At a glance
China’s iron ore stockpiling might change the landscape of the deal
The Australian Department of Foreign Affairs and Trade opened a periodic review of its trade agreement with China in December, as mandated by the deal, and export and finance groups are pushing to add green guidelines. However, China’s intensified stockpiling of iron ore could change the backdrop for the negotiations.
Submissions for Australia’s review of the China-Australia Free Trade Agreement will close on March 31. So far, the Australian Sustainable Finance Institute, the country’s leading sustainable finance body, and the non-profit Export Council of Australia have called for green guidelines to be included in the deal.
The Export Council of Australia’s submission proposes a green products and services agreement, which would establish a framework for labelling sustainable products that could benefit from regulatory streamlining, smaller compliance costs and faster clearance. Examples of targeted sectors include green steel, low-carbon cement and sustainable packaging.
The proposal aims to increase the efficiency of sustainable trade under the trade deal, says Export Council of Australia chief executive Arnold Jorge.
“Tariffs aren’t the issue any more — it’s the regulatory friction that slows exporters down,” he says, referring to China’s tariffs on Australia, which occurred after Prime Minister Anthony Albanese’s government suggested an inquiry into the source of Covid-19. “The GPSA gives us a modern framework for green trade.”
Green trade is one area that could energise negotiations between the two nations and elevate them beyond a symbolic review, argues Julien Chaisse, professor of transnational economic governance at the City University of Hong Kong.
“On sustainability, Chafta looks dated,” he says. “A green products and services agreement would be a sensible way forward if it stays practical.”
Iron ore issues
In the same vein, the ASFI, which led the development of Australia’s sustainable finance taxonomy, has proposed an environmental goods list as a mechanism to lower sustainable trade barriers between nations for the ease of capital flow.
“The big opportunity for Australia is as a green exporter to countries that are rapidly transitioning,” says ASFI chief executive Kristy Graham. She says the country has had economic opportunity in its low-carbon iron ore exports, used in the production of green steel, especially with Chinese importers.
China is the world’s biggest exporter of steel, though its green steel output, produced using less carbon-intensive electric arc furnaces, has hovered at around 10 per cent in recent years, below its target of 15 per cent by 2025.
More notably, China has continued to stockpile iron ore, hitting a record high in March, while the growth of its steel production remains low, which in effect has squeezed iron ore prices on Australia’s BHP, the world’s largest mining company.
Chaisse says China’s iron ore stockpiling changes the political and commercial backdrop for the trade agreement.
“China Mineral Resources Group [the state-owned enterprise tasked with importing iron ore for green steel] has shown that Beijing can still use stock management and state-backed buying behaviour to press suppliers during contract talks,” he says. “This does not rip up the deal, but it does expose where the deal is thin.”
Australia’s green industrial proposition has largely consisted of raw material exports, while China dominates mining, processing and manufacturing across the supply chain.
“The two sides are only partly aligned on what a green trade partnership means,” says Chaisse. “China tends to look at the green transition through processing, manufacturing scale and industrial depth. Australia still begins from resources.”
This is because Australia has higher barriers to the production side, says Jorge.
“Other countries have deeper industrial ecosystems and lower costs, so the competition is tough,” he says. “But this doesn’t mean Australia is stuck as a raw materials exporter. The real opportunity is to build the parts of the value chain where we can be competitive.”
Future opportunities for Australia in the value chain could involve niche domestic manufacturing, bolstered by complementary partnerships with trading partners, Jorge says.
Trade negotiations with China and Australia are expected to move forward despite the supply chain complication.
Eurozone business activity falls to a 10-month low, with rising energy costs stoking inflation concerns
By Thomas Moller-Nielsen
(Photo by Thierry Monasse/Getty Images)
Eurozone business activity slowed to its lowest level in almost a year this month, new data showed, as fears grow that the Iran war will curb growth and entrench high inflation in the European economy.
S&P Global’s flash Eurozone PMI Composite Output Index, a closely-watched survey released on Tuesday, found that overall activity in manufacturing and services across the single currency area fell from 51.9 in February to 50.5 in March – pushing the index closer to the 50-point mark that separates growth from contraction.
“The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
The figures – the lowest in 10 months – were largely driven by slowing activity in Germany and France, the eurozone’s two largest economies. A reduction in services growth saw Germany’s composite index fall from 53.2 to 51.9, while widespread weakness in France saw its index shrink from 49.9 to 48.3.
