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Sibanye considers cutting back on the ageing platinum shaft; over 1,000 jobs are at risk
Sibanye Stillwater announced on Tuesday that it plans to restructure its South African Platinum Group Metal (PGM) operation's Kwezi shaft?to reduce losses. This could have a?significant impact?on 1,114 jobs. In a press release, the diversified miner stated that the Kwezi shaft was nearing the end of its lifespan and it is expected to lose money in the second half of 2026 due to declining output. The company said that it would begin consulting with unions about the proposed restructuring. This could affect up to 781 employees and approximately 333 contractors. The company reported that a project designed to extend the life of a?shaft and access deeper mineral reserves had been delayed and met with objections. Sibanye stated that "without those additional reserves, the remaining ore body is depleted more quickly, reducing its long-term viability." Kwezi shaft recorded cumulative losses of 299 millions rand (18.62 million dollars) in 2024. Although higher PGM prices helped to support positive margins in the first half of 2026 the shaft is expected to lose money during the second half. Kwezi produced 20 658 ounces of PGMs in the first half of 2026. This represents less than 3% Sibanye South Africa's production. Sibanye is facing a'strike at certain parts of its U.S. Platinum Group Metals operations in Montana. Last week, unionised workers at the Stillwater East mine and Columbus metallurgical plant walked out of their jobs amid negotiations for a new labor agreement.
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Stocks drop as the yen soars; Gulf attack pushes oil to $100 per barrel
The yen soared and stocks fell on Tuesday after an attack on oil facilities in the Gulf drove crude to near $100 per barrel. Copper prices also hit record highs. Brent crude futures reached their highest level in six weeks, close to $99 per barrel, after Yemeni Houthis, who are backed by Iran, attacked energy facilities in Saudi Arabia and other cities. This highlights the danger of the conflict spreading across the region, and complicating fuel supply on world markets. Diesel prices have risen to record levels and gasoline prices are also higher than they were before the war. Even the prices of crude oil for immediate delivery, which is a physical commodity, are above the futures price, indicating the impact of the war on the global energy market. Inflation has risen in recent weeks and this is partly due to the increase in bond yields which have reached multi-year highs. This puts pressure on central banks to increase interest rates. The European Central Bank will almost certainly raise the euro zone interest rates by a quarter-point on Thursday of this week, and the Bank of Japan is likely to do the same the following week. This has put the yen in a position for its biggest rally in the past two years. The equity markets in Europe fell, with the STOXX 600 falling 0.4%. Futures for the S&P 500 dropped 0.3%, and those of the Nasdaq rose 0.1%. This suggests that tech stocks will see a slight 'lift' when Wall Street reopens after the long weekend. The U.S. data on inflation could be decisive for setting expectations about the outcome of next week's Federal Reserve meeting. Money markets indicate that traders currently attach a 58% chance to a rate increase. The yen's rise may be the biggest story on global markets. Oil was the focus of attention Tuesday, but it is likely that the yen will continue to surge. Due to its low yield, traders borrowed yen to buy higher-yielding assets, including currencies, bonds, and equities. This strategy is known as carry trading. This trade is now starting to unravel as the BOJ prepares to raise interest rates. Japanese bond yields are at or near records highs, and capital has begun to flow back home. The last time carry trades reversed and the yen appreciated so quickly was in 2024. A surge of volatility impacted global equities. The yen gained almost 4% in the past week, which is its biggest week-on week increase since July 2024. On Tuesday, the yen was trading at 153.93 and the dollar fell 0.3% that day. Francesco Pesole, a strategist at ING, said: "Despite the fact that short-term fundamentals suggest the move has been overdone, there is still risk in standing in the way of the unwinding of carry trade." Data on the wider economic front showed that Japanese real wages increased 2.4% from a year ago in July, the largest increase since May 2021. Capital Economics analysts in a report on research said that wage growth is increasing and the Bank of Japan should tighten up the pace. Copper, a commodity other than oil,?hit an all-time high on Tuesday as the global supply was tightened. The metal continued to flow into the U.S. in anticipation of potential tariffs. The price of three-month copper at the London Metal Exchange rose 0.7% to $14,613, after reaching as high as $14,624. The benchmark 10-year Treasury note yielded 4.804% on the bond market. This was up by 2 basis points for the day, and is not far from its highest level since November 2023.
