9月初，一则看似普通的通知，在大宗商品圈子里引起了不小的震动：中国矿产资源集团明确告诉国内买家，暂时别再接收必和必拓那批以美元计价的铁矿 石。 这不是小动作。必和必拓是澳大利亚最大的矿企之一，中国则是全球最大的铁矿石进口国，一年进口量占了全球海运量的七成以上。 买方突然暂停采购，不是说不要铁矿石了，而是对交易方式提出了明确的态度。换句话说，不是货不好，而是结算方式不合适。 这事发生得不突然。从今年8月下旬开始，中国方面就在与几家主要矿商就价格问题僵持不下，特别是关于中品位铁矿石的折扣定价。 必和必拓并没有表现出太多让步的意思，谈判迟迟没有进展。而就在这时候，关于采购暂停的消息流出，时间点非常微妙。 澳大利亚政府很快有所回应，总理阿尔巴尼斯在9月中旬接受采访时说对这个决定"感到遗憾"，希望尽快恢复正常贸易。但中国并没有立刻做出调整。 这一举动不是情绪化的反应，而更像是计划之中的一环。对于很多关注国际贸易的人来说，这像是一场早就布好局的游戏，关键只在什么时候出牌。 过去很多年，铁矿石市场基本由三家巨头控制：必和必拓、力拓和淡水河谷。这三家掌握着最重要的资源和运输通道，从开采到定价都说了算。 买家再大，也只能按照他 ...

Group 1 - Macquarie has lowered the target price for BHP by 2% to AUD 42 per share [1] - Macquarie has raised the target price for Rio Tinto by 4% to AUD 115 per share [1] - Macquarie has decreased the target price for Beach Energy by 2.2% to AUD 0.90 per share [1] - Macquarie has reduced the target price for Woodside Energy by 4% to AUD 24 per share [1]

麦格理：将必和必拓目标价下调2%至每股42澳元。 ...

Market Overview - US stock index futures are all down, with Dow futures down 0.26%, S&P 500 futures down 0.38%, and Nasdaq futures down 0.42% [1] - European indices show positive performance, with Germany's DAX up 0.52%, UK's FTSE 100 up 0.68%, France's CAC40 up 0.48%, and the Euro Stoxx 50 up 0.41% [2][3] Commodity Prices - WTI crude oil is down 0.55%, trading at $62.03 per barrel, while Brent crude oil is down 0.53%, trading at $65.68 per barrel [3][4] Economic Events - The US government has shut down for the first time in seven years due to Congress's failure to agree on a spending plan, affecting federal workers and public services [5] - The ADP employment report is expected to show an increase of approximately 60,000 jobs, becoming the focus of labor market data for the month [5] Gold Market - Gold prices have reached a new historical high of $3,890 per ounce, driven by increased demand for safe-haven assets amid the government shutdown [6] Federal Reserve Insights - The market is pricing in a high probability of interest rate cuts this month, with a 76% chance of another cut in December [6] Corporate News - Samsung and SK Hynix have signed a letter of intent to supply memory chips for OpenAI's data center, supporting the Stargate project [9] - Berkshire Hathaway is reportedly close to acquiring Occidental Petroleum's chemical division for approximately $10 billion, marking its largest acquisition since 2022 [9] - BHP is investing $554 million to expand its Olympic Dam copper mine in South Australia, anticipating a 70% increase in global copper demand by 2050 [10] - Tesla has raised leasing prices for all models in the US following the expiration of a $7,500 federal tax credit [10] - Nike's Q1 revenue was $11.7 billion, slightly down but better than expected, indicating early success in its business transformation [11]

Core Viewpoint - China Minmetals Corporation has requested domestic buyers to suspend purchases of BHP's iron ore priced in US dollars, indicating a significant shift in procurement strategy aimed at enhancing price influence [1][3]. Group 1: Company Actions - The suspension includes new contracts and iron ore shipments already en route from Australia, with only a limited amount of iron ore available for trade in China, all priced in RMB [1]. - This decision follows unsuccessful negotiations between the two parties, highlighting the ongoing tensions in trade relations [1][3]. Group 2: Industry Context - China accounts for approximately 75% of global seaborne iron ore imports, making it the largest consumer of iron ore [3]. - BHP is one of the three major suppliers of iron ore to Chinese steel manufacturers, underscoring the importance of this market for BHP's operations [3]. - Australia's iron ore export revenue is projected to decline from AUD 116 billion to AUD 105 billion by June next year due to increased global supply [3]. Group 3: Government Responses - Australian Prime Minister Albanese expressed disappointment over China's decision and emphasized the importance of iron ore exports for both economies [1][3]. - The Australian government has been attempting to improve relations with China since the Labor Party came to power, which has seen some diplomatic thawing [4][5].

Group 1 - BHP plans to invest AUD 840 million (approximately USD 554 million) to expand its Olympic Dam underground copper mine in South Australia to increase copper production [1] - The investment will fund the construction of a new tunnel to access copper resources in the southern area of the mine, along with infrastructure to enhance ore processing capacity and efficiency, and a new oxygen plant at the smelter [1] - BHP anticipates a 70% increase in global copper demand by 2050 and has identified copper as a core growth business, planning to invest over USD 10 billion in Chile over the next decade [1] Group 2 - BHP aims to increase its annual copper production from 1.7 million tons to approximately 2.5 million tons, leveraging the world-class copper mining region in South Australia [1] - Currently, BHP's assets in South Australia contribute nearly 20% of its total global copper production [1] - Recent supply chain disruptions have led to rising copper prices, influenced by Freeport-McMoRan's declaration of force majeure at its Grasberg mine in Indonesia [2]

Core Viewpoint - BHP will invest over $555 million in Australian copper mines [1] Company Summary - BHP is making a significant investment in the Australian copper mining sector, indicating a strong commitment to expanding its operations in this area [1]

BHP said on Wednesday it would invest more than A$840 million ($555.16 million) in its Olympic Dam copper operations in South Australia as the miner prepares to make an investment decision by mid-2027 to double output from the state. ...

Iron ore slipped as traders watched for fallout from China’s move to halt new cargoes from mining giant BHP Group https://t.co/Z8hQoYLIIi ...

Australian Prime Minister Anthony Albanese said China’s ban on new BHP cargoes is “disappointing” and he is concerned about the issue https://t.co/7u6r3K9AJk ...