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Sources say RPT-China has expanded the BHP iron ore product ban to include a new product, as discussions drag on.
Sources said that China's state owned iron ore purchaser has ordered steel mills to stop buying a specific type of BHP ore. This ban is in addition to another one already in place, and escalates a dispute about a new contract. China Mineral Resources Group, set up in 2020 to centralise the purchasing of iron ore and to win better terms for miners, has asked Chinese steel mills to not buy new cargos of Jinbao Fines, a low-grade ore produced by the world's largest iron ore mining company, BHP. Sources said that CMRG had told mills they were not allowed to receive Jinbao Fines from ports for three days. "There may be a lot of activity at the ports during these days," one source stated. It is not possible to determine the number of iron ore traders, steel mills and other companies that received an order from CMRG in this week. This is the second time CMRG has asked Chinese steel mills to stop purchasing BHP's Jimblebar blend fines. Both parties are in long-term negotiations about a contract for 2026. BHP responded to questions regarding the Jinbao Ban by saying that it doesn't comment on commercial negotiation. Earlier that day, the miner had said they were still in negotiations with CMRG. CMRG didn't immediately answer questions. Small Trade Volumes CMRG could have targeted the fines from Jinbao instead of other BHP cargos, because the trade in lower-grade ore is so small, and the ban wouldn't disrupt the market too much, according to both sources and analysts who spoke under condition of anonymity due to the sensitive nature of the issue. The three sources all said that the trade was so small, they didn't track it regularly. Prices have been supported by the tightening of supplies at ports after the first ban on medium-grade ore, such as Pilbara Blend fines. This is despite a weakening in demand for this key ingredient. The price of iron ore rose to a record high in less than a week on Wednesday, even though crude steel production fell to its lowest level since December 20,23. This was due to bad weather that forced some northern mills into reducing their output. (Reporting and editing by Louise Heavens and Aidan Lewis.
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Children dying from Indian cough syrup due to safety lapses and weak oversight
According to three sources familiar with the issue, Indian officials are looking into whether a safety lapse in the supply chain of a pharmaceutical component was responsible for the contamination of cough syrup which has caused the deaths at least 24 children over the past few months. Three health and drug safety officers from Tamil Nadu said they believed the solvent used in the production of a batch Coldrif cough medicine could have been contaminated by a toxic chemical at the time when it was delivered to the drugmaker Sresan Pharmaceutical Manufacturing. Sresan purchased 50 kg of propylene glycol solvent (PG) on March 25 from Sunrise Biotech, which bought it that day from Jinkushal Aroma. This small company makes fragrance blends to liquid detergents and chemicals. The Tamil Nadu Drugs Control Department has not responded to requests for comments about its investigation. The authorities have confirmed that the Coldrif Syrup was heavily contaminated by diethylene glycol, a well-known industrial toxin. The authorities are looking into how the chemical was mixed with the solvent used to dissolve the active ingredients in the cough syrup. More than 140 children will die in Africa and Central Asia by 2022 or 2023 due to cough syrups manufactured in India with contaminated solvents. New Delhi pledged to act in the wake of these deaths. Indian health officials claim that DEG is often used fraudulently or accidentally in medicine instead of the more expensive PG. It has been shown that children who consume high doses of DEG can suffer acute kidney damage or even die. The report provides details about the Indian investigation and breaches of global pharmaceutical safety standards in the delivery to Sresan of chemicals. Sresan has had its manufacturing license revoked, and founder G. Ranganathan remains in custody. The attempts to contact Ranganathan and Sresan corporate offices were unsuccessful. Ranganathan's legal representative could not be identified. The Central Drugs Standard Control Organisation (CDSCO), which supervises the pharmaceutical industry federally, referred questions to India's Health Ministry, which, in turn, referred to an official government statement stating that it was conducting additional inspections at drug facilities and reviewing the paediatric usage of cough syrups. Chemical manufacturers typically deliver PG-solvents to their clients in sealed containers, to prevent contamination. However, Sunrise confirmed that it had repackaged it without a sealing before delivering. The Drugs and Cosmetics Act of India prohibits entities without a drug licence from selling or handling pharmaceutical-grade ingredients such as medicinal PG. The two wholesale distributors have confirmed that neither Jinkushal or Sunrise has a licence to handle pharmaceutical-grade materials. The owners of the two wholesale distributors said that they were unaware that the PG sold by them would be used in making medication. Sunrise operator Vipul Jin and Jinkushal's owner Jitender Vishwakarma both said that they had never handled highly toxic DEG, and were unaware of how it could have been contaminated. It was not possible to determine how or who caused the contamination. According to a report published on Oct. 3, inspections by the state