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VEGOILS-Palm rises on strong Dalian palm olein, crude oil prices
Malaysian palm oil futures rose on Monday for the fourth consecutive session, following the strength of crude?oil and Dalian palm olein. By midday, the benchmark palm oil contract for June delivery on the 'Bursa Malaysia derivatives exchange had gained 85 ringgit or 1.86% to 4,657 Ringgit ($1,184.99), a metric tonne. A Kuala Lumpur based trader reported that Dalian palm oil futures had seen strong gains during the morning Asian sessions, when it traded at its highest price since June 2022. The trader said that "the market was also supported" by "firmer crude oil price." Dalian's soyoil contract with the highest volume increased by 0.34% while palm oil contracts grew by 2.52%. Prices of soyoil on the Chicago Board of Trade fell by 0.95%. As palm oil competes to gain a share of the global vegetable oil?market, it tracks the price movements of its rival edible oils. The price of crude oil rose, as investors focused on threats to Middle East oil installations, despite U.S. president Donald Trump's request for nations to assist in safeguarding the Strait of Hormuz - a vital artery used for energy shipments around the world. Palm oil is a better option as a feedstock for biodiesel due to the stronger crude oil futures. Intertek Testing Services, a cargo surveyor, estimated that exports for Malaysian palm oils products from March 1-15 were up 43.5% compared to a month earlier. AmSpec Agri Malaysia will release its estimates later that day. The ringgit (the currency used to trade palms) strengthened by 0.15% against dollars, increasing the price of the commodity for buyers who hold foreign currencies. Indonesia's senior economic minister has said that if needed, the government may have to impose additional taxes on certain commodities such as palm oil in order to lessen the impact of rising oil prices on the budget. Technical analyst Wang Tao stated that palm oil could test support at 4,494 ringgit a metric tonne after twice failing to break through resistance at 4,612 ringsgit.
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Indian shares are up, but Middle East conflict limits gains
India's benchmark indexes rose on Monday morning, rebounding from their worst week for years. However, investors remain?wary that crude oil will continue to rise above $100 per barrel amid the prolonged Middle East conflict. As of 10:08 a.m. IST, the Nifty 50 index rose by 0.2%, to 23,189. The BSE Sensex increased by 0.18%, to 74697.2. Nine out of 16 major sectors were higher. Mid-cap and small cap fell by 0.2% and 0.7% respectively. The U.S. and Israeli war against?Iran has led to the closure of Strait of Hormuz, a vital artery of global oil?and?gas shipments. Brent crude was hovering around $104 per barrel as U.S. president Donald Trump called on other countries to help secure the Strait of Hormuz. Oil prices rising are bad for India, the third largest crude importer in the world, because they can increase the fiscal deficit and inflation, which will negatively impact the growth. V.K. Vijayakumar, chief investment strategist at Geojit Investments. Vijayakumar stated that foreign portfolio investors will likely continue to sell Indian equities even if the markets rise. Since the start of the war, foreign portfolio investors sold Indian shares totaling more than $5 billion in March. This is a record monthly outflow. Citi, the broker, has lowered the year-end target for the benchmark Nifty 50 index from 28,500 to 27,000 points. The reason given was the impact that higher crude oil prices have had on the economy and earnings. The gains on Monday in Indian markets were similar to those of their Asian counterparts, who rose by 0.4%. Consumer stocks rose 0.7%, while heavyweight financials gained 0.6% to lead the gains in India. IDBI Bank's share price fell 13.3% following?media reports that the Indian government would?shelve bids received for the sale of a majority stake in the lender.
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JSW Steel unit eyes debut $1 billion shorter-duration debt issue, bankers say
Two merchant bankers on Monday said that India's JSW Kalinga Steel is set to issue its first shorter-duration bonds before the end of this month, as it aims to raise up to 95 billion rupees (about $1.03 billion). Bankers said that the company will likely sell two tranches with a five-year term each. The aim is to raise 60 billion rupees or 35 billion rupees through these bond sales. The notes would have zero-coupon paper and put and call options. Crisil rated the bonds of JKSL as AA. The ratings took into account the credit support that was expected from JKSL’s joint venture partners JSW Steel, and Japan-based JFE Steel Corporation. One of the bankers cited above said that "most of the top mutual fund companies have signed up as anchor investors and the bidding will take place at the end of this week, or early next," The bankers asked for anonymity as they were 'not authorized to speak to the media.' JKSL, however, did not respond to an email asking for comment. JSW Kalinga Steel, a 100% subsidiary of Piombino Steel Ltd., also holds a 100% shareholding in JSW Sambalpur Steel Ltd. These?entities were formed to own and operate Bhushan Power Steel Ltd.
