Vedanta plant blast in India leaves nine dead and 15 injured

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• Vedanta plant blast in India leaves nine dead and 15 injured

  Police in Chhattisgarh said that at least nine people were killed and 15 others injured by a 'boiler explosion' on Tuesday. The power plant was owned by India’s Vedanta. Cause of explosion is not yet known. The incident occurred at Singhitarai - a town?about 230km?from the state capital of Raipur. P. K. Thakur said that the explosion was probably caused by an overheating boiler tube. The plant is located in Sakti District. Vedanta issued a statement in which it said that an "unfortunate incident" occurred at the Singhitarai Plant and a thorough investigation is being conducted to determine details. The company didn't disclose the number of casualties or any other details. (Written by Abhirami in Bengaluru, edited by Anil D’Silva.

• Due to the Iran War, industry groups have reduced their global steel demand forecasts for 2026.

  The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth path in 2026 with an acceleration more pronounced projected for 2027," said?Alfonso Hidalgo Calcerrada, chair of the group's economics?committee. The group said that the demand for crude steel is expected to increase by 2.2% to reach 1.76 billion tonnes next year. The group added that China, the world's largest steel producer, will see its output drop by 1.5% in this year due to its struggling property and construction sectors and remain flat in 2027. As the realignment of China's property market stabilizes, we expect that Chinese steel demand will transition into a period of cyclical stabilization. The group predicted that demand in India, 'the world's fastest-growing major steel market, will?remain high, rising 7.4% this year, and 9.2% by 2027. Reporting by Eric Onstad, Editing by Alison Williams & Sonia Cheema

• Weekly gain on gold heads, US-Iran truce at the forefront

  Gold prices rose on Friday - and headed for a week's gain - as the U.S. Dollar weakened. Gold spot rose 0.4%, to $4.780.22 an ounce at 11:11 am. ET (1511 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4.805.40. Gold buyers are carefully reclaiming the narrative this week, with higher lows each day. The tentative ceasefire is helping. Tai Wong, an independent metals trader, said that a significant battle is expected ahead of $5,000. A break above this level could re-ignite a bull run. The ceasefire, which has been in place for two days, has stopped a U.S.-Israeli air strike campaign on Iran. However it has not yet 'eased the blockade of Strait of Hormuz and quell the parallel conflict between Israel and Iran’s Hezbollah allies in Lebanon. David Meger is director of metals at High Ridge Futures. He said that as tensions in Middle East have de-escalated, the dollar has come under pressure. This has led to gold being well supported. The U.S. Dollar?was on course for a drop of a week, making gold priced in greenbacks cheaper for holders other currencies. The data showed that U.S. consumers prices rose by the most in four years during March, as war-related oil prices soared and tariffs continued to be passed through. A persistently high level of inflation restricts central banks' ability cut interest rates. Although bullion can be seen as a hedge against inflation, geopolitical unrest and uncertainty, it loses its appeal in an environment of high interest rates due to the lack of yield. Gold demand in India increased slightly this week, ahead of a major festival, despite the fact that elevated prices weighed down on sentiment. Premiums in China, however, decreased. Silver spot rose by 1.8% per ounce to $76.45, platinum dropped 1.9% to 2,062.25 and palladium also fell 1.9%, to $1,528.41. All three metals are expected to see gains this week. Ashitha Shivprasad reports from Bengaluru, Ni Williams edits.