regulator following the deaths revealed hundreds of "critical" or "major" violations in Sresan’s factory, outside of the southern city Chennai. These included "storing products under unhygienic circumstances" and "falsifications of data." The regulator did, however, not link these breaches directly to deaths. Repackaged chemcials According to a certificate shared by Jinkushal, Sunrise, and investigators, the PG Sresan claimed it used was made by SK picglobal in South Korea. The certificate also included information about the chemical composition of the PG and the date it was manufactured. The contents of the certificate could not be independently verified, but a spokesperson for SK picglobal said that the copy seen appeared to be genuine. SK picglobal sold the solvent to Jinkushal in a 215 kg sealed barrel. Vishwakarma, a Jinkushal employee, said that he had broken the seals on the solvent and repackaged it in his shop before selling some to Sunrise Chemicals. Sunrise's Jain claimed that he transported the chemical from Sresan to Sunrise in two containers with no tamper proof seals, because the drugmaker did not want the entire 215 kg supply. The spokesperson for SK picglobal said that the company prohibits repackaging or redistribution. When asked if these restrictions are included in the contracts for sale, the company responded that they have told their customers in meetings that "we do not guarantee the quality of the products that have arbitrarily been subdivided or re-packed." The company did not give any further details. History of Violations Four officials who are familiar with the case said that Sresan was previously penalised. Its founder had spent a day behind bars in 2020 and 2022 because of concerns over his products. Then, he received a fine. Four officials familiar with the matter said that they did not have any documentation to support their penalties. Tamil Nadu's Health Minister told lawmakers last week that Sresan was penalised for "minor" violations in 2021-2023, without giving specifics. Two state health officials said that despite Sresan’s excellent track record and the regulations requiring annual inspections, their factory has not been inspected for more than a decade. It was not possible to confirm independently when Sresan's last inspection took place before the deaths. Reporting by Krishna N. Das in Chennai, Rishika Sadam in London, Joyce Lee and Aditya Chaturvedi at New Delhi, and Jennifer Rigby and Jennifer Ang in Seoul.
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REFILE - Asian stocks fall as US jobs do not clear the rate outlook. Tech is also hammered.
Investors have returned to selling riskier assets, even after Nvidia’s stellar earnings. Japan's Nikkei fell 2% Friday. Australia's resource-heavy stocks dropped 1.4%. South Korea's shares plunged almost 4 percent. Wall Street plunged overnight after temporary relief due to Nvidia’s stellar predictions, as fears of inflated tech stocks returned. This resulted in the Nasdaq’s largest one-day swings since April 9, when President Donald Trump’s "Liberation Day tariffs" spooked the markets. The data showed that the U.S. added more jobs in September than was expected, but the Federal Reserve is still unsure about whether it needs to cut interest rates next month in order to boost the labor market. Treasury yields dropped as futures moved up to indicate a 40% likelihood of a U.S. interest rate cut in December. This is an increase from 30% the day before, but not enough to convince the investors that a move will be made by December. The next payrolls data won't be available until after the Fed meeting. The markets were awash with optimism and Nvidia's impressive quarterly results sparked Wall Street to action. "The U.S. job data was also as good as one could hope for," said Kyle Rodda a senior analyst with Capital.com. "However, momentum was simply not there to drive the rally, as two key risk events passed - both of which had positive outcomes - but not enough to stop the current bearishness on the markets." Fed officials are more concerned about the stability of financial markets, and they're also worried about a possible sharp fall in asset prices. They debate whether or not to further cut interest rates. Beth Hammack, the Cleveland Fed president, warned on Thursday of the wide range risks that a rate cut now could have for our economy. Fed Governor Lisa Cook is concerned about the risk of asset prices falling by a large amount. The dollar surged on the currency market, hitting three-month highs on the Aussie, and a new seven-month peak on the Kiwi. The dollar was stable at 157.50, after scaling a 10-month high of 157.9 over night, as traders were on alert for any intervention by Japanese authorities due to the rapid drop in yen. The data showed that Japan's core prices for consumer goods rose by 3% in October. This has kept alive the expectation of an interest rate increase within a short time frame. The yen has been weakened by the prospect of an economic stimulus package from Japan's newly formed government led by Prime Minster Sanae Takaichi. Friday, the government will unveil a stimulus package of over 20 trillion yen - the largest since COVID-19. Treasuries rose over night as investors increased bets on a Fed rate cut next month. The yield on two-year Treasury bonds fell 1 basis point overnight to 3.545%. They had fallen 4 basis points the previous day. Meanwhile, the yield on ten-year Treasury bonds was unchanged at 4.092% after having dipped 3 basis points overnight. Early oil prices dropped. U.S. West Texas Intermediate Crude dropped 0.9% to $58,47 and has been down 2.7% for the week. The spot gold price was flat overnight at $4,077 an ounce.
