Latest News
-
US Antimony restarts Mexico Smelter Plant after Over a Year
United States Antimony Corp announced on Monday that it had restarted operations in its Madero plant in Mexico. This comes more than a year since the miner of critical minerals stopped operating in Latin America. Why it's important China has banned the export of critical minerals such as gallium, antimony and germanium to the United States. This is part of a escalating tech and trade war between two major economies. China is expected to produce almost half the world's supply of antimony by 2023. Prices of the mineral are soaring as a result of China's heavy export restrictions. This has disrupted global supply chains. U.S. president Donald Trump also pushed to increase domestic production of important minerals, such as antimony to counter China's near-total control in the sector. Minerals are widely used to make ammunition, infrared weapons, night-vision goggles and nuclear weapons, as well batteries and photovoltaic devices. CONTEXT United States Antimony announced in March of last year that it would cease all operations in Latin America, and sell its Mexican subsidiary. This decision was taken after a review of financial performance, negative cash flow of the unit and low prices of antimony. What's Next? The company announced that it had begun processing the antimony ore purchased from international sources in the Madero Smelter. Next week, the second and third shipments will also arrive at the facility. U.S. Antimony stated that it plans to produce approximately 200 tons of antimony each month at the Madero Smelter by the end of 2025. (Reporting and editing by Sahal Muhammad in Bengaluru, Vallari Srivastava from Bengaluru)
-
The Russian Economy Ministry has cut its Brent price forecast for 2025 by almost 17%
According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their budget 2025 - and lower than the $60 "cut-off" price, which determines the amount of money sent to the National Wealth Fund Reserve (NWF) budget reserve. In the baseline scenario, we assume at some point that the export price drops below the cutoff, but then goes up. In this scenario, we do not deplete our NWF," a ministry representative told Interfax. Oil and gas revenues account for a third (or more) of the budget. The representative said that "from a budgetary standpoint, these conditions are difficult, but normal." The Russian rainy day NWF is now the main source for financing Russia's persistent budget deficit. The liquid assets of the fund have fallen by two-thirds, from $112.7 to $39 billion. According to the new estimates, the rouble value of Russian oil has decreased by 21.5% to 5,281 Roubles per barrel compared to the previous forecast. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The first quarter of this year saw Russia's oil revenues fall by 10% compared to the same period last year. Meanwhile, the average price for Urals in roubles since April began was 31% lower than the planned amount, forcing the government to sell foreign currency for first time. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be stronger this year than it was previously forecasted, with an average of 94.3% of the dollar per rouble, compared to an earlier prediction of 96.5 roubles. (Written by Lidia Kelley in Melbourne and Gleb Brnski in Moscow, edited by Leslie Adler & Darlie Butler)
-
Russia's Nornickel maintains 2025 nickel production forecast
Nornickel, a Russian company that is one of the largest nickel producers in the world and also the biggest palladium producer, maintained Monday its nickel production forecast for 2025 as 204,000-211,000 tons. The company reported that it produced 42,000 tonnes of nickel in 2025's first quarter, down 1.1% from the previous year. Palladium production fell 0.6%, to 741,00 ounces. The production of platinum increased by 0.6%, to 180,000 ounces. The company's Senior Vice-President Alexander Popov stated that the modest drop in nickel production was due to short-term scheduled repairs and maintenance. This was done to ensure a steady operation of its main technological units. Nornickel said that the decrease in nickel production is due to maintenance work at its various plants. Nornickel faces pressure in the domestic market due to the 40% rise of the rouble against the U.S. Dollar, which reduces revenues, and high interest rates which impact investment plans. The company faces falling or stagnating metal prices internationally due to lower demand in the wake of market turmoil triggered by U.S. president Donald Trump's tariffs. Nornickel may not be directly subject to Western sanctions but the measures have led some Western producers to refrain from buying Russian metal. They also complicate payments and restrict access to Western equipment. BCS analysts wrote in a report that they believe the threat of a global slowdown due to tariff wars would negatively impact the metals portfolio of the company. (Reporting and writing by Anastasia Lyrchikova; editing by Kirsten Doovan and Ros Russel)
