Latest News
-
Emergency services report that a drone attack extinguished the fire at Russia's Afipsky refinery.
Local emergency services reported on Thursday that a fire caused by drone debris at the Afipsky refinery, in Russia's Krasnodar Region, had been extinguished. The Russian Defence Ministry reported that air defence systems shot down nine Ukrainian drones overnight over the region. The extent of damage to the Afipsky Refinery was not immediately known. This refinery along with the Krasnodar Refinery processed 7.2 millions metric tons crude oil by 2024. According to market sources, the disruption at Afipsky may result in a lower use of crude oil and could potentially add extra barrels to Russia’s exports for August. Drone attacks by Ukraine have regularly targeted Russian oil refineries, gas stations and ports for exporting oil and natural gas. Russia will increase its exports to two million barrels of crude oil per day from its western ports in August. This is about 200,000 barrels more than the previous estimate. Two refineries had more crude left to export following cuts made after Ukrainian drone attacks. Following the drone attacks on August 2, the Rosneft-operated refineries in Ryazan, and Novokuibyshevsk, stopped operations at several crude distillation unit. Three industry sources estimate that repairs will take a month. (Reporting and Editing by Emelia Matarise Sithole)
-
As US tariffs loom, Japan's steel production may fall to its lowest level since 1968.
Kobe Steel is Japan's No. Kobe Steel, Japan's No. The Iron and Steel Federation of Japan has warned that domestic crude steel production could drop below 80 million metric tones this year, compared to 84 million tons last year. The Federation stated that this would be the lowest production since 1968 when 67 million metric tons were produced. The latest pressure came as Japan's chief tariff negotiator Ryosei Acazawa, urged the U.S. this week to quickly implement an agreement to reduce auto tariffs in a meeting with U.S. secretary of commerce Howard Lutnick. Japan is also struggling with an increase in steel exports, especially from China, the world's largest producer. This is driving down prices, and has prompted other countries to take protective measures. As automakers move production to Mexico, Canada and the U.S. to cut costs, Japanese car sales in the U.S. have already fallen. Kobe Steel's crude output for the April-June period fell 3% to 1,46 million metric tonnes due to a weaker domestic demand in the auto and construction sectors. Nippon Steel saw its output fall by 7%, to 9.46 millions tons. JFE's production fell by 3%, to 5.61million tons. Nippon Steel stated on Friday that the downward trend of domestic steel demand would continue because of population declines, a decrease in finished auto exports to the U.S. as well as indirect exports from other manufacturing industries. Nippon Steel anticipates that the U.S. Tariffs will have a negative impact on its annual profit of 50 billion yen, while Kobe Steel is expecting a 5 billion-yen effect. JFE intends to close several domestic plants to reduce capacity. JFE's earnings presentation, which was released on Monday, stated that "U.S. Tariff Measures pose the greatest risks in particular with regards to trends and impacts within the Automotive and Construction Machinery Sectors." Nippon Steel & JFE focus on overseas expansion to offset domestic weakness. Nippon Steel purchased U.S. Steel at $15 billion and pledged to invest close to the same amount into newly acquired assets. They bet on U.S. Demand Growth. JFE and a partner announced an investment of 120 billion yen to expand facilities in India. India is the largest driver of global steel demand. Ryunosuke Shijibata, an analyst at SBI Securities, said that India and the U.S. are the only two attractive markets in the world for the steel industry. Even if Asian countries are able to increase demand, China is very close. Shibata stated that to survive, "there's no other choice than to expand your business overseas." (Reporting and editing by Muralikumar Aantharaman, Christian Schmollinger and Yuka Obayashi)
-
SCENARIOS: India-US tariff standoff - What are New Delhi’s options and risk?
