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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).
UK Labour's business beauty offensive yet to win over some huge donors
Billionaire John Caudwell, one of the governing Conservative Celebration's most significant donors before Britain's last national election in 2019, states he no longer wants to back a party that he feels wasted 14 years in power.
However he's not rather all set to contribute to Labour.
With a basic election due early next month, Caudwell, who made almost 1.5 billion pounds ($ 1.9 billion) in 2006 when he sold his mobile phone retailer Telephones 4u, still feels he does not. know enough about the centre-left opposition party's strategies.
With the race on to raise campaign funding after Prime. Minister Rishi Sunak shocked political leaders and big business by. calling an early election on July 4, both the Conservatives and. Labour are enhancing efforts to court donors.
Labour's leader, Keir Starmer, a former public district attorney,. has charted a centrist course because he took control of in 2020, moving. the celebration away from a leftist program that saw it lose heavily at. the previous election. Polls now recommend that Labour will sweep. to success in July.
But some rich donors, like Caudwell, are remaining on the. sidelines, skeptical the party has actually demonstrated it has the. policy services to revive Britain's flagging financial growth,. modernise its facilities and safeguard public services from. attrition.
Keir Starmer's Labour Party is untried ... and that's a. threat, Caudwell said at his marble-floored mansion in London's. elegant Mayfair district. I wish to see more concrete stuff. from Keir and the potential cabinet, in regards to what's going to. occur when they get in power.
What we do understand is the Tories have actually refrained from doing us extremely well. over the last 14 years, Caudwell told in an interview,. describing the governing Conservatives. We just do not understand. whether Labour would do much better.
That's a sentiment shared by numerous citizens. A survey by. pollster YouGov in April showed that 50% of participants were. unclear what Labour under Starmer represents.
Labour did not respond to an ask for remark for this. story.
Traditionally, the left-leaning celebration received the bulk of. its financing from Britain's union motion.
According to a ' analysis of data from Britain's. electoral commission, Starmer has actually received the second-highest. level of personal donations for the Labour Celebration in a single. election cycle - behind Labour's term in power in 2005-2010. under former prime ministers Tony Blair and Gordon Brown.
The celebration has actually gathered about 24 million pounds ($ 30.6. million) in personal donations because 2020, according to '. analysis of data going to April.
The majority of that came from wealthy individuals, with around half. from 3 donors: David Sainsbury, a former Labour peer and. ex-chairman of the Sainsbury's grocery store chain; his daughter. Francesca Perrin; and Gary Lubner, the previous CEO of Belron, an. global windscreen repair work and replacement company.
Sainsbury, Perrin and Lubner did not react to requests for. remark.
More than 9 million pounds have originated from brand-new donors,. consisting of Lubner. At least 8 previous Conservative advocates. have now changed their loyalty and are now providing cash to. Labour, with some saying they are persuaded by Labour's guarantee. of a steady environment for organization.
Private donations aside, the rest of Labour's cash. originates from a mix of trade unions, public funds and other sources. - although its financial reliance on the unions is in decrease.
Labour got simply 23.9 million pounds from trade unions. under Starmer, compared with more than 50 million pounds under. both his predecessor, the left-wing veteran Jeremy Corbyn, and. the prior celebration leader, Ed Miliband.
The Conservatives are still winning the financing race, taking. 104.3 million pounds compared with Labour's 90.2 million in the. duration because Starmer became leader - something not lost on the. opposition party, which frequently sends e-mail ask for. funds, typically two times a day.
One Conservative donor, who made a big contribution at the. last election, stated he would not be providing money to the party. for this project as he didn't anticipate it to win. The. businessman, who requested privacy so he could speak honestly,. likewise dismissed contributing to Labour, citing the risk of higher. taxes if they are chosen.
Labour has stated there will be no increases in income tax or. National Insurance coverage social security contributions if it wins. power. A Conservative spokesperson said the party was taking strong. action to protect a much better future for the entire country.
THE PARTY OF ORGANIZATION?
Ahead of the last election, Caudwell offered the Conservatives. 500,000 pounds due to the fact that he was convinced that Corbyn would be. definitely devastating for the UK, he stated.
Starmer, considering that ending up being Labour leader in 2020, has actually courted. company owners, financiers and bankers, conscious that the celebration. enjoyed its biggest electoral success in modern times under the. pro-business management of Blair.
Lots of businesses, in turn, have clamoured to get access to a. group viewpoint polls state will be the next British federal government.
Last year's business forum at Labour's yearly conference in. October had 200 guests, with more than 180 on the waiting. list. The previous one attracted simply 130 guests, according to a. Labour authorities.
However 4 business leaders interviewed for this short article stated. they still have misgivings over whether Starmer, a previous public. district attorney, can administer the policies needed to attract. investment and spur financial development in Britain.
For Caudwell, that would indicate offering tax breaks to green. business developing innovative environmental technologies. that might turn Britain into a leader in the sector - something. he doubts whether Labour might do, politically.
Labour, typically viewed as the celebration of tax and invest,. scaled back a target to invest 28 billion pounds a year in green. industries if it wins the election since of what Starmer. called the degrading financial outlook.
Instead, the party would ramp up financial investment over time. It. strategies to embrace a tax break for business referred to as full. expensing presented by the Conservatives last year that enables. business to subtract 100% of the cost of certifying plant and. machinery from their taxable earnings.
Caudwell stated he would wait to see the Labour manifesto,. where the celebration will set out its program for government, to see. if it's genuinely a celebration that I can support. Labour expects the. manifesto to be released next week. The Conservatives are also. expected to release their manifesto quickly.
I'm still abstaining, Caudwell stated.
However if Labour did do more to make Britain more attractive. economically, the 71-year-old entrepreneur said he would more than happy. to contribute.
Caudwell proposes drawing in green innovation companies to. Britain by providing a corporation tax holiday extending to as. much as 10 years. In meetings, the Labour leader showed interest. in his ideas, even if he was not yet ready to bite, Caudwell. stated.
When he wins the election - as I make sure he will - I'll attempt. and get to him once again, and attempt and put these policies forward to. him, Caudwell said.
A spokeswoman for Starmer did not react to a request for. remark.
(source: Reuters)