Brazil

Petrobras, Brazil's state-owned oil company, announced on Thursday that it has changed its fuel supply strategy. It will now?offer more fuel to distributors for April deliveries. Petrobras announced that it would supply 70 million liters more of S10 diesel next month and 95 million liters more of gasoline. The extra volumes will be delivered via existing contracts, rather than through diesel and gasoline auctions. Sources said that the change will result in fuel being sold at a lower price than if it was auctioned, and this is helping to keep domestic prices under control despite a recent spike triggered by...

Petrobras, the state-owned oil company in Brazil, will increase the price of diesel sold by distributors by 0.38 reais (US$0.0725) per liter starting 'March 14th. The decision comes in the wake of the recent increase in oil prices caused by the U.S./Israeli conflict in Iran. This spike has widened the gap between Petrobras local diesel prices, and international benchmarks in recent days to a record high. Distributors were reluctant to sell to Petrobras because they feared they'd have to resupply the product at higher prices. According to the company, the average price of diesel that the oil giant charges distributors...

Brazil's government has scrapped diesel taxes and imposed a tax on oil exports. The move, which was made on Thursday, could affect the state-run Petrobras as it tries to ease the impact of recent global oil price spikes. The administration of President Luiz inacio da Silva said that the temporary measures will reduce the impact on local fuel prices caused by price swings resulting from the U.S./Israeli war against Iran. The South American nation cut the PIS federal tax and Cofins federal tax levied on diesel to zero. It also imposed a 12 percent tax on crude oil and a...

Oil prices spiked due to the war in Iran, and for now this has halted any monetary easing efforts by emerging market central bankers from Poland to Turkey. This is because policymakers are coping with an increase in inflation expectations as well as a rise in risk aversion. After a series of shocks, from the COVID outbreak to Russia's invasion in?Ukraine, that have shook markets, slowed growth, and fueled inflation, central banks are finally becoming more optimistic about global economic resilience?and easing price pressures. The dollar gained ground, and U.S. Treasury Yields rose as a proxy of borrowing costs in...

Brazilian sugar and ethanol ?producer Raizen said on Wednesday it had reached an ?out-of-court agreement with ?creditors and bondholders ?to restructureapproximately ?65.1 billion reais ($12.61 billion) in debt obligations. The company is a joint-venture between Shell, an oil giant listed in London, and Brazilian conglomerate Cosan. It has been in talks for months to find ways to improve its capital structure and reduce its debt. Raizen stated in a?security filing that creditors who hold 47% of the company's unsecured debt had already endorsed this plan. The company has 90 days to get enough?support to receive final approval. After that, the...

Two sources with knowledge of the matter said that Petrobras, the Brazilian state-run company which owns the oil industry in Brazil, plans to auction 20 million liters of diesel to the state of Rio Grande do Sul to address shortages. They said the auction would take place on Wednesday. The U.S. and Israel attacks on Iran are causing a spike in diesel prices, which is the most immediate and serious threat to Brazil's agricultural sector. Producers harvesting record soybean crops and planting corn cannot afford to delay. The initiative, according to a source who spoke under?conditions of anonymity, is necessary...

Two sources familiar with the discussion said that Brazil's government is facing an additional challenge when it prepares to update its economic forecasts. Market volatility and uncertainty linked to the conflict in Iran will complicate projections for this year's budget management. Within two weeks, the Finance Ministry is expected to release new forecasts on 2026 GDP growth, inflation and inputs for government's bimonthly revenue and expenditure report. The first report for the year is due on March 24. It will assess revenues and expenditures against the approved budget, and determine if a spending freeze would be necessary to comply with...

Four sources with knowledge of the situation have confirmed that Brazilian state-run Petrobras has refused to?accept requests from fuel distributors requesting additional diesel volumes, as domestic prices are falling?to record discounts compared to global levels. Petrobras is the largest supplier of fuel in Brazil and the data indicates that the diesel sold by the company is currently 85% less expensive than imported fuels. This is due to global prices rising because of the U.S. Iran conflict. Sources claim that the disparity between the two diesel prices has a negative impact on the booming agricultural sector of the country during the...

Investors are rethinking popular themes and trades of 2026 due to the escalating conflict in the Middle East. Global equities have plummeted, the dollar has risen and traders have reduced their bets on rate cuts by the Federal Reserve. Investors have been preparing for growth this year. "A stagflationary surprise was not part of the plan", said ING's head of global markets Chris Turner. Investors are cautious and still have more to unwind. Here are five popular topics that have been "upended" by the conflict in Middle East. 1/ DOLLAR SHORTS SQUEEZED According to data released by the U.S. regulator...

Executives said that if the cash flow was high, Petrobras could pay higher dividends. Magda 'Chambriard, CEO of the company, said earlier this week that it would not pass on sudden changes in oil prices to consumers following attacks by the U.S. Israel and Iran both disrupted energy flows earlier this week. "We live in a period of geopolitical uncertainty, and our concern is that the company be prepared for any scenario regarding the price of crude oil that could occur," said?Chambriard. Brent oil prices are at their highest levels since April 2024. They will likely reach the highest weekly...

Shell's CEO for Brazil told reporters that the conflict between Israel and the United States with Iran presents "enormous opportunities" to attract investment to develop Brazil's oil assets. Cristiano Pinto Da Costa, who is a Brazilian politician, said that Brazil's geopolitical stabilty and its track record as a reliable oil-producer give it a definite 'advantage' over other countries, even though he acknowledged the country had limited capacity to increase production in the short term. Brazil will likely benefit "over the medium to long term", he said, touting the record investments made by the London listed oil major of $12.5 billion...

