2023's record $234/T for European customers
Chile's Codelco, the world's biggest copper miner, is offering to sell copper at a premium of $234 a metric ton to European customers next year - matching this year's record - a source with direct knowledge of the matter said. The premiums set by Codelco for physical delivery of copper are paid on top of the London Metal Exchange contract and are sometimes used as a benchmark for global contracts for the metal used in the power and construction industries.

Oct 10 - Zinc study group now sees market surplus for 2023
The global refined zinc market will see a surplus of 248,000 metric tons in 2023 compared with a previously forecast deficit of 45,000 tons due to slower than expected demand growth, the International Lead and Zinc Study Group (ILZSG) said on Monday. Prices for zinc are down 16% so far this year following last year's slump in demand from China, the world's largest consumer.

Oct 09 - LME WEEK-Resilient China demand supports copper prices, boosts local aluminium prices
Demand for copper and aluminium in China has been surprisingly robust despite the country's property sector crisis, driven by orders from the home appliance, electric vehicle, solar and wind sectors. That's lent support to otherwise weak copper prices globally and helped aluminium prices in the world's biggest metals consumer surge, according to traders, analysts and producers. 

Oct 09 - Codelco says reassessing costs of projects to upgrade mines
Chile's Codelco, the world's largest copper producer, is reassessing the costs of upgrades to extend the life of its mines, its chairman said on Friday, given cost overruns at El Teniente and Chuquicamata. Higher costs could mean Codelco's debt is likely to reach $30 billion by 2030 from $18 billion now, Chile’s Centre for Copper and Mining Studies (CESCO) said in a rare intervention, in August.

Oct 06 - LME WEEK-Nickel debacle casts long shadow as industry masses in London
The ramifications of 2022's London Metal Exchange nickel trading debacle, including potential challenges to its nickel contract and the fate of the exchange itself will be hot topics next week as the metals industry descends on London. On March 8, last year, the 145-year old exchange was plunged into crisis - forced to halt nickel trading for the first time since 1988 - when prices more than doubled in a few hours to records above $100,000 a metric ton. 

Oct 06 - Chile's Codelco CFO resigns amid growing debt concerns
Chile's state miner Codelco, the world's largest copper producer, announced on Thursday its Chief Financial Officer Alejandro Rivera has resigned effective Nov. 3 amid a credit rating downgrade and growing debt. Chile’s Centre for Copper and Mining Studies said in a report seen by Reuters that Codelco is at risk of insolvency due to rising costs and a growing debt pile.

Oct 05 - Global miner BHP to focus on cost cuts, patient on M&A
Global miner BHP Group is focused on cutting costs to drive growth while being patient on buying assets, its chief development officer Johan van Jaarsveld said on Thursday in Melbourne. "This is a cyclical industry, and you sometimes are going to have to wait for 10 years or may be more to get the right opportunity at the right price," van Jaarsveld said.

Oct 05 - LMEWEEK-Hydro CEO sees rapid demand growth for low-carbon aluminium
Hydro expects demand for its low carbon aluminium to grow at a fast pace over coming years, the CEO of one of the world's largest aluminium producers told Reuters, adding that U.S. customers are starting to ask for recycled material. Aluminium is a key material for the energy transition, which includes electric vehicles.

Oct 04 - Global nickel market surplus to widen in 2024 -INSG
The surplus in the global nickel market is expected to widen to 239,000 metric tons in 2024 from 223,000 tons this year, the International Nickel Study Group (said on Tuesday, signalling further pressure on the metal. Prices for nickel on the London Metal Exchange are down 38% so far this year. High-grade "Class 1" nickel can be delivered against the LME contract, while production of lower-grade "Class 2" is soaring in Indonesia. 

Oct 04 - Australian billionaire strengthens hand in Albemarle's Liontown target
Australian billionaire Gina Rinehart has beefed up her stake in Liontown Resources seeking to have a greater say over the lithium developer's direction as it awaits a takeover offer from Albemarle, a company filing on Tuesday showed. Rinehart's company Hancock Prospecting raised its stake to 14.67%, putting it in a strong position to negotiate with Albemarle, the world's biggest lithium producer, whose proposed takeover would require support from 75% of votes cast.

Oct 03 - U.S. optimistic it will reach critical minerals deal with EU
The United States is optimistic it will conclude an agreement with the European Union to allow critical minerals mined or processed in Europe to qualify for U.S. clean vehicle tax breaks, a senior U.S. official said on Monday. The transatlantic partners are negotiating whether and how EU critical minerals, such as lithium and nickel, can qualify for green subsidies under the U.S. Inflation Reduction Act, which promotes products manufactured in North America. 

Oct 03 - Codelco strikes early deal with Radomiro Tomic mine supervisors' union
Chilean state-owned mining group Codelco said on Monday it had reached an early collective agreement with the supervisors' union at its Radomiro Tomic mine, which accounts for more than a fifth of its copper output. The company said in a statement that the deal, which starts in December and spans 36 months, includes goal-based and productivity incentives as well as "quality of life" benefits for supervisors, but did not provide specifics.

