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China's iron ore trade returns; Trump's Iran deadline looms
After a long weekend of holidays, trading resumed on Tuesday in the 'top buyer China. Investors were awaiting clarity on the prospects for a resolution of the 'Iran War. Demand expectations were also a factor in the price rise, following Beijing's call to accelerate energy-related projects. By 0243 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.5% to $805 yuan (US$117.03) per metric ton. The benchmark May ore traded on the Singapore Exchange rose 0.25% to $106.9 per ton. Iran on Monday said it wanted to?a permanent end to the conflict with the U.S., Israel and other countries, and resisted pressure to reopen Strait of Hormuz. Meanwhile, U.S. president Donald Trump warned that the country would be "taken" if they did not meet the deadline of Tuesday night to reach a settlement. As a'response to the global energy shocks' caused by the Iran War, Chinese President Xi Jinping called for accelerated planning of a new system to ensure the energy security of the country. The construction of the largest hydropower project in the world on the eastern edge of the Tibetan Plateau will support the prices of industrials and construction materials, including iron ore. Iron ore prices rose, but gains were restricted by the high inventory levels and anti-dumping policies on Chinese steel. Steelhome data showed that iron?ore stocks at major Chinese port cities increased by 0.65% from week to week. The increase was despite rising output of hot metal, which highlights difficulties in inventory reduction and weakening basic support. Vietnam's trade ministry announced that it has implemented a temporary anti-dumping tax of up to 27,83% on certain Chinese hot-rolled coil steel. Coking coal was down 0.45% and coke was up 0.33% on the DCE. The majority of steel benchmarks on the Shanghai Futures Exchange are negative. Rebar was not much changed. Hot-rolled coil and wire rod both declined 0.27%. Stainless steel rose 0.21%. ($1 = 6.8784 yuan) (Reporting by Ruth Chai; Editing by Subhranshu Sahu)
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South Korea's envoy will visit Kazakhstan, Oman, and Saudi Arabia in order to secure oil supplies
Kang Hoon Sik, the South Korean chief of staff to the president, said that he was traveling to Kazakhstan, Oman and Saudi Arabia on Tuesday to procure crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kang will depart on Tuesday evening as the special envoy of President Lee Jae Myung to hold discussions with governments, energy firms, and ship operators in order to ensure that cargoes arrive at 'domestic ports' and to maintain stable supplies of essential goods, such as medical products. He said that South Korea needed to diversify its supply lines urgently, as the country relied heavily on the Hormuz Route for 61% of crude oil imports and 54% of naphtha. Kang said that shipments of crude oil, naphtha and other products secured from the United Arab Emirates last month under a 24-million barrel supply agreement had already started arriving at South Korean ports. He said that the government worked with international?partners? to ensure the safe passage of 26 South Korean flagged vessels, which are currently waiting in the Strait of?Hormuz. Kang called on 'households and business' to actively participate in energy-saving initiatives so that the country can weather tight supply. (Reporting and editing by Ed Davies. Kyu-seok Shim)
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Fuel price surge pushes Philippine inflation above central bank target
The Philippines' annual inflation rate increased more than expected in March. It breached the central bank's target range of 2% to 4.0%. This was primarily due to the sharp rise in 'fuel prices' amid the escalating Middle East tensions. In March, headline inflation was 4.1% higher than a year ago. This is significantly higher than the 2.4% in February and also above the median polled forecast of 3.7%. This is the highest reading of inflation since July 2024 when it was 4.4%. Inflation grew at the fastest rate since January 2023 - 1.4% on a monthly basis. This reflects a dramatic increase in prices. Transport costs were the main driver, as they soared because of rising energy prices globally. Diesel prices jumped 59.5% from a year ago, and gasoline prices jumped 27.3%. These are the highest gains since September 2022 when Russia's invasion in Ukraine disrupted global energy markets. Diesel and gasoline both declined by 1.3% in February. The transport index has risen by 9.9% year-on-year. This is the highest since January 2023, when it soared 11.1%. The Philippines is heavily dependent on Middle East crude oil. This makes it susceptible to price fluctuations and supply shocks during times of geopolitical conflict. Core inflation (excluding food and energy) also increased to 3.2% in March, up from 2.9% the previous month, indicating emerging second-round effects. The central bank projected earlier that inflation would fall between 3.1% and 3.9% for the month of March. It kept its key rate at 4.25% in response to the rising risks at an unexpected 'off-cycle' meeting on 26 March. The policy will focus primarily on'second-round effects of global oil price shocks. The next monetary review is set for April 23. Reporting by Mikhail Flores, Nestor Corrales and Kevin Buckland; Editing by John Mair & Kevin Buckland
