Metals prices rise on rising China GDP and ongoing economic electrification
MiFID II exempt information – see disclaimer below
Andrada Mining (ATM LN) – Lithium pilot plant commissioning
Bushveld Minerals* (BMN LN) – Conditional agreement on refinancing convertible loan notes
Caledonia Mining* (CMCL LN) – Correction to Q3 results
East Star Resources (EST LN) – High-grade copper sampling results in Kazakhstan
GreenRoc Mining* (GROC LN) – GreenRoc raises placing to £535k for feasibility on graphite anode plant and on E&SIA for mine
Horizonte Minerals (HZM LN) – Board restructuring in the wake of the Araguaia cost overrun
Perseus Mining (PRU AU) – Interest in OreCorp increased to 19.9% planning to vote Silvercorp offer down
Thor Explorations (THX LN) – Q3 Results as production guidance reiterated and exploration continues
Metals prices rise on rising China GDP and ongoing economic electrification
- Internal consumption is leading a new China GDP forecast of 5.5% according to G Bin Zhao (5.4% through 2023 and 4.6% in 2024 according to the IMF).
- This combined with new stimulus funding for the construction and property sectors implies ongoing consumption growth for metals.
- Destocking of metals inventories through Covid and over the past year should soon be offset by renewed confidence in manufacturing.
- The stop / start cycle of covid / post covid orders appears to be settling as seen with a normalisation of shipping container rates.
- On a macro level, persistently, higher-than expected GDP growth in the US, China, BRICS and other developing nations should continue to drive demand and therefore higher prices for most commodities.
- Stronger than expected demand from the BRICS and developing nations is supporting Chinese sales despite lower US consumption of Chinese goods.
- Wage inflation in the US & UK is being balanced by an element of deflation in goods, principally out of China which is enabling policy makers to hold back on further interest rate rises.
- China’s leadership appear to be managing its gigantic property market and provincial off-balance sheet debt through a variety of government schemes.
- China also continues to subsidise power generation and the construction of further supply to the benefit of its smelters, processors and manufacturers.
- Supply issues will start to raise metals prices as the manufacturing of millions of EVs and solar panels plus thousands of Wind turbines drives new demand.
- Curiously, a fall in Copper treatment and refining charges, Tc/Rcs may suggest a surplus of copper concentrates or a pullback in demand.
- This may be related to the recent requirement for smelters to notify the government on imports with a view to potentially restricting permits going forward.
- We are still waiting for policymakers to take the breaks off lengthy permitting regimes which continue to slow progress from discovery to production.
- Resource nationalisation and material weaponisation will further restrict commodity flows with even the mere threat of restrictions deferring new capital investment in the west. Fortunately the US (IRA) and the EU (Horizon) are starting to help western, critical mineral projects to get off the ground, though it may barely meet the modern ‘just-in-time’ mantra.
- The stage appears set for a recovery in metals prices as we wait for an event to help lift prices higher.
Iron ore prices hold gains, pushing steel prices higher as Beijing intervention fails
- Iron ore prices are holding around $135/t, a yearly high.
- Iron ore prices climbed over $150/t in 2022 and hit highs of $215/t in 2021 on supply disruptions amid Covid lockdowns.
- Rebar prices have risen to $572/t, with steelmakers hiking margins to support the recent rally in iron ore.
- Current levels are a headache for Beijing policymakers, with the government looking to stimulate its property sector whilst keeping a cap on steel costs.
- Prices have climbed 40% from this year’s lows.
- The move reflects expectations of a bumper steel demand year in 2024, with a major stimulus package rumour triggering the recent rally.
- November is traditionally a soft month for seasonal iron ore demand, pushing analysts to increase their expectations for iron ore prices going forward.
- Although China’s domestic steel demand is relatively muted, they are exporting at the highest rate since 2016.
- Shipbuilding and infrastructure spending are propping up domestic demand.
- Beijing is now encouraging additional scrap recyclers to bring supply online, with Hongyuan data showing a 6% rise in scrap usage last week.
Gold prices rally again as traders ramp up bets on end of Fed hiking cycle
- Spot gold jumped to $2,017/oz overnight before consolidating around the $2,015/oz mark.
