Base & Precious Metals News

Jul 04 - REUTERS TECHNICAL ANALYSIS Q3 OUTLOOK 2025 - WANG TAO

In the third quarter,  Brent and U.S. crude may fall to $71.33 and $55.30 respectively. Palm oil, corn, soybeans, wheat and coffee are set to test key supports, while gold may revisit $3,120. Aluminium and cocoa may face resistance, with copper targeting $10,219. The dollar index could drop to 95. To read the full report, click here

Jul 04 - Platinum prices have limited upside after June's stellar rally
Platinum prices have limited room to rise further after a record quarterly rally, analysts and traders said, with Chinese imports expected to soften and South African output to recover against a backdrop of still-muted auto sector demand. Prices of the metal surged 36% in the second quarter as a rise in Chinese imports and a drop in supply from major producer South Africa followed earlier heavy flows into NYMEX exchange stocks on fears platinum would be hit by U.S. import tariffs.

Jul 04 - Indonesia nickel miners urge government to maintain three-year mining quota
Indonesia's nickel miners' association APNI urged the government to ensure mining quotas continue to be valid for three years to maintain a consistent business climate, rather than reverting to a single year as planned. The mining minister on Wednesday said the government plans to cut the duration of mining quotas, known as RKABs, to one year to better control supply and to support prices of commodities such as coal and nickel.

Jul 03 - Protesters block Peru copper route used by large miners
A protest by informal miners in Peru is blocking parts of a key copper corridor used by major miners MMG, Glencore and Hudbay, leaders of the action and an industry source said on Wednesday. The demonstrators at the blockade in the Chumbivilcas province of the Cusco region are pushing Peru's government to extend a deadline to regularize informal mining operations, said Luis Huaman, one of the protest leaders.

Jul 03 - Vale cuts forecast for iron ore agglomerates output amid market weakness
Brazilian miner Vale on Wednesday lowered its forecast for iron ore agglomerates production in 2025, as the pellet market struggles with oversupply concerns and reduced demand for high-quality products. The company cut its output outlook to between 31 million and 35 million metric tons, down from a previous range of 38 million to 42 million tons, saying in a securities filing that the decision reflected "current market conditions." 

Jul 03 - France's Orano says its Niger uranium mine on verge of bankruptcy
French uranium miner Orano said on Wednesday its majority-owned joint venture with Niger, SOMAIR, is on the verge of bankruptcy as a result of export restrictions imposed by Niger's military government. Orano was forced to suspend production at SOMAIR after authorities halted exports last year. Niger's government seized the operation in December and announced plans to nationalize it last month, joining a wave of West African governments seeking greater control of natural resources from foreign companies.

Jul 02 - Rare earth magnet users jolted into paying premium prices for ex-China supply
Despite the new willingness to pay a premium, it will take many years or even decades to build up production outside of China, which accounts for 90% of global permanent magnet supply, industry participants said. Too high a premium for mined rare earths could see consumers cutting down their use, while premiums that are too low would not be enough to allow for construction of ex-China projects, analysts and consultants say.

Jul 02 - Chile speeds up permitting for mining and other investment projects
Chile's congress approved long-awaited legislation to speed up the permitting process for investment projects in the country on Tuesday. The law was a key demand from the country's mining industry as well as renewable energy companies and others who said the lengthy permitting process was holding back investment. 

Jul 02 - India's April-May finished steel imports fall 27.6% year-on-year as China, Japan shipments decline
India's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday. India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago.

Jul 01 - Coal used to make steel gets break in Trump's tax bill
Coal used to make steel got a break in the latest version of President Donald Trump's tax bill, a subsidy that could be worth hundreds of millions of dollars over 10 years for a fuel that is mostly exported to countries including China. In April, Trump signed executive orders that directed Chris Wright, the energy secretary and former fracking CEO, to determine whether metallurgical, or met, coal is a "critical mineral" which he did in May.

Jul 01 - Guinea ships record 48.6 million tons of bauxite as China demand rises
Guinea's exports of bauxite, a feedstock for aluminium, surged 39% to a record 48.6 million metric tons in the first quarter though regulatory crackdowns sidelined major operators, official data obtained by Reuters showed. Most of this bauxite was shipped to China, where aluminium production has recovered.

Jul 01 - Panama ships part of stockpiled copper out of closed First Quantum mine
More than a quarter of the copper concentrate stockpiled at First Quantum Minerals' Cobre Panama mine since it was closed in late 2023 has been shipped from the site, Panamanian officials said on Monday. The removal of 33,000 metric tons out of a total of 120,000 tons left at the site appears to end uncertainty over the stuck copper, and signals a possible thawing of the relationship between the Canadian company and President Jose Raul Mulino's government.

Jul 01 - India extends import curbs on met coke for six months
The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases. India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.

Jun 30 - China's rare earths are flowing again, but not freely
The threat of mass shutdowns across the automotive supply chain is fading as Chinese rare earth magnets begin to flow, though automakers and suppliers say production plans still face uncertainties and a continued risk of shortages. European suppliers have received enough licences to avoid the widespread disruptions predicted earlier this month but hundreds of permits remain pending, said Nils Poel, head of market affairs at supplier association CLEPA.

Jun 30 - China's Zijin Mining to acquire Kazakh gold mine in $1.2 billion deal
China's biggest gold and copper producer Zijin Mining said on Monday it had agreed to buy one of the largest gold mines of Kazakhstan, the Raygorodok Gold Mine, for $1.2 billion. Zijin said its unit Zijin Gold International and Jinha Mining, a subsidiary of Zijin Gold, had inked a deal to acquire the rights of RG Gold LLP and RG Processing LLP, the Kazakhstan-based gold mining firms that currently own and operate the Raygorodok gold mine.

Jun 30 - Japan aluminium premium for July-September quarter set at $108/T, sources say
The premium for aluminium shipments to Japanese buyers for July to September was set at $108 per metric ton, down 41% from the current quarter, reflecting sluggish demand, six sources directly involved in pricing talks said. The figure, lower than the $182 per ton paid in April to June, marks a second consecutive quarterly decline and comes below initial offers of $122 to $145 per ton made by global producers.

Jun 27 - Congo's cobalt dilemma unresolved by extended export ban: Andy Home
The Democratic Republic of Congo has extended its ban on exports of cobalt by three months as the world's dominant producer of the battery metal tries to convert its supply power into pricing power. After rallying sharply in February, when the market was caught out by news of the original ban, the price reaction this time has been more muted.

Jun 27 - Lithium industry bemoans 'paradox' of low prices, rising demand
An ongoing slide in lithium prices even as demand for the battery metal continues to climb is a frustrating "paradox" not likely to be resolved before at least 2030, the world's largest producers told a major industry conference this week. Once a niche metal used primarily in greases, ceramics and pharmaceuticals, lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. 

Jun 27 - China's copper smelters win better-than-expected $0 TC/RC deal from Antofagasta, sources say
Chilean miner Antofagasta has agreed with some Chinese smelters to set copper concentrate processing fees at a record low of $0 per metric ton and $0 cent per pound, four sources with the knowledge of the matter told Reuters on Friday. One smelter and two analysts speaking on condition of anonymity described it as "better than expected".

Jun 26 - Premiums for nearby LME copper contracts plunge on bets of stock inflows
Premiums for nearby copper contracts on the London Metal Exchange have slid from their multi-year highs on expectations that deliveries to LME-registered warehouses in coming weeks will ease tightness. The global copper market is in surplus so far this year, but a strong flow of shipments to the U.S., where COMEX copper futures are trading about 10% above the LME benchmark, has created tightness in some regions. 

Jun 26 - China to overtake Australia as world's top lithium miner by 2026, Fastmarkets says
China by next year will overtake Australia as the world's top miner of the battery metal lithium, according to a forecast from consultancy Fastmarkets, and its market prowess is expected to grow through 2035 even as many Chinese producers remain unprofitable. The projections are the latest data point underscoring Beijing's commanding presence across the global metals supply chain, with China the dominant miner or refiner of more than half the minerals considered critical by the U.S. Geological Survey. 

Jun 25 - Central banks eye gold, euro and yuan as dollar dominance wanes
The custodians of trillions of dollars of global central bank reserves are eyeing a move away from the greenback into gold, the euro and China's yuan as the splintering of world trade and geopolitical upheaval spark a rethink of financial flows. According to a report by the Official Monetary and Financial Institutions Forum due to be published later on Tuesday, one in three central banks managing a combined $5 trillion plan to increase exposure to gold over the next one-to-two years after stripping out those planning to decrease, the highest in at least five years. 

Jun 25 - LME's new position rules reflect a changed metals landscape: Andy Home
The London Metal Exchange's move to tighten the regulatory screws on long position holders comes at a time of turmoil in both aluminium and copper contracts. Traders have been scaling up bets even as LME warehouse inventory has been depleting, generating acute stress in the exchange's unique date structure. But it's no coincidence that it's these two contracts that have been most roiled.

Jun 24 - Trump tariffs fan calls by European metal producers for scrap export curbs
Metal producers in the European Union are lobbying the bloc to impose export duties or curbs on scrap metal shipments "in the next few weeks" to stem a sharp increase in flows to the United States caused by the Trump administration's trade policies. Europe's metal producers are warning of a shortage of scrap and an upending of carbon-emission strategies after U.S. Donald Trump's 50% levy on imported steel and aluminium heightened demand, and sharply inflated prices, for tariff-free scrap. 

Jun 24 - Trump administration to open undeveloped forests to mining, logging
The U.S. Department of Agriculture will rescind a Clinton-era policy that banned logging, roads and mining in undeveloped forests so it can manage those lands for fire risks, the agency said on Monday, a move opposed by environmentalists. The change will allow nearly 59 million acres of federal forest lands to be better managed for fire risk, the USDA said.

Jun 23 - China cobalt futures hit more than 3-month high after Congo extends export ban
Prices of cobalt futures in top consumer China jumped to a more than three-month high on Monday, as the Democratic Republic of Congo's decision to extend the ban on the battery material's export reignited supply concerns. Congo, the world's top cobalt supplier, extended the ban by another three months after introducing a four-month restriction in February to curb oversupply of the electric vehicle battery material.

Jun 23 - LME imposes new restrictions on holders of large positions
The London Metal Exchange has imposed new restrictions on holders of large positions in nearby contracts amid low inventory levels, it said on Friday. LME took action after premiums for nearby copper contracts jumped to their highest levels since October 2022. The exchange, the world's oldest and largest market for industrial metals, said it has been monitoring large positions in recent months and in some cases had to take action.

Jun 20 - China's rare earth magnet shipments halve in May due to export curbs
China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs. Beijing said this month that it would speed up its approval process, a concession made after the U.S. and China agreed to dial back trade tensions. In the meantime, however, industry sources say Chinese customs officials have become increasingly cautious about processing rare earth cargoes.

Jun 20 - Copper smelters are facing both market and pricing crises: Andy Home
Copper smelters are now so desperate to find raw material they are paying miners for converting their concentrates into refined metal. So-called treatment and refining charges should be a core revenue stream for copper smelters but spot charges have been negative since the start of the year and the mid-year negotiations have also kicked off with a negative number. 

Jun 19 - Oklahoma! How America hopes to take on China in critical minerals
Nestled beneath Oklahoma's Wichita Mountains sits a two-story warehouse containing the only machine in the United States capable of refining nickel, a crucial energy transition metal now dominated by China. The facility, owned by startup Westwin Elements, aims to help Oklahoma become the epicenter for U.S. critical minerals processing, a sector the country largely abandoned decades ago.

Jun 19 - LME's new Hong Kong warehouses attract strong interest for metal deliveries, LME CEO says 
The London Metal Exchange's new warehouses in Hong Kong are seeing strong interest for metal deliveries before they go live next month, partly due to the current tightness in the copper market, the CEO of the exchange said on Wednesday. Last month, the LME approved three more warehouses in Hong Kong, taking the total to seven, as it increases its presence in the city that is the gateway to the world's biggest metals consumer, China.

Jun 18 - European truckmakers tackle rare-earths bottleneck with stockpiling, supply chain shifts
European truckmaker Volvo Group has been seeking alternative sources of rare earths and Daimler Trucks has been building inventories to deal with supply issues linked to Chinese export curbs, saying lessons had been learned from the chip crisis. The automotive industry currently fears that the supply of rare earths, which are needed for magnets, will be hurt by recent export regulations in China.

Jun 18 - Battery makers sweat as antimony shortage hits after China's export curbs
When China restricts exports of a key mineral, sometimes the pain is sudden and even crippling - enough to spur a major outcry almost immediately. Other times, it takes longer to be felt. For the world's makers of lead-acid batteries, China's restrictions on critical mineral antimony that were put in place late last year have become a major headache - one that their customers also now have as sky-high procurement costs are passed on.

Jun 17 - G7 leaders agree on strategy to protect critical mineral supply, draft document says
Group of Seven leaders on Monday provisionally agreed on a strategy to help protect the supply of critical minerals and bolster their economies, according to a draft statement seen by Reuters. The draft, which a source said had not yet been approved by U.S. President Donald Trump, also said minerals markets should reflect the real costs of responsible extraction, processing, and trade of critical minerals.

Jun 17 - Central banks favour gold over dollar for reserves, WGC survey
Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed. Gold demand from central banks has risen significantly over the past three years despite its price rally to consecutive records. It XAU= hit an all-time high of $3,500.05 an ounce in April, up 95% since February 2022 when Russia invaded Ukraine.

Jun 17 - Ghana has lost $11 billion to gold smuggling, links to UAE (Reuters)

- Ghana is losing billions of dollars in revenue annually to smuggling from its booming artisanal gold mining sector with much of the gold flowing to the United Arab Emirates, according to a report by nonprofit Swissaid.

- The report found a staggering 229 metric ton trade gap, equivalent to $11.4 billion, between Ghana's gold exports and corresponding imports over just five years, with most of the smuggled gold ending up in Dubai.
"This is just the tip of the iceberg," said Ulf Laessing, head of the Sahel programme at Germany's Konrad Adenauer Foundation, who analyses insurgency and artisanal mining operations in the region.
"Hand-carried gold does not have to be declared in Dubai ... informal gold is mostly brought in on flights," highlighting other opaque ways Africa's gold is smuggled into the UAE.
The Swissaid report said Ghana's gold is largely smuggled to Togo before ending up in Dubai while some bullion passes through Burkina Faso into Mali, using porous borders.
A senior official at Ghana’s regulatory Minerals Commission described Swissaid's findings as "a notorious fact".

- Ghana’s finance ministry did not respond to a request for comment.
The report noted how a 3% withholding tax on artisanal gold exports imposed by Africa's top gold producer in 2019 backfired dramatically, as declared exports collapsed while smuggling surged. The government's reduction of the tax to 1.5% in 2022 partially reversed the trend, with formal exports rebounding. In March, Ghana’s finance minister scrapped the tax, subsequently praising policy reforms for a surge in artisanal exports this year.
An estimated 34 tons of the country’s 2023 gold output were undeclared – approximately the same amount recorded as the country’s total artisanal production for that year, according to the Swissaid report released on June 11.

- SLOW REFORMS

- Ghana earned $11.6 billion in revenue from gold exports last year and has stepped up reforms to centralise and clean up the trade. Its experience mirrors a continent-wide pattern where Africa's gold-producing nations consistently report lower exports than what importing countries, particularly the UAE, declare as receipts.

