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Vietnam and EU strengthen diplomatic ties amid "threat to international order"
Vietnam and the European Union announced on Thursday that they have elevated their diplomatic?relations as both sides look to expand international partnerships in light of?global disruptions. The move is largely diplomatic and does not imply any?commitments? but it does carry political weight, at a moment when both the EU (European Union) and Vietnam (Vietnam) are looking to strengthen their international ties in light of the higher tariffs they will be facing on their exports going to the United States. Vietnam's president Luong Cuong, at the start of the meeting with the European Council President Antonio Costa in Hanoi, said that the upgrade was "a historic milestone underlining the great achievements made by both sides." In 2020, a free-trade agreement between Vietnam (Vietnam) and the EU27 countries will come into effect. Costa, who arrived at Hanoi on Tuesday?after the EU signed a major deal with India, said that the upgraded partnership "highlights our importance to the region, and Vietnam's increasing role". Costa said: "At a time when the international order based on rules is threatened from many sides, we must start standing side-by-side as reliable and predictable partner." As with the United States of America, China, and Russia, more frequent meetings at high levels are usually required to elevate ties. According to a joint statement adopted on Thursday, it is expected that the partnership will also grow stronger. The two sides plan to explore and enhance their cooperation in a number of sectors, such as?defence?, critical minerals?, semiconductors?, transport?, and "trusted communication infrastructure"?, confirming an earlier report? According to a joint?statement adopted on Thursday, the two sides will explore and deepen cooperation in multiple sectors including?defence, critical minerals, semiconductors & transport as well as "trusted communications infrastructure", confirming a???????????????????????????????????????????????????????????????????????????????????????????? Costa acknowledged that Vietnam, a Russian partner of many years, had different views on the conflict in Ukraine and human right issues. He added that both countries support multilateralism, as well as "the principles" of sovereignty, territorial integrity and independence.
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US sources claim that the US has moved away from critical minerals price floors
Multiple sources have confirmed that the Trump administration has backed away from its plans to guarantee a price minimum for U.S. vital minerals projects. This is a tacit acknowledgement of a lack in congressional funding as well as the difficulty of setting "market pricing". This shift comes at a time when a U.S. Senate Committee is reviewing a price ceiling extended to MP Materials in the past year. It represents a change from what was promised to industry. Washington could be a step behind other G7 countries who are discussing joint price support measures or similar measures to boost production of minerals critical to electric vehicles, semiconductors and consumer electronics. Three attendees said that two senior Trump officials informed U.S. mineral executives at a closed-door event hosted by a Washington Think Tank this month that their projects must prove their financial independence, without government price assistance. Audrey Robertson, Assistant Secretary of the U.S. Department of Energy and Head of its Office of Critical Minerals and Energy Innovation told the executives that Audrey Robertson was not there to support them. "Don't expect that from us." Rare Australian Earth Shares Slide The price floor set by the MP is not affected. Robertson was joined in the meeting by Joshua Kroon. He is the deputy assistant secretary for textiles and consumer goods as well as materials, metals, critical minerals, and other materials at the Department of Commerce’s International Trade Administration. Sources claim that Kroon and Robertson informed the meeting Washington was no longer able to provide price floors. In a statement issued after the publication of the story, the Energy Department stated that the article contained "false information and relied on sources who are either misinformed or intentionally misleading." However, the statement did not specify what errors it claimed to have found. The Energy Department did not respond immediately to a request for more information. MP Materials didn't respond to an emailed comment request, but in a tweet after the article was published they said that there had not been any changes to their contract or