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Iron ore remains above $100/t amid Sino US trade talks, coal slump continues
The price of iron ore futures held above the psychologically important level of $100 per metric ton, as investors watched closely for any signs of progress in the Sino-US trade negotiations. As of 0700 GMT, the benchmark September iron ore contract on Singapore Exchange rose 1.9% to $100.70 a metric ton. The contract for September iron ore on China's Dalian Commodity Exchange erased its morning loss and ended daytime trading 0.63% higher, at 798 Yuan ($111.17). The talks between U.S. officials and Chinese officials who met in Stockholm on Monday are expected to continue Tuesday. They will be aimed at resolving long-standing economic disputes. Analysts said that although the two superpowers do not have a deep connection in terms of trade in iron ore and steel, which is its main feedstock, trade frictions may affect demand forecasts in China, a major consumer. Iron ore prices are also influenced by falling arrivals. Data from Mysteel shows that iron ore arrivals at major ports fell 7.6% in a week to 23.2 millions tons. Analysts at Shengda Futures wrote in a report that "the fundamentals of iron ore remain relatively healthy despite falling arrivals, and the resilient hot metal production is supporting prices." The markets also anticipated details about a Chinese Politburo Meeting that will take place by the end of July. This meeting is expected to determine the economic policy of the country for the remainder of the year. The prices of coking coal, coke and other steelmaking ingredients continued to fall for the second consecutive session. They fell by 6.63% and 2.62 %, respectively. Both coal and oil prices had risen in the last week due to the expectation of a possible supply cut. The government was planning to inspect eight major coal production hubs for overproduction. The Shanghai Futures Exchange saw gains in most steel benchmarks. Rebar gained 1.98%; hot-rolled coil grew 2.01%; wire rod jumped 2.33%, while stainless steel fell 0.12%. $1 = 7.1780 Chinese Yuan (Reporting and editing by Harikrishnan Nair, Janane Venkatraman and Lewis Jackson)
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India's finished steel imports from April to June fell by nearly 30% due to slow shipments from China and Japan
According to preliminary government data reviewed on Tuesday, India's finished-steel imports fell nearly 30% during the first three month of the fiscal year that began in April due to a consistent fall in shipments out of China and Japan. Data showed that the world's second largest crude steel producer imported 1,4 million metric tonnes of finished steel between April and June, a decrease of 28.8% compared to a year ago. The data shows that China's exports fell by 45.8% and those of Japan by 65.2%. The data shows that China exported 0.3 million tonnes of finished steel to India in the same period while Japan exported only 0.2 millions 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, mainly from China. South Korea, the largest exporter to India with shipments of 0.5 million tonnes, a 6.5% decline, was the top exporter. India was a net importer in the period with exports falling by 5.1%. The top destination of finished steel exported from India was Belgium, where shipments increased by 40.8%. Exports to Italy fell, but shipments to the United States and Spain increased. India's largest exports are galvanised coils or sheets, plain or corrugated. The domestic crude steel production increased by 11.2% to 40.6 million tonnes. The consumption of finished steel was 38.3 millions tons, an increase of 7.9%. In its report, the Indian government stated that domestic rebars prices in India were on the decline as the market sentiment was weak due to a sluggish economy and the arrival of the monsoon. (Reporting by Neha Arora; Editing by Subhranshu Sahu)
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According to Ukraine, 16 people were killed in the Russian attack on a penal colony near Zaporizhzhia.