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Energy Transition Minerals, Australia's Energy Transition Minerals, faces a likely refusal of a licence renewal for its Greenland project
The Australian'miner' Energy Transition Minerals said that Greenland has informed it of a potential rejection of the exploration licence renewal request for its 'Kvanefjeld Rare Earths Project. Energy Transition Minerals shares fell 5.6%, to A$0.051, by 0152 GMT after trading resumed following a stoppage on Thursday. The benchmark S&P/ASX 200 index rose 1.5%. Kvanefjeld, a large-scale project to produce?rare Earths in the west, has the potential of becoming a major producer of minerals critical for consumer electronics. Energy Transition Minerals said it received a draft of a decision from the Greenland Government indicating the intention of the mineral resources ministry to recommend the denial of the application. Greenland said that its exploration activities "nolonger serve a purpose", and that under the current legal framework, a licence cannot be granted. The company stated that the decision was based on a law passed in December 2021 - "the 2021 Uranium Act" - which would ban uranium exploration, prospecting and exploitation. Energy Transition Minerals filed a claim with an arbitral tribunal in Copenhagen to determine the legal rights of unit Greenland Minerals A/S to receive an exploitation license for 'the project' under this law. Greenland had previously granted license renewals for the Project, including in the course of an active?legal Dispute and after the introduction of the 2021 Uranium Act, the company stated, calling the draft stance "inconsistent with the historical treatment" of the project. Sherin Sunny, Bengaluru. Sumana Nady and Subhranshu Sahu edited the article.
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As Asia and Europe compete for supplies, US crude prices have reached record highs.
Industry sources say that spot premiums for U.S. West Texas Intermediate Crude have reached all-time highs due to the fierce competition for supplies between Asian and European refiners to replace Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices is driving up costs for refiners and increasing losses on both continents. This puts severe pressure on companies, including state-owned ones, who are required to produce fuel by governments for national security. In a note from April 3, Paola Rodriguez Masiu, Rystad's chief oil analyst, said that Asian refiners are aggressively bidding for every barrel of the Atlantic Basin. 'EVERY ?DAY THERE'S A NEW PRICE' The traders reported that the offers for WTI Midland crude to be delivered to North Asia on July's?very large crude carrier? had a?premium of $30 to $400 per barrel depending on which benchmark was used. One trader put the premium at 34 dollars a barril over Dubai quotes, while another said it was $30 above Brent dated. Two other traders said that offers were closer to $40 a barron above the August ICE Brent base. These levels are higher than the premiums paid by Japanese refiners, including Taiyo Oil, for WTI crude in late March and early April. One of the traders stated that "every day, there is a new price", adding that Asian refiners are facing?severe loss due to the premiums. One trader suggested that refiners should reduce their crude runs and buy products, if they are offered. The spot premiums increased after the WTI monthly spread reached its largest backwardation Thursday. Backwardation is when the current month's prices are higher than future months. The U.S. Gulf Coast has also seen a surge in demand for tankers due to the wider discounts offered on U.S. Crude Oil compared to Brent, which is the global benchmark. This has reduced vessel availability and pushed up freight rates. On Thursday, the bids for WTI?Midland to be delivered to Europe reached a record premium of nearly $15 per barrel compared to Brent dated. According to Rodriguez-Masiu, "At the current physical differentials as well as freight rates, European refiners who buy spot crude cannot make any money by running these barrels through their system."
