London, Feb 15, 2026, 15:01 GMT — Market shut for the day.
Antofagasta ended Friday at 3,711 pence, slipping 0.48%. The stock picks up trading again Monday after the weekend pause. (Investing)
The copper miner, trading in London, is set to release its full-year earnings on Feb. 17. It’s one of several big UK mining names reporting this week, with investors scrutinizing production numbers, costs, and capex plans. (IG)
Three-month copper on the London Metal Exchange hovered near $12,883 a metric ton late last week, steadier after its earlier surge this year. Things calmed down as China moved into the Lunar New Year holiday. (Reuters)
The inventory picture tells a different story. Combined copper stocks on the CME, LME, and Shanghai Futures Exchange just topped 1.1 million tons—a level not seen since 2003. That surge is chipping away at talk of a copper “shortage” that’s been circulating among traders. (Reuters)
The copper concentrate market isn’t sitting still. Treatment and refining charges—what miners hand over to smelters for processing—have come under strain lately. Antofagasta, for example, settled on $0 terms with certain Chinese smelters during December talks, according to a recent Reuters analysis. “Acid is supposed to be a byproduct, not the main profit centre. That creates risk,” said CRU analyst Peter Harrison, noting smelters’ increasing reliance on sulphuric acid sales as margins from actual copper processing have thinned. (Reuters)
Lower TC/RCs give miners like Antofagasta a bit of a boost, trimming processing costs. But for the industry, there’s another message: smelters claim concentrate is hard to find, yet refined copper keeps stacking up in exchange warehouses.
Investors will be watching for clues in management’s comments—demand, pricing, and how quickly sales are moving into Asia, a region where holiday breaks often sap short-term buying.
Attention is likely to settle on costs, too. Copper may be high, but shifts in unit expenses, project delivery, or capital restraint can jolt the stock as soon as the results drop.
There’s danger in the opposite direction. Should inventories keep climbing and post-holiday demand remain lackluster, copper prices could slip—and miners’ earnings projections might get slashed quickly, no matter what’s happening with processing charges.
Ruling Confirms Unfair Trade Practices and Finds Chinese Producers are Violating Anti-Dumping Rules
U.S.-Imposed Tariffs on Chinese Natural Graphite Anode Material Increased to Approximately 220%
CENTENNIAL, Colo.--(BUSINESS WIRE)--Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite company (“Westwater” or the “Company”), announced today that the U.S. Department of Commerce (“DOC”) issued its final determination in the anti-dumping and countervailing duty investigations of graphite-based anode materials imported from the People’s Republic of China.
The DOC’s preliminary determinations in 2025 imposed countervailing and anti-dumping duties of 11.58% and 93.5%, respectively. In its final determination released on February 11, 2026, the DOC increased the countervailing duty rate to 66.68% and maintained the anti-dumping duty rate at 93.5%.
The Company estimates total penalties on Chinese natural graphite anode material U.S. imports now total approximately 220%:
The DOC’s final determination follows a year-long investigation into alleged subsidization of Chinese anode material producers and pricing practices affecting the U.S. market. It remains subject to a final affirmative injury determination by the U.S. International Trade Commission (“ITC”), which is expected in March 2026. If the ITC issues a final affirmative decision, then the DOC duties will remain in effect for a minimum of five years in accordance with applicable U.S. trade law.
The Company believes the combined effect of these trade measures could further increase demand for U.S.-produced natural graphite anode material from buyers within a variety of lithium-ion battery markets including electric vehicles, battery energy storage systems, defense and others.
Iran and the United States could invest jointly in oil and gas development as part of the new nuclear deal the two are currently negotiating, an official from Tehran’s foreign ministry said Sunday, in the latest signal that Iran is willing to close a deal with the U.S. and avoid war.
“For the sake of an agreement's durability, it is essential that the U.S. also benefits in areas with high and quick economic returns,” Hamid Ghanbari, deputy director for economic diplomacy at the Iranian foreign ministry, said, as quoted by the Fars news agency.
