Métaux de base et des métaux précieux

Jan 06 - Australian media tycoon, US firm make $9 billion approach for steelmaker BlueScope
Australian media billionaire Kerry Stokes led an $8.8 billion buyout approach for the country's top steelmaker BlueScope, a move that would substantially broaden his industrial footprint and which sent the target's shares soaring. A deal would be a second marquee purchase in two years for Stokes's majority-owned SGH under CEO Ryan Stokes, the tycoon's son, which bought brickmaker Boral in 2024. 

Jan 06 - Record copper price signals accelerating race for supplies
Copper prices soared to records above $13,000 a metric ton on Monday, driven by fears of shortages and expectations turmoil in Venezuela could accelerate the broader race to secure critical minerals. Expectations of strong demand growth from data centres needed for artificial intelligence and electric vehicles helped fuel a 40% increase last year in prices of the metal used to make power cables.

Jan 05 - Congo to allow cobalt quotas for 2025 to be executed until March 31
The Democratic Republic of Congo will allow cobalt shipments under quotas set for the last three months of 2025 to take place until the end of March, the country's mining regulator said, as preparations to implement its new quota system are protracted. Congo accounts for more than 70% of global mined cobalt production that was estimated by analysts at around 280,000 metric tons this year. 

Jan 05 - Miners go on strike at Capstone Copper's Mantoverde mine in Chile after talks fail
Hundreds of miners began a strike on Friday at Capstone Copper's Mantoverde copper and gold mine in northern Chile after talks between the main union and the company on new labour contracts broke down. In a statement Friday, the Union No. 2 of Mantoverde said it had enough resources to sustain the strike for at least two months, which it claims could generate losses of up to $160 million. 

REUTERS TECHNICAL ANALYSIS Q1 OUTLOOK 2026 - WANG TAO

Brent crude, WTI, and palm oil may retest the supports that they failed to break in May. Spot gold could peak within the $4,995–$5,387 range, marking the end of its extended bull run. LME copper and aluminum remain bullish. Soybeans are likely to stay capped below $11.07¼. Corn and wheat are diverging, with corn poised to rise while wheat trends lower. Coffee is expected to decline further, whereas cocoa may see additional upside. The U.S. dollar index could retest resistance near 101. To read the full report, click here

Dec 31 - Copper Remains in Touching Distance of Record Highs (DJ)

- Copper prices retreat slightly but remain in touching distance of record highs. In late-morning trade in the U.K., benchmark three-month copper futures on the London Metals Exchange fall 1.1% to $12,426.00 a metric ton. Copper hit a record intraday high of $12,960 Monday before falling back slightly, as the red metal continues to trade at elevated levels on surging demand from AI data centers and the looming threat of U.S. tariffs to supply. Copper is up around 42% for the year, on track for its best year since 2009. 

Dec 20 - Season’s Greetings from all of us at the C3 !

We're sending our best wishes to everyone in the commodities community and beyond.

Dear business partner, (customers , contributors and distributors )

Thank you for the trustful cooperation in 2025. Have a peaceful Christmas and a prosperous and healthy 2026.

Our office will be closed Dec 24 - 26 and Dec 31 - Jan 1

During 2025 year end period, a lot of our sources will cease their contributions due to the Christmas and New Year's holidays. Their regular schedule will resume on January, 2026. 

We wish everyone a very Merry Christmas, a safe and happy Holiday Season and a Happy New Year !

Dec 19 - Goldman sees gold at $4,900 by December 2026, projects oil price decline; copper remains favored industrial metal
Goldman Sachs sees gold prices climbing 14% to $4,900 per ounce by December 2026 in its base case, it said in a note on Thursday, while citing upside risks to this view due to a potential broadening of diversification to private investors. In a note in which the bank discussed its views on commodities for 2026, Goldman Sachs said it expects structurally high central bank demand and cyclical support from U.S. Federal Reserve interest rate cuts to lift the price of gold. 

Dec 19 - Barrick Mining officially resumes operational control of Mali mine, memo shows
Canada's Barrick Mining has officially resumed operational control of its Mali gold mine, according to a company memo seen by Reuters. Barrick will resume production gradually and will focus on mandatory training for employees and contractors, according to the memo sent by Sebastiaan Bock, Director of Operations for Africa and the Middle East. 