- Reforms by Dubai to curb gold smuggling have yielded limited results.
Informal mining provides livelihoods for over 10 million people in sub-Saharan Africa, according to a May UN report, but increasingly it serves as a funding channel for organised crime and armed conflict.
"While the new government has shown some willingness to fix some governance issues that have bedeviled the gold sector for years, and which were largely ignored by the previous administration, its pace has been quite slow," said Bright Simons of Accra-based think tank Imani Center for Policy and Education.

Jun 16 - China's crude steel output falls, keeping industry on track for cuts
China's crude steel output slipped sharply in May compared to the prior year, surprising analysts and keeping steelmakers on track for lower production this year in line with Beijing's push to cut output in the sector. Beijing unveiled plans in March to restructure the giant steel sector via output cuts this year, leaving key details including the time and scale of output curb unanswered. 

Jun 16 - Nippon Steel shares rise after Trump approves $14.9 billion US Steel bid
Nippon Steel shares rose after U.S. President Donald Trump approved its $14.9 billion bid for U.S. Steel, clearing a key hurdle in its 18-month pursuit and securing access to a vital market for its growth strategy. The approval capped a tumultuous process marked by union resistance and two national security reviews.

Jun 16 - Global imbalances grow as ever more copper flows to the US: Andy Home
The collective scramble to move as much physical copper as possible to the U.S. before the imposition of import tariffs is creating shortages in the rest of the world. London Metal Exchange stocks have fallen to nearly two-year lows with time-spreads flaring into backwardation as inventory drains away. 

Jun 16 - India moves to conserve its rare earths, seeks halt to Japan exports, sources say
India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, two sources familiar with the matter told Reuters, aiming to reduce India's dependence on China. IREL also wants to develop India's capacity for rare earth processing, which is dominated globally by China and has become a weapon in escalating trade wars. 

Jun 13 - Trump's tax-cut bill could hold back US critical minerals projects
U.S. President Donald Trump's tax and spending bill would make it harder for American critical minerals companies to compete with China because it eliminates a tax credit for boosting domestic production of nickel, rare earths and other materials used in advanced electronics and weaponry. With Trump and Republican lawmakers aiming to cut government support for green energy projects, the U.S. House of Representatives passed a version of his "One Big Beautiful Bill Act" last month that eliminates the so-called 45X credit. 

Jun 13 - US takes first step for potential mineral lease sale near American Samoa
The U.S. Interior Department said on Thursday it was publishing a request for information and interest to explore the potential for seabed mineral leasing offshore American Samoa. The step will launch a 30-day public comment period and initiate formal action toward what could be the first mineral lease sale in federal waters in over 30 years, the department said in a statement

Jun 12 - China-US trade deal kicks the rare earths can down the road: Russell
The tentative deal between the United States and China may represent a retreat from the worst-case scenario of a total collapse of trade between the world's two biggest economies, but it creates more problems than it solves. President Donald Trump touted the agreement, which is still subject to final approvals on both sides, as a "great deal" that will be good for both countries.

Jun 12 - China-backed militia secures control of new rare earth mines in Myanmar
A Chinese-backed militia is protecting new rare earth mines in eastern Myanmar, according to four people familiar with the matter, as Beijing moves to secure control of the minerals it is wielding as a bargaining chip in its trade war with Washington. China has a near-monopoly over the processing of heavy rare earths into magnets that power critical goods like wind turbines, medical devices and electric vehicles. 

Jun 12 - Glencore halted some cobalt deliveries over Congo export ban
Glencore declared force majeure on some deliveries of cobalt from Democratic Republic of Congo days after the government suspended exports of the battery material, three sources familiar with the matter told Reuters. Congo, the world's largest cobalt producing country, introduced a four-month ban on all cobalt exports in February in an attempt to curb a supply glut that helped send prices to nine-year lows and stifled its tax revenues.

Jun 11 - Lower grade Australian iron ore sparks global benchmark change 
The longstanding global pricing benchmark for most traded iron ore cargoes will be adjusted in 2026 to reflect the falling quality of ore from top supplier Australia, pricing service Platts said. Platts, part of S&P Global Commodity Insights, proposed to revise down the specification for its benchmark index to 61% iron content from 62% due to the declining quality of Australian iron ore fines, the global price reporting agency said on Tuesday. 

Jun 11 - Demand destruction can help break China's rare earths chokehold: Andy Home
Beijing's restrictions on rare earth exports have brutally exposed the West's dependency on Chinese supplies of these esoteric metals and the permanent magnets they help power. But it's not as if we haven't been here before. China did the same in 2010. Western automakers have chosen to ignore the historical precedent and doubled down on a technology that remains almost totally beholden to Beijing's export whims. 

Jun 11 - Zimbabwe to ban export of lithium concentrates from 2027
Zimbabwe will ban the export of lithium concentrates from 2027 as it extends its push for more local processing, mines minister Winston Chitando said on Tuesday. Africa's top producer of lithium, used in batteries to power renewable energy technologies, banned the export of lithium ore in 2022 and has been pushing miners to process more domestically.

Jun 10 - Aluminium producers in the US win from Trump's tariffs
Century Aluminum, the largest primary aluminium producer in the U.S., and top recycler Matalco will be among the big winners from President Donald Trump's higher tariffs on imports of the metal as domestic prices surge, four industry sources said. However, some sector players are worried that Trump's move from June 4 to hike the tariffs to 50%, from 25%, could push prices so high that demand starts to weaken.

Jun 10 - US-China trade, minerals talks in London set to extend to second day; Trump upbeat
U.S.-China trade talks were set to extend to a second day in London as top economic officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, threatening a global supply chain shock and slower economic growth. Talks at Lancaster House, an ornate UK government mansion, wrapped for the night on Monday and were set to resume at 0900 GMT on Tuesday, a U.S. source familiar with the negotiations said.

Jun 09 - China's rare earth exports jump 23% in May despite export curbs
China's outbound shipments of rare earths in May jumped 23% on the month to their highest in a year, though Beijing's export curbs on some of the critical minerals halted some overseas sales, with shortages rippling through global manufacturing. China's April export curbs on several types of rare earths and rare earth magnets shut parts of the global auto industry and figured heavily in a rare telephone call last week between the leaders of the United States and China.

Jun 09 - US aluminium tariffs threaten scrap clash with European Union: Andy Home
U.S. President Donald Trump's move to double tariffs on aluminium imports heightens the risk of a full-blown scrap war with the European Union. Although they are supposed to be blanket tariffs with no exceptions or exemptions, there is one significant gap in the tariff wall. Aluminium scrap is explicitly excluded on the grounds it constitutes a key raw material for U.S. manufacturers. 

Jun 06 - Nickel oversupply to persist on expansion, slower demand growth, industry experts say
Oversupply in the global nickel market is expected to persist over the next few years given production capacity expansion and slower growth in demand for the metal used in batteries and stainless steel, speakers at an industry event said this week. A surge in new nickel supply in Indonesia, the world's biggest producer with a market share of about 63%, has led to benchmark prices halving over the past three years.  

Jun 06 - Silver surges past $35/oz level to hit a more than 13-year high
Silver has soared to the key milestone of $35 per ounce, reaching its highest level in more than 13 years, propelled by robust industrial demand and ongoing supply deficits, analysts said. Spot silver rose 2.5% to $35.82 per ounce as of 1347 GMT, having touched its highest level since February 2012 at $36.08.

Jun 05 - China increases scrutiny of rare earth magnets with new tracking system
China has introduced a tracking system for its rare earth magnet sector, three sources said, as its export restrictions on them begin to cut off customers around the world. The national tracking system, which went into effect last week, requires producers to submit extra information online including trading volumes and client names, said two sources familiar with the matter and another briefed by those involved. 

Jun 05 - EU picks 13 new critical material projects, including in Greenland
The European Union on Wednesday announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential for it to stay competitive in the energy transition as well as defence and aerospace. The announcement follows China's decision in April to impose export curbs on rare earth magnets until new licences are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Jun 04 - Higher metals tariffs kick in as deadline for 'best' offers arrives
The U.S. tariff rate on most imported steel and aluminum doubled on Wednesday as President Donald Trump ratchets up a global trade war on the same day he expects trading partners to deliver their "best offer" in bids to avoid punishing import tax rates on other goods from taking effect in early July. Late on Tuesday, Trump signed an executive proclamation that puts into effect from Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminum imports that had been in place since March to 50% from 25%.  

Jun 04 - Indonesian nickel miners working to launch local metal exchange in 2026
An Indonesian nickel miners association is preparing a domestic metal exchange for futures contracts for nickel and other metals, aiming for a launch in the first half of 2026, its secretary general said. Indonesia is the world's biggest producer of nickel and has the largest global reserves.

Jun 03 - Aluminium premium for US buyers soars after Trump doubles tariffs
Premiums for consumers buying aluminium on the physical market in the United States soared on Monday after U.S. President Donald Trump said he planned to increase tariffs on imported steel and aluminium to 50% from 25%. The U.S. is heavily reliant on aluminium imports. About half of all aluminium used in the country for transport, packaging and construction is delivered from elsewhere, with the vast majority coming from Canada. The new tariffs are due to take effect on June 4. 

Jun 03 - Goldman Sachs lifts second-half 2025 aluminium forecast to $2,280/t
Goldman Sachs has raised its aluminium price forecast for the second half of 2025 by $140 to $2,280 per metric ton, citing a smaller than expected market surplus, but expects prices to decline in early 2026. The bank said the impact of the trade war on global activity had been less severe than expected, prompting it to raise its 2025 global aluminium demand growth forecast from 1.1% year-on-year to 1.8%. 

Jun 02 - Steelmakers in South Korea, Vietnam tumble on Trump's new tariffs Shares in South Korean and Vietnamese steelmakers, major Asian exporters of the metal to the United States, dropped on Monday after U.S. President Donald Trump said he would double tariffs on imported steel and aluminium to 50%. Trump announced on Friday the new steel and aluminium levies, which take effect on June 4, intensifying a global trade war just hours after he accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals. 

Jun 02 - Miner Vale misses deadline for power to expand Brazil nickel complex
Brazilian power grid operator ONS told Reuters it denied miner Vale's request to increase power consumption at its northern Onca Puma nickel complex, after missing a deadline to confirm the bid. The denial comes as Vale prepares to start up a second furnace at Onca Puma, a $555 million expansion that should help the miner boost nickel production in coming years.

May 30 - Barrick asks World Bank court to intervene in Mali proceedings
Barrick Mining has asked the arbitration tribunal of the World Bank to intervene in legal proceedings in Mali, as the miner faces the possibility of the Loulo-Gounkoto mine falling under the control of the Mali government. Barrick's move comes as a local court in Mali is expected to rule on June 2 on the government's request to put the Canadian miner's gold mine under a provisional administration.  

May 30 - Glencore restructures coal assets under single Australian unit
Glencore said on Thursday it had restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, making it easy to manage. The Swiss-based miner and trader bought Canadian miner Teck Resources' steelmaking coal assets for $6.9 billion and initially outlined a plan to spin off all its coal assets, which was later abandoned.  

May 29 - US ruling that Trump tariffs are unlawful stirs relief and uncertainty

•     Trump administration has said it will appeal the court ruling
•     US dollar, banks, luxury, chipmakers lead gains
•     Analysts say even a pause provides valuable time

- A U.S. trade court ruling that blocked most of President Donald Trump's tariffs and found he had overstepped his authority triggered some relief on financial markets on Thursday, while adding to the uncertainties weighing on the global economy. Among the United States' big trading partners, in the throes of negotiation with the Trump administration, Germany said it could not comment, as did the European Commission.

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"We ask for your understanding that we cannot comment on the legal proceedings in the U.S., as they are still ongoing," a spokesperson for Germany's economy ministry said.
"We continue to hope that a mutually beneficial solution can be reached in the negotiations between the EU Commission and the U.S. government."
Winners on financial markets included chip makers, banks, luxury stocks and auto industry, all hit hard by tariff-led disruptions.
The U.S. dollar rallied 0.2% against the yen and 0.3% against the Swiss franc as currencies and assets that have benefited from the tariff-induced market turmoil fell.

- Wall Street stock index futures rose by more than 1.5%
The trade court ruling on Wednesday dealt a blow to Trump's central policy of using tariffs to wring concessions from trading partners.
His administration immediately said it will appeal and analysts said investors will remain cautious as the White House explores its legal avenues.
Following a market revolt after Trump's major tariff announcement on April 2, the U.S. president paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners. But apart from a pact with Britain this month, agreements remain elusive and the court's stay on the tariffs may dissuade countries like Japan from rushing into deals, analysts said.

- Another pause in Trump's stop-start trade policy could be helpful to opponents of his tariffs and to traders who relish volatility.
"Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs – which can’t exceed 15% for the time being," George Lagarias, chief economist at Forvis Mazars international advisers, said.

May 29 - Global aluminium producer slashes premium offer to Japan buyers, say sources
A global aluminium producer has offered Japanese buyers a premium of $145 per metric ton for July-September primary metal shipments, down 20% from the current quarter, two sources directly involved in quarterly pricing talks said on Thursday. The lower offer reflects weak sentiment, driven by uncertainty over demand because of U.S. tariffs and increased supply to Asia due to falling overseas premiums, the sources said.  

May 29 - Steel industry doubts China will enforce output cut plans
China says it wants to cut crude steel output this year but traders and steelmakers are betting Beijing won't follow through as industry profitability improves and trade tensions weigh on the economy. The world's largest steel producer in March unveiled plans to cut output and restructure its giant steel sector to address overcapacity which has long plagued the industry and is spilling over into export markets and angering trade partners.

May 28 - Rio Tinto split with CEO Stausholm over conflicting priorities, sources say
Rio Tinto's board and Jakob Stausholm agreed to part ways last week amid mounting concerns the CEO was reluctant to follow board priorities, including focusing on costs, after years of expansions in lithium, copper and iron ore, three sources said. Rio, the world's second-largest listed mining company, surprised investors last week by announcing Stausholm would step down later this year when a successor is appointed. 

May 28 - Ukraine revamps minerals sector, eyes billions in investment from US deal
Ukraine is overhauling its minerals sector, which has been pounded by three years of war, in the hope of unlocking potential and attracting billions of dollars of investment from a minerals deal with the U.S., its ecology minister said. The country has deposits of 22 of 34 minerals deemed as critical by the European Union for industries such as defence, high-tech appliances and green energy, as well as ferro alloy, precious and non-ferrous metals used in construction, and some rare earth elements.

May 27 - Platinum price rockets to two-year high on strong Chinese demand, tightening supply

- Platinum prices surged to a two-year high on Friday, propelled by a sharp rise in Chinese imports, persistent supply concerns, and renewed investor interest in the metal used in catalytic converters, jewellery and electronic items.

- Spot platinum rose to its highest level since May 2023, to $1,096.40 per ounce. The metal is up 20% so far this year.
“The fundamental support stems from the prospect for a third annual supply deficit and reports of increased demand for bars, coins and jewellery in China as investors cast their eye on cheap platinum relative to expensive gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.

- Traders said that the rise in the platinum price was driven by speculative buying after it broke above the major psychological level of $1,000 per ounce earlier this week.
 “China was a very good physical buyer at the price of around $950/oz. The spike above $1,000 will mute this demand,” said a trader.

May 27 - Chinese customs caution slows some rare earth magnet exports, sources say
Chinese customs are holding up some shipments of lower-performance rare earth magnets used in appliances and consumer electronics because of confusion over how to apply Beijing's export curbs, according to three sources. Rare earth magnets blend elements from the family of 17 elements and the mix determines performance. High-performance types go into cars, wind turbines and fighter jets with weaker ones used in consumer electronics and household appliances. 