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Rugby-Schmidt spares 'dead horses' Wallabies from the whip before France Test
After a week of light training, Australia's coach Joe Schmidt is frustrated by his team's mental and physical fatigue. The Wallabies have lost all three of their matches on this season-ending European tour. They will face a tough challenge in Paris against the Six Nations Champions on Saturday. Schmidt stated that fatigue was not an excuse for Australia's poor performance in Dublin following the 46-19 defeat to Ireland. On Thursday, he said he gave the squad Monday to recover before their 15th Test of 2025. Schmidt told reporters, "We cut our cloth according to what people feel. You cannot flag a dead animal." "I've never been in the test window so long. "I don't think I have taken a long break since we began. It was only eight days." It's more mental and emotional than physical fatigue. "That has been a challenge." Schmidt made five changes in the starting 15, including bringing back Carter Gordon, who had completed the concussion protocol to replace dropped flyhalf James O'Connor. Kalani Thomas, the Queensland Reds' halfback, will be hoping to make his debut from the bench. The Australian media speculated that O'Connor, 35, may have played his final Wallabies match. Schmidt did not exclude the Leicester playmaker's participation in the 2027 home World Cup. Schmidt, who coached the Irish flyhalf at the time, said: "I thought Johnny Sexton excelled in the World Cup (2023). James won't even be that old at that point." "I don't think that age is a factor that will necessarily tip the balance." Reporting by Ian Ransom, Melbourne; Editing and proofreading by Christian Radnedge
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Oil slides as US pushes for Russia-Ukraine peace deal
Oil prices dropped on Thursday, as U.S. president Donald Trump's administration pressed Ukraine to accept a peace deal with Russia that would end a three-year war. Brent crude futures fell 32 cents or 0.5% to $63.19 per barrel at 11:54 AM CDT (1754 GMT). U.S. West Texas Intermediate Crude Futures dropped 47 cents or 0.79% to $58.97. The U.S. Energy Information Administration reported Wednesday that the U.S. crude oil supply was lower than expected. This led to a rebound in both benchmarks on Thursday. The U.S. and Russia peace proposal includes the concession of Ukrainian territory to Russia as well as a reduction in Ukraine's military forces. Both of these proposals were previously rejected by Ukraine's president Volodymyr Zelenskiy. Zelenskiy announced on Thursday that he would review the proposal and consult with the United States regarding the peace plan. Phil Flynn is a senior analyst at Price Futures Group. He said, "A lot people thought that this new proposal was dead on arrival, but Zelenskiy didn't dismiss the idea out of hand." The billion-dollar question now is whether the sanctions will go into effect tomorrow. "If they are close, they could be lifted or delayed." The U.S. bans on trade with Rosneft, and Lukoil, Russian oil companies come into force on Friday. Lukoil also has until the 13th of December to sell off its vast international portfolio. The larger-than-expected drawdown in U.S. Crude Stockpiles was due to increased refining as a result of strong margins and demand for U.S. Crude. The Energy Information Administration reported that crude inventories dropped by 3.4 millions barrels, to 424.2 million, in the week ending November 14. This was against the projection of analysts in a survey for a decline of 603,000 barrels. Analysts also noted, however, that U.S. stockpiles of gasoline and distillate increased for the very first time in over a month. This suggests a slowdown in consumption.