Dec 18 - Mass layoffs overshadow Guinea's Simandou mega mine as output accelerates
Guinea's Simandou mega mining project, promoted by the military government as a symbol of the country's economic transformation, is laying off thousands of workers just as it begins exporting iron ore after decades of delays and corruption scandals. Simandou was officially launched with pomp and a public holiday in November, ahead of elections on December 28, the first since the military coup in 2021 that brought Mamady Doumbouya to power. 

Dec 18 - Gold forecast to glitter again next year despite biggest gain since 1979
Gold has made its biggest jump since the 1979 oil crisis in 2025 -- with prices doubling in the last two years -- a performance which might previously have meant forecasts of a big correction. Yet a growing investor pool and factors ranging from U.S. policy to war in Ukraine mean analysts at JP Morgan, Bank of America and consultancy Metals Focus now see bullion hitting $5,000 per troy ounce in 2026. 

Dec 17 - Europe trawls for alternative aluminium supply in face of Mozal shutdown
A smelter shutdown in Mozambique is set to dent global aluminium supplies next year, analysts say, leaving the plant's core European Union customers searching for alternatives. South32 confirmed on Tuesday that the 560,000 metric ton per year capacity Mozal smelter would be placed on care and maintenance from mid-March, after talks with utilities and Mozambique's government failed to yield a new power deal. 

Dec 17 - Guinea, EGA in bauxite supply deal talks, sources say
Guinea is in talks with Emirates Global Aluminium over a possible bauxite supply agreement that would see the company source the aluminium feedstock from Guinea's state-owned Nimba Mining, three people familiar with the matter said. Guinea's military-led government revoked the licence of EGA subsidiary Guinea Alumina Corporation in July following a year-long dispute over the construction of an alumina refinery.

Dec 16 - White House plans more 'historic deals' with mining sector, official says
The Trump administration plans more "historic deals" with the U.S. mining sector to boost production of critical minerals for the national defense and high-tech sectors, a senior official said on Monday. Earlier this year, the administration took equity stakes in MP Materials, Lithium Americas and Trilogy Metals. 

Dec 16 - MBK, YoungPoong seek court injunction to block Korea Zinc's share sale plan
South Korean private equity firm MBK Partners and metal smelter YoungPoong Corp have filed for an injunction at a local court to block Korea Zinc's share sale plan to fund the construction of a smelter in the U.S., MBK said in a statement. Korea Zinc said on Monday it would build a $7.4 billion critical minerals refinery in Tennessee that will be funded largely by Washington. 

Dec 16 - Indonesia auctions around 629,000 metric tons of bauxite stockpiles, energy ministry says
Indonesia is auctioning around 629,000 metric tons of bauxite stockpiles seized by the government, which could potentially earn the state about 200 billion rupiah ($11.98 million), an energy ministry official said. Indonesian authorities have been cracking down this year on plantations and mines accused of operating illegally. 

Dec 15 - China November crude steel output hits a 23-month low
China's crude steel output in November fell 3% from October, heading for six straight months of declines, curbed by thinner margins and dwindling domestic demand. The world's largest steel producer manufactured 69.87 million metric tons of crude steel last month, the lowest for a single month since December 2023, data from the National Bureau of Statistics showed. 

Dec 15 - Korea Zinc board to discuss smelter joint venture plan with US government, source says
Korea Zinc's board will discuss a plan to build a $6.8 billion smelter to refine critical minerals in the United States by forming a venture with the U.S. government and U.S. companies, a source familiar with the matter said. But major shareholders, who have been seeking to oust the refiner's chairman, lambasted the plan, saying it was aimed at cementing management's hold on the company. 

Dec 12 - Australia unveils rescue bid for Rio Tinto's Tomago aluminium smelter
Prime Minister Anthony Albanese announced a rescue effort to keep open Australia's largest aluminium smelter, the struggling Tomago facility majority-owned by Rio Tinto, after its current power contract expires in 2028. The news comes after the company warned in October that Tomago Aluminium, employer of more than 1,000 full-time staff and 200 contractors, might be forced to shut down, after failing to secure new, affordable energy supplies. 