Oct 02 - Silver to benefit from solar sector demand once rates peak
Robust demand from the solar industry and limited supply growth from mines will buoy silver prices once the period of higher global interest rates is over, analysts said. Silver is both an investment and is consumed in the manufacture of jewellery, electronics and electric vehicles, as well as solar panels which has been gaining traction amid the global green energy transition. 

Oct 02 - Supervisors at Chilean mine reject contract offer, strike possible
The union of supervisors at Chile's Escondida mine on Friday rejected a contract offer from mine owner BHP, paving the way for a strike, the union told Reuters, while the company said it would request government mediation. The proposed contract was rejected with nearly 99% of the vote according to the union which counts over 900 members.

Sep 29 - Brazil mineral rights dispute casts shadow on Sigma Lithium expansion
A Brazilian court injunction is halting the sale or mining of two plots of land where takeover target Sigma Lithium is planning open pits, according to court documents seen by Reuters. Vancouver-based Sigma Lithium is one of the hottest names in Brazil's budding lithium sector – a pioneer in sustainable mining practices and, according to the firm, a potential acquisition target for some of the world's top carmakers. 

Sep 29 - Iron ore prices head into China holidays facing downside risks: Russell
Iron ore heads into a week-long Chinese holiday hiatus with prices elevated and mixed signals as to the strength of demand in the world's largest importer of the steel-making raw material. The concerns in the residential property sector threatens to cast a pall over China's economic recovery, and over the iron ore and steel sectors given that it accounts for about a third of domestic steel demand.
 

Sep 28 - Chile's Codelco expects copper output to start recovering in 2024
Codelco Chairman Maximo Pacheco said on Wednesday the Chilean state-run company's copper production is expected to start recovering next year as it overhauls its mining operations. Copper output from Codelco's operations fell in 2022 to the lowest level in 25 years, exacerbated in part by delays to key projects for extending the life of its mines.

Sep 28 - Mexico not able to cancel Ganfeng Lithium concessions, chamber says
Mexico will not be able under the law to cancel concessions for China's Ganfeng Lithium in the government's bid to tighten control over its potentially lucrative lithium reserves, the president of Mexico's mining chamber said on Wednesday. Lithium giant Ganfeng said in a late August filing that Mexico's mining authorities had issued a notice to its local subsidiaries indicating nine of its concessions had been canceled.

Sep 27 - Chile's Codelco to meet obligations as financials deteriorate -JPMorgan
Chile's Codelco, the world's largest copper producer, will meet its financial obligations despite headwinds from a series of operational problems and from high levels of debt and investments, JPMorgan said on Tuesday. Codelco's copper production fell in 2022 to its lowest level in 25 years, exacerbated in part by delays to key projects for extending the lives of its mines. 

Sep 27 - Brazilian steelmakers say Chinese, Russian imports 'flooding' market
Cheaper steel from Russia and China is "flooding" Brazil's market, the chairman of Brazil's Aco industry group said on Tuesday, though a top executive said Chinese imports were less of a problem than a decade ago. Jefferson de Paula, who also heads the Brazilian arm of No. 2 global steelmaker ArcelorMittal, said during an industry event that "Chinese and Russian companies are flooding the market with steel products at subsidized prices."

Sep 26 - China sets 2023 rare earth mining quota at 240,000 T, up 14% y/y
China has doubled its rare earth mining quota for this year to a record high of 240,000 metric tons, government data showed on Monday. The full-year mining output quota for this year, including 120,000 tons issued in March, represents a 14% rise over 2022, China's Ministry of Industry and Information Technology (MIIT) and the Ministry of Natural Resources said in a joint statement.  

Sep 26 - China powers global aluminium output to record high: Andy Home
Global production of primary aluminium hit an all-time high in August, with the world's smelters running at an annualised rate of 71.2 million metric tons. It's now clear that China, the world's largest producer, is experiencing a production surge thanks to improved power supply in previously drought-hit parts of the country's hydro-electric syste

Sep 25 - Inside Vietnam's plans to dent China's rare earths dominance
Vietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world's largest, according to two companies involved, as part of a broader push to dent China's dominance in a sector that helps power advanced technologies. The move would be a step toward the Southeast Asian country's aim of building up a rare-earths supply chain, including developing its capacity to refine ores into metals used in magnets for electric vehicles, smartphones and wind turbines.

Sep 25 - China smelters keep Q4 copper guidance price at six-year high
China's top copper smelters maintained their fourth-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) at a six-year high amid expectations of ample supply in the market. The rates, decided at a meeting of the China Smelters Purchase Team (CSPT) held on Friday, were $95 per metric ton and 9.5 cents per pound, three sources with knowledge of the matter said.

Sep 22 - Southern Copper sees Peru output hitting 400,000 T this year - exec
Southern Copper, controlled by Grupo Mexico, expects its production of the red metal in Peru to bounce 17% this year to 400,000 metric tons, a senior executive told Reuters, driving the firm's overall output growth. The mining firm, Peru's third largest copper producer, saw its copper output slide to 342,000 tons last year from just over 398,000 tons the year before as operations at its Cuajone mine were paralyzed by almost two months of community protests.  

