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China investigates the mining disaster that claimed 82 lives.
State media reported on Tuesday that the initial investigation into the China's deadliest mining disaster in 15 years revealed unmarked tunnels, fake doors, and missing trackers. The government has vowed to leave no stone untouched. A gas explosion at the Liushenyu Mine in the coal-rich Province of Shanxi, in northern China, killed at least 82 people late Friday night. State media reported that two people were still missing and 128 others hospitalized. This is the worst mining accident to occur in China since 2009. A gas explosion in the Xinxing Mine, in Heilongjiang Province, killed 108 workers. The cause of the fatal incident is still under investigation. However, the official Xinhua News Agency on Tuesday stated that hidden mining tunnels, false?drawings, and outsourced, unregistered, and unregistered miners who were not provided with life-saving location tracking devices, contributed to the incident. 'YIN-YANG DRAWINGS' Xinhua reported that the mine controlled by 'Shanxi Tongzhou Coal Coking Group' maintained two different sets of plans and surveillance system. The mine, controlled by?Shanxi Tongzhou Coal Coking Group, maintained two separate sets of plans and surveillance systems. According to the state media, officials of the company were detained. The coal mined from the unregulated and hidden tunnels was not included in official production figures. Two sets of plans are colloquially known as "yin-yang" drawings: one is kept 'in the light for the inspectors to examine and the other in the darkness. The national mine safety authority has stated that despite crackdowns in China, similar profit-driven practices continue to be commonplace in coal mines. Xinhua reported that the Liushenyu Mine "used wire mesh, woven plastic sacks, and mortar to create fake doors which looked like the rock walls of the mine tunnel." The workers would close the fake doors and smear the coal ash on them to blend in with the rest. ALARMS FOR MISSING TRACKERS In order to evade detection, the mine operator hired subcontracted labour to work in the concealed tunnels without providing them with required identification-location trackers or logging them in ?the official entry record. If the trackers had been used, authorities could have monitored where the miner was underground. According to CCTV footage shown Monday, only 124 people were underground when the blast happened on Friday. The mine was actually staffed by 247 people, which means that 123 of them were not tracked in the tunnels. State media reported that the?lack' of accurate maps, and information on miners' locations has seriously hampered rescue efforts. In a separate report, Tuesday, state radio broadcaster said that the Liushenyu Mine - classified by authorities as a high-gas mine with an elevated blast risk -- also avoided installing gas monitoring?equipment in order to evade their supervision. Before Friday's tragedy, authorities were aware of the issues. The mine operator in 2025 was fined by regulators after they discovered hidden working faces. However, this penalty did not serve as a deterrent and the company continued to produce illegally. After the incident, some mines in China halted production or reduced it to allow for safety inspections.
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Russian oil prices are down by 11% so far in May compared to April
Calculations showed that the price of Russian oil, in roubles, has dropped 11% in May from April due to the strengthening of the rouble and lower global oil prices on anticipation of an agreement ending Iran's war. The Russian authorities use oil prices in roubles to calculate the mineral extraction tax. The?levy is the single biggest tax on the oil sector, and accounts for about a fifth (or more) of the total Russian budget revenue. The calculations show that the average price of oil in April was 7,299 roubles per barrel, the highest level since October 2023. The price in roubles remains around 20% higher than the target price assumed?in 2026's federal budget, which assumes that the rouble price is 5,440 roubles per barrel or $59, and the rouble rate is 92.2 roubles per $1. The price is the basis for Russia's budget revenue and expenses. The'set' was made before U.S. - Israeli airstrikes against Iran at the end of Feburary triggered a Middle?Eastern conflict exploding and causing unprecedented disruption to energy supply. On Tuesday, international oil prices were just under $100 per barrel. This is down from a spike of over $120 a barrel in April.
