Base & Precious Metals News

Oct 31 - LME plans permanent rules restricting large-position holders
The London Metal Exchange (LME) said on Thursday it plans to set permanent rules that impose restrictions on members with a large positions in nearby contracts amid low inventory levels. The world's oldest and largest market for industrial metals, which is owned by Hong Kong Exchanges and Clearing Ltd., imposed temporary restrictions in June after premiums for nearby copper contracts jumped.

Oct 31 - LME copper hits record highs as funds and fundamentals align: Andy Home
Copper's just made the headlines again with the London Metal Exchange price punching out an all-time nominal high of $11,200 per metric ton on Wednesday. Macro and micro drivers have both turned price-positive and fund managers have jumped back in on the long side, adding financial potency to the bull cocktail.

Oct 30 - China agrees to one-year rare earth export deal, issue 'settled' says Trump
China has agreed to keep rare earth exports flowing to the world as part of a one-year agreement, President Donald Trump said shortly after meeting his counterpart Xi Jinping in South Korea. The agreement, which Trump provided few details about except that it would probably be extended, would "settle" the issue, he said. China has yet to comment on what was agreed by the two leaders in talks, which ran for almost two hours.

Oct 30 - Global gold demand climbs 3% to quarterly record as investment soars, WGC says
Global gold demand rose by 3% year-on-year to 1,313 metric tons, the highest quarterly number on record, in the third quarter as investment demand soared, the World Gold Council said. Spot gold prices are up 50% so far this year after hitting a record high of $4,381 a troy ounce on October 20 on safe-haven demand driven by geopolitical tensions, U.S. tariff uncertainty and more recently a wave of fear-of-missing-out or "FOMO" buying.

Oct 29 - Malaysia's ban on raw rare earths exports remains despite U.S. deal, trade minister says
Malaysia will maintain a ban on the export of raw rare earths to protect its domestic resources, despite signing a critical minerals deal with the United States this week, the trade minister said. Speaking in parliament, Minister Tengku Zafrul Aziz dismissed allegations that Malaysia will allow the export of critical minerals and rare earths to the United States in pursuit of immediate profits or strategic goals.

Oct 29 - India, EU need more talks on steel, autos, carbon levy for trade deal
India and the European Union agreed that issues related to steel, automobiles, carbon levies and other EU regulations require further discussions due to higher sensitivities, New Delhi said in a statement. India’s Commerce and Industry Minister Piyush Goyal held talks with the European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels during his October 26–28 visit, as both sides continued efforts to finalise a long-pending free trade agreement (FTA), the statement said.

Oct 29 - South Africa's Kumba hauls more iron ore to port as rail performance improves
South Africa's Kumba Iron Ore on Tuesday reported a 12% increase in mineral railed to port in the September quarter on the back of improvements in freight rail performance, boosting quarterly sales volumes by 7%. The Anglo American unit delivered 10.2 million metric tons to Saldanha port in the quarter, compared to 9.1 million metric tons during the same period last year.

Oct 28 - US, Japan leaders ink rare earths deal ahead of Trump-Xi meet this week
U.S. President Donald Trump and Japanese Prime Minister Sanae Takaichi signed a framework agreement for securing the supply of rare earths, as both countries aim to reduce China's dominance of some of the key electronic components. The leaders signed the documents, which included critical minerals, at the neo-Baroque-style Akasaka Palace in Tokyo, beneath three chandeliers decorated from top to bottom with gold ornamentation, as aides applauded. 

Oct 28 - Rio Tinto flags uncertain future at Australia's largest aluminium smelter
Rio Tinto warned that Australia's largest aluminium smelter, Tomago, may be forced to shut down as it struggles to source power at commercially viable rates beyond 2028 when its current power deal expires. Tomago Aluminium is the biggest power user in New South Wales state, and like a slew of Australian smelters that are struggling with high energy prices as the country transitions to renewables, it was built last century to take advantage of Australia's plentiful and cheap coal.

Oct 28 - China's ravenous appetite for iron ore remains as steel output slips: Russell
China's imports of iron ore are on track for another robust month in October, following on from September's record arrivals, with the strength standing in stark contrast to weak steel output. October imports are forecast to reach 113.06 million metric tons by commodity analysts Kpler, a figure that if matched by official data would be second only to the all-time high of 116.33 million in September

Oct 27 - US, China talks sketch out rare earths, tariff pause for Trump and Xi to consider
Top Chinese and U.S. economic officials on Sunday hashed out the framework of a trade deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week that would pause steeper American tariffs and Chinese rare earths export controls, U.S. officials said.

Oct 27 - Copper Study Group highlights impact of mine supply hits: Andy Home
Copper has a long history of mine supply disruption, but this year is proving to be a particularly troubled one for a sector that has been racing to keep up with smelter demand. Several of the world's largest copper mines have experienced unexpected production hits and the cumulative impact will be felt in full force next year, according to the International Copper Study Group. 

Oct 27 - Congo's cobalt producers still waiting for export approvals, sources say
Cobalt producers in the Democratic Republic of Congo are still waiting for government approval to resume exports under a quota system introduced on October 16 that was expected to restart shipments immediately, four industry sources told Reuters. 

Oct 24 - Newmont beats quarterly profit estimates, warns of lower cash flow ahead
Newmont beat third-quarter profit estimates on Thursday, as record-high gold prices helped offset its weaker production, but warned that fourth-quarter free cash flow would take a hit due to higher spending. The world's largest gold miner said free cash flow in the ongoing quarter would be "adversely impacted" by rising costs tied to construction of water treatment facilities at Yanacocha and planned severance payments accrued in the third quarter.

Oct 24 - US DFC in talks with Argentina about critical minerals deals
The U.S. government's flagship development agency is in talks with Argentina's government about strategic investments in critical minerals and infrastructure that could also lower the South American country's debt profile. The U.S. International Development Finance Corporation posted on X late on Wednesday that it had held "productive meetings" with officials on the potential investments and lowering the country's "leverage profile".

Oct 23 - From FOMO to fear of margin calls: gold's wild ride enters new stage
Gold's remarkable rise has moved into a new phase with the swelling influence of speculators bringing greater volatility yet market players are sticking with forecasts for higher prices in 2026 even if central bank demand eases. On track for its biggest yearly rise since 1979, gold's 54% rise year to date has seen it break through key psychological resistance levels at $3,000 per troy ounce in March and $4,000 in October.

Oct 23 - ROI-Critical minerals, decarbonisation and government de-risking dominate mining wish list: Russell
Critical minerals, and especially rare earths, as well as the ongoing need to decarbonise and a bigger role for governments are the three top areas of concern for the global mining industry. Those are the key takeaways from this week's IMARC event in Sydney, which brings together more than 10,000 industry participants in what is one of the world's biggest mining conferences.

Oct 22 - Rio Tinto weighs asset-for-equity swap with Chinalco to end governance gridlock, sources say
Rio Tinto is exploring a potential asset-for-equity swap with Chinalco that would trim the Chinese investor's 11% stake, freeing up Rio to resume buybacks and pursue new strategic deals, three people familiar with the matter told Reuters. State-owned mining giant Aluminium Corporation of China Limited (Chinalco) would exchange part of its holding for partnerships in some of Rio's, mining assets, ending governance constraints that have hamstrung the Anglo-Australian company's flexibility for over 15 years, the sources said.

Oct 22 - Bolivia's new president rekindles cautious hope for long-stalled lithium dreams
Bolivia's election of centrist Rodrigo Paz is raising cautious hopes that a more market-friendly leader could pave the way for international investment in the country's ample lithium reserves after years of false starts under two decades of socialist rule. Bolivia holds the world's largest resources of the ultralight metal used in electric vehicle batteries, but development has been hamstrung by political opposition and a law mandating state control of the sector that has chilled broad investor interest.

Oct 21 - Trump, Australia's Albanese sign critical minerals agreement to counter China
U.S. President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement aimed at countering China on Monday at a meeting marked by Trump's jab at Australia's envoy to the United States over past criticism. China loomed large at the first White House summit between Trump and Albanese, with the U.S. president also backing a strategic nuclear-powered submarine deal with Australia to bolster security in the Indo-Pacific. 

Oct 21 - BHP bets on iron ore resilience despite China slowdown; Q1 output misses
BHP Group struck an upbeat note on global iron ore demand even as it warned of cooling growth in China, while first-quarter output for the steelmaking element slightly missed estimates on maintenance works at Port Hedland. "Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher," said CEO Mike Henry. 

Oct 20 - New copper demand drivers from US, India as China juggernaut slows
Copper consumption in the United States and India is set to emerge from China's shadow over the next decade as demand growth in the world's largest consumer of the industrial metal slows. Beijing's industrial and infrastructure expansion has helped fuel a rally that has seen copper prices rise to above $10,000 a metric ton from $1,500 25 years ago. 

Oct 20 - Fall in China's exports of rare earth magnets stokes supply chain fears
China's exports of rare earth magnets fell in September, reigniting fears that the world's top supplier could wield its dominance over a component key for U.S. defence firms and makers of items from cars to smartphones as leverage in trade talks. In April and May, Beijing squeezed global automakers with export curbs on a range of rare earths items and related magnets, while negotiators faced off over triple-digit U.S. tariffs on goods from the world's second-largest economy. 

Oct 20 - China September crude steel output hits 21-month low on sluggish demand
China's crude steel output hit a 21-month low in September, as mills faced sluggish demand and shrinking margins. The world's largest producer of the product manufactured 73.49 million metric tons of crude steel last month, the lowest level since December 2023, data from the National Bureau of Statistics showed. 

Oct 17 - China blames US for global panic over rare earths controls
China on Thursday accused the U.S. of stoking panic over its rare earth controls and said Treasury Secretary Scott Bessent had made "grossly distorted" remarks about a top Chinese trade negotiator, rejecting a White House call to roll back the curbs. The official newspaper of the governing Communist Party also issued a seven-point rebuttal after top U.S. negotiators suggested Beijing could avert President Donald Trump's threat to impose 100% tariffs on Chinese goods by scrapping the measures set to take effect on November 8. 

