Global Materials Price disconnect

Zijin Mining Group

Market Cap: CN¥878.1b

Engages in exploration and extraction of metals in Mainland China and internationally.

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥233.6b

Engages in the research, development, production, and sale of aluminum products in China and internationally.

Wanhua Chemical Group

Market Cap: CN¥228.1b

Engages in the research, development, production, and sale of chemical products in China and internationally.

Heidelberg Materials

Market Cap: €28.0b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

China Hongqiao Group

Market Cap: HK$230.6b

An investment holding company, manufactures and sells aluminum products in the People's Republic of China, India, Europe, Malaysia, North America, the rest of Southeast Asia, and internationally.

Lundin Mining

Market Cap: CA$32.4b

A diversified base metals mining company, engages in the exploration, development, and mining of mineral properties in Chile, Brazil, and Argentina.

Amcor

Market Cap: US$22.4b

Develops and produces packaging solutions for nutrition, health, beauty, and wellness categories in Europe, North America, Latin America, and the Asia Pacific.

Qinghai Salt Lake IndustryLtd

Market Cap: CN¥145.3b

Manufactures and sells potash fertilizers in China and internationally.

Zhongjin GoldLtd

Market Cap: CN¥127.2b

Engages in exploration, mining, beneficiation, and smelting of gold and other non-ferrous metals in China.

Rongsheng Petrochemical

Market Cap: CN¥126.5b

Engages in the research, development, production, and sale of chemical, oil, and polyester products in China.

POSCO Holdings

Market Cap: ₩25.1t

Operates as an integrated steel producer in Korea and internationally.

PhosAgro

Market Cap: ₽1.0t

Public Joint-Stock Company PhosAgro, together with its subsidiaries, engages in the production and distribution of apatite concentrate and mineral fertilizers in Russia and internationally.

Alamos Gold

Market Cap: CA$21.8b

Operates as a gold producer in Canada and Mexico.

Zhejiang Juhua

Market Cap: CN¥102.4b

Engages in the research, development, production, and sale of chemical raw materials and products in China, the United Arab Emirates, and Hong Kong.

Inner Mongolia Baotou Steel Union

Market Cap: CN¥101.8b

Inner Mongolia Baotou Steel Union Co., Ltd.

MMG

Market Cap: HK$118.3b

An investment holding company, engages in the exploration, development, and mining of mineral properties.

Asahi Kasei

Market Cap: JP¥2.2t

Engages in material, homes, and healthcare businesses in Japan, the United States, China, and internationally.

Yunnan Aluminium

Market Cap: CN¥90.6b

Produces and sells aluminum primarily in China.

Satellite ChemicalLtd

Market Cap: CN¥89.2b

A low-carbon chemical company, research, development, production, sale, and service of new electronic chemicals and functional materials in China and internationally.

China Gold International Resources

Market Cap: CA$18.3b

A gold and base metal mining company, acquires, explores, develops, and mines mineral resources in the People’s Republic of China and Canada.

Chifeng Jilong Gold Mining Group

Market Cap: CN¥87.0b

Engages in the exploration, mining, beneficiation, and sale of gold in China, Southeast Asia, and West Africa.

Western MiningLtd

Market Cap: CN¥86.9b

Engages in the mining, beneficiation, smelting, and trading of metals in Mainland China and internationally.

Yara International

Market Cap: NOK 116.2b

Provides crop nutrition, ammonia, and industrial solutions in Norway, European Union, Europe, Africa, Asia, North America, Latin America, Australia, and New Zealand.

Xiamen TungstenLtd

Market Cap: CN¥83.2b

Engages in the sale of tungsten, molybdenum, rare earth, battery materials, and other industrial products in China.

Shanjin International Gold

Market Cap: CN¥77.1b

Explores for, mines, and trades in precious and non-ferrous metal ores in China.

G Mining Ventures

Market Cap: CA$15.9b

A mining company, engages in the acquisition, exploration, evaluation, development, and operation of mineral properties.

DPM Metals

Market Cap: CA$15.4b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

Inner Mongolia Xingye Silver & Tin Mining

Market Cap: CN¥70.1b

Engages in the mining and beneficiation of non-ferrous and precious metals in China, Hong Kong, and Mongolia.

Capstone Copper

Market Cap: CA$12.3b

A copper mining company, mines, explores for, and develops mineral properties in the United States, Chile, and Mexico.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥58.1b

Henan Shenhuo Coal Industry and Electricity Power Co.

Tianshan Aluminum GroupLtd

Market Cap: CN¥57.7b

Produces and sells primary aluminum, prebaked anodes, high-purity aluminum, alumina, and aluminum foil products in China and internationally.

Shandong Hualu-Hengsheng Chemical

Market Cap: CN¥54.9b

Shandong Hualu-Hengsheng Chemical Co., Ltd.

Yunnan Yuntianhua

Market Cap: CN¥54.3b

Manufactures and sells fertilizers in China and internationally.

Wanguo Gold Group

Market Cap: HK$63.0b

An investment holding company, engages in mining, ore processing, and sale of concentrate products in the People’s Republic of China and Solomon Islands.

Shanghai Putailai New Energy Technology GroupLtd

Market Cap: CN¥50.1b

Engages in the development and sale of materials of lithium-ion batteries and automation equipment in China and internationally.

Orica

Market Cap: AU$10.3b

Manufactures, distributes, and sells commercial blasting systems, explosives, mining and tunnelling support systems, and various chemical products and services in Australia, Canada, the United States, and internationally.