| Welcome to our guide to the commodities powering the global economy. Today, reporter Alfred Cang looks at what a new effort by China to boost recycling could mean for metals markets. Check out today’s Big Take on hedge funds piling up bets against a greener future. To get this newsletter in your inbox, you can sign up here. China’s barrage of stimulus during the past few weeks has given metal bulls reason to hope that authorities can succeed in juicing demand for everything from iron ore to copper and aluminum. But overshadowed by the headline-grabbing growth efforts was an announcement that may end up doing the opposite over the longer term. China Resources Recycling Group Co., a state-owned enterprise, was launched last week to promote reuse of steel scrap, batteries and plastics, among other materials. The idea is that it will absorb many of the thousands of firms in the sector and achieve the economic heft necessary to give recycling a major boost. It’s been publicized as a way to help China meet environmental targets, but it will also make the world’s biggest importer of raw materials more self-sufficient in what’s becoming a more uncertain geopolitical environment.  Bundles of steel tubes at a trading market in the outskirts of Shanghai. Photographer: Qilai Shen/Bloomberg CRRG is likely to have a substantial impact on metals markets. In the steel industry, it dovetails with existing efforts by authorities to encourage the building of electric arc furnaces that use scrap rather than iron ore. In the copper market — where almost a third of Chinese refined production already comes from scrap — it could help address a looming shortage of recyclable material that’s an unintended consequence of a change to tax policy. It’s not the first time the country has tried to overhaul commodity supply chains. It promised to shake up the iron ore trade in 2022 by creating a behemoth to centralize buying of the steelmaking ingredient, but progress has been slow. Optimizing recycling should be an easier task, however, given that CRRG — with Beijing’s backing — can simply press state-owned companies into action. Crucially, China’s massive infrastructure, building and consumer spending booms during the past few decades mean there’s more than enough steel and other metals ready to be scrapped. Anyone hoping for a boost for primary markets, however, will need to keep waiting. --Alfred Cang, Bloomberg News Abu Dhabi is trying to attract billions of dollars in investments from agrifood companies as supply chain disruptions around the world spur a quest for greater self-sufficiency. The United Arab Emirates capital, which imports most of its food, is seeking 128 billion dirhams ($34.9 billion) by 2045, according to the Abu Dhabi Investment Office. It will offer subsidies to domestic and international firms to attract producers of livestock, farmed fish, alternative protein and seaweed. Taiwan is “very open” to using new nuclear technology to meet surging demand from chipmakers devouring electricity in the AI boom, Premier Cho Jung-tai said, giving one of the strongest signs yet that the government is rethinking its opposition to reactors. Saudi Aramco is bullish on China’s oil consumption after the government introduced a raft of stimulus measures aimed at reviving Asia’s biggest economy, Chief Executive Officer Amin H. Nasser said. Mineral Resources Ltd. has begun an investigation into undeclared payments made to companies owned by its millionaire founder, Chris Ellison. Shares fell as much as 14%. India’s largest solar-panel producer’s $514 million initial public offering was sold out after the first few hours of opening, benefiting from the world-beating rally in the nation’s renewable energy stocks this year. Demand for power is going up faster than renewables can supply, and the world is turning to a time-tested source to produce it: coal, writes Bloomberg Opinion columnist Javier Blas. Monday: Singapore International Energy Week (through Oct. 25); Financial Review Energy and Climate Summit, Sydney (through Oct. 22); Vanir’s Japan Power Week, Tokyo (through Oct. 24) Tuesday: Bloomberg New Economy at B20, Sao Paulo (through Oct. 23); Wood Mackenzie Gas, LNG & the Future of Energy 2024 conference (through Oct. 23); Financial Times Energy Transition Summit, London (through Oct. 24); Earnings: First Quantum Minerals Ltd., Baker Hughes Co. Wednesday: France’s GRTgaz and Terega present winter gas outlook; US Federal Reserve issues Beige Book; Earnings: Tesla Inc., Newmont Corp.; Saipem SpA, NextEra Energy Inc. Thursday: Euro-zone PMIs; US initial jobless claims; S&P Global US PMIs; Earnings: Vale SA, Teck Resources Ltd., Equinor ASA, Valero Energy Corp. Friday: US durable goods orders for September; Earnings: Jiangsu Shagang Co., JSW Steel Ltd., Fortescue Ltd. (output), Yara International, Eni SpA -
The Financial Times takes a look at the largest mass lawsuit in English legal history beginning on Monday, with miner BHP Group facing victims of a tailings dam collapse in southeastern Brazil. -
An influential US oil and gas industry group whose members were aggressively pursued for campaign cash by Donald Trump has drafted detailed plans for dismantling landmark Biden administration climate rules, according to documents obtained by the Washington Post. -
The UK government has given the go-ahead for carbon capture and storage schemes worth around $29 billion, despite the technology being largely unproven. Getting it right will be hard, but that doesn't make it optional, Myles Allen of the University of Oxford writes in the Conversation. Against the backdrop of the United Nations Climate Change Conference, Bloomberg Green convenes the foremost leaders in business, finance, policy, academia and NGOs for candid conversations focused on COP29’s core goals. Join us in Baku, Azerbaijan, on Nov. 13. Learn more. | 