India will likely be one of the worst-hit countries by Donald Trump's trade war, as tariffs on Indian imports are set to increase to 50% if no deal is reached in three weeks. Here are some options that India can use to address the crisis. Negotiate further. India was expected as one of the first countries in line to sign a deal with Trump’s team. However, after five rounds of talks over disagreements about opening India's dairy and farm sectors and stopping Russian purchases of oil, negotiations fell through. New Delhi is reacting strongly to the tariff of 50% on U.S. imported goods from India. This could effectively stall trade. Indian officials remain hopeful that the closed-door discussions will resolve some of their differences. A U.S. Trade team is expected in the Indian capital at the end of this month. The Prime Minister Narendra Modi stated on Thursday that, while he did not mention the tariffs in his remarks, he was willing to "pay a high price" to ensure the welfare of India's dairy sector, farmers and fishermen. Indian officials have stated that they are willing to reduce tariffs on some U.S. dairy and farm products, such as almonds and cheese. CUT RUSSIAN IMPORTS India is the third largest oil importer in the world. It has previously stated that it would find alternative oil sources if Russia's imports became unworkable due to sanctions, or for other reasons. The country bought very little Russian oil prior to the Ukraine conflict that began in 2022. But now, it gets over a third its oil imports through its old trade partner and defense partner. Reports from late last month indicated that Indian refiners, such as Indian Oil and Hindustan Petroleum as well as Bharat Petroleum, Mangalore Refinery Petrochemical and Mangalore Refinery Petrochemical, had stopped purchasing Russian oil due to the shrinking discounts and increasing pressure by Trump. Officials have warned, however, of global price spikes without Russian oil on the market. Other big suppliers of goods to India include Iraq, Saudi Arabia, and the United Arab Emirates. These are all part of annual agreements that allow for the flexibility to order more supplies every month. India imports goods from around 40 countries, which includes the United States. Band Together with Other Developing Countries Brazil is also a major target of Trump's tariffs, along with India. Both countries are founding members in the BRICS group, which also includes China and Russia. Brazilian President Luiz Inacio Lula da Silva who currently holds the BRICS presidency said that he will call Modi and China's Xi Jinping on Thursday, and then other leaders to discuss how the BRICS bloc would respond to tariffs. A source in the Indian government said that India must gradually repair its ties with the U.S., while also engaging with other nations who have been affected by Trump's tariffs on aid and his cuts to the African Union. India has already made some moves with Russia and China. The Indian national security advisor is currently in Moscow, and the Foreign Minister will follow. This is ahead of President Vladimir Putin's anticipated visit to New Delhi later this year. Russia announced on Tuesday that the two countries had discussed a further strengthening of defence cooperation in the form "of a particularly priviledged strategic partnership". India has also increased engagement with China. This is a significant change from the years of tensions that followed a border clash in 2020. Modi will visit China for the first since 2018, for a summit of a security conference in the region. This could be the first meeting between Modi, Putin, and China's Xi Jinping. Recently, the Indian Defence and Foreign Ministers visited China. What are the consequences for India if talks fail? India exported goods worth around $87 billion to the United States in the fiscal period ended March 2025, including garments. About 2% of India’s GDP is accounted for by these products. The proposed duty of 50% on Indian goods may result in the pharmaceutical exports from India being the only ones still sent to the U.S. Not just trade will be at risk. Analysts predict tensions will spill over into areas such as work visas and offshoring services. India has been a major beneficiary from U.S. visa programs and outsourcing of business and software services. This is a source of frustration for Americans, who have lost their jobs because of cheaper workers in India. Reporting by Krishna N. Das in New Delhi, Nidhi verma, Manoj kumar and Aftab ahmed, with editing by Raju Gopalakrishnan
-
Dalian iron ore prices drop on uncertain demand outlook and record Brazilian exports
