Metal

Australia’s Fortescue Metals Group (FMG.AX) has reported a rise in annual profit, driven by increased iron ore shipments from its Iron Bridge project. The company announced a final dividend that exceeded expectations, leading to a rise in its share price. In fiscal 2024, Fortescue achieved total iron ore shipments of 191.6 million tonnes, marking the […]

India is set to engage in broader consultations with steel companies regarding the proposed import curbs on low ash metallurgical coke (met coke), a key raw material in steel production. This follows an April proposal from the Directorate General of Trade Remedies (DGTR) to impose a country-specific import quota, limiting imports to 2.85 million metric […]

Baoshan Iron & Steel Co., known as Baosteel, reported nearly flat net profit for the first half of 2024, earning approximately 4.55 billion yuan ($638.58 million). This figure represents a slight decline of 0.17% compared to the same period in 2023, when profits fell by 41.6% due to sluggish demand and high raw material costs. […]

Polyus, Russia’s largest gold miner, reported a remarkable 183% increase in first-half profit, reaching $1.58 billion, despite facing Western sanctions. This surge was primarily driven by elevated global gold prices, which have reached record highs this year. The company’s adjusted EBITDA rose 20% to $2.02 billion, with revenue increasing 16% to $2.73 billion. Polyus attributed […]

BHP CEO Mike Henry has downplayed his company’s recent acquisition attempts, particularly the failed $47 billion bid for Anglo American, stating that organic growth is the primary focus. However, the ongoing steel crisis in China may make mergers and acquisitions (M&A) more attractive for miners. China produces about half of the world’s two billion tons […]

BHP Group has announced a renewed focus on expanding its copper operations following a better-than-expected 2% rise in annual underlying profit. The world’s largest listed miner is prioritizing copper, recognizing its critical role in the energy transition and a challenging outlook for iron ore due to slowing economic growth in China. After withdrawing a $49 […]

Copper prices in Shanghai surged to their highest level in over three weeks on Monday, driven by a rebound in demand from China and optimism surrounding a potential U.S. interest rate cut in September. The most-traded October copper contract on the Shanghai Futures Exchange (SCFcv1) closed up 2.2% at 75,170 yuan ($10,559.22) per metric ton, […]

Pilbara Minerals (PLS.AX), Australia’s largest pure-play lithium miner, reported an 86% decline in annual profit, attributing the drop to lower lithium prices, which are crucial for electric vehicle (EV) battery production. The average realized price for lithium spodumene concentrate fell by 74% to $1,176 per tonne in fiscal 2024. The company’s underlying profit after tax […]

India’s gold demand is poised for a significant increase during the upcoming festive season, thanks to a substantial reduction in import duties that has made gold prices more attractive for retail consumers. This move is expected to encourage purchases and could further support a rally in global gold prices, which recently reached record highs. The […]

Gold demand in China is anticipated to rise in the coming months as consumers adapt to higher prices, driven by economic uncertainty and concerns over currency weakness. This resurgence in demand from the world’s largest gold consumer could further bolster global gold prices, which recently reached record highs. A dealer from a leading bullion bank […]