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Chinese iron ore buyers ease buying ban
Iron ore futures fell from their two-month highs as China's state-backed buyer of iron ore eased its?ban until next week on a top-miner BHP product, while weaker steel production?and property statistics weighed on sentiment. As of 0237 GMT, the?most traded? May iron ore contract at China's Dalian Commodity Exchange was trading 0.92% higher/lower. It was 807.5 yuan (US$117.08) per metric ton. Sources said that China will ease a ban on BHP's?Jimblebar fines, an iron ore product, until next week. This comes only a day after Beijing expanded restrictions against its third-largest supplier. Sources said that China would ease the ban on BHP’s iron ore product?Jimblebar fins until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore buyer) told domestic steelmills they could already take delivery of Jimblebar?fines at ports in a week. Steelmakers and traders are excluded from the exception. CMRG banned steelmakers and traders in September from buying Jimblebar Fines. It has gradually expanded these restrictions, and most recently, this week, while it negotiates the terms of BHP’s 2026 Supply Contract. Statistically, the world's largest steelmaker produced 160.34 millions tons of "crude steel" in January and February, a 3.6% decrease from last year, according to the Statistics Bureau. Beijing has promised to reduce industrial production, including steel, in an orderly fashion as it struggles with persistent overcapacity. In February, home prices in China continued to drop. This indicates that the property sector remains troubled despite some signs of improvement. Steelhome, a consultancy, reported on March 13 that iron ore inventories at major Chinese ports had increased by 2.24 percent. Coking coal and coke are also included in the list of steelmaking ingredients that harden. The Shanghai Futures Exchange steel benchmarks have mostly gained. Hot-rolled coil remained unchanged, while wire rod increased by 0.3%. Stainless steel, meanwhile, lost 1.65%.
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Coal India unit Central Mine Planning seeks $1.33 billion valuation, IPO opens Friday
A newspaper advertisement states that Coal India subsidiary Central Mine Planning & Design Institute has set a price range of 163-172 rupees per share for its 18.38 billion rupee ($198.68 millions) initial public offering. The company that provides support and consultancy services for coal and minerals exploration is looking to be valued at $1.33 billion, i.e. the top of the price range. The IPO will be available for subscription between?March 20 and March 24. Global markets are under pressure due to geopolitical tensions resulting from a conflict in the Middle East. India's primary markets have also been affected by the weak sentiment, as seven out of 11 IPOs that were launched in 2026 listed below their original issue price. Bharat Coking Coal is another subsidiary of Coal India. Its debut in January saw a nearly two-fold increase, thanks to the support?of its parent and the robust demand for coking coal from steelmakers. Central Mine Planning’s IPO is a pure offer to?sell, with Coal India aiming to?offload as many shares as possible. The company reported a?profit?of 4,25 billion rupees?for the nine-month period ending?December 2025. This is up approximately 9% from the year-ago time period.