Oct 17 - Critical mineral firms boost Washington lobbying as US expands investments
Critical mineral companies are boosting lobbying efforts in Washington, hoping to share in the ambitious investments that U.S. President Donald Trump has pledged to firms deemed essential to national security, a Reuters review of public records and interviews with executives and officials showed. At least a dozen companies — including lithium, copper, rare earths, and geothermal firms — have signed with major Washington lobbying firms since January, the review found.

Oct 16 - Greer, Bessent blast China's rare earths curbs, urge Beijing not to implement them
Top U.S. officials on Wednesday blasted China's major expansion of rare earth export controls as a threat to global supply chains, but said Beijing could still change course and avoid steps by Washington to decouple from the world's second-largest economy. U.S. Trade Representative Jamieson Greer told a press conference that China's new export restrictions were a "global supply-chain power grab" and the U.S. and its allies would not accept the restrictions. 

Oct 16 - US aluminium price rise spurs deliveries from Canada (LMEWEEK)
Canadian aluminium producers have increased deliveries to the United States in recent weeks as U.S. prices on the physical market have risen to reflect the 50% import tariffs imposed by President Donald Trump earlier this year, analysts said. The tariffs levied in June aimed to boost domestic aluminium production and encourage investment in capacity for the metal used in the power, construction and packaging industries.

Oct 15 - Copper producer Aurubis held talks with US on support for new smelter, CEO says
Germany's Aurubis has held preliminary talks with the U.S. government about support for a new copper smelter in the United States following the launch of a recycling plant there, its CEO said on Tuesday. A new smelter is one of three options Europe's biggest copper producer is considering to take advantage of a U.S. drive to boost domestic output of the metal, after President Donald Trump in July announced a 50% tariff on copper products but left out ores, concentrates and cathodes.

Oct 15 - China can only fire the big gun of refined metals restrictions once: Russell
China is once again rolling out the big cannon of curbs on metals and minerals vital to the global energy transition, as well as key components in weapons and electronics. There is little doubt that every time China places restrictions on exports, or threatens to do so, it causes much consternation among Western governments and companies, which have come to rely on China's dominance of the processing and production of refined metals.

Oct 14 - Copper supply jitters spur interest in Chile's $1.7 billion smelter
Interest from copper buyers in diversifying supply chains could help Chile's state-run ENAMI secure funding for a $1.7 billion smelter project, the entity's head told Reuters, even as over-capacity in China squeezes metal producers. Plans for an upgrade of ENAMI's 70-year-old Hernan Videla Lira smelter have long raised questions about whether the project can be profitable and attract funding.

Oct 14 - LME to roll out premium pricing for sustainable metals
The London Metal Exchange plans to launch a new mechanism to establish how much of a premium customers are willing to pay for metals produced with lower carbon and that meet other sustainability standards, it said on Monday. Some miners have complained their metals produced with renewable energy are not able to compete with cheaper output produced using coal.

Oct 13 - Gold rises to record as US-China trade woes escalate; silver scales all-time peak
Gold soared to a record high, lifted by safe-haven demand amid renewed U.S.-China trade tensions and expectations of U.S. Federal Reserve interest rate cuts, while silver also surged to an all-time high. Spot gold was up 1.5% to an all-time high of $4,078.05 per ounce, as of 0538 GMT. U.S. gold futures for December delivery surged 2.3% to $4,093.50.

Oct 13 - China's rare earth exports fall sharply in September
China's rare earth exports fell 31% in September from August, customs data showed, the third straight month of declines. New controls that were introduced by China last week have threatened a trade truce with Washington and the three months of declines are expected to raise questions about its agreements with Europe and the U.S. to ramp up exports after China's decision to restrict shipments in April triggered shortages worldwide.

Oct 13 - Congo to revoke cobalt quotas for companies that fail to export full volume
The Democratic Republic of Congo will revoke cobalt export quotas from companies that fail to export allocated volumes, breach environmental or tax rules, or transfer quotas to third parties, its mining regulator said in a statement on Saturday. The new rules would take effect on October 16, it said.

Oct 10 - Gold's record run creates new rulebooks for investors
Investors are testing well-established views about gold, which is surging to new records, as an AI-driven stocks rally and red-hot bitcoin force a rethink of what's driving one of the world's oldest asset classes. Gold topped $4,000 an ounce for the first time this week and with a 53% gain in 2025, is heading for its best year since 1979, trouncing bitcoin's 30% rise and the 15% increase in the S&P 500 plus its array of tech titans.

Oct 10 - LME unveils plans for options market, including automated expiry
The London Metal Exchange laid out plans on Thursday aimed at boosting volumes and liquidity of its options market by shifting trading to its electronic system. The exchange, the world's oldest and largest market for industrial metals, said it would publish a market consultation later this year on a planned move to automated option expiry and changing from American to European-style options.

Oct 09 - China tightens rare earth export controls, targets defence, semiconductor users
China tightened its rare earth export controls, expanding restrictions on processing technology and spelling out its intention to limit exports to overseas defence and semiconductor users. The announcement from the Ministry of Commerce clarifies and expands sweeping controls announced in April that caused shortages around the world before a series of deals with Europe and the U.S. eased but did not eliminate the supply crunch.

Oct 09 - Silver soars to record high, riding gold's coattails
Silver prices shot to a record high on Wednesday, buoyed by gold's bull run and growing investor demand for hard assets amid persistent geopolitical and economic risks, as well as expectations of U.S. interest rate cuts. Spot silver hit an all-time high at $49.57 per ounce. Both a precious and industrial metal, silver has gained 70% so far this year, heading for its biggest annual growth since 2010.

Oct 09 - Congo to tie cobalt export quotas to three-year company data, sources say
The Democratic Republic of Congo will allocate annual cobalt export quotas based on companies' production and shipment data for the previous three years, three sources familiar with the matter told Reuters, in a major policy shift intended to curb supply from the world's top producer. The quota system, set to take effect on October 16, replaces a months-long export suspension that disrupted supply chains and rattled electric vehicle manufacturers, particularly in leading consumer China.

Oct 08 - Investors flock to gold ETFs as metal's price shatters records
Outsized flows into exchange-traded funds tracking gold have helped drive a spectacular rally that pushed bullion to record highs over the last month, analysts said. Spot gold prices hit another record of $3,990.85 per ounce on Tuesday, while U.S. gold futures for December delivery edged above the $4,000 an ounce milestone. 

Oct 08 - London exchange loses out on lion's share of tin trade
Spurred by the artificial intelligence boom and energy transition, tin is the best performing base metal in 2025, but only a fraction of the trade has come on the world's biggest metals marketplace - the London Metal Exchange. Tin, used in circuit boards, solar panels and electric cars, has gained more than 25% on the LME this year, striking a six-month high of $37,695 a metric ton on October 3.

Oct 07 - Gold set to become Australia's second-biggest resource earner
Australia said on Tuesday it expected gold to become its second most valuable resource export after iron ore this financial year, dislodging liquefied natural gas, as concerns over geopolitical instability fuel demand for the safe-haven metal. Australia's gold exports are expected to rise by A$12 billion to A$60 billion in the current financial year ending in June 2026, as the country exports more gold at higher prices, the department of industry said in its September quarterly report.

Oct 07 - Rio Tinto and partners to invest $733 million in Pilbara iron ore project
Rio Tinto said it along with its joint venture partners Mitsui Iron Ore and Nippon Steel will invest $733 million to develop new iron ore deposits at the West Angelas hub in Western Australia's Pilbara region. Rio Tinto, which will contribute $389 million, said the West Angelas Sustaining project will maintain the hub's annual production capacity at 35 million tonnes, extending mining operations for several years.

Oct 06 - Trump administration eyes stake in company developing Greenland rare earths mine
Trump administration officials have discussed taking a stake in Critical Metals Corp, four people familiar with the discussions told Reuters, which would give Washington a direct interest in the largest rare earths project in Greenland, the Arctic territory that President Donald Trump once suggested buying. If finalized, the deal would mark the latest political twist for the Tanbreez rare earths deposit, which former President Joe Biden successfully lobbied to have sold to New York-based Critical Metals for far less than a Chinese firm was offering.

Oct 06 - Indonesia transfers seized assets to state tin miner as crackdown intensifies
Indonesia's attorney general on Monday handed over assets including smelters and heavy equipment seized in a corruption case to state tin miner PT Timah, as President Prabowo Subianto urged authorities to stop illegal mining and smuggling of tin. The resource-rich country is ramping up efforts to improve governance of natural resources exploitation, with measures including a clampdown on illegal mining.

Oct 03 - Czech billionaire Kretinsky to sell Thyssenkrupp steel stake as JV plans falter
Czech billionaire Daniel Kretinsky has agreed to sell his 20% stake in Thyssenkrupp's steel unit and scrap plans for a joint venture for the business, both parties said in a joint statement, paving the way for a possible deal with Jindal Steel. The sale ends protracted talks over what could have become a German-Czech steel and energy giant, discussions that have not made any measurable progress since Kretinsky bought a fifth of Thyssenkrupp Steel Europe last year. 

Oct 03 - Perth Mint's September gold sales rise 21%, silver hits five-month high
The Perth Mint's gold product sales jumped 21% in September from the previous month, while silver sales rose to a five-month high, the refiner said. Sales of gold coins and minted bars rose to 36,595 ounces in September, up from 30,125 ounces in August. However, on a year-on-year basis, sales were down about 31%.

Oct 02 - China, Malaysia in talks for rare earths refinery project, sources say
China and Malaysia are in early talks for a project to process rare earths, with sovereign wealth fund Khazanah Nasional likely to partner with a Chinese state-owned firm to build a refinery in the Southeast Asian nation, people familiar with the matter said. If the joint venture takes shape, it would represent a significant policy departure for China, the world's top supplier and refiner of rare earths, which has banned export of its processing technology to protect its dominance of the industry. 