Sep 22 - Sigma Lithium signs supply deal with Glencore
Miner Sigma Lithium, said on Thursday it would supply more than 20,000 tonnes of the mineral to commodity trader Glencore amid rising demand for the key element used in electric vehicle batteries. The Vancouver-based miner said it would ship the 22,500 tonnes of lithium to Glencore from the Vitoria port in Brazil this week as part of a collaboration with the Swiss firm.

Sep 22 - US firm AXT says China unit has initial export permits for key chipmaking metals
U.S. semiconductor wafer maker AXT Inc said its Chinese subsidiary Beijing Tongmei had received initial export permits for shipping gallium arsenide and germanium substrates - compounds key to chipmaking - to certain customers. Tongmei will continue to work to obtain permits for additional customers, it said in a statement on Wednesday.

Sep 21 - Russian oil producers send CPC Blend to UAE, open new export route
Russian oil producers supplied their first cargoes of CPC Blend crude to the United Arab Emirates (UAE) in August and September, traders told Reuters, opening up a new export route as Moscow looks to find new customers and skirt Western sanctions.The world's third largest oil exporter, Russia has rerouted most of its oil to China, India and Turkey over the past year, and has also sent cargoes to countries including Brazil, Sri Lanka and Pakistan.

Sep 21 - Promise of calmer markets as US oil wrests pricing power from Brent
Increased exports of oil from the United States into Europe and Asia mean U.S. crude has snatched back its primacy in setting international pricing after North Sea grades have for decades determined the value of the world's most traded commodity. The trend has calmed volatility and limits the potential for trading plays, known by traders as squeezes, that have on occasions distorted the established Brent oil benchmark, based on North Sea crudes, traders and industry insiders said.

Sep 20 - China exported no germanium, gallium in Aug due to export curbs
China's exports of germanium and gallium products in August plunged to zero, customs data showed on Wednesday, due to new export controls on the two chipmaking metals. Beijing exported no wrought germanium products last month, compared to 8.63 metric tons in July when volumes more than doubled from June as overseas buyers rushed to lock in supply ahead of the curbs.

Sep 20 - Top nickel producer Indonesia will not approve any new mining quotas for 2023

Top nickel producer Indonesia will not approve any new mining output quotas this year, government official Septian Hario Seto told Reuters, a move likely to further tighten supplies of nickel ore. Indonesia's mining quota distribution has already been delayed after the government reverted to an older approval process due to an ongoing investigation into illegal mining.

Sep 19 - Glencore took low volumes of Rusal aluminium, contract could go to 2025
Glencore bought only a small portion of a potential 6.9 million metric tons of aluminium it could have bought in 2020 to 2022 under its contract with Russia's Rusal, which could be extended to 2025, regulatory filings show. Commodities group Glencore, under pressure to stop buying metal from Rusal due to Moscow's invasion of Ukraine, said last year it would agree no new contracts for Russian material, but would meet existing obligations.

Sep 19 - Rio Tinto shoulders Simandou iron ore bill as Chinese funds delayed
- sources
Rio Tinto, has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said. The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea, where the mine is located.

Sep 18 - Codelco ends long-term mined copper deals to China clients from 2025 - sources
Chile's Codelco is ending long-term contracts to sell copper concentrate to Chinese clients from 2025, bidding to broaden its product offering to them after evaluating its production outlook, five sources with direct knowledge of the matter said.The sources said Codelco is aiming to replace exclusively copper concentrate deals with others that include concentrate and value-added intermediate products such as blister and anode which are derived from concentrate and can be turned into copper metal or cathode.

Sep 18 - G7 to launch Russian diamond ban in bid to curb revenues
- Belgian officials
The Group of Seven (G7) countries is expected to announce an import ban on Russian diamonds in the next 2-3 weeks, Belgian officials told reporters on Friday, in a bid to tighten a squeeze on Russia's capacity to finance the war in Ukraine. The plan could transform the global diamond supply chain, but implementation will depend heavily on India, whose diamond industry employs millions of people who cut and polish 90% of the world's diamonds.

Sep 15 - China aluminium output hits record-monthly high in August
China's primary aluminium output in August rose by 3.1% from the previous year to an all-time monthly high, data showed, as production in the southwestern province of Yunnan continued to ramp up after hydropower generation recovered. The world's biggest aluminium producer churned out 3.6 million metric tons of primary aluminium last month, according to data from the National Bureau of Statistics. 

Sep 15 - LME to change the way closing prices are determined
The London Metal Exchange said on Thursday that it would introduce a phased roll-out of an evolved closing price methodology to its most liquid contracts from January 2024 after a market-wide consultation. The changes are part of sweeping measures that the LME, the world's largest and oldest metals trading venue, launched in March to strengthen its markets and revive its flagging nickel contract.

Sep 14 - Shanghai exchange exploring potential LME nickel rival
The Shanghai Futures Exchange is looking into the possible launch of nickel futures for international use, a potential challenge to the London Metal Exchange's contract, five sources with knowledge of the matter told Reuters. One of the sources said ShFE has been studying the structure of the nickel market and supply and demand at the instigation of industry participants looking for alternatives. 

