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Acerinox Q4 profits fall as price and low demand pressures bite
Acerinox, a Spanish'steelmaker, announced a?net loss for the fourth quarter on Friday. The?results?were affected by low'seasonal demand'?for stainless-steel, tariff tensions, and price pressures. The company recorded a net loss in the third quarter of 47 million euro ($55 million), down from a net profit of 63 million euro a year earlier. Acerinox will?benefit from increased protection within the European Union, thanks to the newly enacted Carbon Border Adjustment Mechanism. However, the steelmaker stated that prices in Europe?trended down due to an increase in imports as a result of these measures. The European Commission also proposed additional safeguards to the industry. cutting import quotas They are expected to be implemented in July. Even though Tariffs of 50% on Steel The erratic U.S. Trade Policy has also caused supply-chain interruptions, and has made companies delay investments and purchases. Acerinox said that the oil and gas industry would be "sluggish in 2025 due to the lack of new projects" and also added "that the demand for chemical processing has been significantly lower".
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Northam Platinum's profits surge on higher metal prices, dividends up
Northam Platinum, a South African company, announced on Friday a?25-fold?surge in its?half-year?profit, due to higher metal prices and an increase in production. They also announced a record-breaking interim dividend. Northam's headline earning per share was?15.24 Rand ($0.9583) for the six-month period ended December 31, 2025. This is up from 0.61 rand one year earlier. The Johannesburg-based miner announced a record dividend of 7 Rand per share, up from 0.15 Rand a year ago. Northam's refined metal output increased 3.7%, to 467 818 ounces, during the first half of the year, while sales of metals jumped by nearly 14%. Revenue increased 60% to 23.2 billion Rands on the back of stronger sales and a 53% rise in the basket price. Spot platinum prices more than doubled by 2025, and reached a record high of $2,700 per ounce in January. This was due to tight supplies and a growing demand for precious metals from investors. Platinum's key role in catalytic converters that reduce vehicle emissions, as well as the European Union's U turn on a combustion-engine ban for 2035, further supported prices. $1 = 15.9039 rand (Reporting and editing by Nelson Banya, Sumana Nandy, and Muralikumar Aantharaman).
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Holcim Q4 Sales Hit by Strong Swiss Franc
Holcim, the Swiss 'building materials manufacturer', reported lower sales and earnings on Friday due to the appreciation of the Swiss Franc. Analysts had predicted that sales would be 3.81 billion Swiss Francs. However, the cement, aggregates and concrete pre-cast maker reported that its sales fell by 4.8% in the quarter ending December to $3.82 billion Swiss Francs. The recurring operating?profit fell by 0.8%, to 601 millions francs. This was ahead of the?forecasts of 583 million. The fourth quarter saw a reduction of 206 million francs in reported sales due to currency effects. The safe-haven currency franc increased in value against the Argentinian Peso, US dollar, British pound, and euro. Operating profit also decreased by 41 million francs. Sales rose by 3.4% in local currency, reducing the impact of the franc appreciation. The recurring operating profit grew?by 12.2%. Holcim's results are a good indicator of the health of the construction industry, as the company supplies cement, ready-mix concrete, as well as walling and roofing systems. The company stated that it expects to increase its sales by 3-5% when currency effects and acquisitions are removed in 2026 and to improve its operating profits by 8%- 10%. $1 = 0.7727 Swiss Francs (Reporting and editing by John Revill)
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ASIA GOLD-Gold prices in India are at their highest level for 10 months, while China is increasing its demand.
As prices rebounded, India's gold?discounts widened the most in 10 months. Meanwhile, China's demand increased as its safe-haven appeal was reflected in the rising premiums of the bullion after the markets returned from Lunar New Year. Indian bullion dealers offer a discount This week, you can save up to $65 on official domestic gold prices - including 6% import duties and 3% sales taxes. Last week, the discount was up to $18. Retail buyers are not ready to purchase at these prices. "For many of them, current prices are just too high to afford," said Ashok JAIN,?proprietor at Mumbai-based wholesaler Chenaji Narsinghji. On Friday, domestic gold prices traded at around 160,000 rupees for 10 grams, after dropping as low as 133.687 rupees in the previous month. A Mumbai-based bullion seller with a private banking firm said that jewellery demand is down sharply, and it's not even able to draw any support from the "ongoing wedding season". In India, jewellery is a popular gift given by guests and family members at weddings. China's markets returned from their Lunar New Year break on Tuesday with a higher demand. Gold was trading at a premium of $12 to $13 per ounce over the global benchmark spot price. This week, the discount is up from $8 last week to premiums up to $10. Peter Fung is the head of dealing at Wing Fung Precious Metals. People still buy gold as a long-term asset and as a "safe haven." Spot gold is set to make its seventh consecutive month of gains. It rose more than 6% during February as U.S. Tariff uncertainty and rising tensions between the U.S. and Iran boosted its appeal as a safe haven. Physical gold is available in Hong Kong Traded at par with premiums of $1.70 while?in Japan Gold was sold with a discount of $10 and premiums up to $1. In Singapore Gold was traded at premiums ranging from $3.50 to $5.80. This is a significant increase compared to the $0.50 discount last week to a premium of $2.20. (Reporting by Ishaan Arora in bengaluru and Rajendra Jadhav in Mumbai; Editing by Janane Venkatraman)
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ASIA GOLD-Gold prices in India are at their highest level for 10 months, while China is increasing its demand.