May 27 - Garage meets and sleepless flights: How Nippon Steel's negotiator stuck at US merger
Snow lay thick in the Pittsburgh suburbs as Takahiro Mori, a bespectacled, 67-year-old executive from Japan's Nippon Steel, huddled in a cluttered garage with community leaders to reassure them he was not giving up on a bid to buy the town's steel mill. Just days before the early January meeting, U.S. President Joe Biden had blocked Nippon Steel's proposed $14.9 billion takeover of U.S. Steel, a move both companies said risked thousands of jobs and billions of dollars in investment.

May 26 - Trump's backing for Nippon's US Steel bid leaves key questions unanswered
U.S. President Donald Trump's comments supporting Nippon Steel's $14.9 billion bid for U.S. Steel left lingering questions about the scope of the deal and its costs for the Japanese firm, leading to muted gains for its shares on Monday. As part of the deal announced on Friday, Trump said in a post on Truth Social the "planned partnership" between the two companies will create at least 70,000 jobs and add $14 billion to the U.S. economy. 

May 26 - Nigeria to open two Chinese-backed lithium processing plants this year
Nigeria is set to commission two major lithium processing plants this year, the country's mining minister announced on Sunday, marking a shift from raw mineral exports towards adding value domestically. The facilities, largely funded by Chinese investors, could help transform Nigeria's vast mineral wealth into jobs, technology, and manufacturing growth within the country.

May 23 - Trump renews trade threats, taking aim at European Union, Apple

•     Trump threatens 25% tariff on non-US made iPhones
•     Markets react negatively, S&P 500 down 0.9% at open
•     Apple plans to shift manufacturing to India by 2026
•     Apple's planned US investments do not include iPhone production

- U.S. President Donald Trump threatened on Friday to ratchet up his trade war once again, pushing for a 50% tariff on European Union goods starting June 1 and warning Apple , opens new tab he may slap a 25% levy on all iPhones bought by U.S. consumers.
The twin threats, delivered via social media, roiled global markets after weeks of de-escalation had provided some reprieve. The S&P 500 fell 1% in early trading, the Nasdaq fell 1.2%, and European shares fell 1.5%.

- Trump's broadside against the EU was prompted by the White House's belief that negotiations with the bloc are not progressing fast enough. But his saber-rattling also marked a return to Washington's stop-and-start trade war that has shaken markets, businesses and consumers and raised fears of a global economic downturn.

- The president's attack on Apple, meanwhile, is his latest attempt to pressure a specific company to move production to the United States, following automakers, pharmaceutical companies and chipmakers. However, the United States does not produce any smartphones - even as U.S. consumers buy more than 60 million phones annually - and moving production would likely increase the cost of iPhones by hundreds of dollars."All the optimism over trade deals wiped out in minutes – seconds, even," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a note.U.S. Treasury Secretary Scott Bessent told Fox News on Friday that the 50% EU threat will hopefully "light a fire under the EU," adding that other countries have been negotiating with Washington in good faith.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump wrote on his Truth Social site.

"Our discussions with them are going nowhere!"- The European Commission on Friday declined to comment on the new threat, saying it would wait for a phone call between EU trade chief Maros Sefcovic and his U.S. counterpart Jamieson Greer scheduled for Friday. Envoys from the 27 EU countries are also due to meet on trade in Brussels later in the day.Speaking to reporters in The Hague, Dutch Prime Minister Dick Schoof said he agreed with the EU's strategy in trade talks with the United States, and said the EU would likely to see this latest announcement as part of the negotiations."We have seen before that tariffs can go up and down in talks with the US," he said.The White House paused most of the punishing tariffs Trump announced in early April against nearly every country in the world after investors furiously sold off U.S. assets including government bonds and the U.S. dollar. He left in place a 10% baseline tax on most imports, and later reduced his massive 145% tax on Chinese goods to 30%."My base case is that they are able to reach an agreement, but I am most nervous about negotiations with European Union," said Nathan Sheets, global chief economist at Citigroup in New York.

- A 50% levy on EU imports could raise consumer prices on everything from German cars to Italian olive oil.EU's total exports to the United States last year totaled about 500 billion euros ($566 billion), led by Germany (161 billion euros), Ireland (72 billion euros) and Italy (65 billion euros). Pharmaceuticals, cars and auto parts, chemicals and aircraft were among the largest exports, according to EU data.The White House has been in trade negotiations with numerous countries, but progress has been unsteady. Finance leaders from the Group of Seven industrialized democracies tried to downplay disputes over the tariffs earlier in the week at a forum in the Canadian Rocky Mountains."The EU is one of Trump's least favorite regions, and he does not seem to have good relations with its leaders, which increases the chance of a prolonged trade war between the two," said Kathleen Brooks, research director at XTB.Shares in Germany carmakers and luxury companies, some of the most exposed to tariffs, fell on the threats.Volvo Cars CEO Hakan Samuelsson told Reuters on Friday that customers would have to pay a large part of tariff-related cost increases, and that it could become impossible to import the company's smallest cars to the United States.- But he remained hopeful that Europe and the United States will soon come to an agreement."It could not be in the interest of Europe or the U.S. to shut down trade between them," Samuelsson said.Apple declined to comment on

- Trump's threat, which would reverse exclusions he granted on smartphones and other electronics imported largely from China, in a break for Big Tech firms that sell consumer goods. Shares fell 2.5% in Friday trading."I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump said in a post on Truth Social on Friday, referring to the Apple CEO, without additional details.

- Any effort to impose a tariff on Apple alone would likely face legal hurdles, according to experts."There's no clear legal authority that permits company specific tariffs, but the Trump administration may try to shoehorn it under its emergency power authorities," said Sally Stewart Liang, a partner at Akin Gump in Washington. Company-specific tariffs would require long investigations, such as those on anti-dumping, Liang said.Apple is speeding up plans to make most iPhones sold in the United States at factories in India by the end of 2026 to navigate potentially higher tariffs in China.But the odds on moving production to the U.S. are slimmer. In February, Apple said it will spend $500 billion over four years in nine American states, but that investment was not intended to bring iPhone manufacturing to the U.S."It is hard to imagine that Apple can be fully compliant with this request from the president in the next 3-5 years," D.A. Davidson & Co analyst Gil Luria said.

May 23 - Rio Tinto CEO Stausholm to step down in surprise move
Rio Tinto CEO Jakob Stausholm, who in his 4-1/2 year tenure oversaw a big bet on lithium and a cultural overhaul at a firm strongly criticised for workplace toxicity, is to step down, the miner said on Thursday in a surprise to investors. In a statement to the market, the company said only that Stausholm will step down later this year once a succession process, already underway, concludes. It gave no further details.

May 23 - Japan's April crude steel output falls 6.4% on weak construction demand
Crude steel output in Japan, the world's No.3 producer, fell 6.4% in April from a year earlier, pressured by sluggish construction demand and weak exports amid robust shipments from top producer China. Output, which is not seasonally-adjusted, declined to 6.6 million metric tons, following a small increase in the previous month, the Japan Iron and Steel Federation said. Production also decreased 8.4% from March.

May 22 - Energy storage boom drives battery shift, leaving nickel, cobalt behind
When Fidra Energy acquired a 55-acre (22-hectare) patch of northern England countryside in 2023, its plan to transform it into a 1.45 gigawatt energy storage facility - Europe's largest once completed - was far from a done deal. "We were struggling to make the economics work," Chris Elder, the Edinburgh-based company's CEO, told Reuters.

May 22 - Low diversity in critical mineral markets could hurt industry, IEA says
Critical mineral markets are at risk of painful disruptions after becoming more concentrated, particularly in refining and processing, and with the spread of export restrictions, the IEA said in a report on Wednesday. The use of critical minerals has spiked in recent years sparked by energy transition projects such as electric vehicles, battery storage, renewables and grid networks, while the industry has consolidated to a few major players.

May 21 - Trump's copper tariff threat still a lucrative bet for traders
Unusually large shipments of copper to the United States are unlikely to abate as long as the threat of tariffs hangs over the market and price premiums for the metal on U.S.-based COMEX make deals profitable for traders and producers, analysts said. Since February, when U.S. President Donald Trump ordered a probe into potential new tariffs on imports of copper vital for electric vehicles, power grids and construction, prices of the metal on COMEX have soared. 

May 21 - China's CMOC calls on Congo to lift cobalt export ban, sources say
China's CMOC Group, the world's top cobalt mining company, called on Democratic Republic of Congo last week to lift a ban on exports of the battery metal, which is currently due to expire next month, three sources told Reuters. Congo, the world's leading cobalt producing country, imposed the four-month ban in February in an attempt to curb surpluses as cobalt prices touched nine-year lows around $10 a lb, or $22,000 a metric ton.  

May 20 - Shanghai exchange looks to open domestic nickel contract to foreigners this year, sources sayThe Shanghai Futures Exchange (ShFE) is considering opening its domestic nickel futures contract to foreign investors this year, instead of launching a separate contract on its International Energy Exchange (INE), two sources with knowledge of the matter said. ShFE has been exploring a more internationally-accessible nickel contract since at least 2023 as part of broader plans to build its global presence and challenge the dominance of rival the London Metal Exchange (LME). 

May 20 - Chile lithium deal deepens Rio Tinto's push into 'white gold' EV metal
Chile's Codelco will partner with global mining giant Rio Tinto for its new Maricunga lithium project, the state miner said on Monday, bringing a major new player into the sector in the world's second-largest producer of the EV battery metal. The partnership means Rio Tinto will break into a sector dominated for years in Chile by local miner SQM and U.S. rival Albemarle Corp, as it seeks to deepen its still-young push into the coveted "white gold" metal.

May 19 - China April crude steel output misses expectations
China's crude steel output in April slid 7% from March, defying analysts' expectations of a rise against the backdrop of healthy profits and robust exports, but production was still reasonably high. The world's largest steel producer made 86.02 million metric tons of crude steel last month, flat with April a year ago and down from 92.84 million tons in March, data from the National Bureau of Statistics (NBS) showed on Monday.  

May 19 - Tariffs, Trump and China in focus as metals industry gathers in Asia
As the metals industry gathers in Hong Kong for its annual shindig, the focus will be on the large amounts of copper being diverted to the U.S. due to President Donald Trump's threat to impose tariffs on the metal. Trump’s efforts to upend the post-war trading system have roiled metals markets and opened questions about the trajectory of global growth and the flow of commodities.

May 16 - China export curbs propel tungsten to highest since 2013
European tungsten prices surged this month to their highest in more than a decade, as traders scrambled for supplies after China imposed export curbs and reduced quotas on the metal used in aerospace, electronics, and military applications. China imposed export controls on tungsten, tellurium, molybdenum, bismuth and indium, in retaliation to U.S. tariffs, in February. 

May 16 - China's output cap to underpin aluminium despite trade wars
Weakness in aluminium demand linked to trade tensions will likely weigh on prices this year, but a longstanding cap on Chinese output could limit losses, analysts said. Prices of aluminium rose 7% last year, have fallen 2% on the London Metal Exchange (LME) so far this year after U.S. President Trump imposed tariffs.

May 15 - Congo may impose more cobalt curbs after four-month export ban
The Democratic Republic of Congo may impose strict curbs on exports of cobalt when its existing four-month export ban ends, the head of a government agency said on Wednesday. Congo, the world's leading producer of cobalt, imposed the export ban in February to try to revive prices for the metal, which is used for batteries for electric vehicles and mobile phones.

May 15 - Judge to hear Mali's request to reopen Barrick mine under new management, official saysA court in Mali will hold a hearing on Thursday to consider a request made by Mali's military government to reopen Canadian miner Barrick's Loulo-Gounkoto gold mine under a provisional administration, a court official said.  Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.

May 14 - Beijing has issued first rare earth magnet export permits, Volkswagen suppliers on the list
China has issued export permits to at least four rare earth magnet producers including suppliers to Volkswagen, the German carmaker and industry sources said, the first granted since Beijing restricted shipments last month and a sign that the critical materials will continue to flow. Baotou Tianhe Magnetics, which makes the magnets used in electric and hybrid car motors, received a licence for Volkswagen in late April, three sources said. One of the sources added that the automaker had reached out to Beijing to help during the process. 

May 14 - Global cobalt market seen swinging to deficit from surplus in early 2030s
Demand for cobalt will rise faster than supply, allowing the market to reduce the 2024 surplus in coming years and swing to a deficit in the early 2030s, the Cobalt Institute said in a research on Wednesday. In the short term, the future of the cobalt market depends on what the Democratic Republic of Congo (DRC), the world's top producer of the mineral used to make the lithium-ion batteries that power electric vehicles, decides to do after its four-month export ban, imposed in late February.

May 13 - Codelco and Rio Tinto ramp up efforts for Chile copper 'mining district'
Chilean copper producer Codelco and global miner Rio Tinto will jointly aim to create a copper "mining district" around their shared Nuevo Cobre project in the Atacama region of northern Chile, Codelco said on Monday. The new agreement establishes a joint committee and shared funding for preliminary studies for an initial 12-month period, with the possibility to be extended, Codelco said in a statement. 

May 13 - Trade war truce should smooth rare earth export licenses for US customers, say sources
Rare earth export permits for U.S. customers are likely to have an easier time getting approval from Beijing after Monday's trade war truce, however a complete removal of the restrictions is unlikely, according to two sources in the industry in China. China added seven rare earths and related items to a control list in April as part of its retaliation against U.S. tariffs. The decision means exporters need to apply for licenses before selling outside China.

May 12 - US judge halts land exchange for Rio Tinto copper mine opposed by Native Americans
A U.S. federal judge on Friday temporarily blocked the Trump administration from transferring land to Rio Tinto and BHP for a copper mine opposed by Native Americans, citing the Supreme Court's ongoing deliberations in the complex case. The long-running fight over the Resolution Copper project pits the religious rights of Arizona's San Carlos Apache people against rising demand for copper for the energy transition and Washington's drive to expand minerals production. 

May 12 - A gallium lens on China's minerals dominance and how to break it: Andy Home
The price of gallium has been rising ever since China started restricting exports of the exotic metal in August 2023. This is not surprising since China has a near monopoly on global gallium production, just as it does across the critical materials spectrum.

May 09 - China's first four-month steel exports at record high despite tariff turmoil
China's steel exports in April topped 10 million metric tons for a second straight month bringing the total in the first four months to a record high, underpinned by front-loaded shipments ahead of U.S. President Donald Trump's hefty tariffs. The world's largest steel producer and exporter shipped 10.46 million tons of steel last month, customs data showed. 

May 09 - Gold reserves in London vaults rise in April as bullion returns from US
The London Bullion Market Association said on Thursday that gold held in London vaults totalled 8,536 metric tons at the end of April, up 0.6% from the previous month, as more of the precious metal returned from New York to London after dislocation. The premium of the most active COMEX gold futures' over London spot prices normalised in April, when the Trump administration excluded the precious metal from broader U.S. import tariffs, after being elevated for months.

May 08 - Argentina lithium boost expected this year, mining chamber says
Lithium production in Argentina is expected to jump some 77% this year, mining chamber CAEM said on Wednesday, climbing to 131,800 metric tons of lithium carbonate equivalent. Gold output, however, is seen dipping between 0.6% and 9.3% from the year before and silver output could fall between 9.3% and 14.3%, CAEM said. 

May 08 - Iron ore tells a different story to the China tariff pain narrative: Russell
Concern is mounting over just how big a hit the Chinese economy is going to take from the massive tariffs imposed by the United States, but so far the commodity most at risk is seemingly unaffected. Iron ore is the major commodity most exposed to China, given that the world's second-biggest economy buys more than 70% of all seaborne volumes, which it uses to produce just over half of global steel.