the government obligations around it. It said that any implication the U.S. Government has reneged on its commitments towards MP Materials was false. I did not imply that the MP's agreement was at risk. The report today is inaccurate, false, and contradictory with the facts. The company stated that the report follows a pattern involving speculative, misleading reporting which has misrepresented government policy repeatedly and caused "unnecessary" confusion in the market. Kroon and Robertson have not responded to any requests for comments. After the article was published, shares of Australian listed rare earths companies fell, and at one point, Lynas Rare Earths - the largest company outside China - dropped by more than 10%. Lynas' spokesperson claimed that the company had benefited from the U.S. policy change, which has boosted rare earths prices. Price protection is important for producers who are currently in business, because it addresses the market's dysfunction immediately. She said that other policy instruments were available and had been used for early-stage projects. Reg Spencer, an analyst at Canaccord in Sydney, believes that the steep fall for shares related to rare earths was exaggerated. The comments were in line with his interpretation of White House policy, which is that the White House does not intend to support every rare earths project by using a floor price mechanism. Projects will be developed on their merits," said he. The U.S. continues to support the development of a critical minerals supply chain in ex-China. He added that they may use different methods. Change in Tack The current administration stance contrasts with a closed door meeting held in late July where two officials told separate minerals executives that an MP Materials floor price granted days earlier was "not one-off", and that the administration is working on other price support projects. Since then, the administration took equity positions in Lithium Americas and other companies, including USA Rare Earth, Trilogy Metals and USA Rare Earth. There were no price floors offered, which raised questions about the government’s commitment to this financial tool. U.S. mining companies and processing firms have sought price floor and other government protections in order to compete with China. Industry executives claim that China's state producers can cut prices to punish competitors, undermine projects, and discourage private investment. The White House has declined to confirm whether it intends to set new price floors. However, it said that it would continue to pursue tax cuts, deregulation and targeted investments for high priority sectors "while being responsible stewards" of taxpayer dollars. Price floors are criticized by critics who warn that they expose U.S. tax payers to significant financial risks. They say the government is forced to subsidise minerals when prices drop, and this could lock in liabilities for a long time if prices continue to fall. Legal experts warn that guaranteeing a minimum price could be challenged under U.S. budget, procurement and trade laws. This is especially true if the support is viewed as a market distortion, or if it lacks an explicit congressional approval. Washington can still take other measures to support mineral projects and stabilize prices. These include stockpiling and equity investments, as well as local content requirements. Australia and other countries have also looked at price floors for critical mineral. MP?DEAL UNDER THE SPOTLIGHT Two additional sources said that the MP Materials investment caused concern among some administration officials and Congress members, who were concerned that Congress had not authorized funding for a floor price of at least $10 per kg for 2 types of rare Earths. Since the MP investment, the economics of the mineral markets have changed. USA Rare Earth announced this week that it plans to purchase the same types of rare Earths on the open markets for $125 per kilogram. The MP investment included a guarantee purchase agreement. This caused confusion about whether Washington would guarantee price floors for others. Sources said that as the Trump administration looked at other equity investments it could make after MP, they realized it didn't have the authority from Congress to fund a floor price. According to two sources, this realization was partly triggered by an inquiry made by members of the Senate Armed Services Committee. They asked Pentagon staff to meet last year in order to explain why MP Materials had received support for a price floor and the administration's investment strategy in the minerals sector. The committee member confirmed the request for a meeting but declined to comment further.
