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Maruti, India's largest carmaker, says China magnet curbs will not affect them immediately
Maruti Suzuki is India's largest car manufacturer. It said Monday that China's export restrictions on rare earth magnets - a key component - have no immediate impact on production. The company is also in discussions with the government about the issue. Reports say that auto manufacturers warned government officials in the last week of a possible production halt within days because of curbs. The new import process is complex and requires approval by Indian and Chinese officials, as well as documentation including certificates of end-use stating that the magnets were not intended for military use. Maruti said that they have submitted an import request and it is difficult to comment until they receive a response. "It's not a restriction. It's an endorsement of the end use. Rahul Bharti said to reporters that in the event of a problem, "we will... inform all our stakeholder, including stock exchange." China controls 90% of the global magnet processing capacity, which is used in many fields, including automobiles, appliances, and clean energy. In April, it enacted measures requiring import permits. The Society of Indian Automobile Manufacturers, in a meeting last month with officials from the commerce ministry, said that inventories of parts manufacturers are likely to be exhausted by the end of the month. The document, presented at a meeting in May attended by Maruti executives and others, said that the auto industry's production would come to a halt starting end-May or early-June. (Reporting and editing by Tom Hogue, Christopher Cushing, Aditi Sharma)
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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 to any index or exchange international, source. The source added that the intervals have not yet been finalised. The source stated that "we will do this more often in the future so there is no delay between what is happening on the market and the prices we charge." Source: The miner would also gather pricing information across different stockyards in cities as opposed to the current mechanism for gathering information at mines. NMDC didn't respond to an email asking for comments. India's JSW Steel is the largest steelmaker in India by capacity and sources most of its iron ore from NMDC. NMDC's profit for the fourth quarter fell due to lower product prices. India is also working to increase the average iron ore sale price to generate more revenue for the government. The mines ministry believes that some miners artificially lower prices to avoid paying higher royalties. Reporting by Neha arora. (Editing by Nidhh Verma, Mark Potter and Nidhh Verma)
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Minister: Trump's steel tariff hike plan will have a'minor impact' on India
The federal steel minister stated on Monday that India expects a "minor" impact from President Donald Trump's plans to increase tariffs on U.S. steel and aluminum products, as it exports small volumes to Washington. Trump announced last week that he plans to increase tariffs for imported steel and aluminum to 50%, from the current 25%. This led to a decline in stocks of steelmakers in South Korea and Vietnam on Monday - two major Asian exporters into the U.S. About a quarter (25%) of the steel consumed in the U.S. comes from imports, mainly from Mexico, Canada, and other close allies, such as Japan, South Korea, and Germany, in Asia and Europe. India is much lower. At a New Delhi press conference, HD Kumaraswamy said: "Minor impacts will be there...We are not exporting to the U.S. in a major way." The ratings agency Fitch warned in March that Indian producers and prices of steel could be affected if countries that are more exposed to the U.S. divert their shipments towards New Delhi to find more lenient markets. (Reporting and writing by Neha Mukherjee, Bengaluru. Editing by Janane V. Venkatraman.
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London copper prices rise on weaker dollar but US-China Trade Conflict caps gains
The copper price in London rose on Monday due to a weaker currency, but renewed U.S. China trade tensions heightened supply chain concerns, which limited the metal's further rise. As of 0706 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up by 0.7% to $9,572 a metric tonne. China's commodities markets were closed Monday due to the Dragon Boat Holiday. As markets assessed potential inflation and growth risks from U.S. president Donald Trump's latest tax policy, the dollar edged down, paring its gains of last week. Trump's announcement on Friday that he would increase import tariffs from 25% to 50% on steel and aluminum increased tensions. A survey released on Saturday showed that China's manufacturing sector contracted for the second consecutive month in May. This fueled expectations of more stimulus measures to help support the economy during a prolonged trade war with the United States. The official purchasing manager's index increased slightly from 49.0 to 49.5 by May, but it remained below the 50-mark that separates growth from contraction. This is in line with an average polled forecast of 49.5. LME aluminium fell 0.4% to $2.434.5 per ton. Lead rose 0.6% to $1.970.5. Zinc gained 1% to 2.646.5. Tin edged up 0.1% to $30,450. Nickel was up 1.2% to $15,420. Click here to see the latest news in metals, and other topics. (Reporting and editing by Mrigank Dahaniwala; Sherry Jab-Phillips and Hongmei Li)
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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 and urged residents to stay alert. India's northeastern region and Bangladesh are both prone to torrential rainfall that can cause deadly flash floods and landslides, which affect millions of people each year. Images from ANI news agency showed that the streets and houses of Assam’s Silchar were flooded. Fallen trees littered roads. "We face a lot challenges. My child's bed is submerged under water. What would we do in this situation? Sonu Devi, a Silchar resident, told ANI that she kept herself awake all night.
