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Maruti, India's largest carmaker, says China magnet curbs will not affect them immediately
Maruti Suzuki is India's largest car manufacturer. It said Monday that China's export restrictions on rare earth magnets - a key component - have no immediate impact on production. The company is also in discussions with the government about the issue. Reports say that auto manufacturers warned government officials in the last week of a possible production halt within days because of curbs. The new import process is complex and requires approval by Indian and Chinese officials, as well as documentation including certificates of end-use stating that the magnets were not intended for military use. Maruti said that they have submitted an import request and it is difficult to comment until they receive a response. "It's not a restriction. It's an endorsement of the end use. Rahul Bharti said to reporters that in the event of a problem, "we will... inform all our stakeholder, including stock exchange." China controls 90% of the global magnet processing capacity, which is used in many fields, including automobiles, appliances, and clean energy. In April, it enacted measures requiring import permits. The Society of Indian Automobile Manufacturers, in a meeting last month with officials from the commerce ministry, said that inventories of parts manufacturers are likely to be exhausted by the end of the month. The document, presented at a meeting in May attended by Maruti executives and others, said that the auto industry's production would come to a halt starting end-May or early-June. (Reporting and editing by Tom Hogue, Christopher Cushing, Aditi Sharma)
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Source: India's largest miner changes from global index to local pricing for iron ore
A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices to any index or exchange international, source. The source added that the intervals have not yet been finalised. The source stated that "we will do this more often in the future so there is no delay between what is happening on the market and the prices we charge." Source: The miner would also gather pricing information across different stockyards in cities as opposed to the current mechanism for gathering information at mines. NMDC didn't respond to an email asking for comments. India's JSW Steel is the largest steelmaker in India by capacity and sources most of its iron ore from NMDC. NMDC's profit for the fourth quarter fell due to lower product prices. India is also working to increase the average iron ore sale price to generate more revenue for the government. The mines ministry believes that some miners artificially lower prices to avoid paying higher royalties. Reporting by Neha arora. (Editing by Nidhh Verma, Mark Potter and Nidhh Verma)
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Minister: Trump's steel tariff hike plan will have a'minor impact' on India
The federal steel minister stated on Monday that India expects a "minor" impact from President Donald Trump's plans to increase tariffs on U.S. steel and aluminum products, as it exports small volumes to Washington. Trump announced last week that he plans to increase tariffs for imported steel and aluminum to 50%, from the current 25%. This led to a decline in stocks of steelmakers in South Korea and Vietnam on Monday - two major Asian exporters into the U.S. About a quarter (25%) of the steel consumed in the U.S. comes from imports, mainly from Mexico, Canada, and other close allies, such as Japan, South Korea, and Germany, in Asia and Europe. India is much lower. At a New Delhi press conference, HD Kumaraswamy said: "Minor impacts will be there...We are not exporting to the U.S. in a major way." The ratings agency Fitch warned in March that Indian producers and prices of steel could be affected if countries that are more exposed to the U.S. divert their shipments towards New Delhi to find more lenient markets. (Reporting and writing by Neha Mukherjee, Bengaluru. Editing by Janane V. Venkatraman.
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London copper prices rise on weaker dollar but US-China Trade Conflict caps gains
The copper price in London rose on Monday due to a weaker currency, but renewed U.S. China trade tensions heightened supply chain concerns, which limited the metal's further rise. As of 0706 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up by 0.7% to $9,572 a metric tonne. China's commodities markets were closed Monday due to the Dragon Boat Holiday. As markets assessed potential inflation and growth risks from U.S. president Donald Trump's latest tax policy, the dollar edged down, paring its gains of last week. Trump's announcement on Friday that he would increase import tariffs from 25% to 50% on steel and aluminum increased tensions. A survey released on Saturday showed that China's manufacturing sector contracted for the second consecutive month in May. This fueled expectations of more stimulus measures to help support the economy during a prolonged trade war with the United States. The official purchasing manager's index increased slightly from 49.0 to 49.5 by May, but it remained below the 50-mark that separates growth from contraction. This is in line with an average polled forecast of 49.5. LME aluminium fell 0.4% to $2.434.5 per ton. Lead rose 0.6% to $1.970.5. Zinc gained 1% to 2.646.5. Tin edged up 0.1% to $30,450. Nickel was up 1.2% to $15,420. Click here to see the latest news in metals, and other topics. (Reporting and editing by Mrigank Dahaniwala; Sherry Jab-Phillips and Hongmei Li)
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In India's northeast, heavy flooding has killed at least 34 people
Authorities and media reported on Monday that at least 34 people had died in India's Northeastern region following heavy floods and landslides during the past four days. The weather department also predicted further heavy rain. A government statement stated that more than 1,000 tourists were evacuated from the Himalayan State of Sikkim on Monday. In Meghalaya, army rescue teams were deployed to save over 500 people who were trapped in flood-ravaged areas. On Sunday, hundreds of shelters were opened in the hilly districts Rangamati and Bandarban in Bangladesh. Authorities have warned that there could be more landslides or flash floods and urged residents to stay alert. India's northeastern region and Bangladesh are both prone to torrential rainfall that can cause deadly flash floods and landslides, which affect millions of people each year. Images from ANI news agency showed that the streets and houses of Assam’s Silchar were flooded. Fallen trees littered roads. "We face a lot challenges. My child's bed is submerged under water. What would we do in this situation? Sonu Devi, a Silchar resident, told ANI that she kept herself awake all night.