- The move followed a resumption of the dollar’s downward trend, with the index cooling to 103.3 having hit 107 earlier this month.
- Cooler US PMIs have weighed on the dollar against European counterparts and the Yen.
- However, the 10-year yield has risen closer to 4.5%, as traders look to this week’s key US data points.
- Focus this week will be on today’s T-bill auctions, consumer confidence readings, Richmond index updates, PCE prices on Wednesday and additional jobless numbers.
- Traders now expect a 60% chance of a rate cut in May next year.
Lithium prices continue to slide as Australian supply continues to ramp up
- Lithium spodumene prices are falling towards $1,500/t, down 14% mom.
- Carboate prices are heading towards $17,000/t, a sharp step lower from levels around $30k/t earlier this year.
- Australian spodumene producers are ramping up output, with the six largest operators producing 892kt in Q3 this year, up 28% yoy.
- Greenbushes output weakened on the back of maintenance at Ngungaju processing plant.
- Mt Cattlin is ramping up after hitting a higher-grade section of its main ore body.
- China Australian spodumene imports are up 75% yoy to 346kt in October. Mysteel expects supply from Zimbabwe and Vietnam to diversify China’s lithium imports.
| Dow Jones Industrials | +0.33% | at | 35,390 | |
| Nikkei 225 | -0.53% | at | 33,448 | |
| HK Hang Seng | -0.17% | at | 17,530 | |
| Shanghai Composite | -0.30% | at | 3,032 |
Economics
US – November preliminary composite PMI came in ahead of estimates, although, some details of the report pointed to labour market pressures.
- Private employment fell for the first time since June/20 on the back of muted demand conditions.
- On inflation, input prices growth softened again while final goods prices picked up, although, growth remained subdued relative to the average over the last three years and “was consistent with a rate increase close to the Fed’s 2% target”, S&P Global report read.
- Total new orders returned to growth ending a three month run of contraction.
- Preliminary Manufacturing PMI: 49.4 v 50.0 October and 49.9 est.
- Preliminary Services PMI: 50.8 v 50.6 October and 50.3 est.
- Preliminary Composite PMI: 50.7 v 50.7 October and 50.4 est.
China – Growth in industrial profits slowed down considerably in October in a reminder of a fragile state of the economy.
- The data suggests government policies need to stay accommodative into next year to support a recovery, Bloomberg commented on the data.
- Industrial Profits (%yoy): 2.7% v 11.9% September.
UK – Interest rate cuts are not under consideration in the “foreseeable future” and bringing inflation back to 2% target will be “hard work”, BOE Governor Andrew Bailey commented in an article published Monday.
- “We do have to get it down to 2% and that’s why I have pushed back of late against assumptions that we’re talking about cutting interest rates or we will be cutting interest in anything like the foreseeable future because it’s too soon to have that discussion,” he said.
Government Autumn statement elected to raise the minimum wage by a further 10% to £11.44
- While we reckon it’s still very tough living on just £11.44 an hour in the UK, businesses are concerned over its knock-on effects.
- Workers further up the skills ladder are seen as demanding greater pay differentiation from the new minimum wage.
- This will likely drive a further round of wage inflation from the new October low of 4.6% yoy.
- Politically, the move might also set the scene for the next government, probably Labour, to have to appease Union demands for further pay rises to combat the higher inflation caused by this move and will someone leave a note saying ‘sorry, the money’s all gone’.
- However, another year of highish inflation might help reduce the quantum of national debt as well the nation’s mortgages.
Turkey – US Treasury under secretary for terrorism and financial intelligence will be visiting Ankara this week to discuss a surge of dual use parts exports from Turkey to Russia.
- In nine months of the year, Turkey reported $158m of exports of 45 goods the US lists as “high-priority” to Russia, FT writes.
- That was three times the level recorded over the same period in 2022 and more than five times the average reported for 2015-21, according to FT.
- The 45 categories of goods that include items like microchips and communications equipment among others are on the US, EU, Japanese and UK export controls list.
Currencies
US$1.0950/eur vs 1.0908/eur previous. Yen 149.01/$ vs 149.54/$. SAr 18.808/$ vs 18.889/$. $1.262/gbp vs $1.254/gbp. 0.659/aud vs 0.656/aud. CNY 7.151/$ vs 7.154/$. Dollar Index 103.33 vs 103.72 previous.
