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ADM closes soybean processing plant at Kershaw, South Carolina
Grains merchant Archer-Daniels-Midland will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of a cost-cutting and consolidation push announced earlier this year, the company confirmed to on Monday. ADM has cut jobs and downsized some operations ever since February, when it announced that it would be cutting costs by $500 to $700 millions over three to five year. Dane Lisser, ADM's spokesperson, said: "After exploring many alternatives, we have determined that our Kershaw crushing plant does not align with our future operating needs." Still reeling from a scandal that sent the stock price of the company plummeting last year, the company is now facing tough headwinds due to rising trade tensions with key markets, including China, which is a major soybean importer. According to sources in the industry, Kershaw will be closing as the first U.S. soya processing plant after a multi-year expansion of industry-wide facilities amid an escalating demand for vegetable oil from biofuels manufacturers. The biofuel sector, however, has recently slowed down production because of the uncertainty surrounding U.S. policy on biofuels and the possibility of a worsening trading war. According to industry sources, the Kershaw plant is one of the smaller soy processing plants operated by ADM. It has the capacity to crush up to 50,000 bushels per day. ADM has said that it will assist Kershaw employees in finding new jobs, and offer financial severance to those who choose to leave the company. However, the number of affected workers was not disclosed. According to South Carolina Department of Commerce statistics, the Kershaw plant employed 11 to 50 workers.
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Prosecutors say that a Russian attack killed one person in Kharkiv, Ukraine.
According to local prosecutors, Russian forces launched an attack on Ukraine's Kharkiv region in the northeast, Monday. One person was killed in a village near the border. According to a report posted on Telegram, which was released after a ceasefire of 30 hours announced by Moscow for Easter had expired, a Russian drone killed a man riding a scooter in Ivashki. The statement added that an artillery attack by the Russians hit a private home area in Kupiansk. This is a place where Russian military activity has increased in recent months. Kupiansk, which was captured by Ukrainian forces later in that year in a massive counter-offensive after the Russian invasion of Ukraine in February 2022, was initially occupied by Russian troops. At least once, Russian forces entered the city briefly. (Reporting and editing by Jamie Freed; Oleksandr Kozoukhar, Ron Popeski)
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US Antimony restarts Mexico Smelter Plant after Over a Year
United States Antimony Corp announced on Monday that it had restarted operations in its Madero plant in Mexico. This comes more than a year since the miner of critical minerals stopped operating in Latin America. Why it's important China has banned the export of critical minerals such as gallium, antimony and germanium to the United States. This is part of a escalating tech and trade war between two major economies. China is expected to produce almost half the world's supply of antimony by 2023. Prices of the mineral are soaring as a result of China's heavy export restrictions. This has disrupted global supply chains. U.S. president Donald Trump also pushed to increase domestic production of important minerals, such as antimony to counter China's near-total control in the sector. Minerals are widely used to make ammunition, infrared weapons, night-vision goggles and nuclear weapons, as well batteries and photovoltaic devices. CONTEXT United States Antimony announced in March of last year that it would cease all operations in Latin America, and sell its Mexican subsidiary. This decision was taken after a review of financial performance, negative cash flow of the unit and low prices of antimony. What's Next? The company announced that it had begun processing the antimony ore purchased from international sources in the Madero Smelter. Next week, the second and third shipments will also arrive at the facility. U.S. Antimony stated that it plans to produce approximately 200 tons of antimony each month at the Madero Smelter by the end of 2025. (Reporting and editing by Sahal Muhammad in Bengaluru, Vallari Srivastava from Bengaluru)
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The Russian Economy Ministry has cut its Brent price forecast for 2025 by almost 17%
According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their budget 2025 - and lower than the $60 "cut-off" price, which determines the amount of money sent to the National Wealth Fund Reserve (NWF) budget reserve. In the baseline scenario, we assume at some point that the export price drops below the cutoff, but then goes up. In this scenario, we do not deplete our NWF," a ministry representative told Interfax. Oil and gas revenues account for a third (or more) of the budget. The representative said that "from a budgetary standpoint, these conditions are difficult, but normal." The Russian rainy day NWF is now the main source for financing Russia's persistent budget deficit. The liquid assets of the fund have fallen by two-thirds, from $112.7 to $39 billion. According to the new estimates, the rouble value of Russian oil has decreased by 21.5% to 5,281 Roubles per barrel compared to the previous forecast. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The first quarter of this year saw Russia's oil revenues fall by 10% compared to the same period last year. Meanwhile, the average price for Urals in roubles since April began was 31% lower than the planned amount, forcing the government to sell foreign currency for first time. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be stronger this year than it was previously forecasted, with an average of 94.3% of the dollar per rouble, compared to an earlier prediction of 96.5 roubles. (Written by Lidia Kelley in Melbourne and Gleb Brnski in Moscow, edited by Leslie Adler & Darlie Butler)
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Russia's Nornickel maintains 2025 nickel production forecast