Both countries also saw a sharp uptick in input prices, which analysts attributed to the spike in energy costs and supply chain disruptions triggered by the US-Israeli attack on Iran last month. Selling prices also rose, although the increase was less pronounced.
The energy cost surge and Iran’s decision to close the Strait of Hormuz, a vital trade chokepoint through which 20% of global oil and gas supplies pass, caused eurozone firms’ costs to increase at the fastest rate for over three years, Williamson said.
Supplier delays, meanwhile, rose to their highest levels since shortly after Russia’s full-scale invasion of Ukraine in 2022.
Fears of stagflation reminiscent of the one Europe experienced following the twin oil shocks of the 1970s – triggered by the Arab-Israeli war in 1973 and the Iranian Revolution in 1979 – have been echoed by senior EU policymakers in recent weeks, including Economy Commissioner Valdis Dombrovskis.
Fatih Birol, head of the International Energy Agency, also warned on Monday that the economic damage inflicted by the Iran war could be as bad as the combined impact of the 1970s oil shocks and the energy crisis following Russia’s full-scale invasion.
“This crisis, as things stand now, is two oil crises and one gas crisis put all together,” Birol said.
Echoing the S&P survey’s findings, the European Central Bank (ECB) last week slashed its euro area growth projection and hiked its inflation outlook for 2026.
ECB President Christine Lagarde also declined to say the ECB was “in a good place”, as she has done following recent monetary policy decisions, but rather that the bank is “well positioned” to deal with any potential price rises.
Williamson noted that the ECB, which held rates at 2% last week, will now “have to tread a cautious path with respect to policy in the face of a clear and rising risk of stagflation in the coming months”.
https://www.euractiv.com/news/eurozone-activity-weakens-as-iran-war-rings-stagflation-alarm-bells/
New Delhi: Indian oil marketing companies are facing a double blow due to a sharp surge in crude oil prices, triggered by the conflict in West Asia, along with the depreciation of the rupee against the US dollar. The price of the Indian crude basket averaged $69.01 per barrel in February 2026, but has now jumped to $117.09 per barrel in March. Global Brent crude is also hovering around $112.19 per barrel, marking nearly a 60 percent increase since the end of February. Meanwhile, the Indian rupee has weakened to 93.22 against the dollar (as of March 23), compared to 91.07 on February 28.
As per reports, oil companies estimate that for every one-dollar increase in crude oil prices, they incur an additional burden of up to ₹16,000 crore. In the current situation, a hike in retail prices of regular petrol and diesel appears unlikely; however, oil companies have raised the prices of premium petrol by ₹2 per litre and bulk diesel by ₹22 per litre, indicating mounting pressure on their finances.
The combined impact of expensive crude oil and a weakening rupee between February and March is expected to significantly affect the profit margins of oil marketing companies. Officials in the oil industry said that between August 2025 and February 2026, crude oil prices ranged between $62 and $69 per barrel, during which companies earned margins of about ₹5–10 per litre on petrol and ₹8–15 per litre on diesel (difference between selling price and total cost, including taxes). However, transportation and other operational costs have now risen sharply, leading to estimated under-recoveries of around ₹20 per litre on petrol and up to ₹40 per litre on diesel.
Notably, since February 2022, Indian Oil, Hindustan Petroleum, and Bharat Petroleum have not increased retail prices of petrol and diesel. In Delhi, petrol continues to be sold at ₹94.77 per litre and diesel at ₹87.67 per litre.
In addition, war-risk premiums, freight charges, and insurance costs have also increased. While stable retail prices are providing relief to consumers, oil marketing companies are bearing the financial strain.
HPCL May Slip into Losses if Brent Stays Above $100
Brokerage firms have also raised concerns over the financial health of oil marketing companies. Reports by Ambit and UBS suggest that if Brent crude remains above $100 per barrel, HPCL may slip into losses in the third quarter of FY 2025–26, while profits of Indian Oil and Bharat Petroleum could fall by up to 50 percent.
Experts warn that prolonged under-recoveries could reduce cash flows, increase debt levels, and may eventually force the government to provide subsidies or cut excise duties. However, the government has clarified that no immediate burden of fuel price hikes will be passed on to consumers for now. DeshGujarat
At present, domestic production of liquified petroleum gas (LPG) is fulfilling about 50-60% of our domestic demand, Sujata Sharma, Joint-Secretary at the Ministry of Petroleum and Natural Gas (MoPNG) told reporters in the daily inter-ministerial briefing to discuss latest developments about the situation in West Asia Monday.
