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Following CRU’s breakfast briefing during LME Week, this live debrief examines the gap between investment needs and today’s financing reality across base metals markets. Gain actionable insights on: - Get the Supply-Demand Reality Check - Understand New Realities of Capital Deployment - Navigate the Strategic Pivot Join CRU’s analysts to understand how market participants are navigating risk and financing the future of base metals. Register now:https://lnkd.in/eJ6_drTs Frank Nikolic | Charlie Durant | William Tankard #CRUbreakfast #LMEweek #Metals #London

It was an honour to be invited to participate on a panel at the recent #18ArabSteelSummit in Musca, Oman alongside Abdelkadir Khellaf, Carlos Garcia Pinilla and our moderator Yomna a El Sharbawy. Some reflections from me on the summit as a whole. The positives for the region's steel industry include growing domestic consumption underpinned by strong fundamentals such as a growing population, investment in infrastructure and flagship projects like the FIFA world cup coming to KSA in 2034. Challenges for the region undoubtedly include the wave of steel trade barriers being erected in many regions which is no doubt hurting exports from the region. In this 'age of protectionism' and the emergence of steel trading blocks, producers in the GCC/MENA region are perhaps struggling to be heard in trade negotiations? Surely better co-ordination and alignment on steel trade policy within and across the region would help? Looking forward, there is no doubt that low emissions iron and steel making is a potential source of competitive advantage for the region. Will the region (or some nation states within it) monetise this carbon advantage by implementing a CBAM or carbon border adjustment of some kind? This would encourage further investment in even lower emissions steelmaking and increase the competitiveness of the region in international markets. Alternatively, should the region embrace the 'decoupled' model for iron and steel making and seek partnerships with producers in Europe and JKT for a 'win:win' of combining a source of competitive low carbon ore-based metallics (DRI/HBI) with access to high-end use finished steel markets? Such moves will take imagination and courage from leaders in these regions. Are they up for the challenge? Thanks to my CRU colleagues Callum Ross, Erik Hedborg and Zain Ajlouni for their support at the event and to all who participated.

Session Spotlight at the CRU World Copper Conference Asia: Market outlook – Examining prices and premiums Negative TC/RCs are creating increasingly hostile business conditions for smelters. With 2026 shaping up to look a lot like Groundhog Day, our expert line-up of speakers will tackle the pivotal questions shaping the #copper market next year — and provide much-needed clarity on how the situation could play out over the longer term. Key questions on the table include: • Will recent disruptions bring the market closer to balance by year-end? • Will refined consumption continue its strong growth trajectory? • Could Chinese anti-involution policies trigger rationalisation in the smelting sector? • Will challenges in bringing new supply online keep the concentrates market tight? • What are the long-term implications of negative TC/RCs for the scrap market? • Is the benchmark system still fit for purpose? Join us next month as we unpack these dynamics and explore what they mean for producers, traders, and consumers heading into 2026. Leading experts taking place in this session: - Helen Amos, Managing Director, Commodities Research, BMO Capital Markets - Julia Du, Senior Commodities Strategist, ICBC Standard Bank Plc - Sharon Ding, Executive Director, China Basic Materials Analyst, 瑞银证券有限责任公司 - Colin Hamilton, Vice President, Market Research & Economic Analysis, Teck Resources Limited - Craig Lang, Principal Analyst, Base Metals, CRU Book your place now to join us in Shanghai this November during Asia Copper Week to hear fresh insights, strategic outlooks, and real-world perspectives: https://bit.ly/4lws5ww #CRUcopperasia #copper #lmeweekasia #prices

CRU's experts explore the market outlook for the key LME commodities focusing on #copper #aluminium #nickel #zinc #cobalt #CRUbreakfast