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Russian President Vladimir Putin said on Wednesday that Moscow should consider limiting exports of uranium, titanium and nickel in retaliation for Western sanctions.Putin’s remarks to government ministers prompted a rise in nickel prices and drove shares in uranium mining firms higher.In televised comments, he said such restrictions could also be introduced for other commodities, and noted that Russia was a major producer of natural gas, diamonds and gold.But he said that measures did not need to be taken “tomorrow”, and must not cause damage to Russia itself.“Russia is the leader in reserves of a number of strategic raw materials: for natural gas, this is almost 22% of world reserves, for gold – almost 23%, for diamonds – almost 55%,” Putin said. “Please take a look at some of the types of goods that we supply to the world market … Maybe we should think about certain restrictions – uranium, titanium, nickel,” he told Prime Minister Mikhail Mishustin.“We just mustn’t do anything to harm ourselves,” he added.Western countries have sharply cut purchases of Russian oil and gas since the start of the war in Ukraine but Russia remains a major supplier of metals to world markets, so a cut or halt to its exports could cause disruption, analysts said.Three-month nickel on the London Metal Exchange (LME) surged 2.6% to $16,145 per metric ton shortly after Putin’s remarks.Russia is home to Nornickel, the world’s biggest refined nickel producer. It is a major nickel supplier to China and Europe. The company did not immediately respond to a request for comment.More than a fifth of the nickel in LME-registered warehouses is of Russian origin, data showed on Tuesday. The metal is used in batteries and in alloys with a wide range of applications including armour plating and turbine blades.Canadian uranium miners’ shares jump Shares in uranium miners jumped following the news, with Canadian miners NexGen Energy, Cameco and Denison Mines up between 5.2% and 5.4% Russia is the world’s fourth largest uranium producer and has about 44% of global uranium enrichment capacity.In 2023 the US and China topped the list of Russian uranium importers, followed by South Korea, France, Kazakhstan and Germany.In May, US President Joe Biden signed into law a ban on enriched uranium imports from Russia, a trade worth around $1 billion annually. However, it contained waivers in case of supply concerns that would allow the Department of Energy to maintain normal levels of Russian uranium imports through 2027.Russia accounted for 27% of the enriched uranium supplied to US commercial nuclear reactors last year.“It will be really hard to replace, especially in the short term, the next 2-3 years,” said Citi analyst Arkady Gevorkyan.“Western enrichers are only making plans to build additional enrichment capacity, which would require at least three years to be completed. We anticipate that utilities in the US might be able to partially replace it by importing low enriched uranium from China.”Russia is also the world’s third largest producer of titanium sponge, which is turned into metal for industrial applications in the aerospace, marine and auto industries, but has low titanium mineral reserves of its own.Russia’s largest titanium sponge maker VSMPO-Avisma, partly owned by sanctioned defence conglomerate Rostec, supplied titanium to both Boeing and Airbus before the Ukraine war.Canada has placed VSMPO-Avisma under sanctions but has granted Airbus a waiver to allow it to use Russian titanium in its manufacturing.Boeing stopped buying titanium from Russia less than two weeks after the start of the war with Ukraine in 2022.Russian customs data shows that United States still buys Russian titanium, but the biggest purchasers are France, China and Germany.(By Vladimir Soldatkin, Anastasia Lyrchikova, Gleb Bryanski, Julian Luk, Mrinalika Roy, Eric Onstad and Mark Trevelyan; Editing by David Gregorio and Philippa Fletcher)

Putin says Russia should consider limiting exports of uranium, titanium and nickel

