Mitsui Mining & Smelting Co., Japan’s biggest zinc producer, raised annual charges to overseas buyers by as much as 70 percent as consumption increases in China. Futures in London snapped a 10-day losing streak.
Australian billionaire Clive Palmer ’s much-touted ties with China weren’t enough to convince Hong Kong investors to put up $3.6 billion for shares in his unprofitable iron ore and coal company Resourcehouse Ltd.
Prices of iron ore for immediate delivery may fall further as Chinese steelmakers seek lower spot prices during quarterly contract negotiations with suppliers including BHP Billiton Ltd., Mine Life Pty. said.
Resourcehouse Ltd. , the iron ore and coal company controlled by Australian billionaire Clive Palmer , pulled its planned initial public offering in Hong Kong for a fourth time, citing negative market conditions.
Oil slipped for a third day in London because of concern that U.S. lawmakers may fail to avert automatic spending cuts and tax increases that threaten the economy of the world’s biggest crude consumer.