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Asia stocks drop as yen soars and Iran warns the US of retaliation
Asian stocks fell on Tuesday as a result of a surge in the yen, mixed economic data and fresh Iranian threats?in the Gulf. Meanwhile, commodity prices and Treasury bond yields rose due to the new Iranian threats?in the Gulf. The yen rose as much as 1% to 152.89 - its highest level since February 18 - as investors unwound $2.35 trillion of carry trades funded by yen. The yen is at its highest level since February. This was driven by the sharp unwinding of carry-trade and short-yen positions, as investors priced in a faster Bank of Japan tightening, said Joel Kruger. The Japanese government's willingness to intervene in the market and support the currency by remitting capital has given the movement a boost. After a U.S. holiday on Monday, the S&P 500 emini futures fell 0.3% as well. MSCI's broadest Asia-Pacific index outside Japan fell 0.5%, led by a regional decline of 1% in Australian shares following a sharp fall in local consumer sentiment in September. Brent crude futures rose 1.4% to $98,34 per barrel in Asia after Iran threatened retaliation against the U.S. on Tuesday with "economic war" and claimed it fired an 'advanced rocket at U.S. Warships. Westpac analysts stated that "while U.S. Labor Day was a quieter start for trading volume, the weekend's tit for tat strikes between the U.S.A. and Iran continued to exert upward pressure on oil, acting as a lag on risk sentiment in general." GROWTH PROSPECTS The markets also digested other economic data released Tuesday. Data from China showed that exports grew faster in August due to a strong demand for high-tech products and AI. In a recent research note, ING analysts noted that while the geographical picture appears to be lopsided as the U.S. recession recedes, demand in other markets remains strong. Revised data shows that Japan's economy grew faster in the April-June period than originally estimated, but still fell short of analysts' expectations. After the data was released, Japanese government bonds surged. The yield on the 10-year bond fell 4.5 basis points, to 2.885%. This gave further momentum to the rebound of the yen, just weeks after it had hit a four decade low, and triggered an unusual joint intervention from authorities in Tokyo and Washington. Data showed that the?real wage in Japan rose by 2.4% from a year ago to?July, which is the largest increase since May 2021. Capital Economics analysts in a report said that wage growth is increasing and the Bank of Japan should accelerate the pace of tightening. The yield on the 10-year Treasury bond in the United States was up 1.6 basis points to 4.798%. This is a continuation of its rise after a two day retracement. According to the CME Group's FedWatch, traders are still pricing in an implied 60% chance of a hike of 25 basis points at the Federal Reserve’s next two-day meeting that ends on September 16. This is about the same as it was a week ago. The dollar index (which measures the strength of the greenback against a basket six currencies) was trading at a level of 98.83, a low for two weeks. Copper prices reached a record high of $14,97 per metric ton, as concerns about supply grew. Gold remained steady at $4404.29. Bitcoin fell 1%, to $78,458.04 while Ether was down 1.1%, at $2,468.37.
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Houthi attacks disrupt Saudi oil facilities, injuring 73, say authorities
Saudi authorities reported that operations at certain energy facilities in Saudi Arabia - the world's largest oil exporter - were halted Tuesday after a 'attack' by Yemen's Iran aligned 'Houthis' - which injured more than 70 people. The Saudi energy ministry reported that fires broke out at the sites, and that several people were injured while emergency crews raced to the scene to assess the damage and contain the flames. The ministry said that "the concerned authorities are addressing the consequences of the attacks." "The necessary measures will be taken in order to ensure the safety of the workers and facilities, and to continue the work in accordance with the approved operational plans." In an earlier statement, the Saudi-led coalition in Yemen stated that at least 73 people had been injured in Houthi attacks against southern cities Abha, Khamis Mushait Jazan and Najran. The coalition vowed a firm response to the latest outbreaks of hostilities and said the latest escalation against the de facto OPEC head was "dangerous." In a statement dated X, Colonel Turki Al-Malki stated that "the coalition will take the necessary?operational steps to deter and confront this terrorist militia's hostile approach". Since declaring a naval blocade against Riyadh last July, the Houthis have launched attacks on Saudi Arabia, targeting their vessels in the Red Sea. The Financial Times reported on Monday that Aramco Jazan oil installations were "hit by new strikes" and the damage was being assessed. ? Aramco did not comment on the report.
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China's August imports of iron ore exceeded expectations as typhoons delayed July customs clearance
China's iron ore imports rose by 0.4% in August compared to a month ago, defying analyst's expectations of a drop, after multiple typhoons hit ports and delayed clearance. Data from the General Administration of Customs revealed on Tuesday that the world's biggest iron ore consumer imported 108.54 metric tons of this key ingredient for steelmaking last month. This is a 3.1% increase from the previous year. Four analysts predicted August ore imports between 107 and 108 millions tons before the release of data. Steven?Yu is a senior analyst with Mysteel. The monthly increase in ore imports could be due to the fact that some cargoes arrived in July but only cleared customs last month. Yu explained that our earlier forecast predicted July imports to be higher than a month ago, but instead it showed a decline. As part of a new El Nino weather pattern, China has experienced frequent and intense typhoons in the last two months. The typhoons had a negative impact on August's shipments, but the higher shipments made up for it. Data from the shipping tracker Kpler revealed that global iron ore shipments into China increased 6.6% in August compared to a month ago. According to Mysteel data, the ore demand was lower last month. The average daily hot metal production fell by 0.7% from one month to another. Iron ore imports in the first eight-month period of this year totaled 845.27 millions tons, an increase of 5.5% over a year ago. RESILIENT?STEEL EXPORTS Analysts said that China's steel exports in August were resilient as export prices remained low and overseas demand remained steady. The August steel exports rose 6.8% and 0.4% respectively compared to the previous month. They reached 10.16 million tonnes, a record high for a 4th consecutive month. Kexin Bai is an analyst with Shanghai Metals Market. She said that the price competitiveness of Chinese Steel appealed to some emerging markets which are price sensitive. Also, shipments to Africa and South America grew as Middle East tensions disrupted the shipping flow via the Persian Gulf. The total steel exports between January and August fell 3% compared to a year ago, to 75.15 millions tons.