A top Nippon Steel executive plans to meet with senior US officials on Wednesday to try and salvage the firm’s $14.9 billion bid for US Steel, a person familiar with the matter said.The meeting, which will feature Takahiro Mori, a key negotiator on the deal, is also expected to include Treasury Deputy Secretary Wally Adeyemo and Commerce Deputy Secretary Don Graves among other officials, the person said, declining to be named because he was not authorized to speak about the matter.The Treasury Department, which leads the Committee on Foreign Investment in the US, and Nippon Steel declined to comment. The Commerce Department, the White House, and US Steel did not immediately respond to requests for comment.A number of US business groups also sounded the alarm on Wednesday that the Biden administration’s national security review of Nippon Steel’s planned $14.9 billion acquisition of US Steel is being unduly influenced by political pressure.CFIUS is a powerful committee that reviews foreign investments for national security risks. It sent a letter in late August warning the companies their proposed tie-up would threaten US national security by weakening the US steel supply chain, as first reported by Reuters, appearing to doom the proposed deal.The companies countered in a 100-page letter also obtained by Reuters that the deal would in fact strengthen US steel output, by allowing a much needed cash injection from a company in an allied nation into a struggling American company in a critical industry.The meeting also comes amid bipartisan opposition to the deal by Republican presidential nominee Donald Trump and Democratic nominee Kamala Harris. They are vying to win the critical swing state of Pennsylvania, where US Steel is headquartered.The meeting was first reported by the Financial Times.(By Alexandra Alper; Editing by Chris Sanders)

Nippon Steel makes last ditch effort to win US nod on US Steel deal

Chile’s state copper miner Codelco said on Wednesday it has reached an early contract agreement with the Ministro Hales workers union.The new three-year contract will take effect in December.Union negotiations at Chilean copper mines are being closely watched by analysts and investors since a strike last month at BHP’s Escondida, the world’s largest copper mine, which resulted in an improved bonus for workers.Codelco said in a statement the deal is based on ensuring worker safety and the sustainability of the business for the coming decades. It did not detail the specific terms.The Ministro Hales division produced 126,000 metric tons of copper in 2023.Unionized workers at Codelco’s El Teniente complex are also scheduled to negotiate new collective contracts this year.(By Fabian Andres Cambero and Daina Beth Solomon; Editing by Sarah Morland)

Codelco seals early contract deal with Ministro Hales union

Copper production in Peru, the world’s No. 3 producer of the key industrial metal, fell 2.3% this year through July compared to the same period a year before, according to official data.Output in the period was 1,512,607 metric tons, the energy and mining ministry said on its website.In July alone, Peru produced 222,389 tons of copper, a 3.2% drop from the year before.After years as the world’s second largest copper miner after Chile, Peru last year lost its position to the Democratic Republic of the Congo.The government’s production goal for this year is 3 million tons, which would mark a 9% increase over last year. However, the SNMPE mining, oil and energy association last month said it expects copper miners to fall short of that target.Read More: Copper output from Codelco slides nearly 11% in July(Reporting by Marco Aquino, Writing by Daina Beth Solomon)

Peru copper output down 2.3% this year through July, data shows

Canada said on Tuesday it was launching a 30-day public consultation period on whether to slap a potential surtax on Chinese critical mineral products, batteries and parts, solar products, and semiconductors.The consultation will start on Sept 10, the finance ministry said in a statement. Canada said last month it would impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on steel and aluminum from China.(Reporting by David Ljunggren)

Canada mulls surtax on Chinese critical mineral products, batteries, solar products

Cochilco on Tuesday lowered its forecast for the average price of copper in 2024 to $4.18 per pound, down from a May estimate of $4.30, citing factors such as economic weakness in top consumers.The commission maintained its 2025 average price projection at $4.25 per pound.The 2024 adjustment, Cochilco said in a report, was related to “macroeconomic weakness in the main consuming countries” and “the postponement of the start of the monetary policy rate reduction cycle in the United States”.The commission also cited “geopolitical uncertainty and the accumulation of inventories in the Asian market,” but noted prices would remain above $4.00 per pound – a key level it expects to be maintained over the next decade.Cochilco also said that Chile’s copper production is expected to increase by 3% in 2024 from the previous year to 5.41 million metric tons, short of the previously estimated 5.5 million tons.In 2025, production would grow 6% to 5.7 million tons, Cochilco added. The Andean country is the world’s largest copper producer.The commission added that the refined copper market is anticipated to be roughly balanced in 2024 and 2025.“It is estimated to be in a slight deficit in 2024, with 12,000 tons, and surplus in 2025, with 13,000 tons,” markets coordinator Victor Garay said. “This forecast implies a relevant change from the previous estimate, when a deficit was foreseen.”(Reporting by Fabian Andres Cambero; Writing by Natalia Siniawski; Editing by Gabriel Araujo)