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Eramet, a French company, says it will continue to work with Gabon in spite of the ban on manganese exports
Eramet is the largest shareholder of the Gabonese manganese mining company Comilog. It said that it would aim to protect the 10,460 Gabonese workers employed by Comilog as well as the Comilog railway unit Setrag. This is despite Gabon's announced ban on manganese exports starting in 2029. Eramet stated that it "takes notice of the Gabonese Government's intention to prohibit crude manganese imports from January 1, 2029. This is part of a stated goal to improve the industrial base in the country, which was initiated by H.E. "President Brice Clotaire Nguema and His Government". It acknowledged the move by the government and said that, as Comilog's main shareholder, it will continue to cooperate with the authorities in a spirit "of constructive partnership and mutual trust". Eramet temporarily stopped its manganese mines in August 2023 following the military coup which ended 56 years of former President Ali Bongo's rule. Gabon's Constitutional Court has confirmed Brice Oligui as the coup leader in April 2025. Nguema The oil-rich nation of Central Africa won the presidential election. Eramet, the world's largest manganese mine, cut its production targets in October 2024 due to a slump in the manganese markets. Comilog, a subsidiary of Eramet, processes manganese locally in Gabon, but exports most of its ore production.
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Wall Street Journal, June 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Six people were injured in Boulder, Colorado on Sunday afternoon. The FBI is investigating the incident as an act against a group that advocates the release of Gaza hostages. Australian investment manager Washington H. Soul Pattinson, and building products maker Brickworks have agreed to merge their companies into one worth $9 billion. This will cement a formal partnership that dates back almost 60 years. Palestinian health officials said that more than 20 Gazans died on their way to a U.S./Israeli aid distribution centre. This is the latest in a series of violent incidents during a chaotic launch of a new program. Homeland Security's controversial list of "Sanctuary Jurisdictions", which was created using a set of criteria, disappeared from the website over the weekend. The agency is fighting criticism from both red and blue states about the criteria that were used in its creation. Rio Tinto and a local Indigenous group have agreed on a new management strategy for its iron ore operations in the Pilbara region of Australia, where they destroyed two ancient rock-cut shelters five year ago. Stanley Fischer, one the most influential economics in recent decades who served as Vice Chairman of the Federal Reserve between 2014 and 2017, has died aged 81.
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Regional officials report that Russian attacks have killed five people in Zaporizhzhia and injured several others in Kharkiv.
Five people were killed by Russian air and shelling attacks outside Zaporizhzhia in southeast Ukraine, while an early Monday drone attack on Sumy, a region to the north of the city, injured six, including two children. Ivan Fedorov wrote on Telegram that three women were killed in a series Russian shelling attacks on the village of Ternuvate east of Zaporizhzhia on Sunday evening. A shop as well as several homes suffered severe damage. Fedorov reported that a man was killed in a nearby area in a Russian attack by a guided air bomb. Nine people were injured and one private residence was destroyed in the Russian strikes. Oleh Simehubov said Monday that two children were injured during a Russian drone strike on the Sumy Region. Sinehubov stated that "a 7-year old boy was among the victims." He also said that several buildings in the region were damaged. These attacks occur as Russia and Ukraine prepare to hold a round peace talks to try to end the conflict that Russia started with an invasion of its smaller neighbor more than three year ago. Reporting by Ron Popeski and Bogdan Kochubey; Editing by Lincoln Feast. (Writing by Ron Popeski, Lidia Kelly and Rod Nickel; Editing by Rod Nickel).
Wall Street is on track to gain a weekly gain; markets are focused on tariffs
Wall Street futures held steady on Friday. The U.S. Dollar fell, and global stock markets remained close to recent record highs as traders awaited developments on Ukraine and tariffs.
Investors keep an eye on the news coming out of the Munich Security Conference. U.S. Vice-President JD Vance warned Russia to be prepared for sanctions from Washington if Moscow does not reach a peace agreement with Ukraine. He also urged Europe to increase its defence spending. Vance is
Due to meet
Ukrainian President Volodymyr Zelenskiy.
The directive was issued by Donald Trump, who asked his team to devise plans for reciprocal tariffs against every country that taxes U.S. imported goods. However, traders were relieved that it did not include the United Kingdom.
Stop short
Imposing new tariffs.
Kevin Thozet is a member of Carmignac's investment committee. He said that despite Mr Trump's agitation of tariffs, the end result of it all was he has actually reduced tariffs.
The European stock market was on course for its eighth consecutive week of gains.
Outperformed
U.S. stock prices since the start of this year. Analysts attribute this to the hope that there will be a peace agreement between Russia and Ukraine as well as the possibility of interest rate reductions and U.S. Tariffs being less severe as feared.
Dollar index fell 0.3% in the US dollar at 106.76 as of 1356 GMT.
S&P 500 and Nasdaq futures are both flat at 1352 GMT.
Wall Street gained in the previous session due to gains in tech stocks.
U.S. Stock Indexes
We were on course for a weekly increase.
The MSCI World Equity Index was up 0.2%.
Oil prices
The rise in fuel demand, and the expectation that Trump's reciprocal tariff plans would not be implemented before April, have helped to boost this growth.
Brent futures rose 0.7% to $75.51 per barrel while U.S. West Texas Intermediate crude (WTI) gained 0.6% at $71.69.
There were still signs of caution in the market with safe-havens.
Fears of a global trade war are causing the stock market to be on course for its seventh consecutive weekly gain.
U.S. Treasury Yields are a little lower. The 10-year U.S. Treasury Yield is down 5 basis points to 4.4724%.
Jerome Powell, the Federal Reserve chairman, reiterated Wednesday that his central bank is not in
no rush
Cut interest rates
The yield on Germany's 10-year Government Bonds has remained unchanged at 2,417%.
Click here to access the Live Markets Blog (Reporting and editing by Topra Chopra in Paris, with Elizabeth Howcroft reporting from Paris).
(source: Reuters)