Dec 12 - Chinese zinc smelter breaks contract with Teck's Alaska mine amid tariffs, sources say
Zhuzhou Smelter Group broke a supply contract with Teck Resources' Red Dog mine in Alaska earlier this year due to hefty tariffs fueled by Beijing and Washington's trade war, two sources familiar with the matter told Reuters. Vancouver-based Teck supplies zinc concentrate from Red Dog, one of the world's largest zinc mines, to global clients including in Asia. 

Dec 11 - Ford suppliers receive China's new streamlined rare-earth licenses
Chinese rare-earth magnet suppliers to U.S. automaker Ford Motor were included in the first batch of new export licenses issued by Beijing to boost shipments and reduce shortages of the vital components, the carmaker said on Wednesday. The so-called general licenses were agreed after Presidents Xi Jinping and Donald Trump met in South Korea and will reportedly allow larger shipments with fewer hurdles under year-long permits for individual customers. 

Dec 11 - Another Chinese rare earth producer gets streamlined licence for magnet exports
Chinese rare earth producer Ningbo Jintian Copper said on Wednesday it had secured streamlined licences for magnet product exports. The new "general licences" are designed to allow more exports under year-long permits for individual customers following an agreement after a meeting between China's President Xi Jinping and his U.S. counterpart Donald Trump in late October.

Dec 10 - Glencore to ship first cobalt cargo under Congo's new quota system
Glencore has become the first miner to export cobalt under Democratic Republic of Congo's new quotas, sending a small initial shipment to test the system, one government source and two trade sources familiar with the matter told Reuters. Congo cleared Glencore’s shipment this week pending payment of a 10% royalty, the government source said, marking the beginning of a return to exports after a months-long ban that has driven cobalt prices sharply higher and squeezed availability of the metal needed for electric vehicles. 

Dec 10 - Anglo American, Teck Resources shareholders approve mining merger
Shareholders of Anglo American and Teck Resources on Tuesday approved a previously announced merger, the companies said, paving the way for the creation of a copper heavyweight and leaving regulatory approvals as the final hurdle. More than 99.17% of votes cast by the London-listed miner's shareholders were in favour, Anglo said in a release. 

Dec 09 - Thyssenkrupp expects deep net loss in 2026 due to steel restructuring provisions
Thyssenkrupp expects to swing to a net loss of up to 800 million euros in 2026, blaming restructuring provisions at its steel unit, which the German conglomerate is trying to sell to India's Jindal Steel International. "Through the measures that are planned for the current year and already factored in ... we are creating the basis for sustainably improving our earnings," the company's finance chief Axel Hamann said. 

Dec 09 - China steel exports surge but aluminium shipments slide: Russell
China's exports of steel products have surged this year as domestic demand - particularly from property development - slumps, while those of aluminium have tumbled on rising activity from the manufacturing and energy sectors. China produces more than half of the world's steel and aluminium. 

Dec 08 - China's rare earth exports jump in November after Xi-Trump meeting
China's rare earth exports jumped in November, the first full month since President Xi Jinping and U.S. President Donald Trump agreed to speed up shipment of the critical minerals from the world's largest refiner. Exports in November jumped for a second consecutive month, by 26.5% from October to 5,493.9 metric tons, showed figures from the General Administration of Customs of China. 

Dec 08 - Congo sets new export conditions to keep tight grip on cobalt
Congo has set new conditions for cobalt exporters, according to a government circular reviewed by Reuters, potentially complicating a recently introduced quota system as the country seeks to keep a tight grip on the key battery mineral. The new conditions require miners, among other things, to pre-pay a 10% royalty within 48 hours and secure a compliance certificate, the circular shows. 

Dec 08 - China’s copper imports decline in November amid surging prices
China’s copper imports fell in November for a second consecutive month, official data showed, as rising prices of the metal blunted appetite for shipments. Imports dropped 2.51% to 427,000 metric tons in November from 438,000 tons the previous month, the data from the General Administration of Customs showed. 

Dec 05 - US minerals projects seek 'industrial vision' from Washington to compete with China
Washington must move even faster to bolster critical minerals projects and offset Beijing's grip on the world's supply of the building blocks for electronics, weapons and a range of other goods, three U.S. mining and refining executives said on Thursday. The push underscores how Washington's surging support this year for the sector - including taking stakes in mining companies and guaranteeing a price floor for the only U.S. rare earths mine - is falling short of what industry leaders say is needed amid intense Chinese competition. 

