Burnham’s in hock to the bond markets – whether he likes it or not
By: Christian May - Editor in Chief
Andy Burnham once said this country shouldn’t be in hock to the bond markets, so it was unfortunate that his much-hyped return to the House of Commons yesterday was overshadowed by the surging cost of servicing government debt.
The yield on the ten-year gilt has hit its highest level since 2008. The longer term 30 year bond yield is at a level not seen since 1998. Our national debt is approaching £3tn. Spending is out of control. We’re on a borrowing binge and we’re haemorrhaging more than £130bn a year just on the interest. No wonder the Chancellor, John Healey, looked a bit peaky sitting next to the new Prime Minister.
Should we be reassured that he has emailed all staff at the Treasury – including the IT department and civil service apprentices – inviting them to send him ideas for his first Budget? Probably not.
Meanwhile, his boss delivered a confident performance to MPs but one that seemed entirely at odds with our current reality. He was right to say that “Britain is not where any of us would want it to be” but the alternative he went on to promise was one of more public spending, more debt, bigger government and higher taxes.
Economic growth will evaporate in H2
He claimed to have “a clear theory of growth” before telling us it was based on the “triple helix approach to economic development.” This refers to a harmonious arrangement of the state, universities and the private sector all working together, boosted by the wisdom and energy of local government leaders who will soon be empowered to impose an “overnight visitor levy.” This tourist tax was touted by Burnham as a fine example of “fiscal devolution.”
https://www.cityam.com/burnhams-in-hock-to-the-bond-markets-whether-he-likes-it-or-not/
Editor's note: This is a developing story and is being updated.
Ukrainian drones struck the Novatek-Ust-Luga complex at Russia’s Baltic Sea port in Leningrad Oblast early on Sept. 1, Ukraine’s military intelligence agency (HUR) confirmed.
The strike damaged key components of an oil-processing unit and other technological equipment, causing a large fire at the facility, according to HUR.
The operation was carried out jointly by HUR’s Active Operations Department, its Unmanned Systems Department, and other Ukrainian defense forces, the agency said.
Ust-Luga is one of Russia's largest and most important ports on the Baltic Sea and home to an oil terminal that serves as a major hub for the export of crude oil and petroleum products. Located west of St. Petersburg, far from Ukraine's border, the port plays an important role in generating revenue for the state budget.
Earlier, Leningrad Oblast Governor Alexander Drozdenko confirmed damage at the port. He claimed Russian air defenses had intercepted 38 drones across the region, including 17 near Ust-Luga.
Russian air defense reported downing dozens of drones over the region in the hours between Aug. 31 and Sept. 1, with 17 drones intercepted during the ongoing attack in the Ust-Luga port area. By 6 a.m. local time, Drozdenko said 38 drones had been destroyed over Leningrad Oblast and confirmed damage at the port.
Footage circulating on Telegram appeared to show a fire at the port. The extent of the damage caused was not immediately clear.
Separately, Samara Oblast was targeted by Ukrainian drones, according to local officials.
In Yekaterinburg, outdoor school ceremonies scheduled for Sept. 1 were canceled following the Aug. 31 drone attack. Similar restrictions were imposed in at least 16 Russian regions.
The Kyiv Independent cannot verify the claims made by Russian officials.
As Kyiv steps up its attacks on Russian oil infrastructure, the Ust-Luga port has repeatedly served as a target of attacks in recent months. The Ukrainian military carried out a series of deep strikes against the Ust-Luga port in March and April of this year.
The most recent reported attack on the facility occurred on Aug. 14, damaging two processing plants and sparking a fire, the General Staff confirmed.
Ukraine has been aging an increasingly successful deep strike campaign against Russian oil infrastructure, striking oil depots, disrupting production at major facilities, and in some cases halting operations indefinitely.