• Weekly gain on gold heads, US-Iran truce at the forefront

  The gold price rose a little bit?on Friday, and is on track for a weekly increase as the U.S. The?dollar weakened after the U.S. - Iran truce. Market participants continue to assess whether it will last and what its implications are for interest rates. As of 9:29 am, spot gold was up 0.3% at $4,778.89 an ounce. ET (1329 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4804.00. The?tentative truce has helped gold buyers to reclaim the narrative. Each day, they are achieving higher lows. "There will be a major battle before $5,000. A break above that level could reignite the bull market," said independent metals trader Tai Wong. The ceasefire, which has been in place for two days, has stopped a U.S.-Israeli air campaign against Iran. However it is yet to relieve the Strait of Hormuz blockade or calm a parallel conflict between Israel and Iran's Hezbollah ally in Lebanon. David Meger is director of metals at High Ridge Futures. Gold priced in greenbacks is now cheaper for those who hold other currencies. The?war increased?oil price and tariffs continued to pass through, according to data. A persistently high level of inflation restricts the ability of central banks to reduce interest rates. Although bullion can be viewed as a hedge to inflation and geopolitical unrest, its appeal dwindles in an environment of high rates due to the lack of yield. Gold demand picked up in India a little 'this week, ahead of an important festival. However, the high prices dampened sentiment. In China, premiums were also reduced. Silver spot rose by 1.7% per ounce to $76.34, platinum fell 2.5% at $2,050.99 and palladium dropped 2.5% at $1,518.66. All three metals are expected to post gains this week. Ashitha shivaprasad reports from Bengaluru, Ni Williams edits.

• The Lithium Bulls are set to crash the Copper Party in Chile

  Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening as a result of the closing of a major mine in China, the export ban in Zimbabwe and the dwindling stocks in lithium carbonate. According to the U.S. Geological Survey, Chile is home to 13 million tonne of lithium, the third largest in the world after Argentina and Bolivia. NEW PRESIDENT, NEW EXPECTATIONS Five mining companies including Rio Tinto are vying for rights to develop the country's vast deposits. The new Chilean president, Jose Antonio Kast is spoilt for choices. Ignacio Mehech is CEO of CleanTech Lithium. He said, "The lithium strategies rolled out by 2023 were a good direction. We hope the new government will take it up, and make?it easier and faster to award contracts." CleanTech, a London-listed company, has received a licence to produce lithium. However, it needs to obtain an environmental permit before mining. It is raising money to build a $750m mine at the edge of the rich lithium-rich Salar de Laguna Verde. DEMAND FOR MORE MINE AND MORE MINES According to CRU, there is a strong movement behind lithium. The number of active mining operations has doubled in the last four years, and will reach 80 mines by 2026. Martin Jackson, CRU's director of lithium and batteries, stated that the demand for stationary lithium batteries is continuing to increase, which helps to offset the weakness in EV markets. He said that lithium will continue to be the most competitive energy-density technology for many years. According to CRU the average lithium carbonate price in China is expected to be around $22 per kilo this year. This represents a 135% increase from last year. Investors are also optimistic. Macquarie, an investment bank, estimates that global lithium demand is expected to increase by over 20% a year until the end of this decade. This will be due to energy storage demand. Asad Farid is the director of?J's strategic materials equity funds. Safra Sarasin Sustainable Asset Management. US-CHINA TENSIONS WEIGH Chile's diversification of its lithium industry comes at a moment when tensions between China, the U.S. and other natural resource rich regions like South America are "spilling over". China's share of the global lithium market has increased steadily over the last four years from 75% to almost 90%. The Guangzhou Futures Exchange lithium price has become a benchmark for the industry. Chile has already tasted the diplomatic balancing act that is required when it pursues the China Mobile-backed fiber-optic connection between the wine-town of Valparaiso, and Hong Kong, despite U.S. opposition. "With President Trump's current approach, we may have to think twice about going for Chinese investors," said Marcelo Adwad. A mining veteran from Chile, he advises?Wealth Minerals a Toronto Stock Exchange listed lithium company. Wealth Minerals has been in talks with India’s state-run Coal India Limited regarding a possible joint venture and is seeking investors for its $750m lithium mine. Some people believe Chile should maintain its neutrality. Mehech, CleanTech's CEO, said that Chile could not afford to pick one country. Reporting by Fabian Cambero in Toronto, Divyarajagopal in London, and Tom Daly, with editing by Veronica Brown and Ernest Scheyder.

• In a call, Trump and Modi emphasize the need to keep Strait of Hormuz opened.

