Industrial metals slump as sentiment on China demand worsens

Emirates Global Aluminium announced a suspension of bauxite exports from its Guinea Alumina Corporation subsidiary.

Analysts expect prices around $10,265 per tonne in the last quarter of the year.

China's finance ministry is scheduled to hold a news conference on fiscal policy on Saturday.

Price noted that Canada has committed $4 billion over eight years to support critical mineral development, compared to $20 billion that China invested in 2023.

China's Finance Minister is set to speak on Saturday at an event seen as key to assessing the China's commitment to further capital spending.

The facility in Hami city is just the latest in a series of coal-to-oil developments greenlit in recent years in the mining hubs of Xinjiang, Shaanxi, Ningxia and Inner Mongolia.

Dalian iron ore futures prices rebounded on Thursday, buoyed by hopes of more fiscal stimulus from top consumer China and firmer seasonal demand for steel products.

The plan includes streamlining processes to pay customs and taxes, along with a partnership with the United Arab Emirates.

The steelmaking staple spiked more than 3%, before giving up most of that gain.