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Industry executives say that global diesel supply will remain tight throughout the winter.
Senior industry executives stated on Tuesday that the global diesel supply would remain tight because of a 'lack of spare refinery capacity', Russia’s export ban and the approaching peak winter demand. The wars in Ukraine, Iran and Russia have affected refineries in Russia, the Middle East and Europe, driving diesel margins up to record levels. Crude supplies to Asia are also reduced. Russell Hardy, Vitol's CEO, said at the APPEC Conference on Tuesday that there was a real shortage of products. We are missing 2,000,000 barrels a DAY from Russia and we're also missing nearly 2,000,000 barrels a DAY from the Middle East. Hardy stated that crude oil is better positioned to supply than products, as the Middle East exports about 9 million barrels per day of crude oil and 1 million barrels per day of products. He said, "We don't have enough refinery capacity to stop these draws." "We're at the bottom of the stockpiles and are consuming the global surplus." Mark Senn said that most U.S. refineries are already at capacity. When you look forward to an upcoming winter season where diesel stock is quite deficient, you are setting up a situation where this strength could continue on those markets," added he. The U.S. Diesel prices reached record highs last week. Meanwhile, the crack spread of the product, which is a measure for refining profitability surged on Wednesday to a "record intraday" high of $108.02 per barrel. Hardy, from Vitol, said that high oil prices and a lack of fuel supplies will reduce the global demand for oil by 1.5 million bpd compared to 2025. He said that the gap between China’s crude imports for 2025 and 2026 is unsustainable at 5 to 6 million bpd and he expects it to close?by the end of this year, so China has enough fuel to get through winter.
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As fears of a prolonged Mideast conflict increase, oil prices rise
The oil prices continued to rise on Tuesday as the risks of a long-term conflict in the Middle East increased after Iran threatened retaliation against any new U.S. attack on its assets. This heightened concerns over disruptions to supply. Brent crude futures rose 49 cents or 0.5% to $97.49 per barrel at 0400 GMT. U.S. West Texas Intermediate Crude was $92.92 per barrel, up $1.44 or 1.6%. According to Suvro Sarkar, DBS Bank's head of energy analysis, WTI is playing catch up with Brent after the Labor Day holiday on Monday. Brent had absorbed the weekend's increase a day before. He said that the increase in hostilities between Iran and the U.S. could materially alter the markets' perception of oil-related risks, not just for 2026 but also well into 2027. Iran has threatened the U.S., saying it will wage "economic war" on the country and that it fired a?missile advanced at U.S. Warships. This highlights the danger of a larger escalation after both sides have exchanged new strikes. According to the U.S. Central Command, U.S. forces struck three Iranian oil tanks on Saturday, including one near Kharg Island - Iran's main oil export center. These attacks follow on from the Iranian Revolutionary Guards' strikes against U.S. warships in the area. The recent escalation in the Middle East conflict increased the likelihood of an?extended standoff punctuated with a calibrated military response by the U.S. Daniel Hynes, a ANZ analyst, wrote in a report that the Persian Gulf could remain constrained until 2026. We don't anticipate a return to the pre-war level of throughput until late Q1 2027 or early Q2 2027. The shipping traffic through the Strait of Hormuz slowed down at the beginning of this week after Iran warned on Monday that it would retaliate against any new U.S. strikes. Goldman Sachs has also raised their Brent and WTI price forecasts for December 2026 by $5, to $85 and $85, respectively. For 2027 they have increased them to $80 to $75, reflecting the new assumption that Middle East ship disruptions will continue into 2027. Ed Meir, an analyst at financial services platform Marex, said in its September commodity outlook that crude oil prices would likely stay high through the end of the year as long as "the war" continues.
