Latest News
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Connecticut to ID Offshore Wind Supply Chain Opportunities
The Connecticut Wind Collaborative (CWC) has launch of the Connecticut offshore wind industry study, which aims to identify and expand offshore wind supply chain opportunities for Connecticut and the Northeast region.The study will build on build the Connecticut offshore wind strategic roadmap, and will be led by Xodus and the Pew Charitable Trusts, experts in supply chain analysis and offshore wind development.The study aims to solidify Connecticut’s position as a key player and regional collaborator in offshore wind.With a focus on addressing regional supply chain gaps, fostering regional collaboration, and supporting local manufacturers, the study promises to yield sustainable benefits for the state’s manufacturing sector and contribute to long-term economic growth.The study will feature stakeholder engagement and clear, actionable recommendations, and is expected to be released in the spring of 2025.“Now is a critical time for state collaboration in order to build upon complementary strengths and answer shared challenges that will best enable the growth of a robust regional offshore wind industry.“This study will be unique in recognizing not only the powerful role Connecticut businesses play in the emergent offshore wind sector, but also the benefits of what can be further achieved when working in partnership with neighboring states to develop regional capability,” said Andy Logan, Head of Industry Development at Xodus.The Connecticut Department of Economic and Community Development has contributed $70,000 to the initiative, and the Southeastern Connecticut Enterprise Region has contributed $50,000. Other industry partners have also provided funding.
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Brazil and Argentina to Assess Gas Export Infrastructure Development from Vaca Muerta
Brazil and Argentina signed an agreement on Monday to study the development of infrastructure for natural gas exports to Brazil, with Brazilian authorities saying the deal could lead to imports of as much as 30 million cubic meters of gas per day by 2030.The memorandum of understanding (MOU) will create a working group to identify the measures needed to make the supply of gas from Argentina to Brazil viable, with emphasis on gas from Argentina's massive Vaca Muerta formation, Brazil's Mines and Energy Ministry said in a statement.Brazil is Latin America's largest crude oil producer, but its gas output is insufficient to meet growing domestic demand, which made increasing gas supply a priority for Brazil President Luiz Inacio Lula da Silva.Vaca Muerta is the world's second-largest shale gas reserve and fourth-largest shale oil reserve. Argentina's state oil firm YPF YPFDm.BA is leading activity there in hopes of turning the country into a major energy exporter.The working group will analyze possible routes for the gas to reach Brazil, the Brazilian ministry said.Brazilian Mines and Energy Minister Alexandre Silveira told reporters the initial potential is for Brazil to import 3 million cubic metres per day from Argentina, potentially reaching up to 30 million by 2030.The routes to be analyzed include the reversal of flow of Bolivia's pipeline, a route going through Paraguay, and another one through Uruguay, according to the ministry.Brazil and Argentina will also analyze the possibility of a direct connection at Uruguaiana, a Brazilian city that borders Argentina, it added.(Reuters - Reporting by Fabio Teixeira in Rio de JaneiroEditing by Alistair Bell and Matthew Lewis)
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Iron ore increases on durable steel need, China stimulus hopes
Iron ore futures rates increased for a third straight session on Wednesday, supported by resilient steel demand and relentless hopes of further financial stimulus in leading consumer China. Lingering high portside stocks topped gains, however. The most-traded January iron ore agreement on China's Dalian Commodity Exchange (DCE) ended morning trade 0.98%. greater at 773.5 yuan ($ 106.82) a metric ton. Daily transaction volumes of building and construction steel items in. China climbed for a third-consecutive session by 0.67% to. 135,100 tons on Tuesday, data from consultancy Mysteel revealed. Benchmark December iron ore on the Singapore. Exchange was little altered at $101.1 a lot, since 0335 GMT. Steel consumption normally contracts in November when. outside construction slows in cooler northern areas, however this. month it was offset by need in the warmer south and east. Steel standards on the Shanghai Futures Exchange taped. gains. Rebar added 0.85%, hot-rolled coil. rose 0.43%, wire rod ticked 0.47% higher and stainless. steel pushed up 0.19%. It The ore rate increase was generally driven by improved macro. belief with market participants anticipating Beijing to present. even more fiscal stimulus in an essential meeting in December,. analysts at Galaxy Futures stated in a note. From the basic perspective, supply pressure will reduce. with shipments from high-cost miners seeing a yearly fall while. relatively high hot metal output supported ore consumption. China's locally produced run-of-mine, which is raw. mined product, slid by 4.1% from the year before to 86.45. million lots in October, main information revealed on Tuesday. Other steelmaking components on the DCE advanced, with. coking coal and coke up 0.35% and 0.34%,. respectively. China left benchmark lending rates the same at the monthly. repairing on Wednesday, after lenders slashed the rates by. higher-than-expected margins last month to restore financial. activity.
