How China Took Over World's Rare-Earths Industry — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 1.8% to $60.21 a barrel

--European benchmark gas is down 0.6% to 31.66 euros a megawatt-hour

--Gold futures are up 2.9% to $4,335.70 a troy ounce

--LME three-month copper futures are up 0.3% to $10,637 a metric ton

TOP STORY:

How China Took Over the World's Rare-Earths Industry

When China tightened restrictions on rare-earth exports this month, stunning the White House, it was the latest reminder of Beijing's control over an industry vital to the world economy.

Its dominance was decades in the making.

Since the 1990s, China has used aggressive tactics to build up and maintain its lock over rare-earth minerals, which are essential to making magnets needed for cars, wind turbines, jet fighters and other products.

OTHER STORIES:

Cleveland-Cliffs Gets Steel-Tariff Boost, Looks to Rare-Earth Minerals

Cleveland-Cliffs reported rising demand for its steel and said it will explore producing rare-earth minerals as the Trump administration's trade policy rewards its U.S. footprint.

Lourenco Goncalves, chief executive of the Cleveland-based steel company, on Monday directly credited the current trade policy, which includes a 50% tariff on steel, for helping it seal new steel-supply deals with major auto companies.

A Ukrainian City Fights to Keep Power On

CHERNIHIV, Ukraine--Within a week of the first drone barrage, this city of 270,000 people was left with rolling blackouts. Trolley buses sputtered to a halt in the middle of the road. Theater stages went dark during the final act. Schools closed. Air-raid sirens drowned out generators humming on street corners.

It was just the start of their ordeal. Further attacks hit power plants in surrounding towns that connect Chernihiv to Ukraine's national grid. Others hit substations inside Chernihiv itself, making it impossible to evenly distribute power.

Iamgold Agrees to Buy Mines D'Or Orbec in Quebec

Iamgold said it agreed to acquire all the shares of Mines D'Or Orbec, adding a prospective property near its existing ones in Quebec.

The Canadian miner said Monday that it signed a definitive arrangement agreement with to Orbec, which will consolidate Iamgold's existing ownership of Orbec shares.

MARKET TALKS:

Cleveland-Cliffs Looks to Join Rare-Earth Club -- Market Talk

0745 ET - Domestic rare-earth metal companies have seen their shares surge as trade tensions between the U.S. and China escalate, and now steel company Cleveland-Cliffs is looking to also benefit from the situation. The company says it is examining two U.S. mining sites that show indicators of rare-earth minerals, hoping to align itself with the U.S. strategy for mineral independence. "The renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets," Chief Executive Lourenco Goncalves says. China, the dominant producer of rare earths, imposed new export restrictions recently on rare earths and permanent magnets. (nicholas.miller@wsj.com)

Investors in Platinum-Group Metals Miners Want Higher Shareholder Returns -- Market Talk

1005 GMT - Investors in miners of platinum group metals are increasingly looking for higher shareholder returns rather than for cash to be invested back into assets, Bank of America analysts write. This is because long-term demand for PGMs looks uncertain amid a structural decline in internal-combustion engines across the auto sector, they add. Miners with attractive returns could come to demand premium valuations relative to peers and this might drive strategy, they write. (adam.whittaker@wsj.com)

PGM Prices to Remain Buoyant -- Market Talk

0945 GMT - Prices of platinum group metals bottomed out in mid-2025 and should remain buoyant, Bank of America analysts write. Lower inventories and stable demand will support prices going forward, they say. Higher prices could encourage miners to increase investments to boost supply or defer asset closures, they say. Any new supply coming online in the coming year or two could prevent the market from significantly tightening further, they add. (adam.whittaker@wsj.com)

Europe's Natural-Gas Market Is Relatively Well Supplied -- Market Talk

0738 GMT - The European natural-gas market remains relatively well supplied, ANZ analysts write after prices ended last week lower. Liquefied natural gas and piped gas from Norway are boosting Europe's stored gas while helping the region cope with higher consumption as temperatures falls, they write. China has been taking LNG from Russia's Arctic LNG 2 plant, which is potentially freeing up more supply for the wider market, they write. In morning trade, the benchmark Dutch TTF contract trades flat at 31.75 euros. (adam.whittaker@wsj.com)

