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Dalian Iron Ore's gains continue as steel mill profits recover and demand increases
Dalian iron ore prices increased for the fifth consecutive session on Monday as a recovery in profitability at steelmills boosted demand, and a shortage of Pilbara Blend Fines tightened supply. By 0249 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange gained 0.26%. It was now worth 779 yuan (US$110.65) per metric ton. The benchmark January Iron Ore at the Singapore Exchange fell by 0.38% to $104.3 per ton. Everbright Futures, a Chinese broker, reported that steel mill profitability had?recovered slowly, with some mills having resumed production. Galaxy Futures analysts said that the structural shortage of Pilbara Blend Fines is still unresolved and continues to support iron ore prices, as well as providing cost support for steel. China, which is the largest consumer and producer of steel in the world, has announced plans to implement a licensing system to regulate the export of the metal from 2026, due to the increased protectionist reaction worldwide. Galaxy expects exports to remain high until the license system is implemented. According to consultancy Mysteel, the increased iron ore price in recent years has accelerated investment in new mining capacities, pushing global iron ore markets into a decisive expansion phase. SteelHome data shows that total iron ore stocks across Chinese ports?grew 1.19% on a week-to-week basis to 145.5 million tonnes as of December 19. China's benchmark loan prime rate remained unchanged in December for the seventh month running, indicating that authorities are not in a hurry to introduce new monetary easing. Coking coal and coke, which are used to make steel, also lost ground. The benchmarks for steel on the Shanghai Futures Exchange rose. The price of rebar increased by 0.16%. Hot-rolled coils gained 0.18%. Wire rods climbed 0.53%. Stainless steels rose by 1.39%. ($1 = 7.0405 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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Oil prices rise after US intercepts Venezuelan oil tanker at weekend
The oil prices rose in the early hours of Monday morning after the U.S. intercepted an?oil-tanker from Venezuela over the weekend. Brent crude futures rose by 44 cents (or 0.73%) to $60.91 per barrel at 0141 GMT. West Texas Intermediate (WTI), crude oil, rose by 40 cents or 0.71% to $56.92. Officials told Sunday that the U.S. Coast Guard was also pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend, and the third within less than two weeks, if it is successful. Tony Sycamore, IG analyst, said that the rebound in oil prices was sparked by geopolitical events, starting with U.S. president Donald Trump's announcement about a "total" and complete?blockade of sanctioned Venezuelan tankers, and developments in Venezuela. This was followed by reports on a Ukrainian drone attack on a Russian shadow fleet vessel on the Mediterranean Sea. Sycamore said that "the market has lost hope" in the U.S.-brokered Russia/Ukraine talks reaching a lasting deal any time soon. The balance of risk is very close to moving back to the upside for crude oil. This is due to the fact that these developments help to offset the ongoing concerns about oversupply. Brent and WTI fell by about 1% in the last week, after both crude benchmarks had fallen about 4% during the week ending December 8. Steve?Witkoff, the U.S. Special Envoy for Ukraine, said that Sunday's talks between U.S. officials and European officials in Florida to end Russia's conflict in Ukraine focused on aligning positions. He said that the meetings, as well as separate discussions with Russian negotiators, were productive. The top foreign policy adviser to Russian President Vladimir Putin said that Sunday, the changes made by Europe and Ukraine to U.S. plans to end the war in Ukraine do not improve the prospects for peace. (Reporting and editing by Lewis Jackson and Sam Li)
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Asia shares extend Tech rally, yen is under pressure
The Asian stock markets rose Monday, tracking tech-driven gains in Wall Street. Meanwhile, the yen sank to all-time lows versus the euro and Swiss Franc due to higher interest rates domestically not deterring speculative buyers. The week was shortened by holidays for most of the world, but the path that was least resistant was to go higher in anticipation of delayed data which is expected to show that the U.S. economic growth continued strongly in the third-quarter. Median forecasts point to an annualised growth rate of 3.2%. This is due, in part, to a sharp drop in imports following a surge earlier in the year before the introduction of tariffs. Analysts at BofA cautioned that their measure of "investor sentiment" had moved to extreme bullish territory, at 8.5. This is often the prelude to an eventual reversal. In a note, they noted that "readings above 8.0 often preceded pullbacks. Global equities declined?a median 2,7% over the next two months with a 63% success rate." Fund Manager Survey: "Most bullish sentiment for 3-1/2 years driven by expectations of tariff and tax reductions." S&P futures rose?0.2% and Nasdaq Futures gained 0.3%. Japan's Nikkei rose 1.5% on Friday, continuing the bounce that began last Friday. A steep drop in the yen is expected to boost corporate export earnings for Japanese companies. The Bank of Japan increased rates to the highest level in 30 years, which was 0.75%. This put heavy pressure on government bonds. