News

Capstone Copper said on Monday that its Q4 revenue hit a record high, exceeding analysts’ expectations.The company’s adjusted Q4 earnings before interest, taxes, depreciation, and amortization (EBITDA) fell short of analysts’ expectations, despite record copper production.The company’s Q4 2025 copper production reached a record high, driven by improved operations at the Mantoverde and Mantos Blancos mines.Capstone Copper expects 2026 copper production to be 200,000-230,000 mt. It expects 2026 C1 cash cost to be $2.45-2.75 per pound.

The US Embassy in Riyadh, Saudi Arabia, was attacked by a drone on the 3rd local time, causing a fire and partial damage to the building. Meanwhile, the Israeli military announced that it was simultaneously carrying out airstrikes on Tehran, the capital of Iran, and Beirut, the capital of Lebanon, further escalating the intensity of the conflict in the Middle East. In response to the embassy attack, US President Trump said Washington would announce response measures “soon,” and revised his remarks to say that “there is no need to deploy ground troops.” On the same day, Trump claimed on social media that the US has “almost unlimited” ammunition reserves, and that “with these reserves alone, we can keep fighting forever and win very beautifully.”

According to Bloomberg, flooding has caused the collapse of a key bridge located south of the Zambian border in the Democratic Republic of Congo (DRC), cutting off the main copper export route to the Kasumbalesa border post and disrupting outbound shipments from the world’s second-largest copper producer.

SMM Flash: Overall, domestic export quotations saw relatively small changes today. Export volumes of some steel billet shipments to Southeast Asia increased, and quotations edged up slightly, but profit per mt was not high. Overseas quotations were mostly raised. Affected by the war, shipping capacity was tight, and overall ocean freight rates increased. Most traders were currently staying on the sidelines and suspended quotations to the Middle East. In addition, port blockades in multiple locations across the Middle East affected vessel berthing, forcing ships to seek alternative ports, such as Sohar Port in Oman.

SMM Steel, February 24 – According to SMM statistics, the estimated total shipments to mainstream markets this week reached 302,700 mt, up 50.90% WoW. By market:

Today, DCE Iron ore futures trended stronger, with the most-traded I2605 contract closing at 753.5 RMB/ton, an increase of 0.67% from the previous trading session. In the physical market, spot prices were broadly unchanged from the prior day.

SMM Steel News on March 3: According to SMM statistics, this week total resource shipments to major mainstream markets were estimated at 242,700 mt, down 19.82% WoW from last week’s shipment level. By market:

[SMM HRC Daily Trading] On March 3, the total daily HRC trading volume of sampled enterprises in four SMM cities (Shanghai, Lecong, Tianjin, and Ningbo) was 9,640 mt, up 130 mt (+1.4%) MoM. On a YoY basis, it was down 34.56% on the Gregorian calendar and down 9.40% on the lunar calendar.

[SMM Chromium Daily Review: Expectations Were Bullish on a Recovery in Trading Activity; the Chromium Market Ran Strong and Stable] March 3, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was flat MoM from the previous trading day…

Recently, geopolitical turbulence in the Middle East has emerged, bringing a certain degree of impact to the overall overseas PV market. Below, we provide an in-depth analysis of the current Middle East PV market from various perspectives:

[SMM Daily Brief Review on Coking Coal and Coke] On the news front, some steel mills were expected to initiate the first round of coke price cuts this Friday, with a reduction of 50-55 yuan/mt. In terms of supply, coke producers hovered near the break-even line and barely maintained normal production; due to a slight inventory buildup, they were relatively proactive in shipments. Demand side, steel mills currently had limited profit margins and kept procurement cautious. In addition, with the Two Sessions about to convene, some steel mills had already prepared to implement blast furnace maintenance plans, reducing rigid demand for coke. Overall, steel mills’ willingness to seek profits from the raw material end continued to strengthen, and cost support might weaken. The coke market was likely to remain in the doldrums this week, with expectations of price cuts.

Alma Metals (ASX: ALM) holds 2 million tonnes of copper resources at its Briggs Copper Project in Queensland, making it the largest undeveloped copper project in the state. The company plans to increase the resource estimate to 3 to 4 million tonnes through future drilling campaigns and leverage the surrounding well-established infrastructure to advance the completion of a Pre-Feasibility Study.