Métaux de base et des métaux précieux

Jul 03 - Australia flags risk to iron ore price from China state buyer
An Australian government report said efforts by China's state-backed iron ore buyer to cut costs for Chinese steel mills may push down prices in the medium term, in a rare acknowledgment that such activity could affect earnings. Australia is the largest exporter of iron ore, which it counts as its single biggest export-earner and a significant contributor to government revenue. 

Jul 03 - LME metals whipsawed by war and peace in first half of 2026.
The early-year euphoria that propelled both copper and tin to record highs was doused by the launch of Operation Epic Fury at the end of February. The Iran war has dominated the headlines ever since, which has been challenging for traders because the headlines have been so confusing.

Jul 02 - China restricts some Fortescue iron ore cargoes as talks drag, sources say
China's state iron ore buyer has asked some domestic steel mills not to take delivery of certain portside iron ore products from Fortescue, industry sources said, the latest Australian miner to fall foul of Beijing’s push to increase control over the market. China Mineral Resources Group (CMRG) notified some mills verbally that from July 15 they must not take delivery of portside cargoes of Fortescue's Super Special Fines and Fortune Fines, both of which are lower-grade iron ore products, five sources with knowledge of the matter said. 

Jul 02 - Coking coal miners caught between India's surging demand and Australia's taxes: Russell
Miners of coking coal in top exporter Australia face the dilemma of balancing expectations of strong demand growth from top buyer India against a royalty tax system they view as rapacious and punishing to investment. The high-quality fuel, also known as metallurgical coal, is used to make steel and Australia supplies around half the global seaborne market, with exports of 148.4 million metric tons in 2025.

Jul 02 - Ukraine urges swift publication of Irish investigation into alumina exports
Ukraine President Volodymyr Zelenskiy urged on a visit to Dublin on Wednesday that Ireland swiftly complete an investigation into whether Irish alumina exports to Russia are being used to make aluminium for weapons. Dublin has commissioned an investigation into alumina exports, while also defending an EU decision to leave the plant off Russian sanctions packages, arguing that the facility in southwest Ireland is a key part of EU supply chains.

Jul 01 - South32 to sell bulk of aluminium portfolio to Alcoa for up to $5.6 billion
Australia's South32 said  it has agreed to sell most of its aluminium assets to Alcoa for an implied enterprise value of up to $5.6 billion, as the diversified miner streamlines its business to focus on copper under a new CEO. For Alcoa, the deal expands access to upstream assets including bauxite, alumina and aluminium assets across Brazil, South Africa, and Western Australia where it can harness its proximity to South32, given both operate alumina refineries within a few hundred kilometres of each other.

Jul 01 - Battery metals recovery runs into stop-start EV market.
The battery metals bust has run its course. Prices of lithium, cobalt and nickel have all recovered from their 2024-2025 lows. This has largely been a story of supply restraint. The focus now turns to whether demand is strong enough to underpin higher price levels.

Jul 01 - EU unveils new steel import quotas to protect its industry from overcapacity
The European Commission unveiled quotas under the new system to limit duty-free steel imports into the EU, in a move designed to protect the bloc's steel sector and increase its capacity utilisation. Under the new rules, the European Union's annual tariff-free import quotas are slashed by 47% to 18.3 million metric tons, while an out-of-quota duty of 50% is introduced for 26 categories of steel products imported into the EU.

Jul 01 - REUTERS TECHNICAL ANALYSIS Q3 OUTLOOK 2026 - WANG TAO

A firmer U.S. dollar is likely to weigh on energy and metals markets. The dollar index has established a solid base and is gathering upward momentum, reinforcing the bearish outlook for crude oil, gold, base metals and grains. In contrast, palm oil and soft commodities appear less vulnerable to dollar strength and are expected to extend their gains. To read the full report, click here .

Jun 30 - Ferrari and BMW join Tesla, China in switch from copper to cheaper aluminium 
Ferrari and BMW are rolling out new models featuring lightweight, cost-effective aluminium wiring, accelerating a shift away from copper, the dominant material in electric wiring since the invention of the electric battery two centuries ago. The decisions follow similar moves by Tesla and Chinese EV makers and reflect a broader industry trend forecast to affect around 2% of global copper demand this year, according to JPMorgan.
 
Jun 30 - Guinea plans regional gold refining hub as West African race intensifies
Guinea aims to become a regional gold refining hub, its mines minister said, joining a broader push by West African producers to process bullion locally rather than exporting it to the Middle East and beyond. The move underscores efforts to retain more value at home as gold prices remain high.

Jun 30 - Congo withdraws unused cobalt export quotas
Democratic Republic of Congo will withdraw unused cobalt export rights under first-half quotas and reassign them to a state-controlled entity, its strategic minerals regulator said, tightening control over shipments from the world's top producer. In a notice seen by Reuters on Monday, ARECOMS said all export quotas allocated for January to June that remain unused by June 30 will be forfeited and automatically reassigned to its "strategic quota."

Jun 29 - Chinese copper smelters baulk at spot-indexed ore pricing proposal
China's copper smelters are pushing back against a proposal from miner Antofagasta to link prices of raw material concentrate under term contracts to the spot market fearing the move will hit their already weak finances, industry sources say. Under their annual supply contracts, miners traditionally pay smelters fixed treatment and refining charges (TC/RCs) to process copper concentrate into refined metal. The charges, which reflect supply and demand in the copper market, make up a sizeable portion of the smelters' revenue.

Jun 29 - Chinese brokerages push for LME membership to expand global metals role
Three Chinese brokerages - Yongan Futures, Orient Futures and Guotai Junan Futures - are preparing to apply for membership of the London Metal Exchange, sources familiar with the matter said, in a move that would boost China's presence on the world's biggest marketplace for industrial metals.The push reflects efforts by Chinese firms to capture a larger share of revenue from metals derivatives trading and further the brokers' ambitions for global expansion.

Jun 26 - Copper soars but smelters can't bank on it to survive
While the copper price hovers near all-time highs, the metal's value to smelters has collapsed after an unprecedented implosion in processing fees. The companies that convert mined concentrate into refined metal are now relying on what comes with the copper for their financial survival. 

Jun 26 - Ghana to buy 30% of large miners' gold output from July 1, statement
Ghana has struck a deal with its large-scale mining companies to purchase 30% of their gold output beginning July 1, the government said on Thursday, as it seeks to boost foreign currency reserves and develop local refining capacity. Central banks are increasingly stockpiling bullion as high prices bolster its appeal as a reserve asset.

Jun 26 - UK raises planned steel import limits to soothe businesses' cost concerns
Britain on Thursday said it would allow more tariff-free imports of steel than previously planned when it introduces new measures to protect its domestic industry next month, after businesses said initial government proposals were too restrictive. 
Steelmakers have struggled to survive in the birthplace of the Industrial Revolution after decades of decline driven by deindustrialisation and, more recently, high energy costs and a glut of cheap steel from countries like China. 

Jun 25 - Lithium producers bet on battery storage as demand shifts beyond EVs
The lithium industry is growing more optimistic about a market recovery as booming demand for battery storage systems helps offset a slowdown in some electric vehicle markets, leading producers told an industry conference this week.
While electric vehicles have been the main driver of lithium demand for years, regulatory changes in the United States and elsewhere have cooled sales in some key markets. That slowdown coincided with industry overproduction, pushing lithium prices sharply lower.

Jun 25 - Chile's Codelco to consider asset sales, partnerships in investment review
Chile's state-owned Codelco, one of the world's largest copper producers, will consider asset sales and partnerships as part of a broader review of its investment priorities, Chairman Bernardo Fontaine said on Wednesday. The move could mark a shift under Fontaine's new leadership of the miner, which transfers its profits to the state and has long argued that the policy has constrained investment and contributed to its debt burden.

Jun 25 - Australia's top export sectors face rising strike threats
Labour unrest has flared up across Australia's resources sector, with its lucrative iron ore mines and ports facing heightened strike risks, adding to high costs and red tape that majors like BHP warn are eroding the country's investment appeal. Mining unions have amped up industrial action since the Labor government enacted a law in 2022 giving them the power to negotiate wage deals that cover several employers, more scope to request flexible arrangements and allow industry-wide strikes.

Jun 24 - Rio Tinto sees lithium as fastest-growing division, executive says
Rio Tinto expects its lithium business to grow faster than its copper, iron ore and other divisions as it works to triple production by 2028 for the electric vehicle and battery storage markets, an executive said on Tuesday. The world's second-largest mining company jumped into the lithium sector last year when it bought U.S.-based Arcadium, a deal that brought access to mines, processing facilities and deposits across four continents, as well as a customer base that includes Tesla. 

Jun 24 - Congo pivots westward under cover of cobalt controls.
The scale of the Democratic Republic of Congo's cobalt ambitions is becoming ever clearer. The world's largest producer of the strategic metal, which is used in everything from mobile phones to stealth bombers, has used export restrictions to drain the global market of previous excess and lift prices.

Jun 24 - India will monitor Chinese steel imports before deciding on further curbs, source says
India will monitor steel imports for at least two more months before considering whether further measures are needed to curb the flow of shipments primarily from China, a source with direct knowledge of the matter told Reuters. In December, New Delhi had imposed a three-year import tariff on select products to curb cheap shipments from China.

Jun 23 - ‘Pure’ New Zealand chases gold as record prices burnish allure
New Zealand is fast-tracking gold projects and courting mining investors as soaring bullion prices revive a sector long in decline, testing the country's "100% Pure" brand as the government looks for ways to lift a weak economy. New Zealand's gold production is on track to double by the mid-2030s to its highest in at least three decades, according to Reuters calculations, helped by two new projects already approved and a third awaiting a final decision. 

Jun 23 - Orion CMC in advanced discussions for three Asian partnerships
Orion Critical Mineral Consortium, a minerals investment group backed by the U.S. government, is in advanced discussions to establish three new public-private partnerships in Asia as it seeks to fund a $20 billion global pipeline of opportunities, executives told Reuters. The consortium plans to form a third regional leg of investment to add to $1.8 billion raised by the group last year to bolster Western access to copper, lithium, rare earths and other critical minerals.

Jun 22 - China targets US rare earth and other firms with export controls
China has added 10 U.S. entities it said are linked to the U.S. military, including two rare earth firms, to its export control list in retaliation for Washington placing several Chinese companies under restrictions earlier this month. Rare earth producers MP Materials and USA Rare Earth, as well as motor manufacturer for mission-critical applications Aveox were among those placed on the list, halting Chinese dual-use exports to the companies.

Jun 22 - Steel industry sounds alarm over slow progress on green steel
Delays to green steel projects are growing and government support is far short of what is needed, jeopardising the industry's drive to cut emissions, steel associations warned at an annual meeting in Singapore this week. About half of the world's planned green steel projects have already been delayed, while governments have committed just $20 billion of the $1.5 trillion needed to decarbonise the sector, according to the World Steel Association.

Jun 22 - China tightens indium export checks as AI demand increases
China is stepping up scrutiny over exports of indium, leading some buyers to fear the niche metal, sought after for next-generation data centers, may be added to the export control regime that has become one of Beijing's most potent trade weapons.

Jun 19 - Dubai exchange to launch same-day gold contract, targeting safe-haven flows
Dubai's commodities exchange will launch a same-day settlement gold futures contract on Monday, its CEO told Reuters, aiming to tap safe-haven demand and faster trading infrastructure to boost liquidity in the emirate's bullion market. The Dubai Gold and Commodities Exchange, part of the Dubai Multi Commodities Centre, said shorter settlement cycles reflect broader market shifts toward speed and efficiency.

Jun 19 - Iron ore industry sees a bright future, but green steel fades.
The most persistently bullish part of the commodities sector in recent years has been metals associated with the energy transition, such as copper, lithium and rare earth elements. Iron ore miners want their product to be added to the list. Strong demand growth for steel in South and Southeast Asia will keep demand for the raw material robust, and more than outweigh declining production in China and the Western world.

Jun 18 - China's copper smelters band together to strengthen hand in talks with miners
China's top copper producers are seeking to add new members to an industry price-setting group, four sources with knowledge of the matter said, in a bid to strengthen their position in negotiations with miners over raw material supply. The China Smelters Purchase Team, a group of 16 major producers that traditionally sets floor prices for spot copper concentrate processing deals, invited at least six prospective new members to attend its quarterly meeting in Yantai in Shandong province on Wednesday, a fifth source said.

Jun 18 - Sky's the limit for investors seeking some copper action
The speculative fever that drove copper prices to record highs in January has abated but is still simmering away. Investors, both institutional and retail, continue to be drawn by copper's strategic exposure to both energy transition and artificial intelligence megatrends.

Jun 17 - G7 leaders tackle reliance on China for critical minerals
G7 host France is pushing partners to agree a statement on critical minerals on Wednesday that could include measures to help the West reduce its reliance on China and shield investors from counter-measures and dumping, diplomats said. The leaders will discuss securing mineral supply chains, a central theme of France's G7 presidency, alongside a broader effort to remedy global economic imbalances on the final day of the June 15-17 summit in Evian-les-Bains. 