“The country must be prepared for all scenarios,” the official said, “while at the same time seriously pursuing the negotiations.” Ghanbari listed among potential areas of cooperation, besides oil and gas, also mining, urban development, and aircraft purchases.
The U.S. also seems to be prepared for all scenarios, continuing the buildup of military power in the Persian Gulf, with a second aircraft carrier on its way to the Gulf, Reuters reported.
“No one's ever been able to do a successful deal with Iran but we're going to try,” Secretary of State Marco Rubio told media in Europe, noting that President Trump preferred a diplomatic resolution to the situation.
Meanwhile, another Iranian official said Tehran would be willing to compromise on its nuclear program in exchange for sanction relief, noting that the ball was now “in America's court to prove that they want to do a deal.”
U.S. and Iranian negotiators are set to meet in Geneva today for a new round of talks, with both sides essentially signaling they are ready for both a positive and a negative outcome from the talks. Oman will be moderating the negotiations. Oil traders will be watching the talks closely, too, due to the implications for Iran’s oil production. Currently, this stands at some 3.2 million barrels, which could go up or down depending on the outcome of the negotiations.
By Irina Slav for Oilprice.com
By Irina Slav - Feb 17, 2026, 1:37 AM CST
According to Citi analysts, geopolitics will continue to provide support for oil prices in the immediate term, but they may later come under pressure if President Trump’s attempts to clinch a peace deal with Russia and a nuclear deal with Iran succeed.
“It is our base case that both Iran and Russia-Ukraine deals happen by or during the summer of this year, contributing to a decline in prices to $60-62/bbl Brent and lowering diesel and gasoline cracks by $5-10 dollars,” the analysts said, as quoted by Reuters.
Until that happens, however, the possibility of supply disruptions resulting from sanction enforcement on Russia or U.S. military action against Iran would continue providing upward pressure on benchmarks.
At the time of writing, Brent crude was trading at $68.23 per barrel, with West Texas Intermediate at $63.39 per barrel, as the United States and Iran prepare for the latest round of nuclear talks.
Iran launched a military drill in the Strait of Hormuz on Monday as a second U.S. aircraft carrier travels to the Persian Gulf, suggesting the outcome of the talks remains highly uncertain. Iran has also stated it would only negotiate its nuclear program, following an attempt by the U.S. side to broaden the topics for discussion to Iran’s ballistic missile program.
“I think that there's an opportunity here to diplomatically reach an agreement that addresses the things we're concerned about,” U.S. Secretary of State Marco Rubio said earlier this week. “We'll be very open and welcoming to that. But I don't want to overstate it either. It's going to be hard. It's been very difficult for anyone to do real deals with Iran, because we're dealing with radical Shia clerics who are making theological decisions, not geopolitical ones.”
Iran’s Foreign Minister Abbas Araqchi, meanwhile, said that he expected to “achieve a fair and equitable deal”, adding, as quoted by Reuters, that “What is not on the table: submission before threats.”
A fire erupted at the Ilsky refinery in Russia's Krasnodar region due to a drone attack, damaging an oil product reservoir. This marks another assault on Russian energy infrastructure by Ukraine amid stalled U.S.-brokered peace talks.
Devdiscourse News Desk | Updated: 17-02-2026 14:31 IST | Created: 17-02-2026 14:31 IST
A fire broke out at the Ilsky refinery in Russia's Krasnodar region following a drone attack, local authorities reported on Tuesday.
The attack resulted in damage to a reservoir containing oil products. The incident comes as Ukraine resumes its assaults on Russian energy infrastructure, following unsuccessful U.S.-brokered peace negotiations.
The blaze occurred at a reservoir in the village of Volna, home to Russia's Black Sea port of Taman. The Ilsky refinery, with a capacity of around 138,000 barrels per day, has been a frequent target of Ukrainian drones. It remains unclear if the latest incident has disrupted operations.
By Tsvetana Paraskova - Feb 16, 2026, 5:00 AM CST
Near-term demand for Saudi Arabia's oil in China is soaring after the Kingdom early this month slashed its official selling prices (OSPs) for Asia to the lowest level versus regional benchmarks in more than five years.