Ukraine's oil infrastructure attacks have mounted pressure on the Kremlin by aggravating a domestic fuel supply crisis that has already caused export bans, price hikes, and sales restrictions across Russia.
https://kyivindependent.com/ukrainian-drones-damage-russias-ust-luga-port-governor-says/
India’s imports of spot crude cargoes from producers such as the United States and Venezuela are being driven by the prevailing cargo and oil prices, the top executive of India’s state-owned Oil and Natural Gas Corporation (ONGC) has said.
“Imports are decided by the price, except for term crudes. Now term crudes are gradually going down. Spot crudes are mostly decided cargo-to-cargo based on price,” ONGC chairman and CEO, Arun Kumar Singh, told Indian media after the company’s annual general meeting.
“So, how much will be imported, we don’t know. But it looks like at least 60 per cent plus of India’s oil imports is a function of the price in that particular month or M+2,” Singh added.
In the bigger picture amid the geopolitical upheaval that has trapped Indian term supply in the Persian Gulf, supply is actually not an issue as India will always find crude to import, the executive said.
“It is some geopolitical issue which is causing trouble, and ultimately economics prevail. Geopolitical disturbances could be for some months or years, but ultimately world economy prevails,” Singh said.
Despite a decline in dependence on primary energy imports, India remains highly dependent, at a massive 90%, on crude oil imports for its consumption.
India, the world’s third-largest crude oil importer, has seen its dependence on crude oil imports steadily rising in recent years amid soaring demand and falling domestic production.
The Middle East crisis sent Indian refiners scrambling for alternatives and the government looking to expand strategic storage sites to hold more reserves to cushion the next supply shocks.
In the wake of the Iran war and the disrupted crude flows at the Strait of Hormuz, India found itself in search of alternatives to replace the lost Middle Eastern supply. Record crude oil imports from Russia have helped cushion the blow, but India also turned to West Africa, Venezuela, Brazil, and the U.S. for spot supply to offset cargoes that aren’t coming out of the Persian Gulf.
By Tsvetana Paraskova for Oilprice.com
http://www.baystreet.ca/commodities/8935/Price-Not-Politics-Is-Driving-Most-of-Indias-Oil-Buying8935
Saudi Aramco has increased oil offerings for September loading outside the Strait of Hormuz, according to a Reuters report early Wednesday citing people familiar with the matter. The move follows the sale of at least 4 million barrels to China this month.
The state oil producer has reportedly initiated a sales process for Arab Medium and Arab Heavy crude with Asian buyers for the second week in a row. The cargoes are being offered through ship-to-ship transfers off Fujairah in the United Arab Emirates or Sohar in Oman, both located outside the strait. Bids were due on Wednesday.
Shipping data shows Aramco has been transporting cargoes using tankers with their tracking systems turned off to avoid attacks while passing through the strait. The waterway handled one-fifth of global oil and gas flows before the U.S.-Iran conflict began on February 28.
Two supertankers carrying 4 million barrels of Saudi crude are heading to China after loading through ship-to-ship transfers off Sohar, according to shipping data from Vortexa and Kpler.
The very large crude carrier Singapore Prosperity transferred its Saudi crude cargo around August 22 to the VLCC Xin Hui Yang, which is scheduled to reach Ningbo port in eastern China on September 15. On Tuesday, VLCC Algeria Prosperity transferred its cargo to the VLCC Xin Han Yang, expected to arrive at Zhanjiang port in southern China on September 12. Both shipments are destined for Sinopec, the world’s largest refiner, according to Vortexa.
Aramco sold at least 4 million barrels of heavier grades to PetroChina and Sinochem last week after restarting oil loading at the Ras Tanura port earlier in August.
Source: Investing.com
Published on: September 1, 2026 8:31 PM
Two supertankers carrying Saudi crude were struck by unknown projectiles while leaving the Strait of Hormuz. The incidents happened within minutes of each other late Monday. Shipping intelligence and tracking firms Marisks and Kpler reported the attacks.