The regional Ukrainian military and Zaporizhzhia’s governor confirmed that overnight, Russian airstrikes on a prison colony in Zaporizhzhia (a frontline region in southwest Ukraine) killed 16 people and wounded at least 35 others. Ivan Fedorov of Zaporizhzhia, in a Telegram message, stated that buildings at the correctional facility were destroyed and homes nearby were also damaged. Andriy Yerimak, the chief of staff to Ukrainian President Volodymyr Zelenskiy, has condemned these strikes as "another crime committed by Russia". Since the beginning of the war, which Russia began with a full scale invasion of Ukraine in the year 2022, Moscow forces have attacked Zaporizhzhia using drones. missiles, and aerial bombs. Early in the war, Russia unilaterally declared its annexation. Kyiv, along with its Western allies, called it an illegal land grab. Fedorov claimed that Russian forces carried out eight airstrikes on the Zaporizhzhia area, using high explosive aerial bombs. The report of Fedorov could not be independently verified. Russia has not yet responded. Both sides deny that they have targeted civilians, but the majority of the victims in this conflict are Ukrainians. Reporting by Lidia Kelley in Melbourne, Editing by Muralikumar Aantharaman and Raju Gopikrishnan
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Ukraine claims 16 dead and 35 injured in Russian attacks on Zaporizhzhia
The regional Ukrainian military and Zaporizhzhia’s governor confirmed on Tuesday that Russia’s overnight strikes in the frontline region Zaporizhzhia, located in southwest Ukraine, killed 16 people and injured 35 others at a correctional institution. Ivan Fedorov of Zaporizhzhia, in a Telegram message, stated that buildings at the correctional facility were destroyed and homes nearby were also damaged. Since the beginning of the war, which Russia began with an invasion of Ukraine, in 2022, the Russian forces have attacked Zaporizhzhia using drones. Early in the war, Russia unilaterally declared its annexation. Kyiv, along with its Western allies, called it an illegal land grab. Fedorov claimed that Russian forces carried out eight airstrikes on the Zaporizhzhia area, using reportedly high explosive aerial bombs. We could not independently verify Ivanov’s report. Russia has not yet responded. Both sides deny that they have targeted civilians, but thousands of civilians, mostly Ukrainians, have been killed during the conflict.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ESSILORLUXOTTICA : The Franco-Italian group of eyewear and optical lens has published a H1 adjusted operating profit at 2,53 billion euros. LVMH/REMY/PERNOD : On Monday, the French Federation of Wine and Spirits Exporters (FEVS) said that the deal between the European Union & the United States would confirm the duty-free sale of spirits. REXEL: Rexel has reported an EBITA adjusted for H1 of 563.5 million Euros. VICAT: Vicat has announced that its net income for the first half of 2018 was 102 million Euros. It also adjusted its EBITDA forecast for 2025 to reflect a growth between +2% and +5% on a like-for-like basis. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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China increases exports of refined fuels, as margins increase: Russell
Refiners are taking advantage of higher profit margins to boost China's exports. Kpler's commodity analysts have compiled data that shows the shipment of middle and lighter distillates in July will be 26.63 millions barrels or 859,000 barrels a day. The data show that this figure is higher than the 796,000 bpd of June, and it's the highest level since March 2024 when the 1.06m bpd was recorded. China's refiners are able to increase production due to their spare capacity. They can also take advantage of the rising margins on refined fuels such as gasoil which is a building block for jet kerosene and diesel. The crack spread or profit margin for producing 10 ppm gasoline in Singapore was $20.43 per barrel on Monday. This is up from $21.00 the previous day. The margin has fallen from the 16-month peak of $22.85 per barrel on July 18 but is still 56% above the lowest price of this year, $13.05 a barrel, which was set on March 25, 2015. Kpler predicts that China's gasoil imports will reach 6.22 million barrels by July, up from 3.56 million barrels last month. This is the highest forecast since June 2024. LSEG Oil Research's data is slightly more optimistic, with gasoil exported at 6.55 millions barrels in July, which is more than twice the 3.13 million barrels recorded in June. Kpler estimates that China's exports for other middle distillates such as jet fuel rose by 9.59 million barrels in July. This is up from 8.65 millions in June, and represents the highest level since January. More to Come? China can also increase its shipments as the refiners have still unfilled export quotas. The total export quotas that Beijing has granted to refiners are 45 million metric tonnes. According to official data, the exports of refined