Metal

Rio Tinto RIO.AX has declared force majeure on third-party contracts for alumina exports from its refineries in Queensland, Australia, due to restricted gas capacity levels at its operations, a company spokesperson told Reuters on Monday. The gas supplies from Rio’s Gladstone facilities have been materially affected since an incident on the Queensland gas pipeline in […]

Shares of BHP Group BHP.AX touched a three-month high on Tuesday, about 36 hours ahead of a deadline to lodge a formal bid for rival miner Anglo American AAL.L. Last week, Anglo American rejected BHP’s sweetened $43 billion takeover proposal. The world’s largest listed miner’s shares are benefiting from positive factors, including fresh stimulus for […]

In a push to reduce its carbon footprint, Japan’s third-largest steelmaker, Kobe Steel, has announced that it will consider building a large electric arc furnace to replace one of its two blast furnaces at its Kakogawa facility in western Japan. Kobe Steel President Yoshihiko Katsukawa stated that the company is exploring the introduction of an […]

China’s imports of Australian coal rose significantly in April, reaching their highest level since July 2020, as trade relations between the two countries continued to improve and domestic coal prices in China started to pick up. According to data from China’s General Administration of Customs, China imported 7.19 million metric tons of Australian coal last […]

The United States is re-evaluating the most stringent elements of a ban on Russian diamonds agreed to by the Group of Seven (G7) major democracies, following opposition from African diamond producers, Indian gem polishers, and New York jewelry retailers, according to seven sources familiar with the negotiations. The sanctions package, which includes a ban across […]

China’s imports of unwrought aluminium and aluminium products surged 72.1% year-on-year to 380,000 metric tons in April, according to data from the General Administration of Customs. This sharp increase in imports during the month brought the total for the first four months of 2023 to 1.49 million tons, up 86.6% from the same period a […]

Antamina, Peru’s second-largest copper mine, expects its 2024 output to be in line with the 435,378 metric tons it produced last year, while it nears the start of work on a delayed project to extend the mine’s lifespan, a top executive said on Friday. Antamina, controlled by Glencore GLEN.L, BHP BHP.AX, Teck TECKb.TO and Mitsubishi […]

China’s crude steel output in April fell 2.6% from the previous month and dropped 7.2% from the previous year, missing market expectations, according to data from the National Bureau of Statistics (NBS). Many market participants had forecast a monthly rise in steel production, citing improved downstream demand and profitability that encouraged steelmakers to ramp up […]

According to a Bloomberg News report, Takahiro Mori, the vice chairman and key negotiator for Nippon Steel 5401.T in the proposed acquisition of U.S. Steel X.N, will travel to Pittsburgh, Pennsylvania next week to meet with local staff and elected officials. In December, Nippon Steel offered nearly $15 billion to take over U.S. Steel, drawing […]

According to JPMorgan analysts, BHP Group BHP.AX would need to boost its latest offer by around 30% to reflect the fair value of Anglo American AAL.L and its key copper assets. The analysts raised their price target for London-listed Anglo to 27.75 pounds per share after re-examining the value of its copper assets. They said […]