Dalian iron-ore futures dipped on Thursday, as investors weighed a shaky demand outlook against the efforts to reduce overcapacity. Brazil's record exports also impacted market sentiment. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading down by 0.25% to 793 yuan (US$110.47) per metric ton. As of 0703 GMT, the benchmark September iron ore price on the Singapore Exchange was unchanged at $101.8 per ton. Analysts from ANZ said that iron ore futures declined as investors weighed a murky outlook for demand against efforts to curb excess capacity, which could lead to an improvement in the economy. Brazil exported 41.1 million tons of iron ore, a record. The surge was attributed to large projects in China as well as the resumption in domestic production. According to Chinese consultancy Mysteel, the Chinese construction steel market will transition in August from a sentiment-driven trajectory to one based on fundamentals. The firm noted that the recent optimism in the industry is fading and the demand-supply dynamic has returned to the forefront. Hexun Futures, a broker, stated that the average daily hot metal output is still high and expected to remain strong in August. Meanwhile, improving steel mill profits continue support raw material prices. A weaker dollar helped support iron ore prices, as the Federal Reserve's rate cut expectations grew amid growing concerns that partisanship was creeping into U.S. Institutions. Dollar-denominated investments are more affordable for holders of currencies other than the dollar. Coking coal and coke, which are used to make steel, have both gained in value, rising by 2.29% and 1.71 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange are mostly in positive territory. Hot-rolled coils dropped 0.35%, while stainless steel increased 0.54%. ($1 = 7.1783 Chinese yuan). (Reporting and editing by Sonia Cheema; Lucas Liew)
-
France fights its biggest wildfire in 49 years
Firefighters fought for a third consecutive day to put out France's largest wildfire in almost eight decades. The fire has burned over 16,000 acres, claimed one life, and destroyed dozens homes. Images on TV showed smoke plumes rising above the forest in the Aude region in southern France. Drone footage revealed large patches of charred plants. Local authorities reported that one person died, three people are missing, and two others, including a firefighter, are in critical conditions. BFM TV reported that "the fire is still not under control." He said he hoped that the fire could be put out later in the afternoon. The fire, which started on Tuesday, is located about 100 km away from the border of Spain and not far from Mediterranean Sea. It has rapidly spread. The fire has already spread to an area that is one-and-a half times larger than Paris. Officials claim it's the largest wildfire in France since 1949. France Info radio reported that the fire has slowed down. Scientists claim that the Mediterranean region is at high-risk of wildfires because its summers are hotter and drier. The French weather service has warned that a new heatwave will begin in southern France this Friday, and last for several days. (Reporting and writing by Manon Cruz, Sudip Kar Gupta, Ingrid Melander. Editing by Andrew Cawthorne.)
-
German Uniper invests $5.8 billion in a strategy overhaul through 2030
Uniper said it will invest $5.8 billion in renewable energy and gas-fired plants through 2030. The German utility updated its strategy on Thursday to reflect more realistic expectations for the green energy market. Last year, the state-owned company announced that it would reduce an initial investment plan of 8 billion euros for its transformation by 2030. It cited falling returns from renewable projects and a delayed development of hydrogen markets. Investors have pressed several European utilities including the larger German counterpart RWE to review their capital budgets and cut spending plans. Uniper CEO Michael Lewis stated that the regulatory and geopolitical climate is challenging. He cited delays in German government plans for new gas-fired energy plants, as well as a slow ramp-up of hydrogen. We have therefore decided to focus our portfolio even more through 2030 on activities and project that generate reliable revenue streams. The group stated that the majority of the 5 billion euro will be used to expand Uniper's portfolio of renewable and gas-fired energy plants. It also plans to reach 15-20 gigawatts in generation capacity by 2030. Uniper stated that at least half of this capacity will be renewable. This includes solar, wind, and hydro power, as well as nuclear and gas-fired plants, which can run carbon neutral in the future. The company said that it also plans to increase its portfolio of liquefied gas to 250-300 Terawatt Hours per year in the medium term.
