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Iron ore prices fall on weak Chinese demand
Iron ore futures fell on Tuesday as disappointing factory data, and the persistent problems in China's property sector dampened sentiment. The bearish outlook was boosted by warnings from Australian authorities about lower prices and the expectation of a softer season demand. The September contract for iron ore on China's Dalian Commodity Exchange ended 1.32% down at 708.5 Yuan ($98.92). As of 0533 GMT, the benchmark August iron ore traded on Singapore Exchange fell by 0.98% to $93 per ton. China's manufacturing sector shrank in June for the third consecutive month, but at a slightly slower pace. The business climate remains subdued. ANZ stated that the continued weakness of China's real estate sector, and a report by the Australian government warning about lower prices because of a weak outlook, further weighed down sentiment. China Metallurgical News reported last week that Jiang Wei was the secretary general of China Iron and Steel Association and advised authorities to limit billet exports. The announcement came after shipments of semi-finished products, including steel semi-finished products, surged in the first half of this year. Customs data shows that China's steel exports have more than tripled during the first five months in 2025. The steel association has warned that full-year shipments may exceed 10 million tonnes. The Chinese consultancy Mysteel reported that the total volume of iron ore shipped to destinations worldwide from Australia and Brazil, two top producers, has fallen 7.4% between June 23-29. This is a reversal of the previous week's increase. Coking coal and coke, which are used to make steel, also fell on the DCE. They lost 3.32% each and 2.46% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly fallen. Rebar fell 0.2%, while wire rod and stainless steel both lost 0.87%. Hot-rolled coils gained 0.06%.
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India's April to May finished steel imports fell 27.6% on an annual basis as China and Japan shipments declined
The provisional data from the government, reviewed on Tuesday, showed that India's imports of finished steel fell by 27.6% during the first two-month period of the new financial year, which began in April. This was due to a decline in shipments coming from China and Japan. The data shows that India, which is the second largest crude steel producer in the world, imported 0.9 millions metric tons (MT) of finished steel between April and May. Shipments from China dropped by 47.7%, while those from Japan fell by 65.6% compared to a year earlier. The data revealed that China shipped 0.2 million metric tonnes of finished steel to India in the past two months. Japan also sent 0.1 million tons. India implemented a temporary 12% tariff on certain steel imports in April. This is known locally as a "safeguard duty" and was imposed to stop a rush of cheap shipments, primarily from China. The data shows that South Korea was India's top exporter of finished steel during April-May. Shipments increased 8.2%, to 0.4 millions metric tons. The data revealed that India's largest imports were hot-rolled coils and strips. The data revealed that India was a net buyer of finished steel in the period. Exports fell 18.1% on an annual basis to 0.8 millions metric tons. India's largest exports during this period were galvanised coils or sheets, plain or corrugated. The data revealed that Belgium was India's largest export market. Shipments increased 12.4% to 0,15 million metric tonnes. The data shows that shipments to Italy fell by 53.7% while those to Nepal, Spain and other countries increased. India's consumption of finished steel reached 25,1 million metric tonnes in April-May. This is an increase of 7.1% compared to a year ago. The data revealed that crude steel production increased 9.5%, to 26.9 millions metric tons.
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Investors watch US trade negotiations as copper prices rise on a weaker dollar
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, boosted by a lower dollar. However, uncertainty about U.S. Trade talks with major trading partners continued. LME copper for three months rose 0.94%, to $9,961.5 per ton, at 0703 GMT. It had previously touched $9,984, its highest level since March 27. The SHFE's most-traded contract for copper gained 1.09%, to 80,640 Yuan per ton. It had previously reached 80,760 Yuan, the highest since March 28. The worries about the U.S. deficit have caused the dollar to weaken, which is supportive of commodities. My focus this week will be the U.S. Trade Talks," said a Beijing based metals analyst for a futures firm. The dollar index fell by 0.35% on Monday to 96.86, putting it on course for its sixth consecutive month of losses and its worst half year since the 1970s. The greenback is less expensive to buyers of other currencies. Last week, U.S. Treasury Sec. Scott Bessent said that the U.S.-China had resolved the issues surrounding shipments of Chinese magnets and rare earth minerals to the U.S. This further modified a May Geneva deal. Bessent added that even if countries are negotiating with good faith on July 9, they could still be facing sharply higher tariffs. Any possible extensions would be at the discretion of Trump. LME tin rose 0.4% to $33,850 per ton. Aluminium gained 0.29% at $2,605. Zinc eased by 0.6% at $2,735. Lead fell by 0.22% to 2,040.5. Nickel slipped 0.03% at $15,210. SHFE tin rose 0.63% to 269.840 yuan. Aluminium gained 0.41% at 20,635 Yuan. Zinc fell by 0.8% to 22.255 Yuan. Lead dropped 0.26% to 17.100 Yuan. Nickel eased 0.21% at 120.720 yuan. Click or to see the latest news in metals, and other related stories.