Commodity News
Lithium-ion battery packs hit low of $139/kWh
- According to BloombergNEF’s annual battery price survey, the price for lithium-ion battery packs has hit an all-time low of $139/kWh
- The price has been averaged across multiple battery end-uses; EVs, buses and Battery Energy Storage Systems (BESS)
- The price drop can be attributed to raw material and component prices falling as production capacity increased across all parts of the battery value chain.
- Battery demand across EVs and BESS is still on track to grow at 53% yoy, reaching 950GWh in 2023.
- For battery electric vehicle (BEV) packs, prices were $128/kWh, with cells at a weighted price of $89/kWh.
- Lithium iron phosphate (LFP) batteries packs and cells had the lowest weighted-average price globally at $130/kWh and $95/kWh respectively.
Germany targets 15m EVs by 2030
- Chancellor Olaf Scholz will meet with auto executives, ministerial leaders, energy companies and unions to discuss how Germany can reach its target of 15m EVs on its roads by 2030.
- Scholz will look at ways of helping carmakers produce, cheaper and longer-range cars – what he believes is the gateway to mass adoption.
- The constitutional court in Germany has re-allocated €60bn in funding for climate and industry initiatives and it has left the government scrambling for alternative funds.
Italy reiterates opposition to EU ban on non-electric cars
- Italy has reiterated its opposition to the EU ban on non-electric cars which would come into effect in 2035.
- Speaking at the Federation of Transportation Companies (CONFTRASPORTO), Italian Foreign Minister Antonio Tajani said: “Crazy decisions have imposed a total halt to the production of non-electric vehicles and engines from 2035 and this means losing 70,000 jobs in Italy.”
Singapore sees first Mercedes electric truck hit the road
- Singapore’s electrification of commercial vehicles and infrastructure has been significantly slower than its passenger car revolution.
- 15% of CO2 emissions in Singapore comes from transportation, of which about 2mt of CO2 are emitted by trucks and buses
- The move to electrify its commercial fleets is much more expensive and more complicated.
- Singapore’s first electric HGV, the Mercedes-Benz eActros 300, costs three-times more than its diesel equivalent.
- Despite the initially high costs, the eActros has an estimated 45% lower running cost.
- The eActros 300 has a 300km range and charges 20% to 80% in 75mins.
Precious metals:
Gold US$2,012/oz vs US$1,994/oz previous
Gold ETFs 86.6moz vs 86.6moz previous
Platinum US$939/oz vs US$920/oz previous
Palladium US$1,077/oz vs US$1,049/oz previous
Silver US$24.67/oz vs US$24/oz previous
Rhodium US$4,400/oz vs US$4,400/oz previous
Base metals:
Copper US$ 8,405/t vs US$8,398/t previous
Aluminium US$ 2,224/t vs US$2,218/t previous
Nickel US$ 15,875/t vs US$16,400/t previous
Zinc US$ 2,553/t vs US$2,540/t previous
Lead US$ 2,184/t vs US$2,203/t previous
Tin US$ 23,825/t vs US$23,740/t previous
Energy:
Oil US$79.9/bbl vs US$81.5/bbl previous
Natural Gas €45.280/MWh vs €46.250/MWh previous
Uranium UXC US$80.25/lb vs US$73.65/lb previous
Bulk:
Iron Ore 62% Fe Spot (cfr Tianjin) US$135.6/t vs US$135.6/t
Chinese steel rebar 25mm US$572.0/t vs US$569.3/t
Thermal coal (1st year forward cif ARA) US$115.3/t vs US$113.5/t
Thermal coal swap Australia FOB US$127.9/t vs US$127.5/t
Coking coal swap Australia FOB US$326.0/t vs US$326.0/t
Other:
Cobalt LME 3m US$33,420/t vs US$33,420/t
NdPr Rare Earth Oxide (China) US$68,942/t vs US$68,912/t
Lithium carbonate 99% (China) US$16,431/t vs US$16,843/t
China Spodumene Li2O 6%min CIF US$1,510/t vs US$1,540/t
Ferro-Manganese European Mn78% min US$1,054/t vs US$1,051/t
China Tungsten APT 88.5% FOB US$300/mtu vs US$300/mtu
China Graphite Flake -194 FOB US$620/t vs US$620/t
Europe Vanadium Pentoxide 98% 6.1/lb vs US$6.1/lb
Europe Ferro-Vanadium 80% 25.25/kg vs US$25.55/kg
China Ilmenite Concentrate TiO2 US$314/t vs US$314/t
Spot CO2 Emissions EUA Price US$82.5/t vs US$82.2/t
Brazil Potash CFR Granular Spot US$325.0/t vs US$325.0/t
Company News
Andrada Mining (ATM LN) 5.7p, Mkt cap £89m – Lithium pilot plant commissioning
- Andrada Mining reports that it has successfully completed the commissioning of its lithium pilot plant adjacent to its Uis mine in Namibia with the production of 10 tonnes of concentrate containing the lithium mineral, petalite.