“Right now, our domestic production is accounting for something in between 50 to 60% of our demand,” she stated in response to a query from reporters.
Further, responding to queries about the geographies India is procuring LPG from, Ms. Sharma held the country was picking cargoes from wherever available. “We require a whole lot of LPG now, and because earlier 90% of our imports were coming from West Asia,” she stated, adding, “So, we are picking cargoes from wherever available.”
The senior official, emphasised that domestic LPG supplies are “normal as before”. She informed, “Panic bookings, which had peaked to 88 lakhs, has come down to about 50 lakhs. So, it has come to normal.”
1.90 lakh consumers have migrated from LPG to PNG
The senior official informed that about 1.90 lakh consumers have migrated from LPG to PNG. Cumulatively, she mentioned, more than 3.5 lakh domestic and commercial PNG connections have been issued or activated in the first three weeks of March.
For perspective, amidst the escalating tensions, the Union Government has been encouraging for a transition to piped natural gas (PNG) from the cooking gas cylinders, seeking to cool off pressure as supplies of the latter find themselves mired in the Strait of Hormuz.
Purchasing crude from any country is “techno-commercial” decision
In response to a query about India potentially tapping into the market for Iranian crude oil, Ms. Sharma held, “Regarding purchasing crude from any particular country, I would like to state [that] these are techno-commercial decisions taken by oil marketing companies.”
Fuel tanker charters
Separately, Rajesh Kumar Sinha, Special Secretary at the Ministry of Ports, Shipping and Waterways, informed the India-flagged vessel carrying liquified natural gas (LNG) is chartered by Petronet LNG. Further, state-owned OMCs Bharat Petroleum and Hindustan Petroleum has chartered the India-flagged vessels carrying liquified petroleum gas (LPG) whilst IndianOil, Reliance Industries and BGN International had chartered India-flagged vessels carrying crude oil.
Oil prices plunged and the FTSE 100 swung into the green after Donald Trump suggested the US and Iran were close to ending the war in the Middle East.
Brent crude oil sank by as much as 14pc to $96 a barrel after Mr Trump said the US would postpone military strikes against Iranian power plants for at least five days.
Oil was last down 10pc to at around $100 on a day of dramatic swings in asset prices, having traded at $114 earlier in the day.
Britain’s FTSE 100 rose 0.6pc after the US president’s post on his Truth Social platform, while the S&P 500 on Wall Street surged by as much as 1.8pc.
The UK’s flagship stock index had been down as much as 2.5pc after Mr Trump issued an ultimatum to Iran over the weekend, giving Tehran 48 hours to reopen the Strait of Hormuz.
However, on Monday morning he said that over the past two days Iran and the US had “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East”.
He said: “Based on the tenor and tone of these in depth, detailed, and constructive conversations, witch will continue throughout the week, I have instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions.”
https://www.telegraph.co.uk/business/2026/03/23/oil-price-us-iran-war-energy-trump-ftse-100-markets/
China's state-run refiner Sinopec does not intend to buy Iranian oil but is pushing for permission to tap state reserves, a senior executive said on Monday, days after the U.S. waived sanctions for buyers of some Iranian crude.
The world's largest refiner is particularly exposed to the near-closure of the Strait of Hormuz because it sources roughly half of its crude oil needs from the Middle East. Sinopec is buying Saudi oil from Yanbu and sourcing from outside the Middle East, the executive said.
To ease the global supply crunch, U.S. Treasury Secretary Scott Bessent issued a 30-day sanctions waiver on Friday for any Iranian oil already at sea, hoping to bring about 140 million barrels of oil to global markets.
However, buying that crude is complicated due to questions about how to pay for it, given financial sanctions on Iran are still in place, as well as the fact that much of it is aboard aging shadow fleet vessels.
Sinopec President Zhao Dong said on Monday the refiner was evaluating the risks and "basically won't buy" Iranian oil. Chinese refiners already buy most Iranian oil, however only private players participate in the sanctioned trade.
China maintains massive oil reserves and Sinopec was proactively seeking government support to tap them, the executive also said. Reuters reported earlier this month that Beijing had rejected a request to access 13 million tons.
