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Trump accepts two-week truce after iron ore prices fall and shipments increase
The price of iron ore futures fell on Wednesday, as major suppliers increased shipments and the U.S. President Donald Trump has agreed to a two-week halt in hostilities with Iran. Iron ore, the most traded contract at China's Dalian Commodity Exchange closed daytime trading 1.44% lower than its previous closing price of 789 yuan (US$115.60) per metric ton. The price of iron ore fell to its lowest level since March 11, at 785.5 Yuan, earlier in the session. Benchmark May Iron Ore traded on the Singapore Exchange fell 0.97% to $105.65 per?ton at 0749 GMT, after reaching its lowest level since April 2, at $104.8. As of April 7, the data from Mysteel, a consultancy, showed that iron?ore exports from Australia and Brazil rose by 30.5% on a weekly basis to reach 24.48 millions tons. This was due to weather-related disruptions in Australia. Analysts at Galaxy Futures wrote in a report that "high?shipments and stockpiles, combined with the expectation that downstream steel consumption will not improve significantly, pushed ore prices down." Rio Tinto announced last month that three of its Pilbara iron ore port terminals had resumed operations following Tropical Cyclone Narelle. Trump's announcement also sent oil prices tumbling and temporarily eased concern over rising?freight cost. Analyst Wang Tao says that the price support for the moment is $104.78, the 23.6% retracement from the upward trend of $94.89 to $100.84. He said that over the next two-weeks, the market could retrace towards the range of $101,36-$102.89. Coking coal and coke both gained 0.99% and 1.05% respectively. The Shanghai Futures Exchange's steel benchmarks were mixed. Rebar fell 0.19%, and wire?rod dropped 1.03%. Hot-rolled coils increased 0.06% while stainless steel gained 0.67%. $1 = 6.8250 Chinese Yuan
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Japan's NRA rejects government's request to take emergency measures to boost nuclear energy
The government has not asked the Nuclear Regulation Authority of Japan (NRA) to take emergency measures to increase nuclear power generation. This is despite the fact that the country is facing the risk of a shortage in fossil fuels due to the Iran crisis. When asked at a weekly press conference if the government had asked the NRA to take emergency measures to increase nuclear energy generation during peak demand seasons, such as the summer and winter months, NRA Chairman Shinsuke Yamanaka replied that no such request was made. He said that the entire government should consider measures to combat the energy crisis, and the NRA has the responsibility to supervise and verify nuclear power plant safety. NUCLEAR SAFETY RULES Last week, the?nuclear regulator approved a plan that would ease a rule governing the deadline for installing anti-terrorism equipment at nuclear power stations. Yamanaka said at a press conference that the change was not related to the Middle East War. He added that the decision had been made after a review of the operational performance over the last decade. According to Japan's nuclear rules, operators must finish facilities that are designed to deal with specific severe incidents such as terrorist attacks within five years of the regulatory approval of a construction project. The revised framework states that the five-year clock begins when a reactor enters commercial operation. The Strait of Hormuz is effectively closed to Japan's imports due to the war. It receives approximately 4 million metric tonnes of liquefied gas per year - about?6%. Japan's Industry Ministry loosened rules in late March to increase the use of coal-fired power stations for the fiscal year which began this month. The U.S./Israel war against Iran has added uncertainty to LNG imports. (Reporting and editing by David Holmes; Yuka Obayashi)
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Tracking data indicates that India is set to receive its first Iranian oil cargo for 7 years.
Ship tracking data from LSEG & Kpler on Wednesday showed that India will'receive' its first oil from Iran since seven years after the U.S. temporarily'removed' sanctions on iranian oleo and refined products in order to ease supply shortages. The data shows that the state-run Indian Oil Corp. purchased the cargo currently aboard the Curacao flagged very large crude carrier Jaya. It is expected to arrive on India's eastern coast later this week. Indian Oil, which is the top refiner in the country, didn't immediately reply to an email requesting comment. The LSEG tracking of the Jaya shows that it first went to Southeast 'Asian waters to discharge in China, before heading to 'India. Data from LSEG shows that another carrier, Jordan, is signaling India as the location of its discharge. India, which is the third largest oil importer in the world, hasn't received a shipment from Iran since May 2019. This was due to U.S. pressure against buying Iranian crude. However, supply disruptions caused by the U.S./Israel war have affected the South Asian nation severely. India's Oil Ministry?last week stated that refiners had purchased Iranian oil due to a?Middle East Conflict that has disrupted the Strait of Hormuz which carries about 20% of the global crude oil supply. Last week, the ministry said that there are no problems for refiners with payment of Iranian oil. Kpler data also shows that Iranian crude oil on water is near records-high levels of 180 million barrels.
