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China's crude steel production in November is at a 23-month high
China's crude output of steel in November dropped 3% from the previous month, and is now on track for six consecutive months of declines. This has been curbed by thinner margins, as well as a waning domestic market. Data from the National Bureau of Statistics revealed that the 'world's biggest?steel manufacturer manufactured 69.87 millions metric tons of raw steel in December, the lowest monthly total since December 2023. The data revealed that this was down from 72 million tonnes in October, and 10.9% from the same period last year. According to calculations based on data, the November volume equates to an average daily production of 2.33 million tonne, compared to 2.32 million tonne in October, and 2.61 millions tonne in November 2024. Mysteel, a consultancy, reported that around 35% of steelmakers had made a profit at the end of November. This was down from 45% late in October. China's factory activity declined for the eighth consecutive month in November. This highlights manufacturers' struggles to sustain a recovery as a U.S./China trade war has increased pressure on businesses. Manufacturers have collectively become China's biggest steel consumer, replacing depressed property developers. In the first 11 months of 2025 production totaled 891.67 millions?tons. This is 4% less than a year ago. Cai Yongzheng is a Nanjing based director at the Jiangsu Fushi Data Research Institute. He said that China's total annual crude steel production?will fall between 950 millions and 960 millions tons. (Reporting and editing by Amy Lv, Lewis Jackson)
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Source: Korea Zinc board will discuss plans to build smelter in US joint venture.
A source familiar with this issue has confirmed that the board of Korea Zinc will vote on Monday on the plan to 'build a plant to refine key minerals in the U.S. as part of a joint venture between the U.S. Government and companies. The investments are estimated to be 10 trillion won (6.78 billion dollars). The South Korean Yonhap News Agency reported the U.S. Government and Companies will 'hold a 20 percent stake in the joint-venture with an investment of 2 trillion won. They said the facilities were expected to produce 'germanium and antimony. Unable to comment immediately, a spokesperson from Korea Zinc did not respond. China is the largest supplier of minerals like antimony and Germanium used in military technology, telecommunications and semiconductors. Beijing will ban exports of these mineral to the U.S. from December 3, 2024. This is in response to Washington's crackdown on China's chip industry. Since November, the ban has been lifted. Korea Zinc, the largest zinc smelter in the world, also produces antimony and other metals. Korea Zinc and Lockheed Martin agreed in August to "produce germanium from raw materials obtained outside of?China" starting 2028. This will ensure a steady supply of materials for the defense and space industries. Shares of Korea Zinc soared 7.5% following media reports about its plans to establish a joint venture in the United States. (1 dollar = 1,475.5400 won). (Reporting and editing by Hyunjoo Ji, Jack Kim)
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Key data: Stocks fall as traders reduce their exposure before central bank meetings
Asian stocks fell in early trading Monday, as investors reined-in risk-taking ahead of a week that will be dotted with data releases and central bank decisions. MSCI's broadest Asia-Pacific share index outside Japan fell?0.6%. This was led by a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are in the final trading week for 2025. Many will close their books at this point and call it an end to the year." Chris Weston is head of research at Pepperstone Group Ltd. "Some may have already done this," he said. The liquidity levels will likely be lower than usual this week, but still sufficient to work the sizes without causing excessive price movement. Next week, however, they will drop significantly. Investors awaited the release of economic data and the central bank's decisions. The S&P 500 e-mini futures rose by 0.1%. Bank of England and the Bank of Japan are expected to make similar decisions. The Bank of England could cut rates by the same amount to 3.75%. Along with Sweden's Riksbank, and Norway's Norges Bank, the European Central Bank is expected to hold interest rates. Investors can also check on the economic data which were delayed due to the U.S. shutdown. This includes the November jobs report and the consumer price index. The