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Tungsten reaches record highs after export restrictions increase supply
Tungsten prices in January reached record levels, due to tightening inventories, Chinese export controls, and industrial demand. This has left consumers scrambling in an already constrained market. According to traders, the price of ammonium paratungstate (used to make tungsten) was 'trading' at $1,125-1,150 per metric tonne unit (mtu). This is a new record. Rotterdam prices reached a record high of $1,100. The prices are expected to rise further in the next few weeks. Tungsten, a crucial industrial metal with the highest melting temperature of all metals, is prized for its high hardness. Tungsten carbide is used in cutting tools, wear parts, and machinery for mining, construction, and manufacturing. It's also used in electronics, aerospace, and defence components. The price spikes can affect factory output and costs. Tungsten is a good indicator for advanced manufacturing. There are many reasons why Tungsten prices are going up - the market is tight, demand is high from all sectors (defence, aerospace, IGT and others), there are supply issues (lower grade ore and other 'issues) and, on top of this, exports to China are a problem, said a London-based Trader in an email. China, the world's largest tungsten producer and processor, announced export controls on February 20, 2025. Exporters must obtain government approval before sending their materials. Beijing announced 15 companies last month that would be allowed to export tungsten. This could lead to a centralization of control and a reduction in the amount of tungsten available to foreign buyers. William Parry Jones, founder of Wolfram Advisory, a'specialist in tungsten supply chain strategy and market analysis' said that "China’s" export volume had declined by 40% since controls were introduced. There are not enough raw materials ex-China available to replace the export volume. The U.S. Geological Survey has estimated that tungsten production outside China will be fragmented in 2024. Vietnam and Russia are the leading producers, followed by modest productions from Rwanda, Bolivia and Austria. Market participants attribute the higher China prices due to China's limited mining quota which was?cut by 6.5% in 2025 from the year before, as well as a higher manufacturing rate, leading to more domestic consumption. Parry-Jones stated that "China has been building up its manufacturing capacity - it's now viewed as the factory for the world... If you as an end user customer can't buy your widget directly from your preferred provider, you may be forced to purchase the widget in China. This plays perfectly into the Chinese strategy." The global tightening of security has intensified after the new Chinese controls on dual use materials imported to Japan took effect this month. Japan is one the biggest importers of Chinese Tungsten. (Reporting by Anjana Anil in Bengaluru; Editing by Thomas Derpinghaus)
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Santos awarded new gas exploration land in Queensland, Australia
Queensland, Australia's second largest gas exporting state, has granted three new exploration permits to Santos as well as a?smaller company Drillsearch. This comes a month after federal guidelines for domestic gas reservations were released. The conservative government of the state said?on?Thursday that these awards were part a larger push to boost domestic supplies and streamline bidding. Queensland's Energy Plan, released late in 2025, stated that it expects gas to remain a part of the energy mixture for decades, and extend the life of coal-fired plants indefinitely. In a press release, Queensland Natural Resources and Mines minister Dale Last stated that "this exploration investment sends out a clear signal that Queensland is open for business and committed to getting more gas in the system to alleviate energy 'pressures". Canberra published a gas market review in December mandating that 15 to 25 percent of the gas used by Queensland's three LNG export projects be reserved for domestic use from 2027. Further details are expected later this year. The Australian Energy Market Operator warned of potential gas shortages on the east coast later in this decade. The new permits issued in Queensland's Cooper-Eromanga basin, close to South Australian border, will be subjected to federal reservation rules but unlike the previous acreage releases there is no requirement to only use the land for domestic purposes. Santos' Gladstone LNG relies heavily on domestic gas from third parties to meet its export commitments. Origin Energy, Australia Pacific LNG, and Shell-led Queensland Curtis LNG rely mainly on their own fields for exports. They also sell surplus gas on the domestic market or at the spot market. The awards are part of an overall release of nine exploration zones offered by Queensland in May last year. Victoria offered five parcels of offshore land in state waters last year and five more in federal waters in December. All were aimed at increasing the domestic supply. Reporting by Helen Clark, Editing by Jamie Freed
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Vietnam hails upgrading of diplomatic relations with EU as an 'historic milestone'
Vietnam's President?said Thursday that the two sides had agreed to intensify diplomatic ties. Both sides are seeking to expand their international partnerships in light of disruptions caused by U.S. tariffs. The move is primarily diplomatic and does not involve any binding commitments. However, it carries political significance at a moment when the EU and Vietnam both seek to deepen and expand their international ties in light of the higher tariffs they are both facing on their exports to the United States. At the start of the meeting in Hanoi with Antonio Costa, President of the European Council, Luong Cuong described the upgrade as "an historical milestone that highlights the 'great achievements made by both sides. The free trade agreement between Vietnam, the EU and 27 other countries entered into force on 2020. Costa, who arrived at Hanoi on Tuesday after the EU signed a major deal with India, said that the enhanced partnership "highlights our importance to the region, and Vietnam's growing role". In order to elevate ties up to the highest level in Vietnam, as with the United States of America, China, and Russia, more frequent meetings at high levels are usually required. According to a draft of a joint statement, it is expected to lead to more cooperation between Hanoi, Belgium, and other countries in many fields. This includes critical minerals and technology.