The gold discounts in India reached their largest?in ten months, as a rise in prices?curbed the demand. Meanwhile in China the demand increased as the safe-haven appeal of bullion was reflected in the rising premiums following the return from the Lunar?New?Year holiday. Indian bullion dealers offer a discount This week, you can save up to $65 on official gold prices - including 6% import duties and 3% sales taxes. Last week's savings of up $18 per ounce were included. Retail buyers are simply not ready to purchase at these prices. "For many of them, current prices are just too high to afford", said Ashok Jain. He is the owner of Mumbai-based gold wholesaler Chenaji Narsinghji. On Friday, domestic gold prices traded at around 160,000 rupees for 10 grams, after falling as low as 133.687 rupees in the previous month. A Mumbai-based bullion seller with a private bank said that the demand for jewellery has dropped sharply, and it is not even being supported by the wedding season. In India, jewellery is a popular gift given by families and guests at weddings. China's markets returned from the Lunar New Year holidays on Tuesday with higher demand. Gold was trading at a premium of $12 to $13 per ounce over the global benchmark spot rate This week's premiums are up to $10 higher than last week. Peter Fung is the head of trading at Wing Fung Precious Metals. He said that after the Chinese market returned on Tuesday, premiums were very stable (on) the open. A few days later, physical demand has risen significantly. People are still buying gold as a long-term asset and as a safe haven. Spot gold rose more than 6% during February, as U.S. Tariff uncertainty and rising tensions between the U.S. and Iran boosted its appeal as a safe haven. Physical gold is available in Hong Kong In Japan, the premiums are $1.70. Gold was sold with a $10 discount and premiums up to $1. In Singapore Gold was traded at premiums ranging from $3.50 to $5.80. This is a significant increase from the $0.50 discount last week to the $2.20 premium this week. (Reporting by Ishaan Arora in bengaluru and Rajendra Jadhav in Mumbai; Editing by Janane Venkatraman)
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As AI and Iran concerns weigh, Asian shares fall while yen, Treasuries, and Treasuries increase.
The mood was gloomy in Friday's Asian trading session as fears about the?valuations of technology companies weighed down on shares, and Middle East tensions kept the energy markets on edge. Japanese shares fell along with Wall Street - despite what seemed to be a glowing report from AI sector leader Nvidia. The?yen? and U.S. Treasuries grew, while gold remained steady after a 2-day rise. A mediator for the U.S.-Iran nuclear talks, an Omani, gave a positive readout of the latest round. However uncertainty still hung on energy markets as there was no sign of any breakthrough that could avert a potential U.S. strike. Mantas vanagas, senior economics at Westpac Group wrote in an?address that "AI and geopolitics remain front and center for financial markets. This has prompted a retreat from risks assets and a move towards safe havens." He said that, "Without major breakthroughs in the U.S.Iran talks announced, crude markets remain in wait-and see mode and continue to price in an important risk of military escalation between the two countries." The broadest MSCI index of Asia-Pacific stocks outside Japan fell 0.4% while Japan's Nikkei index dropped 0.8%. Nvidia announced better-than expected results for the first quarter of 2019 on Wednesday and forecast revenue that will be above market expectations. The U.S. stock market ended lower, and Nvidia's stock was unchanged in after-hours trade. U.S. equity derivatives fell in Asian trading. The S&P 500 Eminis were down 0.41%, while the Nasdaq Eminis dropped 0.36%. Tony Sycamore, IG's market analyst, said in a recent note that the Street wanted more or was not willing to chase Nvidia at its current high valuation. The dollar index (which measures the greenback versus a basket currencies) rose by 0.04%, to 97.77. The euro was little changed, at $1.1797. The yen rose 0.2% to $15586. The pound remained steady at $1.3482. After the meetings held in Switzerland, Omani Foreign minister Sayyid Albusaidi posted on X that Iran and the U.S. plan to resume talks over Tehran's nuke program following consultations in both countries' capitals. A substantial step forward would reduce the chances that U.S. president Donald Trump will carry out his threatened attack on Iran, which many fear could escalate to a wider conflict. The yield on the benchmark 10-year U.S. notes dropped 1.5 basis points to 4,002%. The 30-year bond rate fell 1.3 basis point to 4.6565%. Data from Japan revealed a cooling of inflation in Tokyo, and a weaker than expected factory output. This made it harder for the central bank to increase policy rates. Data came after Prime Minister Sanae?Takaichi nominated two Bank of Japan Board nominees who shared her fiscally conservative mindset. China's central banks announced on Friday that it would eliminate the foreign exchange risk?reserves in some forward contracts. This move will reduce the cost to buy dollars. The yuan has been strengthening since the beginning of the year and is now above the psychologically significant 7-to-dollar level. A by-election in Britain will be closely watched, as a Labour Party defeat could add pressure to British Prime Minister Keir starmer after he was criticized for several recent policy reversals. According to polls, the vote in Gorton & Denton in Greater Manchester in northern England is too close to call. Spot gold dropped 0.23%, to $5,175.03 per ounce. U.S. crude oil rose 0.09%, to $65.27 per barrel. Bitcoin fell by 0.3%, to $67290.45, and ether dropped by 0.68%, to $2,016.78. (Reporting and editing by Tom Hogue; Rocky Swift)
