The progress of the recall incident this week is as follows:

The progress of the recall incident this week is as follows:

Glencore recently stated in its earnings guidance that due to the cobalt export ban imposed by the Democratic Republic of Congo (DRC), a significant portion of its cobalt production from that country may be unsellable until the end of 2025. While the company acknowledges that this will cause substantial shipment disruptions, it also emphasizes that the overall financial impact for the year is expected to be “limited.” This assessment reveals two key points: first, Glencore believes the market is currently in an oversupply phase, and the export suspension can effectively ease this pressure; second, the company expects such intervention to accelerate inventory reduction and subsequently support a price rebound, which will be beneficial for future sales.

At the Kalgoorlie Mining Forum, the company announced record FY2024-25 production of 755,000 tonnes from its Pilgangoora project in Western Australia. Despite pricing headwinds, PLS completed a A$1 billion self-funded expansion cycle and currently holds A$1.6 billion in liquidity.

As of this Friday, at northern ports: Australian lump ore was priced at 40.7-41.2 yuan/mtu, unchanged from last Friday; South African semi-carbonate ore was priced at 34.9-35.4 yuan/mtu, unchanged from last Friday; Gabonese ore was priced at 39.8-40.6 yuan/mtu, unchanged from last Friday; South African high-iron ore was priced at 29.5-30 yuan/mtu, unchanged from last Friday; South African medium-iron ore was priced at 35.2-35.7 yuan/mtu, unchanged from last Friday. At southern ports: Australian lump ore was priced at 40.2-40.9 yuan/mtu, unchanged from last Friday; South African semi-carbonate ore was priced at 35.5-36 yuan/mtu, unchanged from last Friday; Gabonese ore was priced at 40.3-40.8 yuan/mtu, unchanged from last Friday; South African high-iron ore was priced at 30.6-31.1 yuan/mtu, up 0.65% WoW from last Friday; South African medium-iron ore was priced at 36.6-37.1 yuan/mtu, up 1.38% WoW from last Friday.

China has abundant reserves of phosphate ore resources, but the overall grade is medium. Phosphate ore is mainly used in the agricultural sector (such as phosphate fertiliser production), while new energy (such as LFP) is becoming the core driving force for future demand growth. In the short term, the supply and demand of phosphate ore will still be in a tight balance, with prices supported by new energy demand. In the long term, attention needs to be paid to resource sustainability and technological upgrades.