Both tankers were carrying Saudi oil loaded at the Juaymah terminal. Kpler data showed each vessel had loaded two million barrels of Saudi crude. The shipments were loaded during the previous week.
The tankers were travelling outbound through the Strait of Hormuz when the incidents occurred. The attackers and the type of projectiles used remain unidentified. No further details about damage or casualties were provided.
Marisks described the incidents as a further escalation in the security situation around the Omani corridor. The firm noted that the attacks occurred almost simultaneously. The incidents added to concerns surrounding vessels using the important waterway.
The Strait of Hormuz serves as a key route for global oil shipments. The latest incidents involved vessels carrying crude from Saudi Arabia. Both ships were transporting oil after loading at the Juaymah terminal.
Saudi Aramco resumed oil loadings and sales from inside the Strait of Hormuz in August. The move allowed shipments to continue through the strategic waterway. The latest attacks occurred after those operations resumed.
The incidents highlight renewed security concerns for oil tankers travelling through the strait. Shipping firms continue monitoring vessel movements and developments in the area. Further information about the attacks was not included in the available report.
https://dailytimes.com.pk/1546564/two-saudi-oil-tankers-attacked-in-strait-of-hormuz/
By Charles Kennedy - Sep 02, 2026, 1:50 AM CDT
BP has named Ian Tyler as its permanent chair with immediate effect, completing a leadership search launched after the company abruptly removed former chair Albert Manifold in May.
Tyler has served as interim chair since May 26, when BP's board unanimously removed Manifold, citing what the company described as serious concerns relating to governance standards, oversight and conduct. BP did not provide further details at the time.
The permanent appointment puts Tyler alongside CEO Meg O'Neill at the head of a company undergoing a significant strategic and organizational overhaul.
Tyler joined BP's board as a non-executive director in April 2025. His previous positions include chairing Cairn Energy, now Capricorn Energy, and serving on the board of defense contractor BAE Systems. He is currently chair of building materials distributor Grafton Group and senior independent director at Anglo American. Before moving into board roles, Tyler spent 17 years at Balfour Beatty, including eight years as chief executive.
His promotion follows an unusually turbulent period in BP's senior ranks. O'Neill took over as chief executive on April 1 after being recruited from Australia's Woodside Energy, becoming an external hire to lead BP after the departure of Murray Auchincloss. BP said when announcing O'Neill's appointment that it wanted to accelerate efforts to become a simpler, leaner and more profitable company.
The leadership changes come as BP attempts to improve returns and rebuild investor confidence following years of strategic shifts. The company reset its strategy in 2025 around a growing upstream business, a more focused downstream portfolio and substantially more selective investment in transition businesses. Under that plan, BP said it expected oil and gas investment of roughly $10 billion annually while cutting planned spending on transition businesses to $1.5 billion-$2 billion per year through 2027.
O'Neill has since moved toward a more clearly defined upstream and downstream operating structure, while BP continues to emphasize capital discipline and shareholder returns.
Tyler said his priorities as chair will include reshaping the board, ensuring it has the expertise required to support BP's strategic objectives and increasing engagement with shareholders.
His appointment resolves the immediate uncertainty created by Manifold's departure. Manifold had himself only recently succeeded longtime BP chair Helge Lund before being removed in May, making boardroom stability an important issue as O'Neill pushes ahead with the company's restructuring.
Further board turnover is already planned. Senior Independent Director Dame Amanda Blanc, who led the search for BP's permanent chair, has told the board she will not seek re-election at the company's 2027 annual meeting. She will remain in place until BP appoints her successor.
The US State of California has filed a lawsuit against the Trump administration and offshore wind developer Golden State Wind over an agreement that terminated a planned offshore wind project off the state’s Central Coast in exchange for a USD120m federal reimbursement and a commitment to invest in fossil fuel projects in US oil and gas assets, energy infrastructure, and/or LNG projects along the US Gulf Coast (California Department of Justice statement, 28/08/2026).