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Japan's Nikkei index falls for a third consecutive day, as the Iran crisis fuels stagflation fears
Japan's Nikkei average fell for the?third day in a row on Monday, as the Middle East Crisis threatened to cause longer-term economic damage through higher energy prices and a weaker yen. As of midday, the benchmark index?Nikkei225? fell by 1.3% to 53138.42. The Topix index, which is a broader measure of the market, fell 0.7% to 3,602.71. The Nikkei index has fallen more than 9% in the past two weeks since U.S. airstrikes on Iran began. As the conflict spread to neighbouring countries, it paralyzed the shipment of oil through the Strait of Hormuz. The Nikkei briefly rose after U.S. president Donald Trump stated that he was urging other countries in order to safeguard shipping routes. Prime Minister Sanae Takaichi stated that Japan has no plans to send?naval ships to escort vessels in the Middle East. Satsuki Katayama, the Finance Minister, said that the government was prepared to act decisively on the financial markets as the yen fell close to the psychologically significant 160 per dollar line. Maki Sawada is an equity strategist at Nomura Securities. She said that the market appears to be increasingly worried about stagflation. This occurs when economies are gripped with simultaneous increases in inflation and declines in economic growth. Sawada stated that "concerns over an economic slowdown caused by a rise in oil prices" are now being taken into account. "Rather than a general selloff, we are seeing a tendency where these domestic demand segments are performing strongly and underpinning Japan's?stock market." The Nikkei had 43 advancing stocks versus 182 declining ones. Furukawa Electric, Fujikura and other key suppliers in the artificial intelligence industry were the biggest losers. Both fell 6.7%. The index's biggest gainers were NH Foods (up 2.3%) and Denka (a chemical and advanced material company), which gained 2.2%. (Reporting and editing by Sonia Cheema in Tokyo)
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Reactions to Trump’s call for assistance to secure the Strait of Hormuz
U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history. Some countries responded to Washington's request to send ships to the region: On Monday, Prime Minister Sanae Takaichi stated that Japan has no plans to send naval vessels to escort ship in the Middle East. "We have made no decisions about dispatching escort vessels." Takaichi, a member of parliament, said that we are "continuing to look at what Japan can do on its own and what is possible within the legal framework". AUSTRALIA A government minister announced on Monday that Australia would not send ships to help reopen the Strait of Hormuz. "We will not be sending a vessel to the 'Strait of Hormuz. Catherine King, who is a cabinet member for Anthony Albanese, said in an interview with ABC that she was aware of how important this issue is. However, the government has not asked her to do so or requested that she contribute. SOUTH KOREAN The South Korean presidential office announced on Sunday that it would "communicate closely with the U.S. about this matter" and then make a "decision following a careful review." BRITAIN A Downing Street spokesperson said that Prime Minister Keir starmer and Trump discussed the necessity to reopen Strait in order to stop disruptions to global shipping. Starmer spoke with Canadian Prime Minister Mark Carney and the two agreed to continue discussions on the Middle East conflict during a Monday meeting, said the spokeswoman. (Compiled by Himani Sarkr; edited by Michael Perry).
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China's aluminium production in January and February is up due to higher profitability
Official data released on Monday showed that China's primary aluminum output in the first two?months of 2026 increased by 3% compared to the same period last year. This was due to higher profits. According to the latest data from the National Bureau of Statistics, China was the world's largest producer of aluminum. In January and February alone, it produced 7.53 million metric tonnes of primary aluminium. Profit margins for light metal, which is widely used in construction, packaging and auto manufacturing, have improved, resulting in an increase in output. According to Chinese research firm Antaike, aluminium smelters made an average profit per ton of 7,879 Yuan ($1,142.26), up?2.2% from month to month, as input costs fell while the price for the light metal increased. The most active aluminium contract increased by nearly 11% in January. However, it fell back almost 7% in February. Antaike reported that the input costs fell 0.7% on a monthly basis and 6.4% annually as electricity prices and alumina raw materials dropped. The production of ten non-ferrous metals, including copper, aluminum, lead, zinc, and nickel, grew by a?3.9% year-on-year to 13.42 millions tons. Other non-ferrous materials include tin, mercury, magnesium, antimony and titanium. China combines the output data from January and February to reduce the impact of Lunar New Year holidays that fall in either month. $1 = 6.8977 Chinese Yuan Renminbi (Reporting and editing by Sonali Paul; Lewis Jackson, Dylan Duan)
As solar capability grows, some of America's most efficient farmland is at risk
Dave Duttlinger's very first thought when he saw a thick band of yellowishbrown dust smearing the sky above his Indiana farm was: I alerted them this would take place.
About 445 acres of his fields near Wheatfield, Indiana, are covered in solar panels and associated machinery-- land that in April 2019 Duttlinger rented to Dunns Bridge Solar LLC, for one of the biggest solar advancements in the Midwest.
