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Demand for iron ore to drop by a week as US-China Trade War dents demand
The price of iron ore futures fell on Friday, and was on track to lose money for the week as trade tensions between China and the United States - two of the largest economies in the world - clouded demand. As of 0156 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.36% lower. It was 700.5 yuan (US$95.73) per metric ton. This week, it has fallen 5.8%. The benchmark iron ore for May on the Singapore Exchange dropped 1.07% to $96 a ton. This brings its weekly drop to 5.6%. Donald Trump, the U.S. president, raised tariffs against Chinese imports from 34% to 125% after Beijing responded by reducing tariffs for American goods from 34% to 84%. There was a lingering fear that China would respond with high tariffs. ANZ analysts warned in a recent note that trade tensions were not easing. They also said a worst case scenario could push the global economy into recession. This has weighed heavily on sentiment on the metals markets despite a brief relief after Trump announced, in an astonishing U-turn announcement, a 90-day suspension on the heavy duties for trading partners who didn't retaliate. The recovery of iron ore prices and the optimism about possible stimulus measures have helped to limit losses. The average daily hot metal production, which is typically used to gauge demand for iron ore, has risen for the seventh consecutive week. It increased 0.6% over the previous week and reached a 17-month record of 2.4 millions tons on April 10 according to a report by consultancy Mysteel. Coking coal and coke, which are both steelmaking ingredients, have also lost ground. They fell by 2.67% and 1.62 %, respectively. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar prices were little changed. Hot-rolled coils dropped 0.37%. Stainless steel fell 0.43%. Wire rod rose 0.24%.
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London metals are mixed after Trump's tariff pause
Base metals traded in London mixed on Friday, and headed to a weekly increase after U.S. president Donald Trump decided temporarily to lower the heavy duties for dozens countries and the dollar fell. As of 1300 GMT, the benchmark three-month Copper on the London Metal Exchange (LME), was unchanged at $8.985 per metric tonne. This week, it has gained 2.3%. The Shanghai Futures Exchange's (SHFE) most traded copper contract rose 0.9%, to 74,560 Yuan per metric tonne. The contract has fallen 5.8% since Thursday's closing price of 79.190 yuan a metric ton. SHFE was closed for a holiday on April 4. Dollar fell as investors fled U.S. assets in favor of safer havens due to waning confidence. The greenback price of commodities is cheaper when purchased in other currencies. Trump announced on Wednesday a 90-day suspension of tariffs on most countries, a dramatic U-turn following a market crash that wiped trillions of dollars off global stocks. The U.S. President increased duties on Chinese imports on Thursday to a rate of 145%, further intensifying a high-stakes conflict between the two world's largest economies. "Market uncertainty continues, driven primarily by the unpredictable nature trade policies and tariffs. Investors remain cautious due to ongoing concerns over the possibility of a recession as a result of the ongoing trade tensions," said a base metals dealer. SHFE aluminium increased 0.5% to 19.705 yuan per ton. Zinc rose 0.8% to 22.560 yuan. Lead gained 0.6% at 16.740 yuan. Nickel was up by 1.1% to 120.350 yuan. Tin advanced 1.7% to 252.350 yuan. LME aluminium fell by 0.1%, to $2.368 per ton. Lead rose 0.1%, to $1.893.5. Tin was up 0.1%, at $30,685. Zinc CMZN3 dropped 0.3%, to $2.632, and nickel lost 0.4%, to $14,740. (Reporting and editing by Violet Li, Lewis Jackson)
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Trump threatens tariffs and sanctions on Mexico over water dispute
U.S. president Donald Trump threatened Mexico on Thursday with tariffs and sanctions in a dispute about water sharing between two countries. He accused Mexico of violating an 81-year old treaty and "stealing water from Texas Farmers." According to the 1944 treaty Mexico is required to send 1,75 million acre feet of water from the Rio Grande every five years through a system of dams and reservoirs interconnected. A single acre-foot is equivalent to about half of an Olympic-sized pool. According to the International Boundary and Water Commission, the current five-year cycle ends in October. However, Mexico has only sent 30% of the water required. Trump wrote on Truth Social that Mexico owes Texas 1.3 Million Acre-Feet under the 1944 Water Treaty. Mexico, however, is in violation of their Treaty obligations. Trump stated that "My Agriculture secretary, Brooke Rollins is standing up for Texas Farmers and we will continue to escalate consequences, such as TARIFFS, and maybe even SANCTIONS until Mexico honors its Treaty and gives TEXAS the WATER they are owed!" The office of Mexican president Claudia Sheinbaum didn't immediately respond to an inquiry for comment. Mexico claims that an historic drought caused by climate change has made it impossible for the country to meet its water obligations. The treaty allows leniency in this scenario, allowing water debts to be carried over to the following five-year cycle. The 1944 agreement allows for the U.S. to reduce recent deliveries due to drought. Mexico has sent far less water than the U.S. but it is still struggling to meet its obligations due to factors such as droughts, poor infrastructure, and increasing local demand. Politicians in the U.S. claim that the growing pecan and cattle industries in Mexico along