Oct 02 - US offers to buy stakes in Australian critical minerals companies
The U.S. government has offered to buy equity in Australian critical minerals companies as part of a funding package to expand its supply and cut its reliance on China, executives recently returned from Washington said. The push is part of a plan to establish alternative mineral supply chains after China, the dominant producer of most critical minerals, responded to U.S. tariffs by restricting exports of rare earths and related permanent magnets, which impacted U.S. and European carmakers. 

Oct 02 - EU to cut steel import quotas, hike tariffs to 50%
The European Commission will propose cutting steel import quotas by nearly half and hiking duties on volumes above those levels to 50% in line with tariffs imposed by the U.S. and Canada, two sources briefed on details told Reuters on Wednesday. The measures will be part of a new package for the steel sector due to be unveiled on October 7.

Oct 01 - Australia PM concerned about China's reported pause on BHP iron ore purchases
Australian Prime Minister Anthony Albanese said he was concerned about a report that China's state iron ore buyer had taken steps to pause purchases of iron ore cargoes from miner BHP. Bloomberg News, citing people familiar with the matter, reported on Tuesday that state-owned China Mineral Resources Group had asked the country's steelmakers and traders to pause purchases of BHP's dollar-denominated seaborne iron ore cargoes during annual price negotiations. 

Oct 01 - Depleted LME zinc stocks may need a Chinese booster: Andy Home
The zinc market has just woken up to the fact that London Metal Exchange inventory is now so depleted it would cover less than a day's worth of global consumption. LME time-spreads have turned volatile and the cash premium over the three-month price flared out to $60 per metric ton last week, a level last exceeded in 2022.

Sep 30 - China's Zijin Gold shines on debut as gold prices reach record high
Shares of China's Zijin Gold International rose as much as 66% in their Hong Kong trading debut after the company raised $3.2 billion in an initial public offering, the largest deal of its kind globally in 2025. The company, a unit of China's Zijin Mining that operates all of the group's gold mines outside China, sold 349 million shares at HK$71.59 each. 

Sep 30 - Mali mining dispute proved last straw for Barrick's 'Mercurial Mark' Bristow, sources say
Mark Bristow's handling of Barrick Mining's flagship asset in Mali proved to be the last straw for the board to initiate a change in leadership, according to four people familiar with the development. In a surprise move, Barrick's Chairman John Thornton on Monday announced Chief Executive Bristow would step down immediately and appointed Chief Operating Officer Mark Hill as interim CEO. 

Sep 29 - Critical minerals are stuck between demand hopes and oversupply reality: Russell
Definitions vary as to which minerals and metals are genuinely critical, but one thing is certain. The prices of many of them are currently weak and not reflecting their supposed importance to the global energy transition. The contrast between the current soft pricing for metals such as lithium, nickel, cobalt and copper and the still widespread expectations of a demand surge in the next decade was a key feature of an industry gathering last week on the Indonesian island of Bali. 

Sep 29 - Lithium Argentina's Cauchari-Olaroz aims to triple production by 2029
Lithium Argentina's Cauchari-Olaroz project in northern Argentina is aiming to produce 85,000 metric tons of the battery metal annually by around 2029, more than triple last year's output, said Executive Vice President Ignacio Celorrio. The site is one of six lithium projects operating in Argentina, the world's fourth-largest exporter of the metal used in electric car batteries.

Sep 26 - EU plans tariffs of 25%-50% on Chinese steel and related products, Handelsblatt reports
The European Commission plans to impose tariffs of 25% to 50% on Chinese steel and related products in the next few weeks, German business daily Handelsblatt reported citing senior officials in Brussels. The European Commission had no immediate comment. The Commission's President Ursula von der Leyen had said earlier this month it would propose a new method to curb steel imports to protect domestic producers, as global overcapacity was straining margins and making it harder for Europe's steel industry to invest in decarbonisation. 

Sep 26 - Perpetua Resources in talks with Glencore, others for US antimony processing
Perpetua Resources said on Thursday it is in talks with Glencore, Trafigura and others about a partnership to refine antimony in the U.S., part of a push to boost Western supplies of a critical mineral whose exports China has blocked. The company, which counts billionaire John Paulson as its largest shareholder, last week received permission from the U.S. government to begin construction of its antimony and gold mine about 138 miles (222 km) north of Boise in Idaho.

Sep 25 - G7 weighs price floors for rare earths to counter China's dominance, sources say
Group of Seven (G7) members and the European Union are considering price floors to promote rare earth production, as well as taxes on some Chinese exports to incentivise investment, four sources with knowledge of the discussions told Reuters. Rare earths are difficult-to-extract metallic elements critical to the manufacture of products including cell phones, cars and high-tech weapons. 

Sep 25 - Freeport declares force majeure at Grasberg, expects lower copper, gold sales
Freeport-McMoRan on Wednesday declared force majeure at its Grasberg mine in Indonesia and said it is expecting consolidated sales to be lower for copper and gold in the third quarter, sending its shares down 10.4%. Earlier this month, the company had temporarily halted mining at Grasberg after a large flow of wet material blocked access to parts of its underground mine, restricting evacuation routes for seven workers.

Sep 24 - Trump wants piece of company in charge of America’s biggest lithium mine
The Trump administration is seeking an equity stake of as much as 10% in Lithium Americas as it renegotiates terms of the company's $2.26 billion Energy Department loan for its Thacker Pass lithium project with General Motors, two people familiar with the discussions told Reuters.The proposed stake is the latest example of the Trump administration intervening directly in the American economy as it has in taking stakes in Intel, MP Materials and other U.S. tech and minerals firms to promote industries it sees as critical to national security. 

Sep 24 - Metallurgical coal is set to rise from the doldrums as green steel ambition fades: Russell
An industry that is shutting down some production as prices hover around four-year lows and higher taxes bite doesn't sound like it should be particularly bullish. But metallurgical coal producers have reason for medium- to long-term optimism as supply remains constrained and ambition fades to transition steel-making to low-emission production.

Sep 23 - Congo will not 'auction' mineral resources to the US, president says
Democratic Republic of Congo President Felix Tshisekedi said on Monday that a U.S.-mediated peace deal signed with Rwanda in June has not calmed fighting in eastern Congo, though he thanked President Donald Trump for attempting to end the conflict. On June 27, U.S. mediators brokered the peace deal between Congo and Rwanda aimed at ending the support that Washington and U.N. experts say Kigali provides M23 rebels. 

Sep 23 - Australian critical minerals firms flock to US opportunities
Some of Australia's most advanced critical minerals producers are moving forward on plans to build processing facilities in the United States, despite Australia's strategic push to build up its own domestic industry. An Australian delegation of critical minerals companies visited Washington and New York last week to meet senior administration officials and investors. 

Sep 22 - Congo to replace cobalt export ban with quotas from Oct 16
The Democratic Republic of Congo will lift its ban on cobalt exports from October 16 and manage global supply by imposing annual export quotas, the country’s strategic minerals regulator said on Sunday. Miners will be allowed to ship up to 18,125 tons of cobalt for the rest of 2025, with annual caps of 96,600 tonnes in 2026 and 2027, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets said. 

Sep 22 - China to 'strictly' curb new steel capacity, state media reports
China will "strictly" curb new capacity in the steel sector, state broadcaster CCTV reported on Monday, as the world's biggest steel producer tackles over-capacity that has pushed down prices and sparked a protectionist backlash abroad. The Ministry of Industry and Information Technology together with other departments plan to stabilise growth in the sector in 2025 and 2026, CCTV reported.

Sep 19 - Zijin Gold seeks $3.2 billion in Hong Kong IPO as demand for the precious metal soars
China's Zijin Gold International, keen to make the most of bullish sentiment for the precious metal, is aiming to raise $3.2 billion in a Hong Kong IPO that is set to be the city's largest in four years. Adding to a strong recovery for Hong Kong's equity capital market, the offering could garner as much as HK$28.7 billion at a valuation of $24.6 billion if an overallotment of shares is fully exercised. 

Sep 19 - Salzgitter delays later stages of green steel project due to economic and regulatory conditions
Salzgitter, Germany's second-largest steelmaker, has decided to delay expansion stages of a vital green steel project by three years, its CEO said on Thursday, adding the conditions in the sector had worsened considerably in recent years. Salzgitter is currently spending around 2.5 billion euros, including 1 billion euros in grants, on its so-called Salcos project, which will enable it to produce steel with fewer CO2 emissions from 2027 with the help of hydrogen.

Sep 18 - Anglo-Teck merger to unlock Chile mine synergies, if Glencore signs off
The proposed Anglo American-Teck merger has revived long-standing ambitions to share infrastructure at two major mines in northern Chile, but analysts say the plan could face hurdles to gain buy-in from Swiss miner and trader Glencore. Glencore is an equal partner with London-listed Anglo at Collahuasi, one of the world's largest copper deposits that sits about 10 kilometers (6.21 miles) from Canadian miner Teck's flagship Quebrada Blanca mine. 

Sep 18 - Record gold prices in India fail to unlock scrap supply
Supplies of used gold jewellery and coins, typically released when investors book profits, have been scarce in India, as many expect bullion prices to continue climbing even after reaching new highs almost every week. This contrasts with March, when spot gold first crossed $3,000 an ounce and retail customers rushed to sell their holdings, triggering a surge in scrap supply.

Sep 17 - EU firms brace for more shutdowns due to China rare earth controls despite summit promise
European firms are expecting more shutdowns and suffering losses as Beijing continues to hold a tight grip on rare earth exports despite a July agreement to fast-track shipments to the bloc, the European Union Chamber of Commerce in China said on Tuesday. "Irrespective of the agreements and commitments reached at the EU-China summit on the 24th of July, we continue to see significant bottlenecks for our members," Jens Eskelund, the chamber's president, told reporters.  

Sep 17 - India's silver imports to gain momentum from strong investment demand
India's silver imports are expected to gather momentum in the coming months, supported by stronger investment and industrial demand that has already absorbed the surplus from last year's elevated shipments, industry officials told Reuters. Higher imports by the world's biggest silver consumer could give further support to global prices that are close to their highest level in 14 years.