Jun 17 - Thyssenkrupp to spin off materials trading division, its biggest by sales
Thyssenkrupp plans to spin off its materials trading division, whose sales account for nearly a third of the group's total, the German conglomerate said on Tuesday. The spin-off announcement was previously reported by Reuters and continues the company's efforts to turn itself into a holding firm. It has already divested the group's hydrogen and marine divisions via individual stock market listings in previous years.

Jun 16 - China crude steel output rises slightly on-month on improved margins, exports
China's crude steel output in May rose 0.9% from a month earlier, helped by improved margins and exports, but hit the lowest level for the month since 2018 as Beijing sought to curb overcapacity. The world's largest steel producer manufactured 84.36 million metric tons of crude steel last month, down 2.7% from the year earlier, the National Bureau of Statistics said. 

Jun 16 - India's silver imports hit over three-year low in May after import curbs
India's silver imports plunged 87% in May from a year earlier to their lowest level in more than three years, government data showed on Monday, after the world's largest consumer of the metal tightened curbs on imports in nearly all forms. Lower imports by India, which meets more than 80% of its silver demand through overseas purchases, could weigh on global prices, while helping narrow the country's trade deficit and ease pressure on the rupee.

Jun 15 - Gold's record rally falters as bulls run into Fed rate expectations, stronger dollar
Expectations for U.S. monetary tightening and a strong dollar have taken some wind out of the "perfect storm" powering an upswing in gold since 2023, leaving prices in vulnerable territory around $4,000 per ounce as the interest rate backdrop unfolds. Gold's reversal has raised questions over the longevity of its record-breaking rally even as geopolitical risk, fiscal deficits and central bank buying continue to support the longer-term case for bullion. 

Jun 15 - Trump's critical minerals pricing plan faces skeptical G7, divided industry
The Trump administration's push to boost critical minerals production by regulating prices is facing skeptical G7 allies and a divided mining industry, with negotiations for a Western trading bloc stumbling over concerns about the plan's cost and governance, according to diplomatic sources and a Reuters analysis of corporate policy recommendations. First proposed by U.S. Vice President JD Vance in February, the trading bloc aims to help the West wean itself off China, which became the world's largest minerals producer by operating at a loss and dampening prices for the building blocks of semiconductors, computer servers, military equipment and myriad other products.

Jun 12 - Reliance, Vedanta, Adani join India's drive to cut China rare earth dependence, sources say
Indian industrial groups Reliance, Vedanta and Adani have shown interest in developing facilities to process Andhra Pradesh state's significant reserves of increasingly important rare-earth minerals, according to two sources with knowledge of the matter. With New Delhi seeking to cut India's dependence on China for rare earths, the three companies are among about 10 who have expressed interest in setting up rare earth facilities in the southern state, one of the sources said.

Jun 12 - Vale's top shareholder pushes for meeting on chairman's removal
Brazil's Vale, one of the world's largest iron ore producers, said on Thursday it received a request from its top shareholder, pension fund Previ, for a shareholders' meeting to vote on the removal of Chairman Daniel Andre Stieler. Previ, which manages pensions for employees of state-run lender Banco do Brasil, proposed appointing Jose Mauricio Coelho to Vale's board and backing current board member Manuel Oliveira as chairman, the miner said in a filing.

Jun 11 - China's control over indium phosphide exports threatens AI data centre rollout
Barely a week after Nvidia-backed chipmaker Coherent warned of a shortage of indium phosphide in an earnings call in early May, its CEO Jim Anderson was on a plane with a U.S. business delegation accompanying President Donald Trump on his trip to China. Anderson's visit was partly to raise the issue of delays in China's export licenses involving the highly strategic material, essential in manufacturing high-speed optical chips for AI data centres, said three sources familiar with the matter.

Jun 11 - Iron ore remains unaffected by Iran war, but China's May data baffles: Russell
Iron ore is the one major commodity that is sailing unaffected through the storm created by the U.S.-Israeli war on Iran, but the relative calm masks shifting dynamics for the key steel raw material. China buys about three-quarters of all global seaborne iron ore, using it to feed mills that produce just over half of all the world's steel.

Jun 10 - India explores Russian coking coal assets, more nickel supplies, sources say
India's state-owned Steel Authority of India and NMDC Ltd are exploring acquisitions of coking coal assets in Russia as New Delhi seeks to secure supplies of critical raw materials, Indian sources said. The world's biggest producer of crude steel after China, India sent a delegation to Russia last month for preliminary talks with government and industry executives, said the three sources familiar with the matter.

Jun 10 - India's gold tariff hike fuels smuggling revival, squeezes banks and refiners
India's sharp increase in gold import tariffs is fuelling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring grey market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said. India, the world's biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit and ease pressure on the rupee. 

Jun 09 - China's May steel exports jump to 5-month high, iron ore imports miss expectations
China's steel exports in May jumped by 8.8% from the month before to a five-month high, supported by subdued domestic demand and better margins for outbound shipments. The world's largest steel producer last month shipped out 10.34 million metric tons of steel used in construction and manufacturing, the highest level since December, data from the country's General Administration of Customs showed.

Jun 09 - China's May rare earth exports climb to four-month high
China's exports of rare earths rose 3.4% from the prior month to a four-month high, thanks to more overseas restocking ahead of a traditional summer lull. The world's largest rare earth producer shipped out 5,490 metric tons of the group of 17 minerals essential to electric vehicles, wind turbines and defense technology, the highest since January, data from the General Administration of Customs showed.

Jun 08 - Lithium bust is over but will battery metal boom again?
The lithium market has sprung back to life after a three-year slump that left the battery metal languishing at rock-bottom prices for much of 2024 and 2025. The CME lithium hydroxide contract has jumped by 86% since the start of the year and is trading back above $20,000 per metric ton for the first time since late 2023.

Jun 08 - Indonesia may relax mining production quotas if prices are good, minister says
Indonesia may relax its mining production quotas, including those for coal, if global prices are favourable, its mining minister Bahlil Lahadalia said, without saying which commodities could come under review. This year, the mining ministry has cut its nickel ore and coal production quotas, known as RKAB, to prop up prices.

Jun 05 - Chinese investors behind Indonesia's nickel boom scout alternatives as policy changes bite
Chinese companies that helped build Indonesia's nickel industry into the world's dominant producer are looking as far afield as Africa for longer-term alternatives as rising policy pressure tests the investment model that reshaped global supply. Tsingshan Group is considering a major development in Madagascar, the country's mines ministry said, while Lygend Resources is looking at a project in Tanzania as well as restarting the Koniambo operation in New Caledonia, according to industry sources.

Jun 05 - History suggests gold will drop more, but are new drivers in charge?
Should gold investors be disappointed that the precious metal has failed to kick on from its January record high above $5,500 an ounce, or should they be relieved the pullback hasn't been more severe? The price history over the past two decades suggests that strong rallies, such as the one from September 2022 to January 2026 when gold gained 245%, are followed by substantial declines, even if the bulk of the gains are consolidated.

Jun 04 - US tariff doubling cut EU steel exports by 34%, steel body says
EU steel exports to the U.S. have fallen by 34% since Washington hiked tariffs to 50%, with higher duties on derivative products such as washing machines and motorbikes also hitting European demand, steel industry association Eurofer said on Thursday. Steel exports to the U.S. fell to 1.94 million metric tons in the three quarters since the Trump administration doubled import tariffs on steel and aluminium from 25% a year ago.

Jun 04 - Zambia extends duty-free copper concentrate export duty waiver amid smelter outages
Zambia has extended the suspension of a 10% duty on copper concentrate exports to September 30, to help clear stockpiles of unprocessed material as the country's major smelters undergo extended maintenance and repairs. Copper miners in Africa's second-largest producer of the metal used in electrical infrastructure are undertaking lengthy smelter maintenance programmes following technical challenges that have impacted processed output.

Jun 03 - India tightens silver import rules, mandates prior approval
India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorisation, as the world's biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee. Imports of silver in the form of grains, powder, other forms and where content is 99.9% silver are restricted, according to a government order issued on Tuesday, and importers would need to secure a valid import authorization from the Directorate General of Foreign Trade (DGFT).

Jun 03 - AI may not be the demand booster copper bulls expect
From the Bronze Age to the AI age, copper is again at the heart of the latest big investment craze. The rationale is simple. Data centers need a lot of wiring, cooling and power, which means they need a lot of copper. AI data centers need even more. A crypto data center requires 21 metric tons of copper per megawatt installed, while an AI training data center in China has a copper intensity of 47 tons, according to S&P Global Market Intelligence.

Jun 02 - Barrick Mining weighs London listing as it negotiates Africa business sale, sources say
Barrick Mining, one of the world's leading gold miners, is weighing a possible London listing for its African business, with a potential all-share transaction with UK-listed Endeavour Mining seen as one option under consideration, two sources familiar with the matter told Reuters. Discussions are at an early stage and no decision has been made, the sources said, adding there is no certainty a deal will materialise and no announcement is expected in the near term. The combined entity could be worth $30 billion in the market capitalization.

Jun 02 - Indian steelmakers grapple with resurgence of cheap Chinese imports
China's finished steel exports to India more than doubled in April to the highest in at least two years, sparking worries among the latter's steelmakers that despite the imposition of import tariffs they will be swamped by cheaply priced products. Provisional Indian government data reviewed by Reuters showed China shipped in around 232,000 metric tons of finished steel in April and emerged as the top exporter of such steel to the South Asian nation.

Jun 01 - Tin re-balances but investors are still betting on scarcity
What will tame the wild tin market? The smallest of the London Metal Exchange (LME) base metal contracts continues to defy market gravity. LME three-month tin is trading at $55,225 per metric ton, close to the all-time high of $59,040 reached during the frenzied cross-metals rally in January.

Jun 01 - A bachelor's in rare earths? In China, there are schools for that
Every year, several hundred young adults head to the steppes of northern China to learn about rare earths at schools like the Inner Mongolia University of Science and Technology. After completing undergraduate study, they may venture a few kilometers up the six-lane Rare Earths Street in Baotou, where they can work for state-owned refiners that convert the critical minerals into magnets that power jet engines, electric vehicles and wind turbines. Or, the graduates may pursue further studies at the nearby Baotou Rare Earth Research Institute – roughly 150 km (93 miles) from the world’s largest rare earths mine.

Jun 01 - BHP electrical workers to vote on strike at key Australian iron ore export hub
Hundreds of BHP electrical workers at Port Hedland in Western Australia will vote on a potential strike action, a union said on Friday, raising the risk of disruptions to iron ore shipments from one of the world's biggest export hubs. The Electrical Trades Union (ETU) said it had begun the process for its members to authorise a strike, which could "very likely" take place by the end of June if a pay deal was not reached.

May 29 - EU import cuts threaten Ukraine's battered steel sector, Interpipe CEO says
The European Union's plan to slash steel imports will hit Ukraine's war-battered industry and goes against an exemption by the bloc as the country fights Russia's invasion, the CEO of Interpipe, one of Ukraine's biggest industrial companies, said. The EU announced this month it would set reduced import quotas of duty-free steel per country by July 1 and apply a 50% tariff to any additional volumes, up from 25%. 

May 29 - China's April net gold imports via Hong Kong rise 81.2% from March
China's net gold imports via Hong Kong rose 81.2% in April from the previous month, Hong Kong Census and Statistics Department data showed on Thursday. The world's top gold consumer imported a net 86.715 metric tons in April, up from 47.866 tons in March, and marked its 13th straight monthly increase, the data showed. 

May 28 - Canada turns from US to Europe as Iran war propels aluminium higher
Canada is pushing more of its aluminium towards Europe to make the most of higher premiums on offer, after its neighbour the United States imposed a 50% tariff on the metal last year. A loss of Middle East volumes due to the Iran war has hit Europe hardest and intensified competition with the U.S. for low-carbon supply, driving prices to extreme levels, with policy and prices determining where scarce aluminium is shipped, analysts, traders and aluminium industry sources said. 

May 28 - Copper braces for another round of US tariff roulette.
The deadline for a U.S. decision on whether to impose tariffs on refined copper imports is looming at the end of next month. The market reaction is a widening in the arbitrage between the CME's U.S. duty-paid copper contract and the London Metal Exchange's international price. The rising premium for U.S. delivery is drawing more metal into the United States, tightening up availability everywhere else. 

May 27 - A warning to critical minerals buyers: avoid butter mountains, aluminium floods
Western governments, currently ploughing tens of billions of dollars into critical minerals in an effort to break their reliance on China, could look to history to see how well-intentioned efforts to prop up commodity sectors can backfire. As efforts to build stockpiles and combat China's dominance gather pace, a dozen industry executives, investors and analysts interviewed by Reuters pointed to the risk of a repeat glut scenario. 