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Blues aim for two-game sweep against NHL's best Avalanche
Most teams find it difficult to defeat the Colorado Avalanche, but to do so twice in a single season is like climbing Mount Everest. The St. Louis Blues will have to 'climb that mountain' Tuesday night, when they host the Avalanche for the second half of a two-game home-and-home series. Robert Thomas's first career hat-trick was completed with 2:50 left in the third quarter, helping the Blues win 3-2 on the road against Colorado. Thomas, who scored the goal in question, said: "It took a long while so it feels great." It's a little relief but it has been a long time. Thomas received some assistance from his teammates in achieving the hat-trick, as Jimmy Snuggerud (three assists) and Dylan Holloway (three assists) each scored three assists. The Blues (33-31-28, 78 points), who have a record of 6-1-1 over the past eight games, and 13 victories since the Olympic break, are firmly ensconced in the tight race for the last wild-card position in the Western Conference. St. Louis has been led by its top talent during this stretch. Thomas has scored in five consecutive games (5 goals, 5 assists), and Holloway is on a six-game streak (4 goals, 7 assists). Snuggerud stated, "We are having fun together, and we are trying to win games. We're doing everything we can to do that." "Coming into the building is a difficult one. I thought we rose to?the?occasion. And we need to do that at home." The Avalanche, despite their loss on Sunday, are still on the verge of winning the Presidents' Trophy, for the fourth consecutive time in the history of the franchise. They need just one more win or the Dallas Stars to lose in regulation in order to take the top spot in Western Conference. Colorado was the top-scoring team in the league during the 56-game shortened regular season of 2020-21. Brent Burns, who had just played in his 1,000th consecutive match, turned the clock back with a performance of two points (one goal and one assist) at the weekend. Parker Kelly, meanwhile, reached his 20-goal mark for the first time. Things are just coming in. This one is going off my stick and then off the guy. Kelly added, "So, little bit luck." "I am happy with the year that I have had, but we still have (six games) here and we need a few more wins." "That's our priority." The forward Valeri Nichushkin was unavailable for Sunday's match due to an injury in the upper body, but could be available for game two of the set. "He is probably a possible, even for Tuesday." We'll see how he feels in the next few days. Jared Bednar, Avalanche's coach, told the media that it was just "that time of year". "You get a few little bumps and bruises. Everyone has them. But sometimes they're a bit more serious. I don't like to hurt people if there is a chance that it could get worse. You have to be very careful with some of them. "That's what Val and I did today." Nathan MacKinnon will look to score after a blanking Sunday. He leads the league in goals with 51 and is third with 122 points. Field Level Media
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Oil prices continue to rise as Trump's rhetoric against Iran becomes more aggressive
The oil prices continued to rise on Tuesday as U.S. president Donald Trump increased his rhetoric against Iran and threatened stronger action if it failed to reopen the Strait of Hormuz - a major global oil transit chokepoint. Brent crude futures rose 57?cents or 0.5% to $110.34 a barge by 1202 GMT. U.S. West Texas intermediate crude futures gained $1.26 or 1.1% at $113.67. Trump has threatened to "rain hell" on Tehran for failing to meet his deadline to reopening the Strait of Hormuz by 8 pm EDT, Tuesday. Trump said that if no deal was reached, "they could be eliminated." Tehran, in response to an American proposal via Pakistani mediator, rejected the idea of a ceasefire, said that a permanent ending to the war is necessary, and refused to bow to pressures to reopen Strait. After U.S. attacks and Israeli strikes began on 28 February, Iranian forces effectively closed the Strait of Hormuz. This waterway typically transports about 20% of world oil flows. Tim Waterer is the chief market analyst at KCM Trade. The potential for a truce deal could be a counterweight to the rising prices. If it gains traction and becomes a reality, the price will drop. However, the persistent supply concerns from the "Hormuz" chokepoint as well as the damaged energy facilities keep the price at a minimum. Sources say that on Monday, Iran's Revolutionary Guards stopped two Qatari liquefied gas tankers, and told them to stand still without explanation. Shipping data shows that vessel traffic through the strait has been limited since last Thursday. Diplomats say that the U.N. Security Council will vote on a resolution on Tuesday to protect commercial shipping through the Strait of Hormuz. However, it is likely to be in a significantly watered down form, after China, which has veto power, opposed authorizing force. Syrian state TV reported that the attack continued in the region as explosions could be heard in the Syrian capital Damascus and the surrounding countryside, Tuesday, which were caused by Israeli interceptions of Iranian missiles. According to the Saudi defence ministry, on Tuesday, it said that seven ballistic missiles were intercepted and destroyed, with debris falling near energy facilities. As Asian and European refiners rush to secure replacement supplies due to disrupted Middle Eastern flow, the conflict has put pressure on global crude markets. Spot premiums for U.S. WTI have risen to record levels. Saudi Arabian state oil company Aramco has raised the official selling price of its Arab Light crude for Asia, for delivery in May. This is a record-breaking premium of $19.50 per barrel over the average of Oman/Dubai. Russia said Monday that Ukrainian drones had attacked the Caspian Pipeline Consortium terminal on the Black Sea. This terminal handles 1.5% of the global oil supply. Russia reported damage caused to storage tanks and loading infrastructure. OPEC+ decided on Sunday to increase oil production quotas in May by 206,000 bpd, but the agreement will only be a nominal one as some members are unable to boost their production due to strait closings that limit exports. (Reporting and editing by Anmol Chaubey, Bengaluru.