On that blustery spring afternoon in 2022, Duttlinger stated, his phone sounded with questions from disappointed neighbors: Why is dust from your farm inside my truck? Inside my house? Who ought to I contact us to clean it up?
According to Duttlinger's solar lease, examined , Dunns Bridge said it would utilize commercially sensible efforts to minimize any damage to and disruption of growing crops and crop land triggered by its building activities outside the task website and not eliminate topsoil from the home itself. Still, sub-contractors graded Duttlinger's fields to help the structure of roadways and installation of posts and panels, he said, in spite of his cautions that it might make the land more vulnerable to disintegration.
Teams improved the landscape, spreading out fine sand throughout big stretches of abundant topsoil, Duttlinger stated. When visited his farm last year and this spring, much of the land below the panels was covered in yellow-brown sand, where no plants grew.
I'll never ever be able to grow anything on that field again, the farmer stated. About one-third of his approximately 1,200-acre farm-- where his family grows corn, soybeans and alfalfa for cattle-- has actually been leased.
The Dunns Bridge Solar task is a subsidiary of NextEra Energy Resources LLC, the world's largest generator of eco-friendly energy from wind and solar. Duttlinger stated when he approached NextEra about the damage to his land, the company stated it would evaluate any remedial work required at the end of its agreement in 2073, as per the regards to the arrangement.
NextEra declined to talk about the matter or on what future dedications it made to Duttlinger, and might not separately verify them. Job designer Orion Renewable Energy Group LLC directed questions to NextEra.
The solar market is pushing into the U.S. Midwest, drawn by cheaper land rents, access to electrical transmission, and a. wealth of federal and state incentives. The region also has what. solar needs: wide-open fields.
A renewable energy boom risks damaging some of America's. richest soils in crucial farming states like Indiana, according to a. analysis of federal, state and local information; numerous. pages of court records; and interviews with more than 100 energy. and soil researchers, agricultural economic experts, farmers and. farmland owners, and local, state and federal legislators.
A few of Duttlinger's farm, including parts now covered in. solar panels, is on land classified by the U.S. Department of. Farming (USDA) as the most productive for growing crops,. according to a analysis.
For landowners like Duttlinger, the pledge of earnings is. appealing. Solar leases in Indiana and surrounding states can. use $900 to $1,500 an acre per year in land rents, with annual. rate boosts, according to a evaluation of solar leases. and interviews with four solar project developers. In. contrast, farmland lease in leading corn and soybean manufacturers. Indiana, Illinois and Iowa balanced about $251 per acre in 2023,. USDA data shows.
Farmland Partners Inc, a publicly traded farmland genuine. estate financial investment trust (REIT) has leased about 9,000 acres. across the country to solar firms. Much of that ground is extremely. efficient, stated Executive Chairman Paul Pittman.
Do I believe it's the very best use of that land? Most likely not. However our investors would eliminate us if we didn't pursue this, he. stated.
Some renewable resource developers said not all leases end up being. solar jobs. Some are developing their sites to make it. possible to grow crops between panels, while others, like Doral. Renewables LLC, said they use livestock to graze around the. panels as part of their land management. Designers also argue. that in the Midwest, where more than one-third of the U.S. corn. crop is utilized for ethanol production, solar energy is crucial for. powering future electric automobiles.
Some farming economists and agronomists counter that. taking even percentages of the very best cropland out of production. for solar development and destructive important topsoil effects. future crop potential in the United States.
Typical solar farm building and construction practices, including clearing. and grading large areas of land, also can cause significant. disintegration and major runoff of sediment into waterways without. correct remediation, according to the U.S. Environmental. Defense Company and the Justice Department.
Solar development comes amidst increasing competition for. land: In 2023, there were 76.2 million - or nearly 8% - fewer. acres in farms than in 1997, USDA data programs, as farmland is. converted for domestic, industrial and industrial use.
In reaction to ' findings, USDA stated that urban. sprawl and advancement are currently larger contributors to. farmland loss than solar, pointing out reports from the Department of. Energy and agency-funded research.
BUILDING ON PRIME CROPLAND
No one understands how much cropland across the country is presently under. photovoltaic panels or leased for possible future development. Land. offers are generally private deals.