California alleges that the Department of the Interior (DOI) unlawfully used USD120m in Californian taxpayer funds to reimburse Golden State Wind for surrendering an offshore wind lease that it acquired in a 2022 auction. Golden State Wind is a joint venture between Ocean Winds, a partnership between France’s ENGIE and Portugal’s EDP Renewables, and Reventus Power, a London-based offshore wind investment firm.
Golden State Wind had planned a 2 GW floating offshore wind project off California’s Central Coast. “The lease buyout jeopardizes thousands of high-quality jobs and the State’s investments in the offshore wind industry, including from voter-approved climate bonds. The canceled projects also threaten to set back California’s burgeoning offshore wind industry by years”, said the California Department.
In April 2026, the US Department of the Interior (DOI) announced that it would terminate the lease under an agreement with Golden State Wind. The DOI cited unspecified national security concerns as justification for the cancellation, despite the federal government having already reviewed and approved the lease area following years of analysis and consultation with the US Department of Defense. Under the agreement, the federal government would unlawfully "reimburse" the company with USD120m from the Judgment Fund, while Golden State Wind would withdraw from offshore wind development in California, according to the statement. Ocean Winds and its partner Global Infrastructure Partners (a unit of asset manager BlackRock) also agreed to terminate their proposed 2.4 GW Bluepoint Wind offshore wind project off the coast of New York and New Jersey, not to pursue any new offshore wind developments in the United States, and to invest USD765m, the initial bid amount for Bluepoint Wind, in a US LNG facility.
Several companies reached similar agreements with the US government to scrap their offshore wind projects, as part of the administration’s strategy to hinder offshore wind development since Trump’s return to the White House.
AngloGold Ashanti ADR (NYSE:AU) shares fell 4.9% in pre-market trading to $106.82 as gold prices extended a decline following Federal Reserve Chair Kevin Warsh's comments at the Jackson Hole symposium.
Warsh indicated that while recent inflation data had provided some encouraging signs, it did not demonstrate that underlying inflation trends had improved sufficiently. His comments contributed to increased market expectations for another Federal Reserve interest-rate increase.
The decline in AngloGold Ashanti came alongside weakness across other gold-mining shares, according to the supplied information, indicating that the move was not limited to the company.
Markets increase expectations for September rate hike
Market-implied expectations for a Federal Reserve rate increase in September rose to approximately 57%–60% following Warsh's remarks, compared with around 36%–40% beforehand, according to CME FedWatch data cited in the supplied information.
Gold subsequently fell more than 3% in a single session, with prices remaining under pressure as September trading began.
Higher interest rates can increase the relative attractiveness of yield-bearing assets compared with gold, which does not generate interest income. However, movements in bullion prices can reflect multiple economic and market factors.
Gold producers can also experience significant share-price movements when the underlying commodity price changes because movements in realised gold prices can affect revenue and margins.
Analyst consensus target stands near $113
The consensus 12-month analyst price target for AngloGold Ashanti stands at approximately $113, according to the supplied information, following revisions to assumptions including revenue growth and profit margins.
Analyst price targets represent estimates and do not indicate future share-price performance.
AngloGold Ashanti shares had gained approximately 26% during the previous week and reached around $121 before Tuesday's pre-market decline.
Other gold-mining stocks were also indicated lower ahead of the opening bell.
Broader U.S. equity markets trade lower
The decline came during a weaker session for broader U.S. equity markets. The S&P 500 fell 0.5%, the Dow Jones declined 0.6% and the Nasdaq was down approximately 1.0%.
Oil prices were also elevated following a tanker strike in the Strait of Hormuz, adding to market attention on inflation and interest-rate expectations.
AngloGold Ashanti's 4.9% pre-market decline therefore coincided with lower gold prices, weakness among other mining stocks and a broader decline in U.S. equities. The supplied information does not establish the extent to which any individual factor caused the share-price move.
https://finance.yahoo.com/markets/stocks/articles/anglogold-ashanti-shares-fall-4-130238157.html
Great Southern Copper plc (LON: GSCU) has reported a significant new porphyry copper discovery at its Especularita project in Chile, with scout drilling intersecting 106 metres at 0.33% copper and 42ppm molybdenum from surface.