In early February, Saudi Aramco cut the OSP of its flagship Arab Light for March loadings to parity with the Oman/Dubai average benchmark, off which the Kingdom prices its crude oil going to Asia.
The cut of $0.30 per barrel, to parity with Oman/Dubai from a $0.30 a barrel premium for February, was the fourth consecutive cut of the Saudi prices for Asia-bound oil, although it wasn't as deep as expected.
Trading sources had expected that Saudi Arabia could even price its oil to Asia at a discount to the Middle Eastern benchmark.
But even at parity, which is the lowest pricing to Oman/Dubai since December 2020, the Arab Light grade and other Saudi crudes become increasingly attractive for buyers in China and the wider region.
The Saudis are keen to boost market share in the world's top importing region amid perceived global oversupply and hefty discounts at which Russia's oil is being sold in China.
As a result of the prices at parity with Oman/Dubai, oil loadings from Saudi Arabia to China in March are estimated at about 56-57 million barrels, up from 48 million barrels loading in February, anonymous traders with knowledge of the orders told Bloomberg on Monday.
India is also set to buy at least 1 million barrels additional crude from Saudi Arabia than it typically purchases under long-term deals with Aramco, according to Bloomberg's sources.
India is under pressure from the United States to slash imports of crude oil from Russia and it is already boosting purchases from the Middle East and West Africa.
Despite India's vague response to the U.S. claim that New Delhi has committed to stop purchases of Russian oil, the U.S.-India trade deal could be incentive enough for Indian buyers to slash imports from Russia, analysts say.
Green hydrogen, generated through water splitting using renewable energy, is considered crucial for cutting emissions in sectors such as steel, fertilisers, petroleum refining and chemicals.
In a major development for India’s clean energy ambitions, researchers at Indian Institute of Technology (Indian School of Mines) Dhanbad have developed a low-cost and efficient electrode material that could reduce the cost of green hydrogen production by 400 to 500 times.
The breakthrough aligns with the Centre’s National Green Hydrogen Mission, which aims to produce five million tonnes of green hydrogen annually by 2030.
Green hydrogen, generated through water splitting using renewable energy, is considered crucial for cutting emissions in sectors such as steel, fertilisers, petroleum refining and chemicals.
The research was led by Dr SK Riyajuddin of the Department of Physics, along with scholars Priyadarshani Tamang and Rumana Sultana Parvin. The team sought to address one of the biggest challenges in hydrogen production— the high cost of catalysts.
At present, precious metals like platinum and ruthenium are widely used, making the process expensive and limiting scalability.
To provide a cost-effective alternative, the researchers developed a novel catalyst by integrating molybdenum disulfide and vanadium sulphide with reduced graphene oxide.
The material relies on earth-abundant elements such as molybdenum, vanadium, sulphur and carbon, making it economically viable for large-scale use. The team said the catalyst shows strong synergistic effects, reducing the energy required for electrochemical water splitting and enabling more efficient hydrogen production.
In a demonstration, the researchers successfully produced hydrogen using a commercially available silicon solar cell integrated with a water electrolyser system, describing it as a solar-driven “artificial photosynthesis” model.
The findings, published in the international journal Small (Wiley, 2026), are expected to strengthen India’s clean energy transition.
https://newsarenaindia.com/states/iit-ism-unveils-affordable-catalyst-for-green-hydrogen/70114
Codelco obtains the definitive CEOL for lithium development in the Maricunga Salt Flat
The Ministry of Mining signed an amendment to the Special Lithium Operation Contract (CEOL) with the subsidiary Salar de Maricunga SpA, originally signed in 2018. Among other changes, the area initially considered is expanded, deadlines associated with exploration and exploitation are redefined, and contributions are established for communities near the territory.
Santiago, February 12, 2026 - Salar de Maricunga SpA, a subsidiary of Codelco, today signed with the Ministry of Mining the modification of the Special Lithium Operation Contract (CEOL) that enables the company to advance in the exploration and exploitation of this mineral in the Salar de Maricunga, within the framework of the National Lithium Strategy promoted by the government of President Gabriel Boric.