the border are wasting precious water. They also say Mexico's failure not to meet its water quota is devastating for Texan farmers, who depend on it for their crops. Citing sources, reported that Mexican officials scrambled to come up a plan to boost the amount of water shipped to the United States due to growing concerns that Trump could drag this dispute into trade discussions. Texas Republicans publicly accused Mexico for being chronically late in its water delivery and for flagrantly disregarding the treaty. Mexico is working to find a way to increase water deliveries to the U.S., and has agreed to send an additional 81,000 acre feet of water. Mexico would have sent less than 40 percent of the water that it is owed under the treaty. Mexico's federal authorities are looking to send more water into the U.S. but it is likely to cause conflict with northern Mexican states who closely guard their water supplies. Mexico will be the largest economy in 2020 National Guard clashes with Farmers at the Boquilla Dam in Chihuahua over water deliveries to Texas killed one protester. Reporting by Ismail Shakil from Ottawa and Cassandra Garrison from Mexico City. Editing by Ross Colvin Stephen Coates Leslie Adler
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Andy Home: China Primes Rare Earths Weapon as Trade War Escalates
Beijing targets the critical supply chains of the United States as U.S. President Donald Trump increases tariffs on China. The trade war has already engulfed strange and wonderful metals like antimony, germanium, and gallium. China has restricted exports and banned sales to the United States. Beijing just added seven rare earths, which are dual-use minerals, to its list of restricted exports. China's greatest metallic weapon is rare earths. China has a tight grip on the global supply chain, from mining and processing to manufacturing permanent magnets used in laptops, electric cars and fighter jets. CRU, a research institute, estimates that China provides around 90% of all rare earth magnets in the world. This is a problem because the magnets are now also on the export list. Metals that are invisible Rare earths, which are subject to new export restrictions, are used in all modern technology. Consider, for example, yttrium. Compounds of yttrium are used for everything from microwave radar to jet engines, super-conductors to dentistry. According to the U.S. Geological Survey it is produced in only 20,000 metric tonnes a year. However, tiny amounts are found just about everywhere. The Ministry of Finance has added six more metals to its watch list. Their use in permanent magnets is the one thing that they all have in common. Dysprosium, terbium and cobalt are added to neodymium magnetic materials in order to improve their performance. Magnets are the backbone of modern life and their inclusion in China's list for export controls is a big red flag to everyone else. On the Watch List The dual-use watchlist does not automatically result in export bans, but it can. This also allows Chinese authorities the ability to exclude buyers who are involved in military supply chain, especially U.S. military supplies chains. The Chinese exports of gallium and germanium to the United States ceased months before the ban was fully implemented in December 2024. This suggests that licenses for exporting to what used to be a major market had already been refused. The market impact is explosive, and can vary depending on how strict the export controls are. Since China stopped exporting antimony to the United States, the price of this metal has increased from $14,000 per ton to almost $60,000. Since February, the price of bismuth has risen from $6 per kilogram to $40 per kg. Rare earths are not new. China's 2010 ban on exports of rare earths to Japan caused a price spike that led to China losing its trade case with the World Trade Organization. STILL DOMINANT This warning was largely ignored by the world. China has maintained its grip on the market for rare earths even after 15 years. Around 60% of the global production is mined in Myanmar, which is also the second largest producer. China controls almost 90% of the global production of rare earths at the processing stage. Mountain Pass, which is the only large-scale rare earths mine operating in the United States sends a significant amount of its output to China, where it undergoes the difficult process of separation and refinement. Mountain Pass produces mainly light rare earths, not the heavy rare Earths that China has threatened. Project Blue, a consultancy, says that the Serra Verde Mine in Brazil is the only significant producer of heavy metals outside of China and Myanmar. It's not hard to guess where the mine sends its production to be processed. COUNTDOWN Western countries are only now realizing their dependence on China in the production of rare earth magnets. In the United States as well as Europe, there are multiple projects underway to increase production capacity through new mines or recycling. Few are even close to commercial production, and very few can compete against China's rare-earth giants. This leaves the West vulnerable to China export threats. Exporters will be forced to apply for new licenses as a result of the new export restrictions on rare earths. These sales may also be a sign of a wider decline in Chinese supplies as the Chinese authorities cease to sell to Western buyers who are involved in the military supply chain. A rare earths ban is likely to be held in reserve until further notice. As the trade war escalates between China and the United States, it's clear that the rare-earth time bomb is ticking. These are the opinions of the columnist, an author for.
