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China's Iron and Steel Association warns that US steel tariffs could spark a global trade war.
China Central Television reported that the Iron and Steel Association of China said that the 25% increase in tariffs on all steel and aluminium exports to the United States will have a negative impact on the supply chains of the global industry for steel, including China. U.S. president Donald Trump raised tariffs on imports of steel and aluminum on Monday by a substantial 25%, "without any exceptions or exclusions". He hopes this will help the struggling American industry but it also threatens to spark a multi-fronted trade war. The impact of the United States on China's exports of steel is minimal in the short-term. In the long term, however, the United States could force other countries to follow their lead, thereby reducing China's competitiveness in steel exports," said the association. Last year, China exported 508,000 tons of steel net to the United States. This represents 1.8% of American steel imports. Zhang Longqiang is the deputy secretary-general for the China Iron and Steel Association. He said the association was against the tariff increase and that it did not promote "healthy and fair market competition and trade." He said that the tariff increase would have a negative impact on the global steel industry's industrial chain, and its supply chain, including China. Washington claims that although China only exports a small amount of steel to the United States it is the source of most of the excess steel production in the world. The report says that China's subsidised steel production forces other countries to increase their exports, and this leads to the transshipment of Chinese metal through other countries and into the United States in order to avoid tariffs and trade restrictions. Reporting by Farah master and the Beijing Newsroom; Editing and rewriting by Muralikumar Aantharaman and Emelia Matarise
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Four dead in suspected gas explosion at Taiwan mall
The fire department reported that a suspected gas explosion occurred at a department shop in central Taiwanese Taichung on Thursday. At least four people were killed and 24 injured. In a press release, the department stated that the blast took place on the 12th-floor of the building where construction was underway, and the damage began at the 9th-floor. It was reported that the food court on the 12th-floor of the Taichung Shin Kong Mitsukoshi Department Store had been closed due to construction work. According to the health ministry, one of the injured is in intensive care at the hospital. Taiwan's President Lai Ching Te, in a Facebook post, demanded a rapid investigation into the cause. (Reporting and editing by Jacqueline Wong; Kim Coghill, Michael Perry, and Jacqueline Wong)
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Stocks surge in Russian rouble after Trump-Putin meeting
The Russian rouble, and its stocks, surged Thursday following a phone conversation between U.S. president Donald Trump and Russian president Vladimir Putin. In the call the two leaders discussed how to end the Ukraine War. According to data on the over-the counter market, at 0745 GMT the rouble had risen 3% against the dollar and was trading at 90.90, its highest level since September 2024. During the trading session, the rouble briefly reached the highest level since September 11 at 89.90. The rouble has gained 20% against the dollar since the beginning of the year. The Moscow Exchange index (MOEX), which is a measure of the stock exchange, grew by 5.8% on Tuesday and 4.2% on Wednesday. The moment investors were waiting for is now here. Analysts at Sinara brokerage said that the next step in easing geopolitical conflicts is now. The market was led by Russia's sanctioned companies, such as the gas giant Gazprom whose shares fell after losing the European market for gas, the dominant lender Sberbank, and the liquefied gas producer Novatek. MOEX is not open to foreign investors due to Western sanctions imposed in 2024. All trade in dollars and euro has moved to the OTC market due to sanctions. This makes the yuan, the currency of China, the most traded foreign exchange. (Reporting and editing by Guy Faulconbridge; Gleb Bryanski)
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Steel tariffs and tax concerns overshadow supply problems as iron ore prices decline
Iron ore futures in Dalian ended a two-day rally on Thursday as fears over U.S. Steel Tariffs and possible India taxes trumped supply problems from Western Australia. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.52% lower at 808 yuan (US$110.87) per metric ton. After reaching its highest level in almost four months, the benchmark March iron ore traded on the Singapore Exchange dropped 1.59% to $106.1 per ton. Investors are concerned about a potential domino effect caused by Trump's new tariffs, said Zhuo Guqiu. Analyst at Jinrui Futures. H.D. Steel Minister H.D. Kumaraswamy said that India could implement a temporary tariff of 15-25% on Chinese steel in six months due to the "serious threat" posed by cheap imports following Trump's new tariffs. Kumaraswamy stated. This was after U.S. president Donald Trump's steep duties on steel and aluminum imports. Industry insiders warned that this could cause imports to surge as exporters ship to India. Trump said that he would also impose reciprocal duties as early as Wednesday night, increasing fears of an expanding global trade war. Hexun Futures, a Chinese consultancy, said that trade frictions could disrupt the iron ore markets as increased tariffs might aggravate export concerns. Storms affected Australian shipments, tightening supply, Hexun added. Port Hedland closed on Wednesday and the ports of Dampier, Varanus Island, and Varanus Island on Thursday. Coking coal and coke, which are both steelmaking ingredients, have also lost ground. They fell by 1.96% apiece and 1.63% respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell nearly 0.5%. Hot-rolled coil dropped 0.32%. Wire rod lost 0.4%. Stainless steel rose 0.61%. $1 = 7.2876 Chinese Yuan (Reporting and editing by Amy Lv, Michele Pek and Subhranshu sahu; Sumana nandy and Subhranshu sahu)