May 07 - After Ukraine deal, US turns its critical minerals gaze to Africa: Andy Home
Away from the headlines around the minerals deal with Ukraine, the United States has pursued a potentially even more significant critical metals deal in the Great Lakes region of Africa. The government of the Democratic Republic of Congo reached out to the Donald Trump administration with a Ukrainian-style proposal in February in response to the rapid advance of the Rwandan-backed M23 rebel group in the east of the country. 

May 07 - Lynas CEO says company is eyeing rare earths buys in Malaysia, Brazil
Lynas Rare Earths is eyeing potential purchases of rare earths deposits in Malaysia and Brazil and plans to work with early-stage developers to help bring their mines online, its CEO Amanda Lacaze said. The world's largest rare earths producer outside of China is considering fresh growth options given macroeconomic uncertainties, she said at the Macquarie Australia Conference in Sydney.

May 06 - Gold to continue outperforming silver, Goldman Sachs says
Gold will continue to outperform silver, Goldman Sachs said in a note on Monday, citing strong central bank demand for bullion as a factor that has structurally elevated the gold-silver price ratio. The gold-silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, currently stands at around 102, versus about 84.7 a year ago.  

May 06 - Peabody may exit Anglo American's assets deal over damaged coal mine
Peabody Energy said on Monday if issues involving Anglo American's Moranbah North mine were not resolved to its satisfaction, it may elect to terminate its pending deal to acquire some of the British mining company's Australian steelmaking coal assets. Production at Anglo American's Moranbah North coal mine - located in the Bowen basin in Queensland, Australia - was suspended after an underground fire broke out at the mine in March.  

May 05 - US adds 10 more mining projects to fast-track permitting listThe Trump administration on Friday added 10 more U.S. mining projects to a fast-track permitting list aimed at expanding critical minerals production across the country. The projects - which would supply copper, palladium and other minerals - have been granted FAST-41 status, a federal initiative launched in 2015 to streamline approvals of critical infrastructure.  

May 05 - Agnico Eagle calls for Canadian Arctic strategy amid US threats
Agnico Eagle Mines, Canada's biggest gold miner, wants the new government to develop a formal Arctic strategy in response to U.S. President Donald Trump's threats to make Canada its 51st state, the company's Chairman Sean Boyd said. Earlier this year, Agnico overtook Barrick Mining's market capitalization to become the world's second-largest gold miner, just below Newmont Corp, the largest extractor of bullion by production and market capitalization.

May 02 - US, Ukraine may wait decade or more to see revenue from minerals deal
The financial payoff from a new minerals deal between Ukraine and the U.S. is likely to take a decade or longer as investors face many hurdles to getting new mines into production in the war-ravaged country. Developing mines that produce strategically important minerals in countries with established mining sectors such as Canada and Australia can take 10 to 20 years, mining consultants said on Thursday. 

May 02 - Rio Tinto shareholders reject call to review dual-listed structure
An overwhelming majority of Rio Tinto shareholders sided with the board to vote against an activist fund proposal that the mining company should review its dual listing in Sydney and London. The mining giant said on Thursday that 19.35% of shareholders backed the motion put forward by London-based Palliser Capital.

May 01 - Ukraine, US sign minerals deal sought by Trump
Ukraine and the U.S. on Wednesday signed a deal heavily promoted by U.S. President Donald Trump that will give the United States preferential access to new Ukrainian minerals deals and fund investment in Ukraine's reconstruction. The two countries signed the accord in Washington after months of sometimes fraught negotiations, with uncertainty persisting until the last moment with word of an eleventh-hour snag.

May 01 - Study Group expects weak demand to trump copper's supply stress: Andy Home
The copper market may need to rethink its bull narrative of constrained supply and worry more about weakening demand, judging by the latest forecasts from the International Copper Study Group. The Group, which has just gathered in Lisbon for its latest twice-yearly meet, is expecting a hefty supply surplus of almost 500,000 metric tons over the course of 2025 and 2026 as global demand growth slows.

Apr 30 - Ukraine's mining heartlands tell Trump: Don't take advantage of us
As Kyiv and Washington work on a deal that will give the U.S. a share of Ukraine's mineral wealth, Ukrainians who live with seams of iron beneath their feet have a message for Donald Trump: don't take advantage of us, these resources are ours. The U.S. president has put pressure on Kyiv by threatening to stop the flow of military supplies to help it fight Russia's invasion unless the U.S. gets some payback for the billions of dollars the aid is costing.

Apr 30 - ArcelorMittal tops views on first-quarter core profit
ArcelorMittal, the world's second-largest steelmaker, reported first-quarter core profit above market expectations, helped by a strong performance in Liberia. The Luxembourg-based company reported quarterly earnings before interest, taxes, depreciation and amortisation of $1.58 billion, beating analysts' consensus estimate of $1.55 billion provided by the company.

Apr 29 - Hydro signs billion-euro deal to supply NKT with low-carbon aluminium for EU grid
Hydro has signed a long-term deal to supply low-carbon aluminium wire rod to Denmark's NKT for the production of power cable to upgrade Europe's grid infrastructure, the Norwegian company said. The European Union published a plan in 2023 to boost the efficiency of its electricity grids and roll out upgrades quickly to facilitate the energy transition.

Apr 29 - US steelmaker Nucor tops quarterly estimates on higher spot prices
U.S. steelmaker Nucor Corp beat analysts' estimates for first-quarter revenue and profit on Monday, helped by strength in its mills segment operations. The segment, which produces steel sheets, plates, bars and structural steel, reported a 10% rise in total shipments to 6.4 million tonnes.

Apr 28 - China's Baosteel expects nationwide output cuts this year
China's biggest listed steelmaker, Baoshan Iron & Steel Co, said a nationwide output cut was likely this year and flagged external pressures on an industry that is already grappling with overcapacity and faltering demand. The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output.

Apr 28 - India urging firms to acquire overseas iron ore, coking coal assets, official says
India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand. "We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai.

Apr 25 - Trump signs executive order boosting deep-sea mining industry
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy. The order, which Trump signed in private, seeks to jumpstart the mining of both U.S. and international waters as part of a push to offset China's sweeping control of the critical minerals industry.

Apr 25 - As China nears peak aluminium production, what next?: Andy Home
China's aluminum production juggernaut is finally running out of road as the country's output approaches the government's capacity limit.Massive investment in primary metal smelting capacity has lifted Chinese production to 43 million in 2024, or 60% of globlal output, from just four million metric tons in 2004.

Apr 24 - Tariffs may mean more US steel jobs. Will there be workers to fill them?
The steel industry — hit with 25% tariffs as one of the first salvos of President Donald Trump’s trade war — is a prime example of Trump's quest to use taxes on imports to rebuild manufacturing in the American heartland. But the country will need many more workers to achieve his vision for a hugely expanded U.S. factory sector.

Apr 24 - Benchmark Minerals and ICE team up for battery material futures
Prices of battery materials lithium and cobalt assessed by consultancy Benchmark Minerals Intelligence will be used for contracts launched by Intercontinental Exchange in June, BMI told Reuters. For BMI, a price reporting agency, this is an important step in having its prices used to settle derivative contracts traded on exchanges, an area dominated by information firms Fastmarkets and S&P Global Commodity Insights.

Apr 23 - Hyundai Steel's $6 bln US investment draws investor ire, tests Seoul's tariff strategy
In late March, as investors kept hammering Hyundai Steel shares after the South Korean steelmaker announced a $6 billion investment in the U.S., the company organised a call with a dozen investors to calm nerves over the project that lacked detailed funding plans. "We apologise that the plan was announced when some of the details are still under review," a Hyundai Steel official told them about the deal, part of a $21 billion U.S. investment package its parent Hyundai Motor Group unveiled at the White House on March 24.

Apr 23 - United Steelworkers union still 'unalterably opposed' to US Steel-Nippon deal
The United Steelworkers union told Treasury Secretary Scott Bessent it remains "unalterably" opposed to a $15 billion bid by Japan's Nippon Steel to buy U.S. Steel, or any deal that would give Nippon influence over the company. USW President David McCall told Bessent in a letter sent late on Monday that the union did not believe any mitigations offered during an initial Committee on Foreign Investment in the United States review of the deal answered its deep national security and economic concerns.

Apr 22 - India imposes temporary tariff on some steel to stem cheap imports from China
India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

Apr 22 - Russia's Nornickel maintains 2025 nickel production forecast
Russia's Nornickel, one of the world's largest producers of nickel and the largest producer of palladium, on Monday maintained its nickel production outlook for 2025 at 204,000-211,000 metric tons. The company said it produced 42,000 tons of nickel in the first quarter of 2025, a 1.1% drop from the same period of last year, while palladium production eased 0.6% to 741,000 ounces.

Apr 21 - Ukraine says aiming to wrap up mineral deal talks within a week
Kyiv said on Friday it aims to complete talks by the end of next week about a deal with Washington on jointly exploiting Ukrainian mineral resources, an agreement Ukrainian officials hope will go some way to firming up softening U.S. support for them in their war with Russia. Though the terms of the eventual deal are not finalised, Washington has signalled it expects to have privileged access to Ukraine's natural resources by way of repayment for U.S. military support for the country over the past three years.

Apr 21 - China's export controls are curbing critical mineral shipments to the world
China's export controls on three metals important across the defence and chip sectors are keeping shipments at historically low levels despite high prices worldwide as Beijing flexes its control over the minerals supply chain. China is the world's largest producer of antimony, germanium and gallium, which have niche but vital roles in clean energy, chipmaking and defence.

Apr18 - Easter Holidays

There are lots of holidays this week and next due to Christian Easter holidays.
Some countries like Brazil are closed on both Friday 18 (Good Friday) and Monday 21 (Easter Monday). Here in France things are only closed on Monday.

Apr 17 - Gold's lustre undimmed, prices hit records above $3,300/oz
Gold prices pierced the $3,300 an ounce barrier to hit record highs as investors sought a refuge from the turbulence surrounding trade tensions between the United States and China. Spot gold hit a record of $3,317.90 per ounce on Wednesday, resuming a rally based on U.S. President Donald Trump's tariff policies, robust central bank buying and prospects of interest rate cuts by the Federal Reserve. 

Apr 17 - Lower silver demand and higher supply to reduce global deficit by 21% in 2025
The global silver deficit is expected to narrow by 21% to 117.6 million troy ounces in 2025 due to a 1% fall in demand and a 2% increase in total supply, the Silver Institute industry association said in a report on Wednesday. Silver, which is used in jewellery, electronics, electric vehicles and solar panels, as well as an investment, faces the fifth year of a structural market deficit.

Apr 16 - Mali shuts Barrick Gold's Bamako office over alleged non-payment of taxes
Malian authorities have shut the Canadian miner Barrick Gold's ABX.TO office in the capital Bamako over the alleged non-payment of taxes, two sources close to the matter told Reuters, in the latest escalation of a protracted dispute over mining revenues. Barrick confirmed in a statement that departments within the government this week closed Barrick’s Bamako office and threatened to place the suspendedLoulo-Gounkoto mine under provisional administration unless the mine was reopened and tax payments were made. 

Apr 16 - Record gold crowded by one mega player: Mike Dolan
For the first time in two years, U.S. megacap tech stocks are no longer considered the most crowded trade on the planet. They've been overtaken by gold, and that's partly related to eye-popping bullion buying from China. Bank of America's latest monthly survey of global fund managers throws up some fascinating details about how investors' anxieties and trading patterns have shifted as the trade war has escalated.

Apr 15 - Gold is an uncertain certainty amid Trump tariff turmoil: Russell
As U.S. President Donald Trump ratcheted up his tariff war on the world, gold kept climbing in lockstep to reach a succession of record highs. The precious metal reached a fresh peak of $3,245.28 an ounce on April 11 and has climbed 28% since hitting a low of $2,536.71 on November 14, shortly after Trump's victory that saw him return to the White House to start his second term in January. 

Apr 15 - Marex Group acquires UK cobalt trader Darton Commodities
Marex Group has bought UK-based Darton Commodities, a trader of cobalt metal used to make aerospace and military equipment, the financial services firm told Reuters on Monday, declining to give further details. Two sources familiar with the matter said the transaction completed in March, but they did not know how much commodity broker Marex paid for Darton or exactly when the deal was agreed.

Apr 14 - China March rare earth exports jump as Myanmar supply disruption keeps buyers nervous
China's exports of rare earths jumped 20.31% in March from a year earlier as overseas consumers booked more cargoes, fearing prices could rise further due to supply disruptions from the ongoing conflict in major supplier Myanmar. China's exports of the group of 17 minerals stood at 5,666.3 metric tons last month, according to data from the General Administration of Customs.

Apr 14 - US-China tariff war steers gold through $3,200 per ounce
Gold prices vaulted over the $3,200-per-ounce mark for the first time on Friday, as intensifying U.S.-China trade tensions rattled global markets and drove investors into the metal seen as a refuge from uncertainty. Spot gold hit a record of $3,245.28 per ounce on Friday, having broken multiple records already so far this year. 

Apr 14 - China no longer welcome in UK steel sector, minister says
China is no longer welcome in Britain's steel sector after the government had to pass emergency legislation on Saturday to ensure control of Chinese-owned British Steel, business minister Jonathan Reynolds said on Sunday. Reynolds said the refusal of China's Jingye Group to accept a roughly 500 million pound government aid package last week to stop irrevocable damage to blast furnaces left the government with no alternative to intervening directly.

Apr 11 - Falling alumina price prods some China producers to begin maintenance
Chinese alumina producers, which rushed to expand capacity after prices surged last year due to short supplies of raw material bauxite, are being squeezed by falling prices, prompting some to shut capacity for maintenance in April, industry watchers said. The alumina price on the Shanghai Futures Exchange has fallen by nearly half since its December 4 record, weighed down by expanded capacity for the key aluminium-making ingredient and as bauxite's supply tightness eases. 

Apr 11 - China primes rare earths weapon as trade war escalates: Andy Home
As U.S. President Donald Trump turns up the tariff heat on China, Beijing is targeting ever more of the United States' critical material supply chains. Weird and wonderful metals such as antimony, gallium and germanium have already been sucked into the escalating trade war with China restricting exports and banning sales to the United States.  

Apr 10 - Chile sees positive twist to any Trump tariffs on copperChile's place at the low-end of U.S. tariffs announced last week could be favorable for the world's leading copper-producing country if U.S. President Donald Trump decides to slap tariffs on copper, Chile Mining Minister Aurora Williams said on Wednesday. Trump last week imposed a 10% tariff on Chile but exempted copper. It was the baseline amount in a range that stretched as high as 50% for other countries.  

Apr 10 - Activist Ancora drops U.S. Steel campaign after Trump orders review of Nippon Steel bid
Investment firm Ancora Holdings on Wednesday walked away from a bitter board room fight with U.S. Steel, days after President Donald Trump signalled the iconic American company might be taken over by a Japanese rival after all. Ancora, which owns roughly 1% of U.S. Steel, in January mounted a proxy fight to oust the steelmaker's chief executive officer after former President Joe Biden's administration blocked a planned sale to Japan's Nippon Steel.

Apr 09 - Europe seen struggling to compete with China on rare earths
Europe will probably be able to produce only a small portion of rare earths it needs for electric vehicles and wind turbines by 2030, mainly due to cheap competition from dominant producer China, a consultant said on Tuesday. Europe and the U.S. have been scrambling in recent years to boost domestic production and processing of rare earths to cut dependence on China, which accounts for about 90% of processed rare earths globally. 