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Brasilia hosts a rally of indigenous groups to demand land rights
This week, thousands of Indigenous Brazilians from all over the country are gathering in the capital to demand that their land rights be protected. They are fighting against legislation which could prevent some tribes from reclaiming territory they had to leave. The powerful farm lobby has backed the 2023 law in dispute, which has sparked protests from indigenous groups who claim it violates the rights they have to ancestral land recognized by Brazil's 1988 Constitution. The dispute now rests in the hands Supreme Court Justice Gilmar Mendes who, a year earlier, set up a chamber of conciliation for representatives of Indigenous group and the agricultural sector to reach a common ground. The Supreme Court's chamber for the indigenous umbrella group APIB has been vacated. They claim that their existence is disrespectful of the rights of Brazil’s native communities. After he left a Tuesday meeting with Mendes, APIB lawyer Mauricio terena said, "What we are seeing is an attempt to despoil Indigenous Rights in various ways." Mendes was asked by indigenous leaders to dissolve the chamber so that the rest of the bench could decide if the law 2023, which limits their rights, is constitutional. This week, both the Speaker of the House of Representatives as well as the President of the Senate sent letters to Mendes asking him to keep the conciliation room open. The Justice's Office said in a statement that the "chamber will not remove any protections for Indigenous peoples," without confirming whether it would remain open. Unnamed source from the Supreme Court said that, despite the protesters' presence, many Indigenous groups have welcomed the discussions in the chamber, and are even considering proposals to allow for more economic activity on their land. As protesters approached the building, security guards at the legislative houses fired tear gas bombs. Officials of the Lower House claimed in a press release that protesters attempted to break into buildings. This was denied by activists. Larissa Gomes Dos Santos from the Xakriaba tribe, one of the demonstrators, said: "We just marched." She added that "a lot of our family members got sick" due to the tear gas. Indigenous demonstrators added an Indigenous headdress to a replica statue of Justice, blindfolded, in Brasilia, this week. Signs were displayed by protesters condemning the 2023 Law and the violence that the law, they claim, has caused against tribal groups. In Mato Grosso do Sul for instance, recent clashes between farmers and the Guarani Kaiowa have left a number of people dead. As they attempt to reoccupy their land, the group that was expelled in the 1950s has demanded the government demarcate it. During the decades that the Guarani Kaiowa had to leave their land, many farms were built in the area. This led to violent clashes. Norivaldo mendes, leader of the Guarani Kaiowa, who participated in the march, said: "The situation that we are experiencing is a massacre, murder and illegal mining and logging." "We need to demarcate our land to ensure our future, our lives." Reporting by Manuela Andreoni, Ricardo Brito in Sao Paulo; Lais Morais in Brasilia, Adriano Machado in Brasilia, and Augusta Lunardi, in Brasilia. Additional reporting in Brasilia by Maria Carolina Marcello; Writing and editing by Brad Haynes, Sandra Maler, and Andre Romani.
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Local media reports that Egypt will raise fuel prices for the first time in 2025.
