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Iron ore prices rise on China's steady demand; increased shipments cap gains
Iron ore futures prices rose on Thursday, boosted by the resilient demand in China for this steelmaking ingredient, but the momentum was tempered by the rising shipments of the leading producers Australia, and Brazil. As of 0300 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was up 0.28% to 728 yuan (US$101.10) per metric ton. The benchmark June Iron Ore at the Singapore Exchange fell 0.36% to $99.45 per ton. Galaxy Futures, a broker, said in a recent note that the end-user demand is resilient, especially in the manufacturing industry, which continues driving high growth in steel consumption. Hexun Futures said that the capacity utilisation of 104 electric kilns increased by 1.2% on a week-to-week basis to 40.4%. The daily consumption of scrap metal also grew by 3.1%, reaching 245,400 tonnes. Everbright Futures, an iron ore broker, reported that hot metal production, which is typically used as a gauge of demand, was high at 2,4477 million tonnes this week. Hexun said that the total stock of imported iron ore at 47 Chinese ports is 146.28 millions tons, a decrease of 1.74% from week to week. According to consultancy Mysteel, on the supply side the volume of iron ore shipped from mining companies in Australia and Brazil increased by 11.7% over the past week, reaching 27.1 million tonnes. Coking coal and coke, both of which are around 0.5% lower than the DCE, were also down. Mysteel, in a separate report, citing GACC data on May 20, said that China exported 447.800 tons of stainless in April, which represents a 14.1% increase year-over-year. The benchmark steel prices on the Shanghai Futures Exchange have gained ground. Rebar gained 0.2%, while hot-rolled coil grew by 0.34%. Wire rod also increased 0.03%, and stainless steel gained 0.08%. ($1 = 7,2008 Chinese Yuan) (Reporting and editing by Sherry Jacobi-Phillips; Sherry Pek)
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Subsea7 Secures Subsea Job for FPSO off West Africa
Subsea 7 has secured of a subsea contract in West Africa, worth up to $150 million.Subsea7 will be responsible for transporting and installing flexible pipelines, umbilicals, and associated subsea components for the connection of a floating production, storage and offloading (FPSO) vessel as well as the pre-laying activities for an upcoming drilling campaign.Project management and engineering work will begin immediately at Subsea7’s offices in Sutton, UK and Suresnes, France, and offshore activity is expected to start in 2026.The contract has been deemed sizeable by Subsea7, meaning its value is between $50 million and $150 million “Our close and agile collaboration with our clients allows us to make possible cost-effective and reliable offshore solutions for their needs. We are pleased to be able to support this client in executing such a strategically important project in West Africa,” said Jerome Perrin, Vice President Africa, Middle East, and Türkiye for Subsea7.
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New Transfer Boat Set for Hornsea 2 Offshore Wind Service
ESVAGT, OSK Design, and Hvide Sande Shipyard have joined forces to raise the bar in offshore wind logistics with the development of a next-generation transfer boat, which has been designed to carry more technicians and cargo.ESVAGT and its partners OSK Design and Hvide Sande Shipyard are taking the next step with the Safe Transfer Boats (STB B15) - a larger boat capable of transferring more technicians and cargo.In addition to traditional boat landings, it also supports the GUS system, which hoists technicians directly onto the turbine platform.According to ESVAGT, technicians were ‘very satisfied’ after testing in March 2025.ESVAGT has entrusted Hvide Sande Shipyard with the construction of the new boat, who also build the predecessor STB12.The STB15 is designed for use at the Hornsea offshore wind farms to transfer technician, move cargo and spare parts and transport supplies and personnel to shore.Crucially it will be able to transfer cargo and technicians in rougher seas than before, which will expand the potential of using the boat even more.STB15 offers increased capacity for both personnel and cargo compared to the STB12.Technicians will spend more time onboard, so the boat is equipped for more difficult weather conditions without causing seasickness. That’s why it features a stabilizer and interceptor system to reduce motion both at rest and underway, improving the comfort on board the boat.“Our SOV concept together with transfer boats has proven its potential and created a demand for handling even more tasks with STBs,” said Søren Westphal, Senior Project Manager at ESVAGT and head of boat development in ESVAGT.“We’re pleased to build on our strong and trusted relationship with ESVAGT in developing the next generation of STBs for the wind industry. ESVAGT is deeply committed to incorporating the experiences from the seafarers in the vessel design, which makes the project especially rewarding for us,” added Carl Erik Kristensen, CEO of Hvide Sande Shipyard.