Topix index remained steady in Japan after the BOJ’s closely watched “tankan” survey revealed on Monday that the business sentiment of big manufacturers had reached a four-year-high, indicating the economy is weathering the impact of higher U.S. tariffs. The U.S. Dollar was trading at 7,0532 yuan against the Chinese Yuan. This is its highest level in over a year. Today, we will be releasing the house price and activity statistics for November. A filing shows that the state-backed property company China Vanke, which is in financial trouble, failed to get bondholders' approval on Friday to extend a Monday bond payment by a year. This increased the risk of default, and renewed concerns about the property crisis-hit sector. Brent crude rose 0.3% to $61.30 in commodities after Imperial Oil announced on Sunday that it had issued an alert for a fire at its 120,000 barrels-per-day refinery facility?in Ontario, Canada. Russia reported that a Ukrainian drone strike on an Afipsky oil refinery did not cause any damage. Steve Witkoff, the U.S. ambassador to Berlin, said that "a lot?of progress" was made in the peace talks in Berlin last Sunday. After a four-day rally in the last week, gold fluctuated between gains & losses. It was approaching its record high $4,381.21. The spot bullion price was down by 0.1% to $4,299.69. The cryptocurrency markets were under pressure for the fourth day in a row. Bitcoin was down by 0.3% to $88,235.59, and ether was 0.5% lower, at $3,065.62. (Reporting and editing by Shri Navaratnam.)
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China and Saudi Arabia agree to enhance coordination on regional and global issues
China and Saudi Arabia have agreed to a closer communication and coordination regarding regional and?international matters, and Beijing has praised Riyadh for its role in Middle?East Diplomacy. This was revealed by statements made following a?meeting?between?the?nations?' foreign ministers? on Sunday. Wang Yi, the Chinese Foreign Minister, is currently on a Middle East tour that started in the United Arab Emirates. It is expected to conclude in Jordan. On Sunday, he met with Saudi Arabian Foreign Minister Prince Faisal Bin Farhan Al-Saud. China's 'official news agency Xinhua' published a joint statement that did not specify what areas the countries would strengthen their coordination, but mentioned China's support of Saudi Arabia and Iran in 'developing and enhancing' 'their relationships. In a statement issued on Monday, it was stated that "China appreciates Saudi Arabia for its leadership role and efforts in achieving regional and international stability and security." In the statement, both countries reaffirmed their support for "a comprehensive and just settlement" to?the Palestinian question and for the creation of an independent Palestinian state. In a Monday statement, the Chinese Foreign Ministry said that Wang had told his Saudi counterpart at a high level meeting that China always considered Saudi Arabia to be a "priority in Middle East diplomacy", and an important global partner. He also urged a?more cooperative approach in the areas of energy and investment, as well in the fields?new energy? and green transformation. According to a joint statement, the countries have agreed that diplomatic passport holders and special passports from both sides will be exempted of visa requirements. Reporting by Liz Lee, Shanghai Newsroom; Editing and rewriting by Paul Simao
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Australia's Fortescue will buy Alta Copper's remaining stake, valued at $101 Million.
Australia's Fortescue announced on Monday that it would purchase the remaining 64% of Alta Copper, in a deal implying a value of C$139,000,000 ($101,000,000) for the Toronto listed copper miner. Fortescue offers C$1.40 in cash per Alta share through its Nascent Exploration unit. The offer represents a 14.8% increase over Alta's Friday closing price. Fortescue is the world's fourth-largest producer of iron ore. The company wants to expand its copper business, which has recently reached record levels in trading, as the demand for this metal is expected to rise. BHP Group, Rio Tinto and Fortescue's rivals in iron ore, BHP Group are also looking to increase their exposure to copper as a way to diversify their portfolios. Alta Copper is the sole owner of the Canariaco project, located in northern Peru. The mineral resource reported for this project is 1.1 billion tons at 0.42% copper equivalent and 0.9 billion tons at 0.29 percent. Fortescue shares fell 0.8% at the start of early trading, following in line with a decline in the Australian mining subindex.