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Ifo: mood in Germany's chemicals industry improves over power subsidy plan
According to a Tuesday survey, the expectations of companies in Germany's chemicals industry have improved dramatically in June. They are pinning their hopes on an upcoming reduction in electricity taxes for industry. In June, the Ifo indicator of economic expectations for the sector reached 9.5 points. This was its highest level in three-and-a-half years. It had been -5.4 points in May. The German government is planning to reduce electricity taxes for certain sectors. Representatives from the retail, energy, and industrial sectors have criticised the plans, warning that they could distort competitiveness and have limited effect. The average electricity price in Germany is 38 cents per kilowatt hour, which ranks fifth in the world. Ifo added that the backlog of orders is extremely low. Ifo noted that some companies benefit from lower raw materials costs and the beginnings of a recovery in international demand. However, the protectionist tariff policies of the United States, high location costs, and geopolitical uncertainties are also affecting the sector's growth. Anna Wolf, Ifo's industry analyst, said: "In this context, the German government's state investments are giving urgently needed impetus."
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Sources say that India sent geologists to Zambia in order to explore copper and Cobalt deposits.
Two Indian government sources confirmed that India sent a geologist team to Zambia to investigate copper and cobalt deposit. New Delhi is stepping up its efforts to secure vital mineral supplies for its energy transition. Zambian officials have agreed to give India 9,000 square kilometers (3,475 sq mi) for exploration of cobalt, a component used in electric vehicle batteries and mobile phones, as well as to scout copper, which is widely utilized in electronics, power generation and construction. One source said that the project would last three years, and the majority of the analyses will be carried out in India. Sources who refused to identify themselves because the information was not public said that the team would be expected to visit the site multiple times over the duration of the project. Sources said that after assessing the mining potential in Zambia, the Indian government would seek a mining license from the Zambian Government and invite private sector companies to take part in the project. The Indian Ministry of Mines has not responded to a comment request. New Delhi has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America. In March, it was reported that India and the Democratic Republic of Congo are also in talks to sign a first agreement to secure cobalt supplies and copper. The ministry posted on X that an Indian delegation visited a mining conference and toured mines in Congo in the last month. Last week, it was reported that India had held internal discussions about its vulnerability to the tightening of the global copper market. It also plans to explore options to secure supplies from countries with abundant resources during ongoing trade talks. India's imports of copper have increased dramatically since Vedanta closed its Sterlite Copper Smelter in 2018. In the fiscal year that ended March 2025, India imported 1.2 millions metric tons (or 4% more) of copper than the year before. Government data shows that India is almost completely dependent on cobalt and that shipments of cobalt dioxide rose by 20% to 693 metric tonnes in 2024/25. (Reporting and editing by Mayank Bhahardwaj, Jamie Freed and Neha Arora)
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Nextwind raises $1.6 Billion for German Wind Energy Expansion
Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the transaction, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total capacity of its onshore wind power generation to 3 gigawatts by 2028. The funding comes at a moment when European wind energy firms have been affected by U.S. president Donald Trump's decision to stop new federal offshore leasing in this year. In January, European stocks of wind power fell after Trump stated that he would make sure "no new windmills" are built under his presidency two weeks prior to the start of his term. AfD, the far-right party in Germany, also threatens to undermine a wind energy industry that is otherwise very strong. Nextwind's CEO Lars Meyer stated in a press release that the new funding would allow Nextwind to upgrade its wind farms faster. It plans to "repower", or improve, more than half its 37 wind farm. The current capacity of the company is 450 megawatts. Nextwind announced that it plans to purchase additional wind turbines in addition to repowering. The company said that once the repowering process is completed, it hopes to market individual wind farms to investors as green investments. The last major round of investment was announced in 2023 when American companies, including Sandbrook Capital, committed up to $750 millions.