Local media reported that Egypt raised fuel prices by as much as 15% on Friday, the first time since 2025. The government is trying to reduce fuel subsides as part of the $8 billion IMF support package. The IMF approved the disbursement to Egypt of $1.2 billion following the completion of the 4th review of the loan programme it signed last year. Egypt has been a regular borrower from the IMF ever since 2016. In 2016, it signed a 12-billion-dollar loan agreement to revive its economy following years of political turmoil that began with the Arab Spring protests. Since then, the lender pushed the government into cutting fuel, electricity, and food subsidies, while increasing social safety nets. In March, the fund stated that Egypt is committed to reducing its energy subsidies in order to achieve cost recovery by December. It also works to reduce an enormous current account deficit. Diesel fuel prices, which are the most widely used fuels, have been raised from 13.50 Egyptian pounds to 15.50 Egyptian pounds (0.0390). According to local media, the price of gasoline increased up to 14.5%, depending on its grade. For example, 80 octane rose to 15.75 lbs, while 92 octane jumped to 17.25 lbs and 95 octane rose to 19 lbs. $1 = 51,2880 Egyptian pounds (Reporting and writing by Muhammad Al Gebaly; editing by Jacqueline Wong & Jamie Freed).
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A day after the relief rally, US stocks and dollar fall on lingering concerns about tariffs
Investors remained cautious on Thursday after President Donald Trump's decision to temporarily lower tariffs for many countries sparked a relief rally. Gold prices rose nearly 3%, hitting an all-time record high. The dollar also hit a decade low against the Swiss Franc. The majority of U.S. Treasurys prices are slightly higher. A strong bond auction held on Thursday helped to reduce demand concerns in the face of market volatility due to tariffs. Treasuries were down sharply this week. Tariffs and the potential economic impact of the trade war remain a source of uncertainty. Trump said on Wednesday that he will also raise the tariffs on Chinese imports. The White House confirmed that a blanket duty of 10% on nearly all U.S. imported goods will continue to be in place. The White House said on Thursday that the U.S. tariffs against China have now reached 145% following the latest increase. Art Hogan is the chief market strategist for B Riley Wealth, based in New York. Stocks fell despite U.S. consumer price data that showed unexpectedly lower prices in March. Investors are also preparing for the beginning of U.S. quarterly earnings. Results from the largest U.S. financial institutions, including JPMorgan Chase, will be released on Friday. Jake Dollarhide is the chief executive officer at Longbow Asset Management, a Tulsa-based asset management firm. It may be that some of the relief they felt yesterday isn't as big as they had thought. Since Trump's announcement late on April 2, the markets have been in turmoil. After the whipsaw bounce of Wednesday and the selloff on Thursday, the S&P 500 remained 7,1% below its previous level just before the announcements about reciprocal tariffs last week. The Dow Jones Industrial Average dropped 1,014.79 or 2.50% to 39,593.66, while the S&P 500 declined 188.85 or 3.46% to 5,268.05; and the Nasdaq Composite was down 737.66 or 4.31% to 16,387.36. The MSCI index of global stocks fell 6.01 points or 0.77% to 779.27. Trump's Wednesday reversal of tariffs had also driven overseas equity markets higher. Stocks in Asia and Europe also ended sharply higher. Ursula von der Leyen, chief of the European Commission, stated that the European Union would delay its retaliatory tariffs against American goods in response to Trump’s 90-day pause on tariffs. This is because countries within the EU are scrambling to strike trade deals with Washington. The dollar dropped against its major counterparts. The dollar fell 3.89% against the Swiss Franc to 0.825. The euro rose by 2.23%. The dollar fell by 2.07% against the Japanese yen to 144.66. U.S. Treasury Department After a successful sale of 10-year notes the day before, there was good demand on Thursday for 30-year bonds. This eased concerns that the debt would be closed. Analysts attribute the rapid increase in yields this week to large liquidity as hedge funds, other asset managers and traders unwind trades and sell assets due to margin demands and losses. As the trade war between two of the largest economies in world intensified, there were also increasing concerns that a large Treasury holder, like China, might be selling some of its portfolio. The yield on the 10-year bond fell 1 basis point in the last day to 4.386%. Meanwhile, the yield on the two-year sensitive note dropped 11 basis points to 3,843%. Prices and yields are opposite. The oil prices dropped, wiping out the previous session's gains. U.S. crude fell $2.28 and settled at $60.07 per barrel, while Brent crude eased $2.15, ending at $63.33. Gold spot was up 2.6% to $3,160.82 per ounce after reaching a session high of $3171.49 an ounce earlier.