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CEE ECONOMY - Inflation in Hungary rose to 1.8% annually/yearly but still below expectations
Hungary's headline inflation in March rose by 1.8% from a year ago, but was below expectations. Government measures to curb fuel price increases due to the Iran war appear to have had their desired effect. The market had predicted a 2.2% rise. Analysts had predicted an average annual core inflation rate of 2.3%. Poland and the Czech Republic both had similar results, where price increases accelerated but were below analyst expectations. The soaring energy prices caused by the?Iran war are a major concern for central bankers in the region, and have led to a halt in monetary easing measures being implemented in Hungary and Poland. However, policymakers have fought back against the market speculation that rates would be tightened. Central European governments have responded to this crisis by implementing tax cuts and margin limits to control fuel prices in this import-dependent region. The central bank of Hungary left its base interest rate at 6.25% last month. The bank increased its inflation forecast for 2027 from 3.3% to 3.7% and its forecast for '2026 from 3.2% to 3.8%, warning that the forecast could be revised upwards. A national election that took place on Sunday is a major source of economic uncertainty in Hungary, along with the conflict in the Middle East. Viktor Orban, the Prime Minister of Hungary, faces his biggest challenge in 16 years. A poll conducted by the Iranytu Institute revealed that the centre-right?Tisza?party led by Peter Magyar - a former government insider - has 51% support from 'decided voters. Orban's Fidesz is supported by 40%. (Reporting and editing by Edwina G. Gibbs.)
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Starmer, UK's Starmer, heads to the Gulf for talks on reopening Strait of Hormuz
His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting the U.S.-Israeli strikes on Iran', has hosted multilateral meetings on how allies can support the reopening the strait, which is crucial to the oil and gas industry. In a British statement,?Starmer said that he would discuss diplomatic efforts "to support and uphold the cessation of fire in order to bring a lasting resolution to the conflict and to protect the UK and global economy from further threats". Before the ceasefire announcement, the visit had already been planned. Yvette cooper, British Foreign Secretary, spoke with her U.S. counterpart Marco Rubio on Tuesday. They discussed diplomatic'measures' to ensure the reopening the Strait. This included a meeting that was led by the UK and brought together more than 40 countries. Reporting by Muvija m and Kate Holton, Editing by Elizabeth Piper
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EDF invests 240 millions euros in boosting electrification
The French utility EDF announced on Wednesday that it will be setting aside 240 millions euros ($280.4) to help customers invest in heat pumps and electric heavy-duty vehicles. This is part of its efforts to accelerate France's move away from oil and gasoline and towards more electricity. In February, the French government announced ambitious electrification targets aimed at meeting climate goals and decreasing dependency on fossil fuels. The 'country produces an excess of electricity that has resulted in low market prices and declining profits for the state-owned EDF. EDF announced that it will spend '80 million Euros to help develop new industries that consume electricity, such as data centres. The rest of the money will go to low-income households who want to switch to electric heating. Data centre developers who want to complete new projects faster can already take advantage of the company's industrial sites that have grid connections installed. France produces 70% of its electricity with its nuclear fleet. This has protected the country from many price increases during the current Iran War.
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FT reports that Eramet's largest shareholder is considering exiting the company as a $500 million capital increase looms.
The Financial Times reported that Eramet's biggest shareholder, the Duval family, had hired bankers to consider selling its stake in the troubled French mining group. Reports added that the family had appointed Lazard as their advisor to help them explore the options available for its 37% stake and advise them on the capital raising of the company. Eramet didn't immediately respond to a comment request, and the Duval family couldn't be reached. The French mining group announced in February it was planning to raise a capital of?500 millions euros ($583.80) and sell assets in order to boost cash flow. This came after the company reported a sharp drop in annual earnings. Christel Bories, chair of Eramet, said that the capital increase was supported by Eramet’s major shareholders, including the Duval family, and the French state. The plan was announced following the company's full-year adjusted EBITDA of 372 million euros, down 54% since 2024. This was due to lower manganese and nickel prices, as well as a weaker US dollar. Abel Martins Alexandre, the finance chief of the nickel,'manganese, and lithium producer also faces a crisis in management after he was suspended from his position just days before he was fired.