The refiner would cut runs by 5% this month because of the disruption, Zhao said. Reuters also reported earlier this month that run cuts could exceed 10% in March.
(Reuters - Reporting by Aizhu Chen; Editing by Jacqueline Wong, Alexandra Hudson)
Mar 24, 2026
Source: MarineTraffic
(Bloomberg) -- An oil supertanker hauling Iraqi crude has got through the Strait of Hormuz, according to vessel-tracking data compiled by Bloomberg, a feat that would make it the first ship observed moving Baghdad’s barrels through the waterway since it was all but closed at the start of the war.
The Omega Trader, managed by Japan’s Mitsui OSK Lines Ltd, signaled over the past few days that it reached Mumbai, according to the tracking data. Its prior signal before reaching the Indian city had been from inside the Gulf, more than ten days ago.
MOL, which is listed by the Equasis database as a technical manager for the ship, said in a statement that none of its vessels had made the crossing, adding it was monitoring the situation on a 24-hour basis and continued to gather information.
Signal jamming has complicated information about vessels transiting in and around Hormuz, and the Omega Trader is no exception. While several ship-tracking data platforms placed the vessel in Mumbai as late as Sunday, other indicators have also raised questions about the identity of the ship. For example, the location in Mumbai is not an oil-importing terminal, and the speed last signaled is improbably swift for a very large crude carrier.
The war in Iran, now in its fourth week, has halted the vast majority of traffic in the waterway which accounts for about a fifth of the world’s oil and liquefied natural gas, driving up energy costs.
While only a few tankers have gone through since the conflict began, the transits help to alleviate what the International Energy Agency describes as the biggest supply disruption in the history of the oil market.
A number of the ships that have managed to get through Hormuz have discharged in India, where the government has engaged with Iranian officials to seek passage for vessels due to haul energy to the country.
Singapore-based MOL Global Ship Management is listed as the ship’s ISM manager on Equasis, a role that means the entity is likely involved in crewing, safety standards and maintenance. Depending on the commercial arrangement, ISM managers can also take on day-to-day operations.
Its commercial manager, responsible for fixing its voyages, and its owner are both listed as Eligible Tankers SA based in Panama City. No contact details were immediately available for Eligible Tankers.
Other oil tankers have also made a break from the Gulf in recent days. The Al Ruwais loaded naphtha from the UAE in early March and is now heading to Asia, while the Abu Dhabi-III is expected to arrive in India’s Vadinar port on Monday after also loading fuel at Ruwais.
So-called dark crossings, with transponders off, make it difficult to track the exact number of tankers transiting through the strait.
Foran Mining (TSX: FOM; US-OTCQX: FMCXF) announced it has energized an 85‑km, 110 kV transmission line linking its McIlvenna Bay project to SaskPower’s Island Falls hydroelectric grid, a milestone the company says was completed ahead of schedule and on budget.
“Energizing the McIlvenna Bay transmission line ahead of schedule and on budget is another major step forward as we continue growing what we believe will become one of Canada's most important new copper mining districts,” Dan Myerson, Foran’s executive chairman and CEO, said.
Myerson added, “At a time when global geopolitical instability and rising fuel prices are creating increasing uncertainties, having direct access to stable, renewable power is a strategic advantage. It reinforces our vision of building a modern, resilient mining operation that is both economically competitive and aligned with the global transition to electrification. This milestone not only strengthens the long-term foundation for McIlvenna Bay, but it also positions Foran to deliver the critical metals that the world needs to target a low carbon footprint for generations to come.”
Foran said the new line will provide secure, reliable and sustainable power to support commissioning of the processing plant, underground operations and site infrastructure as the project advances toward production. The transmission line was built in partnership with SaskPower and includes additional capacity to support potential future mine expansions across the company’s district.
“Reliable and affordable power is essential for growing Saskatchewan communities and industries,” Jeremy Harrison, the provincial minister responsible for SaskPower, said. “The energization of the new McIlvenna Bay transmission line is a major infrastructure milestone that strengthens reliability in northern Saskatchewan and supports long‑term economic growth. Congratulations to Foran and everyone involved in delivering this project, which underscores the importance of strong partnerships in enabling large‑scale industrial development across the province and especially the north.”
Foran noted the energized infrastructure will help stabilize operating costs and align the mine with broader electrification efforts, which management says enhances the project’s competitive and environmental profile.