Apr 09 - Argentina aims to boost lithium production by 75% in 2025, sees no risk from trade war
Argentina, the world's fifth-largest lithium producer, expects to produce 130,800 tonnes of lithium carbonate equivalent in 2025, a 75% increase from 2024, the Argentine Chamber of Mining Companies (CAEM) said Tuesday. The boost in production is expected to mostly come from new operations in Salta and expansions in Catamarca and Jujuy, the northern provinces with the largest lithium operations, according Alejandra Cardona, executive director of CAEM.

Apr 08 - Hong Kong customs seize antimony amid China's export controls
Hong Kong customs seized suspected antimony ingots, customs said in a statement dated April 2, a move that comes after China, the world's biggest producer of the metal, imposed export controls on shipments in September. The 25,171.85 kg of antimony was found on March 13 inside a 40-foot outbound container at the city's cargo compound in the north of Hong Kong, near the mainland border, the Hong Kong Customs and Excise Department said, without giving a specific reason for the seizure.

Apr 08 - Gold's current rally: echoes of the 1980s with a more sustainable core
Gold's latest gallop to all-time highs has drawn comparisons with the last time political and economic turmoil were the main drivers of record prices, back in 1980. But market players say the nature of this rally - and potentially its ability to endure - look different. With tensions running high between historic allies over U.S. tariffs, global trade, and wars in Ukraine and the Middle East, big powers look unlikely to pull together swiftly this time to resolve the issues driving interest in bullion as a haven from risk, analysts say.  

Apr 08 - Chile's Codelco boosts copper output, chairman bullish despite trade war
Codelco, Chile's state-owned copper producer, boosted production in the first three months of 2025 and was still bullish about long-term prospects for global demand despite an escalating trade war between the U.S. and China, Chairman Maximo Pacheco said on Monday. The world's biggest copper producer registered slightly higher output in the first quarter of the year than in the same period in 2024, and is maintaining production guidance even after a national power outage in February crimped output.

Apr 07 - Malaysia Smelting Corp's tin deliveries disrupted by gas explosion, letter says
Malaysia Smelting Corp, one of the world's biggest tin producers, has told customers its deliveries have been disrupted by a gas pipeline explosion, according to a letter seen by Reuters. A huge fire broke out at a gas pipeline operated by state energy giant Petronas in Puchong on the outskirts of Kuala Lumpur. The fire was extinguished, but MSC said gas supplies had been disrupted.

Apr 07 - China hits back at US tariffs with export controls on key rare earths
China placed export restrictions on rare earth elements on Friday as part of its sweeping response to U.S. President Donald Trump's tariffs, squeezing supply to the West of minerals used to make weapons, electronics and a range of consumer goods. The move, which Beijing had long hinted was possible, further ratchets up trade tensions between the world's two largest economies and leaves American manufacturers scrambling for fresh supplies of the critical minerals they have relied upon for decades. 

Apr 07 - US tariffs set to cripple India's diamond industry, hurting jobs, exports
A wave of anxiety has gripped India's diamond polishing hub of Surat, as hefty U.S. tariffs threaten to undermine the country's gem and jewellery exports, putting at risk the livelihoods of thousands of workers. The United States, which takes more than 30% of the South Asian nation's gem and jewellery exports, set a 27% reciprocal tariff on it on Thursday, at a time when demand is softening in other key markets such as China, the Middle East, and Europe.

Apr 05 - Markets on the verge of a nervous breakdown
This week was tough for financial markets. Major indices took a nosedive after Donald Trump unveiled "reciprocal" tariffs that were much higher than anyone anticipated. The baseline is a 10% tariff, but some nations are feeling the heat far more. China is staring down the barrel of a whopping 54% in customs duties, Vietnam isn't far behind at 46%, and the European Union, by comparison, is getting off with a "slap on the wrist" at 20%. Volatility is the name of the game as risk aversion makes a dramatic comeback. Just when you thought it couldn't get any more chaotic, China decided to throw its hat into the tariff ring, announcing a 34% levy on U.S. products this Friday. The trade war isn't just a looming threat; it's here, and it's shaking up the markets with gusto.

Apr 04 - Mining consolidation to speed up as Chinese demand growth slows
Joint ventures and asset sales are expected to accelerate in the mining industry, which is ripe for consolidation due to the slowdown in manufacturing and demand growth for industrial metals, particularly in top consumer China. However, full-scale mergers and acquisitions activity among diversified miners could be hampered for now by prohibitive high costs and significant chances of eventual rejection, investors said ahead of a global gathering of the copper industry for the CESCO event in Santiago, Chile next week. 

Apr 04 - Glencore seeks Australian government bailout for local copper assets
Anglo-Swiss commodities giant Glencore said that it has approached both Queensland's and the Federal Government of Australia about the future of its Mount Isa copper smelter and Townville copper refinery assets. In October 2023, Glencore first announced the closure of its Mount Isa copper mines in the second half of 2025, citing studies and reviews stating it was not possible to further extend the life of the underground mines.

Apr 03 - BHP considered spinning off iron ore, coal divisions
The world's biggest listed miner BHP Group considered spinning off its Australian iron ore and coal divisions as part of a medium-term growth strategy, three sources with knowledge of the matter told Reuters. As part of a planned focus on future-facing commodities potash and copper, BHP weighed separating out the divisions, as it did with South32 in 2015, with an Australian listing most likely before management decided not to go ahead, two of the sources said. 

Apr 03 - With US tariffs, India's jewellery exports set for sharp decline
India's $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs will impede overseas sales to its biggest market, industry officials said. The United States slapped a 26% reciprocal tariff on India, dealing a blow to the South Asian country's hopes of relief under President Donald Trump's global trade policy.

Apr 02 - LME fines Access World $77,000 over warehouse rules breach
The London Metal Exchange has taken disciplinary action against Access World Vlissingen B.V., which agreed to pay a financial penalty of 60,000 pounds, in relation to breaches of the LME's warehouse rules dating back to 2022. The exchange, the world's oldest and largest market for industrial metals, said a settlement was reached before the institution of disciplinary proceedings. 

Apr 02 - Copper market grows wary of what follows its US tariff rush: Andy Home
Copper has been on a tariff high ever since President Donald Trump ordered an investigation into U.S. copper imports in February. But how long will it last and how hard will the come-down be? The race is on to get as much physical copper as possible through U.S. customs before tariffs kick in.

Apr 01 - White House weighs executive order to fast-track deep-sea mining, sources say
The White House is weighing an executive order that would fast-track permitting for deep-sea mining in international waters and let mining companies bypass a United Nations-backed review process, according to two sources with direct knowledge of the deliberations. If signed, the order would mark U.S. President Donald Trump's latest attempt to tap international deposits of nickel, copper and other critical minerals used widely across the economy after recent efforts in Greenland and Ukraine. Trump earlier this month also invoked emergency powers to boost domestic minerals production. 

Apr 01 - Commodity traders Gunvor, Vitol queue to stock up on Russian aluminium from LME storage, sources say
Major commodity traders Gunvor and Vitol are waiting to withdraw large volumes of Russian-produced aluminium from London Metal Exchange-approved warehouses in the South Korean port of Gwangyang, three sources familiar with the matter said. Gunvor and Vitol mostly focus on energy, but oil and gas trading giants more broadly have made significant moves into metals markets to explore opportunities offered by the global clean energy transition.

Mar 28 - Myanmar rebels disrupt China rare earth trade, sparking regional scramble
When armed rebels seized northern Myanmar's rare-earths mining belt in October, they dealt a blow to the country's embattled military junta - and wrested control of a key global resource. By capturing sites that produce roughly half of the world's heavy rare earths, the Kachin Independence Army (KIA) rebels have been able to throttle the supply of minerals used in wind turbines and electric vehicles, sending prices of one key element skyward.  

Mar 28 - US is pushing more expansive minerals deal with Ukraine, sources say
The Trump administration has proposed a new, more expansive minerals deal with Ukraine, according to three people familiar with the ongoing negotiations and a summary of a draft proposal obtained by Reuters. The U.S. has revised its original proposal, said the sources, and it gives Ukraine no future security guarantees but requires it to contribute to a joint investment fund all income from the use of natural resources managed by state and private enterprises across Ukrainian territory.  

Mar 27 - Goldman maintains copper price forecasts, says tariffs will avert US glutGoldman Sachs on Wednesday maintained its London Metal Exchange copper price forecasts for the next year, and said it expected the implementation of U.S. tariffs on copper imports to prevent a U.S. stock glut in the third quarter. Goldman forecasts three-, six-, and twelve-month LME copper prices at $9,600, $10,000 and $10,700 per metric ton respectively. The bank flagged a near-term downside risk to prices from a trade policy update due to take effect on April 2.  

Mar 27 - Can Trump's critical minerals drive pass the copper test?: Andy Home
U.S. President Donald Trump's executive order on boosting domestic minerals production is intended to blast a path through the thicket of mine permitting in the United States. It takes an average of nearly 29 years for a new mine to go from discovery to production in the United States, the second-longest lead time in the world after Zambia, according to S&P Global.

Mar 25 - Hedge fund Elliott says it may take further action on LME voided nickel trades
Elliott Associates is considering further action against the London Metal Exchange (LME) following a fine on the exchange by a watchdog last week for allowing nickel prices to surge out of control three years ago, the U.S.-based hedge fund said on Monday. Elliott lost a lawsuit against the exchange for cancelling billions of dollars of nickel trades after the price hit a record above $100,000 a tonne in March 2022, prompting the LME to suspend nickel trading. 

Mar 25 - Gold rally attracts investors back to mining stocks after months of outflows
Funds that invest in gold miners are set to attract their largest net monthly inflows in more than a year in March, as record-high gold prices improve firms' profit outlooks and boost cash flow. Although gold prices also rose last year, miners still struggled to offset inflation-driven spikes in labour and fuel costs while facing regulatory hurdles such as tax disputes in Mali and project delays in Canada.

Mar 24 - Australia's Gold Road Resources rejects $2 billion takeover offer from Gold Fields
Australian miner Gold Road Resources has rejected a A$3.3 billion buyout offer from larger peer Gold Fields, the South African firm said. Under Gold Fields' offer which was made earlier this month, Gold Road shareholders would have received A$3.05 per share, which represents a 24.5% premium to Monday's closing price. 

Mar 24 - Ukraine still in talks with US about minerals deal, spokesman says
Ukraine is continuing to hold talks with the United States about a minerals deal, a foreign ministry spokesman said on Friday. The White House said on Wednesday it had moved beyond "just the economic minerals deal framework" and was focused on peace between Ukraine and Russia, and President Donald Trump said on Thursday that the U.S. would sign the minerals and natural resources deal with Ukraine shortly.  

Mar 21 - Trump says US will sign Ukraine minerals deal soonPresident Donald Trump said on Thursday the United States will sign a minerals and natural resources deal with Ukraine shortly and that his efforts to achieve a peace deal for the country were going "pretty well" after his talks this week with the Russian and Ukrainian leaders. Trump made the comments at a White House event after signing an order to increase U.S. production of critical minerals. 

Mar 21 - Former Newmont executive tapped to oversee mining on US energy council, sources say
Former Newmont executive David Copley has been tapped to oversee the mining portfolio for the U.S. National Energy Dominance Council, two sources familiar with the appointment said, making him the highest-ranking federal official shaping domestic minerals policy.  

Mar 20 - EU proposes cutting steel imports by 15% as Trump tariffs bite The European Union will tighten steel import quotas to reduce inflows by a further 15% from April, a senior EU official said on Wednesday, in a move aimed at preventing cheap steel flooding the European market after Washington imposed new tariffs. 

Mar 20 - Congo conflict is double trouble for global tin market: Andy Home
Alphamin Resources' decision to suspend operations at the Bisie tin mine in the Democratic Republic of Congo underscores the fragility of tin's global supply chain. Just as one of the world's largest tin mines in Myanmar shows signs of returning after a prolonged absence, another key mine closes as the M23 rebel group advances deeper into the Congo's minerals-rich Kivu provinces.

Mar 19 - Rio Tinto backs dual-listed structure, asks shareholders to reject Pallister's bid
Mining major Rio Tinto backed its dual-listed structure and asked shareholders to vote against London-based hedge fund Palliser Capital's resolution to review the firm's two listings in London and Sydney. The company said it had already conducted a robust and comprehensive review of the structure and had engaged with a number of stakeholders, including Palliser. 

Mar 19 - India's government recommends 12% temporary tax on some steel products
India has recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports, according to a government notice published on Tuesday. "Authority considers that a provisional safeguard duty of 12% will be appropriate to eliminate the serious injury and threat thereof to the domestic industry," the Directorate General of Trade Remedies, said in the notice. 

Mar 19 - China's January aluminium imports fall 24.3% y/y to 290,000 tons
China's imports of unwrought aluminium and aluminium products in January fell 24.3% year-on-year to 290,000 metric tons, according to data from the General Administration of Customs on Tuesday. The year-on-year reduction is due to the import window's closure since the latter half of 2024, traders have said.

Mar 18 - Cobalt produced by China's Lygend in Indonesia skirts Trump tariffs
U.S. firms are buying cobalt metal produced in Indonesia by China's Lygend Resources that does not incur the tariffs placed by the Trump administration on imports direct from China, three sources with direct knowledge of the matter said. 

Mar 18 - China's steel and iron ore swing between hopeful outlook and grim reality: Russell
China's iron ore and steel sectors are caught between expectations that conditions are about to improve and the reality that much of the current data is fairly soft. The raft of data on Monday underscored this dynamic, with the National Bureau of Statistics reporting declines in China's property prices, investment and sales.

Mar 18 - Freeport Indonesia says has export permit for 1.27 million tons of copper concentrate
Freeport Indonesia has obtained a permit to export 1.27 million metric tons of copper concentrate, its spokesperson said. The Indonesian government had said on Monday it would issue Freeport a six-month export permit while a damaged smelter is repaired, which would also ensure that the state continued to receive royalty payments.

Mar 18 - EU to look at import limits for aluminium sector, draft document shows
Concerns that the Trump administration’s metals tariffs could divert a wave of aluminium to Europe have prompted the European Commission to consider possible curbs on imports, a draft EU plan shows. The EU is also considering duties on its own exports of scrap metals to shore up the industry, according to the plan.

Mar 17 - China January, February crude steel output falls despite better margins
China's crude steel output in the first two months of 2025 slid 1.5% from a year earlier, official data showed, despite better margins and stronger exports. The world's largest steel producer manufactured 166.3 million metric tons of crude steel between January and February, the National Bureau of Statistics said. 

Mar 17 - Trump-driven turbulence draws new investors into gold
Investors seeking shelter from political and economic volatility triggered by the new U.S. administration are increasingly moving into gold Exchange-Traded Funds, adding momentum to the market's record rally.

Mar 14 - Panama authorizes copper concentrate exports from shuttered First Quantum mine
Panama has authorized the sale of copper concentrate at First Quantum's shuttered Cobre Panama mine, President Jose Raul Mulino said on Thursday, boosting shares in the Canadian miner by 15% to a two-month high on the Toronto Stock Exchange. Mulino also ordered the restart of a power plant needed to operate the Punta Rincon port, located about 17 miles north of the mine, that will be used to help export production from the mine.

Mar 14 - Aluminium giant Rusal posts near three-fold jump in annual profit on rising demand
Russia's Rusal reported a near-three fold jump in its annual earnings, reflecting higher prices for both aluminium and alumina owing to a rise in demand for the products, which are critical in the race for decarbonisation. Hong Kong-listed Rusal, the world's largest aluminium producer outside China, posted a net profit of $803 million for the year ended December 31, 184.8% higher compared with the $282 million reported in the year-ago period.