products in the first half 2025 were 27,19 million tons. This is a 9.7% decline from the same period in 2024. Official data released on July 15 showed that China's refineries have increased their output. Throughput rose 8.5% to 15,15 million bpd in June, according to the official data. It is possible that refiners were trying to take advantage rising fuel prices while processing crude oil purchased when prices of oil were on the decline at the beginning of the second quarter. China also exports more gasoline. LSEG estimates that July exports were 6.7 million barrels. This is up from 5.7 in June, and the highest since March. Gasoline in Singapore: Profit margins for fuel The rise in the price of diesel has been less than that for crude oil. On Monday, it ended at $7.43 per barrel, up from $7.41. The margin has fallen from the high of the year, which was $11.83 per barrel on May 9; however, it is still twice as much as the low of only $3.68 on January 21. The current price of refined fuels will encourage China to export more in the coming months. If new European Union sanctions against Russian fuel exports result in a shift of flows around globe, this may further support the case. The EU has banned imports of refined Russian products. This will have a major impact on refiners in India who had been purchasing Russian oil at a discount and exporting fuels both to Europe and Asia. It will be easier to identify which refineries in China do not use Russian crude oil and can therefore still export to Europe. Presently, very few Chinese refined products reach Europe. However, this could change if Indian refiners were forced to find new markets outside of Europe and European buyers forced to search for new suppliers. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Morning Bid Europe-Remembering tariffs' downsides
Wayne Cole gives us a look at what the future holds for European and global markets. The Asian markets are quietly picking up after the U.S./EU Tariff Party turned out to be a failure. You felt relieved that only half of your house was destroyed. At least they didn't burn down the whole house. The euro has a slight firmer future and the dollar is steady at just below $1.1600. It was not surprising that the euro fell so quickly, given the crowded long euro/short-dollar trade. And it is suspected that speculators are soon going to sell the dollar. In the near future, U.S. consumer will pay a minimum of 15 percent on all imports. This tax will reduce demand and profits at home while reducing export earnings around the world. Beggar-thy-neighbour policies are so called for a good reason. It's naive to think that these "deals" will guarantee a period in which everything is certain. Look at how Trump gave Russia a new deadline of 10-12 days for a ceasefire in Ukraine after setting a 50-day deadline earlier this month. This didn't seem to be planned in any way. Trump said this off-the-cuff during a press conference at his Scottish golf club. Who's to say that a deadline like this can't be changed at whim? Trump knows how trade and tariffs dominate the news cycle around the world. He's not going to give that up any time soon. The talks with China are scheduled to continue today in Stockholm and everyone assumes that the deadline for an accord will be extended another 90 days. It is a happy coincidence that this will give Trump time to meet Chinese President Xi Jinping, and claim another record-breaking deal. Wall St is still in its own world, relying on the positive results of megacaps to justify valuations that are at their highest levels since the 1990s. Meta and Microsoft will report on Wednesday. Apple and Amazon are scheduled to follow the next day. Today, a number of European companies will also be reporting their earnings. The following are key developments that may influence the markets on Tuesday. Data on U.S. job openings, the June trade balance, and Conference Board consumer sentiment Fed's two day meeting begins
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BW Energy Hires Deepsea Mira Rig for Drilling Ops off Namibia
BW Energy, together with NAMCOR E&P, has contracted the Deepsea Mira semi-submersible rig for the drilling of the Kharas appraisal well on the Kudu license, offshore Namibia.The drilling operation in the Orange Basin is scheduled for the second half of 2025.The agreement is part of a rig-sharing arrangement previously announced by the rig’s operator, Northern Ocean, with Rhino Resources.The contract, entered into by BW Kudu, provides access to an in-country rig and an experienced services team with a strong track record in the Orange Basin, supported by a high level of local content.BW Energy is the operator of the Kudu production licence (PPL003) with a 95% working interest.NAMCOR E&P, a subsidiary of the national oil company of Namibia, holds the remaining 5% carried interest.Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.The drilling rig is owned by Northern Ocean and managed by the Norwegian drilling firm Odfjell Drilling.