Dec 05 - India's steel exports to Europe set to drop as EU carbon tax looms
India's steel exports to Europe are expected to fall once the European Union's carbon tax takes effect next month, prompting mills to seek alternative buyers in Africa and the Middle East, industry executives and analysts said. Imports of steel into the European Economic Area will face a carbon tax under the EU's Carbon Border Adjustment Mechanism starting on January 1. 

Dec 04 - Rio Tinto outlines plan to cut costs, raise productivity at strategy day
Rio Tinto CEO Simon Trott outlined a plan to focus on cost cuts and productivity gains at his first strategy day as he undertakes a divestment plan to simplify the structure of the world's largest iron ore miner. Measures that Rio would take include a 4% cut in unit costs from 2024-2030, the miner said in a statement. 

Dec 04 - Glencore cuts next year's copper goal, targets 1.6 million tons by 2035
Glencore cut its 2026 copper production guidance on Wednesday, but said it aims to reach 1.6 million metric tons by 2035 through new and restarted mines and streamlined operations. "We're going to spend quite a bit of time on copper ... Rebasing back up to a million tons of base copper production, as we were a few years ago, and then the growth beyond that," CEO Gary Nagle told shareholders in London at Glencore's first investor day in three years. 

Dec 03 - Brazil's Vale explores copper joint venture with Glencore in Canada
Brazilian miner Vale said on Tuesday that its base metals unit is in talks with Glencore to form a copper joint venture in Canada that could yield around 900,000 metric tons of the energy transition metal over 21 years. Vale said it plans to form an equal joint venture with Glencore, expecting "significant synergies." 

Dec 03 - Congo's attempt to control cobalt market risks becoming supply shock: Andy Home
It's been almost 10 months since the Democratic Republic of Congo, the world's dominant cobalt supplier, halted exports of the battery metal. February's export ban was replaced with a quota system in October but the country's producers are still awaiting the green shipping light from Congo's minerals authority ARECOMS. 

Dec 02 - Nippon Steel sees US Steel weak performance as temporary, executive says
Nippon Steel sees the weak performance at its newly acquired U.S. Steel unit as temporary and remains committed to investing $11 billion to boost its profit contribution to around 250 billion yen by 2028, an executive said. Japan's biggest steelmaker closed its $14.9 billion acquisition of U.S. Steel in June after an 18-month struggle to win U.S. government approval. 

Dec 02 - Canada's Barrick Mining explores IPO of North American assets
Barrick Mining said on Monday it was exploring an initial public offering of a subsidiary that would hold its North American gold assets as bullion prices this year have rallied to record highs. Reuters reported last month, that the company was considering splitting into Africa- and North America-focused entities. 

Dec 02 - China issues first batch of streamlined rare earth export licenses, source says
At least three Chinese rare earth magnet makers have secured licenses enabling them to accelerate exports to some customers, a source familiar with the matter said, fulfilling a key outcome of the summit between Presidents Donald Trump and Xi Jinping. China began designing a new rare earth licensing regime centered around so-called "general licenses" following the late October meeting between Trump and Xi that eased trade tensions between the two countries, Reuters reported in early November. 

Dec 01 - Codelco offers US clients copper at record premiums above $500 per ton over LME prices
Chile's state-owned copper producer has offered to sell copper at record premiums above $500 a metric ton to U.S. customers with contracts based on London Metal Exchange copper prices, two sources familiar with the matter said. The premium is paid on top of benchmark LME prices and reflects demand and supply fundamentals. It also covers costs including those for transport and taxes. 

Dec 01 - 'Slow' EU to unveil plan for cutting raw materials' reliance on China
The EU executive will unveil next week measures to cut the bloc's over-reliance on China for critical raw materials as Europe seeks to keep up with fierce global competition from the U.S. and Asia. Despite years of warning signs that the old model of rules-based trade was coming to an end, accelerated by U.S. President Donald Trump's return to power, European governments have been asleep at the wheel, EU and industry officials said.

Dec 01 - India weighs Mongolian coking coal imports despite transport hurdles, source says
India is assessing the viability of importing coking coal from Mongolia despite transport bottlenecks, a source with direct knowledge of the matter said, as New Delhi seeks to diversify supplies of the key steelmaking ingredient. India relies on imports for about 85% of its coking coal needs, with more than half sourced from Australia. 

