In Bangladesh, the Bashundhara Multi Steel (BMSIL) project has completed over 50% of its construction. The mini-mill, with a designed capacity of 1.25 million tonnes per annum, remains on schedule for a mid-2026 commissioning despite rising costs due to currency devaluation.

After a strong start, the price of gold slipped twice to around $5,060 during this trading week. Now, it appears that gold prices might manage to stay just above $5,100 heading into the weekend, continuing the persistent sideways movement of the past five weeks.

View SMM Copper Quotes, Data, and Market Analysis Order and View SMM Metal Spot Historical Price Trends SMM March 28 Today's futures closing price at 11:30 was 80,470 yuan/mt, down 1,260 yuan/mt from the previous trading day. The average spot premium/discount was -5 yuan/mt, up 25 yuan/mt from the previous trading day. Today, the price of secondary copper raw material fell by 300 yuan/mt MoM. The price of bare bright copper in Guangdong was 74,100-74,300 yuan/mt, down 500 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,529 yuan/mt, down 916 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, as the results of Trump's import tariffs on copper cathode are expected to be announced next week, the market believes that copper prices will pull back after the tariffs are implemented. Suppliers of secondary copper raw material are concerned about inventory devaluation losses due to the potential decline in copper prices, leading to a rush to sell at high prices. Secondary copper rod enterprises noted a rebound in the market circulation of secondary copper raw material.

Commodity markets have experienced extreme fluctuations in recent weeks – but not all analysts see this as a shift in sentiment.

On Thursday this week, a senior official from the Reserve Bank of Australia (RBA) stated that Australian exporters are confident about the prospects for China's economic growth and believe that US tariffs may enhance the competitive edge of Australian exports in the Chinese market. Therefore, they are optimistic about the prospects for their businesses in China. Confidence in China's Economic Growth In a speech in Sydney, Andrew Hauser, Deputy Governor of the RBA, expressed his confidence during a recent trip to China that the Chinese government would take necessary measures to sustain economic growth. China is by far Australia's largest trading partner, and its economic growth and industrial conditions are crucial to Australia's exports. In early April this year, Hauser visited China and met with numerous Chinese organizations and Australian exporters. This visit coincided with the announcement by US President Trump of hefty tariffs on China, leading to a chill in Sino-US trade relations at that time. Hauser said that during his trip to China, he found an extraordinary level of confidence in China's prospects and a belief that China would maintain a tough stance in the Sino-US trade war. Moreover, he observed that people did not expect China to resort to currency devaluation to help offset the impact of US tariffs on Chinese goods. What particularly struck him was the optimism of Australian businesses about the prospects for their operations in China. For instance, the steel and iron ore sectors are Australia's largest export industries to China. Hauser found that companies in these sectors believed that, in the short term, Australia's scale and cost advantages in iron ore relative to other producers were hardly threatened. Hauser stated: "What struck me was the optimism of most Australian companies about the prospects for cooperation with China. This optimism is underpinned by a rebound in market sentiment in early 2025 and the belief that [China] will 'do everything possible' to sustain the economy." "In addition, [Australian exporters] also speculate that recent developments in trade policy may enhance their competitive position in the Chinese market." However, he also pointed out that under the influence of US tariffs, some Chinese goods originally exported to the US may shift their markets to other countries, potentially exposing Australian businesses to fiercer competition from Chinese companies both domestically and overseas. However, it is currently unclear how significant this impact will be, as there is very limited overlap between the goods and services produced by China and Australia. The Reserve Bank of Australia judged that the development of the global trade situation would have a dampening effect on Australia's net inflation, which was one of the reasons for it to cut interest rates by 25 basis points on Tuesday and introduce more easing policies.

June 12, 2025 News: The first phase of a $12 million ferrochrome project in Kwekwe, Zimbabwe, invested by Global Union Alloy, has been successfully completed and is set to commence production. The construction of this project marks another significant milestone in Zimbabwe's "Second Republic" strategy to promote industrialization and enhance the value-added processing of mineral resources. Located in the mineral-rich Midlands Province, the project has already installed two blast furnaces, with plans to add three more in subsequent phases. The factory is scheduled to commence operations in August this year, further strengthening the province's role as an industrial hub. Kudakwashe Chitakure, the manager of Global Union Alloy, expressed his satisfaction with the project's progress: "We are thrilled with the construction achievements of the factory. Currently, the two blast furnaces have been completed, with only final tasks such as power supply connection remaining, which will be finalized next month. We currently have 105 employees, and this number will increase to 515 once the project reaches full production capacity. Each blast furnace can produce 35 mt of ferrochrome per day during peak periods." The Zimbabwean government has highly commended the project, stating that it aligns with the objectives of the National Development Strategy 1 (NDS1) and the "Vision 2030" goals. Owen Ncube, the Minister of State for Provincial Affairs and Devolution for Midlands Province, praised the investment, saying, "Global Union Alloy's investment fully responds to the Second Republic's call for high-value-added development of mineral resources. The project will make significant contributions to enhancing national and provincial GDP, foreign exchange earnings, employment, and technology transfer, all of which are core pillars of the economic transformation agenda." Source: US$12 million ferrochrome project to commence production - ZBC NEWS

[SMM Analysis: Secondary Lead Market Game: The Battle Between Resumption Wave and Raw Material Inventory] SMM, March 7: In this game, with smelters operating at such high operating rates, raw material inventory continues to decline. Should they opt for production cuts or raise raw material procurement prices? Meanwhile, recyclers are also facing the pressure of deciding whether to sell quickly at current market prices or to hold onto stock in anticipation of further price increases. Which side will concede first?

Nigeria has officially launched a new fleet of 12 four-car diesel trains manufactured by CRRC Corporation Ltd.

In March 2025, secondary lead enterprises resumed production at a rapid pace, with the weekly operating rate reaching 62.91%, a 1.5-year high. Lead prices rose as the US Dollar weakened and domestic policies supported the market. However, air pollution warnings in northern China led to smelter shutdowns, further driving up prices. Despite initial ample inventories, smelters now face declining raw material stocks due to increased production and off-season scrap battery supply. This has created a standoff between smelters and scrap dealers, with both sides awaiting market clarity.

The recent flooding in Switzerland has sent shockwaves across the global automotive industry, with Jaguar Land Rover at the epicentre of the disruptions.