With this modification of the original CEOL signed in 2018, the area considered in the salt flat is expanded by incorporating the pre-1979 holdings of Codelco and Minera Salar Blanco SA acquired from Lithium Power International (LPI) in 2024. It should be remembered that in May 2025 the Corporation selected Rio Tinto as a strategic partner for the lithium project in Maricunga, committing a capital contribution of up to US$900 million to develop this initiative.
The CEOL signing took place at the La Moneda Palace, an event attended by President Boric, the Minister of Mining, Aurora Williams, the Chairman of the Board of Codelco, Máximo Pacheco, and the General Manager of Salar de Maricunga SpA, Felipe Kilian, among others.
At the ceremony, the Head of State emphasized that “today several things are coming together that relate to how we understand mining, which is different from how mining was understood in the 20th century. Because, on the one hand, we are aware that there is significant wealth here that will finance hospitals, highways, improvements in education, and innovation projects. And that, at the end of the day, is very good for Chile and is wealth that ordinary people will see in their communities, as we have done with copper through the Royalty Law.”
Meanwhile, Minister Aurora Williams highlighted that “the State of Chile updated the contract granted to Codelco for its project in Maricunga, making it possible to sign the second CEOL this morning within the framework of the strategy, with a clear commitment to articulating a public-private alliance that will make it possible to significantly increase the lithium production of our country.”
Meanwhile, Máximo Pacheco added that “this CEOL allows us to consolidate a larger-scale integrated project in Maricunga, with modern governance rules and a fluid relationship with the communities. We are moving forward with a sense of urgency and with standards that safeguard the environment and the development of the territory.”
Other CEOL updates
The modification of the CEOL extends the exploration and prospecting phase by four years, allowing for improved hydrogeological characterization of the salt flat and progress in defining a larger-scale, environmentally sustainable integrated project.
As part of the CEOL update process, an Indigenous Consultation was conducted with the communities near Maricunga, resulting in improvements to governance and shared value. The CEOL establishes contributions for Indigenous communities within the territory, as well as contributions for local development and sustainable productive development. Furthermore, it creates a Governance Committee with representatives from Salar de Maricunga SpA and each Indigenous community to ensure ongoing dialogue, monitor commitments, and address issues related to Indigenous rights.
Regarding the next steps, Salar de Maricunga SpA will continue to fulfill the conditions precedent to finalize the partnership agreement with Rio Tinto. The modification of this CEOL is one of those conditions; others remain, such as obtaining free competition approvals in some foreign countries, which is projected to be achieved during 2026. “We are working in a coordinated manner to fulfill the conditions precedent and thus begin a new stage that will contribute to Chile's leadership in lithium production,” added Felipe Kilian, General Manager of Salar de Maricunga SpA.
Codelco reaffirms its commitment to the responsible development of lithium in Maricunga, focusing on operational excellence, sustainability and value creation for Chile and its inhabitants.
Updated 02/17/2026, 06:11 AM
Investing.com -- Gold and silver prices fell on Tuesday, extending losses from the prior session as metal markets remained on edge ahead of more key U.S. economic cues due this week.
At 06:10 ET (11:10 GMT), Spot gold fell 1.4% to $4,922.33 an ounce, and gold futures for April fell 2.1% to $4,942.41/oz.
Spot silver slid 4.8% to $74.295/oz, and spot platinum fell 3.6% to $2,001.10/oz.
Market holidays in China and the U.S. made for sluggish trading volumes, while a mild increase in the dollar weighed on metal prices.
U.S., Iran head for nuclear talks in Geneva
U.S. and Iranian officials are set to meet in Geneva, Switzerland, on Tuesday, to discuss their long-running dispute over Tehran’s nuclear plans.
The talks come amid heightened military tensions in the Middle East, as the U.S. mobilizes more of its forces in the region. U.S. President Donald Trump has repeatedly threatened military action against Iran if it does not accept a U.S. deal.
