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China's crude steel production in September hits a 21-month low due to sluggish consumer demand
China's crude output of steel fell to a 21-month low last September as mills struggled with a sluggish market and declining margins. Data from the National Bureau of Statistics revealed that the world's biggest producer of crude steel produced 73.49 millions metric tons of it last month. This is the lowest level recorded since December 2023. This was a 4.6% decrease from the previous year and a 5% drop compared to August's 77.37 millions tons. Calculations based on data show that the average daily production in September was 2,45 million tons. This is down from 2.5 millions tons in August. China's steel demand usually peaks in September, due to the construction boom. However, a series of powerful typhoons struck several coastal areas last month and slowed down outdoor operations, reducing the demand. Analysts said that the lower-than-expected steel demand coupled with shrinking margins deterred manufacturers from increasing production. According to Mysteel's data, mill profitability fell. Around 57% of steelmakers were operating at a loss by the end September. This is down from 64% late in August. The cost of raw materials like iron ore also increased. Pei Hao is an analyst with international brokerage Freight Investor Services. She said that the lower output was partly due to a temporary ban on mill operations in northern areas in order to reduce pollution in advance of a military display last month. Pei stated that "a shaky confidence regarding steel demand in the midst of a prolonged property market decline prompted mills to maintain an cautious production pace." The first three-quarters of this year saw a total production of 746.25 millions tons, a 2.9% decrease from the previous year. Reporting by Amy Lv, Colleen Waye and Thomas Derpinghaus.
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India's benchmark stock indexes will open higher thanks to strong earnings by lenders and global cues
Investor sentiment is expected to be boosted by better-than-expected earnings of top lenders, as well as positive global signals on the easing of China-U.S. Trade tensions. Gift Nifty futures traded at 25,980.5 as of 7:56 am IST. This indicates that the benchmark Nifty will open above its one-year close of 25,709.85. HDFC Bank, India's largest private sector lender, and ICICI Bank, India's second-largest private sector lender by assets, reported on Saturday that they had achieved higher profits than expected for the third quarter. Reliance Industries, on the other hand, missed its quarterly profit forecasts due to weakness in its oil-to-chemicals legacy segment. However, revenue was above expectations. Jefferies, a brokerage firm, said that a report stated: "Revival of retail growth and increasing visibility on low teens consolidated EBITDA in FY26 growth should help Reliance Industries" stock to re-rate. Benchmark Nifty 50 closed last week at an all-time high, as expectations for a rate cut in December and optimism about a rebounding earnings market boosted sentiment. According to preliminary data, foreign investors purchased Indian shares valued at 3.09 billion Indian Rupees ($35.14 millions) on Friday. It was the sixth time they bought in nine days. Other markets in Asia were led higher by China and Hong Kong after a massive selloff last weekend, buoyed up by signs of easing Sino U.S. Trade tensions. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia. He said he was hoping to prevent an escalation in U.S. Tariffs on Chinese Goods, which President Donald Trump has said is unsustainable. STOCKS TO WATCH ** Middle Eastern Bank Emirates NBD is buying a 60% stake of Indian private lender RBL Bank at $3 billion ** UltraTech Cement reports a 75% increase in its consolidated net income on the back of a 20% revenue growth for the third quarter Punjab National Bank reports higher profits for the second quarter while its asset quality is improving
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Trump says he will keep imposing'massive tariffs' on India until Russian imports of oil cease
U.S. president Donald Trump said on Sunday that Indian prime minister Narendra Modi had told him India would stop buying Russian crude oil. He also warned that New Delhi will continue to pay "massive tariffs" if it does not. Trump told reporters on Air Force One: "I spoke to Prime Minister Modi from India and he said that he would not be doing anything about the Russian oil." When asked about India's claim that it wasn't aware of any conversations between Modi and Trump's response was: "But, if they say that, they'll continue to pay massive duties, and they don’t want to do this." Trump has been irritated by Russian oil purchases in his trade negotiations with India. Half of his tariffs of 50% on Indian goods is in response to these purchases. U.S. officials have said that Russia uses petroleum revenue to fund its war in Ukraine. India is now the largest buyer of Russian oil shipped by sea at a discounted price after Western nations boycotted it and imposed sanctions against Moscow over its invasion of Ukraine in 2022. Trump said on Wednesday that Modi assured him the day before that India would cease its Russian oil purchases. India's Foreign Ministry said it had no knowledge of a telephone conversation between leaders on that day but that New Delhi was primarily concerned to "protect the interests of Indian consumers." An official at the White House said that India had halved their purchases of Russian crude oil. However, Indian sources stated that no reduction was immediately seen. Sources said that Indian refiners had already placed orders to load in November, with some of them slated for arrival in December. Any reductions could start to show up as a drop in imports for December or January. India's imports will increase by about 20% to 1.9m barrels a day this month, according to Kpler estimates. This is because Russia has increased its exports since Ukrainian drones attacked its refineries. (Reporting from Jeff Mason aboard Air Force One, Kanishka Singh in Washington and David Brunnstrom at the Pentagon; editing by Kim Coghill & Sonali Paul).