-
India imposes temporary tariffs of 12% on certain steel imports
A government notification announced that India had imposed a temporary tariff of 12%, known locally as a "safeguard duty", on certain steel products in order to curb unbridled imports. India, the second largest producer of crude iron and steel in the world, announced that the tariffs will be effective for 200 days starting Monday. The Ministry of Finance stated that "the safeguard duty imposed by this notification will be in effect for a period of 200 days (unless earlier revoked or modified) after the publication of the notification." India's steel tax increase is the first major trade policy decision since U.S. president Donald Trump imposed duties on a number of countries in April. New Delhi's tariffs primarily target China, the second largest steel exporter to India in 2024/25 behind South Korea. According to government data, India became a net steel importer for the second year in a row during the fiscal year 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen since the early 1990s. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, New Delhi's largest steelmaking body, have raised concerns about imports. Reporting by Neha Misra and Surbhi Arora; Editing and Toby Chopra and Alison Williams
-
In March, India's infrastructure production rose 3.8% year-on-year.
Government data released on Monday showed that India's infrastructure production grew by 3.8% in March, mainly due to strong steel and cement output. The infrastructure output (which tracks eight different sectors and accounts for 40% of industrial production in the country) grew by a revised 3,4% in February compared to an initial estimate of 2,9%. Cement production increased 11.6% in march, compared with a revised 10.8% rise in February. Steel production rose 7.1%, against a revised advance of 6.9% a month before. Fertilizer output grew by 8.8%, compared to 10.2% the month before. Coal production increased 1.6% compared to 1.7% in February. The electricity generation in March was 6.2% higher than the revised 3.6% growth in the previous month. Refined oil products were up 0.2% compared to 0.8% the month prior. In March, crude oil production fell 1.9% compared to a 5.2% decline in February. Natural gas production also declined 12.7% compared to a 6% decrease in February. The infrastructure output increased by 4.4% during the fiscal years 2024-25.
-
Climate non-profits prepare for a fight with Trump on tax status
Non-profits in the United States that are focused on climate change prepare to fight against a possible action by the Trump Administration to revoke tax exemptions this week. Climate change groups have circulated memos in the last few weeks outlining the rumored executive action they expect from Donald Trump. This includes a change to IRS regulations to remove climate changes from the list of charitable topics that qualify and blocking the use U.S. grant funding to fund overseas projects. Concerns were raised after Trump made comments criticizing the charitable status granted to Harvard University. This was seen as an initial shot at other so-called "501(c3)" organizations, which are named after the section of the tax code exempting charities from income taxes. According to three non-profit leaders who participated, the American Civil Liberties Union (ACLU) and Public Citizen hosted a Zoom call Friday to discuss ways charities can prepare themselves for a potential executive action. After the maximum of 5,000 people had signed up, the call was oversubscribed. Sandler Reiff, a political law firm, sent a memo on Friday to its clients in the non-profit sector and philanthropy to tell them to not panic if they are threatened with losing their tax exemption status or having international work frozen by the government. The memo said that the President cannot unilaterally revoke the tax-exempt status of any organization. It also stated that any executive orders that attempt to do this "doesn't have legal validity". Trump has been adamant about his antisemitism-free policy since his January inauguration. He has also moved swiftly to sidestep or undo environmental regulations, eliminate climate science research, and stop federal support for renewable energy. In a post on social media last week, Trump said he was weighing whether he should seek to end Harvard’s tax-exempt designation. The Trump administration has been threatening to halt climate change work by environmental groups and grant-making charities. The foundations that donate to charities have said they will fight any attempts to limit the amount of money they give. The MacArthur Foundation has committed to spending an additional $150 millions in charitable donations over the next two year. John Palfrey, the Foundation's president, told delegates in Britain that "we have more strength and protection than we realize" at a recent meeting of philanthropic organizations. Drop any restrictions that we believe we can. "Give gifts wherever you can." Lawrence Lessig is a Harvard Law School professor who said that any order to change the tax status of non-profits would be legally questionable. He said that there was no way a court could conclude that Trump had the authority to change the tax status for any organization without an investigation that began before Trump targeted that organization and determined that the organization violated the laws. (Reporting and editing by Peter Graff, Virginia Furness and Valerie Volcovici)