Nov 28 - China's overcapacity crackdown reaches copper, but market impact unlikely
China's decision to shelve a series of planned copper smelters is unlikely to have an impact on historically tight markets unless it is followed by more measures to curb output in the world's largest refined copper producer, industry insiders said. The relentless growth of Chinese smelting capacity has increased global competition for copper concentrate feedstock at a time when stretched supplies have become scarcer still due to mine disruptions. 

Nov 28 - Japanese copper smelters seek 2026 TC/RCs different from China-set benchmarks
Japanese copper smelters are negotiating 2026 treatment and refining charges (TC/RCs) with global miners, seeking agreements at levels different from China-set benchmarks, which are expected to stay low, the head of the Japan Mining Industry Association (JMIA) said on Thursday. TC/RCs, the fees paid by miners to turn concentrate into refined metal, are a key source of revenue for smelters. 

Nov 27 - Codelco's record China copper offer sparks threats to walk away, sources say
Chilean copper heavyweight Codelco's record-high offers to Chinese copper buyers are leading some to declare they will opt out of next year's term contracts as questions grow about the relevance of the benchmark for Chinese buyers. The Codelco premium, which is paid on top of London Metal Exchange copper prices, is often used as a reference for global copper supply contracts, as Codelco is the world's largest copper producer and China the largest consumer. 

Nov 27 - Proposed Teck-Anglo merger is subject to national security review, Canada says
Canada will submit the proposed merger of Anglo American and Teck Resources to a national security review, Industry Minister Melanie Joly said on Wednesday. "The national security review for any transaction is always part of the process... so we're following the process," she told reporters from South Korea via a teleconference.

Nov 26 - China suspends work on some new copper smelters, warns against negative processing fees
China has suspended plans to build some new copper smelters, the vice president of the country's nonferrous metals association said at a conference, taking steps to try to reverse processing fees that have dropped below zero. The relentless expansion of China's copper smelting sector amid tight global supplies of copper ore has driven down processing fees to historic negative levels globally, meaning smelters are effectively paying miners for ore instead of miners paying fees to smelters to turn ore into metal. 
 

Nov 26 - UK to stockpile critical minerals, fast-track lithium plants
Britain will include stockpiling of critical minerals in its defence procurement plan and expects lithium processing projects in northern England to break ground within the next few years as it seeks to reduce its reliance on China. The government launched its critical minerals strategy last week, which set targets to meet 10% of domestic demand from UK mining and 20% from recycling by 2035, backed by up to 50 million pounds in funding. 

Nov 25 - Barrick, Mali government agree to resolve gold mine dispute
Barrick Mining said on Monday it had reached an agreement with Mali's government to resolve all their disputes over the Loulo-Gounkoto gold mining complex after two years of negotiations, sending shares in the Toronto-listed company to a record high. The Canadian miner said in a statement it will drop the arbitration case against Mali at the World Bank dispute tribunal, and in return, Mali will drop all charges against Barrick and its affiliates, release four employees from jail, and give operational control back to Barrick. 

Nov 25 - Lynas Rare Earths warns of production hit from power disruptions at Kalgoorlie
Lynas Rare Earths warned of a one-month production shortfall this quarter due to significant power supply disruptions at its Kalgoorlie processing facility in Western Australia. The production shortfall could be a potential setback for the world's largest rare earths producer outside China as it tries to ramp up output amid a growing push from countries to reduce their reliance on China. 

Nov 24 - BHP walks away from last stab at Anglo American takeover
BHP pulled back from a last-ditch effort to buy Anglo American and bolster its dominance in copper, just two weeks before shareholders at Anglo and Canada's Teck Resources were set to vote on a $60 billion tie-up. BHP said it was no longer pursuing a potential combination with Anglo after preliminary discussions with Anglo's board, in a release to Australia's securities exchange after news broke of the talks late on Sunday. 

Nov 24 - MMG's deal to buy Anglo American's Brazil nickel assets faces EU regulatory delay
Hong Kong-listed mining and metals company MMG said that the European Commission had extended the review of its deal to purchase Anglo-American's nickel business in Brazil. The Commission, which acts as the EU competition enforcer, had initiated the phase II merger investigation in early November. 