Sep 14 - Europe's mining quest faces a hurdle: angry locals
In Portugal's northern Barroso region, Maria Loureiro weeps at the prospect of losing her family's land to a mine that could become one of Europe's biggest producers of lithium, used in electric vehicle batteries and other clean technologies. "I don't want them to take away what has been left to me by my parents and grandparents," 55-year-old Loureiro said. "I don't want the mine ... I will fight it to the death."

Sep 13 - Russian aluminium splits dealmakers at Barcelona metals meet
Russian aluminium is dividing the metals industry as producers and consumers gather this week to hammer out next year's supply deals. Some industrial consumers have refused to buy supplies from Russia over Moscow's invasion of Ukraine, but others argue that is wrong when sanctions do not apply to a company or its metal. 

Sep 13 - Near-term LME zinc price discount at highest since March 2021 after stocks inflow
The discount on zinc for near-term delivery versus the three-month contract on the London Metal Exchange has reached its highest since March 2021, indicating plentiful immediate supply. The discount, or contango, for cash zinc against the three-month contract, reached $24.50 per metric ton at Monday's market close, its deepest since March 2021.

Sep 12 - Share of Russian aluminium in LME-registered warehouses steady at 81%
The share of available aluminium stocks of Russian origin in London Metal Exchange-approved warehouses remained steady in August versus the previous month at 81% of the total while the actual volume declined, data on the exchange's website showed. Total aluminium stocks available to the market in LME-registered warehouses are referred to as on-warrant. Warrants are title documents conferring ownership of metal.  

Sep 12 - Russia's largest untapped copper deposit starts concentrate production
Copper concentrate production started at Russia's largest undeveloped copper deposit on Monday following a ceremony overseen by President Vladimir Putin via video link. The long-awaited Udokan project in Russia's far east is coming on stream at a challenging time. The United States imposed sanctions on its operator - Udokan Copper LLC - in April as part of a wave of restrictions placed on Russia due to its activities in Ukraine.

Sep 11 - First Quantum reaches deal with Panama copper mine union, avoids strike
The Panamanian unit of Canada's First Quantum Minerals and a workers union at the company's key copper mine in Panama said on Saturday they had reached an agreement, avoiding a planned strike over profit sharing and wage increases. The worker's union, Utramipa, had threatened on Thursday to stop work on Saturday, alleging an impasse in negotiation with the directors of Minera Panama, the miner's local unit. The company indicated on Friday that it was negotiating with workers.

Sep 11 - Tantalex secures Glencore's backing for Congo lithium project
Tantalex Lithium, a Canadian junior miner that is aiming to produce lithium from the Democratic Republic of Congo, said on Friday its tailings project has secured the backing of Glencore. The Swiss miner and trader will pay a staggered $5 million to Tantalex as part of the marketing off-take agreement and has agreed to finance a third of the capital requirements for the DRC project, if it meets its conditions, Tantalex said in a statement.

Sep 08 - EU, US 'green steel' plan to box out China stalls ahead of October deadline
U.S.-European Union talks to create a 'green steel' trade deal that boxes out China have hit a wall as an Oct. 31 deadline looms that could bring back tariffs on billions of dollars of transatlantic trade, sources familiar with the negotiations on both sides of the Atlantic told Reuters. U.S. negotiators are frustrated by what U.S. trade sources said is the EU's lack of engagement on U.S. proposals in recent weeks. Deep disagreements remain over the structure of any joint trade curbs aimed at reducing carbon emissions and curbing excess production capacity, they said.  

Sep 08 - China's zinc import surge a sign of renewed optimism: Andy Home
China has rediscovered its appetite for imports of refined zinc after a prolonged absence from the international market. The country took in 76,800 metric tons of metal in July, the highest monthly tally since April 2019.

Sep 07 - Vale Base Metals commits nearly $9 bln in Indonesia investments
Vale Base Metals has committed nearly $9 billion for investment in Indonesia, including for its development of high-pressure acid leaching plants for nickel, chief executive Deshnee Naidoo said. Through its local unit Vale Indonesia, the company is partnering with companies like China's Zhejiang Huayou Cobalt Co to build two HPAL plants on the island of Sulawesi to produce mixed hydroxide precipitate from nickel.

Sep 07 - China's Aug iron ore imports jump ahead of peak construction season
China's imports of iron ore in August climbed 13.8% from July, customs data showed, fuelled by growing demand from steel mills ramping up production ahead of peak construction months. The world's largest iron ore consumer brought in 106.42 million metric tons of the key steelmaking ingredient last month, up 10.6% from a year earlier, according to data from the country's General Administration of Customs.

Sep 06 - Copper giant Codelco raises $2 billion in bond offering
Chile's Codelco raised $2 billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks to fund an investment drive to revive flagging output. The company offered 10-year and 30-year notes. The 10-year was for $1.3 billion with a yield of 5.966%, or 210 basis points over the comparable U.S. Treasury rate.

