China’s rare earth curbs trigger U.S. tariff threats, market rout
China has upgraded its rare earth export controls to target the semiconductor sector, marking the first time it has restricted the materials based on end-use in a move that mirrors U.S. technology export rules. The move drew a sharp reaction from the U.S., with President Donald Trump on Oct. 10 threatening to impose 100% tariffs on Chinese goods from November and new export controls on key software products. The escalation triggered the worst single-day performance for U.S. stocks in six months, with the Dow Jones Industrial Average falling 1.9%, the S&P 500 down 2.7% and the Nasdaq Composite plunging 3.6%. U.S. WTI crude futures fell 5.3% to $58.24 a barrel. A U.S. think tank described the new controls as China’s most influential move against the U.S. defense sector to date.
Sany Heavy Industry passes Hong Kong listing hearing
Shanghai-listed Sany Heavy Industry Co. Ltd. has passed its listing hearing on the Hong Kong Stock Exchange for an IPO, according to an updated exchange filing on Oct. 12.
Zijin unit completes Kazakh gold mine acquisition
Shanghai- and Hong Kong-listed Zijin Mining Group Co. Ltd. announced Oct. 12 that its subsidiary, Zijin International Gold Co. Ltd., completed the acquisition of 100% of the Raygorodok gold mine in Kazakhstan on Oct. 10. The deal increases the number of gold mines under Zijin International Gold to nine and lifts its total gold reserves to 932 tons, ranking it ninth among global gold producers.
China’s C&I energy storage sector faces headwinds
China’s commercial and industrial (C&I) energy storage sector faces policy headwinds as mandatory installation requirements are phased out in favor of market-based mechanisms, according to an Oct. 11 report from BloombergNEF (BNEF). The sector has boomed since 2022, with new installations in 2024 growing 194% year-on-year to 2.3 gigawatts/5.8 gigawatt-hours. BNEF projects an average annual growth rate of 14.7% through 2035, when cumulative installed capacity is expected to reach 103 gigawatts/247 gigawatt-hours.
China Mineral Resources, BHP at odds over iron ore contracts
State-owned China Mineral Resources Group (CMRG) has requested a suspension of iron ore purchases from BHP Group Ltd. in U.S. dollars amid a stalemate in annual long-term contract negotiations. Industry insiders believe the impact on domestic prices will be limited this year, with potential effects emerging in early 2026 depending on the outcome of the talks.