Mar 14 - Rheinmetall expects robust 2025 sales amid Europe's defence push (Reuters)

- Rheinmetall , a major beneficiary of Europe's big push to invest in defence, said on Wednesday it expects significant sales growth in 2025 and that it would update its outlook to take into account recent developments in the war in Ukraine.
"An era of rearmament has begun in Europe that will demand a lot from all of us. However, it also brings us at Rheinmetall growth prospects for the coming years that we have never experienced before, CEO Armin Papperger said in a statement.
Shares jumped 6.2% in midday trading, making Rheinmetall was the top gainer in percentage terms on Germany's benchmark DAX index. The stock has more than doubled within a year to about 1,230 euros.
- Europe's top ammunition maker is betting on a surge in spending by European leaders who back Ukraine in its conflict with Russia, amid ructions in U.S. policy towards the region following President Donald Trump's inauguration.
On Tuesday, the U.S. agreed to resume military aid and intelligence sharing with Ukraine, which said it would accept a U.S. proposal for a 30-day ceasefire.

- Rheinmetall expects sales to surge 25% to 30% this year, after coming in slightly under 10 billion euros in 2024, and an operating margin of 15.5%, slightly above last year's 15.2%. The defence business makes up 80% of the company's sales.
The outlook does not take into account "improvement in market potential that is expected to arise," Rheinmetall said, adding that it expected to update that guidance soon.
The European Commission wants to mobilise up to 800 billion euros ($863 billion) for European defence, and Germany's likely next chancellor, Friedrich Merz, wants to amend the constitution to allow for a big jump in state borrowing to revamp the military.

'SIGNIFICANTLY BEAT EXPECTATIONS'
Rheinmetall calculated that a rise in the NATO defence spending target to 3.5% of gross domestic product would translate to up to 400 billion euros for the company by 2030, assuming a capture rate of up to 20-25%.
"We have not done enough work yet to endorse this view, but if it were to be correct then Rheinmetall could significantly beat even the highest of investor expectations for its sales and EBITA in the coming five years," said JP Morgan analysts.
CEO Papperger played down the effect German defence spending plans could immediately have, saying it would take months before contracts would materialise.
Rheinmetall, which aims for 2 billion euros in business in the U.S. by 2027, is vying for a contract to develop a successor to the U.S. Bradley infantry fighting vehicle.

- Rheinmetall reported 2024 group sales of 9.75 billion euros, up 36% on the year but below the 9.99 billion in a company-provided estimate of analysts polled by Vara Research.
Papperger said that the company came in just short of the 10-billion-euro mark due to a logistics delay that forced it to shift around 250 million euros to the 2025 financial year.
The company's civilian business offered a mixed picture, with products for carmakers in particular on the decline.
Rheinmetall said last month it intended to repurpose two of its automotive plants in Germany to mostly make defence equipment, and Papperger on Wednesday left open the possibility of even more civilian factories to be converted.

Mar 13 - US aluminium, steel prices hover near peaks as tariffs kick in
The cost of aluminium and steel in the United States hovered near recent peaks on Wednesday after U.S. tariffs of 25% took effect and sparked retaliation from Canada and Europe. Traders have been ratcheting up U.S. prices of the widely used industrial metals since U.S. President Donald Trump took office after a campaign vowing a wide range of duties. 

Mar 13 - Bad news for American beer drinkers as aluminium tariffs kick in: Andy Home
First some good news for U.S. aluminium buyers. President Donald Trump has backed off from his threat to hit imports of Canadian metal with a huge 50% tariff. Now for the bad news. As of today they will be paying a 25% import tariff, not just for Canadian metal but for all aluminium products from all countries.

Mar 12 - Trump's steel, aluminum tariffs take effect as global trade war intensifies
President Donald Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade norms in favor of the U.S. that drew swift retaliation from Europe. Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans. 

Mar 12 - Asia's coking coal imports slide in February, but recovery looms: Russell
Asia's seaborne imports of metallurgical coal dropped to the lowest in three years in February amid a slump in demand from top buyers China and India. However, the factors behind the loss of appetite for the type of coal used mainly to make steel appear temporary, and it's likely that imports will start to recover from April onwards.

Mar 11 - Trump seeks minerals refining on Pentagon bases to boost US output, sources say
U.S. President Donald Trump aims to build metals refining facilities on Pentagon military bases as part of his plan to boost domestic production of critical minerals and offset China's control of the sector, two senior administration officials told Reuters. The move is one of several planned for an executive order Trump could sign as soon as Wednesday after he told the U.S. Congress last week he would "take historic action to dramatically expand production of critical minerals and rare earths here in the USA." 

Mar 11 - US tariff threat brings boom time for physical copper traders: Andy Home
While financial markets gyrate to the uncertain beat of U.S. President Donald Trump's unpredictable tariffs, physical copper traders are reaping the rewards of the turmoil. The threat of U.S. tariffs on copper imports has opened up a once-in-a-lifetime opportunity for those in the business of shifting physical metal around the globe.  

Mar 10 - Barrick says 'committed to reaching a mutually beneficial resolution' in MaliBarrick Gold remains "fully engaged and committed to reaching a mutually beneficial resolution" with Mali to end a dispute over its assets there, its chief operating officer for Africa and the Middle East said in a memo seen by Reuters on Saturday. The Canadian miner and Malian government have been locked in a dispute since 2023 over the implementation of the West African country's new mining code, which gives the state a greater share in Barrick's Loulo-Gounkoto gold mining complex. 

Mar 10 - Congo's export ban not enough to clear the cobalt glut: Andy Home
The Democratic Republic of Congo's four-month suspension of cobalt exports is a sign that even the world's largest producer is now feeling the pain of historically low prices. The news has given the cobalt market a fillip and the impact is already rippling through the supply chain with one Congolese operator, Eurasian Resources Group, declaring force majeure on deliveries of the electric vehicle battery metal.

Mar 07 - ERG declares force majeure on cobalt deliveries from Congo, sources say
Eurasian Resources Group (ERG) has declared force majeure on deliveries of battery material cobalt from its Metalkol operation due to the Democratic Republic of Congo's temporary export ban, two sources familiar with the matter said. ERG is the third largest cobalt producing company in Congo, which itself is the world's top producer of the mineral used to make the lithium-ion batteries that power electric vehicles. 

Mar 07 - LME temporarily suspends lending rules for cobalt contract
The London Metal Exchange (LME) temporarily suspended certain lending requirements for parties holding large amounts of inventories in its cobalt contract after tracking movements in the stocks, it said on Thursday. The exchange's lending rules kick in when one party has a dominant position, forcing that party to provide material to other investors.

Mar 06 - Trump's tariffs drive US physical market aluminium premiums to record high
Price premiums for aluminium on the physical market in the United States have surged to a record high due to the looming threat of tariffs on imports of the metal used in the transport, construction and packaging industries. U.S. President Donald Trump is planning to restore 25% tariffs on aluminium imports from March 12. Tariffs on most imports from Mexico and Canada took effect on Tuesday. 

Mar 06 - Global aluminium producer seeks Q2 premium of $260/T from Japan buyers, sources say
A global aluminium producer has sought a premium of $260 per metric ton from Japanese buyers for April-June primary metal shipments, up 14% from the current quarter, two sources directly involved in pricing talks said this week. Japan is a major Asian importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price set the benchmark for the region.

Mar 05 - China announces plans for steel output cuts to help restructure industry
China will restructure its giant steel industry through output cuts, although it did not announce any target in its most recent intervention to address overcapacity in the sector, which is sparking world trade frictions. The world's largest steelmaker and consumer will "promote restructuring of the steel industry through output reduction", according to an official report. 

Mar 05 - Tin bulls in retreat as Myanmar flags return of key mine: Andy Home
The Wa State, a semi-autonomous region of Myanmar, has finally broken its year-long silence on the fate of the Man Maw tin mine. The mine is the jewel in Myanmar's tin crown and its suspension since August 2023, ostensibly for an audit, has reduced the flow of tin raw materials to Chinese smelters, constraining output of refined metal.  

Mar 04 - JPMorgan sees copper prices at $11,000/mt in 2026, 10% tariffs by late 3Q25JPMorgan expects the global deficit in refined copper to grow to 160,000 metric tons in 2026 and continues to forecast copper prices averaging around $11,000 per metric ton next year, the bank said in a note dated Friday. Following U.S. President Donald Trump's decision to order a national security probe into potential new tariffs on copper imports, the bank said it expects a tariff rate of at least 10% on refined copper and copper product imports to be enacted by late in the third quarter, with a significant risk of a higher tariff rate of 25%. 

Mar 04 - LME updates trading rules ahead of platform launch on March 24
The London Metal Exchange has announced updates to its electronic trading policies ahead of the rollout of "LMEselect v10," its new trading platform, scheduled to go live on March 24. The LME, owned by Hong Kong Exchanges and Clearing Ltd, said on its website the new platform is designed to enhance its electronic markets and better serve the evolving needs of both the physical metals and financial trading communities.

Mar 03 - JP Morgan sees copper prices at $11,000/mt in 2026, 10% tariffs by late 3Q25 (Reuters)
- JP Morgan expects the global deficit in refined to grow to 160,000 metric tons in 2026 and continues to forecast copper prices averaging around $11,000 per metric ton next year, the bank said in a note dated Friday. Following U.S. President Donald Trump's decision to order a national security probe into potential new tariffs on copper imports, the bank said it expects a tariff rate of at least 10% on refined copper and copper product imports to be enacted by late in the third quarter, with a significant risk of a higher tariff rate of 25%.

"Likely excess inventory builds in the U.S. in the coming months ahead of a tariff on copper sets up the potential to leave the rest of the world shorter of copper ... setting the stage for our forecast bullish push higher over 2H25 towards $10,400/mt," JP Morgan noted. The bank also forecast China's demand growth would slow from 4% last year to 2.5% this year, and added "this remains the greatest downside risk to our forecasted tightening in copper markets". However, the bank predicted only a modest deceleration in global copper demand growth from 3.2% in 2024 to 2.9% in 2025.

The global refined copper market showed a 22,000 metric ton deficit in December, compared with a 124,000 metric ton deficit in November, the International Copper Study Group (ICSG) report showed. Meanwhile, Citi last week said in a note it anticipated the eventual implementation of a 25% copper-specific tariff by the fourth quarter of 2025 following Trump's executive order. London copper rose on Monday, supported by a weaker dollar and improving manufacturing activity in top metals consumer China.

Mar 03 - Critical minerals take centre stage in world politics: Andy Home
Ukrainian President Volodymyr Zelenskiy is set to meet with U.S. President Donald Trump today to sign a critical minerals deal as a way of securing continued U.S. backing in the war against Russia. It initially started as a rare earths deal before someone realised that Ukraine doesn't actually have too much in the way of these 17 esoteric metals.  

Mar 03 - Canada to extend mineral exploration tax credit for two more years, minister says
Canada will extend a tax credit on mineral exploration for two additional years as part of the government's move to support investment in exploration projects, energy, and natural resources, Natural Resources Minister Jonathan Wilkinson said on Sunday. The mineral exploration tax credit is a capital market tool that offers investors a 15% tax credit to invest in flow-through shares of smaller mining companies. It was set to expire on March 31.

Feb 28 - Trump, Zelenskiy to sign minerals deal at White House meeting
Ukrainian President Volodymyr Zelenskiy is set to meet with U.S. President Donald Trump and sign a critical minerals deal on Friday as Kyiv works to regain U.S. support to fight off the Russian invasion as Washington reverses its punitive policy towards Moscow. Zelenskiy, who gained billions of dollars' worth of U.S. weaponry and moral support from the Biden administration, is facing a sharply different attitude from Trump.  

Feb 28 - Trump's steel tariffs imperil China's steel transshipment trade
New U.S. steel tariffs are set to disrupt a multi-billion dollar supply chain moving steel from China to the United States via third countries, ratcheting up competition in the global market and undercutting a vital source of sales for China's struggling steel sector. Since trade barriers in 2016 and 2018 priced most Chinese steel out of the U.S., mills in countries with relatively freer access have bought cheap Chinese steel and sold it on to the United States after various degrees of processing.

Feb 27 - Potential US copper tariffs seen costing domestic industry dearly
The U.S. industrial sector will have the most to lose from potential U.S. tariffs on copper, analysts say, with costs seen rising significantly during what would be a lengthy process of reviving domestic mining and refining of the metal. President Donald Trump on Tuesday launched a probe into potential new tariffs on copper imports, saying they would help rebuild U.S. production. 

Feb 27 - Workers seek collective bargaining at Rio Tinto Pilbara mine
Australia's Mining and Energy Union said on Thursday it would launch a petition at Rio Tinto's Paraburdoo mine in the Pilbara region that would allow workers to initiate bargaining for a collective agreement for the first time in over 20 years. Workers are voting on making an agreement that would guarantee annual pay increases as living costs rise, the union added, with additional demands for pay equity and fair and detailed classification to normalise conditions and career progression.

Feb 26 - Trump orders new tariff probe into US copper imports
President Donald Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports to rebuild U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump, looking to thwart what his advisers see as a move by China to dominate the global copper market, signed an order at the White House directing Commerce Secretary Howard Lutnick to start a national security probe under Section 232 of the Trade Expansion Act of 1962.  

Feb 26 - Congo weighs cobalt export quotas to revive prices amid supply glut
The Democratic Republic of Congo is considering introducing cobalt export quotas as the world's biggest supplier of the battery metal seeks to curb oversupply and boost prices, three sources familiar with the details told Reuters. Cobalt prices are languishing at historically low levels amid slackening demand from automakers and as mines ramp up production of copper, from which cobalt is extracted as a by-product, to capitalize on high prices.

Feb 25 - Congo bans cobalt exports for four months to curb oversupply
The Democratic Republic of Congo, the world's top producer of cobalt, said on Monday it has temporarily halted the metal's exports amid a production glut. The ban will be in place for at least four months, the Authority for the Regulation and Control of Strategic Mineral Substances' Markets, or ARECOMS, said in a statement.   

Feb 25 - India's Feb gold imports to hit 20-year low on record high prices, sources say
India's gold imports are set to tumble 85% in February from year ago levels to their lowest in 20 years, with demand sapped by record prices for the precious metal, a government official and three bank dealers told Reuters. Lower gold imports could help India narrow its trade deficit and support the rupee that is trading near record low against the dollar. India is the world's second biggest consumer of the precious metal.

Feb 24 - China export curbs push European bismuth prices to highest since 2008
Bismuth prices in Europe have soared to their highest in nearly 17 years after China's plan to impose export curbs raised fears of curtailed supply for the metal used in medication, cosmetics and atomic research. Earlier this month, China said it would implement export controls on five critical metals -- tungsten, tellurium, molybdenum, bismuth, and indium -- in retaliation to new tariffs imposed by U.S. President Donald Trump. 

Feb 24 - Miner Newmont again postpones final investment decision for Yanacocha Sulfides project in Peru
Precious metals miner Newmont said on Friday that it will again postpone a final investment decision for its Yanacocha Sulfides project in Peru. In a statement, the company said the postponement will allow it to prioritize more profitable projects.

Feb 21 - Newmont beats fourth-quarter profit estimate on higher gold production, prices
Newmont beat analysts' estimate for fourth-quarter profit on Thursday, as the world's biggest gold miner benefited from a rally in bullion prices and higher production. Average price of gold has been rising over the past few quarters and hit multiple all-time highs during the October to December period, as uncertainties surrounding the U.S. presidential election and the Middle East tensions fueled demand for the safe-haven asset.