Cochilco lowers 2024 average copper price forecast

China accounts for more than half of the world’s pipeline of new coal mines, risking a significant increase in methane emissions, a new study published on Tuesday showed.China is developing enough new mines to produce 1.28 billion metric tons of coal each year, said the report by US-based Global Energy Monitor (GEM) which included large mines with at least 1 million tons of annual capacity as of April.It said 35% of that capacity is already under construction, meaning a surge in production is expected in three to five years.“Expanding coal production capacity is currently a national policy priority and a political task. State-owned enterprises, which dominate the sector, are often mandated to fulfill this objective,” said GEM project manager Dorothy Mei.China’s system of long-term contracts guarantees the profitability of coal companies, Mei added.China’s existing mines have made it responsible for 70% of global coal mine methane emissions from similar-sized large mines, and if all the proposed projects are completed, this would rise to 75%, the report said. “The surge in new production starkly contrasts with China’s dual carbon neutrality targets,” it said.Methane emissions come from activities such as energy production, agriculture, and landfill and are short-lived in the atmosphere but much more potent than carbon dioxide as a greenhouse gas. They have driven about a third of the rise in global temperatures since the Industrial Revolution.China’s pipeline accounts for more than half of mines under development globally and includes projects under all stages of development, including those proposed, permitted as well as already under construction.By comparison, China’s existing current large-scale coal mine capacity is 3.88 billion tons per year, the report found, which is nearly half the global total.China, the world’s largest producer and consumer of fossil fuel, mined a total of 4.66 billion tons of coal in 2023, a record high, data from its statistics bureau showed.

China has more than 1bn t/y of new coal mines in pipeline, report says

Mining companies Vale and BHP, together with their joint venture Samarco, may soon reach an agreement with Brazilian authorities to pay around 100 billion reais ($17.87 billion) for the collapse of a dam in the city of Mariana, said four sources familiar with the discussions.Three of the sources expect a final agreement to be reached in October.The amount is more than the 82 billion reais in new resources offered in the companies’ last proposal in June to compensate for the 2015 disaster, which caused a wave of toxic tailings that killed 19 people, left hundreds homeless, flooded forests and polluted a river.($1 = 5.5955 reais)(By Marta Nogueira and Rodrigo Viga Gaier; Editing by Chris Reese and Kylie Madry)

Vale, BHP, Samarco could close $18bn deal over Brazil dam collapse

China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday.China’s gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion at the end of July.Gold prices have been rising this year amid bets that US rate cuts are imminent and due to safe-haven demand driven by geopolitical and economic uncertainty, with central banks making robust purchases.Gold prices have surged 21% so far this year and are hovering slightly below a record high of $2,531.60 hit on Aug. 20.Prior to the pause in its purchases, the People’s Bank of China (PBOC) had bought gold for 18 consecutive months.The central bank was the world’s largest single buyer of gold in 2023 and its decision to put its buying on hold has helped mute Chinese investor demand in recent months.The PBOC is expected to resume purchases at some point despite high prices due to political, rather than economical, motivations, such as its desire to be less dependent on the US dollar as a reserve asset, said Carsten Menke, an analyst at Julius Baer.(By Polina Devitt, Qiaoyi Li and Ryan Woo; Editing by Edwina Gibbs)

