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Energy Markets

Fossil Fuels

Fossil Fuels

De Beers attracts interest from Qatari funds and billionaire Agarwal

Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources...

Fossil Fuels

Europe's auto part suppliers suspend production due to China's restrictions on rare earths

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

Crude Oil

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to the supply of this world-famous commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the...

Crude Oil

ADNOC reduces Murban export forecast from August 2025 through May 2026

The company stated that Abu Dhabi National Oil Co. (ADNOC), has reduced its monthly forecast for Murban oil from August until next May in order to increase the processing at its refinery. ADNOC's August export forecast for the light Murban grade is 1.705 millions barrels per day, according to a report published by the company on Saturday. This is 65,000 bpd less than the previous forecast of 1.77 million. ADNOC has also reduced the forecast from September 2025 through May 2026, by between 100,000 and 177,000 bpd. However, forecast volumes for July and June 2025 remain unchanged. In the report,...

Fossil Fuels

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Coal

Coal India unit CMPDIL files initial public offering

Draft papers dated on Monday show that Central Mine Planning and Design Institute Ltd. (CMPDIL), a subsidiary of state-run coal miner Coal India, filed for an IPO. Coal India announced last week that activities related to the listing of CMPDIL (Bharat Coking Coal Limited) and CMPDIL (CMPDIL) were "in progress". This was after a local newspaper, Hindu Businessline, reported citing a senior executive that Coal India would be filing IPO papers for its units "soon". Coal India still hasn't filed any public documents for BCCL. CMPDIL won't issue new shares for the offering. The draft prospectus revealed that Coal India...

Fossil Fuels

India's April infrastructure output growth hits eight-month low

India's infrastructure production grew by 0.5% in April, the slowest rate in eight months. The decline in crude oil prices and refinery products was to blame, according to government data released on Tuesday. The index which tracks eight sectors, and accounts for 40% of industrial production in the country, increased at a revised rate of 4.6% in march, compared with the initial estimate of just 3.8%. In April, crude oil production fell 2.8% compared to a drop of 1.9% in March. Natural gas production also declined by 0.4% compared to a drop of 12.7% in March. Cement production increased 6.7%...

Fossil Fuels

Asian petrochemical producers chase ethane gains as margins dwindle

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Natural Gas

GAIL (India's) quarterly profit drops more than expected due to lower gas margins and cost pressures

Gas distributor GAIL India posted a larger-than-expected drop in quarterly profits on Tuesday. This was mainly due to lower gas marketing margins, and higher costs. GAIL, India’s largest natural gas distributor based on market share, reported a net profit after taxes of 20.49 billion Rupees ($240.1 millions) for the three-month period ended March 31, a decline of 5.9%. According to data compiled and analyzed by LSEG, analysts had predicted that profit would fall on average 3.1%, to 21.13 billion Rupees. Gas marketing, which accounts for the majority of revenue generated by the company through wholesale trading and distribution of natural...

Fossil Fuels

Ambani's Reliance withdraws trademark application for codename "Pakistan strikes"

After a social media backlash, the film studio of Asia's richest person Mukesh Ambani retracted its trademark application for the codename used to describe India's military strike against Pakistan. Reliance, the conglomerate owned by billionaire Ambani, said in a statement that the trademark application had been filed accidentally and without authorization by a junior employee at Jio Studios. It added that "Operation Sindoor," as a symbol of Indian courage, was now "part of the national consciousness." India claimed it had struck "terrorists infrastructure" in Pakistani Kashmir and Pakistan earlier this week, after militants in Indian Kashmir killed 26 men -...

Fossil Fuels

Coal India reports lower revenue for the quarter as demand for power declines

Coal India, the company that produces more than 75% of India's coal, announced a decline in revenue for the fourth quarter on Wednesday. The drop was attributed to a lower demand for electricity. The company, which produces mainly thermal coal for industries and power generation, reported a 1% decline in revenue from operations to 378.25 trillion rupees (4.47 billion dollars) during the quarter ending March 31. India's coal consumption remained low from January to March due to a slowdown of manufacturing, which led to a lower demand for electricity. The coal production of the company fell by 2% during the...

Refined Products

India's April Diesel Exports are likely to have reached the lowest level for over a decade.

Analysts and trade sources said that India's diesel imports in April likely reached their lowest level for over a decade as Reliance, a major exporter, cut refinery output to maintain equipment at a time of robust domestic demand. India, Asia's third largest diesel exporter, exported approximately 1.15 million metric tonnes (9.69 millions barrels) of this industrial and transportation fuel during April, according to a combination of data from LSEG Kpler Vortexa, and two other trade sources. According to official data, this would be the lowest level since February 2012. It is also a substantial drop from the nearly 1-1/2-year high...

Environment

Climate Change

Sources say that India's Finance Ministry wants to lower energy prices in order to offer green steel incentives.

Two sources with knowledge of the matter say that New Delhi wants to control its inflation and expenditure, so it is looking for a softening in green hydrogen prices before deciding to provide financial assistance to steel producers who use clean energy. Indian steel producers are asking the federal government for incentives, as the country considers mandating a certain percentage green steel in all government projects. India, which is the second largest steel producer in the world after China, and one of the major emitters of greenhouse gases, has worked on a policy to reduce carbon emissions from the production....