  In a phone call that took place on Tuesday, Modi revealed in a blog post. Indian media reported that the conversation between the two leaders lasted for nearly 40 minutes. "Received an?a call from my friend President Donald Trump. We analyzed the significant progress made?in various sectors of our bilateral cooperation," Modi said on X. We are committed to strengthening our Comprehensive Global Strategic Partnership across all fields. We also discussed West Asia, and stressed the importance of keeping the Strait of Hormuz secure and open. The conflict in 'Middle East' has affected a wide range of sectors, from air travel to shipping and gas supplies. This includes the near-closure if the Strait of Hormuz which is a conduit?for 40% of India’s crude oil imports. A White House official confirmed that the call had taken place, but declined to comment further. Reporting by Shilpa jamkhandikar, Kanjyik ghosh and Alison Williams; editing by Joe Bavier

• Imports of copper concentrate from China in the first quarter are on the rise, as top smelters maintain high output.

  China's copper concentrate imports increased in the first quarter of this year, according to official data released by the country on Tuesday. This was despite the fact that processing fees were negative and the top smelter's group had vowed to reduce production. According to the latest data from customs, imports of copper concentrates or ores increased by almost 10% in March to 2,63 million tonnes and by 6.6% in the first three months to 7,56 million tonnes. The China Smelter Purchasing?Team is a group of top copper smelters that agreed to reduce production last year in order to address overcapacity, negative treatment charges and refining costs. This meant smelters paid miners to process the material. There has not been any sign of a reduction in output from major smelters, including Jiangxi Copper Yunnan Copper Daye Nonferrous. They have all said that they plan to increase?or maintain their output in 2026. Analysts and industry insiders say that China's copper producers will likely reconsider their plans to reduce output, as Beijing's export ban on sulphuric acids has tamed a rise in price for the by-product which had compensated for falling processing fees. Data from the General Administration of Customs revealed that China's import of unwrought copper and copper-based products fell 10.9% in March to 416,000 metric tonnes, while falling 14.2% in the first quarter of 2026. The drop was 7.6% in the benchmark copper price for three months at the London Metal Exchange in March, despite the Iran War, which slowed global growth and fueled inflation fears as oil prices surged. The demand for imported cargoes is increasing?since March. The Yangshan copper premium On March 29,, which measures China's appetite to import copper, reached $69 per ton, the highest level since June 2025. On Monday, the premium was $74 per ton. (Reporting and editing by Jamie Freed, Jan Harvey and Colleen Whate)

• China March steel exports drop as the Mideast War bites

  Customs data released on Tuesday showed that China's steel exports in March were down 12.6% compared to the previous year. The Middle East conflict and a new export licensing regime, which was implemented in response to a growing global protectionist backlash, are believed to be the main reasons for the decline. Data from the General Administration of Customs shows that the world's largest producer of steel shipped 9.14 million metric tonnes of metal last month. The metal is used in the construction and manufacturing industries. In February, the country shipped 7.84 million metric tons, and in March 2025 it will ship 10.46 million. Analyst Xinli Ch'u at China Futures said that the improved export margins of some steel products contributed to a monthly?rise. Zhuo Guqiu, a Jinrui Futures analyst, stated that the Middle East conflict has caused a disruption in trade through the Strait?Hormuz. This has led to fewer shipments into the Gulf and consequently, lower steel shipments each year in March. Last year, the Gulf accounted for 16% of China's record steel exports. Several Chinese steel exporters stopped offering their products to Middle East customers as the Iran War, which began in late February, slowed down shipments through the main waterway. Chu, of China Futures, explained that the annual decline was due to a high baseline last year and front-run shipments in response to tariff fears. China's shipments were also affected by the export license system that was implemented in January. China's steel imports fell 9.9% on an annual basis to 24,72 million tons in the first quarter of 2026. This was the lowest level since 2023. IRON ORE IMPORTS China’s iron ore exports to Australia in March grew by 11.5% year-on-year, to 104.74 millions tons. This was due to increased shipments and seasonal restocking of steelmakers anticipating better demand. This compares to 97.64 millions tons in February, and 93.97 in March 2025. Steven Yu, senior analyst with consultancy Mysteel, stated that the increase in iron ore imports was due to an increase in volumes coming from Australia where weather-related impacts were not as severe as last year. Last year, cyclones in Australia disrupted iron ore loadings. Imports of iron ore in the first quarter rose 10.5% on an annual basis to 314.76 millions tons. The higher imports led to an increase in portside inventories Steelhome data showed that by the end of March, the total steel production was up 20% compared to the same period last year. Reporting by Amy Lv, Colleen howe and Christian Schmollinger: Editing by Neil Fullick Christian Schmollinger Harikrishnan Nair