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Rio Tinto evaluation finds rape, pressure for sex continues at miner
Mining major Rio Tinto said cases of rape and sexual assault at the business persist, a report into the business's culture showed on Wednesday, two years after the industry dealt with an Australian state inquiry for its poor treatment of females. A Western Australian state government report in 2022 recommended sweeping changes after finding sexual harassment and assault were rife in the sector, detailing what it said was scary behaviour against females in the mining industry. Australian miners consisting of iron ore giants BHP and Fortescue have given that taken actions to address sexual harassment, which has actually prevailed at remote fly-in fly-out ( FIFO) mining operations like Pilbara iron ore. As part of those procedures, Rio Tinto carried out a cultural evaluation in early 2022 that outlined a culture of bullying, harassment and racism at the worldwide mining giant, and suggested 26 steps the company must require to enhance. 2 years on, an external development report discovered Rio had carried out the majority of those modifications although there was more work to do at the international miner, which utilizes some 57,000 people throughout 35 nations. The report found eight people reported experiencing real or tried sexual attack or rape, compared to 5 people in 2021. Thirty-two individuals reported experiencing pressure or ask for sex or sexual acts, compared to 37 people in 2021. Most of people in both cases were women, the report found. I read the report with combined emotions for the continued hurt that people feel and the unsafe behaviours that individuals are experiencing, Rio's Australia chief, Kellie Parker, informed Reuters. However I'm also motivated by just how much more people are empowered to speak out. The miner has actually fired a significant. variety of individuals for those behaviours, Parker said, decreasing to. intricate. It's a multi-year journey ... We are staying the. course. The report found half or almost half of participants. viewed improvements in relation to bullying, sexual. harassment and racism. However the portion of people experiencing bullying. increased to 39% from 31%, and 7% of survey respondents experienced. sexual harassment in the past year, constant from 2021. That was partly due to increasing retaliation in the kind of. gendered bullying as a response to Rio Tinto's efforts to. promote gender variety and addition, it said. A LONG WAY TO GO One step the miners have required to fight harrassment is. to improve the gender balance in among Australia's highest-paid. markets. Simply over a fifth of their workers now are ladies, up. from 16.3% in 2018, according to Australian government figures. BHP set a target to get to 40% ladies in its workforce by. 2025, up from 17.6% woman in 2016. Having actually employed some 10,500. more women since then, it has actually raised female staffing to 37.1% as. of this year. Absolutely, the Tier One miners have actually enhanced, there's. no doubt about it ... however there is still a long way to go, stated. Shane Roulstone of Western Mine Employees' Alliance, which. represents employees in Australia's iron ore area. Majors have put policies in location and taken concrete actions. to cut harassment and improve their gender balance, he stated. However, industry culture was still quite poor,. mainly due to middle management and an inconsistent technique. amongst second tier miners and professionals, some of which had actually made. no effort to stamp out harassment, he said. Professionals comprise 30% of workers amongst tier one. miners, around half of staff members at 2nd tier miners and. practically all of the employees at small miners, he approximated.