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Outokumpu Finland reports Q4 core losses in a weak stainless steel market
Outokumpu, Finland, reported on Thursday a small loss in its core business for the fourth quarter. The company had previously warned of a weak stainless-steel market and high import pressure. It also predicted that steel prices will remain low in the first quarter 2025. The adjusted loss of the stainless steel manufacturer before interest, tax, depreciation, and amortisation was $3 million in October-December, compared to a profit 72 million euros one year earlier. A consensus provided by the company showed that analysts had predicted a loss in average of 1 million Euros. Outokumpu CEO Kati Ter Horst stated in the earnings report that "the stainless steel demand in Europe is historically low." European steelmakers are struggling to make profits due to a weak demand, rising costs and cheap imports from Asian competitors. Stainless steel deliveries by the company fell 8% in the previous quarter and 6% compared to the same period a year ago. Outokumpu stated that they expect to see an increase of 10% to 20% from the third quarter to the first three months in 2024. The group proposed that a dividend be paid of 0.26 euros per share in 2024. $1 = 0.9585 euro (Reporting and editing by Milla Nissi in Gdansk)
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Adani, the Indian company, has announced its withdrawal from wind energy projects in Sri Lanka
According to a letter the company sent to a Sri Lankan agency, India's Adani Green Energy has announced that it will pull out of two proposed wind energy projects in Sri Lanka. Sri Lankan officials announced last month that they have begun talks with Adani Group in order to reduce the cost of electricity from projects costing an estimated $1 billion. The company informed the Chairman of Sri Lanka’s Board of Investment that a new Cabinet-appointed negotiations committee would be formed, as well as a Project Committee, to renegotiate a project proposal. A copy of the letter was provided to us. The letter dated February 12 stated that "this aspect was discussed at our Board and it was decided to respect the sovereignty rights of Sri Lanka as well as its choices while withdrawing from said project." Sri Lanka's Board of Investment refused to comment, while the secretary of the Ministry of Power could not be immediately reached. Adani didn't respond to a comment request immediately. Sri Lanka began reviewing the Adani Group’s local projects in December after U.S. officials accused billionaire Gautam Adani, along with other Adani Group executives, of participating in a scheme that involved paying bribes for Indian power supply contracts. Adani denies the allegations. Adani Green had agreed to build two wind-power projects in Mannar and Pooneryn villages, located in the north of Sri Lanka's island nation. Adani Group also has a $700-million terminal project in Sri Lanka's biggest port, Colombo. Sri Lanka is trying to accelerate renewable energy projects in order to offset the rising costs of imported fuel. Reporting by Uditha Jayasinghe; additional reporting in Bengaluru by Hritam Mukerjee; writing by Sudipto Ganuly; editing by YPrajesh
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Australia's 50 wealthiest now control $153 billion as Rinehart again tops the list
Forbes reported on Thursday that the combined wealth of Australia’s 50 richest individuals has increased by nearly 10%, to A$243.92 billion ($152.92 Billion), in the last 12 months. Mining magnate Gina Rinehart topped the list once again. Forbes reported that technology executives benefited from the continued growth of the sector, whereas mining fortunes have been bumpier over the past year due to rising costs and falling commodity prices. Rinehart's wealth, which is controlled by Hancock Prospecting and amounts to A$29.4 billion, fell 4% but she retained her title of the richest person in Australia. In the last year, she purchased the energy assets of Mineral Resources. The company's founder Chris Ellison was dropped from Forbes 2025 list after a decade-long scandal involving tax evasion. Rinehart is lobbying Australia’s center-left Labor Government and its conservative Coalition to adopt industrial policies and resource policies modeled after U.S. president Donald Trump, in preparation for a May national election. She was also pictured at Trump’s victory party. Harry Triguboff, a property tycoon who has risen to A$18.8billion in net worth after a 5-year absence, reclaimed second place. Forbes reported that the Meriton Group, owned by Triguboff, was able to increase its residential build-to rent portfolio in Australia with several new constructions over the last year due to a strong rental housing market. Atlassian cofounders Mike CannonBrookes (18,3 billion dollars) and Scott Farquhar (17,9 billion dollars) both saw their shares soar by over A$4 billion. Andrew Forrest was ranked fifth after Fortescue Metals Group stock fell by more than one-third, reducing his wealth from A$5.4 billion (now A$16.1billion) to A$5.4billion. (1 Australian dollar = 1.5891 dollars) (Reporting and editing by Rashmi aich; Christine Chen)