The standout result came from hole RC009 at the Artemisa North prospect and included 54 metres at 0.46% copper and 66ppm molybdenum from 16 metres, with a higher-grade section of 20 metres grading 0.57% copper and 116ppm molybdenum.
Great Southern said the disseminated and vein-hosted chalcopyrite, bornite and molybdenite mineralisation occurs within potassic alteration and is strongly indicative of a porphyry copper system. Importantly, mineralisation remains open in all directions, with RC009 ending in chalcopyrite-mineralised granodiorite.
The discovery follows a proof-of-concept reverse circulation drilling programme designed to test several targets surrounding the extensive La Colorada lithocap. A total of 17 holes covering 2,474 metres were completed across Artemisa North, Artemisa South, Victoria and Piedras Blancas.
Results have so far been received for only four holes, leaving assays from 13 additional holes pending.
At the Victoria prospect, hole RC011 also encountered broad potassic alteration and copper-gold mineralisation, including 14 metres at 0.23% copper and 0.18g/t gold from six metres, with a two-metre section grading 0.85% copper and 0.48g/t gold.
The geological similarities between Victoria and Artemisa North support Great Southern’s interpretation that a broader porphyry system could exist around the margins of the La Colorada lithocap.
Chief executive Sam Garrett said the RC009 result had exceeded expectations and validated the company’s strategy of using relatively inexpensive scout drilling to test targets before committing to larger exploration programmes.
The company will now undertake detailed mapping and sampling around Artemisa North ahead of potential IP geophysical surveys and follow-up RC drilling, while awaiting results from the remaining scout holes.
Great Southern holds rights to acquire 100% of Especularita, which is located at relatively low elevation in Chile’s coastal metallogenic belt with access to established mining infrastructure. The project lies along trend from major copper deposits including Los Pelambres, Altar and El Pachon.
https://www.share-talk.com/great-southern-copper-hits-106m-of-copper-from-surface-at-especularita/
Swedish mining company Boliden AB has entered into an agreement with Brazilian Votorantim S.A. to acquire a controlling stake in zinc producer Nexa Resources S.A. This is reported in the Boliden press release.
The deal is valued at $1.31 billion ($15.29 per share, which is 14.2% higher than the closing price on July 1, 2026) with a total value of Nexa of $2.03 billion or $3.67 billion, including debt obligations. Boliden has raised $2 billion in financing from Danske Bank and ING to support the deal and tender proposals.
As part of the deal, Boliden will acquire a 64.68% stake in Nexa, a zinc and silver producer in Brazil and Peru, and will become one of the key zinc and silver producers in the world, strengthening its position as a global producer of non-ferrous metals and expanding its presence in Latin America.
After the deal closes, Votorantim will own 7% of Boliden shares. The transaction is expected to be completed in the first quarter of 2027, subject to approval by regulators and Boliden shareholders at an extraordinary general meeting.
According to the legislation, Boliden must hold tenders for the purchase of the remaining shares of Nexa and some of Nexa's subsidiaries, whose shares are listed on the Peruvian stock Exchange, within six months after the closing of the transaction. RBC Capital Markets and J.P. Morgan act as consultants to Boliden.
Upon closing of the transaction, Nexa will continue to operate within the Boliden structure as a separate legal entity registered in Luxembourg with shares listed on the New York Stock Exchange.
At the same time, Boliden will combine the mining and smelting of non-ferrous and precious metals with Nexa's assets in Latin America. The combined company will operate 12 mining and eight smelting plants in Europe and Latin America.
The combined revenue of Boliden and Nexa is 136 billion Swedish kronor ($14.9 billion), and the profit is 38 billion kronor ($4.2 billion).