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Telegraph: British troops can now shoot drones down on sight
The Telegraph reported that British troops would be given new power to shoot down drones that threaten UK military bases. This was based on an announcement made by British Defence Minister John Healey on Monday. The newspaper reported that Healey would reveal his vision for how Britain can protect its most important military bases as a response to the growing threat from Russia. The Telegraph, citing an anonymous source, reported that the British government "was not ruling out" extending the powers to other sites of importance, such as airports. According to The Telegraph, troops are currently able to use counter-drone specialist equipment that can track drones coming in, hijack their signals and divert them. The Telegraph added that the new proposal would give soldiers and Ministry of Defence Police an "kinetic option" of shooting them on-site, something they could only do in extreme situations. Healey's Office did not respond immediately to a comment request. The British defence ministry was not immediately reachable. In October, Britain announced that two Royal Air Force planes were flying a Twelve-hour Mission The U.S. and NATO troops will patrol the border with Russia alongside U.S. forces, claiming that this operation follows incursions in the airspace of NATO countries such as Poland, Romania, and Estonia. Drones are becoming more popular. Airspace disruption In recent years, unmanned aerial vehicles have repeatedly invaded Europe, causing airport closures and flight cancellations. As tensions between the West and Russia have increased over its actions, fingers have been pointed in Russia's direction. Despite Moscow's denials, there is evidence of Russian involvement in Ukraine. Monitoring service Enigma has detected at least 18 drones in Denmark, Sweden Norway and Germany since September 16. Many, but not all, were in close proximity to airports.
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Reports: Doug Martin, 36, former All-Pro running back Doug Martin has died
Multiple outlets reported that Doug Martin, a former NFL All-Pro runningback and Boise State standout who was 36 years old when he died, had passed away. TMZ, FOX and other media outlets confirmed the news to Martin's family members on Sunday. His family released a statement to FOX that read: "It's with great sadness that I inform you all of Doug Martin's passing Saturday morning." The cause of death has not yet been confirmed. Please respect our privacy during this time." On Sunday, the Tampa Bay Buccaneers - where he spent most of his career - released a statement: We are deeply saddened by the sudden and untimely death of Doug Martin. Doug Martin's impact on the Buccaneers franchise was profound. From his record-setting 2012 rookie season to his numerous Pro Bowl selections over his six seasons with the Buccaneers. After being selected No. Martin was selected No. 31 in the first round 2012 NFL Draft. As a rookie, he made a huge impact on the Buccaneers, earning a Pro Bowl spot after a season of 1,454 yards and 11 touchdowns. Martin was plagued by injuries for the remainder of his career. He spent most of it in Tampa Bay. However, he did make a second Pro Bowl and had a 1,400 yard season in 2015. In 2015, he made first team All-Pro. Martin was able to run more than 400 yards in every season of his career, despite the injuries. This consistency has allowed Martin to finish fourth in Tampa Bay's list of all-time rushing yardage with 4,633 over six seasons. With 26 rushing touchdowns he is also the third-most prolific Buccaneers rusher of all time. In 2018, he played one season for the Oakland Raiders, ending his seven-year NFL career. Martin is also a Boise State legend. He rushed for 3,431 yard between 2007 and 2011, placing him eighth in the school's history of rushing. He also ranks sixth in career rushing touchdowns. Field Level Media
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Israel announces a ceasefire after 26 people are killed in Gaza.