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head of Japan's central bank will speak to a Japanese Business Lobby. On Interception Watch The yen reached a new record low against the euro, at 184.90 and the Swiss franc, at 198.08. Dollar was up at 157.67. Investors were cautious about testing the November high of 157.90, in case it triggered an intervention by?Tokyo. Japan's currency chief has expressed concern over one-way movements and warned against excessive declines. If the dollar breaks 158.00, it will target the 2025 high of 158.88 and then the 2016 high of 161.96. The dollar was stable on a basket currency at 98.725, after gaining 0.3% on Friday. South Korea's stock market jumped by 1.8% due to optimism about AI-related earnings. Analysts at TD Securities reported that equity markets saw their largest weekly inflows ever at $98 billion, with U.S. equity fund leading the way. Chinese equity funds experienced their third-largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The fourth consecutive week saw a slowdown in the flow of?to bonds. The yield on Japanese 10-year bonds rose by another 2.5 basis points, reaching the highest level since 1999. Meanwhile, U.S. 10 year yields increased to?4,157%. Silver, the star commodity in commodities again, reached a new record of $67.48 an ounce. This brings gains for the entire year to nearly 134%. Gold rose 0.6% to $4,362 per ounce on the same day. Oil prices rose after the U.S. intercepted and pursued another Venezuelan oil tanker on the weekend. This would be the third operation of this kind in less than two week. Brent crude oil rose 0.7%, to $60.88 per barrel. U.S. crude oil also increased 0.7%, to $56.89 a barrel. (Editing by Stephen Coates).
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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
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MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
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US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
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Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
Trump's second-term program: trade wars, mass deportations, destroying 'deep state'
Donald Trump plans to deport countless migrants, reshape international trade with expensive tariffs and fill the federal government with patriots if he wins a. second fouryear White Home term in the November governmental. election.
Here is a take a look at a few of the policies Trump has actually vowed to. institute:
TRADE
Trump, a Republican, has actually drifted the concept of a 10% or more. tariff on all items imported into the U.S., a relocation he says would. eliminate the trade deficit, but critics state would result in. greater prices for American consumers and international financial. instability. He has likewise said he should have the authority to set greater. tariffs on nations that have actually put tariffs on American imports. He has actually threatened to enforce a 200% tariff on some imported cars and trucks.
Trump has actually targeted China in particular. He proposes phasing. out Chinese imports of items such as electronics, steel and. pharmaceuticals over 4 years. He looks for to restrict Chinese. companies from owning U.S. facilities in the energy and tech. sectors.
FEDERAL ADMINISTRATION
Trump would look for to annihilate what he terms the deep state. -- career federal employees he says are clandestinely pursuing. their own programs-- through an executive order that would. reclassify countless workers to allow them to be fired. That. would likely be challenged in court. He has sworn to fire what. he terms corrupt stars in nationwide security positions and root. out his political opponents.
Trump has actually said he would require every federal staff member to. pass a brand-new civil service test of his own production, though his. useful authorities to do so are limited. Close allies are. also vetting ratings of potential hires who could be depended on. to execute his policies, and Trump has recommended they must. adhere to his belief that the 2020 election was deceptive.
He would punish federal whistleblowers who are. normally protected by law and would institute an independent. body to keep an eye on U.S. intelligence companies.
INVESTIGATING OPPONENTS
Trump has actually promised sometimes to utilize federal law enforcement. firms to examine his political enemies. Along that line, Trump has stated he will think about selecting a. unique prosecutor to probe Democratic President Joe Biden,. though he has not specified the premises for such an. examination. He stated he is waiting to see how the U.S. Supreme. Court rules on his own claims of governmental resistance for. assistance.