Sep 16 - US agency tenders to buy bismuth for defense stockpiles
The U.S. Defense Logistics Agency is planning to buy more than five million pounds of bismuth metal over the next five years to secure supplies of the material last held in the national stockpile nearly three decades ago. Bismuth metal has numerous applications in metallurgy and defense, according to the agency, including in some ammunition, due to its ability to mimic lead.

Sep 16 - China steel exports poised for record high, risking further tariff backlash
China's steel exports are set to hit an all-time high this year, defying predictions that unprecedented trade barriers would drive down shipments, and threaten to provoke an even fiercer protectionist backlash against the world's dominant producer. Exports will grow 4% to 9% this year to hit between 115 million and 120 million metric tons, according to forecasts from 11 analysts, all of whom had forecast earlier this year that exports would fall.  

Sep 16 - Gold uptrend intact, but due for correction before topping $4,000 in 2026
Gold's stellar rally to successive record highs shows every sign of continuing for the rest of the year, but a healthy correction is on the cards before breaching the $4,000 per ounce milestone in 2026, traders and industry experts said. Strong tailwinds such as expectations for monetary easing by the U.S. Federal Reserve, lingering geopolitical tensions, worries over the Federal Reserve's independence, and strong central bank purchases have prompted investors to flock to the precious metal.

Sep 15 - China crude steel output falls for a third month on clean-air curbs, slow demand
China's crude steel output in August slid for a third month as steelmakers in the north curbed operations to allow for cleaner air for a military parade in Beijing in early September and a seasonal slowdown in demand constrained production. The world's largest producer manufactured 77.37 million metric tons of crude steel in August, the lowest since December, data from the National Bureau of Statistics showed on Monday.  

Sep 15 - BHP flags organic copper growth, US allure, silent on big buyouts
The world's biggest mining company, BHP, touted its solid copper potential and flagged the investment appeal of the United States on Monday, but was silent on the prospect of major buyouts, as top executives briefed shareholders. CEO Mike Henry and Chief Financial Officer Vandita Pant answered select questions in the first major opportunity to talk to investors since last week's blockbuster tieup of one-time target Anglo American and Teck Resources. 

Sep 12 - Swiss add lustre to Trump trade deal with gold refining plan, sources say
Switzerland is proposing that its gold industry builds a refinery in the United States or increases its processing capacity there as part of a plan to reduce U.S. trade tariffs, according to two people familiar with the matter. President Donald Trump on August 7 slapped 39% tariffs on Swiss goods imports due to the U.S. trade deficit with Switzerland, which scrapped its own industrial tariffs at the start of last year. 

Sep 12 - Barrick exits Canadian gold mining with over $1 bln Hemlo sale
Barrick Mining said on Wednesday it will sell its last producing Canadian gold mine, Hemlo, to Carcetti Capital for up to $1.09 billion. Hemlo has produced more than 21 million ounces of gold and was once one of Canada's most important mining camps.

Sep 11 - BHP seen as unlikely to pounce on Anglo or Teck as it eyes organic growth
Top global miner BHP's focus on expanding its own copper assets while it undergoes leadership change means it is unlikely to gatecrash the planned $53 billion tie-up of Anglo American and Teck Resources, investors and bankers said on Wednesday. London-listed Anglo American and Canada's Teck Resources announced a merger on Tuesday, marking the sector's second-biggest tie-up ever, to forge a new global copper-focused heavyweight. 

Sep 11 - White House tariff update on gold bars a 'welcome development,' LBMA says
The White House update to its tariff schedule is a "welcome development" after challenges caused by a recent U.S. Customs ruling on gold bars, the London Bullion Market Association said on Wednesday. The executive order, issued on September 5 by President Donald Trump, updates the tariff schedule for certain goods, including key gold products. The White House referred to them as reciprocal tariffs.

Sep 10 - India explores rare-earth deal with Myanmar rebels after Chinese curbs
India is working to obtain rare-earth samples from Myanmar with the assistance of a powerful rebel group, according to four people familiar with the matter, as it seeks alternative supplies of a strategic resource tightly controlled by China. India's Ministry of Mines asked state-owned and private firms to explore collecting and transporting samples from mines in northeastern Myanmar that are under the control of the Kachin Independence Army, three of the people said.  

Sep 10 - China will drive global platinum jewellery demand to 7-year high in 2025, WPIC says
Global demand for platinum jewellery is expected to rise by 11% to 2.2 million troy ounces in 2025, its highest level since 2018, due to a spike in manufacturing in China, the World Platinum Investment Council said on Wednesday. Spot platinum prices are up 51% so far this year after hitting their eleven-year high of $1,483 an ounce in July as inflated import demand in China coincided with outflows to U.S. stocks amid tariff concerns and lower supply from mines.

Sep 09 - Anglo American to combine with Canada's Teck Resources in $50 billion deal
Anglo American said it has agreed to merge with Teck Resources, in which the London-listed miner will own about 62.4% and the Canadian miner will hold 37.6% of the newly combined company, Anglo Teck. Anglo Teck will be headquartered in Canada but have a primary listing in London, it said.  

Sep 09 - US critical minerals list expands ahead of possible tariffs: Andy Home
Aluminium, steel and copper have all been hit with steep U.S. import tariffs this year, upending physical supply chains and fracturing global pricing. There is no shortage of potential targets. The United States Geological Survey's latest iteration of its critical minerals list now includes 54 elements deemed essential for U.S. economic and national security.

Sep 08 - China's copper concentrate imports rise again in August
China's imports of copper concentrate grew for a second consecutive month in August as a major mine in Indonesia ramped up exports before its export licence expires later this month. Copper concentrate imports rose 8% in August to 2.76 million metric tons versus 2.56 million a month earlier, data from the General Administration of Customs showed on Monday. The ore is an important feedstock for copper smelters. 

Sep 08 - China August iron ore imports stay high as mills prepare for peak season
China's iron ore imports in August climbed 0.6% from July, as lower prices encouraged sustained buying and as mills prepared for the peak steel demand period in September. The world's largest iron ore consumer brought in 105.23 million metric tons of the steelmaking ingredient last month, staying above 100 million tons for a third month, data from the country's General Administration of Customs showed on Monday.

Sep 05 - JX Advanced Metals to cut copper output, smelting capacity as margins erode
JX Advanced Metals will likely cut copper production by tens of thousands of metric tons in fiscal 2025 from earlier plans and unveil a roadmap to scale down smelting capacity by March, President Yoichi Hayashi said, as shrinking fees erode margins. Japanese copper smelters are grappling with tumbling treatment and refining charges and shrinking smelting margins due to a shortage of concentrate supply and growing smelting capacity in China.  

Sep 05 - Goldman Sachs sees gold prices surpassing  $4,000 if investors ramp up buying
Goldman Sachs said gold prices could surge well above its $4,000 per troy ounce baseline by mid-2026, should private investors diversify more heavily into the metal. Spot gold prices hit a record high of $3,578.50 per ounce on Wednesday on expectations of a U.S. Federal Reserve interest rate cut later this month, while lingering global uncertainties kept safe-haven demand firmly in play. 

Sep 04 - Britain's FCA asks Mercuria about its LME aluminium holding
Britain's financial watchdog has approached commodity trader Mercuria inquiring about its large London Metal Exchange aluminium holding, which has distorted prices for contracts with short maturities, two sources familiar with the matter said. No rules have been broken, but disruptions to the LME's largest-volume market leave consumers in the transport, packaging and construction industries without price transparency and access to physical aluminium metal.  

Sep 04 - China copper output set for rare September fall as tax change hits scrap supply
China's refined copper production in September is forecast for a rare fall, the first for the period since 2016, analysts say, as newly introduced tax regulations constrain the supply of scrap copper. September output from the world's largest producer and consumer of refined copper is expected to drop by 4%-5% from August's level, according to research agencies Shanghai Metals Market, Mysteel, and Benchmark Minerals Intelligence.

Sep 03 - How much gold will be enough to diversify China's reserves?
Aggressive gold-buying by China's central bank since 2023 has raised the question of how far Beijing will boost its reserves as it tries to reduce its reliance on the dollar and align its holdings with its status as the world's second largest economy. China's purchases coincide with a rally from 2023 to 2025 that has driven gold prices to a record high of $3,508.5 per troy ounce on Tuesday. 

Sep 03 - Brazil opens probe into Anglo American's $500 million nickel sale, FT reports
Brazil's competition authority has launched an investigation into Anglo American's plan to sell its nickel operation in the country, the Financial Times reported on Wednesday. CADE, Brazil's antitrust regulator, confirmed it had opened a probe into the $500 million deal Anglo agreed in February with MMG Singapore Resources, in response to a complaint, the FT report said.

Sep 02 - Glencore plans job cuts at South African ferrochrome and vanadium operations
Glencore said on Monday that a retrenchment process has been initiated at its joint-venture Rustenburg ferrochrome smelter and vanadium operations in South Africa as significant economic pressures continue to impact the businesses. South Africa holds approximately 80% of the world's known chrome ore reserves, according to Glencore, positioning the country as a key player in global ferrochrome production. 

Sep 02 - ArcelorMittal South Africa job cuts could rise above 4,000, union says
ArcelorMittal South Africa is planning to lay off 4,000 workers, nearly half its workforce and more than initially expected, with cuts now set to extend to its main Vanderbijlpark plants, a union said on Monday. The steelmaker previously announced plans to shut its long steel plants at Newcastle and Vereeniging this month, cutting 3,500 jobs, as talks with the government have failed to provide an alternative solution.

Sep 01 - Baosteel expects China's steel exports to stay above 100 million tons in 2025
China's biggest listed steelmaker Baoshan Iron & Steel Co expects the country's total steel exports to stay above 100 million metric tons in 2025, it said on Friday, while monitoring potential curbs on national steel output. The company, known as Baosteel, is a subsidiary of the state-owned China Baowu Steel Group, the world's largest steelmaker by output. 