Oil Continues to Slide on Supply-Glut Fears

0721 GMT - Oil continues last week's downwards trajectory as investors assess a looming supply glut and a challenging macroeconomic backdrop, ANZ analysts write. Brent crude falls 0.8% to $60.78 a barrel and WTI slides 0.9% to $56.65 a barrel. Assessing the impact of the glut is complicated by the fluctuating trade tensions between the U.S. and China, they write. President Trump on Friday said higher tariffs against China weren't sustainable and expressed optimism that a solution would be found, they add. (adam.whittaker@wsj.com)

Gold Remains Supported by Economic Dark Clouds -- Market Talk

0656 GMT - Investors continue to seek refuge in gold as trade tensions mount and economic dark clouds form, ANZ analysts write. Last week, the precious metal recorded its largest weekly gain in five years after being spurred on by cracks in the U.S. credit market, they add. In early trade, futures in New York are up 0.9% to $4,251 a troy ounce. Continuing concerns about the Federal Reserve's independence and geopolitical tensions mean the strategic interest in gold remains strong, the analysts write. (adam.whittaker@wsj.com)

Gold Bull Run Has Legs, With Junior Stocks Still Good Value -- Market Talk

0501 GMT - Gold's bull market has meaningful room to run, according to SG Hiscock & Co. portfolio manager Rory Hunter. He reckons junior gold companies still "present attractive value" despite recent gains. SG Hiscock, which oversees A$3.3 billion in assets, has been gradually rotating exposure toward developers and explorers in recent months, he says. "A sign of late-cycle exuberance is when executives from the major producers begin leaving to join junior explorers," Hunter tells WSJ. "We're not there yet." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Amid Volatility, Iluka Could Benefit From Australia-U.S. Minerals Talks -- Market Talk

0421 GMT - Iluka is facing choppy waters in the near term as it navigates difficult mineral sands markets. However, Macquarie analysts say they are focused on talks between Australia and the U.S. on critical minerals, which could benefit the Australian miner. Iluka is currently developing a rare-earth refinery in Western Australia. "While we acknowledge near-term share price volatility, the strategic implications of AU-U.S. critical mineral discussions--especially around non-China-aligned offtake and federal support--could materially enhance ILU's investment case," the analysts say in a note. Macquarie has a neutral rating on Iluka. It reiterates a target of A$7.10/share. Iluka is down 7.3% at A$7.51. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

China's Emerging Sectors Expected to Sustain Energy Demand Growth Through 2030 -- Market Talk

0340 GMT - China's emerging sectors, including data centers, EVs and advanced manufacturing, could sustain 4%-5% annual electricity demand growth through 2030, S&P Global analysts say in a report. Renewables are projected to meet up to 80% of incremental demand, keeping the country on track to meet clean-energy targets, with carbon emissions from the energy sector likely to peak before 2030. Large state-owned power producers are set to lead renewable investments, while coal will gradually transition to a flexible, baseload energy source. China's 2026-30 power consumption could rise by about 2,500 TWh, slower than the previous five years but aligning closer with GDP growth, credit analyst Scott Chui says. Emerging sectors like AI-driven internet services might see energy demand surge 15%-30% annually, he adds. (jason.chau@wsj.com)

Iron Ore Falls on Weak Market Sentiment -- Market Talk

0325 GMT - Iron ore falls in early Asian trade. The continuing U.S.-China trade tensions are weighing on investors' risk appetite and market sentiment is under short-term pressure, Nanhua Futures writes in a note. On the supply side, iron ore shipments remain at seasonally high levels, while port inventories have been accumulating, squeezing upward price pressure, it says. Markets will likely focus on China's Plenary meeting this week and possible U.S.-China talks, it adds. The most traded iron ore contract on the Dalian Commodity Exchange falls 0.3% to CNY769.5 a ton. (kimberley.kao@wsj.com)

China's Solar Sector Might Face Near-Term Weakness -- Market Talk

0245 GMT - Near-term supply-demand dynamics appear slightly unfavorable for most Chinese solar sub-sectors, though the government's supply-side reforms might improve pricing trend, Deutsche Bank analyst Gary Zhou says in a note. Polysilicon inventories might rise in October amid higher supply and softer demand, while margin recovery for solar glass might stall due to due to weak demand and possible expanding capacity. Still, Zhou notes that government efforts to curb overcapacity are starting to bear fruit. Into 4Q, supply-side reform progress will be key to influence the value chain pricing trend. With improving visibility on margin recovery into 2026, DB views any near-term share price pullbacks as a buying opportunity. GCL Technology remains its top sector pick. (jason.chau@wsj.com)

China's Leverage Over Rare Earths 'Very Strong,' GS Says -- Market Talk

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October 20, 2025 09:35 ET (13:35 GMT)