He has likewise said the Justice Department would investigate. district attorneys on novel civil liberties grounds, arguing that. some local district attorneys are participating in an unconstitutional form. of selective enforcement.
And he has actually stated he would think about firing a U.S. lawyer who. did not follow his directives - which would make up a break. with the longstanding U.S. policy of an independent federal law. enforcement device. Trump's allies are developing a plan that would reduce the. Justice Department's independence and pack its ranks with more. political appointees loyal to the president.
ENERGY
Trump has pledged to increase U.S. production of nonrenewable fuel sources. by relieving the permitting procedure for drilling on federal land. and would encourage brand-new natural gas pipelines. He has actually said he. would reauthorize oil drilling in the Arctic National Wildlife. Sanctuary in Alaska.
He has stated he will once again pull the U.S. out of the Paris. Climate Accords, a framework for reducing global greenhouse gas. emissions, and would support increased atomic energy. production. He would also roll back Biden's electric-vehicle. mandates and other policies aimed at minimizing auto emissions.
ECONOMY
In addition to his trade and energy programs, Trump has actually promised. to slash federal policies that he states limit task creation. He. has vowed to keep in place a broad 2017 tax cut that he signed. while in workplace, and his financial group has actually discussed a further. round of specific and business tax cuts beyond those enacted. in his very first term. He has stated as president he would pressure. the Federal Reserve to reduce interest rates.
IMMIGRATION
Trump has actually vowed to restore his first-term policies. targeting illegal border crossings, roll back Biden's. pro-immigrant steps and forge ahead with sweeping brand-new. restrictions.
Trump has actually vowed to restrict access to asylum at the. U.S.-Mexico border and embark on the greatest deportation effort. in American history, which would likely trigger legal obstacles. and opposition from Democrats in Congress.
He has stated he will use the National Guard, and, if. required, federal troops, to accomplish his goal, and he has. not dismissed establishing internment camps to process individuals for. deportation.
Trump has said he would seek to end automatic citizenship. for kids born to immigrants, a relocation that would run versus. the long-running analysis of the U.S. Constitution.
ABORTION
Trump designated three justices to the U.S. Supreme Court who. were part of the majority that eliminated constitutional. defense for abortion. He likely would continue to appoint. federal judges who would promote abortion limitations.
At the very same time, he has said a federal abortion ban is. unneeded and that the problem ought to be resolved at the state. level. He has argued a six-week restriction preferred by some Republican politicians. is overly severe which any legislation should include. exceptions for rape, incest and the health of the mom. He has. also come out in opposition to an even more stringent ban that a court. enabled to be put in place in Arizona.
Even so, Trump has stated that states, if they select, could. monitor ladies's pregnancies and prosecute them if they go through. the procedure beyond the period permitted.
FOREIGN AFFAIRS
Trump has actually been vital of U.S. support for Ukraine in its. war with Russia and has actually said he could end the war in 24 hours if. elected, although he has not said how he would do that.
Trump has likewise stated that under his presidency, the U.S. would fundamentally rethink NATO's purpose and NATO's mission.. Though he has actually put forward few concrete policy proposals, he informed. in an interview in 2015 that Ukraine might need to deliver. some territory to reach a peace agreement.
Trump objected to a $61 billion aid package for Ukraine for. months, and some Republicans in Congress refused to back it. Congress lastly approved the plan in late April, and Trump. has because suggested Ukraine's security is an essential U.S. interest.
Trump has actually supported Israel in its fight against Hamas but. has slammed Prime Minister Benjamin Netanyahu's initial. handling of the conflict. On the campaign path, he has also. floated sending out militaries into Mexico to battle drug cartels.
EDUCATION
Trump has promised to require colleges and universities to. defend American custom and Western civilization and purge. them of diversity programs. He stated he would direct the Justice. Department to pursue civil liberties cases versus schools that. engage in racial discrimination.
On the K-12 level, Trump would support programs allowing. moms and dads to utilize public funds for personal or spiritual. instruction.
CRIMINAL ACTIVITY
Trump says he would set up the death sentence for human. traffickers and drug dealers. He says he does not think. federal statistics that show violent crime dropping in U.S. cities. He has actually stated he will consider pardoning all of those who. have actually been convicted of criminal activities in connection with the Jan. 6,. 2021, attack on the U.S. Capitol.
(source: Reuters)