-
South Korea's LG Energy Solution withdraws from Indonesian EV battery investments
LG Energy Solution, a South Korean company, has officially withdrawn from an $8.45 billion project in Indonesia to develop the production of electric vehicle batteries. The company announced this on Monday. LGES and Indonesian Government signed a contract on the Indonesia Grand Package Project in late 2020. This project includes investments in the EV Battery Supply Chain in Southeast Asian Country. LGES issued a statement saying that "we have decided to formally withdraw" from the Indonesia GP project (Grand Package). The report added that "however, we will explore various avenues for collaboration with the Indonesian Government, focusing on the Indonesian battery joint venture HLI Green Power." HLI Green Power is a joint venture between LGES and Hyundai Motor Group. It inaugurated last year Indonesia's first production facility for battery cells with a capacity of 10 gigawatt-hours per annum. The second phase of the investment will see the expansion of the plant's capacity. Tri Winarno, an official from the Energy Ministry, stated that Indonesia will continue to look for foreign investors who can partner with local companies in order to develop the battery sector, taking advantage of the rich nickel reserves found throughout the country. He told reporters that "Even after LG left, Indonesia is still convinced that our nickel remains more competitive than any other country." Aneka Tambang Indonesia, a state-controlled miner that had planned to create a joint venture with LGES for nickel mining, has said it is committed to working with other companies in order to supply nickel to battery producers. Indonesia Battery Corporation (the state firm that had planned to partner up with LGES) did not respond when asked for comment.
-
Source: India will impose a temporary 12% tariff on steel imports to limit cheap Chinese imports
A government source who is directly involved in the matter said that India will impose a temporary duty of 12%, locally known as safeguard duty, on imports of steel to curb an influx of cheap imports coming from China and other countries. Source who didn't want to be identified said on Monday that the government would implement the tax as quickly as possible. India, which is the world's 2nd largest crude steel producer, also became a net steel importer for the second year running in fiscal 2024/25, with shipments hitting a 9-year-high of 9.5 millions metric tons. As part of its efforts to curb cheap imports, the Directorate General of Trade Remedies, which is under the Federal Trade Ministry, recommended a 12% tariff on certain steel products. This recommendation was made after an investigation in December of last year to determine whether or not unbridled steel imports had harmed India’s domestic industry. The source stated that "it is clear that the duty will be 12%, and a decision should be made at the earliest," referring to the plan previously unknown of going ahead with the DGTR recommendation. The Ministry of Finance which makes the final decision did not respond immediately to an email seeking comment. India's finished-steel imports from China and South Korea, as well as Japan, reached a new record in the first ten months of the fiscal year ending in March. India imported 78% of its total finished steel from China, South Korea, and Japan. India's smaller steel mills have been forced to reduce their operations and even consider job cuts due to the influx of cheap, imported steel. India has joined a growing number of countries that are considering taking action to curb imports. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, India's largest steelmakers, have all expressed concern over imports. (Reporting and editing by Mayank Bhhardwaj, Andrew Cawthorne and Neha Arora)
Solar strikes above its weight in powering US energy transition: Maguire
Solar farms produced less than 6% of the electrical power produced by energies in the United States in 2023, however that annual share greatly downplays the vital function that solar plays in making it possible for power firms to accelerate energy transition efforts.