-
Australia invests $33 million in Liontown's Kathleen Lithium operations
The Australian Government announced on Thursday that it would invest A$50 Million ($32.5 Million) in Liontown Resources in order to ramp up operations at the flagship Kathleen Valley Project and to transition from surface mining to underground mining. This is part of a plan to increase domestic mineral supply. The A$15 billion National Reconstruction Fund Corporation will make the investment. This is part of Prime Minister Anthony Albanese’s effort to support critical mineral projects as well as boost domestic manufacturing. David Gall, CEO of NRFC, said that lithium is a vital mineral and is at the heart of both decarbonisation efforts as well as the Future Made in Australia government strategy. "Australia is well positioned to be a long-term, competitive supplier of lithium for the rest of world. Local lithium production is vital to the nation's resilience and economic security." In January, NRFC spent A$200m in Arafura Rare Earths for the development of a new mine at Nolans in central Australia. According to NRFC, Kathleen Valley will have a mine life of more than ten years and produce 500,000 tons of spodumene per year with the potential to expand. Liontown is an important lithium supplier for Tesla, Ford, and LG Energy Solution. The government investment is part Liontown's A$266million institutional capital raise priced at A$0.73per share. The shares of Liontown were last traded at A$0.845 on Thursday before they were halted pending the announcement. The miner can also use the capital to strengthen its balance sheet. According to LSEG data, Hancock Prospecting, owned by Gina Rinehart, a billionaire Australian, is Liontown's largest shareholder with 18% of the shares. Hancock Prospecting is not expected to participate in the placement as it would dilute their stake. Hancock refused to comment while Liontown didn't respond to an email seeking comment.
-
Imports of China copper concentrate rose in July, as smelters increased production.
Imports of copper concentrates from China rose by 9% in July, as the smelting industry continued to buy up limited concentrates amid record-breaking production. Data from the General Administration of Customs on Thursday showed that copper concentrate imports increased 8.9% from 2,35 million tonnes in June to 2,56 million tons. Copper concentrate, the main ingredient in copper smelting, is being imported by China to support its growing production. Hit another Record This year. Analysts predict output growth of 7.5% to 12.0%. The growing volume of copper concentrates reflects a robust demand for raw copper materials by Chinese smelters. This is especially true as new smelters are ramping up, said Zhao Yongcheng an analyst with Benchmark Mineral Intelligence. China increased its unwrought copper imports by 3.4% in July, to 488,000 tonnes, compared to a month before. Zhao explained that the slower rate, which was down from 9% in the previous month, reflected the unfavourable price and the limited supply due to the rush to import copper to the United States in advance of tariffs. Imports of unwrought copper, as well as copper products, into China, which is the world's biggest consumer and producer include anodes and refined metals, alloys, and semi-finished Copper Products. Analysts at China Futures stated in a recent note that imports began to increase around mid-July as domestic prices were higher than the international benchmark. In July, China exported 542,000 tonnes unwrought aluminum and aluminium-related products including primary, alloy, and semifinished products. This is up from the 489,000 tonnes in June. Reporting by Amy Lv in Beijing and Lewis Jackson; editing by Kate Mayberry
Standard Chartered signs deal with Brazilian forest credit authority
Standard Chartered will sell millions of credits to protect the Amazon rainforest for the Brazilian state Acre, as part of its efforts to expand the carbon credit business and build trust in a nascent industry.
Standard Chartered said that its agreement with Acre to sell exclusively forest carbon credits over a five-year period is the first time a major international financial institution has worked in such a way to support the conservation of forests.
The involvement of the bank could give legitimacy to a market that has been struggling in recent months, after Brazilian prosecutors sought to cancel a similar $180m carbon offset scheme due to concerns over forward contracts and rights of local communities.
Chris Leeds, the head of development of carbon markets at the bank said: "We do everything we can to make sure that these credits are of high quality and reduce a tonne carbon." It is a complicated process.
The project will generate up to five million credits by 2026 and bring in up to 150 million dollars.
Carbon credit projects which claim to prevent deforestation were scrutinized in the past due to the difficulty in proving the number of trees that the projects prevented from being cut down.
Forest carbon credits generated at the national or state level are aimed at reducing deforestation-related emissions. These credits are specifically designed to reduce the possibility that projects will overstate their carbon-reduction benefits.
Local and indigenous community are to receive 72% net funds generated by state. They have participated in a consultation process whose main phase began in May 2025.
Leeds said that unlike Para's agreement, Acre's does not involve a sale in advance. Leeds added that "there is no obligation on our part to buy the credits today." This is the difference. In July, several Brazilian states signed agreements with the State of Piaui to protect large swathes of forests in exchange for investment. (Reporting and editing by Virginia Furness)
(source: Reuters)