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Nextwind raises $1.6 Billion for German Wind Energy Expansion
Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the deal, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total capacity of its onshore wind power generation to 3 gigawatts by 2028. The funding comes at a moment when European wind energy firms have been affected by U.S. president Donald Trump's decision to stop new federal offshore leasing in this year. In January, European stocks of wind power fell after Trump stated that he would make sure "no new windmills" are built under his presidency two weeks prior to the start of his term. AfD, the far-right party in Germany, also threatens to undermine a wind energy industry that is otherwise very strong. Nextwind's CEO Lars Meyer stated in a press release that the new funding would allow Nextwind to upgrade its wind farms faster. It plans to "repower", or improve, more than half its 37 wind farm. The company said that once the repowering process is completed, it hopes to market individual wind farms to investors as green investments. The last major round of investment was announced in 2023 when American companies, including Sandbrook Capital, committed up to 750 million dollars.
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Investors ponder Trump tax bill as they watch Asian shares rise and the dollar fluctuate
The dollar remained near its multi-year lows as Asian shares rose and markets awaited the vote on President Donald Trump's tax and spending bill. The global share markets rose to an intraday high on Monday on the back of trade optimism. However, a marathon Senate debate over a bill that would add approximately $3.3 trillion in debt to the United States weighed down sentiment. The Nikkei index of Japan's shares fell as much as 1,3%, as the yen rose against the dollar. This was bad for exporters. Gold and oil both advanced for the second session in a row. The vote on Trump's tax-cutting and spending bill was expected to take place during Tuesday's Asian trading session, but the debate continued over a series of amendments from Republicans and minority Democrats. Trump wants to see the bill pass before the Independence Day holiday on July 4. Investors are also looking forward to Thursday's key U.S. employment data as global trade negotiators rush to reach agreements before Trump's deadlines. Ray Attrill is the head of FX Strategy at National Australia Bank. In a podcast, he said that the payroll data released later in the week would "have a significant impact, I believe, on the sentiment regarding the timing of Fed rate reductions." The MSCI broadest Asia-Pacific index outside Japan rose 0.4%, with South Korea's Kospi gauge leading the way at 1.1%. The latest readings of the Bank of Japan’s tankan business sentiment index and a Chinese gauge of manufacturing activity indicate that the largest economies in the area are likely to weather the tariff storm at least for the moment. Japan's manufacturing sector also grew for the first time since over a month, but a significant drop in demand underscored the difficult trade outlook for Asia’s export-dependent economies. The Shanghai Composite Index rose 0.2%, while China's blue chip CSI300 Index rose 0.1%. The dollar fell 0.2% to 143.79 Japanese yen. The dollar was barely changed in relation to the euro and had earlier reached $1.1808 - the lowest since September 2021. U.S. crude fell 0.5% to $64.80 a barrel, weighed down by expectations that OPEC+ would increase its output in August. Gold spot rose 0.6%, to $3322.62 an ounce. The Euro Stoxx 50 futures for the entire region rose by 0.1%, while German DAX Futures rose by 0.2%.
China's coal imports in May fell 18% due to cheap domestic coal and renewable energy
China, the largest coal importer in the world, reduced its imports by 18% on an annual basis, according to customs data released Friday. Low-cost domestic coal eroded overseas purchases, while renewables slowed down coal-fired electricity generation.
According to the General Administration of Customs, imports were 36.04 millions metric tons for the month, down from 43.82million tons in May 2024.
This was the third consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February were excluded because they are affected by Lunar New Year holidays.
The data shows that coal imports for the first five month of this year were 188.7 metric tons. This is down from 204.9 metric tons a year ago.
The domestic coal price has remained flat for the past four years, reducing profits.
According to the Bohai-Rim Bay Thermal Coal Price Index, the average price of medium-grade coal in May was 632 dollars.
The domestic coal production is also on the increase, with a 7% rise to 1,58 billion tons in the first four month of the year.
China's thermal energy generation, which is mainly coal and a little natural gas, dropped 4% between January and April, while the generation of renewables captured the increase of 3% in demand for power during those four months. (Reporting and editing by Himani Sarkar; Colleen howe)
(source: Reuters)