More information is available at www.ForanMining.com
Automaker Tesla is getting ready to enter India's industrial energy storage sector, a likely strategic pivot beyond electric vehicles (EVs) in the world's third-largest energy market.
This comes amid surging demand for battery solutions to support India's renewable energy goals.
A job posting on Tesla's careers site for a "Business Development Lead, Energy - Solar and Storage, India" has brought the company's plans to light. The role demands expertise in go-to-markstrategies, regulatory navigation, and closing utility-scale deals, targeting products such as the Megapack for grid projects and Powerwall for residential use.
Reuters first reported this on March 20, highlighting the carmaker's intent to tap into India's energy storage boom.
Tesla entered India's passenger vehicle market last August, launching its Model Y in Mumbai and Delhi, with a base price of Rs 59.89 lakh. Volumes, however, remain modest with over 100 units sold and 600 pre-orders as of November. Sharad Agarwal has been appointed as the country head to oversee operations.
Rising demand
India aims to develop 500 GW of non-fossil capacity by 2030, with massive solar rollouts that require robust storage to manage intermittency. According to reports, installed capacity reached 442 MWh by late 2024.
Tesla will face a tough fight from Indian conglomerates such as Tata Power, the Adani Group, and Reliance Industries in this segment. These homegrown companies have been investing heavily in battery tech and grid upgrades.
The American company will leverage its proven Megapack deployments globally to crack the Indian market.
This expansion aligns with Elon Musk's global energy vision, blending Tesla's EV footprint with storage dominance.
How it works
Energy storage captures excess energy produced at one time for use later, balancing supply and demand on power grids. It is akin to a giant rechargeable battery for electricity, essential for renewables such as solar and wind, which do not generate power 24/7.
Energy storage systems convert electricity into another form, such as chemical, gravitational, or mechanical, then reverse the process to release it on demand.
Investing.com -- Shares in gold mining companies fell sharply on Monday as bullion dropped to a four-month low, extending steep losses from last week amid escalating Middle East tensions that have fueled inflation concerns and shifted expectations toward higher global interest rates.
Major gold miners, including Newmont, Barrick, Agnico Eagle, and AngloGold Ashanti, all dipped between 5% and 6% in premarket trading by 05:22 ET.
The pullback comes after spot gold fell 4.4% to $4,292.88 per ounce, marking a ninth straight session of declines. Prices earlier slid more than 8% to $4,097.99, the lowest level since November 24.
The latest drop follows gold’s worst weekly performance in more than four decades. The metal fell over 10% last week, its steepest weekly decline since February 1983, and is now down roughly 25% from its January 29 record high of $5,594.82 per ounce.
U.S. gold futures for April delivery dropped 6.4% to $4,280.
The selloff comes as the conflict involving Iran entered its fourth week, with oil prices holding near $100 per barrel. The shift in market expectations from rate cuts toward potential rate hikes has weighed on gold, which typically loses appeal in a higher-rate environment.
Iran said on Sunday it would target energy and water infrastructure in neighboring Gulf states if U.S. President Donald Trump follows through on threats to strike Iran’s electricity grid.
At the same time, the closure of the Strait of Hormuz has kept crude prices elevated, raising concerns over inflation through higher transport and production costs. Although inflation can support gold demand, higher interest rates tend to pressure the non-yielding asset.
Market pricing now reflects rising expectations for tighter U.S. monetary policy, with futures indicating the Federal Reserve is more likely to raise rates than cut them by the end of 2026, according to CME’s FedWatch tool.
Other precious metals also declined. Spot silver fell 4.7% to $64.57 per ounce, while platinum dropped 6% to $1,809.25, with both hitting their lowest levels since mid-December earlier in the session.
https://uk.finance.yahoo.com/news/gold-miners-slide-sharply-bullion-100209178.html
Gold fell more than 8% at one point on Monday, hitting a four-month low, after logging its biggest weekly loss in about 43 years, as investors rushed to unwind positions amid a strengthening dollar and growing expectations of U.S. rate rises.
Spot gold declined 4.9% to $4,266.47 per ounce by 1017 GMT, extending losses into a ninth straight session. It had shed more than 8% to $4,097.99 earlier in the session to its lowest level since November 24.
The precious metal has fallen about 22% since the Middle East conflict began on February 28, and has retreated about 25% from its record peak of $5,594.82 reached on January 29.
U.S. gold futures for April delivery dropped 6.7% to $4,267.50.