Environment

In India's northeast, heavy flooding has killed at least 34 people

Authorities and media reported on Monday that at least 34 people had died in India's Northeastern region following heavy floods and landslides during the past four days. The weather department also predicted further heavy rain. A government statement stated that more than 1,000 tourists were evacuated from the Himalayan State of Sikkim on Monday. In Meghalaya, army rescue teams were deployed to save over 500 people who were trapped in flood-ravaged areas. On Sunday, hundreds of shelters were opened in the hilly districts Rangamati and Bandarban in Bangladesh. Authorities have warned that there could be more landslides or flash floods...

Environment

What are the benefits of early and abundant monsoon rainfall in India?

India's Weather Office has predicted an above-average Monsoon Season for the second consecutive year in 2025. The annual rains will arrive at their earliest date in 16 years. Rains that began on the coast of Kerala, the southernmost state, eight days before the usual schedule, have now reached nearly half of the country. Why is the monsoon important? Monsoons bring about 70% of annual rains to a $4 trillion economy. Agriculture, which employs more than half the population of 1.4 billion people, provides about 16% of that. Rains are important for crops like rice, wheat and sugarcane. They also affect...

Mining

Mineral Resources

Mineral Resources

Indian dealers offer steeper discounts on ASIA GOLD as price rally dampens demand

The gold discounts in India reached their highest level in over a month this week, due to a rise in prices that were near record highs. Meanwhile, the rising rates in other major Asian cities also dampened demand. On Friday, domestic gold prices traded at around 98.300 rupees for 10 grams, having rebounded from a monthly low of 90.890 rupees and approaching the all-time record of 99.358 rupees. Indian dealers were forced to offer discounts due to the price spike Up to $56 per ounce less than official domestic prices. This includes a 6% duty on imports and a 3%...

Mineral Resources

Thyssenkrupp executive: EU has tools available to help reduce the pain of steel tariffs

A member of the executive board of Thyssenkrupp said that the EU already has the tools it needs to mitigate the impact of Trump's tariffs and Chinese steel overcapacity. One of these is stopping Russian imports. After the invasion of Ukraine by Russia, the European Union has banned all steel imports. Shipments will be reduced gradually. Thyssenkrupp's Ilse Henne, a board member of the company, said that the EU can help the steel industry to weather Trump tariffs as well as a Chinese glut in supply by stopping those practices completely. There is still Russian steel entering Europe. How much?...

Mineral Resources

India's Vedanta says Trump's tariffs damaging, seeks import curbs

Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The...

Mineral Resources

RPT-European auto parts suppliers stop production due to China's restrictions on rare earths

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

Mineral Resources

Source: India's largest miner changes from global index to local pricing for iron ore

A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices...

Mineral Resources

Automakers warn that China magnet pinch is a threat to car production

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...

Mineral Resources

ASIA GOLD - Indian gold demand is lagging as prices increase, and wedding purchases are cooling

The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases,"...

Mineral Resources

India's Bajaj Auto warns that magnet delays in China will affect EV production by July

Indian automaker Bajaj Auto warned on Thursday that further delays in the supply of rare-earth magnets from China may "seriously" impact electric vehicle production before July. China controls over 90% of the global processing capacity in magnets for automotives, home appliances and clean energy. In April, the country implemented restrictions requiring import permits to be obtained from Beijing. On Wednesday, it was reported that Indian auto industry associations have asked Prime Minister NarendraModi's government for help in gaining access to magnets stored at Chinese ports since the beginning of April. Rakesh Sharma, Bajaj Auto’s executive director, told analysts on Thursday...

Mineral Resources

Indian miner NMDC's profit quarterly falls due to lower prices

The Indian state-owned mining company NMDC reported a decline in its fourth-quarter profits on Tuesday, due to lower product prices. Iron ore mining company's quarterly profits before tax and exceptional items came to 23.51 billion rupees (275.56 millions dollars), a 3.5% drop from the previous year. The company's profit, including taxes, increased by 2% in the quarter January-March due to lower expenses for tax. NMDC's average iron ore price was 4,206 rupees. This is lower than the 4,299 rupees average a year ago, according to JM Financial Institutional Securities. According to commodities consultancy BigMint, the company announced a reduction in...

Mineral Resources

India's top Court pauses the liquidation of $2.3 Billion JSW-Bhushan Power Deal

India's highest court on Monday halted liquidation proceedings against Bhushan Power and Steel Limited (BPSL), after rejecting JSW Steel's $2.3 Billion deal to purchase the firm. The Supreme Court ruled after JSW Steel and certain creditors of Bhushan Power and Steel informed the court that they would be filing a review against an order earlier in the month which had quashed the acquisition of Bhushan Power and Steel and which ordered the liquidation of Bhushan Power and Steel. JSW Steel shares reached a session high after the order, and last traded 2.2% higher. The National Company Law Tribunal, in New...

Mineral Resources

India's JSW Steel misses its quarterly profit forecast due to weaker prices

India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South...

Mineral Resources

ASIA GOLD - High prices dampen Indian demand for gold, but China premiums remain firm

The physical gold demand in India this week was subdued, as a rise in global prices, a weaker rupee and retail purchases were limited. Premiums in the top consumer China remained stable. This week, Indian dealers offered a discount Last week, the discount was up to $34, but this week it's up to $49 per ounce. Last week, prices were falling and buyers began to buy. Now that the prices have rebounded, buyers are stepping back from the market again", a jeweller in New Delhi said. On Friday, domestic gold prices traded at around 95,900 rupies per 10 grams after...