Sep 01 - Northam CEO says platinum miners not out of the woods despite price rally
The recent platinum price rally has brought relief to South African miners, but is still below levels needed to support new production, Northam Platinum CEO Paul Dunne said on Friday. Northam reported a 14.4% drop in annual profit on Friday, as mining costs surged, despite record sales volumes. It made headline earnings per share of 3.81 rand ($0.2169) in the year ended June 30, compared with 4.45 rand a year earlier.

Aug 29 - A quiet revolution is unfolding in the mining sector: Andy Home
The world is going to need a lot of copper and other critical metals if it is going to pivot away from fossil fuels. But can the mining industry deliver? The challenges are huge. Ore grades at existing copper mines are steadily falling, big new discoveries are becoming rarer and development times can stretch up to a decade.  

Aug 29 - Nippon Steel bets on $11 billion investment, tech transfer to lift U.S. Steel profit
Nippon Steel plans to increase profit at U.S. Steel through an $11 billion investment and the transfer of its operational techniques and advanced technologies to expand capacity and add more high-grade products, a senior executive said. The investment, running through 2028, and transfer of expertise aim to lift U.S. Steel's annual profit contribution to 250 billion yen as early as fiscal 2028, up from an expected 150 billion yen in 2026 and 80 billion this year. 

Aug 28 - China aims to cut steel output, prune overcapacity, document shows
China will push to cut steel production between 2025 and 2026, according to an official document reviewed by Reuters and a source with knowledge of the matter, as it tackles overcapacity that has hit prices and fed a worldwide protectionist backlash. The world's largest steel producer will strictly curb new capacity and reduce production, the planning document from the industry and environment ministries, among others, showed. 

Aug 28 - India steelmakers seek near-sevenfold rise in met coke import quota amid supply crunch
Indian steel producers have called on the government to sharply raise import quotas for low-ash metallurgical coke, seeking a near sevenfold increase to address what they say is a critical supply crunch, according to sources and a government document. India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July.

Aug 27 - US Commerce Department affirms anti-dumping duties against 10 countries
The U.S. Department of Commerce issued affirmative determinations of anti-dumping and countervailing duties against 10 countries on Tuesday after investigations into corrosion-resistant steel products. The determinations cover $2.9 billion in imports from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, the United Arab Emirates and Vietnam, the Commerce Department said in a statement. 

Aug 27 - Critical Metals signs agreement to supply rare earth to US government-funded facility
Critical Metals on Tuesday said it has signed a 10-year agreement to supply heavy rare earth concentrate to Ucore Rare Metal's U.S. government-funded Louisiana processing facility. The development-stage mining company expects to supply up to 10,000 metric tons of the concentrate annually from its Tanbreez Project in Greenland, which represents about 10% of the project's initial projected production.

Aug 26 - Chile regulator raises bar to restart parts of Codelco mine after collapse
Chile's mining regulator Sernageomin is raising its requirements for copper giant Codelco to restart areas of its flagship El Teniente mine after a deadly collapse, according to a document seen by Reuters on Monday. The document said Sernageomin will require a follow-up and monitoring plan for the stability and safety of mining operations across all underground deposits of Codelco's El Teniente mine that have yet to be re-opened. 

Aug 26 - US Interior Department proposes adding copper to critical minerals list
The U.S. on Monday proposed adding copper and potash among others to the draft critical minerals list for 2025, for their importance to the economy and national security. The Geological Survey, a branch of the U.S. Department of the Interior, released the draft list in the Federal Register and it will be open for public comment for 30 days. 

Aug 25 - Texas factory gives Chinese copper firm an edge in tariff war
Chinese copper flat wire manufacturer Wellascent's decision early last year to build a factory in Texas was a hedge against geopolitical risks. Now the investment is paying off as U.S. import tariffs boost demand for its locally produced goods. The company's plant in Grand Prairie will begin production later this year and expects to produce 3,000 metric tons of copper flat wire annually by 2028, serving clients such as automaker Stellantis, from behind the safety of Donald Trump's tariff wall. 

Aug 25 - China tightens grip over rare earth supply quotas
China, the world's dominant rare earth supplier, issued on Friday measures to regulate the mining, smelting and separation of the critical minerals key to energy transition, further tightening its grip over supply. Beijing already regulates and manages rare earth mining, smelting and separation via a quota system. The new rules will include imported raw materials in that quota system, the Ministry of Industry and Information Technology said in a statement, following a public consultation process that began in February.

Aug 22 - Trump weighs using $2 billion in CHIPS Act funding for critical minerals, sources say
The Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector, two sources familiar with the matter told Reuters. The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce U.S. dependence on China for critical minerals used widely in the electronics and defense industries. 

Aug 22 - UK government to take over Liberty Steel division after collapse
The British government said it will take control of a part of Liberty Steel, owned by commodities tycoon Sanjeev Gupta, after the business was placed into liquidation following a petition from its creditors on Thursday. A judge at London's High Court approved the petition for Yorkshire-based Speciality Steel UK, one of Britain's largest steelworks, to be placed into compulsory liquidation, describing the business as "hopelessly insolvent", the BBC reported.

Aug 21 - Peru's gold exports to China through June overtake all 2024
Peru's gold exports to China surged in the first half of 2025 to surpass shipments from all of last year, according to government data released in August. Global appetite for gold is rising amid trade tensions between the U.S. and China. Prices for the metal, a safe haven asset whose value typically rises in times of turmoil, hit record levels last year.

Aug 21 - China launches WTO dispute with Canada on steel and aluminum surtaxes
China has requested dispute consultations at the World Trade Organization regarding Canadian surtaxes and quotas on steel and aluminum goods, the WTO said on Wednesday. The disputed measures include a surtax in the form of tariff-rate quotas on certain steel imports originating from Canada's non-free trade agreement partners, including China, a notice from the WTO said. 

Aug 21 - S.African trade body recommends duties to curb steel imports
A South African government trade body looking into the country's struggling steel sector proposed import duties starting at 10% to defend the industry from an influx of imports mainly from China. The International Trade Administration Commission released its preliminary findings after a broad review of steel tariffs ordered by the government in March, as part of a response to oversupply, weak local demand and high input costs in South Africa's steel industry.

Aug 20 - US targets steel, copper, lithium imports under Uyghur forced labor law
The Trump administration on Tuesday said it was targeting more imports of Chinese goods, including steel, copper and lithium, for high-priority enforcement over alleged human-rights abuses involving the Uyghurs. The Department of Homeland Security, in a post on X, said it was also designating caustic soda and red dates for high-priority enforcement under the Uyghur Forced Labor Prevention Act.  

Aug 20 - China's rare earth magnet exports hit six-month high in July
China's exports of rare earth magnets recovered to hit a six-month high in July, showing trade flows of the critical minerals key to electric vehicles have returned to levels seen before Beijing imposed export curbs. Exports from the world's largest rare earth magnet supplier rose nearly 75% from June to hit the highest for a single month since January at 5,577 metric tons last month, data from the General Administration of Customs showed on Wednesday.

Aug 19 - Iron ore sinks BHP FY profit to 5-year low but dividend boosts shares
BHP said annual profit fell to the lowest in five years as sluggish demand from China weighed on iron ore prices and flagged a cut in capital and exploration spending but declared a bigger-than-expected final dividend, sending its shares higher. The world's largest listed miner also raised its debt target and said it would consider acquisitions in commodities such as copper and potash. 

Aug 19 - India recommends import tariffs for three years on some steel products
India has recommended a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China. The levy, if imposed, will start at 12%. It will be eased to 11.5% in the second year and to 11% in the third year, the Directorate General of Trade Remedies said in a notification dated August 16.

Aug 18 - Uganda targets higher exports with first large-scale gold mine
Uganda has inaugurated its first large-scale gold mine, a $250 million Chinese-owned project in the country's east that will also refine the bullion to 99.9% purity, according to a statement from the president's office. The landlocked east African country, which has a variety of minerals including copper, cobalt and iron ore, wants to expand its mining industry and position itself as a major gold producer and exporter.

Aug 18 - Trump says he will set tariffs on steel and semiconductor chips in coming weeks
U.S. President Donald Trump said on Friday he would announce tariffs on imports of steel and semiconductor chips in coming weeks. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska.  

Aug 18 - LME to adopt changes to channel more trading to its electronic system
The London Metal Exchange will go ahead with planned reforms that seek to funnel more trading onto its electronic system to boost liquidity, it said on Friday. The exchange, the world's oldest and largest market for industrial metals, decided to adopt all the measures that were introduced last September, with some modifications after consultations. 

Aug 15 - Zambia's copper output dips in second quarter, putting 2025 target at risk
Zambia's copper output dipped in the second quarter, official data showed on Thursday, putting a target of boosting production to 1 million metric tons this year at risk. President Hakainde Hichilema's government has been trying to lift copper output as part of efforts to get Zambia's economy back on track after a protracted debt crisis.  

Aug 15 - Antofagasta half-year earnings surge 60% on higher copper demand, prices
Chilean miner Antofagasta posted a nearly 60% jump in half-year core earnings on Thursday, on higher production and prices its customers paid for energy transition material copper. Earnings before interest, tax, depreciation and amortisation for the first six months rose to $2.23 billion from $1.39 billion last year, slightly above analysts' consensus expectations.

Aug 14 - Chile slashes its estimate for 2025 copper production growth
Chile's state copper commission slashed its 2025 growth estimate for the country's production, saying it now expected an increase of 1.5% from last year, half the 3% growth it had estimated in May. Cochilco said on Wednesday that production in the world's top copper exporter is expected to reach 5.58 million metric tons this year, maintaining its forecast for average copper prices in 2025 and 2026 at $4.30 per pound. 

Aug 14 - Zinc market shrugs off low LME stocks as another false signal: Andy Home
LME-registered zinc inventory has fallen to a two-year low of 78,475 metric tons, with available stocks even lower at 45,700 tons. What remains is almost all located in Singapore, an exchange delivery point that has been the focal point for both zinc and lead arrivals since late 2023.

