Post-Covid, China is back in Africa and doubling down on minerals

An index of deals compiled by CRU shows the discount for copper ore – known as treatment and refining charges – has fallen to a record low in data going back to 1989.

The tension between demand and supply, coming as capital costs at mines rise while copper prices are slower to catch up, leads to significant price projections and concerns over the metal's availability.

Industry sources said they did not expect much impact, noting that portside stocks are at high levels.

The world's largest iron ore consumer brought in 100.72 million metric tons month.

Futures on the London Metal Exchange have risen more than 12% so far this year.

Prices for the metal have rallied more than 13% over the past two weeks amid the threat of reduced output from refiners.

The rule, first issued in draft form in December, called for 300 million metric tons of "dispatchable" annual coal production by 2030.

Average inactive capacity in China rose to 9% in March from 8.3% in the first two months.

The rise is driven by new builds in China and decommissioning delays elsewhere.