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Russia fails to sell its stake in UGC gold miner
The federal property management agency announced on Tuesday that Russia had failed to sell a stake in the gold producer Uzhuralzoloto, which it seized last year. This is a major blow to the Russian government, as it attempts to reduce budget pressures. A Russian court ruled in July last year that the majority of UGC owned by Konstantin Strukov should be confiscated and transferred to state. This was part of a larger pattern of nationalisation. This latest auction comes after a failed sale of Strukov’s assets in May. The?lot included a stake of 67.2% in UGC, which was valued at 162.02 billion rubles ($2.22 billion). BUDGET PRESSURES The auction was declared invalid this time because only one bidder had submitted a complete application and paid the deposit. The agency Rosimushchestvo said that a second bidder failed to pay the deposit or provide the necessary documents. The agency hasn't said if it will be holding another auction. The failed sale comes at a time when budget pressures are increasing. Finance Ministry had planned to sell its stake by 2025. It did not respond to a question for comment. The sale was structured in a Dutch auction where the price is gradually reduced until a bidder is found. The stake could have been sold for as low as 50% of the original asking price. In January, the Domodedovo Airport in Moscow was sold at Dutch auctions for a?minimum price of $869?million, with only one bidder. In the afternoon, shares on the Moscow Exchange were down 7.67%. (Reporting by Anastasia Lyrchikova. Additional reporting by Darya Korsunskaya. Writing by Alessandra Prentice. Guy Faulconbridge, Mark Potter and Mark Potter (Editing)
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Russell: China's structural shift is reflected in its weak steel production and strong imports of iron ore.
China's?weak production of steel and its robust imports of iron ore continue to contrast, and it is beginning to appear as?a structural change rather than just a temporary disruption. China, which is responsible for producing just over half the world's total steel, produced 86.63 million metric tons of steel in April. This was a 2.8% decline from the same month of 2025, and the lowest April figure since 2018. Steel production for the first four month of this year was 331.12 millions tons, down 4.1% on the same period of last year. According to official statistics, however, iron ore exports increased by 8% during the first four months this year, to 418,6 million tonnes. Imports of steel-related raw materials in April were 103.9 millions tons. This is down 0.8% compared to March's total of 104.74, but slightly higher per day due to April having one less day than March. Analysts at DBX Commodities estimate that seaborne arrivals in May will be 104.67 millions tons. The reason for the low production of steel is easy to understand, given the weakness in the property construction sector and the decline in exports. In April this year, shipments dropped?9% from the same period last year. Steel exports fell 9.7% in the first quarter of 2026 to 34.2 millions tons. Iron ore imports are a result of both structural and temporary factors. BUILD INVENTORIES SteelHome consultants SteelHome monitor port stockpiles to ensure that they are not contaminated. Holding near record highs The week ending May 22 saw inventories of 160.35 millions tons, up slightly from the previous week's 160.34 and close to the record-high 165.67million that was reached in the week prior to March 20. As steel production increases to meet demand, inventories tend to build towards the end of every year. They then peak early in the following year and decline toward the middle. Stockpiles are up 22% since the July low of 131.05 millions tons, which was 2025's lowest level. Market participants will be able to tell whether inventories will follow their usual seasonal pattern, and begin to decline as we approach the northern summer. Or if soft steel production will continue to keep them high compared with previous years. It is possible that the Iran war, and the threat of fuel shortages in Asia due to the continued closure of the Strait?Hormuz by the Iranian regime may have also encouraged Chinese steel mills to import iron ore. The lack of volatility may also be boosting import sentiment. Singapore Exchange contracts have been locked in a tight band?anchored at $105 per ton over the last 10 months. On Monday, the front-month contract closed at $109.09. Iron ore imports are driven by the decline of China's domestic iron ore production. This is further exacerbated due to the weakening of the ore grades. According to MySteel, China's first four months of the year saw an iron ore production of 326.8 millions tons, a 1% decrease from the same period the previous year. The drop in 2025 was 2.8%, from 1.04 billion tons to 983.7 millions. China's iron ore is a mixture of 20-30% iron. This means that it must be upgraded in order to match the imported grades, which are 60-65%. The process?is energy-intensive and costly. Assuming that steel production remains relatively stable, it's likely China's domestic iron ore supply will continue to decrease, which will lead to a greater share of imports. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Israeli strikes kill seven Gazans, doctors say