Aug 13 - Japan starts anti-dumping probe into hot-dip galvanized steel from China, S.Korea
Japan has launched an anti-dumping investigation into hot-dip galvanized steel from China and South Korea, the country's Ministry of Economy, Trade and Industry said. The probe follows an April 28 petition filed by Nippon Steel, Kobe Steel and other domestic makers claiming that weaker domestic demand and a shift to cheaper imports have forced them to cut prices. 

Aug 13 - Comex aluminium premiums beyond August dip on US tariff rollback bets
Prices of aluminium premium contracts on Comex exchange beyond August have fallen due to some speculation that tariffs on U.S. imports of the metal could be halved or that top supplier Canada could get an exemption. Taxes on aluminium are part of a broader U.S. effort to revive domestic smelting 

Aug 12 - LME stocks saw large inflows of Chinese copper, Indian aluminium in July
The available stocks in warehouses registered with the London Metal Exchange saw massive inflows of China-made copper and India-made aluminium in July, which reduced the share of the Russian origin of both metals, LME data showed on Monday. Chinese smelters delivered copper to the LME stocks in July, sources with knowledge of the matter previously told Reuters, to ease tightness in the LME system, prompted by potential U.S. import tariffs. Washington then decided to exclude copper metal from its tariffs on copper products. 

Aug 12 - Bullion markets breathe sigh of relief after Trump says gold will not face tariffs
U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat. The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal's global supply chains. 

Aug 12 - Australia rescued a key metals refiner, but more is needed: Russell
Australia's federal and state governments in South Australia and Tasmania agreed last week to provide $87.4 million to Trafigura unit Nyrstar to support its lead and zinc smelters. Nyrstar put its troubled Port Pirie lead smelter in South Australia and Hobart zinc processing operations in Tasmania under strategic review earlier this year, citing high energy prices and lower processing fees.

Aug 11 - Chile's Codelco gets approval from labor inspector to restart El Teniente operations
Copper miner Codelco received authorization from Chile's labor inspector office to begin resuming certain operations at its flagship El Teniente copper mine, it said on Saturday, after more than a week of suspended operations following a deadly collapse that killed six workers. In a statement, Codelco said operations can resume in areas not affected by the July 31 collapse, including Pilar Norte, Panel Esmeralda, Pacifico Superior, Diablo Regimiento, and others, while sections such as Recursos Norte and Andesita remain suspended, pending further inspections. 

Aug 11 - China's CATL suspends operations at major lithium mine, seeks new license
Chinese battery giant Contemporary Amperex Technology said it had suspended production at a major lithium mine, sparking a surge in lithium futures and miners' share prices, amid a broader crackdown on overcapacity. CATL said the license for its mine in Yichun, in the southern province of Jiangxi, had expired on August 9 and the company was applying to renew it "as soon as possible".

Aug 08 - Trump tariffs on gold bars drive prices to record high
Gold futures have soared to record highs after Donald Trump escalated his trade war with Switzerland by imposing fresh levies on gold bars. Prices hit an all-time high of $3,534 (£2,632) overnight and were trading up 1.2pc on Friday morning amid reports that the US president is set to slap import duties on 1kg gold bars.
The US Customs Border Protection agency said 1kg and 100g bars will be subject to levies on imports, according to a letter first reported by the Financial Times.

Spot gold – the price of gold that can be bought and sold immediately – is currently trading at around $3,400, just shy of the all-time high recorded in April.
It comes after Mr Trump slapped 39pc tariffs on imports from Switzerland earlier this month, landing it with one of the highest tariff rates of any country outside of Asia. Only countries such as Laos, Myanmar and China have higher tariffs. Mr Trump has also threatened to impose a 50pc tariff on goods from India in a row over its purchases of Russian oil.

Representatives from Switzerland flew to the US earlier this week to hold crisis talks with US trade officials in a bid to ease the levies.
Such stringent tariffs have been imposed on Switzerland because of its substantial trade surplus with the US, which is around £28.8bn. This is thanks to exports of watches, chocolate, pharmaceuticals and high-tech machinery

The country is also the world’s leading gold exporter. Gold bullion made up more than £45bn of Switzerland’s exports to the US in the 12 months to June.
Shares in Swiss luxury goods firms, such as Richemont, have taken a hit over the past week after Mr Trump’s shock tariff raid was confirmed on Aug 1, a Swiss national holiday.
The tariffs on gold bars are a particular surprise, as US customs agents had previously classified the metal as exempt from import levies.
Nikolay Markov, an economist at Pictet Asset Management in Geneva, told The Telegraph this week he expected Mr Trump’s tariffs to knock 1.8pc of Switzerland’s growth.
He said: “It implies no growth for Switzerland in the coming year. It really changes the economic outlook.”

Aug 08 - India's JSW seeks bigger share of met coke quotas to meet shortfall, sources say
India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said. India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons. 

Aug 08 - Mining giants squeeze dividends with an eye toward funding growth
So far this earnings season, large miners are paying out their lowest dividends in years, as mineral prices slip and they need to retain cash for their massive development projects, while trying to keep a lid on costs. Miners are instead doubling down on projects for copper, which is up 8% this year on expected energy transition demand, but it still remains too small a part of their portfolios to offset losses elsewhere.

Aug 07 - China rare earth exports slid in July after hitting peak in prior month
Rare earth exports from China slumped 23% in July after hitting a record a month earlier, customs data showed, although the preliminary data is too incomplete to draw firm conclusions about Beijing's commitment to speed up shipments. The world's largest producer of rare earths exported 5,994.3 metric tons in July, down 23% from June, when exports hit the highest level since at least 2014, data from the General Administration of Customs showed. 

Aug 07 - Codelco asks to restart part of El Teniente mine after accident
Copper miner Codelco has asked Chile's mining regulator for permission to reopen a part of its flagship El Teniente mine after a collapse last week that killed six people, two sources with knowledge of the matter said. Codelco suspended mining operations at El Teniente, the world's biggest underground copper mine, which produced more than 300,000 metric tons last year, on Thursday evening.

Aug 06 - Why did copper escape US tariffs when aluminium did not?
A U.S. decision last week to exempt refined copper metal from import duties is in contrast to an earlier move to levy steep duties on aluminium, and highlights the central importance of electricity costs and the lobbying dynamics shaping U.S. policy. The waiver for refined copper reflects its importance to U.S. manufacturing and the influence of the industry, including major producer Freeport-McMoRan, which earlier this year said a global trade war would undermine U.S. copper production. 

Aug 06 - Guinea revokes Emirates Global Aluminium concession, transfers assets to local firm
Guinea has revoked the bauxite concession awarded to a subsidiary of Emirates Global Aluminium and transferred it to a newly created state-backed firm, citing violations of its mining code. The decision further escalates a standoff over construction of an alumina refinery in the world's second largest producer of bauxite, and highlights a push by military governments in West Africa to reclaim control over strategic mineral assets.

Aug 05 - Aurubis beats profit expectations despite earnings dip
Aurubis reported core profit for the first nine months of its 2024-2025 financial year which beat market expectations, helped by higher contributions from sulfuric acid, copper products and precious metals. Europe's largest copper producer said operating earnings before tax fell to 286 million euros in the first nine months of its financial year, from 333 million euros a year earlier. 

Aug 05 - Australia weighs price floor for critical minerals, boosting rare earths miners
Australia is considering setting a price floor to support critical minerals projects, including rare earths, Resources Minister Madeleine King said, in comments that led to a rally in share prices for Australian-listed rare earths miners. Australia has been positioning itself as an alternative source of critical minerals to dominant producer China for use in sectors such as the automotive industry and defence. 

Aug 04 - Citi raises gold forecast to $3,500/oz over next 3 months on negative US outlook
Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated. "U.S. growth and tariff-related inflation concerns are set to remain elevated during 2H’25, which alongside a weaker dollar, are set to drive gold moderately higher, to new all-time highs" the bank said.

Aug 04 - China 2025 copper output set to hit record high despite feedstock shortages
China's refined copper output is set to hit a record high in 2025, analysts say, as its giant smelting sector powers through a global shortage of copper ore that is forcing some overseas competitors out of business. Refined copper production in China, which already accounts for more than half of the world's output of the metal, will climb between 7.5% and 12% this year and surpass last year's record high of 13.64 million metric tons, according to estimates from five analysts.

Aug 01 - Trump administration to expand price support for US rare earths projects, sources say
Top White House officials told a group of rare earths firms last week that they are pursuing a pandemic-era approach to boost U.S. critical minerals production and curb China's market dominance by guaranteeing a minimum price for their products, five sources familiar with the plan told Reuters. The previously unreported July 24 meeting was led by Peter Navarro, President Donald Trump's trade advisor, and David Copley, a National Security Council official tasked with supply chain strategy.

Aug 01 - Copper market pays the price for forgetting its TACO hedge: Andy Home
The copper market got the tariff right but the products wrong. U.S. President Donald Trump's proclamation "to address the effects of copper imports on America's national security" was not what traders were expecting. The tariff trade, which has defined the copper market since February, has imploded. The copper market forgot Trump's tendency to back down on his most extreme tariff threats. 

Jul 31 - Trump shocks markets with scaled-back copper tariff, US prices plunge
The United States will impose a 50% tariff on copper pipes and wiring, President Donald Trump said on Wednesday, but details of the levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. The surprise move dragged down U.S. copper prices on the Comex exchange HGc2 and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices.

Jul 31 - Global power grid expansion fuels fresh copper demand surge
Copper demand is rising faster than the industry anticipated, driven by billions of dollars being invested worldwide to modernise and expand power grids for the digital and clean energy revolutions that need vast amounts of electricity. Meanwhile, supply from major producers including Chile and the Democratic Republic of Congo is constrained by a lack of investment in new mines, setting the stage for a prolonged period of high prices.