May 27 - Australia-India-Japan-US Quad to build a port, unveil pact on critical minerals
The foreign ministers of Australia, India, Japan and the U.S. agreed to jointly build a port in Fiji and signed pacts covering critical minerals and energy security, as they sought to inject fresh energy into their grouping known as the Quad. The brief meeting between the countries' top diplomats – Australia's Penny Wong, India's S. Jaishankar, Japan's Toshimitsu Motegi and U.S. Secretary of State Marco Rubio – was the third such gathering of the Quad since September 2024.

May 26 - China could become a net refined zinc exporter in 2026, analysts say
China could export more refined zinc than it imports for the first time in four years in 2026, analysts said, as growing supply and weak demand at home push companies to supply the metal to the world's markets. China, which produced roughly half the world's zinc last year, has long also been a major importer of the metal mainly used to galvanise steel. 

May 26 - China's weak steel output, strong iron ore imports show structural shift: Russell
The contrast between China's weak steel production but robust iron ore imports is continuing and is starting to look like a structural shift rather than a temporary dislocation. China, which produces just over half of the world's steel, recorded output of 86.63 million metric tons in April, down 2.8% from the same month in 2025 and the weakest April figure since 2018. 

May 25 - China squeezes Japan over rare earths in repeat of 2010 showdown
China has cut Japan off from several heavy rare earths and other materials for at least four months, coinciding with a dispute between the two countries over Taiwan, suggesting Beijing is using its control over critical minerals as diplomatic leverage. Japan is the largest rare earth magnet maker outside China but like the rest of the world is overwhelmingly dependent on Beijing for imports of certain so-called heavy rare earths used in magnet-making, aerospace and defence, as well as gallium, a minor metal vital for chip-making.

May 25 - Warning lights flash as aluminium reels from Gulf shock: Andy Home
The Iran war is shaping up to be one of the biggest supply shocks in the history of the aluminium market. Gulf production of the metal, which is used across sectors as diverse as transport, packaging and solar panels, has plummeted to its lowest level in over a decade in April, according to the International Aluminium Institute. 

May 22 - Indonesia to exempt nickel pig iron and some palm oil derivatives from centralised export policy
Indonesia will exempt nickel pig iron, which makes up the majority of its nickel exports, and some refined palm oil products from its planned centralisation of commodity exports, a senior government minister said. Under a policy announced this week, exports of coal, palm oil and ferroalloys must go through a state company, with a transition phase expected to start from June 1.

May 22 - Arafura Rare Earths plans $250 million share sale backed by Australia's richest person
Australia's Arafura Rare Earths said on Friday it plans to raise about A$350 million in a share placement backed by Gina Rinehart's Hancock Prospecting, to help fund its Nolans project. The share placement plan comes a day after the miner approved the development of its $1.6 billion project in the Northern Territory, set to be Australia's third-biggest rare earths operation by decade-end.

May 21 - EU shortlists tungsten, rare earths for first stockpile to curb reliance on China
The European Union has shortlisted tungsten, rare earths and gallium for its first joint stockpile of critical minerals aimed at reducing its reliance on China, three sources familiar with the matter told Reuters. The EU is also holding talks with major ports including Rotterdam in the Netherlands, the region's biggest, to store the minerals.

May 21 - Gulf aluminium April output tumbles to lowest in a over a decade due to Iran war, IAI says
Primary aluminium in the Gulf tumbled in April to its weakest in more than a decade due to the impact of the Iran war on smelters in the region, the International Aluminium Institute (IAI) said on Wednesday. Production in the Gulf was 330,000 metric tons last month, down 35% from the same month in 2025, according to preliminary IAI data.

May 20 - India's top copper producers oppose inclusion of scrap-based rods in standards
India's top copper producers, including Adani, Vedanta and Hindalco, are opposing plans to make copper wire made by secondary refiners acceptable under government quality standards, saying products made from scrap pose safety risks. The dispute has triggered a months-long standoff between large primary producers and smaller refiners over fire-refined high conductivity copper rods, which are mainly used in electrical applications such as transformers, power cables and wires.

May 20 - Supply hits galvanize zinc as expected surplus fails to show
London Metal Exchange three-month zinc hit a near four-year high of $3,633.50 per metric ton last week and is up by 13% since the start of the year. The price strength is surprising.

May 19 - Platinum, rhodium to outperform palladium in 2026, Metals Focus forecasts
Platinum and rhodium prices are expected to rise by 71% and 62%, respectively, this year, while the price of palladium will increase by 37% as supply deficits persist, consultancy Metals Focus said on Monday. The basket price of the platinum group metals, chiefly used in vehicle exhausts to neutralise harmful engine emissions, broke out from its long-term trading range last year, boosting miners' profits after three years of squeezed margins.

May 19 - U.S. drill bit makers ramp up shift to steel as tungsten prices surge
U.S. drill bit manufacturers are shifting to steel-based products to cut costs as tungsten prices surge due to trade restrictions and tighter supplies. North American producers are expected to ramp up drilling as disruptions to Middle Eastern oil supplies keep crude above $100 a barrel.

May 18 - China April crude steel output hits eight-year low on demand uncertainty
China's crude steel output in April fell 3.9% from March amid caution from steel mills about uncertain demand prospects at home and abroad. The amount produced was the lowest logged for the month of April since 2018. The world's largest steel-producing nation last month manufactured 83.63 million metric tons, down 2.8% from the year before, data from the National Bureau of Statistics showed.

May 18 - China has agreed to address US concerns over rare earth shortages, says White House
China will address U.S. concerns about shortages of certain specialty rare earths caused by Beijing's export controls, the White House said on Sunday in a factsheet outlining the major deals agreed during a summit last week. China's rare earth export controls - introduced in April 2025 in retaliation for U.S. President Donald Trump's Liberation Day tariffs - continue to tightly restrict exports of some rare earths despite a deal last October in which the White House says China agreed to allow shipments to freely flow.

May 15 - Platinum shortage persists as palladium, rhodium move to surplus, Johnson Matthey says
The palladium and rhodium markets are seen swinging to a small surplus in 2026 due to lower demand, while platinum, ruthenium and iridium will see further shortfalls, Johnson Matthey said in a report on Thursday. All the platinum group metals were in deficit in 2025 with prices for platinum, palladium and rhodium setting multi-year highs in January 2026, before moving sharply lower in March due to rallying oil prices and a deteriorating economic outlook amid the Iran war. 

May 15 - EGA in advanced talks to take stake in Sohar Aluminium, sources say
Emirates Global Aluminium, the largest aluminium smelter in the Middle East, is in advanced talks to take a stake in Omani rival Sohar Aluminium as it expands its footprint outside the United Arab Emirates, six sources with knowledge of the matter said. EGA, which was forced to shut down around 60% of its roughly 2.5 million metric ton per year smelting capacity in the UAE after an Iranian attack in late March, has recently been using the port of Sohar on the Gulf of Oman after the Iran war closed its usual shipping route via the Strait of Hormuz.

May 14 - Equinox Gold to acquire Orla Mining, creating $18.5 billion Canada-focused gold producer
Equinox Gold said on Wednesday it would acquire Orla Mining in an all-stock deal to create a North American gold producer worth about $18.5 billion. U.S.-listed shares of Orla Mining rose 3.4% in premarket trading.

May 14 - Gold discounts in India breach $200/ounce record amid profit-taking
Gold discounts in India widened to a record of more than $200 an ounce on Wednesday, as a surge in prices after the import duty hike triggered investor selling in an already weak demand environment, bullion dealers told Reuters. India on Wednesday raised import tariffs on gold and silver to 15% from 6% as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves.

May 13 - Trump, Xi to weigh rare earth truce extension, but China's curbs still bite
China and the U.S. are considering extending a truce on Chinese rare earth export curbs at a leaders' summit this week, but Chinese customs data shows Beijing is still throttling shipments of the materials vital for defence and manufacturing. The resulting shortages and higher prices around the world underscore how controls imposed in retaliation for President Donald Trump's Liberation Day tariffs have become one of the policy's major legacies, long after the scaling back of most of the duties.

May 13 - India raises gold and silver tariffs to 15% to curb imports, support rupee
India has raised import tariffs on gold and silver to 15% from 6%, government orders said, as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves. The higher duties could dampen demand in the world's second-largest consumer of precious metals, although they may help narrow India's trade deficit and support the rupee, one of Asia's worst-performing currencies. 

May 12 - Barrick beats Q1 profit estimates on record gold prices, unveils $3 billion buyback
Barrick Mining is looking to divest riskier African assets and non-controlling assets, as the Canadian-listed miner aims for a U.S. listing of its North American assets by the end of the year, the company's CEO said on Monday. Barrick beat estimates for first-quarter profit on Monday, helped by record gold prices. It also approved a $3 billion share repurchase program.

May 12 - Goldman Sachs lifts 2026 nickel outlook on tighter Indonesian supply
Goldman Sachs raised its 2026 average nickel price forecast to $18,500 per metric ton from $17,200 on Monday, citing tighter Indonesian supply due to reduced ore quota allocations and sulfur shortages. Benchmark three-month nickel on the London Metal Exchange was up 1.6% to $19,200. On May 6, prices touched $20,000, their highest level since May 2024.

May 11 - China's Q2 refined copper imports set to rise on demand pull
China's imports of refined copper are set to rise in the second quarter of this year, driven by strong demand and potentially lower domestic output because of smelter maintenance, analysts and traders said. Copper demand in the world's biggest consumer of the metal used in power lines and for wiring in electric vehicles has gained momentum thanks to expanding grid investment and growing EV sales, analysts said. 

May 11 - China steel exports fall in April, year-to-date shipments lowest since 2023
China's steel exports fell 9% in April from the same month last year, customs data showed on Saturday, as shipments that have spurred complaints from trading partners track for their lowest year since 2023. China shipped 9.5 million metric tons of steel, up 4% from March but down from last year's record pace.

May 08 - CME seeks to revive uranium trading with physical futures launch, sources say
CME Group plans to launch a physically based uranium futures contract in the coming months, a move that could attract more institutional money into the thinly traded and opaque market, three sources familiar with the plans told Reuters. The contract marks a departure from CME’s existing, financially settled uranium futures, which have seen scant volumes, and comes as investor interest in nuclear fuel surges on expectations of new reactor builds to meet climate targets and power energy hungry data centres.

May 08 - Nickel associations of Indonesia, Philippines sign agreement on nickel cooperation
The nickel associations of Indonesia and the Philippines signed a memorandum of understanding on nickel cooperation, Indonesia's coordinating ministry of economics said. The agreement includes the exchange of information, joint development of nickel downstream processing technology, and human resource development to support a sustainable nickel industry ecosystem, the ministry said.

May 08 - US copper imports this year unlikely to beat 2025 record, analysts say
Refined copper imports into the United States this year are not likely to surpass the record shipments of 2025, curbed by already swelling stockpiles and a spike in logistics costs from the Iran war, analysts and traders said. Copper prices on COMEX are again trading higher than the London Metal Exchange global benchmark, triggering renewed inflows to the U.S. as the market waits to see if U.S. President Donald Trump will impose tariffs on imports of the metal.

May 07 - G7 trade talks target critical minerals as US-EU tariff rift strains unity
Group of Seven trade ministers meeting in Paris on Wednesday sought common ground on securing critical mineral supplies that are dominated by China, but fresh U.S. tariff threats against European Union-made cars risked straining unity. France wants critical minerals supplies to be among the most concrete deliverables during its G7 presidency as ministers prepare for a leaders' summit in mid-June, Foreign Trade Minister Nicolas Forissier said as he arrived for talks.

May 07 - Argentina sees lithium and copper exports at $32.7 billion in 10 years
Argentina expects to export $12.1 billion worth of lithium and $20.6 billion worth of copper in 10 years, up from $6.0 billion in mining exports last year, the South American country's mining minister Luis Lucero said on Wednesday. The projected surge in lithium and copper exports is an early indication that President Javier Milei's RIGI investment incentive scheme is unlocking large-scale mining capital.

May 06 - Crop tour projects Oklahoma winter wheat crop at 47.799 million bushels
A group of Oklahoma crop experts on Tuesday projected Oklahoma's 2026 winter wheat harvest at 47.799 million bushels, with an average yield of 23.11 bushels per acre, following an annual tour of the state, said Mike Schulte, executive director of the Oklahoma Wheat Commission. The estimates were based on field assessments conducted by Oklahoma State University Extension educators, as well as private crop consultants and area agronomists, said Schulte.

May 06 - Palm oil rally seen continuing on biodiesel demand boost, analyst Mistry says
Malaysian palm oil prices are likely to rise about 12% to 5,200 ringgit a metric ton by mid-July, as higher energy prices from the U.S.-Israeli war on Iran boost biodiesel demand and tighten supplies, analyst Dorab Mistry said. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange fell 1.34% to 4,647 ringgit at the midday break, though it is up about 15% since the war began in late February.

May 06 - Shanghai nickel contract gains ground after international opening in challenge to LME
The Shanghai Futures Exchange’s opening of its nickel contract to overseas firms has already gained traction, with brokers saying it would challenge the London Metal Exchange’s dominance as a pricing benchmark. China is the world’s largest consumer of nickel and industry sources have long questioned why pricing should remain anchored in London, particularly after the LME’s 2022 nickel trading crisis. They say benchmarks should reflect where supply, demand and hedging needs are concentrated.

