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India's infrastructure production rises by 5% in June, according to a new series
India's infrastructure production grew by?5% in June, the fastest pace in five months. The data was released as part of a new series that uses?2022-23 for the base year. The government released a new series on Monday, replacing the 2011-12 base years and expanding the core sector basket from eight industries to nine, including iron ore. According to the latest data from the government, infrastructure output grew by a revised 3.2% compared to a year earlier in May. The revised series shows that it grew faster than 5.2% last in January. KEY NUMBERS * The Cement production rose by 9.8% in June, compared to an 8.4% rise in May. * The?production of steel?increased by 4.6%?last month compared to an increase of 5.1% in May, which was revised. * Electricity production increased 9.8% in June compared to an increase of 11.2% in May, which was revised. * The coal production increased by 1.4% in the month of June compared with a 9.5% fall that was revised for the previous month. *?Iron Ore Production rose 43.9% from a revised 19% increase in May. * Crude oil production fell by 4.2% in June. This is the same as in May, when it was revised down. * Fertiliser output fell 3.3% in June after a revised 1% decline in May. *?Natural Gas Production shrank 7.4% in July, compared to an earlier revised decline of 5%. * The output of refinery products fell by 4.7% in June, compared to a fall of 8.2% a month earlier. * The growth in infrastructure output for April-June was 3.6%, compared to a revised 1.0% during the same period last year. (Reporting and editing by Eileen Soreng, Sarita Chaganti-Singh, and Shivangi-Acharya)
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What is China's next surprise on the oil market? Lower fuel imports and higher fuel exports: Russell
China's reaction to the conflict in Iran is not surprising, but the magnitude of the cuts. China's track record is one of consistently reducing?crude imports to lower prices and increasing arrivals when the price drops. The collapse of imports in June to their lowest level in almost 10 years was 'dramatic', particularly given that, even though crude prices?surge? in the weeks following the U.S. & Israel attack on Iran in February -28, they didn't reach the levels reached in 2022, when Russia invaded Ukraine. China's crude imports in June were 7,12 million barrels a day (bpd), down 41.3% on the same month of last year and the lowest since October 2016. A drop of this magnitude would normally have led to a huge drawdown on China's inventory, but that didn't occur. Refiners in China reduced processing rates in June to 12,47 million bpd, a 17.7% drop from the same period in 2025. This is the lowest level since March 2020 during the COVID-19 Pandemic. China does not reveal the volume of crude oil flowing in or out of strategic and commercial stocks, but an estimate can be made if you subtract the amount of oil that has been processed from total crude from both imports and domestic production. This means that refiners have a total of 11,53 million bpd. The 12.27 million bpd they processed meant that approximately 940,000 bpd were drawn from inventory, a significant increase from the 500,000 bpd of May. China, despite drawing from its stockpiles over the past two month, still added to its reserves in the first half, with a surplus of crude oil around 530,000 barrels per day. China's ability to reduce refinery runs in June was partly due to Beijing placing unofficial export restrictions on refined products. This was seen as a "measure" to ensure a sufficient supply of fuels for the domestic market, during the conflict with Iran. According to commodity analysts Kpler's data, China exported 393,000 barrels per day of light and medium distillates in June. This is slightly less than the 400,000 barrels per day in May, but higher than the 54-month-low of 338,000 barrels per day in April. It is clear that China played a major role in adjusting the demand for crude oil throughout the current Iran Crisis, which saw the loss of approximately 10 million bpd of supply of crude oil and refined products due to the closure of the Strait of Hormuz. China's exports have been reduced since April. What will China do to respond to the current crisis? Prices are key China could be planning another surprise for the markets if the answer is seen through the prisms of prices. China's crude imports are expected to recover in August and September, as refiners have likely purchased cargoes that were able to leave the Strait of Hormuz after the ceasefire between Iran and the U.S. The market expected a return of normal Middle East supply and, therefore, a glut. Benchmark Brent futures fell to $70.14 per barrel on July 2. They