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Eramet, a French company, says it will continue to work with Gabon in spite of the ban on manganese exports
Eramet is the largest shareholder of the Gabonese manganese mining company Comilog. It said that it would aim to protect the 10,460 Gabonese workers employed by Comilog as well as the Comilog railway unit Setrag. This is despite Gabon's announced ban on manganese exports starting in 2029. Eramet stated that it "takes notice of the Gabonese Government's intention to prohibit crude manganese imports from January 1, 2029. This is part of a stated goal to improve the industrial base in the country, which was initiated by H.E. "President Brice Clotaire Nguema and His Government". It acknowledged the move by the government and said that, as Comilog's main shareholder, it will continue to cooperate with the authorities in a spirit "of constructive partnership and mutual trust". Eramet temporarily stopped its manganese mines in August 2023 following the military coup which ended 56 years of former President Ali Bongo's rule. Gabon's Constitutional Court has confirmed Brice Oligui as the coup leader in April 2025. Nguema The oil-rich nation of Central Africa won the presidential election. Eramet, the world's largest manganese mine, cut its production targets in October 2024 due to a slump in the manganese markets. Comilog, a subsidiary of Eramet, processes manganese locally in Gabon, but exports most of its ore production.
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Wall Street Journal, June 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Six people were injured in Boulder, Colorado on Sunday afternoon. The FBI is investigating the incident as an act against a group that advocates the release of Gaza hostages. Australian investment manager Washington H. Soul Pattinson, and building products maker Brickworks have agreed to merge their companies into one worth $9 billion. This will cement a formal partnership that dates back almost 60 years. Palestinian health officials said that more than 20 Gazans died on their way to a U.S./Israeli aid distribution centre. This is the latest in a series of violent incidents during a chaotic launch of a new program. Homeland Security's controversial list of "Sanctuary Jurisdictions", which was created using a set of criteria, disappeared from the website over the weekend. The agency is fighting criticism from both red and blue states about the criteria that were used in its creation. Rio Tinto and a local Indigenous group have agreed on a new management strategy for its iron ore operations in the Pilbara region of Australia, where they destroyed two ancient rock-cut shelters five year ago. Stanley Fischer, one the most influential economics in recent decades who served as Vice Chairman of the Federal Reserve between 2014 and 2017, has died aged 81.
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Regional officials report that Russian attacks have killed five people in Zaporizhzhia and injured several others in Kharkiv.
Five people were killed by Russian air and shelling attacks outside Zaporizhzhia in southeast Ukraine, while an early Monday drone attack on Sumy, a region to the north of the city, injured six, including two children. Ivan Fedorov wrote on Telegram that three women were killed in a series Russian shelling attacks on the village of Ternuvate east of Zaporizhzhia on Sunday evening. A shop as well as several homes suffered severe damage. Fedorov reported that a man was killed in a nearby area in a Russian attack by a guided air bomb. Nine people were injured and one private residence was destroyed in the Russian strikes. Oleh Simehubov said Monday that two children were injured during a Russian drone strike on the Sumy Region. Sinehubov stated that "a 7-year old boy was among the victims." He also said that several buildings in the region were damaged. These attacks occur as Russia and Ukraine prepare to hold a round peace talks to try to end the conflict that Russia started with an invasion of its smaller neighbor more than three year ago. Reporting by Ron Popeski and Bogdan Kochubey; Editing by Lincoln Feast. (Writing by Ron Popeski, Lidia Kelly and Rod Nickel; Editing by Rod Nickel).
Iron ore prices rise on a weak US dollar and resilient Chinese demand
On Wednesday, iron ore futures rose on the back of a weaker dollar and a resilient demand for this steelmaking ingredient. However, weakness in China's property sector tempered the gains.
As of 0248 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.55% higher. It was 727 yuan (US$100.86) per metric ton.
The benchmark June Iron Ore at the Singapore Exchange rose 0.35% to $99.75 per ton.
Hexun Futures, a broker, said that the demand for iron ore exceeded expectations. This is due to the fact that steel mills are still operating at high levels.
Mysteel, a consultancy, says that the number of blast-furnace mills reporting profits is increasing, with 60% of these mills reporting profits in the last week.
The U.S. Dollar, which had fallen 1.3% in two days, was also supportive of prices.
The greenback price of commodities is cheaper for those who hold currencies other than the U.S. Dollar.
As authorities eased monetary policy, China cut its benchmark lending rate for the first since October. Major state banks also lowered their deposit rates, which boosted sentiment and caused Chinese stocks to rise on Tuesday.
Analysts at ANZ said that iron ore futures were pressured by signs of continued weakness in China's real estate sector.
Market sentiment was impacted by China's slower factory output, retail sales that missed expectations and new home prices remaining stagnant.
Mysteel reported that the volume of iron ore shipped from mines in Australia and Brazil increased by 11.7% on a weekly basis to 27.1 millions tons.
Coking coal and coke, the other steelmaking ingredients traded in a sideways manner.
The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. The Shanghai Futures Exchange saw a rise in steel benchmarks. $1 = 7.2080 Chinese Yuan (Reporting and editing by Michele Pek)
(source: Reuters)