Sep 06 - Platinum market faces record deficit, WPIC says
Platinum will register a 2.2% bigger supply deficit than previously expected for 2023 at a record 1 million troy ounces, driven by strong demand and flat supply, the World Platinum Investment Council said. Demand for platinum, which is used in catalytic converters to reduce harmful emissions from vehicle exhaust systems among other applications from jewellery to glassmaking, is on track to grow 27% to 8.2 million troy ounces in 2023, the WPIC said in a quarterly report.

Sep 05 - Codelco expects to reach lithium agreement with SQM this year - chair
Chilean state-owned mining company Codelco expects to reach an agreement with lithium miner SQM this year, Codelco chairman Maximo Pacheco said on Monday during a public event. Chile's government earlier this year announced plans to strengthen state control of the white metal, only allowing public-private partnerships to participate in lithium exploitation.

Sep 05 - JFE Holdings to raise $1.4 bln via share offering, convertible bonds
Japanese steel giant JFE Holdings said its board has approved a fundraising plan through a public share offering and convertible bond issuance to overseas investors, totalling 211.4 billion yen. The company will raise 121.5 billion yen by offering 55 million treasury shares and raise another 89.9 billion yen by issuing a five-year convertible bond, it said in regulatory filings.

Sep 04 - Australian lithium developer Liontown backs $4.3 bln Albemarle bid
Shares of Australia's Liontown Resources shot up 11.5% after the lithium developer's board backed a refreshed A$6.6-billion bid from Albemarle Corp, the world's biggest producer of the battery material. Emerging Australian lithium companies are experiencing a surge in buyouts as their lower valuations and cash needs lure some of the world's top producers of lithium and others racing to secure supplies. 

Sep 04 - Saudi's SABIC to sell steel unit Hadeed to PIF for $3.3 bln
Saudi Basic Industries Corp said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund for an enterprise value of 12.5 billion riyals. The transaction is expected to close before the end of the first quarter of 2024, and proceeds from the sale will be used to support SABIC's growth in the chemicals industry, according to a company statement to the stock exchange.

Sep 01 - Fortescue executive rout continues as Debelle quits green unit
Guy Debelle, the former Reserve Bank of Australia deputy governor, resigned from the board of Fortescue Metals Group's green energy unit, media reports said, continuing the run of abrupt departures by executives at the world's fourth largest miner. Debelle has stepped down as a non-executive director from the board of Fortescue Future Industries, the green energy arm of Fortescue Metals Group, the Australian Financial Review reported.

Sep 01 - Peru's Minsur to invest at least $2 bln as it expands copper, tin operations
Peruvian miner Minsur has announced an investment of at least $2 billion in five years as it expands its copper and tin operations, an executive told Reuters on Thursday. Minsur is set to invest around $543 million in an underground project in Justa mine, which is owned by the firm and Chilean mining company Copec, Minsur corporate affairs executive Gonzalo Quijandria said in a phone interview with Reuters.

Aug 31 - Nippon Steel expects Asia's steel margins to remain weak – executive
Nippon Steel Corp, Japan's top steelmaker, expects profit margins on steel sales in Asia will remain weak through March because of sluggish demand in the world's top consumer China and in the region, a senior executive said. But the world's fourth-biggest steelmaker is still on track to achieve a record annual business profit excluding one-off items in the 2023/24 fiscal year, driven by stronger earnings from high-end products and improved marginal profit following a series of restructurings, Executive Vice President Takahiro Mori said.  

Aug 31 - Indonesian nickel smelters turn to Philippines for ore as local supply tightens
Nickel smelters in top producer Indonesia are making rare purchases of ore from the Philippines to ease tight supplies, people familiar with the matter said, upending trade flows of the raw material and pushing up costs across the supply chain. Jakarta recently delayed the issuing of mining quotas and suspended operations at a key site of state miner Aneka Tambang after an investigation into corrupt practices in issuing mining allowances.

Aug 30 - LME clearing house cuts size of minimum default fund
The clearing house of the London Metal Exchange said on Tuesday it would cut the size of its default fund, reflecting a lower level of risk over the previous six months. In the event of a member default, LME Clear takes over the member's portfolio and sells it. Any losses are initially offset against margins paid by the defaulter, and then by LME Clear's default fund. 

Aug 30 - Chinese steel demand declining less than data suggests, says Vale executive
Brazilian miner Vale sees declining steel demand in China, the world's largest producer, but the situation is not as dire as some indicators suggest, the miner's vice president of iron ore solutions told Reuters. Vale is "cautiously optimistic" about the largest global consumer of iron ore, as China's economy has proven resilient, despite uncertainties surrounding possible stimulus measures to achieve growth targets, the Vale executive, Marcello Spinelli, said.

Aug 29 - Lynas flags higher costs for Kalgoorlie rare earths plant, profit slumps
Australia's Lynas Rare Earths hiked construction cost estimates for its Kalgoorlie rare earths facility by more than a quarter and said it would boost the plant's production capacity to tap growing demand. Lynas has sped up construction at Kalgoorlie in Western Australia amid worries that a facility in Malaysia may have to be partly wound down after regulators there raised concerns about radiation levels from the process of cracking and leaching. 