Feb 21 - Anglo writes down De Beers, pressing on with business overhaul
Anglo American posted a $3.1 billion loss on Thursday after a writedown of its De Beers diamond business, as it presses on with shedding unwanted assets. Anglo aims to focus on copper and iron ore assets after BHP's failed takeover attempt last year. That means spinning off its platinum and diamond businesses after the sale of its coal and nickel mines.

Feb 20 - Rio Tinto opposes bid to cut London listing, 2024 profit hits five-year low
Rio Tinto does not support a push by some shareholders to consolidate the company's dual-exchange share listing in Sydney, its CEO told Reuters on Wednesday as the miner reported its lowest full-year underlying earnings in five years. Rio in a separate statement recommended its shareholders in London vote against a resolution requesting a review of its dual-listed structure at its annual general meeting in April.  

Feb 20 - EU considers tighter steel import curbs over Trump's new tariffs
The European Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from new tariffs U.S. President Donald Trump plans to impose on incoming steel and aluminium on March 12. The European Union has safeguards in the form of tariff-free quotas per quarter and country for various categories of steel dating from 2018.

Feb 19 - Glencore posts lower 2024 earnings, to return $2.2 billion to shareholders
Glencore said on Wednesday lower commodity prices had weighed on its earnings last year, but returned $2.2 billion to shareholders, reintroducing a share buyback. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 16% to $14.36 billion in 2024, from $17.1 billion last year, in line with analysts' consensus estimates of $14.55 billion. 

Feb 19 - Chinese lithium company halts tech exports as trade tensions build
A Chinese company has stopped exporting a piece of equipment used to process the electric vehicle battery metal lithium, in the clearest sign yet manufacturers are already implementing export controls proposed by Beijing. Jiangsu Jiuwu Hi-Tech told customers last month it would stop exporting a piece of filtration equipment known as a sorbent from February 1, according to a source with direct knowledge of the matter and documents seen by Reuters.

Feb 18 - BHP sees recovery in steel and copper demand, logs lowest profit in six years
BHP sees signs of economic recovery in China and central bank rate cuts reviving demand for steel and copper but flagged risks to global growth from potential trade tensions, as it logged its lowest first-half profit in six years. After scrapping a $49 billion bid to acquire Anglo American, which last year rebuffed its bigger rival's effort to snare control of prized copper assets in Latin America, BHP CEO Mike Henry said the company was not looking at acquisitions now. 

Feb 18 - Green steel needs incentives to work and Japan has a plan: Russell
Decarbonising steel production is one of the major challenges of the energy transition, especially given that consumers across the world show little appetite or capacity to pay more for green steel products. This means that greening a sector responsible for around 8% of global carbon emissions is likely to rely on government policies and regulations to create price signals.

Feb 17 - Top iron ore miners face weakest results since 2019
The top global iron ore miners are headed for their weakest earnings in five years as a struggling Chinese property sector weighs on demand for the steel raw material, while new supply coming on line this year dampens the price outlook. Analysts see a tough year ahead for miners, with iron ore and other commodity prices expected to weaken as tariffs imposed by the Trump administration weigh on global growth and China continues to grapple with tepid domestic demand.  

Feb 17 - Australian steelmaker BlueScope sees Trump’s tariffs as a boon
BlueScope Steel, Australia's largest steelmaker, will be a beneficiary of U.S. President Donald Trump's protectionist tariffs, CEO Mark Vassella said on Monday, saying that he expects higher prices to boost BlueScope's profits in North America. After BlueScope posted a better-than-expected first-half profit, Vassella said steel prices were already "moving in the right direction" following Trump's announcement of 25% tariffs on imports of steel and aluminium into the U.S., without exceptions for allies such as Australia.

Feb 14 - Japan aluminium premiums likely to stay high, adding to inflation
Japan's bargaining power in quarterly aluminium premium negotiations is expected to weaken further due to slow imports of primary ingots and as Japanese companies have sold their holdings in overseas smelters, industry insiders say. That could lead to elevated premiums for importers, adding pressure to an economy already strained by inflation, rising interest rates and a weak yen while eroding the competitiveness of key industries such as automobiles, said Junya Hosaka, light metals trading team leader at Sumitomo Corp. 

Feb 14 - China's BYD holds mining rights in Brazil's Lithium Valley, documents show
Chinese electric carmaker acquired mineral rights for two plots of land in a lithium-rich part of Brazil in 2023, entering the mining business in its biggest market outside of China, according to public records reviewed by Reuters. The EV producer's acquisition of mineral rights in Brazil is its most concrete step so far toward mining strategic minerals in the Western Hemisphere.

Feb 13 - As gold eyes glittering milestone, bear case also risesGold prices have marched into uncharted territory as bulls latch on to economic uncertainty created by U.S. import tariff plans, but behind the prize of hitting a record $3,000 per ounce, some flags of a bear case are also being planted. Bullion has had a storming start to 2025, smashing eight records to rise more than 10% by February 11. That followed its biggest annual gain in 14 years in 2024, on a heady mix of strong central bank purchases, geopolitical uncertainties and monetary policy easing. 

Feb 13 - Barrick Gold beats profit estimates, announces new share buyback
Canada's Barrick Gold announced a new $1 billion share buyback program as higher gold prices helped the company beat analysts' estimates for fourth-quarter profit on Wednesday. Shares of the company rose 6.6%, their highest since early November, as the gold miner also more than doubled its free cash flow in the quarter.

Feb 12 - Trump's tariffs lift US metals prices but underscore production struggles
Prices of industrial metals in the U.S. extended gains on Tuesday, reflecting the impact of U.S. President Donald Trump's 25% tariffs on steel and aluminium as industry will struggle to source enough domestic material. While the stated goal of the new tariffs is to aid struggling U.S. metal producers, it will take time to reopen closed plants and build new ones to compensate for large amounts of imports. 

Feb 12 - Critical minerals is a meaningless term, needs new definition and strategy: Russell  
The term critical minerals has become so widespread that it has effectively lost its meaning, as it could be applied to virtually every metal being mined. What is needed is a new definition that differentiates between what is genuinely vital to a country, and what is just something of importance.

Feb 11 - Australia iron ore hub Port Hedland clears vessels after weather warning
The operator of Australia's iron ore export hub Port Hedland said it had started clearing vessels from the port after a weather warning from the Bureau of Meteorology. A tropical low pressure weather system is expected to slowly move toward the south or southwest before heading southeast on Thursday or Friday, Pilbara Ports said in a statement.  

Feb 11 - Trump raises tariffs on aluminum, steel imports in latest trade war salvo
U.S. President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions" in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war. Trump signed proclamations raising the U.S. tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals.  

Feb 11 - Gold's record highs are more than just Trump froth: Russell
Gold's surge to a fresh record high is being fuelled by fears of an escalating global trade war instigated by U.S. President Donald Trump. But behind the froth created by the mercurial U.S. leader, there are structural shifts that are creating a bullish backdrop for the precious metal.

Feb 10 - Trump to announce 25% steel and aluminium tariffs in latest trade salvo (Reuters)

    Steel and aluminium tariffs set to hit imports
    Shares of U.S. steel and aluminum makers jump
    Importers to pay 25% on top of existing tariffs
    Pledges add to multi-front trade upheaval
    Trump also promises broader reciprocal tariffs for Tues/Wed

- President Donald Trump is expected to introduce new 25% tariffs on Monday on all steel and aluminium imports into the U.S., on top of existing metals duties, in another major escalation of his shake-up of trade policy. As the risk mounts of a multi-front trade war, the European Union flagged it may retaliate and Trump promised further announcements on Tuesday or Wednesday of broader reciprocal tariffs to match those of countries importing U.S. goods.

- Shares in U.S. steel and aluminium makers jumped. Nucor, opens new tab and U.S. Steel , opens new tab rose between 4% and 7% in morning trade, while Cleveland-Cliffs , opens new tab shares jumped 15%. Century Aluminum , opens new tab added 13% and Alcoa , opens new tab 4%. Shares in European and Asian steelmakers fell.

- Speaking to reporters on Air Force One on his way to Sunday's NFL Super Bowl in New Orleans, Trump said he would announce the metals tariffs on Monday and the reciprocal tariffs soon afterwards, adding "if they charge us, we charge them."

- The largest sources of U.S. steel imports are Brazil, Canada and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.
Meanwhile, Canada, whose extensive hydropower resources aid its metal production, accounted for 79% of U.S. primary aluminium imports in the first 11 months of 2024.
During his first four-year term from 2017, Trump imposed tariffs of 25% on steel and 10% on aluminium.
- But he later granted several countries exemptions, including Australia, Brazil, Canada and Mexico, and his successor Joe Biden later negotiated duty-free quota deals with Britain, Japan and the EU.
With more demands for exemption and negotiation in prospect, some said Trump's action would first of all damage the U.S. economy by raising the cost of the raw materials it depends on.
"Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding and auto," Canadian Innovation Minister Francois-Philippe Champagne posted on X.
"We will continue to stand up for Canada, our workers, and our industries."
Australia, also a strategic U.S. ally, has been making representations on aluminium and steel for months.
"Australian steel and aluminium are creating thousands of good paying American jobs, and are key for our shared defence interests," Trade Minister Don Farrell said.

Feb 10 - Trump's steel and aluminium tariffs rattle makers of the metals
U.S. President Donald Trump's plan to impose new 25% tariffs on all imports of steel and aluminium into the United States weighed on shares of producers in Asia as it threatened to disrupt trade flows in the metals. The tariffs, which Trump said would be announced on Monday and be in addition to existing duties, sparked warnings from steelmakers in Asia about the impact on prices, profitability and volumes and broader worries that they could push up inflation and drag on economic activity. 

Feb 10 - Chile's Codelco targets 2025 copper output jump to 1.39 million tons, document shows
Chilean state miner Codelco, the world's largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters. The firm, which is battling to lift production off quarter-century low levels, has also authorized 2025 investments of $4.727 billion, made up of $3.972 billion plus Value Added Tax, the document showed.

Feb 07 - European steel demand set for muted recovery in 2025, Eurofer says
European steel demand will make a subdued recovery this year, the European Steel Association (Eurofer) said on Thursday, downgrading its outlook because of sliding demand and trade tensions. In October Eurofer said it expected steel demand growth of 3.8% in the EU this year, but it cut the forecast on Thursday to growth of 2.2%. 

Feb 07 - Another cobalt bust but this time it's different: Andy Home
The cobalt market is no stranger to boom and bust cycles but the current downturn is unprecedented and no-one is sure how long it's going to last. London Metal Exchange (LME) cobalt has imploded from a high of $82,000 per metric ton in April 2022 to $21,550, the lowest level since the contract was launched in 2010.

Feb 06 - Financial industry groups raise concern on LME's OTC trade plans, sources say
Two financial industry groups have raised concerns with the London Metal Exchange (LME) about its plans to require private deals between members and clients to be carried out on its own platform, five sources with knowledge of the matter said. The LME wants its members to transact so-called over-the-counter (OTC) trades of up to 10 lots, equivalent to 250 metric tons of copper for example, on its Select trading system. It also wants them to hedge such trades on Select. 

Feb 06 - Chinese firms control around 75% of Indonesian nickel capacity, report finds
Chinese firms control about 75% of Indonesia's nickel refining capacity, raising concern over supply chain control and environmental risks, Washington-based global security nonprofit C4ADS has said in a report. According to the report, Indonesia's 8 million metric ton refining capacity was distributed across 33 companies, but ownership tracing showed shareholder overlap, and ultimately Chinese companies controlled about three-quarters of smelting capacityas of 2023.

Feb 05 - Aluminium is base metals analysts' bull pick for 2025: Andy Home
Aluminium is expected to be the top performer among the London Metal Exchange (LME) base metals pack in 2025, with analysts forecasting a supply shortfall of the light metal this year. Analysts participating in the Reuters January base metals poll also see higher average cash prices for zinc, copper and tin this year relative to 2024.  

Feb 05 - Gold demand up 1% in 2024, to remain supported by economic uncertainty, World Gold Council says
Global gold demand including over-the-counter (OTC) trading rose by 1% to a record high of 4,974.5 metric tons in 2024 as investment increased, the World Gold Council (WGC) said on Wednesday, adding that central banks sped up buying in the fourth quarter. Spot gold prices rose by 27% last year, the most since 2010, as investors chose the metal to hedge against global risks and as the U.S. Federal Reserve slashed interest rates.

Feb 04 - US metal buyers likely to turn to Mideast, Chile as tariffs bite
U.S. companies will look to the Middle East and India for more aluminium and to Chile and Peru for copper as they seek to circumvent sweeping tariffs imposed by U.S. President Donald Trump, according to industry sources. Trump's orders for additional levies of 25% on imports from Mexico and most goods from Canada, as well as 10% on goods from China, have been light on detail.  

Feb 04 - US gold magnet: banks fly bullion from Asia-focused hubs to benefit from premium
Global bullion banks are flying gold into the United States from trading hubs catering to Asian consumers, including Dubai and Hong Kong, to capitalize on the unusually high premium that U.S. gold futures are enjoying over spot prices. Traditionally, bullion banks transport gold eastward from the West to meet demand from China and India, the world's two largest consumers, accounting for almost half of global consumption.

Feb 03 - Africa's big copper countries set their sights on the profits of trade
Africa's biggest copper producers, the Democratic Republic of Congo and Zambia, are working on deals to gain exposure to metal trading as a demand surge linked to artificial intelligence and the shift to greener energy promises hefty profits. Metals trading has long been the preserve of international trading houses, such as Glencore. 

Feb 03 - How two former employees are driving Mali's hardball talks with Barrick
Two former company executives with inside knowledge of Barrick Gold's operations in West Africa are helping to drive Mali's demands for a payment of around $200 million from the Canadian miner, according to people familiar with the talks. Mamou Toure and Samba Toure, key members of the government's negotiating team, both used to work in Mali for Randgold, a mining company that is now part of Barrick.

Jan 31 - BHP contracts Fluor, Hatch to expand South Australia copper operations
BHP Group has commissioned two engineering firms to expand its copper smelter and refinery facilities in South Australia, including at Olympic Dam, one of its biggest copper projects, the world's largest listed miner said. BHP has contracted a joint venture between Fluor Australia and Hatch Pty to carry out the proposed expansion in stages, with an investment of more than A$40 million ($25 million) in the first stage for strategy and planning. 

Jan 31 - U.S. Steel posts muted quarterly results amid Nippon deal snag
U.S. Steel reported fourth-quarter loss and revenue that matched Wall Street estimates on Thursday, dented by price declines and a bumpy demand environment. The industry has been struggling, as distributors have refrained from purchasing material in excess of their inventory amid a supply glut fueled by domestic production and imports.

Jan 30 - Glencore reports lower metals production in 2024
Glencore reported lower copper, cobalt, zinc, nickel and thermal coal production in 2024, in line with guidance.The company said it produced 951,600 metric tons of copper in 2024, down 6% from 1.01 million tons in 2023, the lower end of its outlook of between 950,000 and 1.01 million tons. 

Jan 30 - London gold market queues up to borrow central bank gold after big shipments to US, sources say
London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there, two sources familiar with the matter said. The minimum waiting time to load gold out of the Bank of England, which stores gold for central banks, has reached four weeks, one of the sources said. In normal times, the release time is a few days or a week.