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Fire interrupts negotiations at COP30 Climate Summit, forcing evacuation
Officials said that the fire which forced the evacuation of the COP30 Climate Summit in Belem, Brazil, on Thursday has been put out. However, it is unclear whether delegates will return immediately to continue the negotiations. The Brazilian tourism minister informed reporters on the scene that the fire had been put out and that no one had been injured. However, he was unsure if delegates could return to the area of the venue in which the summit negotiations took place today or tomorrow. The summit organizers confirmed that the fire had been brought under control and added that Brazilian fire officials ordered the evacuation of all the premises. The Amazon City summit was originally scheduled to conclude on Friday. However, it missed the self-imposed deadline of Wednesday to reach agreement between the nearly 200 countries in attendance on topics such as how to increase climate financing and move away from fossil fuels. The fire scare happened in a place that was already buzzing with activity for the two weeks of the summit, disrupting ongoing discussions inside the venue. The siren alerted delegates, journalists, and observers to leave the building with their belongings. Police were positioned as a fence, preventing anyone from approaching the location where the fire had been reported. The TV footage shows flames and smoke in the conference center, which was built on the former site of an airport. The summit began earlier this month and has been interrupted by protests, which have demanded climate action. (Reporting and writing by Sudarshan Varadhan, Brendan O'Boyle and William James; editing by David Gregorio and William James)
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Goldman Sachs increases December 2025 copper estimate
Goldman Sachs raised its copper price forecast for December 2025 to $10,610 from $10,385, reflecting the fourth-quarter rally. The bank has maintained its price range of $10,000 to $11,000 per ton for 2026-2027 citing the expectation of a modest surplus on the market. It projected that prices would rise as demand in critical sectors increased and resource constraints tightened. Goldman Sachs' long-term forecast for copper prices in 2035 is $15,000 per ton. This is above both the consensus estimate and forwards which are about $10,390 per ton. The bank bases this on its assumption that many long-stalled mine projects will never be completed. As of 1646 GMT, benchmark three-month copper was trading at around $10,738.50 a metric ton on the London Metal Exchange. It was up by 4.4% in the fourth quarter. Aluminium was at $2.814.50. Goldman Sachs is still bearish on aluminum over the next year, and expects prices to fall to $2,350 a ton in the fourth quarter 2026, as new supply will push the market into surplus. Bank of America noted that although the price of aluminum should rise in the future, it is unlikely they will return to their current level until early next decade. The bank stated that "we extend our long-term aluminum price forecast and expect prices to trade between $2,900-3400 from 2030-2035." (Reporting by Anushree Mukherjee in Bengaluru. Jane Merriman edited the article.
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Gold drops as US jobs data dims prospects of December rate cut
Gold prices fell on Thursday as investors digested the September U.S. jobs report, which showed stronger-than-expected employment figures and dampened prospects for a December rate cut. By 12:15 pm, spot gold had fallen 0.7%, to $4,051.89 an ounce. ET (1715 GMT). U.S. Gold Futures for December Delivery fell by 0.8%, to $4.051.90 an ounce. Gold priced in greenbacks became more expensive to overseas buyers as the U.S. Dollar strengthened against major currencies. Labor Department's closely watched report was delayed by the government shutdown. It showed that nonfarm payrolls rose 119,000 in September, which is more than twice the expected 50,000 increase. This (data) confirms what was discussed by the Fed in October -- that there is a slowing but stable job market. "A December rate cut appears to be less likely," said Peter Grant. Vice president and senior metals analyst at Zaner Metals. The traders now believe that there is a nearly 40% chance of a rate reduction next month. In low-interest rate environments, gold, which is a non-yielding investment, does well. The Bureau of Labor Statistics cancelled the release of its October report due to the government shutdown and combined it with the November figures. The combined report is due to be released after the Fed's meeting on December 16. Minutes from the Fed meeting in October revealed that policymakers cut interest rates, despite warnings that this could increase the risk of inflation or undermine public trust in the central banks. Gold, the traditional safe-haven, is up 55% in this year. It reached a record high on October 20, reaching $4,381.22. UBS increased its mid-year 2026 gold target price to $4,500 an ounce despite recent consolidation. This was due to expectations of U.S. interest rate cuts, geopolitical risk, and strong demand from central banks and exchange-traded funds. Silver fell by 1.9% at $50.34 an ounce. Platinum fell by 2.4% at $1,509.10, and palladium dropped 0.1% to 1,378.45. (Reporting and editing by Alexander Smith, Alan Barona and Pablo Sinha from Bengaluru)
Oil extends decline on possible Russia-Ukraine peace deal
Oil prices continued to fall for the third consecutive session on Friday, as the U.S. sought a peace agreement between Russia and Ukraine that could increase oil supplies on the global market. Meanwhile, uncertainty about interest rate reductions in the U.S. curbed investors' risk appetite.
Brent crude futures dropped 71 cents or 1.12% to $62.67 per barrel at 0212 GMT, after falling 0.2% the previous session. U.S. West Texas Intermediate Crude was trading at $58.29 per barrel, down by 71 cents or 1.12%, after closing the previous session 0.5% lower.
Both contracts will fall by more than 2% on concerns about oversupply this week. The market sentiment has turned negative this week, as Washington continues to push for a plan of peace between Ukraine and Russia that will end the three-year conflict. At the same time, sanctions against top Russian oil producers Rosneft & Lukoil should be implemented on Friday. Lukoil's huge international portfolio has to be sold by December 13.
The slim chances of an agreement, which would eliminate much of the geopolitical premium for the war baked into crude, are weighing down on prices.
The price of oil was also affected by a stronger dollar, as holders of other currencies were forced to pay more for the commodity.
Investors bet that the Federal Reserve will not cut rates in January. Helen Clark is reporting; Lincoln Feast is editing.
(source: Reuters)