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Investors seek security as gold nears $5600; silver targets $120
Silver came just a few cents short of $120 as gold?extended its ferocious rally on Thursday. Spot gold rose 2.6% by 0349 GMT to $5,538.69 per ounce, after reaching a record of $5,591.61 an ounce earlier in the day. Edward Meir, Marex analyst, said that "growing U.S. Debt and the uncertainty created by signs of a global trade system that is fragmenting into regional blocks as opposed to an U.S. centric model are leading investors to pile up into gold". Yellow metal has gained more than 10% this week. This is due to a combination of factors, including strong demand for safe havens, central bank purchases and a weaker dollar. In a recent note, OCBC analysts stated that gold is not only a crisis or inflation hedge. It is also viewed as neutral and reliable asset for storing value. This provides diversification in macro-regimes of a wide range. This year, gold has increased by more than 27%. It was up 64% in 2025. Tony Sycamore, IG's market analyst, said that despite the fact that the rally has been parabolic, the fundamentals will remain favourable until 2026. This means any dips in the market are likely to be good opportunities for investors. Geopolitically, U.S. president Donald Trump called on Iran to negotiate a nuclear deal with the United States on Wednesday. He warned that a future U.S. strike would be much more severe than last year's attack on Iranian nuclear sites. Tehran's response was a threat of retaliation against the U.S. and Israel, as well as those who support them. As expected, the Federal Reserve left rates unchanged on Tuesday. Fed Chair Jerome Powell stated that inflation in December likely remained well above the central banks' 2% target. The?precious material also received support on Thursday from the crypto group Tether, which plans to allocate 10-15% of their investment portfolio to gold. Customers have been crowding into shops in Shanghai and Hong Kong, where the precious metal is sold, due to high?gold prices. Some are betting that it will rise even higher. Silver spot?was also up 0.6% to $117.30 per ounce, after reaching a record high earlier of $119.34. The white metal has seen a 60% increase in price this year due to a combination of investors looking for alternatives to gold and supply shortages. Standard Chartered analysts said in a report that the silver market will likely deliver another deficit for the year. However, the true market tightness is due to the decreased availability of above ground stocks. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum increased 1.6% to reach $2,739.48, while palladium dropped 1.3% to $2,000.00.
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Expectations of a hot metal production increase in China have led to a rise in iron ore.
Iron ore futures rose Thursday, after two consecutive sessions of falls. This was due to expectations that?China?s hot metal production would increase as more steel mills resumed production following maintenance. By 0308 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.96% to $792 yuan (US$113.99) per metric ton. The benchmark March Iron Ore?on the Singapore Exchange rose by 0.89% to $104 per ton. The Shanghai Metals Market said in a report that China's hot metal production dropped 7,000 tons from week to week as a result of blast furnaces having maintenance done. This delayed the planned production resume until next week. SMM stated in a separate report that hot metal production will?increase. If ore supplies are sufficient, mills must continue to produce to avoid freezing drainage systems. SMM stated that traders were also concerned about the Chinese government's implementation of environmental protection restrictions and safety inspections leading up to the Lunar New Year holiday. This would?impede steel production and temper the demand for feedstocks. Hangda Steel and Chengshi Steel announced maintenance plans for the month of Febuary and will be suspending production. Coking coal and coke both gained 2.1% and 2.43% respectively. The benchmark steel prices on the Shanghai Futures Exchange increased. The Shanghai Futures Exchange saw a rise in steel benchmarks. ($1 = 6.9478 yuan) (Reporting by Ruth Chai; Editing by Subhranshu Sahu)
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Hang Seng Gold ETF soars by over 9% at its debut as spot gold hits a record