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Phillips 66 suffers $900 million in losses as Iran crisis raises oil prices
U.S. refiner Philips 66 reported on Monday that its first-quarter earnings were impacted by a sharp rise in commodity prices. This left?it? with nearly $900,000,000 in mark-to market losses before taxes, according to an SEC filing. The U.S. and Israeli war against Iran started in late February. Iran's closure of the Strait of Hormuz - a chokepoint for a fifth of world oil and gas supplies - has caused global energy markets to be roiled and crude prices have soared. Phillips 66’s losses are mainly due to its net short positions in derivatives contracts relating to crude oil and refined petroleum products. The Houston-based refiner reported that its net short position on derivatives contracts related to crude oil and petroleum products was around 50 million barrels at the end of March. The filing revealed that the losses were spread across all business segments. Refining is expected have a $350-$450 million impact, marketing and specialties will take a $300-$400 million hit while renewable fuels could suffer losses of $100 to $200 million. Brent futures reached a monthly record increase of?64% according to LSEG. The benchmark U.S. West Texas Intermediate rose by around 52% during the month. This was its biggest jump since May 2020. Phillips 66 stated that it 'has not yet completed its financial closure procedures for the first three months and actual results may differ from these preliminary estimates. The company declined to comment on anything beyond the SEC filing. Phillips 66 will report its first quarter earnings at the end of this month.
Bluestone Jewellery applies for India IPO, to offer new shares worth $118 mln
India's Bluestone Jewellery and Way of life declared a going public on Thursday, aiming to capitalize a booming IPO market in a country that is also the world's secondbiggest gold consumer.
Bluestone, which sells diamond, gold, platinum and studded jewellery, will provide brand-new shares worth 10 billion rupees ($ 117.8. million) and utilize them to fund working capital needs, it stated in. its offering prospectus.
Existing investors, including Accel India and Kalaari. Capital, will offer 24 million shares in the offering.
Bluestone competes with jewellers such as Titan,. Kalyan Jewellers and Tribhovandas Bhimji Zaveri. among others.
The jewellery market in India, where purchasing bullion is. considered auspicious throughout festivals and wedding events, was. approximated at $85.52 billion in 2023 and is anticipated to grow 5.7%. each year to 2030, according to research firm Grand View Research study.
The company is the latest to join a growing list of companies. tapping the country's busy capital market, in which more. than 300 business have raised $17.5 billion up until now in 2024 -. more than double the quantity raised in 2015, information put together by. LSEG showed.
The IPO comes at a time when metropolitan usage is slowing. in the middle of sticky inflation, which may cloud the growth view for a. company like Bluestone that earns from providing discretionary. products like jewellery, said Mahesh Ojha, assistant vice. president of research and company development at Hensex. Securities.
Because context, the pricing of the shares on sale will. be important, Ojha stated.
Bluestone's yearly losses narrowed to 1.42 billion. rupees in the fiscal year ended March 2024, from 1.67 billion. rupees a year earlier. On the other hand, its revenue from operations. leapt over 64% to 12.66 billion rupees year-over-year.
Axis Capital, IIFL Capital and Kotak Financial Investment Banking are. the book-running lead managers of the IPO.
(source: Reuters)