Mali intends to sell gold reserves to Barrick Complex to fund operations
Two sources say that the administrator appointed by the Malian court to Barrick Mining’s Loulo-Gounkoto site, who is Barrick Mining’s Loulo-Gounkoto Complex, plans to sell a metric ton (one tonne) of gold in its storeroom when operations resume after a six-month hiatus.
Barrick Gold, a Canadian mining company, temporarily halted its operations in January when the Malian government confiscated gold stocks at the Loulo-Gounkoto Complex.
Two sources claim that former health minister Soumana Mahadji was appointed temporary administrator in December and enlisted Samba Toure, the chairman of the state mining company, to assist with operations.
Before the suspension, Barrick, world's third largest gold miner, produced 15% of its gold at the site. This has affected the national gold production and reflects the conflict between Mali, and international miners.
Mark Bristow told Barrick CEO that the company only received informal information regarding the restart of the gold shipment and the information was not formal.
Bristow stated that "if it's true, then any plans made by the administrator to resume operations and sell gold at the site would in our opinion be illegal."
Three additional sources confirmed that the plant began operating again on Monday, for the first since January.
Makadji, and the Mali mines ministry did no respond immediately to questions by. Toure was not available.
Barrick suspended its operations after Mali banned exports, arrested executives and confiscated bullion. The company also initiated international arbitration in order to settle the dispute.
The decision to restart the complex follows a two-year standoff that has erupted between Barrick and Mali’s military-led Government over alleged tax disputes, and the company’s refusal to accept a new mining codes aimed at increasing state revenue through soaring gold price.
Investors who have invested billions in West Africa now face new rules, as the military governments seeking a larger share of mining revenues.
According to data, gold prices rose 25% in the first four months of this year, peaking at $3,500 an ounce.
Setting a Precedent?
The sale of the gold ton, which had been sitting in Loulo Gounkoto's room of gold since operations were suspended and was separate from the three tons that were seized in January, would be Makadji’s first major action after taking over the largest gold mine in Mali and third-largest gold mine in Africa.
The restarting of the mine without Barrick’s cooperation could set a precedent in West Africa for state intervention.
The funds from the planned sale of gold, which is worth approximately $107 million, will be used to fund operational expenses including salaries, fuel, and unpaid contractor dues.
Barrick's CEO has promised to take the government's actions before international courts.
Bristow added that Mali did not act in good faith.
Three sources who were present at meetings with Makadji said that he had told Barrick employees, union representatives, and subcontractors, he was committed to resume operations and maintain salaries.
CHALLENGES
Six people have said that Loulo Gounkoto's size and complexity will present significant challenges to the new management.
One person said that even if production begins, it would take at least four more months to return to the normal pace. Four months was the case with Barrick Gold. But now, it is the provisional administration so it may be longer.
Barrick, meanwhile, has lowered its output forecast for 2025, and the chief of the mine is not optimistic about the mine's future under the provisional management.
Bristow stated that "we do not believe the administrator or his advisors are capable of running this mine." We are worried that this will have a serious impact on the future prospects of the mine complex.
Loulo Gounkoto’s all-in-sustaining cost was $100 million for the quarter ending December 2024. This is a cost metric that miners use to determine the cost of producing one ounce of gold.
Barrick has blocked intranet and emails in Mali since losing control of the complex.
Three sources claim that only Bamako-based employees were paid in June. Those on the ground remain unpaid.
Bristow stated that the administrator is responsible for salaries in June and Barrick has provided a detailed note of handover.
Two sources also said that it would be difficult to recall key staff who are expatriates. One of the sources said that these included Australian jumbo drilling operators who have been absent since January.
Last year, the company's employees left after Malian authorities arrested Resolute Mining CEO Bristow during a discussion on a new mining code.
Some Malian employees have been temporarily transferred abroad, while others have resigned. Most contractors have not paid their staff since January and have either suspended or laid them off. Reporting by Divyarajagopal, PortiaCrowe and Tiemoko Diallo from Toronto; editing by Veronica Brown and Bernadette Baum.
(source: Reuters)