May 06 - Acid shortage dominates copper economics as fees tumble
As copper smelters, miners and traders gather in Hong Kong for LME Week Asia, sulphuric acid prices are shaping talks over how low copper concentrate processing fees can go. Soaring prices for the acid, a byproduct of copper smelting, have buffered Chinese smelters from a collapse in treatment and refining charges, or TC/RCs, the fees miners pay smelters to process copper concentrate into refined metal. 

May 05 - Argentina mining exports to jump 49% in 2026, executive says
Argentina's mining exports are forecast to jump 49% in 2026, reaching $9 billion, Roberto Cacciola, president of the Argentine Chamber of Mining Companies said. Cacciola said the estimate was conservative, adding that the value of the country's mining exports could be more if current prices continue. Argentina exported $6.056 billion in mining exports in 2025, which represented a 30% increase from the previous year. 

May 05 - Australia's Regis to take over Vault, creating $7.7 billion gold producer
Regis Resources will take over smaller peer Vault Minerals to create Australia's third-largest listed gold producer valued at around A$10.7 billion. The combination, backed by both boards, would create an entity with five operating mines in Western Australia and two growth projects, which would produce 700 million ounces of gold a year.

May 04 - Thyssenkrupp, Jindal call off steel sale talks after months of negotiations
Thyssenkrupp has paused talks with India's Jindal Steel International about a possible sale of the German industrial group's steel unit, it said on Saturday, marking a setback for CEO Miguel Lopez's restructuring efforts. Lopez has made major progress in recent years with turning Thyssenkrupp into a holding company, most notably by separately listing its hydrogen and warship divisions, but long-standing plans to divest the volatile steel business have proved more difficult to achieve.

May 04 - Australia and Japan sign agreements on energy and critical minerals
Australia and Japan agreed on Monday to deepen cooperation on energy and critical minerals, as Japan Prime Minister Sanae Takaichi met Australian counterpart Anthony Albanese during a three-day visit to the country. After signing a landmark defence deal last month, the two nations agreed to strengthen energy, food and critical minerals supply chains.

May 01 - Indian April gold imports fall to near 30-year low as tax demand hits shipments
India's April gold imports are set to fall to a near 30-year low of around 15 metric tons, industry and government sources said, because banks have been hit by an unexpected tax demand. Banks, which import most of India's refined gold, have halted shipments since Indian customs began demanding a 3% integrated goods and services tax on the metal, said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

May 01 - China approved large exports of rare earth vital for US aerospace in March
China exported large quantities of a speciality rare earth used in aerospace and chipmaking to the U.S. in March, customs data showed, in a sign that tight controls which have caused shortages and record prices could be easing. The 60-ton shipment of yttrium oxide is 50% larger than all the yttrium shipped to the U.S. since China imposed export controls on several rare earths last April at the height of the trade war with Washington.

Apr 30 - Big funds bet billions on mining supercycle
Major fund managers are heralding a sustained rally in mining and metals as money floods into the sector at the fastest pace in years, driven by robust AI infrastructure, rising defence spending and a shift away from expensive tech stocks. Assets under management in mining exchange-traded funds more than doubled to $87.4 billion by March 31, from $37 billion a year earlier, data compiled by research firm ETFGI for Reuters shows.

Apr 30 - Tungsten breaks records as China export curbs, military demand boost investment
Tungsten prices have powered further into record-high territory, fuelled by China's tightening export controls and surging military demand, with supplies stretched thin. Tungsten is used in aerospace and defence equipment because its extreme heat resistance and hardness allow components to withstand intense temperatures, stress and wear.

Apr 29 - Surging gold bar purchases led total bullion demand up 2% y/y in Q1
Global gold demand rose 2% year-on-year to 1,230.9 metric tons in the first quarter of 2026 as a surge in purchases of gold bars and coins, as well as a 3% growth in buying by central banks offset a 23% decline in jewellery demand, the World Gold Council said. Having revised supply and demand numbers for 2025, the WGC currently expects investment demand for bullion to rise by about 200 tons this year, jewellery fabrication to fall further and net purchases by central banks to remain steady at 700 to 900 tons despite some targeted selling due to the geopolitical risk amid the U.S.-Israeli war on Iran.

Apr 29 - European aluminium billet premium doubles after Iran war disrupts supply, squeezes consumers
The premium in Europe for aluminium billet, a semi-finished product, has doubled since the Iran war started due to shortages stemming from two months of disrupted Middle East supply, squeezing consumers in construction and transport. Exports from the Gulf region, a key supplier of primary aluminium, billet and other alloys to Europe, have been curbed after the conflict largely suspended the bulk of shipping through the Strait of Hormuz.

Apr 29 - Guinea bauxite output jumps 25% ahead of export curbs, official data show
Guinea’s bauxite output jumped by 25% in the first quarter of 2026, driven largely by Chinese demand, official data showed on Tuesday, as the government plans export curbs to lift prices and protect smaller producers. Guinea, the world’s largest exporter of bauxite, a key feedstock for aluminium, has seen strong output growth, reaching about 183 million metric tons in 2025.

Apr 28 - Gold rally tipped to resume despite setback over Iran conflict: Reuters poll
Analysts have raised their annual gold price forecasts, a Reuters poll showed on Monday, with strong central bank demand and economic uncertainty expected to offset risks from surging inflation and hawkish policy bets due to the Middle East conflict. The survey of 31 analysts and traders conducted over the past three weeks returned a median gold forecast of $4,916 per troy ounce for 2026, the highest annual forecast in Reuters polls dating back to 2012. 

Apr 28 - China's state iron ore buyer allows purchases of banned BHP portside cargoes, sources say
China's state iron ore buyer has lifted its ban on purchases of certain BHP ore products that had piled up at ports, four sources with knowledge of the matter said. BHP Group, the world's third-largest iron ore supplier, and state buyer China Mineral Resources Group have concluded a contract negotiation that ended a months-long ban on purchases of the company's iron ore, BHP said last week.

Apr 27 - US, EU deepen cooperation on critical minerals with eye to broader agreement
The U.S. and the European Union on Friday deepened their coordination on critical minerals as part of a broader push by Western allies to loosen China's grip on materials crucial to advanced manufacturing. U.S. Secretary of State Marco Rubio and European Union Trade Commissioner Maros Sefcovic signed a memorandum of understanding for a partnership on producing and securing critical minerals, with a specific action plan for trade announced separately.

Apr 27 - EU steelmakers set for rebound as Iran war hurts more exposed Asian peers
After over half a dozen muted earnings seasons, steelmakers in the European Union are set for a rebound and the first quarter of 2026 could be an inflection point, analysts say. Though demand has not recovered to 2022 levels, steel prices have increased faster than expected in recent months thanks to higher energy prices and diminishing imports from outside the bloc due to the EU's new safeguards.

Apr 24 - Gulf aluminium disruption ripples up to alumina market: Andy Home
The Iran war has focused the aluminium market on what is not coming out of the Strait of Hormuz. But there is an equally significant problem: what is not going in. Gulf aluminium smelters are highly dependent on imports of alumina, the intermediate product between bauxite and metal, to maintain operations. 

Apr 24 - US, EU to sign preliminary partnership deal on critical minerals on Friday
The United States and the European Union will sign a memorandum of understanding on Friday for a partnership on critical minerals, the State Department said late on Thursday. U.S. Secretary of State Marco Rubio and EU Trade Commissioner Maros Sefcovic will meet on Friday and take part in the signing ceremony, the department added. 

Apr 23 - Copper king Chile faces acid supply crunch as China exports dry up
China's exports of sulphuric acid to Chile dwindled to zero in March, Chinese customs data show, leaving the world's top copper producing nation facing a squeeze on supplies of the chemical used to make around half of its refined metal. The war in the Middle East has caused a sulphur supply crunch, and China is reportedly planning to ban sulphuric acid exports from May to ensure its domestic market - notably the fertiliser industry - does not face a shortage.

Apr 23 - Global nickel market set for first annual deficit since 2021, says INSG
The global nickel market is expected to swing to a deficit of 32,000 metric tons this year from a surplus of 283,000 tons in 2025 owing to tighter mining regulation in Indonesia, the International Nickel Study Group said on Wednesday. Only six months ago, the Lisbon-based industry body had expected a surplus of 261,000 tons in 2026 after oversupply across 2022 to 2025 on booming output from Indonesia, the world's largest producer.

Apr 22 - BHP beats iron ore output estimates, settles China dispute; shares rise
BHP Group beat market estimates for third-quarter iron ore output and said its annual copper production would come in at the upper half of its forecast range, sending its shares up about 2% to their highest in seven weeks. The world's largest listed miner also said it had concluded talks with China Mineral Resources Group, the state iron ore buyer, ending a months-long dispute stemming from bans on the procurement of the key steel-making ingredient from BHP.

Apr 22 - Aluminium faces 'black swan' supply shock, Mercuria says
The global aluminium market is experiencing a "black swan" event as disruptions due to the Middle East war trigger a supply shock that will lead to major shortages this year, according to the top metals analyst at commodity trader Mercuria. The region accounts for about 7 million metric tons of annual aluminium smelting capacity, or roughly 9% of the estimated global supply this year.

Apr 21 - Rio flags MidEast supply-chain risks, posts higher first-quarter iron ore sales
Miner Rio Tinto warned of limited visibility on the effects of the Middle East war on its supply chains in the second half, while stronger production from its Pilbara operations boosted first-quarter iron ore sales. "To date on the supply-side, the direct impacts on our operations have been limited, while our commodity prices have responded favourably," Rio said in a statement, adding that it had contingency plans in place for the ongoing conflict.

Apr 21 - Gulf aluminium production falls 6% month-on-month in March due to war, IAI says
Primary aluminium production rates in the Gulf region fell by 6% in March from the prior month, the International Aluminium Institute said on Monday, warning that the impact of the conflict in the Middle East will get worse. The IAI data gives an initial quantification of the dent to aluminium supply caused by the conflict, which has seen the region's two biggest smelters come under Iranian attack and complicated both inbound raw material and outbound metal shipments due to the closure of the Strait of Hormuz.

Apr 20 - China's rare-earth magnet exports fall 1.6% in March
China's exports of rare-earth magnets in March slipped 1.6% from a year earlier but climbed 10.5% month-on-month, customs data showed. Outbound shipments from China, the world's largest producer of rare-earth magnets, were 5,238 metric tons last month, data from the General Administration of Customs showed. 

Apr 20 - Iran war's sulfurous fallout spreads to copper and nickel: Andy Home
The Iran war has already caused turmoil in the global aluminium market but now the fallout is spreading to both copper and nickel supply chains. The conduit is sulfur, a by-product of the Gulf's oil and gas industry that has been effectively trapped since the Strait of Hormuz closed on February 28. 

Apr 17 - Indian banks halt gold, silver imports amid delay in government clearance, sources say
Indian banks have halted gold and silver import orders from overseas suppliers, with tons of the metals stuck at customs as a formal government order has not been issued authorising bullion imports, trade sources said. Without fresh imports, India could face supply shortages, as the world's second-largest gold consumer and biggest silver buyer relies on overseas purchases to meet nearly all its demand.

Apr 17 - Vale books best first-quarter iron ore sales in eight years
Brazilian miner Vale reported on Thursday its highest iron ore sales for a first quarter since 2018, while also announcing the suspension of pellet operations in Oman amid the war in the Middle East. The company's iron ore sales, which include fines, pellets and run-of-mine, rose 3.9% to 68.7 million metric tons for the January-March quarter from a year earlier. 

Apr 16 - China crude steel output slides in March on thinner margins, falling exports
China's crude steel output in March slid 6.3% from the prior year to the lowest level for the month since 2020 as margins thinned and exports declined amid the Middle East conflict. The world's largest steel producer manufactured 87.04 million metric tons of crude steel last month, the National Bureau of Statistics said.

Apr 16 - China aluminium production up 2.7% in March as Iran war drives prices higher
China's primary aluminium production in March rose 2.7% year-on-year, official data showed, as supply fears linked to the Iran conflict supported prices of the light metal.
Aluminium production climbed to 3.85 million metric tons in March, according to data released by the National Bureau of Statistics.

Apr 15 - China copper smelters may press ahead with production curbs amid acid export ban
China's copper smelters will likely press ahead with plans to trim output as Beijing's ban on sulphuric acid exports tames a price rally in the byproduct that had offset falling processing fees, industry insiders and analysts said. Smelters in China, the world's largest copper producer, have since last year seen revenue surge from byproducts including sulphuric acid, helping mitigate a plunge in the processing fees paid by miners to refine copper linked to an acute shortage of concentrate.

Apr 15 - Aurubis CEO expects US copper demand to reduce Comex stockpile
The massive copper stockpile on the U.S. Comex exchange should be drawn down in the coming months as local demand kicks in, the CEO of German copper producer Aurubis said on Tuesday. "I think it's a security of supply issue," Aurubis CEO Toralf Haag said. "But in my opinion, the stocks will decrease over the next months through strong local demand."