Trump told reporters on Monday he would be indirectly involved in the talks, and that he believed Iran wanted a deal.
The U.S. deployed two major aircraft carriers and several warships to the Middle East in recent weeks, keeping tensions high. Iran in turn began a military drill in the Strait of Hormuz this week.
Still, precious metals saw little safe haven demand from heightened tensions in the Middle East. This was in part due to investors remaining largely cautious towards the sector after a major price wipeout since late-January.
U.S. data, Fed minutes awaited this week
The focus this week is squarely on a host of upcoming economic readings from the U.S., as well as the minutes of the Federal Reserve’s January meeting, which are due on Wednesday.
Industrial production data is due on Wednesday, while PCE price index data– which is the Fed’s preferred inflation gauge– is due on Friday.
The latter will be closely watched for more cues on the path of inflation and interest rates.
Uncertainty over U.S. monetary policy was a key weight on gold in recent weeks, especially after President Donald Trump nominated Kevin Warsh as the next Chairman of the Fed.
Warsh was viewed as a less dovish pick, with his nomination sparking deep losses in metal markets, as traders also collected profits after a speculative frenzy drove gold and precious metal prices to new peaks in January.
A surge in global demand for copper is reshaping the economic fortunes of Zambia, five years after it became Africa’s first sovereign default of the Covid-19 era.
Driven by expansion in artificial intelligence, renewable energy and defence industries, copper — essential for power grids, electric vehicles, data centres, solar panels and wind turbines — has become one of the world’s most sought-after commodities.
Billions in new investment
President Hakainde Hichilema says renewed investor confidence is transforming the sector. Speaking at the African Mining Indaba, he revealed that more than $12 billion has been invested in Zambia’s mining industry since 2022.
Zambia is Africa’s second-largest copper producer after the Democratic Republic of Congo and ranks eighth globally. Copper contributes about 15% of the country’s GDP and more than 70% of export earnings.
Output rose eight percent last year to over 890,000 metric tons, with the government targeting a tripling of production within a decade. The International Monetary Fund projects economic growth above 5% over the next two years, placing Zambia among Africa’s stronger performers.
Global powers compete
The renewed copper rush has drawn intense geopolitical interest. China remains a dominant force in Zambia’s mining industry, holding major stakes in key operations.
Canada’s First Quantum Minerals is Zambia’s largest corporate taxpayer, while investors from India and Gulf states are expanding their presence.
The United States has also re-entered the sector after years of limited engagement. Washington recently unveiled a $12 billion “Project Vault” initiative to secure critical minerals and reduce reliance on Chinese supply chains, underscoring the strategic importance of copper.
Warnings over inequality and environment
Despite the economic upswing, concerns persist that the boom may not translate into broad-based prosperity.
According to the World Bank, more than 70% of Zambia’s 21 million people live in poverty. Analysts warn that without careful governance, the benefits of the copper surge could be concentrated among political and corporate elites.
Environmental risks also loom large. In February 2025, a tailings dam failure at a Chinese-owned mine near Kitwe released millions of litres of acidic waste into a tributary of the Kafue River, a key water source. Farmers have filed an $80 billion lawsuit over the incident.
Critics caution against a “pit-to-port” model, where raw copper is exported with minimal local processing, limiting value addition within Zambia.
As global demand accelerates, observers say Zambia stands at a crossroads: the copper boom could anchor long-term prosperity — or repeat a history in which mineral wealth enriches others while leaving lasting environmental and social costs at home.
https://newsnote.co.za/global-copper-boom-lifts-zambia-but-questions-linger-over-who-benefits/
KUALA LUMPUR: Press Metal Aluminium Holdings Bhd is poised to post a net profit of more than RM2 billion for financial year 2025 (FY25) driven by higher aluminium prices.
RHB Research expects core earnings to expand between RM650 million and RM730 million on a quarterly basis, bringing FY25 earnings between RM2.2 billion and RM2.3 billion.