Boliden AB is a Swedish multinational mining and metallurgical company. The company conducts exploration of deposits of copper, zinc, nickel, lead, gold, silver and other metals. The headquarters is located in Stockholm (Sweden).
Nexa Resources S.A. is a producer of polymetallic ores, primarily zinc. It is headquartered in Luxembourg, but operates in Latin America. Nexa Resources is a subsidiary of the Brazilian financial and industrial group Votorantim S.A.
Votorantim S.A. is a Brazilian financial and industrial group with constant capitalization. The headquarters is located in Sao Paulo (Brazil).
FILE PHOTO: Sheets of copper cathode are pictured at BHP's Escondida, the world's biggest copper mine, in Antofagasta, northern Chile March 31, 2008. Picture taken March 31, 2008. REUTERS/Ivan Alvarado. Image used for illustrative purpose.
Zinc prices hit a more than four-year high on supply worries while copper touched a seven-month peak on Tuesday before retreating under pressure from a stronger dollar and a global bond selloff.
Benchmark three-month zinc on the London Metal Exchange was up 1.3% at $3,933 a metric ton by 1020 GMT after touching $3,990 for its highest since May 2022.
Stock markets tumbled on Tuesday and bond yields jumped on the back of renewed fighting in the Middle East.
"The tight supply outlook is the main focus in the industrial metals," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
"There are concerns about rising yields and the potential increase in funding costs, but it just goes to show that commodities with a tight supply situation can weather the storm when there's some concern about the demand outlook."
The most-traded zinc contract on the Shanghai Futures Exchange touched a peak of 27,165 yuan a ton for its highest since January.
Falling refined zinc inventories outside China, tight raw material supply and speculative buying have boosted the metal used to galvanise steel, with August producing its strongest monthly performance since January on both the LME and SHFE.
Available LME zinc inventories, material that has not been earmarked for removal, slumped to 68,250 tons, down 28% in less than a week to their weakest since December last year, data showed on Tuesday.
Tight supply outside China has drawn metal out of the country and into overseas warehouses, supporting prices and lowering inventories in those markets.
"Domestic (Chinese) inventories saw a sharp drawdown on Monday, with spot purchasing concentrated in deliverable brands," Chinese broker Jinrui Futures said in a note.
LME copper climbed to its highest since January 29 at $14,441.50 a ton before slipping into the red to stand 0.5% down at $14,218.
A stronger dollar makes commodities priced in the U.S. currency more expensive for buyers using other currencies.
LME aluminium rose 0.3% to $3,253 a ton after touching its highest since August 13 at $3,288, lead was little changed at $1,905, nickel shed 0.7% to $16,750 and tin dipped 0.2% to $55,125.
($1 = 6.7205 Chinese yuan)
(Reporting by Eric Onstad Additional reporting by Solomon Cefai in Singapore Editing by David Goodman)
25 August 2026
The National Wealth Fund is investing up to £71 million in Tungsten West to support the restart of the Hemerdon tungsten and tin mine in Devon
The National Wealth Fund has announced an investment of up to £71 million in Tungsten West, a mining company focused on restarting the Hemerdon tungsten and tin mine on the outskirts of Plymouth.
The financing consists of a £36 million equity investment alongside up to £35 million of lending, supporting Tungsten West with the construction, commissioning and processing costs associated with restarting production.
The investment also unlocks an exclusive negotiation period giving UK Government the right to procure up to 50% of the mine’s tungsten production, stated in its 2025 Feasibility Study, securing a vital domestic supply of tungsten and reducing the UK’s reliance on imports. The offtake agreement is being negotiated separately by UK Government.
Hemerdon is the one of the world’s largest tungsten resources, making it a strategic UK asset capable of providing a secure domestic supply of the mineral. Recent export controls have reinforced the importance of diversifying sources of supply for UK industry, with global Tungsten demand driven by its critical applications in defence, aerospace, next generation energy and electronics. Today’s investment secures the UK’s own sovereign capability, while investing in local infrastructure to bring jobs and opportunity to the South West.