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Australia prepares for its own fire seasons after European summer's heat
Australian firefighters are on alert after a destructive fire season in Europe. Australia has already experienced a'strong El Nino' weather event, which is characterized by hotter and drier conditions, as well as an increased risk of fires. Trent Curtin is the head of New South Wales Rural Fire Service (the world's largest volunteer firefighting service). Europe's fastest warming continent has experienced a scorching summer, which left the vegetation tinder dry and fueled severe wildfires. Italy's summer was the warmest in 75 years, while Britain's was the hottest since records began. Curtin stated that "we're experiencing some unusual conditions in the Northern Hemisphere right now." "They are experiencing fires they haven't experienced in a few decades, or maybe never before." Australia has a history of battling wildfires. The Black Summer fires of 2019 and 2020 destroyed an area as large as Turkey, killing 33 people. Authorities often conduct controlled burns to reduce the risk of wildfires. "This year, we are alert but not alarmed. "We're aware that the seasonal outlook expects a more active fire season than usual - conditions will also be hot and dry," said Alex Capararo. He was leading a hazard-reduction burn about three hours north of Sydney. According to the Bureau of Meteorology, the peak 'fire danger season' usually begins?mid-October in the northern parts of New South Wales and in December in the southern areas.
Iran-backed Houthis strike four Saudi cities as Middle East war expands, 73 injured
Yemen's Tehran backed Houthis launched an attack on four cities in the south of U.S. ally Saudi Arabia, Tuesday. The attack injured more than 70 people while setting oil installations ablaze. It appeared to be?a major extension of the six-month old Middle East conflict.
The 'Houthis', who control the majority of Yemeni populated areas, including the capital, claimed that they had launched a wide-ranging operation into Saudi territory. The Houthis used drones and rockets to attack a Saudi airbase located in Khamis Mushair in southern Yemen, as well as targets of the Saudi Arabian state oil company, in Abha and Najran, near the Yemeni border, and Jazan, an important Red Sea port.
Saudi authorities said that women and children among those injured were also ablaze at the site. According to reports, the large number of injured suggests that the attacks are among the largest carried out by Saudi Arabia since Israel and the United States launched their war on Iran in February.
Images of the aftermath were not available immediately. The Houthis released images of an explosion they claimed was caused by Saudi Arabian trucks they struck near the border.
After a?month of calm in August the fighting has resumed in the Gulf, as Iran and the U.S. exchange fire. This has sent global oil prices up to levels not seen since July. Brent crude prices rose more than 2% on Tuesday to above $99 per barrel.
The Houthi attacks in southwestern Saudi Arabia could worsen the global economic impact of the war by disrupting Middle East oil supplies beyond the Strait of Hormuz blockade.
Saudi Arabia leads an Arab coalition that has been fighting against the Houthis (in Yemen) for more than a decade. The war in Yemen had slowed down over the past few years. However, a ceasefire has now broken, and the Houthis are threatening shipping near the mouth of the Red Sea.
'MARITIME EXCLUSION ZEA'
In a recent statement, Colonel Turki Al-Malki of the Saudi-led Coalition said: "The coalition will take any necessary operational?measures in order to deter and confront this terrorist militia's hostile approach."
Yahya Saree, a Houthi spokesperson, accused Riyadh that it had escalated the conflict by launching airstrikes on Yemen and warned the Houthis they would respond.
The Gulf War has become a battle of wills, as the U.S. and Iran try to force each other into submission through economic pressure.
Washington is trying increase the flow of crude oil to the world market by guiding ships to the Strait of Hormuz, at the mouth of Gulf. It also tries to cut off Iran's exports through a blockade that extends just beyond the Strait.
Tehran has announced new measures for sealing off the strait. It will reveal details soon of a "maritime inclusion zone" that will stretch from the perimeter the U.S. Blockade through the strait to the Gulf.
Washington launched a weekend attack on Iranian tankers in response to Iranian attacks against U.S. warships. Iran claimed it used more powerful ballistic missiles against American ships.
Mohsenrezaei, the?secretary to Iran's Supreme National Security Council?, said on X. "A maritime exclusion zone will be established across the Persian Gulf from the blockade perimeter to combat economic warfare." The operational posture towards U.S. bases and warships has been fundamentally recalibrated."
Iran has missiles and drones capable of threatening oil tankers that are transiting through the Strait of Hormuz. They have also been used against U.S. military bases in the region.
Before the war, about a fifth (or 5%) of all oil and gas shipments in the world passed through this strait.
The fighting has led to a global shortage of crude oil, and even more acutely the fuels produced by refining it. Diesel fuel is now more expensive than ever in the United States, with an average retail price exceeding $5.90 per gallon. This has harmed the prospects of President Donald Trump and his Republicans.
"Oil will fall precipitously like all other prices (but even more!) When we win the war against Iran, oil prices will drop precipitously. Three Dollars per gallon is possible, but the final price will be below two dollars. Trump posted on Twitter that it will all be done quickly and Iran won't have a nuclear weapon.
(source: Reuters)