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Maguire: Recovering wind power may cool Europe's hot gas market
The wind-powered electricity produced in Europe in January 2024 was down by more than 7%, denying regional power producers a vital source of clean energy just as the demand for heating reached its peak. This wind shortage triggered an increase in Europe's natural gas-based electricity generation to its highest level in three years. It also supported a rally which has driven benchmark regional gas prices up by more than 15% this year. Models of wind forecasts now predict a recovery in regional production. This should lift overall electricity generation in Europe in the coming weeks and could set the stage for lower gas prices and usage. WINDS WEAK According to the energy think tank Ember the total wind-powered electricity produced in Europe in January was just under 67 terawatts hours (TWh). This is a drop of roughly 7% from the same period in 2024, and also the lowest January total in the last 2022. Wind farms are Europe's fifth largest source of electricity (after coal, gas, and nuclear). The drop in production compared to expectations has forced regional power companies to replace the lost supply by output from alternative sources. Gas-fired electricity production jumped nearly 6 percent in January compared to a year ago, the highest figure for a month since January 20,22, right before Russia invaded Ukraine and slowed regional gas flow. The increased gas consumption sparked a reduction in regional gas stocks, which in turn has fueled the bullish sentiment on the gas market so far this season. REBOUND The latest wind forecast models from LSEG predict an increase in wind power generation in major markets in the next few weeks. This should alleviate the tight energy supply situation in Europe. Germany, Europe's biggest wind power producer, is expected to maintain its wind production below the long term average until February 20. Then, it will rebound and be mainly above this long-term standard through the end March. The United Kingdom is Europe's largest gas-fired generator and second-largest wind power producer. If the wind power generation increases as predicted, power producers from both countries could reduce their gas-fired power production levels while maintaining power output. As local wind production increases, both countries could also reduce their power imports. This would free up energy supplies in Europe. This could lead to a drop in the regional benchmark TTF prices. These have reached their highest level since early 2023, and are causing new concerns about energy inflation in Europe. These are the opinions of a market analyst at.
Asia replaces Russian crude oil quickly: Russell
Asia's crude markets are quickly adjusting to the new sanctions imposed against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months.
According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February.
India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd.
In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount.
LSEG expects India's imports to Russian oil to reach a record high in three months, at least 1,71 million bpd. This figure may increase by the end February as more cargoes will be assessed.
After Western sanctions deprived Europe of its customers, the South Asian nation has become the largest buyer of Russian crude.
India was allowed to purchase Russian oil at discounted prices as the United States, and other Western countries, tried to keep Russian crude on the global market. However sanctions were imposed after the February 2022 invasion by Ukraine to cut off the revenue flowing to Moscow.
Last month, former president Joe Biden imposed restrictions on Russia's shadow tanker fleet in order to prevent the vessels from delivering crude oil.
The Indian refiners were scrambling to purchase as much Russian crude before the new measures took effect, resulting in an increase in arrivals in February before a possible decline in March.
Chinese refiners have cut back more quickly on Russian crude. Imports of seaborne crude in February are expected to be around 500,000 barrels per day, down from an average of 1.05 million barrels per day over the previous three months.
According to LSEG's estimates, China's crude imports are expected to total 10.35 million bpd for February, which is roughly the same as January's 10,10 million bpd but lower than 11.16 million bpd from February 2024.
China has replaced Russian crude oil with cargoes of other suppliers. So far, it appears to have mostly turned to Angola or Brazil.
Switching suppliers is a good way to save money.
The imports of Angolan crude oil in Asia are expected to jump to 1.13m bpd by February, up from 670,000 bpd last month. Brazil's exports are also set to increase to 1.05m bpd.
China's decision, as part of its response to the new president Donald Trump's 10% tariff on all Chinese imports, to levy 10% on crude oil imports from the United States has made the situation even more complicated.
It will take several more months before the tariffs on U.S. crude oil are applied to actual imports. This is because there are many delays between when cargoes arrive and when they're delivered.
Kpler, a commodity analyst firm, estimates that China's imports from the U.S. of crude oil will increase significantly in March and April. Arrivals for March are currently estimated at 339,000 barrels per day and those for April to be 461,000.
These cargoes have already been placed on the water, or arranged.
China's imports of crude oil from the United States are likely to fall in May, but India could pick up the slack.
These are the views of the columnist, an author for.
(source: Reuters)