Aug 29 - Indonesia nickel mining quota delays due to switch back to old system
Indonesia's mining quota distribution has been delayed having reverted to an older approval process due to an ongoing investigation into illegal mining, a senior official said on Monday, assuring there was sufficient nickel ore for smelters. Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, local buyers say, with ore production affected by delayed quotas, known locally as RKAB.

Aug 28 - Fortescue profit drops on Iron Bridge impairment charge; co-CEO to step down
Australia's Fortescue on Monday reported a $1 billion pre-tax impairment charge associated with its flagship magnetite growth project, while posting its lowest annual profit in three years amid a surprise senior-management overhaul. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick.  

Aug 28 - Chile launches probe into deadly mining accidents at Anglo American, Minera ACF
Chile's government has sent officials to investigate accidents at two mines in the South American country's metropolitan and Tarapaca regions that killed three workers, it said on Sunday. Newly appointed mining minister Aurora Williams is closely monitoring the inspections, her ministry said in a statement.

Aug 25 - New Singapore commodity exchange aims to launch EV nickel contract this year
A new Singapore-based commodities exchange aims to launch the world's first futures contract for a type of nickel used in the booming electric vehicles (EV) sector by the end of this year, an executive said on Thursday. The Abaxx Commodities Exchange, which is getting its final regulatory approvals in Singapore, plans to launch nickel sulphate futures, the first such contract globally, Dan McElduff, president of strategy and development, told Reuters. 

Aug 25 - LME warehousers bet the great metals destock is over: Andy Home
It's been a tough couple of years to be in the metals storage business with dwindling inventories taking a heavy toll on the London Metal Exchange's (LME) global warehouse network. Exchange storage capacity contracted by almost a quarter between March 2021 and March 2023, while the number of registered warehouse units has fallen from over 600 to a current 453.

Aug 24 - Australia sees strong demand for critical minerals over next 40 years
Australia's economy is well-placed to benefit from strong demand for critical minerals with the global appetite expected to rise by 350% by 2040, official forecasts showed on Wednesday, as many big economies rush to hit net zero emission targets by 2050. Australia supplies around half of the world's lithium and has vast reserves of the nickel, zinc and bauxite required for the production of clean energy technology in electric vehicles and batteries.  

Aug 24 - Indonesia's nickel prices surge amid probe into mining approvals
Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, say local buyers, after an investigation into mining quotas disrupted production of the metal used in stainless steel and batteries. Indonesia's Attorney General Office (AGO) in June launched a probe into illegal mining, leading to the arrest of a top government official earlier this month and the suspension of operations at a key mining site owned by state miner Aneka Tambang (Antam).

Aug 23 - Lithium buyers eye cheaper early-stage deals in Australia
Emerging Australian lithium companies are witnessing a surge in buyouts as their lower valuations and cash needs attract some of the world's top producers of the battery material and other suitors who are racing to secure supplies. Driven by receding prices of lithium and by major producer Chile nationalising the industry earlier this year, companies such as Albemarle Corp, the world's biggest lithium producer, have been sniffing around for buys in Australia, which makes the most lithium in the world and has more than 80 lithium-related companies listed on its main stock exchange. 

Aug 23 - Copper trapped between old and new super-cycles: Andy Home
Copper may be poised to embark on a new energy transition super-cycle but it is currently struggling to escape the gravitational pull of the old Chinese super-cycle. China has been the core driver of copper pricing over the last two decades as the country built new cities and rolled out the infrastructure needed to power them.

Aug 22 - Short positions in lead worth $182 mln set to drive Shanghai price surge
Many thousands of tonnes of lead already worth around $182 million have been sold on the Shanghai Futures Exchange (ShFE) for delivery next month, according to ShFE data, which is expected to trigger a price surge of the battery metal. Producers often sell forward or take short positions to hedge their output, while speculators, such as traders and funds have taken short positions that can be a bet on lower prices or an arbitrage play.

Aug 22 - BHP sees China commodity demand as stable. And that's the best case: Russell
BHP Group reported its lowest annual profit in three years, but the decline isn't the most worrying factor for the world's biggest mining company. That prize goes to an increasingly uncertain outlook for its key commodities. BHP said on Tuesday the company's underlying attributable profit for the year ended June 30 dropped to $13.42 billion from $21.32 billion a year earlier.

Aug 21 - China's July germanium exports surge ahead of restrictions
China's July exports of germanium products more than doubled from June to their highest in six months, customs data showed on Sunday, as overseas buyers rushed to lock in supply ahead of export restrictions that took effect on Aug. 1. China, the world's top germanium producer accounting for more than 60% of global supply, shipped abroad 8.63 metric tons of wrought germanium products last month, surging from 3.29 tons in June and 41% higher than a year earlier, data from the General Administration of Customs showed. 

Aug 21 - Trickle of LME zinc deliveries turns into a flood: Andy Home
London Metal Exchange (LME) zinc stocks have more than doubled to 145,975 metric tons over the last month and are now at their highest level since February 2022. What started in July as a trickle of metal into the market of last resort has turned into an August flood with 76,425 metric tons placed on LME warrant since the start of last week.