Nov 24 - EU to urge US to apply more of the July trade deal, including cutting steel tariffs
European Union ministers are set to urge top U.S. trade officials to apply more of the July EU-US trade deal, such as by cutting U.S. tariffs on EU steel and removing them for EU goods such as wine and spirits. U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will meet EU ministers responsible for trade on their first trips to Brussels since taking office. 

Nov 21 - China expands BHP iron ore ban to new product as talks drag, sources say
China's state-owned iron ore buyer has ordered steel mills and traders to stop purchasing a certain type of BHP iron ore, sources said, adding to a separate ban already in place and escalating a dispute over a new contract. China Mineral Resources Group, set up in 2022 to centralise iron ore purchasing and win better terms from miners, asked Chinese steel mills and traders this week not to buy new cargoes of Jinbao fines, a type of low-grade iron ore from the world's third-largest iron ore miner BHP, according to two sources familiar with the matter.

Nov 21 - LME to stop holding price-setting PGM auctions for the LBMA next year
The London Metal Exchange (LME) will stop administering auctions that set platinum and palladium prices for the London Bullion Market Association next year so it can focus on its core base metals market, the exchange said on Thursday. The exchange, the world's oldest and largest market for industrial metals, said the LME would stop the auctions in platinum group metals around the middle of 2026.

Nov 21 - China's zinc exports soar in October amid LME squeeze
- China's zinc exports surged in October as domestic smelters turned to overseas markets amid a dramatic squeeze on the London Metal Exchange and weak demand at home. China exported 8,519 metric tons of refined zinc last month, China's official customs data showed on Thursday, up 243.8% from 2,478 tons in September.

Nov 20 - Chile's Cochilco hikes 2025 and 2026 copper price forecasts to record highs
Chile's state copper commission Cochilco increased its forecast for copper prices for 2025 and 2026 to record highs on Wednesday amid weak production. Cochilco now sees average copper prices in 2025 of $4.45 per pound and hiked its 2026 forecast to $4.55 per pound, both from a prior view of $4.30 per pound.

Nov 20 - West scrambles to fill heavy rare earth gap as China rivalry deepens
The West's push to build a home-grown magnets supply chain to reduce its reliance on China - led by massive U.S. backing for Nevada-based MP Materials - is running into a critical problem: the scarcity of so-called heavy rare earth elements. The United States and allies have been scrambling to create an alternative supply chain to make super-strong rare earth magnets, which are vital components in everything from defence technology and electric vehicles, to electronics and wind turbines.

Nov 19 - After deadly accident, Freeport aims to restart Grasberg copper production by July
Freeport-McMoRan said on Tuesday it plans to restore production at Indonesia's Grasberg copper and gold mine by July after a fatal incident forced operations to halt two months ago. Seven workers were killed when roughly 800,000 metric tons of wet mud flooded the Grasberg Block Cave, one of the mines at the complex, on September 8.

Nov 19 - EU imposes quotas to curb imports of ferro-alloys
The European Union set import quotas on Tuesday on alloys of steel containing manganese or silicon to protect domestic producers against a surge of cheap imports. The measures will last for three years and consist of country-specific quotas per type of ferro-alloy, limiting the volume of imports that can enter the EU duty-free.

Nov 18 - EU's EIB to work with Australian government on critical raw materials
The EU's European Investment Bank and the Australian government said in a joint statement on Monday they would deepen cooperation on critical raw materials, as Western powers scramble to cut their reliance on China. With the exception of Japan, Group of Seven countries and the EU are heavily or exclusively reliant on China for a range of materials from rare earth magnets to battery metals.

Nov 18 - China aluminium imports rise 10.4% y/y in October, custom data shows
China's imports of unwrought aluminium and aluminium products rose 10.4% in October from a year earlier, customs data showed. The world's top consumer imported 350,000 metric tons of unwrought aluminium and aluminium product last month, according to the General Administration of Customs.

Nov 17 - Barrick Mining considers splitting into two entities, sources say
The board of Canada's Barrick Mining has raised the possibility of splitting the company into two separate entities, one focused on North America and the other on Africa and Asia, four sources familiar with the company's thinking told Reuters. A split could also include the outright sale of Barrick's African assets as well as of the Reko Diq mine in Pakistan, once it has secured financing, according to the sources.