Apr 14 - China March iron ore imports jump on higher shipments, better demand
The world's largest iron ore consumer brought in 104.74 million metric tons of the key steelmaking ingredient last month, data from the country's General Administration of Customs showed. That compared to 93.97 million tons in March 2025 and 97.64 million tons in February.

Apr 14 - China frees domestic mills to buy BHP iron ore products, sources say
China, the world's largest consumer of iron ore, has lifted bans on procurement of the key steelmaking ingredient from mining giant BHP Group sources told Reuters, ending a months-long dispute. State iron ore buyer China Mineral Resources Group notified some domestic steel mills they were free to buy BHP's seaborne cargoes, said two sources with knowledge of the matter who sought anonymity, as the topic is sensitive.

Apr 13 - Australia and US boost support for critical minerals with $3.5 billion
Australia and the U.S. have committed more than A$5 billion to back a range of critical mineral projects, nearly double the amount pledged when the two countries struck a co-operation agreement six months ago, Canberra said on Sunday. The funding seeks to support Australian ventures to develop and refine metals vital to industries including defence, advanced manufacturing and the energy transition, a market that has long been dominated by China.

Apr 13 - CME approves aluminium, lead warehousing in Hong Kong
U.S. commodities exchange operator CME Group has approved its first base metal storage facilities in Hong Kong, expanding its warehousing footprint in Asia. CME said in a statement on Friday it had approved GKE Metal Logistics' application to store aluminium and lead deliverable against its Comex aluminium and lead futures in the Chinese special administrative region. 

Apr 13 - Ukraine rolled steel exports fall as output slows, union says
Ukraine reduced its rolled steel output, one of the main components of Ukrainian metallurgical exports, by 6.6% year-on-year to 1.34 million metric tons in the first quarter of 2026, and cut exports by 9.7%, the steel makers' union said on Friday. Ukrainian metallurgy is the second-most important export sector after agriculture, however its share has declined significantly since the start of the war with Russia due to the loss of several major steel plants in eastern Ukraine.

Apr 10 - Argentina passes reform to ease mining activity in glacier regions
Lawmakers in Argentina approved a government-backed reform on Thursday that aims to promote mining investment in glacier regions, a step environmentalists and scientists have said would weaken protections and threaten water resources. The Chamber of Deputies passed the reform 137-111, with 3 abstentions. The law takes effect once it is published in the official gazette.

Apr 10 - USA Rare Earth considers building French magnet plant
USA Rare Earth is considering building a magnet plant in France, its CEO said on Thursday, after agreeing to pay 40 million euros for a stake in French rare earth processing firm Carester. The United States and Europe are rushing to establish domestic supplies of rare earths, which are vital for the green energy transition, electronics and the defence sector, and cut their dependence on top producer China.

Apr 09 - China's copper import slump marks a shift in market power: Andy Home
A two-week ceasefire in the Iran war has dispersed some of the macroeconomic gloom enveloping the copper market, but there may be an even bigger problem for copper bulls. China, the world's largest user of the metal, has demonstrated it is not prepared to pay for physical metal at the sort of elevated prices seen in January, when London Metal Exchange three-month copper jumped to an all-time nominal high of $14,527.50 per metric ton. 

Apr 09 - Japan April-June crude steel output is set to fall 0.7% on slack demand, METI says
Japan's crude steel output is expected to fall 0.7% in the April-June quarter from a year earlier due to slack demand in the construction and manufacturing sectors, the Ministry of Economy, Trade and Industry said. Output from the world's fourth-largest steel producer is forecast at 20.0 million metric tons for the three months, the lowest level since the July-September quarter of 2025 when production dropped to 19.93 million tons.

Apr 09 - Rusal plans to reroute aluminium from China to Japan as Iran conflict reshapes trade, sources say
Russia's Rusal plans to reroute some of its aluminium away from China to Japan and other Asian markets, two sources with direct knowledge of the matter said, as the Iran war reshapes global trade flows and sends premiums soaring. The Middle East produced nearly 7 million metric tons of primary aluminium last year, or 9% of global supply, according to Trade Data Monitor. 

Apr 09 - Zimbabwe to introduce lithium export quotas, sets conditions for resumption of shipments
Zimbabwe will introduce lithium concentrate export quotas and require commitments for more local processing as part of conditions to allow the resumption of mineral exports, the mines ministry has told producers. Africa's top lithium producer suspended exports of lithium concentrates and other unprocessed minerals on February 26, after the government alleged malpractices and leakages.

Apr 08 - Japanese copper smelters' H1 output seen rising 3.3% y/y
Japan's refined copper production in the first half of the 2026/27 financial year is expected to rise 3.3% year-over-year, according to Reuters calculations based on smelters' production plans, driven by firm demand for copper alloy products and wire for the power sector. The first half of the financial year runs from April to September.

Apr 08 - Eramet's top shareholder weighs exit as $500 million capital raise looms, FT reports
Eramet's largest shareholder, the Duval family, has hired bankers as it considers the sale of its stake in the troubled French mining group, the Financial Times reported, citing people familiar with the matter. The family has appointed Lazard to explore options for its 37% holding and to advise them ahead of the company's capital raise, the report added.

Apr 07 - LME traders were pricing the wrong metal supply crisis: Andy Home
Metals traders started the year worrying about a looming supply crunch in copper but ended the first quarter facing a very imminent supply crisis in aluminium. The Iran war, now in its fifth week, has dampened some of the speculative frenzy that spilled out of the gold and silver markets into the London Metal Exchange base metals complex in January. 

Apr 07 - Panama to authorize First Quantum to remove ore from closed copper mine
Panama's government aims to finalize a resolution by Tuesday authorizing the removal of material from First Quantum Minerals' shuttered copper mine known as Cobre Panama, the country's trade minister Julio Molto said on Monday. "We are ready to take the step," Molto said at an event. "Between today and tomorrow within the Ministry of Commerce and Industries we should be generating the resolution that allows the company to start removing this material to be able to take it out of the country."

Apr 06 - Emirates Global Aluminium says full production recovery from attack could take a year
Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter in the UAE that was hit by an Iranian attack late last month could take up to a year. The facilities at Al Taweelah were fully evacuated and entered an emergency shutdown after the March 28 attacks on the Khalifa Economic Zone in Abu Dhabi, the company said in a statement.

Apr 06 - Trump cuts US duty rates on steel, aluminum and copper derivative products
U.S. President Donald Trump adjusted his national security tariffs on steel, aluminum and copper imports on Thursday to cut duty rates on derivative products made with the metals, simplify compliance and avoid under-reporting of import values. In a proclamation signed by Trump, the United States will maintain a 50% import tariff on steel, aluminum and copper commodity imports under Section 232 of the Trade Act of 1974, but apply the rate to the prices paid by U.S. customers, according to a White House announcement and a senior Trump administration official. 

Apr 02 - No sign yet of China's plan to cut copper output in major smelters' results
Major Chinese copper smelters are planning to raise or maintain output in 2026, their earnings outlooks show, despite a public commitment by the state-linked industry association last year to cut production by over 10%. The China Smelter Purchase Team, a group of 16 of the top copper smelters, agreed last year to cut production to counter overcapacity amid falling processing fees for copper concentrates.

Apr 02 - India does not plan to revive offshore mining auction in near term, sources say
India does not plan to go ahead with auctioning deep-sea mining rights due to a lack of technological preparedness and expectations of a weak response from potential bidders, two sources familiar with the matter told Reuters. In November of 2024, India had announced the maiden auction of 13 offshore mineral blocks that included three lime mud blocks, three construction sands blocks and seven polymetallic nodules blocks in the first tranche.

Apr 02 - China's aluminium exports now poised to grow as Iran war hits global supply
Chinese exporters of aluminium products are now expected to have a much better year as the Iran war tightens global supply and boosts margins, with some earlier forecasts for flat shipments revised sharply higher. The Gulf accounted for roughly 9% of global supply before the war but most of that has been trapped by the closure of the Strait of Hormuz. Moreover, Iran's recent attacks on two of the region's biggest aluminium smelters have heightened the risk of a supply deficit even if the waterway is opened.

Apr 01 - Congo gives cobalt miners until end-April to use 2025 export quotas
Democratic Republic of Congo's mining regulator has said that miners must use all unfulfilled fourth-quarter 2025 export quotas by April 30, warning that any unused volumes after that will be forfeited and reallocated to a strategic reserve. Quotas for the first quarter of 2026 can be shipped until June 30, alongside those for the second quarter, ARECOMS said, confirming total quotas allocated for 2026 remain valid.

Apr 01 - Goldman Sachs raises aluminium price forecasts on supply disruption
Goldman Sachs on Tuesday lifted its aluminium price forecast after Iranian strikes over the weekend damaged major Gulf smelters, adding to supply disruptions. The brokerage raised its second quarter 2026 LME aluminium price forecast to $3,450 per metric ton from $3,200. The bank also lifted its 2026 annual average price forecast to $3,200 from $3,100 previously, and its 2027 average forecast to $2,750 from $2,700.

Mar 31 - Iran blows hole in US aluminium supply chain with smelter strikes
With attacks on the two biggest aluminium smelters in the Middle East over the weekend, Iran struck at major suppliers to the United States of a strategic metal the world's biggest economy does not produce nearly enough of domestically, analysts said. Before the weekend, disruption from the Iran war centred around the difficulty of shipping aluminium and raw materials through the Strait of Hormuz, which has been effectively closed by Tehran. 

Mar 31 - Unloved battery metal lead has new financier friends: Andy Home
Lead is the battery metal no one wants in the age of electrification. Its toxic legacy casts a long shadow, even as lead-acid batteries remain standard in virtually every vehicle, including hybrids and electric vehicles.

Mar 30 - Bahrain's Alba assesses damage after Iran strikes aluminium plants
Aluminium Bahrain, which runs one of the world's largest smelters, said on Sunday it was assessing the damage following Iranian strikes on the facility and another major aluminium producer in the United Arab Emirates. Two employees at Aluminium Bahrain were hurt in Saturday's attack, the state-controlled company said, while regional peer Emirates Global Aluminium's site sustained significant damage from missile and drone strikes the same day.

Mar 30 - Congo, China deepen mining ties as US pushes rival minerals pact
Democratic Republic of Congo and China have signed a deal to deepen cooperation in the African nation's mining sector, Congo's government said, as global powers jockey for influence in the strategically important minerals powerhouse.

Mar 30 - Indonesia delays windfall taxes on coal, nickel exports, minister says
Indonesia is delaying plans to impose windfall taxes on coal and nickel exports from April 1, its energy and mining minister Bahlil Lahadalia said on Friday. Bahlil said his ministry and the finance ministry were still discussing the technicalities of the taxes and that they will not be implemented on April 1, as previously suggested. 

Mar 27 - Japan Q2 aluminium premiums hit 11-year high on Mideast supply fears
Japanese aluminium buyers agreed to pay premiums of $350 to $353 per metric ton for shipments between April and June, the highest in 11 years, as the Middle East war tightened supply, four sources involved in the pricing talks said. Japan is a major Asian importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price serve as the regional benchmark.

Mar 27 - India seeks steelmaking raw material from Argentina, Indonesia, Oman, sources say
India will hold talks with Argentina, Indonesia and Oman next month as it seeks to boost supplies of steelmaking raw materials such as coking coal and iron ore, and access technology, two sources with direct knowledge told Reuters. The talks are expected to begin next month at a global steel summit, described by the Indian government as the country's largest international conference-cum-exhibition, said the sources who did not wish to be identified as the plan was not yet public.

Mar 26 - Thyssenkrupp, Jindal Steel sale talks falter on pension, energy costs, sources say
Discussions of a possible sale of Thyssenkrupp's steel unit to Jindal Steel International could be called off due to differences over pension liabilities, investments and energy costs, four people familiar with the matter said. While talks over a sale of Thyssenkrupp Steel Europe are ongoing and could still result in an agreement, a deal is now seen as less likely after nearly six months of due diligence and discussions, the people said.

Mar 26 - France among nations eyeing Australia critical minerals investment, Australian minister says
France is among the countries poised to invest in Australian critical minerals projects, Australia's resources minister said on Thursday, as Canberra's framework deal with the U.S. prompts nations with advanced manufacturing sectors to secure access to supply. Australia has been on a four-year mission to build an industry for minerals like rare earths that are key to future technologies such as electronics and defence, as countries look to diversify their supply chain away from dominant producer China. 

Mar 25 - Rio Tinto expects Resolution Copper mine to open by mid-2030s
Rio Tinto aims to open Arizona's Resolution Copper mine by the mid-2030s but may need to export some of its copper concentrate due to the challenging economics of smelting in the U.S., a senior executive told Reuters on Tuesday. The Anglo-Australian mining giant this month gained control of acreage needed to build one of the world's largest copper mines after a years-long court fight in which rising U.S. demand for the red metal clashed with the religious rights of the San Carlos Apache people. 