Aug 18 - U.S. Steel says union cannot block company's sale
U.S. Steel said on Thursday that its labor agreement with United Steel Workers (USW) does not afford the union the right to veto a sale of the company that may arise from its recently announced strategic review. U.S. Steel's statement came after USW said this week it would only back Cleveland-Cliffs Inc as a suitor for the company. The union said that "over the years, Cliffs has shown itself to be an outstanding employer to all of its workers."

Aug 18 - US to impose tariffs on tin mill steel from Canada, China, Germany
The U.S. Commerce Department on Thursday said it will impose preliminary anti-dumping duties on tin-plated steel imports from Canada, Germany and China, sparing five other countries in a decision that drew some relief from food can manufacturers that had feared higher tariffs. The department said the highest preliminary anti-dumping duties of 122.5% will be imposed on tin mill steel imported from China, including the country's largest producer, Baoshan Iron and Steel.

Aug 17 - ArcelorMittal weighs possible bid for US Steel - sources
ArcelorMittal SA, the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp, three people familiar with the matter said on Wednesday. The combination would reverse ArcelorMittal's retreat from the United States as a production base after it sold most of its operations to Cleveland-Cliffs Inc in 2020 for $1.4 billion to focus on growing markets such as India and Brazil.

Aug 17 - Demand headwinds mean no respite in pressure on aluminium prices
A glut of aluminium due to floundering demand in China and elsewhere and soaring supplies will undermine prices of the metal used in the transport, packaging and construction industries, possibly until end-2023. With manufacturing activity shrinking in China, the United States and Europe, the outlook for consumption of industrial metals looks sluggish.

Aug 16 - Weak demand sends near-term LME aluminium discount to highest since 2008
The discount on aluminium for near-term delivery compared with the three-month contract on the London Metal Exchange (LME) has reached its highest since the global financial crisis of 2008, indicating weak demand and rising supply. Aluminium, used in transportation, construction and packaging, is widely expected to be a sought-after commodity as the transition to greener energy accelerates, though current prices are being suppressed by the sluggish demand growth in top consumer China. 

Aug 16 - China's iron ore imports may hold up despite gloomy economy: Russell
A swathe of poor economic data in China is putting pressure on the price of iron ore, which is struggling to hold above the key psychological level of $100 a metric ton. However, the run of soft indicators in China's embattled property sector has yet to translate into a significant decline in the volume of imports of the main raw material used to make steel.

Aug 15 - China's July crude steel output eases from prior month on production curbs
China's crude steel output in July eased 0.34% from the prior month, the statistics bureau said on Tuesday, because of production restrictions in Tangshan city in northern China and Sichuan province in the southwest. The world's largest steel producer manufactured 90.8 million metric tons of the ferrous metal last month, down from 91.11 million tons in June but up 11.5% from the same month in 2022, when steel mills cut production amid shrinking margins as property sector woes stifled demand.

Aug 15 - Surpluses, low prices to remain a feature of cobalt market
Surging supplies of cobalt from Indonesia and Africa are forecast to outpace demand from electric vehicles, generating large surpluses over the next few couple of years which will keep prices of the metal under pressure. Throwing the spotlight on the deteriorating outlook was London-listed miner Glencore, which last week said it would consider adding to its cobalt stockpiles and cut production to support cobalt prices.

Aug 14 - U.S. Steel explores options after rejecting $7.3 bln offer from Cleveland-Cliffs
United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. The unsolicited cash-and-stock offer from Ohio-based Cliffs valued U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday.  

Aug 14 - Lithium exploration auctions in China's Sichuan attract strong interest
Two auctions for lithium exploration rights in China's southwestern Sichuan province drew heavy bidding interest and concluded at values thousands of times starting prices, according to information by a provincial government body. An auction for five-year exploration rights to the Jiada Lithium Mine in Maerkang city that started last Thursday received 11,307 bids and concluded at 4.2 billion yuan ($579 million) on Sunday, 1,317 times higher than the starting price of 3.19 million yuan, according to auction data from the Sichuan Public Resources Trading Center.

Aug 11 - China's Nanfang to open major copper smelter ahead of expectations
China's largest private copper producer Nanfang Nonferrous is due to bring a major new smelter to production by October, more than doubling its capacity, a few months ahead of expectations, four sources with direct knowledge of the matter told Reuters. Used for wiring in electric vehicles, copper is a key plank of the energy transition. Chinese firms have ambitious plans to dominate production of the refined metal also used in the power and construction industries. 

Aug 11 - Chile's leftist president rejects push for private lithium concessions
Chile's leftist president on Thursday said he would oppose a proposal from conservative leaders in Congress to allow private lithium concessions, arguing that his state-centred approach was the better bet. Earlier this year, President Gabriel Boric pitched a sweeping reform that would ensure that future developments of the coveted battery metal remain firmly under government control.

Aug 10 - China's refined tin output drops 13% on-month – Antaike
China's refined tin output in July declined 13.1% from the prior month due to smelters' maintenance, state-backed research house Antaike said on Wednesday, expecting August output to stay below a normal level amid Myanmar's mining ban. Production at 21 tin smelters surveyed by Antaike, with a total capacity of 320,000 metric tons and accounting for 97% of China's total capacity, was at 13,428 metric tons last month. 

