China's state iron ore buyer reaches new supply deal with Rio Tinto - Reuters

China Mineral Resources Group (CMRG) has agreed to a new annual iron ore supply contract with Rio Tinto, according to sources. CMRG notified steel mills of the agreement and will begin collecting volume requirements. Details on allocated volumes are unclear. CMRG was established by Beijing in 2022 to centralize iron ore procurement and strengthen bargaining power.

Blackstone and IFM Investors have submitted bids for Rio Tinto's $7 billion energy assets in Western Australia and Canada. The assets include power plants and related infrastructure supporting Rio Tinto's iron ore operations, according to unnamed sources.

Woodside Energy (WDS AT) halted pre-commissioning at its Scarborough gas project due to Greenpeace activists. Cleanaway Waste Management (CWY AT) will update on EQT's AUD 3.13/shr proposal. Rio Tinto (RIO AT) plans to expand commodity trading. South32 (S32 AT) shareholders approved asset sale to Alcoa (AA).

Ares Management, a New York-listed credit manager, has submitted an offer for Rio Tinto's $7 billion power infrastructure assets in Australia and Canada. Ares has engaged JPMorgan and UBS for due diligence and funding advice, according to sources familiar with the matter.

Rio Tinto's Q3 iron ore shipments rose 2% y/y to 83.90Mt, despite CMRG tensions, leaving annual guidance achievable. BHP posted record Q3 exports, while FMG's shipments fell 7% y/y due to CMRG disputes. Vale's Q3 exports dropped 7% y/y, raising guidance risk due to freight costs and demand pressures.

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.