The dollar and benchmark 10-year U.S. Treasury yields rose, pressuring gold prices.
While gold is traditionally viewed as a hedge against inflation, rising energy prices due to the Iran war have raised the prospect of higher interest rates, dimming non-yielding bullion's appeal.
"Markets no longer see any Fed rate cuts this year and have started pricing in chances of hikes, boosting the U.S. dollar and compounding bullion's weakness," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.
"Meanwhile, gold also falls victim to a search for cash and a rotation into energy commodities."
Oil held above $110 per barrel on Monday.
Market bets on a U.S. rate hike this year have surged, with futures now implying the Federal Reserve is likelier to raise rates than cut them by the end of 2026, according to CME's FedWatch tool.
Gold's fall to its lowest level since November has seen it return to its 200-day moving average.
However, some analysts say the broader trajectory for gold could remain positive, with the metal up about 42% on a one-year basis.
"Once the dust settles and the current wave of forced selling runs its course, the outlook for gold in particular may improve again quite sharply," said Ole Hansen, head of commodity strategy, Saxo Bank, in a note.
Other precious metals also declined sharply, with spot silver declining 5.5% to $64.01 per ounce and platinum slipping 7.2% to $1,783.30. Both metals earlier hit their lowest levels since mid-December.
Palladium shed 2.1% to $1,374.73.
(Yicai) March 23 -- Shares of China’s Chifeng Jilong Gold Mining sank after it was announced that rival Zijin Mining Group will take a controlling stake for CNY18.3 billion (USD2.6 billion).
Chifeng’s shares [SHA: 600988] fell by their 10 percent daily trading limit in Shanghai today to close at CNY36.74 (USD5.31) each. Its Hong Kong-listed stock [HKG: 6693] tumbled 25 percent to HKD31.52 (USD4.03). Trading in Chifeng’s shares had been halted on March 19 and 20 pending the announcement of a change in actual controller.
A Zijin subsidiary will buy 242 million of Chifeng’s Shanghai shares from Li Jinyang and parties acting in concert for CNY41.36 each, a premium of 1.3 percent on the closing price on March 18, for a total of about CNY10 billion, they said today.
Zijin will also subscribe to 311 million new Hong Kong shares of Chifeng at HKD30.19 apiece, a discount of about 17 percent over the average price in the 60 trading days prior to March 18, for a total of nearly HKD9.4 billion (USD1.2 billion).
Zijin’s stake in Chifeng will rise to 25.9 percent from 0.9 percent, making it the largest shareholder and actual controller. The sellers will no longer have a stake in the company.
Chifeng’s principal mines lie within globally significant gold belts and benefit from strong resource endowments, but underinvestment has slowed exploration, Zijin said, noting that its advanced geological and deep prospecting capabilities offer substantial upside for Chifeng's reserves.
The proceeds of the private placement will go to fund overseas projects, including the construction of new power plants, exploration, the expansion of mining operations, the upgrade of existing processing facilities, and the acquisition of high-quality assets, as well as other general corporate purposes.
Thanks to the sharp rise in gold prices last year, Chifeng had record operating revenue of CNY12.6 billion and record net profit of CNY3.1 billion (USD445 million), up 40 percent and 75 percent, respectively, from the previous year. About 71 percent of the revenue came from overseas operations.
Net cash flow generated from operating activities surged 70 percent to CNY5.6 billion in the year, another record. As of Dec. 31, Chifeng’s total gold resources stood at 512 tons, with proven and extractable reserves of 105.8 tons. About 80 percent is located abroad, mostly in Laos and Ghana.
The firm produced 14.5 tons of gold in 2025, a 4 percent annual decline, and sold the metal for an average of about CNY785 (USD113) per gram, a 50 percent increase. Its electrolytic copper production climbed 9.1 percent to 6,754 tons.
Zijin's shares [SHA: 601899; HKG: 2899] fell 3.4 percent to CNY30.58 in Shanghai, and 4.9 percent to HKD32.54 in Hong Kong.
Editor: Futura Costaglione
Copper prices rose during Monday’s trading, supported by a weaker US dollar against most major currencies, in addition to a decline in inventories of the industrial metal in China.
Copper inventories in China recorded their largest weekly drop this year, while prices had fallen sharply due to the Iran-related war, prompting stronger demand from manufacturers, according to a Bloomberg report on Monday.