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Two weeks of breathing in the morning bid Europe
Ankur Banerjee gives us a look at what the future holds for European and global markets After U.S. President Donald Trump and Iran agreed on a two week ceasefire, Europe will be greeted with a sparkling'relief rally' across all assets. This could pave the way for the reopening of?the Strait of Hormuz and a wider resolution. The agreement, reached just hours before Trump set a deadline for Iran to open the Strait of Hormuz, was a dramatic change from his earlier warnings that "a civilization would die tonight" if he did not get what he wanted. The agreement is conditional on the 'opening up' of a strategic waterway which carries around 20% of world oil and gas. Iran has stated that it will provide safe passage for two weeks through the strait. TACO - Tuesday brought some relief to the markets, which have been shaken since late February due to the U.S. & Israel's war against Iran. Fears of a crippling energy price shock ebbed as oil fell below $100 a barrel in Asian hours. As risk appetite increased, stocks soared in Asia. U.S. futures and European futures also showed a positive start to the session. Treasuries rose sharply as traders renewed their bets on possible Federal Reserve rate cuts by the end of 2026, and inflation fears eased as oil prices dropped. Markets will be highly sensitive to headlines, and any developments in the Middle East talks. Investors hope for some semblance of?normalcy? around the Strait of?Hormuz, which could ease the chokehold of supplies of oil and gas over the next couple of weeks. Analysts do not expect energy prices to return to levels before the war because of extensive damage to energy infrastructure in the area. This could mean that inflation concerns may persist and the rally on the short-term bond market may only be temporary. The following are key developments that may influence the markets on Wednesday. * Euro zone retail sales data for February The March Construction PMI for France, Germany, and Eurozone
Sources: Stellantis and Leapmotor in advanced discussions to develop Opel EV
Three sources have confirmed that Stellantis and Leapmotor are in advanced discussions to jointly develop a Opel-branded electric vehicle SUV using the Chinese automaker’s technology. The vehicle would be manufactured at Stellantis’ Zaragoza plant?in Spain.
If the deal is finalized, it will help Stellantis reduce the time and cost to?develop? a new electric vehicle model as the French-Italian carmaker shifts its focus towards petrol-electric hybrids. It announced a $25 Billion writedown in relation to its EV plans earlier this year.
It also aims to improve the utilization rate of its European plants and fend off BYD, and other Chinese brands. Stellantis CEO Antonio Filosa will present on May 21, a new business plan for the long term. Filosa took over as CEO in June of last year.
Stellantis partnered with Leapmotor after acquiring a 5th of the Chinese firm in 2023. Leapmotor International is a joint-venture that handles the production and sales of Leapmotor vehicles outside China.
Two sources confirmed that the new model will share an architecture with the B10 compact SUV from the Chinese automaker, which is also expected to be assembled in Zaragoza later this year, for the European market.
The two people said that production of the new Opel will begin in 2028, with an annual target of 50,000 cars.
One source said that under the terms being discussed, Leapmotor will supply key technologies, components, including electronic and electric parts, and Opel will design the exterior. A significant part of the vehicle's development is expected to take place in China.
The person who spoke said that talks between Stellantis, Leapmotor and Opel over the Opel Project, codenamed O3U began in late 2025, and an agreement could come as soon as this month.
The details of the advanced discussions between Stellantis & Leapmotor regarding the Opel SUV have never been reported before.
Stellantis, in a statement said that there is "regular dialogue" between the partners on ways to increase collaboration. However, he declined to elaborate.
Leapmotor said it was in discussions with partners including Stellantis but only to supply self-developed parts. There are no plans for platform-level collaboration. The Chinese automaker has not responded to requests for comment regarding the details of Opel EV's plans, such as the production schedule and target output.
Leapmotor announced last month that it would begin mass-producing its vehicles in Spain by October.
Early Talks on Other Joint Projects
Stellantis is reportedly using Leapmotor’s EV technologies to develop the next-generation Opel Mokka B. This person stated that production of the model will eventually move from France to Spain.
Stellantis 2025 sales in Europe (the primary market for the brand) will include around 21% Opel cars, with Germany being its largest country.
One source said that Stellantis and Leapmotor have also begun preliminary discussions on the development of an Alfa Romeo using the same architecture in Zaragoza to optimize its capacity.
Stellantis has taken a huge hit at EVs. It said it had overestimated 'the pace of energy transition.' However, EVs are still a part of their strategy, particularly in Europe.
The Opel EV concept is just?the latest in a series of ongoing discussions between two automakers. One person said that they have also discussed additional models based on Leapmotor’s architecture for small A-segment vehicles, which would require another production line than the one used in Zaragoza.
(source: Reuters)