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Seven & i shares soar after report starting family aims to complete buyout this FY
Shares in 7 & & i Holdings jumped in early Tokyo trading on Wednesday following a. media report that the founding family behind the Japanese. retailer was intending to take it personal within this monetary. year ending in March. The shares surged as much as 11% and ended up the morning. session up 8.4% at 2,642.5 yen ($ 17.07), compared with a 0.45%. drop in the benchmark Nikkei average. The operator of more than 80,000 7-Eleven corner store. around the globe is caught in a three-way tug-of-war between a. foreign takeover suitor, its starting family, and business. management who say their growth plan can enhance value. Japanese public broadcaster NHK reported on Tuesday that the. establishing Ito family aims to raise more than $51.7 billion to. take the company private through a special purpose company,. which is in talks with Japan's three largest lenders and major. U.S. banks. Canada's Alimentation Couche-Tard, which competes. with 7 & & i in the North American gas station market, in. August made a preliminary bid to take over the Japanese retail. giant. It later raised its deal to $47 billion, in what would. be the largest-ever foreign takeover of a Japanese company. Seven & & i said on Wednesday that it was not the source. of a media report about the founding family's bid. The business. stated no choice has been made about suggested offers from the Ito. household, Couche-Tard or any 3rd party.
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Copper extends gains as US dollar relaxes
Copper extended gains to a 4th session on Wednesday as the U.S. dollar relieved after its current blazing rally, while London aluminium held firm after China decided to remove export tax refunds. Three-month copper on the London Metal Exchange (LME). increased 0.7% to $9,146.5 per metric ton by 0245 GMT, while. the most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) gained 0.8% to 74,600 yuan ($ 10,303.44). a ton. The dollar gave back a few of its current bumper gains, making. greenback-priced metals more affordable for other currency. holders. A weaker dollar has done the majority of the heavy lifting for base. metals. Copper bounced off a vital technical level recently,. said Kyle Rodda, a senior monetary markets analyst at. Capital.com. Issues about Chinese need remain present and will be. hard to shake off, while uncertainty persists about. trade-wars and the lack of Chinese stimulus. Leading base metals consumer China has actually seen slowing financial. development and government policies so far have not handled to boost. investor confidence. LME aluminium climbed 0.5% to $2,657.5 a ton, rising. for the 2nd straight session. China on Friday said it would cancel the 13% export tax. refund for some aluminium and copper products starting Dec. 1. While China's copper item exports are considerable, the. volume of aluminium exports is considerably greater. These procedures are most likely to support rates on the LME in. the long-lasting as supply in markets outside China is threatening. to end up being scarcer or more expensive, Commerzbank stated. LME nickel increased 0.6% to $15,955, zinc. increased 0.9% to $2,977, lead firmed 0.8% at $2,016 and tin. advanced 1% to $29,180. SHFE aluminium rose 1.3% to 20,740 yuan a ton,. nickel added 1.5% to 126,370 yuan, tin firmed. 0.3% to 242,860 yuan, lead acquired 0.5% at 16,855 yuan. and zinc advanced 1.1% at 24,965 yuan. For the top stories in metals and other news, click. or.
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China's Oct antimony shipments plunge on most current export limitations
China's October shipments of antimony items plunged by 97% from September, customizeds data showed on Wednesday, since of Beijing's newest relocate to restrict exports of crucial minerals in which it is the dominant supplier. The world's biggest antimony producer in August unveiled its strategy to enforce export limitations on the vital mineral and its related aspects from Sept. 15, in order to protect national security and interests, and fulfill worldwide responsibilities such as non-proliferation. China accounted last year for 48% of internationally mined antimony, a strategic metal used in military applications such as ammo, infrared missiles, nuclear weapons and night vision goggles, along with in batteries and photovoltaic devices. Concerns over Beijing's planned export limits saw a rush of stockpiling abroad, enhancing rush shipments in August and September. Beijing exported a mere 190 metric tons of antimony associated items in October, versus 6,533 tons in September and 4,034 heaps in October 2023. Some cargoes were left in the Chinese domestic market as exporters waited for export licenses, resulting in more domestic supply which has depressed area costs, said experts. Exporters of affected items should request export licenses for dual-use items and technologies - those with possible military along with civil applications. China's area price of antimony ingot moved by 7.5% in October and has actually fallen by 11.5% from Aug. 15 when Beijing announced its prepare for export restrictions to 141,000 yuan ($ 19,479.17) a load on Nov. 19, data from info service provider Shanghai Metals Market (SMM) showed. By contrast, costs of antimony ingot in Europe rallied due to tightening regional supply. Antimony costs in Europe and the U.S. have actually hit record highs in the wake of China's brand-new export controls and the pre-existing global lack-- exceeding the $30,000/ t. limit in October as stocks in warehouses run seriously. low, stated Cristina Belda, an analyst at info provider. Argus. It is ending up being increasingly challenging for western traders. to navigate the threats associated with antimony trade. Supply. channels have actually ended up being less reputable and it is unclear how the. scenario can be enhanced for western buyers. In the very first 10 months of this year, China's antimony. exports amounted to 36,103 tons, a drop of 17.2% year-on-year,. custom-mades data revealed.