Jul 30 - Copper forecasts lifted, but tariffs hangover to weigh on prices (poll)
Analysts have raised their average copper forecasts for this year and 2026, as concerns about the impact of U.S. tariffs have boosted prices, although they are expected to ease in the coming months as inventories and output rise, a Reuters poll showed. The London Metal Exchange cash copper CMCU0 contract should average $9,500 per metric ton in the fourth quarter of 2025, a median forecast of 26 analysts showed, up 2.7% from the forecast in the previous poll in July of $9,250.

Jul 30 - Aluminium flows shift after Trump doubles down on tariffs: Andy Home
Canadian aluminium smelters have started diverting primary metal away from the United States in response to the ratcheting up of import tariffs, first to 25% in March and then to 50% in June.Alcoa Corp, which operates smelters on both sides of the border, has since March sold more than 100,000 metric tons of Canadian metal to consumers outside of the U.S., the company told analysts on its quarterly earnings call.

Jul 29 - EU, US to form metals alliance to counterbalance Chinese overcapacity
The European Union and United States will develop a metals alliance to mitigate the impact of subsidised Chinese production on global markets as part of their trade deal, European Trade Commissioner Maros Sefcovic said on Monday. "The agreement is clear prospect of joint action on steel, aluminium, copper and the derivatives in what I'd like to call a metals alliance, effectively creating a joint ring-fence around our respective economies through tariff rate quotas at historic levels with preferential treatment," Sefcovic told a press conference.

Jul 29 - Trump team hears pitches on access to Myanmar's rare earths
The Trump administration has heard competing proposals that would significantly alter longstanding U.S. policy toward Myanmar, with the aim of diverting its vast supplies of rare earth minerals away from strategic rival China, four people with direct knowledge of the discussions said. Nothing has been decided and experts say there are huge logistical obstacles, but if the ideas are ever acted upon, Washington may need to strike a deal with the ethnic rebels controlling most of Myanmar's rich deposits of heavy rare earths.

Jul 28 - Australia's Boss Energy flags Honeymoon uranium project challenges, shares plunge
Australia's Boss Energy flagged operational challenges at its flagship Honeymoon uranium project in South Australia, sending its shares to a three-year low. The uranium miner, which owns 100% of the Honeymoon project, warned that issues in ramping up operations could delay reaching full capacity, after the site exceeded production guidance for fiscal 2025.

Jul 28 - India's SAIL posts rise in first-quarter profit on lower costs, strong domestic demand
Steel Authority of India reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand. The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees during the quarter ended June 30.

Jul 25 - EU solar energy rollout slows for first time in decade as subsidies cut
The European Union's expansion of solar energy is on track for its first annual slowdown in more than a decade, industry data showed on Thursday, as some governments reduce subsidies for rooftop solar panels. The trend reflects shifting political priorities in Europe as some member countries have scaled back green measures or support for clean energy from budgets stretched by spending on defence and local industries.

Jul 25 - Boom fades for US clean energy as Trump guts subsidies
Solar and wind installations could be 17% and 20% lower than previously forecast over the next decade because of the moves, according to research firm Wood Mackenzie, which warned that a dearth of new supplies could slow the expansion of data centers needed to support AI technology. The Trump administration has defended its moves to end support for clean energy by arguing the rapid adoption of solar and wind power has created instability in the grid and raised consumer prices – assertions that are contested by the industry and which do not bear out in renewables-heavy power grids, like Texas' ERCOT.

Jul 25 - Rio Tinto weighs sale of titanium business, sources say
Rio Tinto is considering a possible sale of its titanium unit due to weak prices and low returns, three sources said, just as incoming CEO Simon Trott will weigh up a restructuring of the world's second-largest miner when he takes over next month. Against this backdrop, Rio Tinto, has been evaluating whether the titanium business still has a place in its portfolio. How to exit it could be one of Trott's first decisions, the three sources familiar with matter said. 

Jul 25 - Peru seizes 4 tons of black market mercury bound for illegal gold mines
Peruvian authorities have halted a shipment of about four metric tons of mercury headed to Bolivia for presumed use in illegal gold mining, they said on Thursday, the latest sign of rising black market activity to fulfill soaring demand for the precious metal. The mercury had been passed off as a container of crushed rock, but Peru's customs agency SUNAT said an analysis revealed that the material had been laced with mercury, a toxic metal that is subject to strict environmental controls.

Jul 25 - EU starts surveillance of scrap metal trade as supplies decline
The European Commission has started monitoring imports and exports of scrap metal including steel, aluminium and copper after stark industry warnings of shortages and the risk of smelter shutdowns, it said. EU smelters have been struggling for some time to secure supplies of scrap metal, a major input and an integral part of the EU's push to reduce carbon emissions.

Jul 24 - Canada's Teck Resources beats profit estimates for second quarter
Canadian miner Teck Resources beat second-quarter profit estimates, helped by improved profitability at its Trail operations. The company reported an adjusted profit of 38 Canadian cents per share for the quarter ended June 30, compared with analysts' average estimate of 27 Canadian cents per share, according to LSEG data.

Jul 24 - Silver's hot streak gathers pace; market at highest since 2011
Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011.

Jul 23 - Vale's iron ore output up 4% with record Q2 at key mine
Brazilian miner Vale produced 83.6 million metric tons of iron ore in the second quarter, up 3.7% from a year earlier, the company reported on Tuesday. In its output and sales report, Vale said the increase was mainly driven by a new second-quarter record at the S11D mining project in northern Brazil, its top iron ore producer, and "strong performance" at its southeastern Brucutu mine.

Jul 23 - Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
Japan has launched an anti-dumping investigation into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan, its trade and finance ministries said on Tuesday. The move follows a petition filed on May 12 by Nippon Steel and other domestic manufacturers, who claim they have been forced to lower prices due to weakening domestic demand as buyers have shifted to cheaper imports.

Jul 22 - Russia's Nornickel cuts 2025 nickel and palladium output forecast due to repairs
Russia's Nornickel, one of the world’s largest nickel producers and the leading global producer of palladium, on Monday lowered its 2025 nickel production forecast to 196,000–204,000 metric tons. The previous guidance had been 204,000–211,000 tons. The company also revised its palladium output forecast downward, now expecting between 2.677 and 2.729 million ounces compared to 2.704-2.756 million ounces. 

Jul 22 - China needs to cut 2025 steel output to meet decarbonisation target, report says
China needs to cut steel output from the coal-powered blast furnace process by more than 90 million metric tons from 2024's level to achieve its green steel target this year, researchers said in a report.

Jul 21 - Chinese exports of two critical minerals plunge even as rare earths rebound
China's exports of two critical minerals used in weapons, telecommunications and solar cells have plunged over the past three months amid a crackdown on smuggling and transshipment that has involved China's top spy agency. Exports of antimony and germanium in June were down 88% and 95%, respectively, versus January, according to customs data published on Sunday. 

Jul 21 - BHP exits $2.5 billion Tanzania nickel project, partner Lifezone says
BHP Group has opted to sell its interest in the $2.5 billion Kabanga nickel project in Tanzania to its partner Lifezone Metals for as much as $83 million, Lifezone said. The NYSE-listed company will acquire BHP's 17% equity interest in Kabanga Nickel Limited (KNL), the majority owner of the Kabanga Nickel Project in northwestern Tanzania, Lifezone said in a filing late on Friday. 

Jul 18 - BHP delays Jansen potash project as costs surge; logs record copper output
BHP Group flagged a delay and a cost overrun of up to $1.7 billion at its key Jansen potash project in Canada, while the world's largest listed miner logged record copper and iron ore output in fiscal 2025. The cost overrun and delay are a major setback for BHP, which has spent over a decade on the project to diversify from copper and iron ore, and accelerated its development on bets that the Russia-Ukraine conflict would disrupt fertiliser supply and boost prices.

Jul 18 - China June aluminium imports jump 24.1% versus last year
China's imports of unwrought aluminium and products jumped 24.1% year-on-year in June, customs data showed. The world's top consumer of the light metal imported 300,000 metric tons of unwrought aluminium and products last month, data from the General Administration of Customs showed.

Jul 18 - Argentina mining exports to top $5 billion in 2025 despite lithium struggles, industry body says
Argentina's mining exports will exceed $5 billion in 2025 as rising gold prices more than offset the decline in lithium prices, said the president of the Argentine Chamber of Mining Companies, up from $4.6 billion in 2024. In an interview with Reuters, Roberto Cacciola said gold and silver production, Argentina's main mining exports, will remain stable or decline slightly in 2025 due to the maturation of mining projects, but rising prices will make up for the lower volumes.

Jul 17 - Chinese steel companies find new tariff workaround: steel billet
Chinese steelmakers are bypassing tariffs in countries such as Indonesia and Turkey by exporting semi-finished products, a tactic that undermines barriers against a flood of cheap Chinese metal and is raising concern in Beijing over the surge in lower-value exports, industry sources said. Record steel exports from the world's largest producer have sparked a protectionist backlash globally with 38 anti-dumping investigations from various countries since January last year. 

Jul 17 - Canada announces steel tariffs on some trade partners to protect domestic industry
Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry. A 50% tariff will apply to imports from these countries that surpass the 2024 volumes, though Canada will honor existing arrangements with its United States-Mexico-Canada Agreement trade partners, Carney said.

Jul 17 - Tin shipments from Myanmar's Wa State due to resume, tin group says
Tin shipments from Myanmar's Wa State are expected to resume in coming months after a nearly two-year-old ban, the International Tin Association said on Wednesday. Speculation by traders this week that mining would resume has weighed on tin prices, which touched a three-week low on Wednesday. 

Jul 16 - Rio Tinto Q2 iron ore output rises as Trott gets set to take helm
Rio Tinto reported its strongest second-quarter iron ore production since 2018, a day after promoting its iron ore chief Simon Trott to CEO, raising hopes he can revive the fortunes of the mining giant. The world's largest iron ore producer picked the head of its most profitable business to succeed Jakob Stausholm, who unexpectedly announced in May he would step down from the top job after four-and-a-half years.