Aug 10 - Sweden's H2 Green Steel lines up Vale, Rio Tinto for iron ore supply
Swedish metal and hydrogen company H2 Green Steel (H2GS) said on Wednesday it has signed multi-year deals with miners Rio Tinto and Vale for the supply of iron ore pellets from Canada and Brazil. H2GS, which plans to build a low-carbon steel plant in Boden in northern Sweden and to start production in 2025, said the contracts with the two miners will help the company convince investors and lenders to commit to financing of its project.

Aug 09 - Glencore stockpiled cobalt in first half to support prices
Glencore stockpiled cobalt in the first half of the year, cutting supplies to the market to support prices of the electric vehicle battery material, the London-listed miner's CEO Gary Nagle said on Tuesday. Nagle said the world's largest cobalt-producing company would also consider reducing production and adding to its stockpiles of the material that is used to make alloys for the aerospace industry as well as in batteries.

Aug 09 - China's imports of major commodities lose some steam in July: Russell
China's imports of major commodities lost momentum in July in a further sign that the world's second-biggest economy is struggling to boost flagging growth. China is the world's biggest buyer of crude oil, copper and iron ore, and imports of these key commodities underperformed in July.

Aug 08 - Healthy tin inventories, soft demand caps upside from Myanmar ban
A surge in tin inventories, weak demand and the risk of speculators selling bullish positions are likely to constrain tin prices rallying further following a mining ban in the world's third biggest tin mining nation Myanmar. Tin is the strongest performing metal on the London Metal Exchange (LME) this year, rising by 12% so far compared to a 1.4% gain for the next best performer, copper.

Aug 08 - China's July iron ore imports dip as sintering curbs dent demand
China's imports of iron ore in July slipped 2% from the previous month, customs data showed on Tuesday, as sintering curbs in major steel production hub Tangshan dampened demand for the key steelmaking ingredient. The world's largest iron ore consumer brought in 93.48 million metric tons of iron ore in July, up 2.5% from the same month a year earlier, data from the country's General Administration of Customs showed.

Aug 07 - Botswana plans extra diamond sales route after De Beers deal
Botswana's state diamond company is planning to diversify how it sells precious stones to the market as it gears up to receive far more supply under a multi-year deal the country struck with producer De Beers in July. The Okavango Diamond Company (ODC) currently sells 25% of the gems produced by the Botswanan government's Debswana joint venture with Anglo American unit De Beers via an auction process.

Aug 04 - Global copper smelting ticked higher in July, but China slid
Global copper smelting activity bounced slightly in July, despite a sharp fall in top refined producer China, data from satellite surveillance of metal processing plants showed on Thursday. "The weakness here (in China) was driven by subdued activity in the east and south central regions," commodities broker Marex and the SAVANT satellite service said in a statement.  

Aug 04 - China nickel producers look to London exchange in dash for profit
Chinese nickel producers are looking to list metal on the London Metal Exchange (LME), two China-based industry analysts said, as they seek improved access to global markets and rush to lock in profits while they boost output. That could be a boost for the exchange, the world's oldest and largest forum for trading metals, which is struggling to reinvigorate its nickel contract after a severe price crunch in March 2022 damaged its trading volumes and its credibility.

Aug 03 - Mongolia, Rio Tinto have resolved nearly all copper mine tax issues -PM
Mongolia has settled almost all of its outstanding tax issues with Rio Tinto over development of the giant Oyu Tolgoi copper mine and is confident that the remaining issues will be resolved, the country's prime minister told Reuters. The partners spent years mired in a tussle over development of the Gobi Desert mine which is the country's biggest foreign investment and is set to become the world's fourth largest copper mine by 2030 as demand heats up for the metal key to the energy transition.  

Aug 03 - World battles to loosen China's grip on vital rare earths for clean energy transition
Refining rare earths for the green energy transition is hard. Just ask MP Materials and Lynas. The world's two biggest rare earths companies outside of China are facing challenges turning rock from their mines into the building blocks for magnets used across the global economy, from Apple's iPhone to Tesla's Model 3 to Lockheed Martin's F-35 fighter jet.

Aug 01 - Ecuadorean votes could bar oil output in Amazon reserve, mining near Quito
Ecuadoreans will decide in two August referendums whether oil and mining projects in key regions of the country can continue, weighing Indigenous and environmental concerns against billions in potential lost income. The South American country could lose about 12% of its 480,000-barrel-per-day (bpd) crude oil output if voters approve shuttering the 43-ITT block in the megadiverse Yasuni nature reserve in the Amazon, while a local referendum in Quito would bar mining in the Choco Andino forest, scuppering six gold concessions. 

Aug 01 - Chile's Codelco to explore copper deposit with Rio Tinto
Chilean state copper company Codelco said on Monday it would partner with Anglo-Australian miner Rio Tinto to explore a copper deposit in northern Chile. As part of the agreement, Rio Tinto will buy Pan American Silver's 57.74% stake in the Agua de la Falda project, located in the Diego de Almagro commune, said Codelco. The Chilean company already owns 42.26% of the project.