Health officials reported that Israeli strikes in Gaza Strip killed at least seven Palestinians on Tuesday, including five in a camp for refugees and two in cars. Residents and medics said that an Israeli drone shot a missile into the air at people who were coming out of their houses when a Palestinian militia backed by Israel tried to?storm an area east Maghazi camp. At least five people died, and'several others were injured. The Israeli military has not responded to an immediate request for comment about the incident. It has been fighting Hamas militants on Palestinian territory since October?2023. Hamas has branded Israeli-backed armed groups as "Israeli collaborators" and their attacks have increased in recent weeks. Leaders of these groups who operate in areas under Israeli control say that they aim to overthrow Hamas rule. Two people were killed and several more injured by an Israeli airstrike that struck a vehicle near the southern Gaza City of Khan Younis on Tuesday afternoon, according to medics. The Israeli military said it was "a targeted strike" but did not provide any further details. A ceasefire brokered by U.S. President Donald Trump in October failed to stop Israeli attacks on Gaza. Israel and Hamas have reached a deadlock in indirect negotiations over the implementation of the second phase?of the agreement, which includes disarming the group and the withdrawal of the Israeli army. Israel now controls more than half the territory of Gaza. Hamas is only in control of a small sliver along the coast. Gaza health officials, who do not differentiate between civilians and combatants, have reported that 900 Palestinians were killed by Israeli airstrikes since the truce was implemented. The Israeli military said that four Israeli soldiers were?killed' by militants in the same time period. Hamas does not reveal the number of casualties amongst its fighters. Israel claims its post-ceasefire attacks are meant to prevent attacks or stop people from approaching the armistice line between Hamas and Israel. (Reporting and editing by Nidal Al-Mughrabi)
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Coal India requests units to increase supply as heatwave fuels record demand for power
Two sources who have direct knowledge of this matter say that Coal India, the state-owned coal company, has instructed its subsidiaries to increase the supply of coal to power plants in order to avoid shortages. The country's demand for?electricity is at a record high after an intense heatwave. As a result of the record heat caused by the El Nino weather pattern, several regions are experiencing power outages, mostly at night. According to the latest data from the Central Electricity Authority (the adviser to the Power Ministry), 21 power plants are critically short of?coal, with only enough to cover less than a weeks' demand. Sources said that the world's largest coal mining company has directed its subsidiaries to maximize dispatches by using all modes of transport, including rail links which move coal directly from mines into power plants. Coal India announced on Tuesday that it had encouraged utilities, especially those in difficult-to-reach areas, to stock up in advance of the peak demand. India's peak electricity, which is a measure for the "maximum amount of electricity required", reached a record of 270.8 gigawatts last week. India's electricity is still generated by coal, despite the 228 GW capacity of non-fossil energy. Data from the company showed that Coal 'India and its eight subsidiaries, which are responsible for 80% of coal production in India, saw a 9.7% decline to?56.1 millions metric tons. The miner stated that it had 168 millions tons of coal in its possession, including 47.6 Million tons at power plants. This is enough to meet 19 days' consumption. It said that the stocks at mines were 113.5 million tonnes as of May 23. This was an increase of about 10% compared to a year ago. Sethuraman NR, Nidhi verma, and Emelia Sithole Matarise edited the report.
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After US strike on Iran, European stocks drop and oil prices rise
European stock indexes lost some of their recent gains on Tuesday, and oil prices rose as a result. Investors' hopes that a U.S. peace deal with Iran was imminent were dampened by?new U.S. attacks in southern Iran. The market sentiment has improved over the last week, as traders have bet on the de-escalation of the U.S. and Israel war against Iran. This conflict began late February and has caused severe disruptions in Middle East oil supplies. They revised this view after the U.S. announced on Monday that it had conducted what it called defensive attacks in southern Iran. U.S. Secretary Marco Rubio said on Tuesday that negotiations with Iran may "take several days" as talks continue. STOXX 600 at 1051 GMT was down 0.2% for the day but close to its highest level since the beginning of the war. London's FTSE 100 rose 0.7%, while Germany's DAX fell 0.5%. The MSCI World Equity Index remained?flat' but has risen 3.8% this month. Peter Schaffrik is a global macro strategist with RBC Capital Markets. He said the Middle East uncertainty was weighing