- The concentrate matches the specifications required for “the premium specialist glass and ceramics markets”.
- Andrada Mining confirms progress on “discussions for a petalite off-take agreement” and says that the pilot plant is “is producing concentrate for metallurgical testwork to determine appropriate specifications for the lithium battery refinery market”.
- With the commissioning now complete, the “production rate is expected to increase to 250 tonnes per month by the end of March 2024”.
- The company also confirms that “by the end of February 2024 , the intention is to produce concentrate for initial commercial sales into the spot market which the Directors believe is a realistic prospect”. Further metallurgical testing is underway.
- The licence areas surrounding the plant contain both petalite and spodumene lithium pegmatite mineralisation with petalite predominating on the Lithium Ridge and spodumene at the eponymous Spodumene Hill site.
- Accordingly, “Andrada’s lithium development strategy … incorporates the production of both petalite and spodumene concentrates which enables multiple off-take options suitable for both the industrial (glass-ceramics) and chemical (battery) concentrate markets”.
- Welcoming the results, CEO, Anthony Viljoen, said that the “pilot plant serves as a crucial de-risking element in the Company’s lithium portfolio, further bolstering our confidence in Andrada’s lithium strategy”.
- He also said that “our efforts throughout the year have the potential to place Andrada at the forefront of lithium development in Africa. The discovery of additional lithium-within the Company owned Lithium Ridge and Spodumene Hill also underscores the possibility that Namibia’s Erongo region could be a key participant in the global lithium landscape, with the potential to host a cluster of significant mines”.
Conclusion: Commissioning of the lithium pilot plant at Uis provides a platform for increasing output to 250tpm of lithium-bearing petalite concentrate by the end of March 2024 and helps highlight the potential of the Erongo region of Namibia as a significant site for future lithium mining.
Bushveld Minerals* (BMN LN) 2.55p, Mkt Cap £40m – Conditional agreement on refinancing convertible loan notes
- Bushveld Minerals reports that it has reached a conditional agreement with Orion Mine Finance to refinance ~US$46.9m of convertible debt (CLN) obligations.
- The agreement extends the “the maturity date for Bushveld’s existing convertible loan notes to 31 January 2024 (from 21 December 2023) and refinances the convertible debt … as follows:”
- 10% or ~US$4.7m is to be converted into shares at a price of 3p/share; and
- 30% or~ US$14.1m will be replaced by a “new convertible loan note of c.US$14.1 million … maturing in June 2028” and attracting interest of 12% – maturing on 28th June 2028; and
- 60% or ~US$28.1m as a “term loan” attracting interest at 6%pa plus the greater of 3.0%pa or the “3-month Secured Overnight Financing Rate”
- 25% of the term loan (~US$7.0m) is repayable by 30th June 2024, with a further 30% (~US$8.4m) due by 30th June 2025 and the remaining 45% (~US$12.6m) repayable by 30th June 2026.
- In addition, there will be a “Supplemental royalty at not more than 0.264% of Bushveld’s gross revenues and reducing by 80% at the term loan maturity”.
- The agreement is conditional on several factors including:
- Shareholder approval and “finance and security documents, which are progressing” as well as;
- “Raising of at least US$12.0 million via the issue of new ordinary shares in the Company to third party and existing investors … which would be satisfied by the proposed equity investment by Southern Point Resources – Fund”; and
- Approval of the South African Reserve Bank
- The company confirms its expectation that “All outstanding conditions are expected to be satisfied in due course, and the transaction is expected to complete before the 31 January 2024 deadline agreed by all parties”.