Mar 25 - India's iron ore imports set to hit 7-year high in 2025–2026
India's imports of iron ore, a key raw material in steelmaking, are set to rise to a seven-year high in the fiscal year ending on March 31, driven by a shortage of high-grade ore and demand from JSW Steel, analysts and industry executives said. Overall imports are likely to reach 12 million to 14 million metric tons in 2025-26, more than doubling from a year earlier, analysts and trade officials said.

Mar 24 - Risk-off trade keeps gold volatile as Iran war spooks investors
Acute volatility in gold prices is set to persist in the short term as investors cut risk, with the Iran war boosting inflation fears, curbing bets on interest rate cuts, and weighing on the outlook for global growth, analysts said. However, in the long term its role as a store of wealth will reassert itself, they said.

Mar 24 - Freeport-McMoRan confident in copper demand despite Iran conflict, CEO says
Freeport-McMoRan expects demand for copper for use in electrification, data centers and other high-tech areas to remain resilient despite market jitters tied to the Iran conflict, CEO Kathleen Quirk told Reuters on Monday. Copper, one of the best electricity-conducting metals, is used worldwide in motors, computers, batteries and wiring and is nicknamed "Dr. Copper" because demand for it is a barometer of global economic health.

Mar 24 - REUTERS TECHNICAL ANALYSIS Q2 OUTLOOK 2026 - WANG TAO

Brent crude and WTI may rise toward their 2022 highs, while palm oil to climb toward its 2024 high.  Spot gold would keep reversing its long-term uptrend. LME copper to fall toward $10,935. Aluminium remains bullish. Soybeans are likely to retreat. Corn and wheat are riding steady uptrend. Coffee and cocoa may bounce further. The U.S. dollar index targets 103-104 range. To read the full report, click here

Mar 23 - BHP CEO appointment reignites debate on diversity in mining leadership
BHP's surprise appointment of Americas head Brandon Craig as chief executive this week has revived concerns in the mining sector over talent retention and the lack of leadership diversity, as senior female contenders were overlooked. Craig will succeed Mike Henry after a tenure that has included senior operational and commercial positions across BHP's global portfolio.

Mar 23 - US, Japan to focus rare earths cooperation on select group of minerals at first
The U.S. and Japan on Thursday released an action plan for their efforts to develop alternatives to China for critical minerals and rare earths supply chains, focusing initially on price floors for a select group of minerals. A joint U.S.-Japan statement released by the U.S. Trade Representative's Office during Japanese Prime Minister Sanae Takaichi's visit to the White House said the two countries aimed to deliver "concrete, near-term results towards securing mutual supply chain resilience."

Mar 23 - Iron ore miners could face billions more in fuel costs due to Iran war, Fortescue says
Iron ore miners are at risk of incurring billions of dollars more in fuel costs if diesel prices continue to rise, a senior executive at Australia's Fortescue said. The U.S.-Israeli war on Iran has all but stopped shipments through the Strait of Hormuz, sending oil and gas prices higher and tightening the supply of diesel, a main transport fuel for the mining sector. 

Mar 20 - China's exports of rare earth magnets jump ahead of Trump-Xi meeting
Chinese exports of rare earth magnets in the first two months of 2026 rose 8.2% from the same period the year before, customs data showed, ahead of a highly anticipated meeting between the leaders of the world's two largest economies. Outbound shipments from the world's largest producer of rare earth magnets used in everything from cellphones to automotives to defence sectors stood at 10,763 metric tons between January and February, data from the General Administration of Customs showed.

Mar 20 - Freeport seeks permit for $7.5 billion mine expansion
U.S. miner Freeport-McMoRan has begun the process of obtaining an environmental permit for a $7.5 billion expansion of its El Abra copper mine in Chile, the company said on Thursday. The project is a joint venture between the company and Chilean state-owned copper giant Codelco.

Mar 20 - Bahrain's Alba routes aluminium exports via Jeddah due to Hormuz closure
Aluminium Bahrain, known as Alba, is sending metal to export markets via the Saudi port of Jeddah, its CEO said, as the Gulf smelter's normal route to world markets via the Strait of Hormuz remains effectively closed. Alba CEO Ali Al Baqali also said the company was looking at other ways of importing raw material alumina, of which it has almost one month of stock remaining, and had received additional supply from Saudi smelter Ma'Aden. 

Mar 19 - Iran war rattles the global aluminium supply chain: Andy Home
The U.S.-Israeli war on Iran is now in its third week and its impact on Gulf aluminium production and exports is accelerating disruption across an already fragmented physical supply chain. Two Gulf smelters are curtailing capacity, and the continued closure of the Strait of Hormuz threatens more output cuts. 

Mar 19 - UK to cut steel import quotas, raise tariffs to protect domestic industry
Britain will lower its tariff-free quota on imported steel and double the tariff on imports exceeding that quota, the government said on Thursday, launching a plan to protect its small but strategically and politically sensitive steel sector. Steelmakers have struggled to survive in the birthplace of the Industrial Revolution after decades of decline driven by long-term de-industrialisation and, more recently, by high energy costs and a global glut of cheap steel. 

Mar 19 - Guinea to curb bauxite exports by April to stabilize prices, minister says
Guinea will cut bauxite export volumes by early April to support prices and shield smaller producers, its mines minister said on Wednesday, as weak Chinese demand and rising shipping costs squeeze the world’s top supplier of the aluminium feedstock. “It’s not really a quota, but we will reduce the volumes we export,” Mines Minister Bouna Sylla told Reuters, ruling out an export ban. 

Mar 18 - BHP's newly appointed CEO says to focus on Americas in new age for mining
BHP Group named senior executive Brandon Craig as its next CEO as the mining industry undergoes a generational shift amid a rush for copper, with Craig saying he would be "bringing to life" the development options bequeathed to him. Craig, who has more than 25 years at the Big Australian under his belt and will succeed Mike Henry who has spent six years at the helm, noted that a lot of the potential for BHP's future lay in the U.S., Chile and Argentina. 

Mar 18 - EGA to export aluminium via Oman amid Gulf disruption, sources say
Emirates Global Aluminium will route its aluminium exports and raw materials through Oman's port of Sohar in the next few days due to conflict in the Middle East shutting the Strait of Hormuz, three sources with knowledge of the matter said. The U.S.-Israeli war against Iran is now in its third week and companies in the region, including aluminium producers, are looking for alternative ways to export. 

Mar 17 - Rio Tinto gains control of Resolution Copper acreage after years-long court fight
Rio Tinto said on Monday it has gained control of acreage in Arizona needed to build the Resolution Copper mine, a project slated to become one of the largest U.S. sources of the critical mineral but one that Native Americans have opposed for more than 20 years. The move marks what is likely the end of a long-running and complex legal fight in which the religious rights of the San Carlos Apache people were pitted against rising demand for copper for the energy transition and Washington's efforts to wean itself off foreign supplies. 

Mar 17 - Glencore turns to China exchange stocks to meet cobalt commitments, sources say
Commodity trader Glencore has pulled sizeable cobalt stocks from China's Wuxi exchange to honour commitments to electric-vehicle battery makers in the country, due to limited supply of the material, two sources familiar with the matter said. London-listed Glencore supplies its Chinese clients with cobalt mined in the Democratic Republic of Congo.

Mar 17 - Guinea weighs bauxite export quotas as prices slide and freight costs rise, sources say
Guinea, the world's top bauxite producer, is considering introducing export quotas for mining companies as early as this month, according to four sources familiar with the matter, as global prices for the aluminum feedstock retreat and shipping costs climb, squeezing revenue. Guinea’s bauxite exports jumped 25% in 2025, with more than 70% shipped to China.  

Mar 16 - China's January-February aluminium output climbs due to better profitability
China's primary aluminium output in the first two months of 2026 climbed by 3% from the same period last year, official data showed, driven by better profits. The world's biggest aluminium producer churned out 7.53 million metric tons of primary aluminum in January and February, according to data released by the National Bureau of Statistics. 

Mar 16 - Hindalco halts production of extruded aluminium products due to Iran war, notice says
India's Hindalco Industries has halted output of extruded aluminium, a value-added aluminium product, due to a gas shortage in the wake of supply disruptions in the Middle East, according to a company notice seen by Reuters and two sources. The Aditya Birla Group-owned metals producer declared force majeure to all of its extruded aluminium customers on March 11, the notice showed.

Mar 13 - Glencore raises hope of reviving Rio Tinto deal as coal prices turn
Glencore CEO Gary Nagle is hoping a recent surge in coal prices will help bring Rio Tinto back to the table for a fresh attempt at creating the world's biggest mining company, three investors said, after meeting with leaders of both companies in Australia this week. The two were locked in talks earlier this year to forge a $240 billion company that would tie together Glencore's marketing business and copper assets with Rio Tinto’s operational expertise to serve fast-growing demand for the red metal. 

Mar 13 - China widens BHP iron ore ban amid contract talks, sources say
China has widened a ban on BHP iron ore for the second time in two weeks, escalating a months-long contract dispute with the world's third-largest supplier of the key steelmaking ingredient. China Mineral Resources Group (CMRG), the state-run iron ore buyer, informed domestic steel mills and traders on Thursday that, starting late next week, they would be prohibited from taking delivery of Newman fines, a popular BHP iron ore stored at ports, three sources with knowledge of the matter told Reuters. 

Mar 12 - Mercuria to withdraw nearly 100,000 tonnes of aluminium from LME as Middle East supply disrupted, sources say
Commodity trader Mercuria plans to withdraw large volumes of aluminium from LME warehouses, according to three sources, as the shutdown of the Strait of Hormuz freezes Middle East shipments and further strains supplies in Europe and the United States. The Middle East produces about seven million metric tons of primary aluminium annually, or around 9% of the global total. 

Mar 12 - Rio Tinto raises Q2 Japan aluminium premium offer, sources say
Rio Tinto has raised its aluminium premium offer to Japanese buyers to $350 per metric ton for April-June primary metal shipments, up 79% from the current quarter, due to fears the escalating Middle East crisis will tighten supply, two sources said. The revised offer is 40% higher than Rio's previous proposal of $250 and, if accepted, would be the highest since the April-June quarter of 2015, when the premium reached $380 a ton.

Mar 11 - Strait of Hormuz turmoil prompts investment manager Ninety One to up aluminium bet
Investment firm Ninety One increased aluminium exposure in its Global Natural Resources Fund after the Middle East conflict led to the closure of the Strait of Hormuz, threatening global supplies of the metal. The Middle East is home to around seven million metric tons of aluminium smelting capacity or roughly 9% of the global total. 

Mar 11 - Zambia seeking global investors to help triple copper output by 2031
Zambia is courting global investors, including from the United States, as it aims to more than triple its copper output to 3 million metric tons by 2031, its mines minister said on Tuesday. Africa's second-largest copper producer after Democratic Republic of Congo is seen as one of the countries Washington is keen to partner with as the U.S. escalates efforts to loosen China's grip on materials crucial to advanced manufacturing.

Mar 10 - China's first two-month iron ore imports climb on strong exports, domestic demand
China's iron ore imports in the first two months of 2026 climbed 10% from a year earlier, customs data showed, thanks to stronger exports from major supplier Australia and higher domestic demand. The world's largest iron ore consumer brought in 210.02 million metric tons of the key steelmaking ingredient in January and February, up from 191.36 million tons a year earlier. 

Mar 10 - Mongolia urges Rio Tinto to rewrite terms of Oyu Tolgoi copper mine, FT reports
Mongolia is seeking to renegotiate the "unfair" commercial terms of mining giant Rio Tinto's $18 billion Oyu Tolgoi copper mine, the Financial Times reported on Monday. Mongolia's Prime Minister Gombojavyn Zandanshatar warned Rio in a meeting on Monday that the current deal was "unfair," adding that "this whole situation feels like the Mongolian people and the parliament are being deceived", the newspaper said, citing video footage it had seen.

Mar 10 - Mideast-bound bauxite, alumina vessels divert due to Hormuz blockage
Ships carrying aluminium raw materials to the Middle East are changing course and making for new destinations as the closure of the Strait of Hormuz makes it impossible for them to complete their voyages as intended, vessel-tracking data shows. The Middle East accounts for around 9% of global aluminium supply, and its smelters have been unable to export their metal or import the bauxite and alumina they need to keep producing since the U.S.-Israeli attacks on Iran began on February 28.

Mar 09 - Japan, France, Canada work on alternatives to US-led trade bloc for rare earth supplies
Group of Seven members Japan, France and Canada are working on alternatives to a U.S.-led trade bloc to secure critical minerals and reduce reliance on China, according to three senior officials from these countries. Some options include import quotas on certain rare earths, subsidies for mining companies to diversify the supply chain on critical minerals, and a buyers' club, a Canada-led G7 initiative that aims to develop a reliable supply chain of critical minerals outside of China and break that country's monopoly on these metals. 