Jan 29 - Vale posts highest annual iron ore output since 2018 despite fourth-quarter slide
Brazilian miner Vale posted on Tuesday its highest annual iron ore production since 2018, even after a decline in output in the fourth quarter when the company prioritized higher-margin products. One of the world's largest iron ore suppliers, Vale's production of the steel ingredient reached almost 328 million metric tons in 2024, up 2% from a year earlier. It expects to produce between 325 million and 335 million tons of iron ore in 2025. 

Jan 29 - Congo rebel gains to boost illicit mineral trade through Rwanda, analysts say
A lightning advance in Congo's mineral-rich eastern borderlands is set to boost the M23 rebellion's illegal mining revenues, with analysts predicting a further surge in illicit trade in minerals including coltan and gold through neighbouring Rwanda. The Rwanda-backed insurgency entered Goma, eastern Democratic Republic of Congo's largest city, this week, marking a major turning point in a conflict with government forces that has raised fears of a spillover into a broader regional war.

Jan 28 - Trump's copper, aluminium tariffs may raise costs for U.S. consumers
President Donald Trump's vow of tariffs on U.S. copper and aluminium imports would result in higher costs for local consumers because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry sources said. In a speech to Republican lawmakers on Monday, Trump said he would impose the tariffs on aluminium and copper - metals that are needed to produce U.S. military hardware - as well as steel, to entice producers to make them in the United States.  

Jan 28 - Analysts cut copper forecasts on uncertainty over Trump, China
Analysts have marked down their forecasts for copper prices in 2025 due to concern about the policies of U.S. President Donald Trump, the economy in top metals consumer China and potential sticky inflation, a Reuters poll showed. Benchmark copper prices jumped to a record in May last year above $11,100 per metric ton, but optimism fizzled out about central banks cutting interest rates while China's piecemeal efforts to stimulate its economy disappointed investors.  

Jan 27 - Japan Q1 aluminium premium hits 10-year high on stronger overseas prices
The premium for aluminium shipments to Japanese buyers for January to March was set at $228 a metric ton, the highest in about 10 years, driven by supply fears amid stronger overseas premiums, five sources directly involved in pricing talks said.  The figure is higher than the $175 per ton paid in the October-to-December quarter and marks a fourth consecutive quarterly increase and the highest since April-June quarter in 2015. 

Jan 27 - India's finished steel imports from China hit 7-year high in April-Dec
India's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April, according to provisional government data reviewed by Reuters. China, the world's top steel producer, shipped 2.1 million metric tons of finished steel to India during April-December, up 13.3% year-on-year, the data showed. 

Jan 24 - China's 2024 gold consumption slumps 9.58% y/y as high prices cut demand
China's gold consumption in 2024 slumped 9.58% on the year to 985.31 metric tons, data from the China Gold Association showed, as high gold prices curtailed jewellery demand. Gold jewellery buying, which accounts for half of the total, plunged 24.7% to 532.02 tons, according to the data.

Jan 24 - Trump's tariffs could redirect metal flows, Alcoa CEO says
Alcoa will likely send its Australian output to the U.S. if the United States imposes tariff on Canadian imports, the aluminum producer's CEO William Oplinger said on Thursday. U.S. President Donald Trump has threatened tariffs on numerous countries including close allies such as Canada and Mexico, and Oplinger's comments show how shipping flows could be upended by such levies - adding potential costs to consumers worldwide.

Jan 23 - LME plans to consult on tackling warehouse gridlock
The London Metal Exchange plans to launch a consultation on revamping its warehouse storage rules, four sources with knowledge of the matter said, after bottlenecks resurfaced last year despite a previous overhaul. Nearly a decade ago, the LME thought it had solved the problem of gridlock in its approved storage facilities with queue-based rent capping rules. 

Jan 23 - Only Indonesia can help nickel recover from price bust: Andy Home
Nickel ended 2024 trading at four-year lows, a spectacular reversal of fortune for a metal that soared so high in 2022 it almost broke the London Metal Exchange. There is no mystery to this dramatic tale of boom and bust.

Jan 22 - Trump's EV rollback not expected to suppress appetite for critical minerals
U.S. President Donald Trump's rollback of electric vehicle targets may temporarily slow demand for lithium and other critical minerals, but is unlikely to hamper the mining industry amid surging global EV demand, analysts and industry leaders said. Trump on Tuesday revoked predecessor Joe Biden's 2021 executive order that sought to ensure half of all new vehicles sold in the U.S. by 2030 are electric.  

Jan 22 - China's steel sector is softening, but with resilience: Russell
There are two ways of looking at the 1.7% decline in China's steel output last year. The first is that it confirms that the world's largest producer of the key industrial metal is now in an established downtrend, and further weakness is likely this year.

Jan 21 - BHP's iron ore, copper output surge on mine improvements
BHP Group said on Tuesday its iron ore production inched ahead in the December quarter, while its copper output surged 17% after improvements at its Escondida mine in Chile. The world's largest listed miner has completed an efficiency drive at its South Flank iron ore operations in Western Australia, delivering quarterly production of 73.1 million metric tons compared with 72.7 million tons in the same quarter last year.  

Jan 21 - Glencore open to deals as investors brace for more mining M&A
Miner and commodity trader Glencore said it is open to M&A transactions that create value for its shareholders, leveraging its position as a top three global copper producer. "As we have always said, M&A is something we are good at and we are always open to do transactions that are value-accretive for the company," a Glencore spokesperson said.

Jan 20 - Biden boosts loan for ioneer's Nevada lithium mine to nearly $1 billion
The U.S. Department of Energy has finalized a $996 million loan for ioneer's Rhyolite Ridge lithium project, according to documents reviewed by Reuters, an increase of $296 million from a preliminary funding offer and a move aimed at boosting President Joe Biden's green energy legacy. Shares of ioneer jumped 15% to $4.96 during Friday afternoon trading in New York. 

Jan 20 - South32 beats manganese output estimates as Australian operations restart
South32 posted a smaller-than-expected fall in second-quarter manganese ore output on Monday, as the diversified miner restarted production in Australia after a cyclone in March disrupted operations. The company maintained its fiscal 2025 production guidance for all operations, except Mozal Aluminium in Mozambique. It had withdrawn its guidance for Mozal Aluminium in December following civil unrest in the country. 

Jan 17 - China's 2024 crude steel output slips to five-year low on feeble property demand
China's crude steel output in 2024 fell 1.7% from the prior year to a five-year low, official data showed, hit by a long-running property market crisis that has depressed demand. The world's largest steel producer manufactured 1.005 billion metric tons of crude steel last year, data from the National Bureau of Statistics showed. 

Jan 17 - Rio Tinto and Glencore discussed merger but talks no longer active, source says
Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said. The talks between Rio, the world's No. 2 miner, and Glencore, one of the world's biggest producers of coal and base metals, were brief and did not go anywhere, the person added. Bloomberg News reported on Thursday that the two were in early-stage merger talks.

Jan 16 - Chile to lift copper output 6% in next decade, with peak in 2027
Chile, the world's No. 1 copper producer, will boost its output of the red metal to 5.54 million metric tons in 2034, representing a 5.6% increase from 2023, state-run copper commission Cochilco said on Wednesday. The Latin American nation produced 23.6% of the world's copper in 2024, Cochilco said. That amount is expected to increase, with Chile's hold over the industry representing a 27.3% share by 2034, it added. 

Jan 16 - Rio Tinto's iron ore shipments slip, miner sees global economic resilience
Rio Tinto reported its lowest annual iron ore shipments in two years, partly as heavy rains in Western Australia impacted output in the December quarter, but said the global economy was showing signs of strength. Its fourth-quarter iron ore shipments declined 1%, falling slightly short of market expectations.

Jan 15 - US aluminium premium shows market sanguine over threat of Trump tariffs on Canada
Although aluminium prices for U.S. consumers have risen since Donald Trump's election win, the rise has been muted, signalling the industry is not expecting the President-elect to carry out his threat to impose hefty tariffs on Canadian imports. Prices of primary aluminium in the United States, a net importer of the metal used in transport, construction and packaging, are based on the London Metal Exchange benchmark plus the Midwest premium. 

Jan 15 - EU to propose ban on Russian aluminium imports in new sanctions package, EU diplomats say
The European Commission intends to propose a ban on imports of Russian primary aluminium in its 16th package of sanctions against Russia over its invasion of Ukraine, European Union diplomats said on Tuesday. EU countries hope to pass a 16th package of restrictions in February to mark the third anniversary of the war.

Jan 14 - Cleveland-Cliffs eyeing all-cash bid for U.S. Steel, source says
Cleveland-Cliffs is partnering with peer Nucor to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share, a person familiar with the matter said on Monday. Cliffs is aiming to purchase all of U.S. Steel and then sell its Big River Steel mill to Nucor if the deal is completed, the person added on condition of anonymity because the details have not been made public. 

Jan 14 - Barrick to suspend operations in Mali after gold seized
Canadian miner Barrick Gold said it will have to suspend mining operations in Mali after the government seized gold stocks from the company's Loulo-Gounkoto complex and flew them out by helicopter over the weekend. Around three metric tons had been taken from the mining complex in western Mali on Saturday, two sources told Reuters on Monday, with one putting the value of the gold at $245 million.  

Jan 13 - China 2024 iron ore imports hit record on resilient demand, steel exportsChina's iron ore imports in 2024 rose for a second year to a record high, up 4.9% from the prior year, customs data showed, as lower prices spurred buying and demand remained resilient despite its sluggish economy. The world's largest iron ore consumer brought in a total of about 1.24 billion metric tons last year, data from the country's General Administration of Customs showed, versus 1.18 billion metric tons in 2023 when it posted an annual increase of 6.6%. 

Jan 13 - Lithium prices to stabilise in 2025 as mine closures, China EV sales ease glut, analysts say
Lithium prices are expected to stabilise in 2025 after two years of steep declines as shuttered mines and robust electric vehicle sales in China soak up an oversupply, although the potential for mines to reopen may cap gains, analysts and traders said. Market participants say mine closures mean buoyant demand should outpace supply this year as China intensifies policy support to boost sales in the world's largest EV market.

Jan 10 - 2024 – LME volumes rise and steel steals the spotlight

LME futures and options average daily volume (ADV) in 2024 reached 664,698 lots, up 18.2% on ADV in 2023 and reaching the fourth highest annual ADV on record.

• LME ferrous contracts saw sustained volume increases, with LME Steel HRC FOB China (Argus) up 186.1% y/y and LME Steel Scrap CFR Turkey (Platts) up 48.4% y/y.
• LME Nickel has rebounded back to levels seen in 2021, with large increases in ADV over 2023 (up 58.8% y/y).

• LME Tin also saw significant growth (up 25.9% y/y).

Jan 10 - Vitol plans to cut costs by taking aluminium from LME warehouses in Malaysia, sources say
Energy and commodities trader Vitol is attempting to reduce its storage costs with plans to remove significant amounts of aluminium from London Metal Exchange (LME) warehouses in Port Klang, Malaysia, three sources familiar with the matter said. LME approved warehouses charge 56 U.S. cents per metric ton to store aluminium in Port Klang, about five times more than rent charged for metal outside the LME's warehousing system. 

Jan 10 - US lobbied Greenland rare earths developer Tanbreez not to sell to China
U.S. and Danish officials lobbied the developer of Greenland's largest rare earths deposit last year not to sell its project to Chinese-linked firms, its CEO told Reuters, adding it has been in regular talks with Washington as it reviews funding options to develop the island's critical minerals. The move underscores the long-running economic interest U.S. officials have had in the Danish territory, well before U.S. President-elect Donald Trump began musing in recent weeks about acquiring it.

Jan 09 - Copper output at Chile's Codelco rose to 1.328 million tons in 2024, document shows
Copper production from Chile's Codelco, the world's largest producer of the red metal, reached 1.328 million metric tons last year, according to an internal document seen by Reuters on Wednesday. The closely watched final number had not previously been reported but Chairman Maximo Pacheco said earlier this week that 2024 output was "slightly higher" than the 1.325 million tons produced in 2023. 

Jan 09 - Global seaborne iron ore had a good 2024, but it's all China: Russell
The world's imports of seaborne iron ore rose a modest 3.6% to a record high in 2024, but the increase was almost entirely driven by China, the world's biggest buyer of the key steel raw material. Global seaborne imports of iron ore were 1.707 billion metric tons in 2024, up 60 million tons from the 1.647 billion in 2023, according to data compiled by commodity analysts Kpler.

Jan 08 - LME activity up 18% in 2024, nickel volumes at pre-crisis level
Average daily volumes at the London Metal Exchange gained 18% to 664,698 lots in 2024 with nickel volumes surging by 59%, the exchange said on Tuesday. Nickel trading volumes at the LME, owned by the Hong Kong Exchanges and Clearing Ltd, rose after languishing since a March 2022 price spike that caused the LME to suspend trading. 

Jan 08 - China becomes world's second-largest holder of lithium reserves, Xinhua reports
China's lithium reserves have risen from 6% to 16.5% of the global total, making it the world's second-largest holder of lithium reserves, state media reported. The world's top consumer of the battery metal relies heavily on lithium imports, and Beijing has pushed for more domestic exploration in recent years.

Jan 07 - U.S. Steel, Nippon sue Biden administration over decision to block merger
U.S. President Joe Biden unlawfully blocked Nippon Steel's $14.9 billion bid for U.S. Steel through a sham national security review, the companies alleged in a lawsuit filed on Monday. The companies want a federal appeals court to overturn Biden's decision to scuttle the deal so they can secure another shot at approval through a fresh national security review unfettered by political influence. 

Jan 07 - Chile's Codelco copper output up 'slightly' in 2024, Chairman tells paper
Copper production at Chile's Codelco, the world's largest producer of the metal, was "slightly higher" in 2024 from the previous year, Chairman Maximo Pacheco said in an interview with a local newspaper on Monday. In the interview with Diario Financiero, Pacheco said production increased by 3,000 to 4,000 metric tons from 2023's 1.325 million tons.

Jan 06 - Rival CEO spread doubt about Nippon Steel deal prospects to Wall Street, documents allege
Even as Nippon Steel faced skepticism of its doomed $14.9 billion bid for U.S. Steel from the Biden administration, it was also contending with headwinds from an unlikely source: the CEO of a rival bidder for the firm who repeatedly cast doubt on the deal's prospects to investors. Lourenco Goncalves, CEO of steelmaker Cleveland-Cliffs participated in at least nine calls assuring investors that President Joe Biden would scuttle the Nippon Steel merger months before he did so on Friday. 

Jan 06 - Biden officials issue permit for Perpetua's Idaho antimony and gold mine
The Biden administration on Friday issued the final mining permit for Perpetua Resources' Idaho antimony and gold project, a move aimed at spurring U.S. production of a critical mineral at the center of a widening trade war between Washington and Beijing. Permitting for the mine, backed by billionaire investor John Paulson, comes after Beijing last month blocked exports to the U.S. of antimony, a metal used to make weapons, solar panels, flame retardants and other goods for which there are no current American sources.

Jan 03 - Biden to block US Steel sale to Japanese buyer, source says
U.S. President Joe Biden has decided to officially block Nippon Steel's proposed $14.9-billion purchase of U.S. Steel , a person familiar with the decision said, putting an end to a long-running and contentious merger plan. The Committee on Foreign Investment in the United States (CFIUS) had previously referred the decision to approve or block the deal to Biden, who will leave office on Jan. 20. 

Jan 03 - China proposes further export curbs on battery, critical minerals tech
China's commerce ministry has proposed export restrictions on some technology used to make battery components and process critical minerals lithium and gallium, a document issued on Thursday showed. If implemented, they would be the latest in a series of export restrictions and bans targeting critical minerals and the technology used to process them, areas in which Beijing is globally dominant.