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The study found that Trump's 25% tariffs on autos could cost US automakers up to $108 billion
Center for Automotive Research's new analysis shows that the 25% auto tariffs Donald Trump imposed on automakers in the U.S. at the beginning of April will result in an increase in costs of $108 billion by 2025. The study released by Ann Arbor, Michigan based organization on Thursday found that Detroit automakers Ford Motor, General Motors, and Stellantis (maker of Jeeps and RAM trucks) will face increased costs of approximately $42 billion. The study revealed that the Detroit Three would face tariffs on parts imported on average of almost $5,000 per car manufactured in the U.S. and on average $8,600 for each vehicle they import. Trump's 25% auto import tariffs went into effect on April 3. The industry was shocked as supplies came from around the globe. The levy applies to vehicles made in Mexico or Canada, but automakers who comply with the U.S.-Mexico-Canada Agreement may deduct the value for U.S.-made content. Tariffs have forced automakers to change production. GM increased truck output in an Indiana plant, and Stellantis temporarily closed production in a plant in Mexico as well as one in Canada. These actions affected five U.S. plants that were connected to them. According to the study, the average tariff cost per vehicle imported for parts by the Detroit Three automakers is $4,911, which is higher than the average industry average of $4 239 per vehicle. The study determined that the average tariff per vehicle for imported vehicles was $8,722 in the total industry, and $8,641 in the Detroit Three. Matt Blunt is the president of the American Automotive Policy Council. He represents the Detroit Three. In a press release, he said that the study shows "the significant cost" a 25% tariff would have on the auto industry. American automakers Ford, GM and Stellantis will continue to dialogue with the Administration to achieve their shared goal of increasing U.S. automobile production. Ford and GM did not respond to a request for comment. (Reporting and editing by David Gregorio; Kalea hall)
Brazil heron takes flight after plastic cup gotten rid of from throat
A heron took flight in Rio de Janeiro on Sunday, stretching its wings and skyrocketing over a river after vets waited from nearcertain death by removing a plastic cup attached to its neck and blocking its throat.
The mission to save the bird prompted a protest in Brazil over the effect of plastic pollution on wildlife in a city renowned for its forested mountains neglecting a dynamic beach metropolis.
As its cage opened, the slender heron thought twice for a minute before stepping out and jumping into the air, its white-gray wings bring it over the river in Rio's Recreio dos Bandeirantes area.
God prepared, it will not find any plastic or cups on the way, stated Jeferson Pires, a veterinary biologist at a wildlife center who initially spotted the unfortunate animal this month and published about its dilemma on social networks.
The logo of the popular 200-ml (6.7-oz) guarana fruit-flavored drink was plainly visible on the heron's throat before it was captured last Friday. Video revealed it struggling in vain to choose the cup off with its orange beak.
What we saw today with this heron, over these two weeks, is just how much these animals are impacted by plastic, stated ecologist Isabelle de Loys after the bird was released.
The blockage was preventing it from eating, and would most likely trigger starvation in a matter of days without surgical intervention, Pires stated.
The meat-eating heron was seen at one point throwing up a fish it could not swallow due to the fact that of the cup. Pires said lesions on the bird's long neck were probably due to such stopped working efforts to eat, leaving it somewhat underweight.
Following Pires' initial posts, the heron ended up being an ecological symbol. Its legend gathered protection from major papers and broadcasters in Brazil, and sparked outrage online over the damage caused by single-use plastics.
After the cup was surgically removed, Pires said he was excited to launch the stylish bird back into nature.
We saw no reason to keep holding her, he stated.
The bird, understood to researchers as a Cocoi heron, the biggest species of heron found in Latin America, is carefully associated to the fantastic blue heron.
With their habitat covering Panama to the southern idea of South America, the birds weigh up to 3 kg
(source: Reuters)