• Copper reaches six-week peak on prospects of more US-Iran Peace Talks

  The copper price soared to its highest level in six weeks Tuesday, thanks to optimism?about resuming peace talks between the U.S. and Iran as well as a weaker dollar. The benchmark three-month copper price on the London Metal Exchange increased 0.8% to $13,161 per metric tonne by 0945 GMT. It had previously reached its highest level since 3 March at $13,210.50. Five sources have told us that the U.S. team and Iran's team could be back in Islamabad this week. Ewa 'Manthey, commodities analyst at ING, said that optimism about the US and Iran restarting peace talks has helped to reverse some of recent pressure metals have faced from fears of rising energy costs and a weaker economy. The market is still dominated by headlines. "Any escalation of the conflict, renewed spikes in energy costs or signs that demand is weakening could quickly undermine sentiment." The Shanghai Futures Exchange's most traded copper contract ended the daytime trading up 2.1% to 101,190 Yuan ($14,844.43) a ton. A softer dollar index also supported?prices, which has been trading at its weakest level since March 2. This makes commodities priced using the U.S. dollar cheaper for buyers who use other currencies. Concerns about the Middle East conflict's impact on energy prices, which are a major factor in raising overall costs, have also boosted demand for copper, a material used in manufacturing, construction and power. The Middle East war has already increased costs by 10 cents a pound for the world's largest copper miner?Codelco. Antofagasta also expressed concern over rising fuel and input prices. Sudakshina?Unnikrishnan, an analyst at Standard Chartered Bank, said that mine supply constraints are still present and Chile's output of copper has been underperforming so far in 2026. Concerns about a possible impact on copper and nickel production were sparked by a tight supply of sulphuric acids, which was exacerbated when reports emerged that China would stop exports from?May. LME nickel gained 1.1%, reaching $17.890 per ton after hitting its highest level since February 27, $17.950. This was due to the revision of the formula used to calculate mineral reference prices by top supplier Indonesia. LME aluminium fell 1.1% to $3,567 per ton. Zinc rose 0.3% at $3,326, while lead increased by 0.4% to $1 929. Tin jumped 2.6% from $49 500 to $48,500.

• Copper prices rise, and there are hopes for renewed US-Iran talks

  On 'Tuesday, copper rose to its highest level in over a month as concerns about rising energy costs grew - and the dollar weakened on the hope of easing tensions in the Middle East. The Shanghai Futures Exchange's most traded copper contract ended the daytime session up 2.5% at 101.190 yuan (14,844.43) a metric ton after reaching 101.450 yuan earlier in the trading session, its highest level since March 11. By 0718 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.97% to $13,180 per ton. It reached its highest level since March 3, at $13,208. Analysts cite the concern that the Middle East war's soaring energy costs would increase the cost of metal, which is used in construction, manufacturing and power. Codelco has already seen its costs rise by 10 cents a pound. Antofagasta is concerned about'mounting input and fuel costs. Copper and nickel prices could be affected by tight sulphuric supply. This was exacerbated when reports emerged that China, the largest supplier, would stop exports in May. The Yangshan premium and a firm China demand boosted copper prices. The price of a ton of metal, which is a measure of the country's appetite to import it, increased 76% from week to week to $74 per ton on the 13th April, the highest level since June 2025. Shanghai nickel rose 3.91%, reaching its'strongest level since March 13'. London prices reached their highest levels since March 2,?at $17.840 per ton? after a major supplier Indonesia changed the formula for determining mineral reference price. Base metals were also supported by a softer Dollar amid hopes that tension between the U.S. and Iran would be eased. Four sources reported on Tuesday that negotiating teams from the U.S., Iran, and other countries could return to Islamabad in the coming week. This comes after days of talks between these two countries, which ended without any?breakthrough. SHFE Aluminium gained 0.75%. Lead gained 0.51%. Tin rose 2.52%. Zinc advanced 0.95%. Aluminium, lead, tin, and zinc all advanced on the LME. $1 = 6.8167 Chinese Yuan (Reporting and editing by Amy Lv, Colleen Waye)