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Venezuela's allies back Maduro amid rising tensions with the US
Venezuela's regional partners voiced their support for the Venezuelan government at a summit held?on Sunday. They condemned the Trump administration's seizure last week of an oil tanker. The US captured the Skipper tanker last Wednesday off Venezuela's coastline, marking the first time that Venezuelan oil has been taken by American forces since sanctions were imposed on Venezuela in 2019. Support for President Nicolas Maduro at a virtual televised meeting of the leftist ALBA group of Caribbean and Latin American nations, occurred during an escalation in a U.S. buildup of military forces in the southern Caribbean. Cuban President Miguel Diaz-Canel stated during the summit that "Latin America today faces threats that have never been seen in the last decades." Daniel Ortega, co-President of Nicaragua, referred to the seizure of the tanker by the United States. Daniel Ortega, co-President of Nicaragua, referred to the seizure by the?U.S. The seizure of the tanker could have a ripple effect throughout the region. Venezuelan oil exports will drop sharply, and Cuba's grid may be at risk. The Trump administration has not recognized Maduro as Venezuela's legitimate president, even though he's been in power since 2013. As the U.S. launched deadly strikes on suspected drug-trafficking boats in the eastern Pacific Ocean and off the Venezuelan coast, tensions have increased. Maduro has said that Trump wants to remove him. Maduro called on the ALBA bloc at the summit to resist what he called unlawful interference in that region. He said, "The colonizer will not happen." "We will be liberated." (Reporting and editing by Leila Mill; Paul Simao).
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Chile elects Jose Antonio Kast; regional shift towards law and order politics deepens
Jose Antonio Kast The right-wing party, which benefited from voter concerns about crime and migration, won the Chilean presidential election on sunday. This was the sharpest shift to the right since 1990. Kast won 59.16% in the run-off against Jeannette Jara (40.84%) of the leftist party, after more than 57% of votes were counted. Jara conceded. Kast's political career spans decades. He has always been a hardliner. He has proposed the construction of border walls, the deployment of the military in high-crime zones, and the deportation of all illegal migrants. His victory marks the latest triumph for a resurgent Right Wing in Latin America. His victory joins those of Daniel Noboa from Ecuador, Nayib Bukele from El Salvador, and Javier Milei, a politician in Argentina. The election of Rodrigo Paz, a centrist, in October ended nearly two decades of socialist rule. Kast was making his third attempt at the presidency, and second runoff after losing in 2021 to President Gabriel Boric. He was once considered by many Chileans to be too extreme. However, his popularity has increased as voters are more concerned about crime and immigration. While 'Chile is one of the safest countries in Latin America, violent crimes have increased in recent years. Organized crime groups are taking root and capitalizing on the porous borders of the northern desert with coca-producing neighboring Peru and Bolivia. They also take advantage of major international ports and the surge of migrants vulnerable to human and sexual trafficking. Government data indicates that the vast majority of illegal migrants who have entered Chile in recent years are Venezuelans. Kast's proposal?includes creating a police unit inspired by U.S. Immigration Customs and Enforcement in order to quickly detain and expulse migrants who are illegally present in the country. He also urged massive cuts to public spending. Kast's radicaler proposals will likely be met with resistance from a divided Congress. Right-wing parties gained seats in both legislative chambers during a general election held in November, but the majority of these gains were from traditional parties. In the Senate, the left- and right-wing parties are evenly divided. The swing vote in lower house is held by the populist People's Party. Chile is the largest copper and lithium producer in the world. Expectations of less regulation and more market-friendly policies have already boosted the local peso, stock market and equity benchmark. Kast is known to be against abortion, and has been vocal about the morning-after pills. However, changing the abortion laws in the United States would require the approval of a majority of 4/7 members. (Reporting from Alexander Villegas in Santiago, Lucinda Elliot and TV; Additional reporting and editing by Rosalba o'Brien Bill Berkrot Paul Simao