Nov 17 - A new rare earth crisis is brewing as yttrium shortages spread
Global supplies of the rare earth element yttrium are running low due to Chinese export restrictions, sparking fears of shortages and surging costs that could hit aerospace, energy and semiconductor production. China, the main source of the element used in speciality alloys found in engines as well as coatings to shield against high temperatures, restricted exports along with six other rare earths in April in retaliation for U.S. tariffs.

Nov 14 - Congo produces first 1,000 tons of traceable artisanal cobalt
The state cobalt agency in Democratic Republic of Congo has produced its first 1,000 metric tons of traceable artisanal cobalt, a key step in formalizing the sector in a country that supplies much of the world's battery metal. Congo holds about 72% of global cobalt reserves and accounts for over 74% of supply, much of it from informal artisanal mines.

Nov 14 - China's copper exports boom on rising arbitrage, supply
Chinese copper exports are on pace to set a record in 2025, with October shipments set to exceed 100,000 metric tons for only the third time ever, as rising domestic supply and higher foreign prices spur outflows. China is the world's largest copper consumer and a net importer of the red metal used in power lines, construction and manufacturing. 

Nov 13 - US House report accuses China of minerals market interference
China for decades has sought to manipulate global critical minerals prices, using its control as an economic weapon to expand its manufacturing sector and its geopolitical influence, a U.S. House of Representatives committee said on Wednesday. The allegations, contained in a 50-page report from the bipartisan U.S. House Select Committee on China and reviewed by Reuters, adds to a series of missives from Washington criticizing Beijing's sway in critical minerals markets.

Nov 13 - EU aluminium buyers scramble as Iceland outage hits, carbon tax looms
European aluminium importers are racing to secure supplies of the metal following an outage at a key smelter in Iceland and before a new carbon tax comes into force, pushing premiums to a nine-month high. The European aluminium duty-paid premium, which buyers on the physical market pay over the London Metal Exchange price to cover taxes, freight and handling costs, is currently at $324 a ton. It hit $330 on November 3, the highest since late January.

Nov 12 - Guinea aims for global high-grade iron ore leverage with Simandou launch
Guinea is seeking to keep global prices for premium iron ore high, senior officials said, as output from its giant Simandou project, expected to peak at some 120 million metric tons a year, heads to the market this month. That may put it at odds with the mine's main owner and customer, China, which consumes more than 70% of the steelmaking material globally, and has moved to centralize imports and drive down prices. 
 

Nov 12 - Australia's MinRes inks $765 million deal with POSCO for lithium JV stake
Australia's Mineral Resources said it would sell a 30% stake in part of its lithium business to South Korea's POSCO for $765 million to reduce debt, sending its shares to a more than one-year high. MinRes shares gained to hit their highest since October 11 last year, then pared gains, making the miner the top performer on the S&P/ASX 200 index which ended slightly lower.

Nov 11 - Guinea to fast-track alumina, iron ore processing, mines minister says
Guinea will fast-track the development of alumina refineries and iron ore pellet plants to end decades of raw ore exports, its mines minister told reporters, as the country prepares for the first shipments from its huge Simandou iron ore mine this week. In-country alumina and iron ore processing could transform Guinea's economy by creating industrial jobs and reducing exposure to commodity price swings, the World Bank said in July.

Nov 11 -Copper joins critical minerals list but the US has plenty already: Andy Home
Copper has been added to the U.S. government's list of critical minerals - the metals deemed vital to the country's economic and national security. Fortunately, the United States has already accumulated what is the world's second largest copper stockpile, behind China's state reserves.

Nov 10 - China starts work on easing rare earth export rules but short of Trump hopes, sources say
China has begun designing a new rare earth licensing regime that could speed up shipments, but it is unlikely to amount to a complete rollback of restrictions as hoped by Washington, industry insiders said. The Ministry of Commerce told some rare earth exporters they will be able to apply for new streamlined permits in the future and in industry briefings outlined the documents that will be required, two sources familiar with the matter said.

Nov 10 - China halts ban on gallium, germanium, antimony exports to US, but controls remain
China has suspended a ban on exports of gallium, germanium and antimony to the U.S., its commerce ministry said on Sunday, although the three metals remain subject to broader export controls requiring shippers to first get licences from Beijing. China restricted exports of the three metals between August 2023 and September 2024 before singling out the U.S. for an outright ban last December in response to new curbs imposed on its chip sector by Washington.