• China lifts the ban on BHP cargoes, resulting in a fall in iron ore

  Iron ore futures fell on Tuesday after China's state-owned iron ores buyer lifted previous bans on the shipment of a?key ingredient for steelmaking from Australian miner BHP. This increased the supply available to domestic steel mills. The September contract for iron ore on China's Dalian Commodity Exchange traded 0.07% higher at 758.5 Yuan ($111.27). As of 0720 GMT, the benchmark May iron ore was down 1.1% at $103.5 per ton on the Singapore Exchange. China, the largest consumer of iron, has lifted its bans on purchasing the mineral from mining giant BHP, according to sources. The dispute, which had lasted for months, was resolved after the top executives of the miner visited their largest customer. Two sources who requested anonymity said that the state iron ore buyer, China Mineral 'Resources Group' (CMRG), notified domestic steel mills of their freedom to?purchase BHP seaborne cargoes. China's imports of iron ore in March increased 11.5% compared to the previous year, according to data released by the country's General Administration of Customs on Tuesday. Mysteel data showed that global iron ore shipments rose by 844,000 tons from April 6-12, compared with the previous week. The biggest increases were in shipments coming from Australia and Brazil, which grew by 2.335 million tons. The data from consultancy Mysteel showed that new bank lending in China increased less than expected, but the broad money and funding growth was still sufficient to support economic expansion. Coking coal and coke were both mixed in the DCE, each contributing 0.33%?and 0.24% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly been in positive territory. Rebar was little changed. Hot-rolled coil rose 0.12%. Wire rod gained 0.61%. Stainless steel grew by 0.38%.

• Sources say that China has allowed domestic mills to purchase BHP iron ore.

  Sources told?Tuesday that China, as the world's biggest consumer of iron ore, had lifted its bans on purchasing?the key ingredient for steelmaking from mining giant BHP Group. This ended a months-long dispute. Two sources familiar with the situation who requested anonymity because the subject is sensitive, reported that on Tuesday, the state iron ore 'buyer' China Mineral Resources Group (CMRG), notified domestic steel mills that they could buy BHP seaborne cargoes. CMRG didn't immediately respond to a comment request. BHP declined comment. By 0547 GMT, the benchmark May?iron ores on the Singapore Exchange had lost 1.48% and stood at $103.1. CMRG has been progressively tightening the curbs on steel mills and traders who buy BHP iron ore, since September last year, while it negotiated a contract with BHP for 2026. CMRG has banned the purchase of BHP's Jimblebar fins since September last year. The ban was followed by those on the'miner's Jinbao fins' in November and Newman fins' in March. BHP produces all three products. During the ban, Chinese steelmakers could not take delivery of products that were unloaded in ports. Sources also added that CMRG told steelmakers that they can take delivery of BHP cargoes previously subject to 'the bans' as early as next week. These curbs limited the availability of iron ore on the spot market and pushed up prices, even though China's portside stock?piled up at a record-high last month. Prices of iron ore at sea Since last August, prices have remained largely above the psychological level of $100 per metric ton. This is contrary to earlier predictions by some analysts that an oversupply would push them down below $90. Bloomberg News reported earlier Tuesday that China had eased curbs for some BHP cargoes. A team of BHP executives visited China last week and met with officials from China Baowu Steel Group Corp., the largest steelmaker in the world, as well as Chinalco, a giant aluminium company. This comes following the July 1 appointment of Brandon Craig as the new CEO of the company. (Reporting and editing by Sameer Mnekar, in the Beijing and Bengaluru newsrooms; Sherry Jacob Phillips and Clarence Fernandez).