Hang Seng Gold ETF soared by more than 9% in its Hong Kong debut on Thursday, as spot gold rose to a new record of just under $5,600 per ounce. Investors were seeking safety due to geopolitical, economic and political uncertainties. The LBMA (the international gold trade association based out of London) announces the morning gold fixing price per troy ounce. Gold has risen more than 10% this week and is now above $5,000, thanks to safe-haven flows and central bank purchases, as well as a weaker US dollar. Zeng Wenkai is the chief investment officer of Shengqi Asset Management. He said that the market looks overheated in the short-term. In the long-term, it may be the beginning of a redefinition to the monetary system. The key event to watch is whether Western central banks sell U.S. Treasuries in favor of gold. If they do so, gold may rise above $10,000. Joni Teves, UBS's strategist, stated that the move above $5500 will extend this year's gains. Gold is supported by the rotation away from U.S. dollars and strong physical demand. This is especially true in China, where onshore prices are at a premium. She stated that the current market is one of strong momentum and it is difficult to resist the trend. However, caution is advised against chasing after gold at such high levels. E-Fund's Gold?ETF has risen more than 5% in mainland China. E-Fund Gold Miner Select Index ETF will debut at the Hong Kong Stock Exchange on Friday. Gold prices are on the rise, which has led to a surge in?inflows. However, several managers have warned against trading at high premiums. They say that such purchases could result in significant losses. E-Fund Management announced late Tuesday that it would suspend subscriptions for Class A units and systematic investment plans of its E-Fund Gold Theme Fund beginning on January 28. (Reporting and editing by Shanghai Newsroom)
US EPA takes action to review fluoride in drinking waters
According to an?a?notice published in the Federal Register, the U.S. Environmental Protection Agency has launched the first phase of its expedited review in order to determine safe fluoride levels in drinking water. This is a key priority for the Trump administration’s "Make America Health Again" agenda.
According to the notice, the agency's final toxic assessment will help inform possible revisions of fluoride drinking-water standards under the Safe Drinking Water Act and also support the Centers for Disease Control and Prevention recommendations regarding fluoride in water.
The MAHA movement, which is led by Health Secretary Robert F. Kennedy, Jr., has made it a priority to remove the natural mineral fluoride in drinking water.
The MAHA has gained influence within the Trump administration, and Kennedy, a long-time anti-vaccine activist, has implemented MAHA goals such as'reducing recommendations for child inoculations', drawing criticism from major medical groups.
Kennedy has opposed the addition of fluoride in public drinking water for improving dental health and claimed that there is no scientific evidence to support water fluoridation levels at U.S. levels being associated with cancer or other health problems.
Kennedy stated?last year he would 'convene an expert panel to review fluoride and make a recommendation. He also planned to instruct the CDC not to recommend fluoride for drinking water.
In May, the U.S. Food and Drug Administration announced that it would pull fluoride supplements from the market for children.
The American Dental Association continues to support community water fluoridation. Studies have shown that it reduces tooth decay in children and adults by over 25%.
Jess Kramer said, EPA Assistant Administrator for Office of Water Jess Kramer in a MAHA Action webinar, that the EPA review would focus on the effects of fluoride on tooth and brain development. "We will only focus on the potential harmful effects, and not the beneficial effects."
Kramer stated that the agency would also launch an online tool that will include all of the scientific literature reviewed in its review.
A federal judge ordered the EPA to improve fluoride'regulations and to address the risks of drinking water fluoridation on children's IQs in 2024. The EPA announced in April that it would speed up the next fluoride assessment, as required by the Safe Drinking Water Act, which mandates a review of the drinking water regulations every six years.
MAHA leaders have pressed EPA Administrator Lee Zeldin to align his agency’s agenda with their priorities of curbing pesticide use and reducing chemical exposure.
In the notice, it was stated that the EPA would accept public comments for a period of 30 days. The draft assessment would then be peer reviewed by external experts.
(source: Reuters)