Refined copper inventories across China declined by 78,700 tons in the week ending Monday, bringing total stockpiles to 486,200 tons, based on data from Mysteel Global cited by Bloomberg.
The firm said manufacturers increased their purchases after a rise in new orders, which boosted consumption.
Copper prices have declined about 12% this month on the London Metal Exchange, amid concerns that the conflict in the Middle East could drive inflation higher and slow global growth.
Demand also received additional support from restocking activity following the Lunar New Year holiday in late February, according to the report.
Yan Yuhao, a senior analyst at Zhejiang Hailiang, said the company had tripled its daily purchases of refined copper compared to last year’s average after domestic prices fell below 100,000 yuan per ton.
He added that many copper rod producers have full orders through next month and are considering operating above designed capacity.
Treatment charges for copper rods also increased last week, driven by stronger demand, according to Mysteel data.
In a related context, Ivanhoe Mines CEO Robert Friedland warned in remarks to the Financial Times that copper production in Africa could face significant disruptions if the Iran conflict continues for more than three weeks, due to the continent’s heavy reliance on sulfur supplies from the Middle East.
On the other hand, the dollar index fell by 0.7% to 98.9 points as of 15:04 GMT, after hitting a high of 100.1 points and a low of 98.8 points.
In US trading, copper futures for May delivery rose 2.4% to $5.50 per pound as of 14:57 GMT.
https://www.economies.com/commodities/copper-news/copper-rallies-as-chinese-inventories-fall-48527
By Michael Kern - Mar 23, 2026, 8:46 PM CDT
The U.S. has already launched hundreds of missiles and precision-guided weapons in the escalating conflict with Iran, an air campaign that has consumed billions of dollars in advanced military hardware in just weeks. But a new warning circulating in Chinese and Western media suggests the materials needed to keep producing those weapons may be running dangerously low.
Reports from the South China Morning Post and Reuters indicate Washington could have only weeks or months of certain rare-earth inventories available for defense manufacturing if supply disruptions deepen.
Rare earth elements are embedded throughout modern military systems—from missile guidance and drone propulsion to radar systems and fighter aircraft electronics.
“You can’t fight a twenty-first-century war with twentieth-century supply chains,” said Lipi Sternheim, CEO of REalloys. “Modern weapons rely on materials that are difficult to source, difficult to process, and difficult to replace once inventories begin to tighten.”
REalloys (NASDAQ: ALOY) is one of the few companies rebuilding the rare-earth metals stage of the supply chain in North America, converting rare-earth oxides into the metals and alloys used by magnet manufacturers and defense suppliers.
And it’s the 11th hour for American defense and the entire defense industry, even if it wasn’t in the middle of a war with Iran that reportedly cost $5.6 billion just in the first two days.
That vulnerability isn’t new. For decades, the United States allowed much of its rare-earth processing and metallization capacity to migrate overseas, leaving China to dominate the stages of the supply chain that convert raw materials into the metals and magnets used in advanced technology. Today, much of the rare-earth material used in Western defense systems still traces through Chinese processing facilities. The Pentagon is now racing to reverse that dependence ahead of a 2027 deadline that will prohibit U.S. weapons systems from using magnets made with Chinese-origin rare earths.
REalloys’ flagship facility in Euclid, Ohio, is already ahead of the deadline.
REBUILDING AMERICA’S RARE EARTH METALS CAPACITY
Mountain Pass in California produces rare-earth concentrate that is separated domestically into NdPr oxide. That is an important step in rebuilding North American capability - but oxide itself is not the material defense contractors actually use.
Before it can enter manufacturing, oxide must first be chemically reduced into pure rare-earth metal. That metal is then blended into precise alloys used to produce high-performance permanent magnets.
For decades, that conversion—from oxide to metal—has taken place almost entirely in China. Even when rare-earth ore was mined in the United States and separated into oxide domestically, the metallurgical step that turns that chemistry into usable industrial metal was still performed overseas.
That is the break in the supply chain.
REalloys is positioned to help close it.
At its Euclid facility, the company converts rare-earth oxides into finished metals and magnet-grade alloys through high-temperature reduction and refining processes. Those materials are the feedstock required by magnet manufacturers and advanced industrial users.
It is also one of the most technically difficult stages of the entire rare-earth value chain. Metallization requires tightly controlled reduction reactions, high-temperature furnaces, and continuous process control capable of maintaining stable yields and purity levels across multiple rare-earth elements.