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London copper prices rise on a weaker dollar but tariff concerns limit gains
The copper price in London rose on Thursday due to a weaker dollar. However, gains were modest because of the uncertainty that remains over the economic growth caused by high U.S. Tariffs. As of 0317 GMT, the benchmark copper price on London Metal Exchange was up by 0.2% to $9,555 per metric tonne. Dollar fell against a wide range of currencies Wednesday due to concerns about the Trump administration's plans for tax cuts and spending. The dollar's weakness makes commodities priced in greenbacks less expensive for buyers of other currencies. Last week the U.S. agreed with China to reduce tit for tat tariffs, and implement a 90 day pause in actions. However, there is still some uncertainty about what will happen after this temporary truce. BigMint, a consultancy, said that the copper market is facing a split path due to looming U.S. import tariffs of 25%. This creates stark regional imbalances. Global prices (LME $9,500/ton), however, are stuck between rising U.S. stocks and tightening supply elsewhere. Other London metals included aluminium, which was up 0.6% to $2486 per ton. Zinc was down by 0.1% at $2690. Lead was down by 0.4% to 1,965.5. Nickel was down 0.04% at $15,595. Tin fell 0.3% to $22,750. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper eased by 0.08%, to 78.030 yuan per ton ($10,831.33). SHFE aluminium rose 0.4% to 20,250 yuan per ton. Zinc eased 0.5% at 22,465 Yuan. Lead was down 0.7% at 16,765 Yuan. Nickel edged up by 0.05%, to 123420 Yuan. Tin fell 0.6%, to 265,430 Yuan. ($1 = 7,2041 yuan) (Reporting and editing by Sherry Jacobi-Phillips).
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Gold reaches two-week high amid US debt concerns
Gold prices reached a two week high on Thursday, as investors gravitated towards the safe haven asset amid growing concerns about the U.S. Government's increasing debt. The demand for Treasury bonds with a 20-year maturity was also soft. This reflected waning appetite for U.S. Assets. Gold spot gained 0.8%, to $3,340.53 per ounce, as of 0300 GMT after reaching its highest level since the 9th. U.S. Gold Futures increased 0.9% to $3341.90. Dollars are hovering around a two-week-low hit during the previous session. This makes gold priced in greenbacks cheaper for holders who hold foreign currency. Kelvin Wong is a senior analyst at OANDA. He said that the weaker dollar and the stagflation risk in the U.S. economic system are supporting gold's bullish reversal. The Republican-controlled U.S. House of Representatives Rules Committee on Wednesday voted to advance President Donald Trump's sweeping tax-cut and spending bill, setting the stage for a vote on the House floor in the coming hours. The U.S. Treasury Department reported a lackluster demand for its $16 billion sale on 20-year bonds, which has weighed down not only the dollar, but Wall Street, as traders are already nervous after Moody's lowered the U.S. triple A credit rating last weekend. Gold is a good investment in times of economic and geopolitical uncertainty. It thrives when rates are low. Oman's Foreign Minister said that the fifth round in the geopolitical context of the nuclear talks between Iran, and the United States, will be held on May 23, 2013 in Rome. Spot silver increased 0.5%, to $33.54 per ounce. Platinum gained 0.1%, to $1077.33, and palladium fell 0.6%, to $1031.46.
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London copper prices rise on a soft dollar but tariff worries cap gains
The copper price in London rose on Thursday due to a weaker dollar. However, gains were modest because of the uncertainty that remains over economic growth as a result of high U.S. Tariffs. As of 0224 GMT, the benchmark copper price on London Metal Exchange was up by 0.1% to $9,546 per metric tonne. Dollar fell against a wide range of currencies Wednesday due to concerns about the Trump administration's plans for tax cuts and spending. The dollar's weakness makes commodities priced in greenbacks less expensive for buyers of other currencies. Last week the U.S. agreed with China to reduce tit for tat tariffs, and implement a 90 day pause in actions. However, there is still some uncertainty about what will happen after this temporary truce. BigMint, a consultancy, said that the copper market is facing a split path due to the impending 25% U.S. import tariff. This will create stark regional imbalances. Global prices (LME $9,500/ton), however, are caught in a bind between the tightening of supplies and rising U.S. stocks. Other London metals included aluminium, which was up 0.5% to $2484 per ton. Zinc was down 0.1% at $2690. Lead was down 0.4% at $1965.5. Nickel was off 0.08%, to $15 590. Tin fell 0.5% to $22,700. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper fell 0.2%, to 77960 yuan per ton ($10,830.03). SHFE aluminium rose 0.3% to 20,230 yuan per ton. Zinc fell 0.6% to 22,450, lead dropped 0.7% to 16,765 and nickel dipped 0.01% to 123350 yuan. Tin declined 0.8% to 265050 yuan.