had been as high at $126.41 at end of April. Brent oil prices rose to $90.80 per barrel on Monday morning in the early Asian trading session, despite the return of hostilities. China's refiners will likely reduce imports as crude prices rebound. This means lower arrivals in October, given the time lag between cargoes being arranged and delivered. What happens to China's refined products exports? Beijing is confident that it will be able to survive on its huge stockpiles. Its crude oil reserves are estimated at 1.2 billion barrels. China could also be tempted by the opportunity to take advantage of high margins in Asia. Gasoil (the building block of diesel) ended July 17 at $143.03 per barrel, a $54.93 premium to the Brent closing prices and almost three times that $18.94 markup on February 27th, the day before Israel and the U.S. attacked Iran. Kpler has tracked shipments of 787,000 BPD of light and medium distillates in July. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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India's coal power plants say they have enough stocks despite increasing demand
India's coal-fired plants have enough?coal to operate for two weeks at higher rates. This eases concerns about fuel shortages due to a?rising demand for electricity and a?lower-than-average rainfall during the monsoon season. The power ministry said in a response to the parliament that coal stocks at power stations stood at 42,8 million tonnes on July 12. This is enough for 14 full days of operation with an 85% load factor. It added that utilities are also able to obtain enough coal to meet their daily needs. The peak demand for power in India increased last week by nearly 270.1 gigawatts, mainly due to the?cooling of demand. El Nino has contributed to a?weaker rain. The government is expecting India's peak power demand to reach 280 GW due to the lack of strong monsoon rainfall this year. * Coal is still the mainstay of India's power system, despite its aggressive expansion in renewable energy. According to the Ministry, coal and lignite fired plants generated approximately?75%?of power during non-solar peak demand hours. According to the power ministry, the government has increased coordination between?the coal and power ministries in order to monitor supplies and prioritise coal transportation to power plants. The government reported that India added 9.47 GW in coal-fired generation capacity between 2025 and 26 and 2.26 GW from April to July. This helped support the record-breaking electricity demand. (Reporting and editing by Susan Fenton; Sethuraman N.R.)
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Spain's biggest wildfire of the season burns for its fifth day, as a new heatwave approaches
Wildfires raged uncontrollably in Spain's central province of?Guadalajara on Monday. They burned for a fifth day and became the largest fire of the year. Forecasters warned that an approaching heatwave could increase?fire risk?across the country. Scientists have linked the trend to climate change. Spain and southern Europe face increasingly severe wildfire season. This fire occurs less than two week after a deadly wildfire in Almeria province near Bedar killed 13 people. It was one of Spain's most devastating fires in recent decades. As the La Mierla fire in Guadalajara Province expanded to over?26,000 acres, authorities evacuated an additional three municipalities on Monday. More than 1,000 people have been evacuated. Emiliano Garcia Page, regional leader for the region, said that the fire was engulfing nearly?30 populations centres. This highlights the challenges firefighters face. He said that protecting lives and preventing fires from reaching urban areas and homes remained the number one priority. The weather agency AEMET in Spain said that the heatwave would last until at least Thursday. It is expected to bring temperatures over 40 degrees Celsius across much of the southeastern interior, and to increase the wildfire risk to extreme levels. As hot, dry air from Africa moves northwards, some areas may reach temperatures of 42-44 C by Thursday. The agency also warned of the possibility of dry thunderstorms in mountainous regions of eastern Spain. Spain has already been the most affected country in Europe by fires this year. According to the EU's Copernicus Wildfire Monitoring Service, Spain had 104,423 ha of fires burning in 2026. France, on the other hand, only had 41,781 ha. The fire is "unfolding" after a particularly destructive fire season last summer. Spain recorded 354,747 acres burned, and 63 large wildfires - the largest annual burned area in the past decade. (Reporting by Emma Pinedo; Editing by Alexandra Hudson)
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IAI reports that global aluminium production fell 1.5% on an annual basis in June.