“Metallization is the least developed part of the value chain outside China,” said REAlloys co-founder Tim Johnston. “It requires deep operating expertise and process control systems capable of managing complex variables in continuous production. Even with capital and strong execution, replicating that capability typically takes three to seven years or more, with significant technical and qualification risk.”
The Euclid facility is already operating, converting rare-earth oxides into metals and alloys inside North America rather than sending those materials overseas for processing.
Upstream, REalloys owns the Hoidas Lake rare-earth project in Saskatchewan, anchoring primary resource exposure inside Canada.
In Greenland, the company has signed a long-term non-binding letter of intent covering roughly 15% of future production from the Tanbreez rare-earth project, one of the largest deposits of heavy and medium rare earths outside China.
Additional supply agreements extend to Kazakhstan, where the company is working with AltynGroup on access to material from the Kokbulak project and surrounding concessions. In Brazil, an alliance tied to the Araxá rare-earth project adds another potential non-Chinese source of feedstock.
“We’ve already solved the hardest part—proving that rare-earth metallization and alloying can be done domestically to the specifications real customers require,” Johnston said.
REalloys (NASDAQ: ALOY) isn’t stopping at metallization, either.
The company is also developing a large-scale permanent magnet manufacturing facility in the United States, designed to start with roughly 3,000 tons of neodymium-iron-boron (NdFeB) magnet production annually and expand to as much as 18,000 tons per year.
At full capacity, that level of output could supply magnets for roughly 1.5 to 2 million electric vehicles annually, thousands of wind turbines, and large volumes of industrial motors, robotics systems, and medical devices. Defense systems—from missile guidance units to radar and avionics—also rely heavily on high-performance rare-earth magnets.
That dependency runs across the entire contractor base. Lockheed Martin (NYSE: LMT), whose F-35 program requires hundreds of pounds of rare earth materials per airframe for flight controls, radar, and electronic warfare suites, has moved to dual-source critical mineral inputs as the 2027 deadline closes in. RTX Corporation (NYSE: RTX) faces the same pressure through its Raytheon unit, where AMRAAM and Tomahawk production depends on dysprosium and terbium magnets capable of holding performance under combat heat and vibration. At the smaller end of the contractor spectrum, Kratos Defense & Security Solutions (NASDAQ: KTOS)has built its high-volume drone and unmanned systems business around domestic supplier agreements that lock in proven rare earth alloys—a model that only works if the metallization layer it depends on actually exists inside the United States.
The facility is designed to integrate multiple stages of the rare-earth value chain, including metallization, alloying, powder production, and final magnet manufacturing.
If completed at the projected scale, it would represent one of the largest NdFeB magnet production sites outside Asia and a significant step toward rebuilding a fully integrated rare-earth supply chain in North America.
With Euclid converting oxide into metal inside the United States, the rare-earth supply chain begins to close a loop that has been broken for decades—just as Washington prepares to bar Chinese-origin rare earths from U.S. defense systems in 2027.
British Steel will increase production after agreeing a £70 m contract for port redevelopments in Nigeria.
The agreement with Hitech Construction Africa will see British Steel supply 120kt of steel to help modernise the Tin Can Island and Lagos Apapa port complexes.
It is one of the company’s largest orders for billet, so to meet the demand, production will be increased at British Steel’s Scunthorpe site.
British Steel CEO Allan Bell said: “This is a record-breaking contract for British Steel and a major boost to our 4,000 employees and many more people in our supply chains.
“After government intervention last April, everyone at British Steel has worked hard to stabilise the company. This deal represents us moving from stabilisation to building long-term sustainability for the business.
“As one of the largest ever orders for billet in the history of this company, it marks a tremendous vote of confidence in British Steel and UK manufacturing. And as the biggest order we have ever secured with UK Export Finance, it demonstrates how we are working with the UK Government to meet the global demand for our products.”
The billets British Steel will supply are of a 140mm rebar type grade with deliveries starting in Spring and continuing over the next three years.
Peter Kyle, Business and Trade Secretary, added: “Hot on the heels of our landmark Steel Strategy, this is a major win for British Steel made possible by UK Export Finance, which is testament to the quality of UK-made steel and the booming UK-Nigeria relationship.
“Through our new Strategy we’re backing British steelmakers for long-term success at home and abroad, and this contract will reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe.”
https://www.steeltimesint.com/news/british-steel-secures-ps70m-export-deal-for-nigeria