- Acknowledging that “the refinancing remains conditional upon certain items, including Bushveld shareholders’ approval”, CEO, Craig Coltman, said that “it provides certainty as we move forward with the other elements of our financial package”.
- Mr, Coltman said that the “restructuring is a key part of our strategy to restore value in the Company, along with ensuring Bushveld delivers its operational targets, simplifies its corporate structure and refines its investment proposition”.
Conclusion: The refinancing with Orion, which was originally announced in May, should provide financial stability for the company to pursue its operational plans. We await confirmation that the conditions to proceed have been met by the end of January 2024.
*SP Angel act as nomad and broker to Bushveld
Caledonia Mining* (CMCL LN) 920p, Mkt Cap £176m – Correction to Q3 results
- Caledonia Mining has issued a small correction to its Q3 2023 results issued on 14th November.
- The company says that “Diluted earnings/ (loss) per share (cents) for the Quarter should be 24.0 and (6.8) for the three and nine months, rather than 14.7 and (5.5) respectively”.
- Caledonia Mining explains that it “does not consider the error, which arose due to a clerical mistake, to be material to the financial statements taken as a whole”.
- The company confirms that “All other details … [of the original announcement] … remain unchanged”.
*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
East Star Resources (EST LN) 1.44p, Mkt Cap £2.6m – High-grade copper sampling results in Kazakhstan
- East Star announces results from its Talovskoye propect in Kazakhstan, targeting the Rudny Altai Volcanic Massive Sulphide belt.
- The prospect lies 17km from the Nikolovskoye processing plant.
- Mapping and sampling from the prospect has returned the following highlight results:
- 6.3% Cu, 5.2% Pb, 0.81g/t Au
- 8.44% Cu, >20% Pb, 1.1g/t Au
- 2.58% Cu, 11.35% Pb, 3.84g/t Au
- The team notes extensive sulphide mineralisation and outcropping gossans hidden by waste heaps from previous small-scale mining.
- The Company is now planning drilling at the site for 2024.
- East Star suggests that its vicinity to the Nikolovskoye processing plant could support a low-cost development opportunity.
- Assays from Verkhuba have been received and results are expected within the next 1 to 2 weeks.
GreenRoc Mining* (GROC LN) 2.6p, Mkt Cap £4.35m – GreenRoc raises placing to £535k for feasibility on graphite anode plant and on E&SIA for mine
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- GreenRoc reports the raising of its recent placing by a further £75,000 to of £535,786 at 2.5p/s.
- Anode plant: Management recently reported the award of a ~£250,000 grant from the UK Automotive Transformation Fund for Feasibility Study work towards a UK graphite spheronisation process plant for active Li-ion anode material.
- GreenRoc are now looking to further process its graphite into EV battery anode material and is working on an Anode feasibility study supported by a grant from the UK Advanced Propulsion Centre.
- Placing funds are to be used for:
- Completion of the feasibility on the graphite anode process plant
- Environmental and social impact studies required for permitting and for the restart of the mine
- GreenRoc is looking towards the development of a vertically integrated graphite mining and processing operation
- The plan is for the Amitsoq to feed high-grade natural graphite to an anode processing plant for further processing and value addition.
*SP Angel acts as broker to GreenRoc Mining
Horizonte Minerals (HZM LN) 9.85p, Mkt Cap £26m – Board restructuring in the wake of the Araguaia cost overrun
- In the aftermath of the cost overrun at its Araguaia ferronickel project in Brazil, announced in October, Horizonte Minerals has announced changes to its Board and senior management team including the departure of its CEO and co-founder, Jeremy Martin who will be replaced, in an interim capacity, by the Managing Partner and Co-Chief Investment Officer of one of Horizonte Minerals’ principal shareholders, La Mancha Resource Capital Mr. Karim Nasr.
- La Mancha’s website says that it holds 23.18% of Horizonte Minerals.