China’s central bank pauses gold purchases for a fourth month in August

Syrah Resources on Monday posted a wider half-year loss after its graphite production and sales plunged amid a glut in major market China.The Australian miner’s half-year loss widened to A$67.1 million ($44.66 million) in the six months to June 30, from A$38.6 million in the same period a year earlier.Its revenue fell 33% to A$19 million.Graphite is a carbon-based material used in batteries and is a vital component in electric vehicles. China accounts for more than 70% of global supply of both natural, mined graphite and the synthetic variety, made from petroleum coke or coal tar, by-products of oil and coal processing.China’s graphite production has expanded to about 1.2 million metric tons in 2023, from about 700,000 tons in 2020. The Asian country was also, until recently, a major market for graphite exporters like Syrah.Syrah said it had not sold any graphite to China in the first half of the year amid “intense competition and oversupply issues in the Chinese domestic synthetic graphite active anode material (AAM) market”.Read More: China lodges WTO complaint over Canada’s EV and metal tariffsProduction from its Balama operations in Mozambique declined 38% during the period to 34,900 tons. Sales also fell to 29,800 tons from 44,700 tons a year earlier.The company said it shipped graphite to third-party customers, mainly Indonesia, reflecting “the development of a market for ex-China natural graphite AAM”.Syrah also shipped 500 tons of graphite to its United States-based Vidalia AAM facility, which started production in February.($1 = 1.5026 Australian dollars)(Reporting by Nelson Banya; Editing by Mark Potter)

Syrah Resources’ losses deepen as China glut hits graphite demand

China is seeking public feedback on a plan to include cement, steel and aluminum production in its carbon emissions trading scheme by the end of the year, the Ministry of Ecology and Environment said on Monday.Including these three additional sectors could bring the greenhouse gas covered by the exchange to around 60% of the country’s total, the ministry said, more than the emissions of the US. The plan will be open for public scrutiny until Sept. 19.China will expand the ETS over two stages, familiarizing participants with its processes between 2024 and 2026 and improving management and the quality of emissions data, while reducing quota allocations to businesses, from 2027.Carbon allowance quotas, which permit companies to emit a certain volume of carbon dioxide, will initially be allocated to enterprises free of charge. In the first stage, there will be no upper limit on allowances, and firms that emit more will be granted a larger quota.Beijing established the China Carbon Emission Trading Exchange in July 2021 as part of a drive to bring carbon emissions to a peak before 2030 and to become carbon neutral by 2060. But the market has only covered the power sector since its inception.Looming carbon tariffs from the European Union have put pressure on China to accelerate its decarbonization of heavy industrial sectors.The EU tariffs were introduced to tackle the problem of “carbon leakage”, which allows businesses to avoid carbon costs by sourcing products from countries with weaker climate compliance.Starting from 2026, importers of steel, fertilizer, cement and chemicals will pay levies based on the carbon footprint of the products they buy.(Reporting by Ethan Wang, Amy Lv, Siyi in Beijing and David Stanway in Singapore; Editing by David Goodman and Jan Harvey)

China plans to include steel, cement and aluminum in its carbon market in 2024

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Coin	Price	1h%	24h%	7d%	Volume (24h)	Market Cap
Bitcoin BTC	$57,931.55	0.32	2.17	-0.33	24.94B	1.14T
Ethereum ETH	$2,366.27	0.36	1.08	-3.76	10.07B	284.50B
Tether USDT	$1.00	0.00	0.00	0.00	384.92M	123.73B
XRP XRP	$0.54	0.60	0.88	-3.74	679.98M	53.72B
Binance Coin BNB	$539.40	0.67	5.55	5.43	596.46M	78.77B
USD Coin USDC	$1.00	0.00	-0.01	0.00	1.14B	35.37B
Solana SOL	$134.64	0.69	0.91	0.74	1.96B	78.67B
Cardano ADA	$0.36	0.23	5.17	9.94	211.09M	16.03B
Dogecoin DOGE	$0.10	0.20	0.59	4.09	423.42M	14.90B
Tron TRX	$0.15	0.07	0.79	2.33	215.38M	13.30B

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