Israeli military announced on Sunday that the ceasefire in Gaza was resumed following an attack in which two Israeli soldiers were killed. This attack prompted a wave airstrikes in which 26 people died, making it the most severe test of this month's U.S. mediated truce. An Israeli security source confirmed that aid to the enclave would resume on Monday after U.S.-led pressure. This was shortly after Israel had announced a suspension of supplies as a response to Hamas's alleged "blatant" breach of the ceasefire. According to local residents and medical authorities, the Israeli strike killed at least 26 Palestinians in Gaza, including one woman and one infant. Steve Witkoff, the envoy of U.S. president Donald Trump and his son-in law Jared Kushner are expected to visit Israel on Monday. Both an Israeli and U.S. official confirmed this. After militants fired an anti-tank rocket and launched a missile at its soldiers, Israel said that it had struck Hamas' targets in the enclave. These included field commanders and gunmen as well as a tunnel, weapons depots and a weapon storage facility. Residents said that at least one strike struck a former Nuseirat school which housed displaced people. The Hamas armed wing said that it was committed to the ceasefire accord, unaware of clashes at Rafah and had not been contacted with groups in Rafah since March. Benjamin Netanyahu, the Israeli prime minister, said that he ordered the military forcefully to respond to Hamas violations of the ceasefire. The path to peace is uncertain A senior Israeli official said that aid transfers to Gaza were halted after Hamas violated the ceasefire agreement in a blatant manner. After U.S. pressuring, another Israeli official confirmed that the aid would resume Monday. After airstrikes in Khan Younis, families fled their homes after fearing that the truce would collapse. The strikes resembled Israel's response in late 2024 to what it saw as serious violations of a ceasefire it had signed with Hamas and its Lebanese allies, Hezbollah, less than one week after the ceasefire was implemented, after several days of accusations from both sides of breaching truces, although that ceasefire is still largely intact. There are still formidable obstacles to a lasting peace in Gaza. In March, after two months of relative quiet, Israel launched a barrage airstrikes that triggered a ceasefire. DISPUTE OVER THE BODIES DECEASED HOSTAGES The ceasefire was officially declared on 10 October, ending two years of conflict. However, the Israeli government has been accusing Hamas of violating the ceasefire since days. Defense Minister Israel Katz announced that the "yellow lines" where Israeli forces have pulled back in accordance with the ceasefire agreement will be marked physically and that any attempt to violate the ceasefire, or cross the line, would be met by fire. Hamas outlined what it called a series violations by Israel, which it claims has resulted in the deaths of 46 people and prevented essential supplies from reaching enclave. Israel announced on Saturday that the Rafah crossing between Gaza, Egypt and Israel, which was expected to reopen this week, will remain closed. Its reopening depends on Hamas meeting its obligations under the ceasefire. Israel claims that Hamas has been too slow to deliver the bodies of dead hostages. Hamas released last week all 20 of its hostages and has since handed over 12 bodies. More Aid is Needed The group claims it does not want to keep the bodies of hostages who are still alive and that special equipment will be needed to retrieve corpses from under rubble. Rafah has been largely closed since May 2024. According to IPC's global hunger monitor, hundreds of thousands people in Gaza were declared to be suffering from famine by the IPC Global Hunger Monitor. In previous ceasefires, the crossing was a major conduit for humanitarian aid into the enclave. The United Nations claims that despite the fact that the flow of humanitarian aid through a second crossing has increased since the ceasefire was declared, it is still insufficient. The key questions of Hamas' disarmament, the future of Gaza, and the composition of an international "stabilization" force, as well as the steps towards the creation a Palestinian State, have not yet been resolved. Reporting by Nidal AlMughrabi; Writing by Andrew Mills; Maayan Loubell; and John Kruzel. Editing by Philippa Fetcher, David Holmes, and Deepa Babington.
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Companies claim that Russia has attacked a second energy site in Ukraine, a coal mine.