Brazilian oil giant Petrobras has increased its nitrogen fertilizer sales in Brazil to help reduce the supply risks as tensions in Middle East threaten the delivery of a key source for the country's imports. Petrobras said that its Bahia and Sergipe units, which resumed operations recently, had reached 90% capacity. The factories are able to supply 12% of Brazil’s urea needs. Urea is one of the most common fertilizers used around the globe to grow crops such as corn, wheat and rice. It's also commonly used for sugarcane,?coffee, sugarcane, and sugarcane. Brazil is increasing its urea production, but it is...

Analysts and industry executives say that India's imports, which are a vital?raw material for steelmaking?, will reach a seven-year high in the fiscal year ending March 31. This is due to a shortage of ore of high quality and JSW Steel's demand. Analysts and trade officials have said that the total imports will likely reach 12 to 14 million tons in 2025-2026, which is more than double what they were a year ago. JSW Steel, India's biggest ?steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra ?and the southern...

Analysts on Monday said that a $1.2 billion bridge-loan secured by Brazilian steelmaker CSN last week from banks does not ease the group's need to sell assets in the near future and deal with its ballooning debt. Analyst?Pedro?Galdi at AGF said that the company is in a "firefighting mode". He expects that the company will continue to prioritize divestments in order to raise up 18 billion reais (about $3 billion) and reduce its debt. CSN reported recently that this debt had exceeded 40 billion reais. The company signed a binding agreement with a group banks at the end of the...

Vale, a Brazilian mining company, said on Thursday that it would produce 26.3 million metric tons of 'iron ore' by 2025 using materials classified as wastes or tailings. This is more than twice the 12.7 millions tons produced in this manner a year ago. Vale reported that the volume of iron ore recovered from waste materials exceeded Vale's initial estimate of 20 million tons. Vale is investing in circular mining. It has grown from a small pilot project to a large-scale industrial effort. Vale reported that the initiative reduced waste disposal by 60 railcars of iron ore last year and...

Customs data showed that China's imports of iron ore in the first two months 2026 increased by 10% compared to a year ago, thanks to stronger exports from Australia, a major supplier, and a higher level of domestic demand. In January and February of this year, the world's biggest iron ore consumer imported 210.02 metric tons. This is up from 191.36 metric tons in previous years. Alexis Ellender is an analyst with the ship tracking firm Kpler. She said that this growth was due to Australia's strong exports in December. China combined import data from January and February in order...

India has deepened its trade ties with Brazil, signing a pact on Saturday to increase cooperation in mining and minerals. The country is seeking to meet the rising demand for steel at home and to support capacity expansion as a result of a global race to secure raw materials. The agreement was signed by India's PM Narendra Modi, and Brazilian President Luiz inacio Lula Da Silva. Both men arrived in New Delhi this week on a three-day trip. Brazil has large reserves of minerals that are critical for steelmaking. It is one of the top producers of iron ore in...

Vale Base Metals agreed to sell its majority stake in the Thompson Nickel Belt Mine in Manitoba to an investor consortium, which would create a new nickel-producing company in Canada. Exiro Minerals of Toronto, Orion Resources Partners and Canada Growth Fund are part of the consortium. Brazilian mining company Vale has agreed to sign a five-year agreement for the off-take of its 18.9% stake in Exiro Nickel. The new consortium will invest $200 million in order to revive a mine that Vale had been reviewing since last year, when the price of nickel fell to its lowest level in five...

Analysts praised a core profit that was above expectations and predicted a positive reaction to the shares. Rio de Janeiro-headquartered Vale, one of the world's largest iron ore producers, posted a $3.8 billion net loss for the October-to-December quarter, compared to a $694 million loss in the same period of 2024. Analysts polled at?LSEG expected a profit of $2.7 billion. Vale Base Metals reported a $3.5billion impairment of its?nickel assets located in Canada. This was "caused by a downward adjustment in long-term nickel prices based on market estimates". The company also noted a $2.8 billion write-off from deferred taxes assets...

Analysts?and producers say that Paraguay’s soybean crop in 2025/26 is expected to exceed 10 million tons, and could become the biggest ever recorded by the country. StoneX, a South American agricultural?consultancy, revised its estimate of the crop harvested from October to February, increasing it by 500,000 tons. This is a significant increase over the previous estimate, which was 9.65 million tonnes. The crop, according to StoneX, "is among the best recorded ever" in this landlocked South American producer, the report stated. Analysts believe the final production total will depend on the second, smaller crop (or "zafrina") harvested between April-May. StoneX's...

The agency said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent threat" and the country's regulator for mining did not see the need to close them down during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's share price fell by 30% following the shutdown. The inspectors' decision was reported on January 15, 2019. ANM's report does not...

The?agency? said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent danger" and that it did not see any need to close them during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's stock fell by 30% when it was reported that the inspectors had made their decision on January 15th. ANM's report does not change the Brazilian Labor...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year dragged down the demand for steel, and feedstocks. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.7% lower, at 783 Yuan ($112.74) per metric ton. As of?0705, the benchmark March iron ore traded on Singapore Exchange was down 0.79% at $103 per ton. According to Chinese?broker Everbright Futures, the downstream steel demand has shrunk with the cessation in construction projects as we approach the Chinese Lunar New Year Holiday. The company Vale announced on Tuesday that...