Mar 09 - Gulf disruption squeezes Indonesia nickel makers' sulphur supply
Nickel makers in Indonesia reliant on the Middle East for 75% of the sulphur they use may have to cut production as Gulf shipping is increasingly disrupted by the conflict in the region, analysts said. Sulphur is used to make sulphuric acid, which is essential for leaching metals from ore in nickel refining and copper processing, with some copper producers in Africa potentially facing similar problems. 

Mar 09 - India's finished steel exports jump 36.6% in April-February
India's finished steel exports climbed 36.6% year-on-year to 6.02 million metric tons in the first 11 months of the financial year, according to provisional government data reviewed by Reuters. India, the world's second-biggest crude steel producer, imported 5.6 million metric tons of finished steel during April-February, down 37.4% year-on-year, the data showed. 

Mar 05 - Pentagon sought fresh supply of 13 critical minerals day before Iran attack
The U.S. military asked mining companies last Friday to help boost domestic supplies of 13 critical minerals used to make semiconductors, weapons and other products, a document reviewed by Reuters showed. The request, the day before the U.S. and Israel launched strikes on Iran, is the latest example of Washington's push for more access to the materials used widely in warfare. 

Mar 05 - Australia, Canada sign new deals on critical minerals
Australia and Canada said they had signed new agreements on critical minerals as Canadian Prime Minister Mark Carney made a landmark address to the Australian parliament, a sign of the developing bond between the "middle powers". His stop in Australia included the first address to Australia's parliament by a Canadian leader since 2007. "In a world of great power rivalry, middle powers have a choice: compete for favour or combine for strength," he told lawmakers. 

Mar 04 - Qatar smelter shutdown exacerbates Iran war aluminium fears 
The impact of the U.S.-Israeli attacks on Iran on the aluminium sector deepened on Tuesday after Qatari smelter Qatalum began to shut down and shareholder Norsk Hydro issued a force majeure to customers. "The decision to shut down was made after the company's gas supplier informed it of a forthcoming suspension of its gas supply," Hydro, which holds 50% of the Qatalum joint venture, said in a statement on Tuesday. 

Mar 04 - Risks to Western aluminium supply rise as Iran war escalates: Andy Home
It is not just oil and gas that flow through the Strait of Hormuz, the Gulf's key shipping choke point now threatened by the war with Iran. The region is also a significant producer of aluminium, accounting for over 8% of global output last year, according to the International Aluminium Institute (IAI).

Mar 03 - Global aluminium producers pause Japan Q2 premium offers on Mideast uncertainty, sources say
Global aluminium producers have pulled initial premium offers to Japanese buyers, or let them expire, as they gauge a threat from escalating Middle East conflict to cargoes through the Strait of Hormuz, four sources involved in quarterly pricing talks said. Japan is a major Asia-based importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. 

Mar 03 - Iran conflict disrupts China's Middle East steel exports
Some Chinese steel exporters have stopped making offers to customers in the Middle East as the escalating conflict with Iran chokes shipping through the Straits of Hormuz, analysts and two traders said. Freight rates are rising rapidly and insurers are cancelling coverage as shipping through the Strait of Hormuz between Iran and Oman grinds to a near halt after vessels in the area were hit as Iran retaliated against U.S. and Israeli strikes. 

Mar 02 - US copper mountain still growing after December import surge: Andy Home
The huge premium for delivering physical copper to the United States may have gone but the tariff trade tailwinds are still blowing hard. U.S. imports of refined metal appeared to be waning after the White House pushed back a decision on imposing tariffs in July, collapsing the arbitrage between the CME-traded U.S. price and the London Metal Exchange international price. But inbound flows jumped again to almost 200,000 metric tons in December, driving U.S. inventories yet higher. 

Mar 02 - Malaysia renews Lynas Rare Earths operating licence for 10 years
Malaysia has renewed Lynas Rare Earths' operating licence for 10 more years to import raw materials containing natural radioactive material and process rare earths, the Australian miner said. The Malaysian Department of Atomic Energy is expected to issue the formal licence soon, Lynas said, adding that it would come into effect from March 3. 

Feb 27 - Global aluminium producers seek Q2 premiums of $220-$250/T from Japan buyers, sources say
Global aluminium producers have offered Japanese buyers premiums of $220 to $250 per metric ton for April to June shipments, up 13% to 28% from the current quarter and reflecting higher overseas premiums, three sources said on Thursday. Japan is a major Asian importer of the metal. The premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange cash price set the benchmark for the region. 

Feb 27 - Northam Platinum's profit surges on higher metal prices; dividend up
South Africa's Northam Platinum reported a 25-fold surge in half-year profit, driven by higher metal prices and increased production, and announced a record interim dividend. Northam's headline earnings per share came in at 15.24 rand in the six months ended December 31, 2025, from 0.61 rand a year ago.

Feb 26 : Rare earth shortages worsen in US aerospace, chips despite trade truce, sources say (Reuters)
- Suppliers to U.S. aerospace and semiconductor firms face worsening rare earth shortages, with two turning away some clients, industry insiders said, weeks before U.S. President Donald Trump is expected to meet his Chinese counterpart Xi Jinping for a summit in Beijing.

- The shortages center on rare earths such as yttrium and scandium, niche members of the family of 17 elements, which play tiny but vital roles in defence technology, aerospace and semiconductors and are almost entirely produced in China.

- While Beijing has allowed many rare earth exports to resume since it imposed restrictions in April, shipments of these materials still rarely make it to the U.S. despite the October detente with Washington, Chinese customs data show.
That easing of trade tensions, premised in part on China pausing its critical mineral export restrictions, will be on the table when Trump and Xi meet in Beijing in March.
A key pain point is yttrium, used in coatings that keep engines and turbines from melting at high temperatures. Without regular application of these coatings, engines cannot be used.
Since Reuters first reported about yttrium shortages in November, prices have jumped 60% and are now about 69 times as high as a year ago. Some coatings manufacturers are also now starting to ration material, according to company executives and traders.
- Executives at two North American firms that buy yttrium to make coatings told Reuters they have needed to temporarily pause production due to shortages. One is also now turning away smaller and offshore customers in order to conserve supply for larger clients, which include certain engine makers.
- Another firm in the coating supply chain recently ran out of material and stopped selling products containing yttrium oxide, according to a source with direct knowledge of the matter.
While shortages of yttrium and scandium have not weighed on production of jet engines or chips yet, a U.S. government official told Reuters some U.S. manufacturers now face "shortages" of certain rare earths from China.

- China exported 17 tons of yttrium products to the U.S. in the eight months after controls were introduced last April versus 333 tons in the eight months before the measures.
A White House official said the Trump administration is committed to ensuring access to critical minerals for all U.S. businesses.
"This includes negotiating with China and monitoring compliance with President Trump’s agreement with President Xi, as well as developing alternative supply chains as warranted."

- Reuters spoke with two U.S. government officials, 14 company executives and staff, traders and analysts across aerospace and semiconductors. All of them spoke to Reuters on condition of anonymity except the analysts named in the story. The North American executives did not want to be named discussing internal production challenges in public.
China's Ministry of Commerce did not respond to questions.

PRODUCTION PRESSURE
While low yttrium supplies have not hurt engine production, manufacturers remain concerned, said aerospace supply chain specialist Kevin Michaels.
"This is a watch item and a tangible example of how China is flexing its rare earth muscle," said Michaels, managing director at U.S. consultant AeroDynamic Advisory.
Enginemakers are already struggling to meet demand for spare parts from airlines and higher production by planemakers Boeing (BA.N), opens new tab and Airbus (AIR.PA), opens new tab.
U.S. aircraft enginemakers GE Aerospace (GE.N), opens new tab, RTX's (RTX.N), opens new tab Pratt & Whitney and Honeywell (HON.O), opens new tab declined comment.

SCARCE SCANDIUM
In addition to yttrium, U.S. semiconductor makers are running low on scandium, putting production of next-generation 5G chips at risk, said Dylan Patel, founder and CEO of research firm SemiAnalysis.
With global production of only several tens of tons a year, scandium plays small but important parts in fuel cells, specialty aluminium aerospace alloys and advanced chip processing and packaging.
- Major U.S. semiconductor manufacturers all rely on scandium for making chip components that "go into essentially every 5G smartphone and base station", Patel said.
U.S. chipmakers have experienced delays in receiving new scandium export licenses from China in recent months and have reached out to Washington for help, said two industry sources.
Many of these firms had obtained scandium from third-country suppliers, another U.S. official said, but China requires license applicants to declare their end-users.
"Our thesis is that it is precisely the semi industry being targeted," the U.S. official said.
The U.S. Semiconductor Industry Association declined to comment.
"The U.S. currently has zero domestic scandium production and no operational alternative sources outside China," Patel said, adding that stockpiles are likely in months rather than years.

Feb 26 - EU steel sector pushes to be part of 'Made in Europe' act, seeks narrow scope
Europe's steel industry said that EU provisions due to be set out next week that prioritise the use of locally-made materials must include steel, and 'local' should be understood as only close EU neighbours such as Britain and Norway. The EU executive is to propose its "Industrial Accelerator Act" next Wednesday, with requirements to prioritise locally manufactured products when public money is used. 

Feb 26 - Rare earth shortages worsen in US aerospace, chips despite trade truce, sources say
Suppliers to U.S. aerospace and semiconductor firms face worsening rare earth shortages, with two turning away some clients, industry insiders said, weeks before U.S. President Donald Trump is expected to meet his Chinese counterpart Xi Jinping for a summit in Beijing. The shortages center on rare earths such as yttrium and scandium, niche members of the family of 17 elements, which play tiny but vital roles in defence technology, aerospace and semiconductors and are almost entirely produced in China. 

Feb 25 - Congo's cobalt curbs expose China's critical metals weak spot: Andy Home
China's dominance of critical mineral supply chains is not as absolute as it may appear. Cobalt is a case in point. China accounted for 78% of global refined output of the battery metal in 2024, according to the International Energy Agency. But it lacks significant domestic mining capacity, leaving it highly dependent on imports of raw materials. 

Feb 25 - Trump eyes Pentagon AI program for trade block's minerals pricing, sources say
The Trump administration plans to use a Pentagon-created artificial intelligence program to help set reference prices for critical minerals as it works to build a global metals trading zone, three sources with direct knowledge of the effort told Reuters. Vice President JD Vance earlier this month proposed that the U.S. and more than 50 other countries impose "reference prices for critical minerals at each stage of production" that would be backed by "adjustable tariffs to uphold pricing integrity." 

Feb 24 - Copper drives BHP and Rio, but getting more is the trick: Russell
The latest corporate results from major miners BHP Group and Rio Tinto highlight copper's starring role in driving profits, but they also underline how difficult it will be to get more exposure to the industrial metal. BHP, the world's largest listed miner, reported last week a stronger-than-expected half-year underlying attributable profit of $6.2 billion, up 22% from the same period a year earlier.

Feb 24 - Australia monitors China iron ore talks for potential hit to budget
Australia is closely watching talks between iron ore majors and China's state-backed buyer because of the potential impact a lower ore price would have on the federal budget, the country's resources minister Madeleine King said on Tuesday. Iron ore is Australia's highest earning commodity export and taxes paid by the mining majors are crucial to federal revenue.

Feb 24 - Uganda wants to link new railway line to Tanzania, opening up new export route
Uganda wants to link a new railway line it is building to one under construction in neighbouring Tanzania, a government document seen by Reuters showed, potentially opening up a new export route for minerals like gold, copper and iron ore. Uganda currently sends the bulk of its commodities exports via the Kenyan port of Mombasa and has already announced plans to link its Standard Gauge Railway project to one being built in Kenya, an initiative that remains in progress.

Feb 23 - India, Brazil sign mining pact as Modi targets $20 billion trade in five years
India moved to deepen trade ties with Brazil on Saturday, signing a pact to expand cooperation in mining and minerals as it seeks to meet rising domestic steel demand and support capacity expansion amid a global race for raw materials. The agreement was signed in the presence of India's Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva, who arrived in New Delhi earlier this week for a three-day visit.

Feb 23 - West needs its own pricing to escape China's rare earths grip: Andy Home
A sharp rally in the price of rare earths has propelled the market above the floor price guaranteed by the U.S. government in its ground-breaking deal with domestic producer MP Materials. This is good news for the U.S. taxpayer since the government will not have to subsidise MP Materials' output of neodymium and praseodymium as long as prices remain above the critical threshold of $110 per kg.

Feb 20 - Solar industry accelerates shift from silver as costs soar
Solar panel producers are intensifying efforts to replace silver with alternatives such as copper after silver rallied 130% over the past year, squeezing margins already under pressure from production overcapacity, particularly in China, industry experts said. "Silver is the greatest contributor to the increased cost of manufacturing solar panels," said Derek Schnee, senior commercial solar consultant at JK Renewables, adding that the cost of solar panels has increased 7-15% over the last 12 months.

Feb 20 - CME weighs copper warehousing in Chicago as stocks pile up
CME Group has received an application to list a copper warehouse in a suburb of Chicago, a notice from the U.S. commodity exchange operator shows, as the prospect of import tariffs has led traders to stockpile. Kodiak Warehouse LLC has applied to take copper deliverable against the CME's Comex copper futures in Lemont, Illinois, according to the notice dated February 18 that Reuters saw on Thursday.