The operators of these sites reported that Russian forces attacked on Sunday a coalmine in southeast Ukraine and a site unidentified in the north, near the Russian border. This is the latest in a string of attacks on Ukraine's power network. DTEK, a private Ukrainian energy company, said that Russian forces attacked a colliery located in the Dnipropetrovsk Region. The company reported that 192 miners had been safely brought up to the surface without any injuries. The company stated that this was the fourth Russian attack in two months against coal mining operations in Ukraine. Chernihivoblenergo said that an attack in the Chernihiv region, on the border with Ukraine, caused extensive damage. It also cut electricity to over 55,000 customers. It said that emergency crews will restore power to the area as soon as it is safe. In recent weeks, Russian attacks have targeted Ukraine's electricity grid and other energy sites. In the wake of an attack that affected more than a million customers earlier in the month, power cuts have been imposed in a number of areas. (Reporting and editing by Edmund Klamann; Ron Popeski)
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Gold prices soar, but Indians prefer coins to jewellery for the festive season
Industry officials said that Indian buyers chose coins and bars instead of jewellery at the Dhanteras Festival on Saturday because they were hoping the gold price rally would continue. Dhanteras marks the beginning of Diwali, a five-day festival of lights. It is considered auspicious to buy gold. In fact, it is the second busiest day for gold purchases in the world. The volume of gold sold during Dhanteras was 10-15% less than last year. However, the total value increased sharply because prices were higher, according to Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council. Surendra Mehta is the secretary of the India Bullion and Jewellers Association. He said that gold jewellery demand was hit by record-high prices. Prices dropped nearly 30% compared to last year. However, coins and bars flew off the shelves. India's gold jewellery is more expensive than gold coins because buyers pay manufacturing fees of 10-20%. Gold prices in India closed at 127.008 rupees for 10 grams last Friday, after reaching a record high price of 132.294. This represents a rise of over 60% from Dhanteras last year. India's NSE Nifty50 share index rose about 5% over the period. Sachin Jain is the CEO of World Gold Council India operations. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This includes 6% import duties and 3% sales taxes. It is the highest it has been in over a decade. Saurabh Gadgil of PNG Jewellers said that the price rise for silver bars, coins and jewellery has been a major factor in driving demand this year. Dealers said investors believe silver will outperform gold. In recent months, the higher returns of precious metals has attracted strong inflows to physically backed exchange-traded gold and silver funds. Rokde, of GJC, said: "With Dhanteras continuing tomorrow afternoon and jewellery stores staying open until midnight, we expect the buying momentum to continue." (Reporting and editing by Jan Harvey; Rajendra Jadhav)
Oil prices drop on worries about US-China trade tensions
Oil prices fell on Monday as a result of concerns over a global surplus. The escalating U.S. China trade tensions also added to worries about an economic slowdown.
Brent crude futures dropped 24 cents or 0.4% at $61.05 a bar at 0032 GMT. U.S. West Texas intermediate futures were also down 21 cents or 0.4% at $57.33, erasing Friday's gains.
The International Energy Agency has forecast a growing glut of supply in 2026, which is partly responsible for the declines.
Toshitaka Takawa, an economist at Fujitomi Securities, said that fears of a slowdown in the economy due to escalating U.S. China trade tensions are driving selling pressure.
The upcoming summit between U.S. president Donald Trump and Russian president Vladimir Putin will add uncertainty to the outlook. This makes it hard for some investors adjust their positions.
Last week, the World Trade Organization's head said that she had urged both the U.S.A. and China de-escalate their trade tensions. She warned that a decoupling of the two world's largest economies over time could result in a 7% reduction in global economic output.
Two of the world's largest oil consumers recently renewed their trade conflict, adding port fees to ships that carry cargo between them. This could cause global freight flow disruptions.
Trump and Putin also agreed to meet again on Thursday, despite Washington's pressure on India and China not to buy Russian oil.
After talks with Ukrainian president Volodymyr Zelenskiy on Friday at the White House, Trump implored Ukraine and Russia to stop the war "immediately," even if that meant Ukraine conceding territories.
Trade sources and analysts say that the pressure from the United States and Europe on Asian buyers to reduce their Russian energy imports could result in India's oil imports being restricted as of December, resulting in cheaper supplies for China.
Baker Hughes, a leading energy services company, said that the United States added oil and gas rigs last week for the first time since three weeks. (Reporting and editing by SonaliPaul; Yuka Obayashi)
(source: Reuters)