Nornickel, a Russian company that is one of the largest nickel producers in the world and also the biggest palladium producer, maintained Monday its nickel production forecast for 2025 as 204,000-211,000 tons. The company reported that it produced 42,000 tonnes of nickel in 2025's first quarter, down 1.1% from the previous year. Palladium production fell 0.6%, to 741,00 ounces. The production of platinum increased by 0.6%, to 180,000 ounces. The company's Senior Vice-President Alexander Popov stated that the modest drop in nickel production was due to short-term scheduled repairs and maintenance. This was done to ensure a steady operation of its main technological units. Nornickel said that the decrease in nickel production is due to maintenance work at its various plants. Nornickel faces pressure in the domestic market due to the 40% rise of the rouble against the U.S. Dollar, which reduces revenues, and high interest rates which impact investment plans. The company faces falling or stagnating metal prices internationally due to lower demand in the wake of market turmoil triggered by U.S. president Donald Trump's tariffs. Nornickel may not be directly subject to Western sanctions but the measures have led some Western producers to refrain from buying Russian metal. They also complicate payments and restrict access to Western equipment. BCS analysts wrote in a report that they believe the threat of a global slowdown due to tariff wars would negatively impact the metals portfolio of the company. (Reporting and writing by Anastasia Lyrchikova; editing by Kirsten Doovan and Ros Russel)
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India imposes temporary tariffs of 12% on certain steel imports
A government notification announced that India had imposed a temporary tariff of 12%, known locally as a "safeguard duty", on certain steel products in order to curb unbridled imports. India, the second largest producer of crude iron and steel in the world, announced that the tariffs will be effective for 200 days starting Monday. The Ministry of Finance stated that "the safeguard duty imposed by this notification will be in effect for a period of 200 days (unless earlier revoked or modified) after the publication of the notification." India's steel tax increase is the first major trade policy decision since U.S. president Donald Trump imposed duties on a number of countries in April. New Delhi's tariffs primarily target China, the second largest steel exporter to India in 2024/25 behind South Korea. According to government data, India became a net steel importer for the second year in a row during the fiscal year 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen since the early 1990s. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, New Delhi's largest steelmaking body, have raised concerns about imports. Reporting by Neha Misra and Surbhi Arora; Editing and Toby Chopra and Alison Williams
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In March, India's infrastructure production rose 3.8% year-on-year.
Government data released on Monday showed that India's infrastructure production grew by 3.8% in March, mainly due to strong steel and cement output. The infrastructure output (which tracks eight different sectors and accounts for 40% of industrial production in the country) grew by a revised 3,4% in February compared to an initial estimate of 2,9%. Cement production increased 11.6% in march, compared with a revised 10.8% rise in February. Steel production rose 7.1%, against a revised advance of 6.9% a month before. Fertilizer output grew by 8.8%, compared to 10.2% the month before. Coal production increased 1.6% compared to 1.7% in February. The electricity generation in March was 6.2% higher than the revised 3.6% growth in the previous month. Refined oil products were up 0.2% compared to 0.8% the month prior. In March, crude oil production fell 1.9% compared to a 5.2% decline in February. Natural gas production also declined 12.7% compared to a 6% decrease in February. The infrastructure output increased by 4.4% during the fiscal years 2024-25.
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Climate non-profits prepare for a fight with Trump on tax status
Non-profits in the United States that are focused on climate change prepare to fight against a possible action by the Trump Administration to revoke tax exemptions this week. Climate change groups have circulated memos in the last few weeks outlining the rumored executive action they expect from Donald Trump. This includes a change to IRS regulations to remove climate changes from the list of charitable topics that qualify and blocking the use U.S. grant funding to fund overseas projects. Concerns were raised after Trump made comments criticizing the charitable status granted to Harvard University. This was seen as an initial shot at other so-called "501(c3)" organizations, which are named after the section of the tax code exempting charities from income taxes. According to three non-profit leaders who participated, the American Civil Liberties Union (ACLU) and Public Citizen hosted a Zoom call Friday to discuss ways charities can prepare themselves for a potential executive action. After the maximum of 5,000 people had signed up, the call was oversubscribed. Sandler Reiff, a political law firm, sent a memo on Friday to its clients in the non-profit sector and philanthropy to tell them to not panic if they are threatened with losing their tax exemption status or having international work frozen by the government. The memo said that the President cannot unilaterally revoke the tax-exempt status of any organization. It also stated that any executive orders that attempt to do this "doesn't have legal validity". Trump has been adamant about his antisemitism-free policy since his January inauguration. He has also moved swiftly to sidestep or undo environmental regulations, eliminate climate science research, and stop federal support for renewable energy. In a post on social media last week, Trump said he was weighing whether he should seek to end Harvard’s tax-exempt designation. The Trump administration has been threatening to halt climate change work by environmental groups and grant-making charities. The foundations that donate to charities have said they will fight any attempts to limit the amount of money they give. The MacArthur Foundation has committed to spending an additional $150 millions in charitable donations over the next two year. John Palfrey, the Foundation's president, told delegates in Britain that "we have more strength and protection than we realize" at a recent meeting of philanthropic organizations. Drop any restrictions that we believe we can. "Give gifts wherever you can." Lawrence Lessig is a Harvard Law School professor who said that any order to change the tax status of non-profits would be legally questionable. He said that there was no way a court could conclude that Trump had the authority to change the tax status for any organization without an investigation that began before Trump targeted that organization and determined that the organization violated the laws. (Reporting and editing by Peter Graff, Virginia Furness and Valerie Volcovici)
Texas set to smash clean and unclean power output records in 2024: Maguire
The operator of the Texas power system, among the biggest in the United States, is on track to smash generation records from both clean and fossil fuel sources in 2024 as total power requires continue to grow.