The International Aluminium Institute (IAI), which released data on Monday, showed that global primary aluminium production?inched down 1.5% from the previous year to 5.98 million metric tons. Gulf production was down by a third. In late March, two smelters located in the Gulf region, which account for around 9% global primary aluminum?capacity were attacked by Iran as part of the Middle East conflict. This has prevented the smelters from exporting metal via their normal channels. The IAI reported that the Gulf's production in June was?332,000 tonnes, down from?507,000 tons one year ago. The region's daily production remained flat at 11,000 tonnes, but was still lower than the baseline pre-war of 17,800 tonnes. Emirates Global Aluminium announced this month that production was returning to its Al Taweelah?smelter near?Abu Dhabi faster than anticipated after an emergency shut-down in 'March. However, it could still take up to a year for it to reach previous levels. IAI reported that global average daily aluminium production was 199.300 tons in May. This is up 0.3% compared to the previous month, when there was an extra day. Reporting by Tom Daly, Editing by Tomasz Janovowski
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The most violent ceasefire in history.
Mike Dolan: What's important in U.S. markets and the global economy today? By Mike Dolan. Editor-at-Large for Finance & Markets. With the World Cup hoopla this weekend, many may have missed the fact that the Iran conflict has once again descended into full-blown warfare. As Tehran retaliated on U.S. bases and gulf shipping, Iranian attacks now have killed at least three U.S. troops. The traffic through the Strait of Hormuz is now a trickle. Brent crude has also risen above $90 a barrel for the first since early June. All that and more will be discussed below. Listen to the Morning Bid podcast for the latest update on the energy crisis, the major moves in the chip stocks, and the changes both at?10 Downing Street and?11 Downing Street. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. The most violent ceasefire It's not surprising that the June inflation report was received so poorly last week, given the recent increase in violence in the Middle East. The futures markets believes that there is a 2/3 chance the Fed will raise interest rates in September. Another big cloud is forming on the horizon due to shaky stocks. The South Korean market was closed on Friday but chip sales resumed today with the KOSPI dropping another 3%. Tokyo was closed on Friday, so the stock markets were quieter in the morning. The U.S. Futures are slightly higher before the bell. This follows a tough few weeks for tech stocks. The high-flying U.S. chips stocks fell 10% last week, and 20% since their record highs of June. This suggests that the market is settling down from its AI frenzy. Now, it'll turn its attention to the hyperscalers that will report their earnings this week and in the coming weeks. Alphabet will report on Wednesday. Intel, Tesla, and other companies are also reporting this week. China's Moonshot AI programme, which is the latest AI innovation from the country, offers a glimpse into how the second-largest economy in the world keeps up with the rapid technological transformation. On Monday, Andy Burnham will become the new UK Prime Minister. The market is likely to be interested in the cabinet picks he makes and his choice of finance ministry, with Shabana Mahmood being a conservative candidate for Home Secretary. Chart of the Day Crude oil prices briefly surged back above $90 a barrel on Monday, for the first since early June. The Iran war was raging after the ninth day in a row that the U.S. attacked Iran. Prices dropped below this level after Iran's Foreign Ministry said that negotiations with the U.S. can be pursued on the basis of national interests. Gulf shipping through the Strait of Hormuz is now at a crawl. Fuel prices are rising across the board. Average retail U.S. gasoline prices are now above $4 per gallon. Watch today's events Canada's June Inflation Report and the U.S. Leading Economic Index Andy Burnham, leader of the Labour Party, officially takes over as Prime Minister in the UK * ?U.S. Earnings reports from Domino's Pizza Steel Dynamics, and WR Berkley Want to receive the Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent those of News. News is committed, as part of the Trust Principles to independence, integrity and the absence bias. (Written by Mike Dolan).