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Two dead and two injured after Brown University shooting, police arrest a person of interest
Providence Police have arrested a "person-of-interest" in connection with the Brown University Shooting that resulted in the deaths of?two? students and nine other people at the U.S. ivy 'League School. Kristy DosReis, Providence's Chief Public Safety Information Officer, told reporters that a person-of-interest was being held by police after the shootings at Providence University. In an advisory issued on Sunday, Brown stated that the police had lifted a shelter in place order for their campus in Rhode Island. On Saturday, more than 400 police officers were deployed to search for a suspect that had entered an exam room with a gun. Providence University said that police officers were still present in crime scenes. Brown University, which is home to hundreds of buildings including lecture halls and laboratories, has restricted access on Sunday. On Saturday, the streets?around campus were?filled with emergency vehicles. Security was also heightened in the city as authorities said they were searching for the gunman. Local and state police were working together with agents from the Federal Bureau of Investigation and Bureau of Alcohol, Tobacco, Firearms and Explosives. Officials released video footage of a suspect who was dressed in black and may have been in his 30s. Timothy O'Hara, Providence's Deputy Chief of Police said that the suspect may have been wearing a mask but officials were not sure. O'Hara said that although investigators recovered shell casings at the scene, police did not want to reveal any details. Officials said that the gunman fled from a classroom where he shot students. The doors of Brown's Barus & Holley Engineering Building were allegedly left unlocked during exams. At a press conference, Chief Oscar Perez of the police said that detectives were investigating why this location was targeted. Brown President Christina Paxson told reporters all or almost all of the victims are students. She added: "This day is one that you hope never happens and it did". Brown University Health reported that seven of the nine injured were in critical condition late Saturday. (Reporting and editing by Sharon Singleton, Alexander Smith, and Mrinmay dey in Bengaluru)
Belgian environment scientists grow the pears of the future
In the Belgian province of Limburg, one of the orchards in the country's peargrowing heartland stands out as unusual: a. cluster of 12 transparent domes, set down high by a mirrored wall. above the surrounding nature park.
Inside the domes, researchers are growing pears in a. controlled environment that simulates how environment change will. affect the area in 2040. Their objective is to see what worldwide. warming has in shop for Europe's fruit growers.
We expect more heatwaves and less even precipitation, so. more droughts and floods too. And in general, somewhat higher. temperatures, Francois Rineau, associate professor at the. University of Hasselt, stated of the simulated climate inside the. domes.
Early results from the researchers' first harvest in 2023. suggest Belgian pears may be spared a few of the worst effects of. climate modification - which scientists anticipate to cut some crop yields. and trek growers' expenses for watering to combat dry spell.
The effect of climate change at the 2040 horizon on the. quality of pears was very small. However, we discovered a difference. in how the community was operating, Rineau stated, keeping in mind that. an earlier growing season in the 2040 simulation appeared to. lead to the environment absorbing more CO2.
Year-to-year irregularity implies that a person year alone can not. capture intermittent extreme weather and other modifications in the. climate which can ruin crops. The three-year. experiment will cover three harvests.
This year's harvest of 2040-era pears is being studied at. the Flanders Centre of Postharvest Innovation (VCBT), to examine. the fruits' size, firmness and sugar material - and compare them. to pears grown in domes imitating today's environment.
If we have a higher temperature level on the trees, pears tend to. be less firm and have more sugar, VCBT researcher Dorien. Vanhees stated.
That's bad news for growers. Less-firm fruit endures a. much shorter period in storage, decreasing the quantity of pears. growers can sell.
Floods, hail and drought have already impacted European pear. growers over the last few years, as environment modification begins to leave. fingerprints on growing patterns.
Belgium's pear production is anticipated to plunge by 27% this. year, according to the World Apple and Pear Association, owing. to aspects consisting of an uncommonly early blossom and uncommonly late. frost.
(source: Reuters)