China's battery industry is leveraging a surplus in the global cobalt market to alter the commodity's pricing mechanism. Increased cobalt production in the Democratic Republic of Congo and Indonesia has led to a price decline and enabled Chinese refineries to negotiate sales based on the local price of cobalt sulphate, a departure from the traditional pricing against refined cobalt metal. Top producers CMOC Group Ltd. and Eurasian Resources Group have adopted this new pricing model, while Glencore Plc has resisted. The shift reflects broader changes in the battery materials sector and the Chinese industry's ongoing efforts to gain more control over commodity pricing.

Banks including Rabobank, Credit Agricole, ING, and the International Finance Corp. are seeking further documents from Vicentin SAIC, an Argentine soy-export company that declared bankruptcy. The banks, owed US$500 million, suspect Vicentin of financial impropriety, involving about US$400 million potentially siphoned to sister companies. The discovery process, initiated in February, has revealed some financial discrepancies, prompting the banks to request additional information from Vicentin, its executives, and related companies. Vicentin denies any wrongdoing, attributing its financial collapse to market disruptions following the 2019 Argentine primary elections. The Argentine government's plan to nationalize Vicentin is currently on hold, with President Alberto Fernández considering alternatives after facing resistance. The New York court's decision on the document subpoena could influence the company's future and the government's expropriation plans.

The global nickel mining industry is facing a structural challenge due to an almost unlimited and low-cost supply from Indonesia, causing a 70% price collapse from 2022 highs. With half of the nickel operations unprofitable at current prices, major mining companies are pessimistic about a recovery. Indonesia, backed by China, now accounts for over half of the world's supply, potentially reaching three-quarters by the end of the decade. This has led to asset impairments for companies like Anglo American Plc and BHP Group, which may close its Australian nickel business. Environmental concerns are also rising due to Indonesia's coal-powered production and deforestation.