The improvement is likely to be driven mainly by higher London Metal Exchange aluminium prices. Alumina prices fell 10 per cent quarter-on-quarter to US$319 per tonne, reducing the spot alumina-to-aluminium cost ratio to 10 per cent.
"Year-on-year, we expect earnings to rise 45-65 per cent, supported by higher LME prices and lower alumina prices, though partly offset by higher carbon anode costs," it added.
RHB Research added that while the stock's valuation is within the three-year historical mean of 22-23 times, it is still compelling given its low-cost structure versus that of global players.
Additionally, the firm said aluminium's current prospects are intact although prices dropped seven per cent in four days after Kevin Warsh was nominated as the next US Federal Reserve chair.
It noted that Australia's South32 confirmation of plant wind down at Mozambique in March will incur a US$60 million one-off cost.
"While the shutdown may have been somewhat priced in, we believe this reinforces the already tight aluminium supply situation, keeping prices elevated and supporting physical premiums."
The firm kept its "Buy" call on the stock with a target price of RM8.50.
Nyrstar’s Port Pirie multi-metals processing facility has been in continuous operation for more than 130 years. Credit: Nyrstar
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. Future cargoes are expected to be exported to customers in Europe, Asia and the US.
Antimony is used in defence applications, semiconductors, energy storage and automotive components. It has been identified as a priority critical mineral by Canberra and is part of the US–Australia critical minerals framework aimed at diversifying supply away from dominant producers.
Nyrstar, wholly owned by global commodities trader Trafigura, said the facility processed a wide range of local and global concentrates using its existing metals infrastructure.
It has the potential to produce up to 5,000 tons of antimony per year, representing roughly 15% of global supply and nearly equivalent to total US imports in 2023.
The accelerated development of the demonstration plant was supported by the Australian and South Australian governments, the company added.
Nyrstar is exploring the production of other critical minerals such as bismuth and tellurium at Port Pirie and germanium at its Hobart zinc works.
(By Roshan Thomas; Editing by Harikrishnan Nair)
https://www.mining.com/web/trafiguras-nyrstar-ships-first-antimony-batch-from-australia-plant/
London listed Mining company Antofagasta saw its share’s dip in early morning trading despite reporting a rise in revenue, driven by increased commodity prices and booming demand.
The Chilean based group recorded a 30 per cent jump in revenue to $8.6bn (£6.3bn), reflecting copper prices reaching record highs in 2025, coupled with the rising prices of by-products including gold and molybdenum, and increased sales volumes.
The average copper price jumped 18 per cent to $4.93 per pound.
The increase comes as demand continues to be underpinned by energy security and the rapid adoption of modern technologies, including AI infrastructure, data centres and electric vehicles.
Profit before tax rocketed 92 per cent to $3.2bn, while earning jumped 30 per cent to $4.3bn.
Cash flow from operations reached $4.3bn, a 30 per cent increase from the prior year, while the group’s balance sheet increased 14 per cent to $4.9bn.
The mining giant’s cost cutting Programme, which looks to reduces its cost base and improve operational efficiency, generated savings of $115m, exceeding the group’s original target of $100m for the year.
Earnings per share reached 129.3 cents, with the Board proposing a final dividend of 48 cents per share.
Mark Crouch, market analyst at Etoro, said: “Blowing the doors of expectations, Antofagasta has come roaring into 2026 like a coiled spring finally unleashed.
“When a miner generates that kind of return, doubling earnings and more than doubling the dividend, investors sit up and take notice.
“The world needs more copper. Electrification, renewables, AI’s power-hungry data centres, all roads lead back to the red metal.”
Shares fell 3.2 per cent in early morning trading to 3,264 pence.
Copper production shrinks
While demand for the asst remained robust, production dipped slightly by two per cent year on year to 653,700 tonnes, as increased output at its Centinela Concentrates site, failed to offset the lower contributions from Centinel Cathodes and Los Pelambres.
But, gold production soared 13 per cent to 211,300 ounces, with higher production across Centinela Concentrates and Los Pelambres.