Jul 16 - Antofagasta's copper output up 11% in first half
Chilean miner Antofagasta said its copper production rose 11% to 314,900 metric tons in the first half of 2025, on higher production from its two concentrators. The London-listed company left guidance for full-year copper output unchanged between 660,000 and 700,000 tons.

July 15 - China June crude steel output slides as demand wilts
China's crude steel output in June fell 3.9% from May and posted the largest annual decline of 9.2% since last August, as more steelmakers carried out equipment maintenance amid a seasonal low in demand and a national plan to cut output. The world's largest steel producer manufactured 83.18 million metric tons of crude steel last month, the lowest level for a single month so far this year, data from the National Bureau of Statistics showed.

July 15 - US rare earth pricing system is poised to challenge China's dominance
U.S. efforts to break China's dominance of the rare earths market and to drive investment in its own industry have moved up a gear with a Washington-backed plan to create a separate, higher pricing system. The West has struggled to weaken China's grip on 90% of the supply of rare earths, in part because low prices set in China have removed the incentive for investment elsewhere. 

Jul 14 - China's rare earth exports jump in June in sign of trade war relief
China's rare earths exports rose 32% in June from the month before, customs data showed, in a potential sign that agreements reached last month to free up the flow of the metals are bearing fruit. The U.S. and China reached a series of agreements in June to get rare earths flowing again after export controls imposed by Beijing in April during the height of its trade war with Washington shuttered some car factories around the world.

Jul 14 - Australia PM touts green steel as iron ore miners meet Chinese steelmakers
Australia and China should cooperate more closely over green steel, Prime Minister Anthony Albanese said in Shanghai, even as he called on the world's largest steelmaker to address excess capacity for the metal. China relies on Australia for roughly two-thirds of the iron ore consumed by its vast steel industry, a trade that will earn Canberra $68.90 billion this financial year, according to the latest government estimates. 

Jul 14 - China June iron ore imports climb as healthier steel margins spur demand
China's iron ore imports in June climbed by 8% from May as some miners ramped up shipments to meet quarterly targets after cyclones in Australia hit first quarter imports and as lower ore prices and healthy steel margins spurred demand. The world's largest iron ore consumer brought in 105.95 million metric tons of the key steelmaking ingredient last month, the highest for a single month so far this year, data from the General Administration of Customs showed. 

Jul 11 - Copper traders look to Chinese buyers in post Trump-tariff world
Global copper traders are offering cargoes to Chinese buyers as they look to offload metal no longer able to reach the U.S. before President Donald Trump's 50% copper tariff deadline. China is the world's largest copper consumer, and the number of offers by overseas sellers has been picking up since late June and is now at the highest in months, according to a Chinese copper trader who spoke on condition of anonymity.

Jul 11 - Mali military helicopter airlifts gold from Barrick-owned Loulo-Gounkoto
A Malian military helicopter airlifted gold from the Barrick-owned Loulo-Gounkoto complex on Thursday, three sources said, days after Reuters reported that a court-appointed administrator planned to sell the site's bullion to finance operations. A Bamako court last month appointed a provisional administrator to restart operations at the West African country's largest gold mining site, nearly six months after Barrick Mining suspended them amid tense negotiations over the implementation of a new mining code.

Jul 10 - Trump sets 50% US tariffs on Brazilian imports starting in August
- U.S. President Donald Trump launched his global tariff assault into overdrive on Wednesday, announcing a 50% duty on goods from Brazil, to start on August 1.
- The announcement came hours after he also informed Brazil that its "reciprocal" tariff on August 1 would rise to 50% from 10%, a shockingly high level for a country with a balanced U.S. trade relationship.
- Trump's Brazil tariff order came in a letter to Brazilian President Luiz Inacio Lula da Silva that vented anger over what he called the "Witch Hunt" trial of Lula's right-wing predecessor, Jair Bolsonaro, and adding to an increasingly bitter public feud with Lula. Trump also criticized what he said were Brazil's attacks on free elections, Americans' free speech and "SECRET and UNLAWFUL Censorship Orders to U.S. Social Media platforms." 

- He ordered the U.S. Trade Representative's office to launch a new "Section 301" unfair trade practices investigation that could add even more tariffs, citing "Brazil's continued attacks on the Digital Trade Activities of American companies." Lula responded to Trump's letter by issuing a statement saying that any unilateral measure to increase tariffs would be met with a response in accordance with Brazilian law.

- Brad Setser, a former U.S. trade official now with the Council on Foreign Relations, said Trump's action could easily spiral into a damaging trade war between the two democracies.
"This shows the danger of having tariffs that are under the unilateral control of one man," Setser said. "It's tied to the fact that Lula beat Trump's friend Bolsonaro in the election." Brazil is the 15th largest U.S. trading partner, with total two-way trade of $92 billion in 2024, and a rare $7.4 billion U.S. trade surplus, according to U.S. Census Bureau data.
- Top U.S. exports to Brazil are commercial aircraft, petroleum products and crude oil, coal and semiconductors while Brazil's top exports to the U.S. are crude oil, coffee, semi-finished steel and pig iron. The South American country has held off on implementing a digital services tax but has sought to advance legislation with stronger competition regulations on digital platforms.

Jul 10 - Trump sets 50% US tariffs on copper Brazilian imports starting in August
- U.S. President Donald Trump launched his global tariff assault into overdrive on Wednesday, announcing a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1.
"I am announcing a 50% TARIFF on Copper, effective August 1, 2025, after receiving a robust NATIONAL SECURITY ASSESSMENT," Trump said in a post on his Truth Social media platform, a reference to a "Section 232" national security trade investigation into the red metal that has been underway.
- Trump first broached the copper tariff during a cabinet meeting on Tuesday, setting off a scramble by companies to import as much copper as soon as possible from Chile and other major suppliers. He blamed the decline of the U.S. copper industry on past administrations, saying copper was needed for semiconductors, aircraft, electric vehicle batteries and military hardware.
"America will, once again, build a DOMINANT Copper Industry," Trump wrote.

- Trump earlier on his Truth Social media platform issued August 1 tariff notices to seven minor trading partners that exported only $15 billion in goods to the U.S. last year: a 20% tariff on goods from the Philippines, 30% on goods from Sri Lanka, Algeria, Iraq, and Libya, and 25% on Brunei and Moldova

Jul 10 - Trump's copper tariffs won't lift US output, will boost costs: Russell
The planned 50% tariff on copper imports may turn out to be the biggest own goal of U.S. President Donald Trump's ongoing trade war with the rest of the world. While Trump seemed quite definitive in his statement, there is a lack of detail of what products will be included in the definition of copper, and whether there is scope for exemptions or lower rates for some major suppliers to the United States, such as Chile and Canada.

Jul 10 - India's iron ore pellet makers seek curbs on Iranian imports via Oman
India's iron ore pellet makers have urged the government to curb a surge in imports routed through Oman, which they say originate from Iran despite U.S. sanctions, warning that the cheaper supplies could hurt the local industry, sources and an analyst said. India, the world's third-largest iron ore producer, has imported 800,000 metric tons of pellets so far this year, whereas imports were negligible between 2021 and 2024, Lalit Ladkat, an analyst with London-based CRU Group, told Reuters.

Jul 09 - Trump says US to impose 50% tariff on copper imports, copper futures jump
President Donald Trump said he will announce a 50% tariff on copper on Tuesday, hoping to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Analysts with RBC Capital Markets said they expect short-term volatility in copper prices and shares of copper companies should the tariff be implemented.

Jul 09 - How US buyers of critical minerals bypass China's export ban
Unusually large quantities of antimony - a metal used in batteries, chips and flame retardants - have poured into the United States from Thailand and Mexico since China barred U.S. shipments last year, according to customs and shipping records, which show at least one Chinese-owned company is involved in the trade. The resulting shift in trade flows underscores the scramble for critical minerals and China's struggle to enforce its curbs as it vies with the U.S. for economic, military and technological supremacy.

Jul 08 - China risks global heavy rare-earth supply to stop Myanmar rebel victory
The global supply of heavy rare earths hinges in part on the outcome of a months-long battle between a rebel army and the Chinese-backed military junta in the hills of northern Myanmar. Nearly half the world's supply of heavy rare earths is extracted from mines in Kachin state, including those north of Bhamo, a strategically-vital garrison town. 

Jul 08 - Next Rio Tinto boss expected to entertain big deals, cut costs, sources say
Rio Tinto's new CEO, who could be announced as soon as this month, should be open to transformative merger and acquisition deals as well as sharpening productivity and cost cuts, said two people aware of the chair's priorities. Finalists for the top job will make their pitches to the board in London this week, according to two other sources familiar with the search process, and an appointment could be announced as soon as late July, one of those sources said.

Jul 08 - Iron ore stays calm amid China uncertainty, US tariff turmoil: Russell
Iron ore prices have been a model of stability in recent months despite the increasing clouds over the outlook for the key steel raw material. The lack of volatility in iron ore prices so far in 2025 comes despite the ongoing uncertainty over the tariff policies of U.S. President Donald Trump, and what impact these will have on global trade and economic growth.

Jul 07 - Canada could financially back aluminum producers if 50% U.S. tariffs persist, trade group says
Canada has discussed offering financial support to large aluminum producers like Rio Tinto impacted by a U.S.-led trade war, in the event that Washington's 50% tariff on imports of the metal persist in the medium term, the CEO of a key industry trade group said on Saturday. Aluminium Association of Canada CEO Jean Simard told Reuters in an interview that the early talks could help the sector in the event that Ottawa is unable to reach a planned deal with its key trading partner by July 21. 

Jul 07 - Guinea bauxite exports up 36% to 99.8 million tons on Chinese demand
Guinea's exports of bauxite, a feedstock for aluminium, jumped 36% to a record 99.8 million metric tons in the first half of 2025, driven by robust Chinese demand that offset declines from a regulatory crackdown, official data showed on Friday. Bauxite exports jumped from 73.4 million tons in the same period last year, with Chinese-controlled firms commanding over 60% of shipments from the West African nation's expanding port network. 

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.