- Mr. Nasr, who is described as having “over 25 years of experience in corporate finance and investments, including experience of restructurings in Brazil” will relinquish his day-to-day duties at La Mancha “to devote himself to Horizonte and put in place a financing plan to restart construction”.
- In addition, Horizonte Minerals’ Chief Financial Officer, Simon Retter, is also standing down alongside the non-executive Chair, William Fisher and fellow non-executive director, Owen Bavington are also standing down.
- In the interim, the Board will be chaired by “Non-Executive Director, Vincent Benoit” who appears on La Mancha’s website alongside Mr Nasr as partner and co-chief investment officer.
- The company confirms that the departures “are effective today with all departing directors and officers agreeing to assist the Board with an orderly handover”.
- As well as the appointment of Mr. Nasr as interim CEO, the company has announced the appointment of “Maryse Bélanger as interim COO in a non-board capacity” and of Paul Smith as a non-executive director and Chair of the Board once the required procedures have been completed.
- Ms Bélanger recently served as Chair of IAMGOLD and is described as having “more than 30 years of experience in the global mining sector with proven strengths in operational excellence and turnaround, technical services and organizational efficiency, including in Brazil”.
- Mr. Smith, is described as “a corporate finance professional and senior board member with extensive experience in driving industry-leading performance at natural resource focused companies”.
- Welcoming Messrs Nasr and Smith to the Board, non-executive director, John McKenzie thanked the departing directors, Mr. Martin, Mr Retter, Mr. Fisher and Mr. Bavington for their contributions “to the evolution and growth of the business”.
Conclusion: A major restructuring at Board level follows the news of the cost overrun at Araguaia with a new Chair and COO and an interim CEO appointed.
Perseus Mining (PRU AU) A$1.8, Mkt Cap A$2.4bn – Interest in OreCorp increased to 19.9% planning to vote Silvercorp offer down
- The Company increased built up a 19.9% stake in OreCorp ahead of the shareholder vote on the Silvercorp Metals offer.
- The Company is planning to vote down the offer on Friday, 8 December.
- OreCorp previously unanimously supported the offer.
- Silvercorp raised cash consideration share of its offer last week to A$0.19 from A$0.15 offered initially in August.
- Sivlercorp equity part of the offer remained unchanged at 0.0967 of SVM shares for each outstanding OreCorp share.
- Cash now accounts for ~35% of total consideration, up from 26% before as new offer partially compensated for a drop in Silvercorp share price since initial August offer.
- Takeover premium is now estimated at ~25% versus ~32% before.
Conclusion: Perseus Mining has taken a 19.9% stake in OreCorp and is planning to vote down Silvercorp offer as Africa focused producer sees more value in the FS stage Nyanzaga (Tanzania) project hosting 2.6moz at 2.02g/t in reserves and 3.3moz at 3.41g/t in resources compared to ~$130m offered.
Thor Explorations (THX LN) 15.2p, Mkt Cap £95m – Q3 Results as production guidance reiterated and exploration continues
- Thor Explorations provides an update from its operations in Nigeria, alongside its exploration efforts in Senegal.
- Production for Q3 stood at 19,021oz, bringing total production ytd to 63,328oz.
- AISC for the period was $1,391/oz, and $1,321/oz ytd vs $1,273/oz same period last year.
- EBITDA stood at £11.8m for the quarter vs $17.8m for same quarter 2022.
- Management has reiterated its production guidance for 2023 at 85koz, with AISC of $1,150-1,350/oz.
- Drilling at Segilola, the Company’s operating asset in Nigeria, continues, with a diamond drilling programme currently targeting the Aye-Ile prospect to the west.
- PFS work continues at Douta in Senegal, with the Company postponing expected completion to 1Q24.
- Met test work is ongoing at IMO in Perth, whilst infill resource drilling has now been completed.
- At the Company’s lithium prospects, 77 RC holes totalling 4,585m have now been drilled. Spodumene has been confirmed as the primary lithium-bearing mineral.
- Drilling has now begun at the Ekiti lithium project, which returned positive rock chip sample results up to 2.92%.
- Management expects increased recoveries going forward following upgrades to the process plant leaching and electrowinning circuits.
- The west wall pushback is reportedly complete, with higher grades and improved pit conditions expected to support improved cash flows going forward.
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| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite | Asian Metal |
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