The Hemerdon mine benefits from substantial existing infrastructure and a previously operating mine, resulting in competitive costs and a shorter route to production. The Company is targeting ramp up to full scale production in Q1 2027.
The National Wealth Fund’s investment in Tungsten West supports the continued growth and renewal of mining in the South West, building on the Fund’s most recent investment in Cornish Metals and helping to develop a critical minerals cluster in the region that is promoting the reindustrialisation of the UK. The Hemerdon project is expected to support around 350 direct jobs once fully operational, bringing employment and opportunity to the surrounding communities.
John Healey, Chancellor of the Exchequer, said:
“We are living in a more dangerous world, which is why backing British industry is more important than ever before. That is what this deal does. We are tapping into one of the largest deposits of tungsten in the world, right here in the UK.
“This investment will supply vital minerals to British defence, energy and aerospace businesses - and keep good, well-paid jobs in the UK. All part of this Government's commitment to drive growth in every postcode, back British business and keep our country safe.”
Business Secretary Jonathan Reynolds said:
“The National Wealth Fund’s investment is a major vote of confidence in our critical minerals sector and another step forward in the Prime Minister’s plan to reindustrialise Britain, which will support skilled jobs across Devon and unlock a new supply chain to power UK industry.
“This is our Critical Minerals Strategy in action: doubling down on projects like Tungsten West’s which will boost our economic resilience, strengthen supply chains and drive good growth in the South West and across the UK.”
Oliver Holbourn, National Wealth Fund CEO, said:
“There is strong and increasing global demand for Tungsten, supported by its strategic applications in defence, next generation energy and aerospace. In Hemerdon, the UK has one of the largest deposits of tungsten in the world right on our doorstep. The National Wealth Fund’s investment is unlocking this domestic supply, and we are working closely with both Tungsten West and Government to ensure that this significant strategic asset can deliver for UK industry.”
Jeff Court, CEO of Tungsten West, commented:
“We are incredibly pleased to welcome the UK Government’s National Wealth Fund as a long-term equity partner in the development of the Hemerdon mine. Hemerdon is a world class, low cost and long-life tungsten and tin resource in the UK. It is extremely important to us that we prioritise UK requirements for this critical metal to support domestic demand, including strategic initiatives across defence and next generation energy.
“Hemerdon will be a long-term creator of economic benefits for the South West, including the generation of a significant number of direct and indirect jobs. Through the support of the UK Government, we are ensuring that critical minerals produced at Hemerdon will underpin the UK’s national interests for the long term.”
The new bid price currently stands at $1,185 per short tonne
The American steel producer Nucor has once again raised the spot price (CSP) for hot-rolled coils by $5 per short tonne compared with the previous week. This is stated in the company’s letter to customers dated 31 August.
The new offer price stands at $1,185 per metric tonne. The CSP for the California Steel Industries (CSI) joint venture has also risen by $5 per short tonne to $1,245 per metric tonne.
Nucor has been raising the price of hot-rolled coils for six weeks running; in August, the increase was $5–10 per tonne.
According to the steel manufacturer’s announcement, delivery times remain unchanged – between 3 and 5 weeks.
According to Steel Market Update, the average price of hot-rolled coils in the United States stood at $1,200 per short tonne as at 25 August.
According to estimates by Kallanish, as at 27 August, the price of HRC on the US market stood at $1,190–1,200 per short tonne. In the corresponding week of 2025, spot prices for this product ranged from $845 to $865 per tonne.
It should be noted that the global market for hot-rolled coils in July showed mixed trends; in particular, prices in the US rose steadily due to limited spot supply and stable demand. The US market was further supported during this period by maintenance shutdowns at plants and production delays at certain mills, which limited the rapid replenishment of supply.
https://gmk.center/en/news/nucor-has-once-again-raised-the-price-of-hot-rolled-coils/