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Oil pushes up on escalating Ukraine war, indications of improving China need
Oil edged up on Wednesday in the middle of an escalation in the Ukraine war and indications of growing Chinese crude imports, while rising U.S. unrefined stocks inspected total cost gains. Brent unrefined futures got 9 cents, or 0.1%, to $ 73.40 a barrel by 0003 GMT. U.S. West Texas Intermediate crude futures increased 14 cents, or 0.2%, to $69.53 per barrel. U.S. petroleum stocks were seen rising by 4.75 million barrels in the week ended Nov. 15, market sources stated on Tuesday, pointing out American Petroleum Institute figures. Gas stocks, however, fell by 2.48 million barrels. Extract stocks likewise fell, shedding 688,000 barrels last week, the sources stated. Official government information is due later Wednesday. The intensifying war in between major oil producer Russia and Ukraine appears to have supported costs. On Tuesday, Ukraine used U.S. ATACMS rockets to strike Russian territory for the first time, Moscow stated. Russian President Vladimir Putin decreased the bar for a possible nuclear attack. This marks a restored build up in tensions in the Russia-Ukraine war and restores into focus the threat of supply disruptions in the oil market, ANZ analysts stated in a note to clients. Signs that China, the world's biggest unrefined importer, might have stepped up oil purchases this month after a duration of weak imports improved oil price sentiment. Data from vessel tracker Kpler showed China's unrefined imports are on track to end November at or near to tape highs, an expert informed Reuters. Weak imports by China up until now this year have pulled down oil prices, with Brent sinking 20% from its April peak of more than $92 a barrel.
Copper extends gains as US dollar weakens
Copper extended gains to a fourth session on Wednesday as the U.S. dollar deteriorated, while London aluminium held company after China decided to remove export tax refunds.
Three-month copper on the London Metal Exchange (LME). rose 0.6% to $9,143.5 per metric lot by 0140 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) gained 0.8% to 74,600 yuan. ($ 10,305.15) a load.
The dollar drew back after its current blazing rally,. making greenback-priced metals more budget friendly for other. currency holders.
LME aluminium climbed up 0.5% to $2,657 a lot, rising. for a second straight session.
China stated on Friday it would cancel a 13% export tax refund. for aluminium and copper products from Dec. 1. China's copper. item exports are substantial, while the volume of aluminium. exports is significantly greater.
The reduction in export aids is most likely also a. measure to decrease the growth in smelting capacity, which has. likewise continued to increase due to rising exports, Commerzbank. said in a note.
These measures are most likely to support prices on the LME in. the long term, as supply on markets outside China is threatening. to end up being scarcer or more pricey.
LME nickel increased 0.4% to $15,930, zinc. rose 0.6% to $2,969.5, lead was up 0.5% at $2,011 and. tin advanced 1% to $29,160.
SHFE aluminium increased 1.2% to 20,720 yuan a ton,. nickel rose 1.5% to 126,430 yuan, tin added. 0.2% to 242,580 yuan, lead was up 0.4% at 16,850 yuan. and zinc included 0.9% at 24,905 yuan.
For the top stories in metals and other news, click. or.
(source: Reuters)