heavily on markets. "It's not clear what's happening there," he said. He was referring to U.S. president Donald Trump's statement on Monday that he had asked additional countries to sign Abraham Accords while he was trying to negotiate an end to the war. Wall Street futures still pointed to further gains in stocks for the U.S. day, with S&P500 eminis up by 0.7%, and Nasdaq minis up by 1.1%. Brent crude futures rose 2.4% to $98.50 per barrel on the same day. U.S. West Texas Intermediate fell 4.7% since Friday's closing price of $92.04. Due to the US Memorial Day holiday, there was no WTI settlement Monday. Schaffrik noted that there was still some optimism on the market as traders held onto the hope that the Strait of Hormuz would reopen soon. Brent crude is down from its peak of $120 in late April. European traders also considered comments made by Isabel Schnabel of the European Central Bank, who said that even if peace talks with Iran are successful, the central bank should increase interest rates in June. She said that the conflict is taking longer than expected and that high energy prices are affecting the economy. Money market traders have priced in a 90 percent chance of a rate hike at the ECB meeting scheduled for June. The yields on European bonds rose after the U.S. strike, but the benchmark German 10-year yield was still near its lowest level in nearly seven weeks, at 2.9642%. Last week, yields dropped as investors became less worried about the impact of war on inflation and growth. U.S. government bond prices rose as investors remained 'hopeful' about a possible deal to reopen the Strait of Hormuz. The dollar index was unchanged at 99.026 dollars, and the euro was flat at $1.1642. The dollar rose 0.1% to 159.12 Japanese yen. Gold fell by 0.8% to $4,534.86. (Reporting and editing by Rae Wee, Sharon Singleton, Muralikumar Aantharaman and Jan Harvey).
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Russian oil prices are down by 11% so far in May compared to April
Calculations showed that the price of Russian oil in roubles dropped by 11% from April to May as 'the rouble strengthened' and global 'oil prices? eased due to expectations of an agreement ending the Iranian war. The Russian authorities use the price of oil in roubles to calculate the mineral extraction tax. This levy is the single largest tax on the oil sector, and it accounts for around a fifth of the total Russian budget revenue. The calculations show that the price of oil fell to 6,518 Roubles per barrel over the period May 1-22, from the average April price of 7,299 Rubles. This was the highest level since October 2023. The rouble price is still about 20% higher than the?federal budget target for 2026. This assumes that the rouble price per barrel will be 5,440 roubles, or $59, and the rouble rate per dollar to be 92.2. The price is the basis for Russia's budget revenue and expenses. The film was filmed 'before U.S. and Israeli airstrikes against Iran at the end of Feburary unleashed a surge in Middle Eastern conflict and an unprecedented disruption to energy supply. Prices for international oil traded Tuesday at just under $100 per barrel. This is down from a spike of over $120 in April. Barbara Lewis (Reporting)
Oklo speaks in discussions on using US Cold War plutonium for nuclear fuel
Nuclear power company Oklo said?on? Tuesday that the U.S. Energy Department has selected it for advanced talks about taking Cold War era plutonium - a dangerous, fissile substance - for use as potential fuel for nuclear reactors. Last year, it was reported that the Trump Administration plans to provide about 20 metric tonnes of Cold War-era Plutonium? from dismantled warheads to U.S. energy companies for use as reactor fuel.
About a year ago, President Donald 'Trump' signed an executive ordnance ordering the U.S. Government to stop a large part of its program to dilute plutonium and dispose of it and use it instead as fuel for advanced nuclear technology.
Energy?department has surplus U.S. Plutonium. It is stored in heavily guarded weapons sites, including those in South Carolina and Texas.
Oklo plans to work with newcleo - a European firm that wants to build nuclear reactors of the highest technology.
Oklo stated that Newcleo could bring experience in fuel and capital for projects, but only after obtaining the necessary approvals, agreements and U.S. safety and security requirements.
Jacob DeWitte, co-founder of Oklo and CEO, said: "This program provides a way to use surplus material to fuel advanced reactors sooner. "Materials that have been set aside as a?disposal could instead be 'converted into fuel for electricity production."
Stefano Buono is the CEO and founder of newcleo. He said that using plutonium for fuel would reduce U.S. nuclear liabilities. Democratic U.S. legislators have urged Trump not to proceed with his plan to use surplus plutonium as fuel. They say it is a proliferation threat and would require enough plutonium to build 2,000 atomic weapons.
Chris Wright, the U.S. Energy secretary, was a member of Oklo before joining Trump's cabinet. His department didn't immediately respond to an inquiry for comment about the talks, or how the material will be kept secure. (Reporting and editing by Alexander Smith; Timothy Gardner)
(source: Reuters)