The Electric Dependability Council of Texas (ERCOT) clean power generation overall through May 27 was a record 3.35 million megawatt hours (MWh), according to LSEG.
That tally marks a 7.5% advance over the same period in 2023, and highlights the fast speed of power sector decarbonization efforts in essential markets throughout the United States.
Nevertheless, over the same period ERCOT output from nonrenewable fuel sources broadened by nearly 9% to 3.73 million MWh, which is likewise a brand-new high and highlights the difficulty facing power manufacturers to continue to raise general products while lowering system emissions.
TIDY DEVELOPMENT
The ERCOT system uses four main sources of clean power: nuclear reactors, hydro dams, solar parks and wind farms.
Wind farms are without a doubt the largest source of tidy power, and accounted for around 29% of total generation year-to-date.
Nuclear plants have actually traditionally been the second largest tidy power producers, representing around 9% of overall power this year.
Solar parks are the third largest source of clean power, and by far the fastest growing source in the ERCOT system, up until now in 2024 accounting for around 8.9% of overall generation.
Hydro dams represent just around 0.1% of overall power, LSEG data shows.
Combined sources of clean power represented a 47.4% share of total generation up until now in 2024, which is down slightly from a 47.7% share over the same period in 2023.
Nevertheless, total tidy generation looks set to climb during the peak solar output period over the summer.
In 2023, solar output increased by 28.6% from May's total to the month-to-month output peak in August.
If solar output expands by the exact same degree in 2024, solar generation in August will top 190,000 MWh, setting a new regular monthly record for ERCOT solar production and handily overtaking nuclear that month to become the 2nd largest tidy power source in the ERCOT system.
However, ERCOT generation from wind farms tends to decline greatly over the summer season as wind speeds sluggish, which means that drops to wind output could offset the expected boosts in generation from solar assets, and may leave total tidy generation levels largely flat.
FOSSIL STRUCTURE
To accommodate the volatility in tidy power output levels, ERCOT operators preserve big volumes of fossil fuel-based power day-and-night.
Up until now this year, gas has actually been the main power source in the ERCOT system, with the 2.9 million MWh of gas-fired generation through May 27 a brand-new system record for that period, and marking an 11.6% gain over the very same period in 2023.
Natural gas accounted for around 41% of the total power generation up until now this year, which is the highest share in at least 3 years.
Coal-fired plants have represented around 11.6% of the overall through May 27, which is the smallest coal share given that at least 2021 and marks a 0.2% decrease in overall generation from the same duration in 2023.
However provided the probability of a decrease in output from ERCOT wind farms this summer, power manufacturers will likely need to call up output from both coal and gas plants over the coming months, when high temperatures enhance usage of power-hungry air conditioners and lift overall power need to yearly highs.
In 2023, ERCOT gas-fired power generation increased by 54%. from the overall generated in May to the peak generation month in. August, while coal-fired produced increased by a 3rd.
If output patterns follow the exact same path in 2024, ERCOT. gas-fired output could quickly top 1 million MWh in August, while. coal-fired generation could add another 200,000 MWh or more.
Power sector emissions in Texas tend to peak during summer season. in response to the greater usage of nonrenewable fuel sources throughout that. period, and in August 2023 neared 24 million metric tons of. carbon dioxide and comparable gases, according to believe tank. Ash.
Emissions tallies this summer season could scale even higher levels. if gas and coal-fired output struck brand-new combined records.
But those emissions overalls would be greater still were it not. for the current quick expansions in tidy power generation, which. have outpaced growth in fossil generation in the ERCOT system in. recent years.
Continued development in total electrical power need in the ERCOT. system means that both fossil and clean power output will likely. keep climbing over the coming years, up until a prepared mix. of renewables plus storage systems can set the stage for a. progressive decline in fossil-based output.
<< The opinions revealed here are those of the author, a. columnist .>
(source: Reuters)