Feb 19 - Rio Tinto annual earnings flat as iron ore weakens, copper cushions blow
Rio Tinto reported flat annual earnings that missed expectations as weaker iron ore prices weighed on its core business, while stronger copper prices and higher output helped limit the impact. The world's largest iron ore producer, which recently walked away from merger talks with Glencore, posted underlying earnings of $10.87 billion for the year ended December 31, unchanged from a year earlier and below the Visible Alpha consensus of $11.03 billion.

Feb 19 - Congo offers tantalum deposit under M23 control to US in minerals pact, document shows
The Democratic Republic of Congo added the rebel-held Rubaya coltan mine, one of the world's richest tantalum deposits, to a shortlist of strategic assets it is offering to the U.S. under a minerals cooperation framework, a government document seen by Reuters shows. A senior Congolese official and a U.S. diplomat confirmed the inclusion of Rubaya on the shortlist presented to a DRC-U.S. meeting in Washington on February 5 to advance their strategic minerals partnership agreed in December. 

Feb 18 - Arbitration claim puts pressure on logistics firm Access World, accounts show
An arbitration case filed in Hong Kong against the owners of global logistics company Access World could create financial risks for the group, which could ripple through international metals markets, accounts seen by Reuters show. A statement in Access World's accounts filed last October said "a material uncertainty exists that may cast doubt on the ability of the group to continue as a going concern" linking it to a $14.8 million arbitration claim filed against parent Global Capital Merchants.

Feb 18 - India looks to Middle East, Asia to cushion EU carbon tax blow to steel exports
India is seeking new steel export markets in the Middle East and Asia to offset the impact of the European Union's carbon tax that took effect in January, a government source said. India, the world's second-biggest producer of crude steel, ships roughly two-thirds of its steel exports to Europe, where flows have come under pressure following the EU's Carbon Border Adjustment Mechanism.

Feb 17 - Trafigura's Nyrstar ships first antimony batch from Australia plant
Trafigura unit Nyrstar has shipped its first consignment of commercial-grade antimony from its Port Pirie metals processing facility in South Australia, it said on Monday, a milestone in the country's push to strengthen domestic supply chains for critical minerals. The inaugural shipment from the facility will be supplied to a domestic manufacturer, the company said in a statement.

Feb 17 - BHP profit beats forecasts as copper tops iron ore earnings on AI-driven demand
BHP Group reported a stronger-than-expected half-year underlying profit driven by copper, which for the first time surpassed iron ore in the top global miner's earnings, as prices for the red metal surged on AI-fuelled demand. BHP's shares jumped 7% to an all-time high, with investors applauding a much stronger-than-expected dividend and the prospect of sizeable payouts ahead, despite falling iron ore prices.

Feb 17 - Liberia sees iron ore output tripling to 30 million tons on ArcelorMittal expansion
Liberia expects iron ore output to triple to around 30 million metric tons this year, driven by ArcelorMittal Liberia's planned ramp‑up and fresh volumes from new and revived projects, the country’s mines minister has told Reuters. The West African nation produced about 10 million tons in 2025, almost all of it from AML, its main mining operator.  

Feb 16 - White House: no changes to Trump metals tariffs unless president announces them
Trump administration officials said on Friday that there would be no changes to President Donald Trump's sweeping tariffs on steel and aluminum and thousands of products made from the metals unless Trump announces them. A White House official, responding to a Financial Times report that the administration was planning to scale back tariffs on some steel and aluminum goods with possible exemptions, said that Trump "will never compromise on reinvigorating the domestic manufacturing that is critical to our national and economic security, especially steel and aluminum production."

Feb 16 - Global copper exchange stocks top 1 million tons for first time in two decades
Copper stocks on the world's three biggest metal exchanges have exceeded 1 million metric tons for the first time in more than two decades, as an inventory build due to soft demand in China adds to recent stockpiling in the United States. Combined copper stocks on the U.S. Comex exchange, London Metal Exchange and the Shanghai Futures Exchange are at 1,012,065 tons, LSEG data showed on Friday, after the LME and ShFE reported further inflows. 

Feb 16 - Indonesia studying plan to ban export of several raw materials, including tin
Indonesia is studying a plan to ban the export of more raw materials in the coming years, including tin, its energy minister said on Friday as it bids to boost its domestic processing industries. Indonesia has already banned exports of several raw minerals including nickel ore, bauxite and copper concentrate to attract investment in domestic processing and export higher value products. 

Feb 13 - Acid, not copper, is paying China's smelters but will it last?
When Ukrainian drone strikes hit Russia's Astrakhan gas processing plant last September, copper smelters in China were handed a windfall. Astrakhan was a major producer of sulphur, which is processed into sulphuric acid used in mining and fertiliser and increasingly in battery supply chains. Acid prices were already up 41% in the nine months before the attack but when Russia halted sulphur exports, they nearly doubled again by year-end.

Feb 13 - CME to list Taiwan, Hong Kong warehouses in Asia aluminium push, sources say
CME Group is set to approve Taiwan and Hong Kong as warehouse locations for aluminium, three sources with direct knowledge of the matter told Reuters, as the U.S. commodity exchange steps up its challenge to the London Metal Exchange in Asia. The new planned locations would herald a significant expansion for CME in the region that last year accounted for two-thirds of global production of the metal used in packaging and transport.

Feb 12 - CME looks into launching first ever rare earth futures contract, sources say
CME Group is working on a plan to launch the world's first futures contract in rare earths, three sources with knowledge of the matter told Reuters, in a move that would allow governments, companies and banks to hedge exposure to a sector controlled by China. Rival Intercontinental Exchange is also looking at rare earth futures, but is not as advanced in its planning as the CME, two of the sources said.

Feb 12 - Platinum miners favour payouts over projects even as prices surge
Platinum's run to record highs will need to be sustained for miners to invest heavily in new projects, with executives signalling they plan to prioritise shareholder payouts for now amid concerns over past missteps and rising costs.  After years of margin pressure that forced deep cost cuts and mass layoffs, the rebound in platinum prices — with spot platinum hitting a record $2,918.80 per ounce in January after surging 127% in 2025 — has lifted miners' fortunes.

Feb 11 - Rising investment to keep global silver demand steady in 2026, Silver Institute says
Global silver demand is expected to remain steady in 2026 with gains in retail investment offsetting most of the losses across industrial, jewellery and silverware demand, the Silver Institute industry association said on Tuesday. Silver, used in jewellery, electronics, electric vehicles and solar panels, as well as for investment, stands at around $81 per troy ounce, up 14% so far this year, after frenzied retail buying drove it to a record high of $121.60 on January 29. It rose 147% in 2025. 

Feb 11 - Production at Codelco's El Teniente mine to remain at lower level next 5 years, executive says
Output at Codelco's El Teniente mine, the site of a deadly accident last year that has hit production, will be depressed for about the next five years, mine head Claudio Sougarret said on Tuesday. The mine expects to produce 301,000 metric tons of the red metal this year, he told Reuters on the sidelines of an event to present the results of a biodiversity study near the mine.

Feb 10 - India in talks over critical minerals deals with Brazil, Canada, France, Netherlands, sources say
India is in talks with Brazil, Canada, France and the Netherlands over deals to jointly explore, extract, process and recycle critical minerals, sources said, as it broadens its global outreach to secure supplies of key raw materials. The focus would be on lithium and rare earths, and India would also seek access to mineral-processing technologies, the sources said, declining to be identified because the discussions are confidential.

Feb 10 - Codelco sees $3.9 billion investments in 2026 budget, document shows
Chilean state miner Codelco, the world's largest copper producer, authorized investments of $3.914 billion, made up of $3.289 billion plus Value Added Tax, according to an unpublished government decree approving its 2026 budget reviewed by Reuters. In calculating its budget, Codelco forecast a copper price of $4.90 per pound in 2026 and expects its direct production cost to be $2,202 per pound.

Feb 09 - US challenges Chinese control in race for African minerals
The U.S. is using offtake deals and state-backed funding to compete in the short term with China in securing supplies of African copper, cobalt and other critical minerals, diplomats, executives and analysts said ahead of this week's Indaba. Washington's focus is on Zambia, Guinea and Democratic Republic of Congo. The latter accounts for more than 70% of global cobalt supplies and produced some 3.3 million metric tons of copper in 2024.

Feb 09 - Glencore to focus on short-term disposals as Rio deal remains elusive
Glencore's failed merger talks with Rio Tinto have left the Swiss-based mining group likely to focus on asset sales as it works to strengthen its copper portfolio.Talks to forge a $240 billion global mining giant were called off this week over disagreements on valuation and ownership, marking the third failed tie-up attempt by the two companies, after earlier merger discussions in 2014 and 2024.

Feb 06 - Rio Tinto's Australian investors applaud end to Glencore takeover talks
Australian shareholders in Rio Tinto have welcomed the mining giant's decision to end merger talks with Glencore, and said it is now up to the company to deliver on a new strategy that it has put so much weight on. The proposed merger, first announced in January, would have created the world's largest mining company, with a market value exceeding $200 billion. Rio said on Thursday the two companies could not strike a deal that delivered sufficient value to shareholders.

Feb 06 - LME copper stocks swell in US, Asia as cargoes divert to its warehouses
Available copper inventories on the London Metal Exchange have hit an 11-month high, as the bourse has become the go-to place for traders looking to store metal in the U.S. and Asia. The amount of available - or on-warrant - copper in LME warehouses climbed to 160,625 metric tons on Wednesday, the most since late February last year, after more than 20,000 tons of deliveries into New Orleans and Baltimore over the past three weeks, as well as similar inflows in South Korea and Taiwan.

Feb 05 - US proposes critical minerals trade bloc aimed at countering China
U.S. Vice President JD Vance on Wednesday unveiled plans to marshal allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as Washington escalates efforts to loosen China's grip on materials crucial to advanced manufacturing. China has wielded its chokehold on the processing of many minerals as geo-economic leverage, at times curbing exports, suppressing prices and undercutting other countries' ability to diversify sources of the materials used to make semiconductors, electric vehicles and advanced weapons.

Feb 05 - Rio Tinto expected to push for more time to weigh Glencore deal, sources say
Rio Tinto and Glencore are expected to announce an extension to merger talks ahead of a UK regulatory deadline on Thursday, to allow Rio more time to study the merits of any deal, three people familiar with the talks said. However, Rio Tinto could walk away, amid pushback from some investors including some in Australia, who want to be assured a deal will create value and who strongly oppose Rio Tinto paying a premium, one of the people said. 

Feb 04 - Precious metal price fluctuations could test fast-growing gold token market
A surge in the price of gold is driving demand for so-called tokenized gold, a fast-growing niche of the digital asset market, which experts warn carries custody and regulatory risks that are not always apparent to investors. Gold tokens are digital coins issued on a blockchain by crypto firms, including Tether and Paxos, which are backed by an equivalent amount of physical gold held in a vault, allowing retail and traditional investors to dabble in the yellow metal without taking physical delivery. 

Feb 04 - Chinese metal exchanges step up interventions as prices swing
Chinese commodity exchanges raised margin requirements across a number of metals contracts this week, the latest moves in a more than two-month campaign by Chinese exchanges to rein in huge price swings in the assets. Chinese regulators have a long history of trying to curb sharp market swings, and the latest push follows a boom in copper, gold, silver, lithium and other metals since November that has been accompanied by regular sharp corrections.

Feb 03 - Gold’s bull run seen intact despite steep pullback
Despite a historic pullback in gold and silver prices, triggered by the sharpest two-session sell-off in decades, analysts see the metal's bull run continuing and expect it to notch fresh record highs later this year. Spot gold prices plunged nearly 10% on January 30, its steepest fall since 1983, breaking below the historic $5,000 per ounce milestone scaled just days previously and wiping out much of the gains for the year. Silver fell 27% in the same session, its biggest downfall on record.

Feb 03 - Trump launches $12 billion minerals stockpile to counter China
U.S. President Donald Trump announced plans on Monday to launch a strategic stockpile of critical minerals backed by $10 billion in seed funding from the U.S. Export-Import Bank. "For years, American businesses have risked running out of critical minerals during market disruptions," Trump said during an Oval Office event.

Feb 02 - JP Morgan sees gold at $6,300 an ounce by year-end on robust central bank, investor demand
JP Morgan said late on Sunday it expects demand from central banks and investors to drive gold prices to $6,300 per ounce by year-end. Gold extended its fall on Monday to $4,677.17 per ounce, as of 0450 GMT, after falling more than 5% earlier in the session to hit its lowest in more than two weeks. Bullion had scaled a record high of $5,594.82 on Thursday. 

Feb 02 - China's surging exports a sign of global metals turmoil: Andy Home
China's net imports of refined copper last year were the lowest since 2017 at 3.03 million metric tons. While inbound shipments dropped by a relatively modest 5% relative to 2024, the big change was a dramatic jump in exports. The world's largest buyer of copper shipped out almost 800,000 tons.