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Argentina's YPF reports $649 million loss for the quarter; 42% increase in shale production
YPF, an Argentine'state' energy company, reported a 'net loss' of $649m in the fourth quarter, which is more than twice as much as a $284m loss it had a year earlier. This was due to a sluggish gas market and a shift in prices for oil and petroleum derivatives. The company's revenue fell by 4% on an annual basis, to $4.56 billion. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), a key measure of industry profitability, reached $1.28 billion in the third quarter, up 53% on a year ago. This figure exceeded the $1.22 million estimate by LSEG's polled analysts. The final 'three months of revenue for this year fell 4% from the same period last year, to $4.56 Billion. This also beat analysts' forecasts of $4.11 Billion. The company reported that its total shale-oil production increased by 35% on an annual basis to 165,000 barrels of oil per day. Fourth-quarter shale-oil production also increased by?42% to 196,000 barrels. YPF’s performance is a crucial indicator for Argentina’s economy. The country relies on the company’s Vaca Muerta operation?to achieve its goal of becoming a net exporter of energy, bolstering dollar reserves, and maintaining a stable currency. Analysts predicted earlier this month that Vaca Muerta could help Argentina achieve a record energy surplus this year. They predicted a 'trade surplus' of up to $10 billion, which would be largely dependent on the South American country's oil production.
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The Senate of Argentina has passed a law to reform the glacier laws and unlock mining projects
The Argentine Senate approved a law reform protecting Andean Glaciers on Thursday. This was a measure promoted by President Javier Milei’s?government? to encourage mining companies to invest. Environmental groups demonstrated against the Argentine Congress as the Senate passed the bill with a vote 40 to 31. The reform now moves to the lower chamber for a vote. Mieli’s bill is part a larger pledge by his government to “end arbitrary interpretations” of the glacier laws, which according to the government has stalled economic development and investment. The controversial bill, if passed, would allow provinces to set up their own standards for protecting glaciers and periglacial habitats - high altitude ice formations that are often covered with rock debris. These environments serve as important freshwater reserves. The mining companies argue that the existing law, which prohibits oil and gas exploration from all glaciers identified by a national scientific inventor, needs?clearer terms to allow long-term investments. It's a game-changer. The tool will help to better understand what a periglacial ecosystem is and how it differs in each province, said Tomas Lanardonne, a lawyer with MHR who works with energy, mining and natural resource businesses. Environmental groups have resisted the reform. They claim that any changes made to 'the original glacier laws of 2010' will weaken water resource protection in favor of economic interests. Agostina Serra, of Greenpeace Argentina, said that "all Argentines will be affected to a greater or a lesser extent by the short-term water shortage caused by this." (Reporting and editing by Michael Perry; Reporting by Nicola Misculin)
Iron ore prices fall on tepid market demand despite high margins
Iron ore futures fell on Friday due to the tepid demand from steel producers. However, high port margins and a tight physical market supported prices.
As of 0325 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange was trading 0.27% lower. It was 746.5 Yuan ($108.89), per metric ton.
The contract has fallen by 0.99% in the last week and by 5.86% this month.
The benchmark iron ore for April on the Singapore Exchange fell 0.22% to $98.15 per ton.
The contract has gained 3.59% so far this week, but is on track to a loss of 4.81% for the month.
Market participants are expecting a tepid demand for feedstocks due to the imminent production cuts of Steel from March 4, 2019.
A note published by the Shanghai Metals Market on Thursday stated that overall supply is still relatively loose. Port inventories are still high with little destocking.
The World Steel Association reported on Thursday that the crude steel production in China, which is the world's largest producer and consumer, fell 13.9% to 75,3 million metric tonnes in January.
Steel production has not recovered from the Lunar New Year, as seen by increased hot metal production. This is a good indication that prices are still low.
The port margins on seaborne iron ore have reached a record high. A trader said that traders are able to resell the imported cargo for a high profit, which is a sign of a tight physical market onshore.
The trader said that the wider spread between the portside spot price and the seaborne benchmark prices?understood the tightness. As spot prices rose faster than the offshore markets, this triggered restocking.
Coking coal and coke, which are used to make steel, also lost ground.
The benchmarks for steel on the Shanghai Futures Exchange have been moving lower. Rebar fell by 0.39%, while hot-rolled coils dropped 0.62%. Wire rod also declined 1.09%. Stainless steel was down 0.42%. ($1 = 6.8553 Yuan) (Reporting and editing by Ronojojo Mazumdar).
(source: Reuters)