Scientists at the United States Geological Survey and the. U.S. Department of Energy's Lawrence Berkeley National. Lab have actually been compiling a database of existing solar. centers across the nation. Work on the U.S. Large-Scale. Solar Photovoltaic Database started in 2020 and includes data on. 3,699 facilities in 47 states and the District of Columbia.
While that task is incomplete and ongoing, discovered. that around 0.02% of all cropland in the continental U.S. converged in some method with massive, ground-based solar. panel websites they had identified as of 2021.
The total power capability of the solar operations tracked in. the data set represents over 60 gigawatts of electrical power. capability. In the following 2 years, solar capacity has nearly. tripled, according to a Dec. 2023 report from the Solar power. Industries Association (SEIA) and Wood Mackenzie.
To much better comprehend future land-use patterns, . evaluated federal government data to recognize cropland that USDA. classified as prime, distinct, or of local or statewide. importance. likewise reviewed more than 2,000 pages of. solar-related documents filed at regional county recorders' offices. in a little sample of four Midwestern counties-- Pulaski, Starke. and Jasper counties in Indiana, and Columbia County in. Wisconsin.
The counties, representing an area of land a little bigger. than the state of Delaware, are where a few of the country's. biggest projects are being established or built. The sample is not. necessarily representative of the wider United States however. provides an idea of the possible effect of solar projects in. farm-heavy counties.
discovered the portion of these counties' most. productive cropland protected by solar and energy business since. end of 2022 was as follows: 12% in Pulaski, 9% in Starke, 4% in. Jasper and 5% in Columbia.
Jerry Hatfield, former director of USDA Agricultural. Research study Service's National Lab for Agriculture and the. Environment, said ' findings in the four counties are. worrying.
It's not the variety of acres transforming to solar, he stated. It's the quality of the land coming out of production, and what. that indicates for local economies, state economies and the. country's future capabilities for crop production.
More than a dozen agronomists, in addition to renewable energy. researchers and other specialists spoken with , stated the. approach to measuring solar's impact was fair. The news agency. likewise shared its findings with 6 solar developers and energy. firms operating in these counties. 3 said ' sample size. was too little, and the range of findings too wide, to be a reasonable. representation of industry siting and building and construction practices.
By 2050, to fulfill the Biden Administration's decarbonization. targets, the U.S. will need as much as 1,570 gigawatts of electric. energy capability from solar.
While the land needed for ground-based solar advancement to. attain this goal won't be even by state, it is not expected to. exceed 5% of any state's acreage, except the tiniest state of. Rhode Island, where it might reach 6.5%, by 2050, according to. the Energy Department's Solar Futures Research study, published in 2021.
Scientists at American Farmland Trust, a non-profit. farmland protection company which champions what it calls. Smart Solar, forecast last year that 83% of new solar energy. development in the U.S. will be on farm and ranchland, unless. existing government policies changed. Almost half would be on the. country's finest land for producing food, fiber, and other crops,. they warned.
FUEL ARGUMENT
5 sustainable developers and solar power firms spoke with. counter that the industry's usage of farmland is too. little to impact domestic food production overall and need to be. balanced with the requirement to decarbonize the U.S. energy market in. the face of climate modification.
Doral Renewables, the developer behind the $1.5 billion. Mammoth Solar project in Pulaski and Starke counties, does not. consider corn or soybean yields in its siting decisions.
Instead, the business takes a look at the land's topography, zoning. and nearness to an electrical grid or substation-- and attempts to. avoid wooded areas, ditches and environmentally delicate areas,. said Nick Cohen, Doral's president and CEO.
Moving corn acres for solar? I do not see it as replacing. something that is crucial to our society, Cohen said. Solar can. make farmland more productive from a financial point of view, he. added.
Indiana farmer Standard Welker says he got a better offer leasing. 60% of his farmland to Massive than he would have growing corn,. with rates dipping to three-year lows this year.
We've got mounds of corn, we're below the expense of. production, and today, if you're renting land to grow corn--. you're losing money, Welker stated. By doing this, my financial. scenarios are great..
(source: Reuters)