Molybdenum production also rocketed 48 per cent across both sites.
Despite the small fall in copper production, the group’s guidance for 2026 remained unchanged at 650,000 to 700,000 tonnes.
Combatting shrinking copper ores
Analysts pinned the fall in production to the industry being increasingly “constrained by decline ore grades” which are ultimately limiting the pace at which new supply can be brought to the market.
Disruption rate at the copper miner’s sites also remained elevated, after severe weather and problems with infrastructure and maintenance, damaged operations.
But the group is progressing its growth and development programme, with construction underway at its Centinela and Los Pelambres, which are expected to deliver 30 per cent growth in production in the medium term.
The group expects the construction to increase the exposure to copper and by-products offsetting the overall decline in ores and allowing the group to meet growing global demand for the asset.
https://www.cityam.com/antofagastas-shares-dip-despite-soaring-revenue/
Spanish rebar demand is strong despite prices remaining elevated, Kallanish learns from local market sources. Most distributors started February by stocking up on larger volumes of material, in anticipation of an albeit slight price hike by mills.
Scrap suppliers, however, have doubts over the evolution of the market following the international movements seen in recent weeks.
“Spanish rebar prices have been stable after recovering at the end of January,” one source comments. “Mills are once again trying to up their offers by €5-10/tonne ($5.93-11.87/t) so far this week.”
Most distributors locked in purchases ahead of the expected price increase, securing larger-than-usual tonnages, another market participant says. “The long steel market in Spain is now more predictable, as private construction activity and the progress of major public works projects are moving forward. Therefore, this increase in restocking ensures business stability in the face of possible price volatility in the coming months,” he observes.
Current offers for 16mm rebar in Spain are at €388-393/t ($460.87-466.81) base. Including €262/t size extras and loading expenses, transaction values are at €650-655/t ex-works.
The domestic scrap market situation, meanwhile, appears somewhat unusual at present, a supplier notes. “Most large plants experienced shortages of material, but preferred to limit their purchases. There was a situation of bypassing the increase in international prices in anticipation of them falling, and collectors were unable to take advantage of the situation,” he says.
Another seller confirms the increase in sales expected at the beginning of the month did not materialise. “Even so, scrap collection activity remains strong, and market demand is expected to rebound by the end of February and early March, although without price growth,” he adds.
The second week of February began with auto bundle quality scrap quoted at €355/t delivered in the Spanish market. Both new E8 grade scrap and shredded E40 grade are generally offered at €325/t. Other qualities, E3 and E1, are respectively at €315/t and €275/t delivered.
https://eurometal.net/spanish-rebar-market-rebounds-scrap-suffers-weak-demand/
New Hope Coal’s chief executive, Rob Bishop, has announced the company will not be bidding for Anglo American’s Queensland coking coal mines. This decision stems from Anglo American’s insistence on selling the entire $5.9 billion portfolio as a single transaction. Anglo American, a major global mining company, recently relaunched the sale process after a previous agreement with Peabody Energy fell through. New Hope Coal is an Australian energy company focused on exploration, development, and production of coal.
Bishop confirmed discussions with Anglo American regarding the assets. However, he stated that negotiations would not progress due to Anglo American’s unwillingness to consider a piecemeal sale of individual assets. “We are not interested in the whole portfolio,” Bishop stated, indicating the company’s preference for targeted acquisitions rather than a complete takeover.
The Anglo American sale process has gained momentum, supported by a significant rally in coking coal prices. On February 12, premium quality Queensland coking coal was trading at $US242 per tonne, a notable increase from $US172 per tonne in July. The rising prices reflect increased demand and improved market conditions for coking coal, a crucial component in steel production.
With New Hope Coal withdrawing from the bidding process, and BHP previously ruling out a bid, Yancoal emerges as a frontrunner in the acquisition of Anglo American’s Queensland coking coal mines. The sale represents a significant opportunity for companies seeking to expand their presence in the coking coal market, particularly given the current favourable pricing environment.
https://www.finnewsnetwork.com.au/archives/finance_news_network4002452.html