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Jim Irsay, owner of the Indianapolis Colts and NFL, has died at age 65
The Indianapolis Colts announced that Jim Irsay died at 65 years old on Wednesday. He was the youngest owner of a club in the National Football League when he inherited it from his father. Irsay has been with the Colts for a long time. He became the youngest GM in the franchise's history in 1984, after his father Robert Irsay moved the team from Baltimore to Indianapolis. The team said that Jim's passion and dedication for the Indianapolis Colts, as well as his generosity and commitment to the community and, most importantly, love for his wife and children, was unsurpassed. Irsay, according to the statement released, died peacefully on Wednesday in his sleep, less than one month before his birthday. The circumstances surrounding his death have not been revealed. In 2007, the Colts won their first Super Bowl for Indianapolis when they defeated the Chicago Bears by a score of 29-17. In 2010, they returned to the Super Bowl but lost to New Orleans Saints. The Irsay NFL Dynasty began in 1972, when Robert Irsay, who had made his fortune working as a heating, air conditioning, and refrigeration contractor, bought the Los Angeles Rams from Carroll Rosenbloom, then traded them for $12 million. The younger Irsay was raised around the Colts, and he worked his way through the organization as a ball boy on the field and a ticket office clerk before becoming general manager after his father moved the team to Indianapolis. He was the youngest owner of a franchise in NFL history when he became the chairman and CEO at the age of 37. In the following year, the Colts selected quarterback Peyton Manning as the top pick in the NFL draft of 1998. They went on to be one of the most dominant teams in the league during the 2000s. Manning said on social media that he was "a generous and passionate owner" and owed him a debt of gratitude for helping to launch his career in the NFL. His love for the Colts, and Indy in general, was unmatched. "His impact on those who played under him will never be forgotten." Irsay, an avid rock 'n' roll fan, amassed a collection of sports and music memorabilia worth millions of dollars, including Kurt Cobain’s 1969 Fender Mustang guitar for which he spent nearly $5 million and a Jackie Robinson bat used to hit home runs. In his final message to the fans, he expressed support for the Indiana Pacers' NBA rivals, the New York Knicks, who faced the New York Knicks in Wednesday's Game 1 of Eastern Conference Finals. "Go PACERS. "Good luck to Herb and the @Pacers team, as well as our city!" Irsay posted a message on X just hours before the news of his death. Steve Gorman reported from Portland, Oregon; Amy Tennery added reporting in New York, and Peter Rutherford edited the story.
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Source: US panel presents views on Nippon Steel and US Steel deal to Trump
Unnamed sources familiar with the situation said that a powerful U.S. panel of national security experts made a recommendation on Wednesday to President Donald Trump regarding Nippon Steel’s tense $14.9 billion bid to acquire U.S. Steel. They declined to provide any further details. The submission is in accordance with a Trump executive order, signed last month. It instructed the Committee on Foreign Investment in the U.S. to outline whether the measures proposed by the firms mitigate the national security threats previously identified by the Committee. Could not understand the recommendation of the committee. Trump has 15 days from now to decide on the fate of this transaction. However, the timeline may slip. Requests for comments from the companies or Treasury Department (which leads CFIUS) were not immediately responded to. In January, after a CFIUS review of the previous deal, Joe Biden, then President of the United States blocked it on grounds related to national security. The companies filed suit, claiming they had not received a fair review. The Biden White House dismissed that view. Reports earlier this week stated that Nippon Steel had floated plans to spend up to $14 billion on U.S. Steel operations, including $4 billion for a new mill. This was in response to government requests for more investment. The directive of April asks that each agency member of CFIUS make a statement explaining their position and the reasons for it. (Reporting and editing by Alexandra Alper, Sonali Paul and Costas Pitas)
South Korean refiners' losses deepen in Q3, margins set to enhance in Q4
South Korean refiners reported on Monday sharp losses in the third quarter from oil refining, however expect their margins to recover in the 4th quarter with peak winter season demand and refinery run cuts in Asia.
SK Development, moms and dad of South Korea's biggest refiner SK Energy, said the July-September quarter operating loss for its refining organization was 616.6 billion won ($ 450.2. million), its biggest loss since the fourth quarter of 2022.
Declining oil costs amid issues over slowing demand in. China and a prospective economic crisis in the U.S. triggered substantial. inventory-related losses, while refining margins were poor in. the 3rd quarter, the company stated.
We were in an unfavourable macro background, which drove down. the petroleum price and the overall product market was. squeezed, Kid Sung-chul, head of business strategic planning. at SK Energy, told experts on a profits call.
We continued to keep a very little run rate for our crude. distillation units (CDUs), so that we can efficiently defend. versus unfavorable topping margins, Kid stated.
The business preserved its typical CDU run rate at 81%. in third quarter from the second quarter, however it is down 1. percentage point from 2023.
S-Oil, the nation's third-largest refiner whose. primary shareholder is Saudi Aramco, reported a. September-quarter operating loss of 415 billion won on Monday,. versus a 859 billion won revenue a year earlier.
Its refining organization reported its largest quarterly loss. because the first quarter of 2020, according to business documents.
Recently, unlisted refiner Hyundai Oilbank swung to a 263. billion won operating loss for the 3rd quarter, versus a 262. billion won revenue a year previously.
Asia's refining margins << DUB-EFS-1M > in between June and August. slumped to the most affordable since the 3rd quarter of 2022, LSEG data. showed, forcing refiners to cut output.
While margins have actually recuperated in current weeks on lower crude. prices, oversupply of fine-tuned products and competition from brand-new. refineries in China and the Middle East weighed on the outlook. for Asian refiners, analysts said.
For the October-December quarter, SK Innovation said it. expects lower oil rates to support refining margins while. seasonal heating need sets in. The business added that economic. potential customers from growth in the U.S. and from China's stimulus. might improve and support oil need.
In the fourth quarter, SK may keep crude throughput at a. similar level as the third-quarter if margins remain weak, however. it plans to increase output if the market recuperates, Child said,. including that it is likewise importing fuel oil to enhance margins.
S-Oil also stated cuts in supply from refineries around the. area would support better margins in the 4th quarter.
(source: Reuters)