India unlikely to impose export curbs on low-grade iron ore

That potential bid, though, is dependent on the current Nippon-US Steel tie-up falling apart.

Ambassador Cong Peiwu said the Canadian government is “wrong” to prevent Chinese investors from buying majority stakes in domestic mining companies, like it did in 2022.

The news comes as major Chinese smelters scramble to secure raw material supplies after their profit margins were hit by shortages of copper ore.

UBS and Goldman Sachs have trimmed their 2024 supply estimates by 33% and 26%, respectively.

The hedge fund also recommended increasing dividends by discontinuing share buybacks and divesting a minority stake in Glencore's lucrative trading division.

Net bullion imports, which peaked at nearly $5 billion a year ago, declined for a fifth month to reach $936 million in January.

Copper price on the Shanghai Futures Exchange hit a 22-month high following the news.

The policy drew investments of billions of dollars from smelting firms, most of them Chinese, and boosted Indonesia's exports.

Iron ore staged a partial recovery, after slumping by the most since mid-2022 on Monday.