This week, the dominant headline driving the metals and broader markets was again the escalating U.S.–China battle over rare earth export controls. Beijing unveiled its most aggressive export restrictions yet — expanding the list of controlled elements from seven to twelve, adding rules on processing equipment and forcing exporters to apply for licenses. In Washington, U.S. officials blasted the move as a “global supply-chain power grab,” with Trade Representative Greer calling on China to roll back the curbs. China, in turn, accused the U.S. of stoking panic and distortion, rejecting Washington’s calls to unwind the restrictions. The metals complex had a strong week, until a Friday correction. Energy remained mixed, and grains found a slight rebound.