Nov 07 - Trump expands critical minerals list to copper, met coal, uranium
The Trump administration on Thursday added 10 minerals to a list it deems essential for the U.S. economy and national security, including copper, vital to electric vehicles, power grids, and data centers, and metallurgical coal, used to make coke fuel for steel production. The Interior Department's critical minerals list guides federal investments and permitting decisions and helps shape the government's broader minerals strategy. 

Nov 07 - China's October rare earth exports rise 9% from September
China's rare earth exports rose 9% in October from September, customs data showed, the first month-on-month increase after three straight months of declines. China, the world's largest rare earth exporter, sold 4,343.5 metric tons of rare earths in October, data from the General Administration of Customs showed. 

Nov 06 - Japan, US consider rare earth mining near Minamitori in Pacific, PM Takaichi says
Japan and the United States will jointly study developing rare earth mining in the waters around Minamitori Island in the Pacific, Japanese Prime Minister Sanae Takaichi said. Co-development of rare earth minerals was a key topic in her meeting with U.S. President Donald Trump last week, Takaichi told a parliamentary session. During Trump's visit to Tokyo, the two countries signed a framework agreement for securing rare earth supplies to counter China's dominance in the materials that are used in everything from cars to fighter jets.

Nov 06 - Albemarle's cost cuts, steady volumes fuel smaller loss amid weak lithium prices  
 Albemarle reported a smaller-than-expected loss for the third quarter on Wednesday, as the lithium producer's tight leash on costs and resilient sales volumes softened the squeeze from persistently low prices for the metal. Albemarle has sharpened its focus on efficiency and cash preservation as the industry grapples with the pressure on prices from an oversupplied market as Chinese producers have increased output despite moderating demand from electric vehicle makers for the critical component.

Nov 05 - Chile's Codelco cuts copper output guidance for 2025 despite higher production through September
Chile's Codelco, the world's largest copper producer, cut on Tuesday its forecast for 2025 output, despite higher production in the year's first nine months through September. The state-owned miner lowered its copper production guidance to 1.31 million to 1.34 million metric tons this year, from a prior estimate of 1.34 million to 1.37 million metric tons, but still aims to exceed last year's 1.321 million tons. 

Nov 05 - MMG's Anglo American deal may divert nickel from Europe, EU warns
Hong Kong-listed mining and metals company MMG's plan to buy Anglo American's Brazilian nickel business could enable MMG to divert ferronickel from Europe and hurt European stainless steel production, EU antitrust regulators said on Tuesday. The warning from the European Commission, which acts as the EU competition enforcer, came as it opened an in-depth investigation into the deal, amid global concerns about the supply of key minerals and China's dominance. 

Nov 04 - Glencore plans to shut Canada’s largest copper metal operation over costs
Glencore is planning to close its Horne smelter, Canada's largest copper metal-producing operation, due to environmental issues and the millions of dollars needed to upgrade the facility, two sources with knowledge of the matter said. The London-listed miner does not disclose copper metal production figures for its Canadian operation, but industry sources estimate annual output at more than 300,000 metric tons.  

Nov 04 - Indian producers concerned about met coke import curbs, JSW Steel CEO says
India's import curbs on metallurgical coke, a key steelmaking fuel, have become a concern for many producers, Jayant Acharya, Indian steelmaker JSW Steel's chief executive, said. The country's largest steelmaker in now sourcing coking coal mainly from Australia, the U.S. and Mozambique, Acharya added.

Nov 03 - Investors call for creation of International Minerals Agency
A group of investors in mining called for the creation of an independent agency for the sector modelled after the International Energy Agency. The group of investors, which together manage or advise on $18 trillion of assets, said the new International Minerals Agency would be able to monitor global mineral supply and demand as well as illegal flows, a statement said.  

Nov 03 - Brazil's Vale likely to announce extraordinary dividends soon, CFO says
Vale is likely to announce extraordinary dividends in the coming months, Chief Financial Officer Marcelo Bacci said during a call with analysts on Friday, following the release of the Brazilian miner's third-quarter results. The prospect follows stronger-than-expected cash flow early in the year and comes as iron ore prices have consistently held up above $100 per metric ton, Bacci said. 

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.