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Why oil prices aren't crazy after 5 months of US/Iran war
Analysts predicted that the price of crude could rise to $150 per barrel, or even $200. This would result in the fifth of the global oil supply, which transits through the Strait of Hormuz, being cut off from the world market. Brent crude futures reached a peak of around $126, comfortably below the 2008 all-time record of $147, and averaged only $101 per barrel between February 28th and June 11, when U.S. president Donald Trump called off the strikes against Iran. They then briefly retreated to $70 levels before the war in early July. Here are some reasons why oil prices haven't gone insane. Yet. 1. CHINESE SURPRISE China, as the world's biggest oil importer, surprised everyone by reducing crude imports to the lowest level in almost a decade. Fuel exports have been curtailed, the population has started to use electric taxis in place of private cars, and the petrochemical industry has also reduced its volumes. 2. U.S. US. The United States also released crude from its Strategic Petroleum Reserve in March as part of an unprecedented 400 million barrel release coordinated by the International?Agency, which helped cushion supply disruptions. 3. TRUMP BURNS BULLS Donald Trump, the U.S. president, has repeatedly misled oil bulls with his statements about peace deals and the resumption of oil flows through the Strait of Hormuz. The oil market has seen a drop in liquidity as traders are reluctant to place large bets on the upside due to the possibility of a sudden market turn. Ilia Bouchouev, of the Oxford Institute for Energy Studies, said: "Everyone is bullish right now but nobody is going to last." According to data released by the ICE on Friday, after reducing their bullish positions in Brent futures in early July to their lowest level this year, funds increased their purchases in the following week. At $14.8 billion, based on prices of Monday, the position is still more than 50% lower than late March's six year peak. Ole Hansen, head of commodity strategy at Saxo Bank, stated that headline fatigue is reducing the impact on prices from new announcements. 4. HORMUZ FLOWS REBOUND Saudi Arabia - the largest Gulf oil exporter - increased its shipments to the Red Sea Yanbu Port, which helped offset the loss of barrels through the Strait of Hormuz. Hormuz shipping briefly resumed in June to ease concerns over crude availability, but then dropped in July when the fighting resumed. 5. Amplified Supply of Prompt Physical Cargoes The traders say that there is enough oil to meet demand, and the price response will be limited by the latest escalation of the conflict. Crude oil differentials in Europe such as North Sea Forties The Brent benchmark for global dates has fallen from its record high in April to a discount. Adi Imsirovic, a veteran trader, said that there is currently a large amount of crude oil available. "It might not last!"
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EU charges of cartel against construction chemicals companies and trade associations
The EU's antitrust regulators charged on Monday a group of construction chemical companies and trade associations with participating in a cartel from 2021 to 2022. They could face heavy fines. The European Commission made the accusations via a "statement of oppositions" following dawn raids in several EU member countries against unnamed firms in?2023. The Commission, acting as the EU's competition enforcer, stated that the companies and associations had colluded to raise prices in the supply chain of chemicals for cement, mortar and concrete between 2021-2022, affecting construction costs. Cemex was charged along with Chryso and Mapei. Other companies included Master Builders Solutions (MC Bauchemie), Sika, TAM and SYNAD, a trade association. Allegations of anti-competitive behavior in Germany concern Cemex (Ha-be), Master Builders Solutions (MC Bauchemie), Liesen (Remei), Sika, and the 'trade association Deutsch Bauchemie. The cartel charges relating to the Spanish market involved Chryso Mapei Master?Builders Solutions MC Bauchemie?Sika trade association ANFAH If found guilty, companies and trade associations could face a?fine of up to 10% of their global annual turnover if they are found guilty of violating EU cartel laws. (Reporting and editing by Philip Blenkinsop; Foo Yunchee)
Wildfires on France's Mediterranean Coast force hamlet evacuations
Local authorities reported that a wildfire spread rapidly through several towns near Frejus, France, on Sunday. It threatened homes and forced the evacuation of several hamlets due to'strong winds' and drought conditions.
BFM TV reported that local prefect Simon Babre said, "The fire spread very quickly in this heatwave and extreme dryness."
Prefect's Office said that the fire had burned about 180 hectares (445 acres), by Sunday evening.
Television images showed large flames behind hillside villas that are typical of the French Riviera. Thick black smoke billowed over pine and cypress trees. The fire forced the suspension of train services between Toulon, a Mediterranean port, and Les Arcs.
World Meteorological Organization warned last month that sustained high temperatures and low humidity, combined with dry vegetation, would increase the risk of wildfires.
According to Climate Monitor, according to 1961-1990, the average high temperature in the town of Les Arcs where the fire was burning was 38 degrees Celsius. This is 11.4 degrees above the normal high temperature for July 19. Reporting by Manon C.; Writing by Michel Rose, Paris Editing Tomasz J.owski
(source: Reuters)