On a day-to-day basis, solar plants can have such disruptive influence on system electricity streams that utilities have actually been forced to establish capabilities to rapidly cut output from other sources and shop surplus power for later usage.
In turn, that resulting dexterity and emerging ingenuity throughout the energy sector is assisting to accelerate international energy transition efforts by requiring power systems to more effectively accommodate big swings in clean power output.
With materials of all forms of renewable energy set to quickly grow, energies that find out to maximise the volume of solar energy within generation systems today will be best put to assist drive the additional evolution of energy systems in the years ahead.
CLEANER, BUT MORE VOLATILE
No other clean source of power comes close to creating both the opportunities and difficulties that rapidly expanding materials of solar energy require.
Solar's overall share of U.S. power output may currently be little, however it is growing quick, with output expanding by 155%. in between 2018 and 2023, according to the U.S. Energy Details. Administration (EIA.)
That growth rate compares to a 56% growth in wind power. and a 22.4% swell in natural gas-fired output over the exact same. period.
To accommodate growing renewables materials and make great on. dedications to lower power sector emissions, U.S. energies. lowered coal-fired power generation by 41% from 2018 to 2023,. which cut coal's share of the power mix from around 30% to 16%.
But by replacing such a substantial piece of baseload power. from coal with growing quantities of intermittent renewable. power from solar farms, the U.S. power system has become more. volatile in addition to more tidy over the past 5 years.
GIVE WAY!
California's power system best exhibits the volatility. that originates from rapid boosts in solar generation.
As the largest solar power manufacturer in the U.S., California. has actually enhanced solar power output by 72% from 2018 to 2023, and. depends on solar for around 28% of electricity materials,. according to energy think tank Coal.
The state likewise represents around 25% of nationwide. electrical energy supplies produced from solar.
But it's an enduring difficulty to turn the state's abundant. sunlight into useable electrical energy without distorting power. markets.
As more and more solar plants were connected to California's. grid over the past years, power prices in the state came under. increasing pressure during the middle of the day when solar. output peaks.
A compounding issue is that the peak solar production. period overlaps with what is traditionally the lowest period for. system need, so power companies have been required to lower power. rates in order to balance system needs up until solar output. declines later on in the day.
The resulting 'Duck Curve' shape of power rates became a. well known phenomenon over the last couple of years, with the. unexpected distortion to market dynamics triggered by surplus solar. power commonly lampooned in 2023 by opponents of the energy. transition.
The volume of California's solar output has actually increased. further so far in 2024, with solar electricity generation. through May 23 running 27% ahead of the very same duration in 2023,. according to LSEG information.
The unequal circulation of this output causes daily. contortions to the state's power generation mix, with solar. power accounting for 0% of power generation before dawn to. over 70% throughout the sunniest times of day.
And California's power prices continue to come under extreme. pressure during peak solar production hours, routinely turning. unfavorable for spells as the marketplace pricing mechanism tries to. lure demand and discourage production from other sources.
BATTERY BUTTRESS
To alleviate the effect of the system imbalance brought on by. runaway solar output, California's utilities have actually deployed. networks of utility-scale batteries that can soak up surplus. power during peak solar production periods, to be discharged. when the sun goes down.
The battery network is still being built out, but currently. accounts for around 20% of California's system needs during the. peak need period simply after solar output stops and when people. returning from work crank up home electricity demand.
The batteries also lower the need for power imports by. California during those peak need periods, which minimizes. regional power pressure and helps California become less reliant. on neighbouring states for power materials.
California's battery system likewise functions as a learning tool for. other power networks who are also dealing with the effect of. too much solar supply, too soon.
And in addition to broader usage of wise energy meters - which. encourage customers to increase power usage when materials. are most abundant - all U.S. energies are discovering crucial ways to. accommodate quick growth in solar output and set themselves up. for further energy transition progress.
<< The viewpoints expressed here are those of the author, a. columnist .>
(source: Reuters)