Latest News
-
Rolls-Royce wins UK small nuclear reactor deal
The UK has chosen Rolls-Royce SMR as the company to build its first small modular reactors (SMRs) in order to accelerate the decarbonisation process of the electricity network by the mid-2030s. The government pledged on Tuesday 2.5 billion pounds ($3.4billion) over the next four-years for the SMR program, with the aim of launching one of Europe's earliest small-scale nuclear industries. The SMRs can be as large as two football fields, and the parts are built in factories. This makes them cheaper and faster than the traditional plants that take over a decade to build and have planning delays in Britain. The government has also said Tuesday It would invest 14,2 billion pounds in the construction of a large-scale nuclear plant called Sizewell C in eastern England as part "of the biggest nuclear roll-out for a century". Rolls-Royce SMR (majority owned by FTSE 100 engineer Rolls-Royce) which manufactures the power systems for Britain’s nuclear submarines said that it would build three units. Ed Miliband, Energy Minister at Sky News said: "Doing many of them allows you to lower the cost. That's the great prospect." It's a great opportunity for Britain, and it's a big deal for energy security. SMRs are being considered by dozens of countries around the world including the United States and Canada. Romania, the Czech Republic and Romania will also be interested if the British project succeeds. Tufan Erginbilgic, CEO of Rolls-Royce, said he expects Rolls-Royce to grow "materially". Great British Energy - Nuclear (GBEN), the state-owned energy firm in Britain, will sign a contract and select a site with Rolls-Royce SMR later this year. In mid-2030s when they are connected to grid, SMRs will be able to support about 3,000 jobs as well as power 3 million homes. In a two-year contest for the SMR contract, Rolls-Royce SMR beat out Westinghouse and Holtec Britain as well as GE-Hitachi Nuclear Energy - a joint venture between General Electric Co. and Japan's Hitachi Ltd. $1 = 0.7396 pounds (Reporting and editing by Sachin Ravikumar, Paul Sandle).
-
After protests, Indonesia cancels mining permits for nickel ore in Raja Ampat
Indonesia, a major nickel ore producer, has revoked the permits of four mining companies in Raja Ampat, its easternmost region, Papua. This follows a public uproar over their environmental impact. Last week, protests against mining in Raja Ampat - a beautiful UNESCO Global Geopark famed for its marine biodiversity - dominated Indonesian social networks. Users shared a graphic showing the blue waters of the area with the hashtag #SaveRajaAmpat. Bahlil lahadalia, Indonesia’s energy minister, stated that President Prabowo decided to revoke permits for the four nickel-producing companies in the region starting Tuesday to protect the environment. He said that we need to pay attention to the marine life in these areas and to conservation. The nickel companies that operate in Raja Ampat are PT Nurham Mining, PT Kawei Sejahtera Mining PT Anugerah Surya Pratama PT Mulia Raymond Perkasa. Bahlil stated that the government had not granted quotas for these four companies because they did not meet administrative requirements. This means they are not currently in production. Bahlil stated that the permit for another nickel miner PT Gag Nikel - a subsidiary company of the state miner Aneka Tambang - was not revoked because the company operated outside of the geopark. Gag Nikel is the only production company in the region. It has a 3 million ton quota per year. Indonesia's Energy Ministry temporarily halted mining activities of the company last week following protests. The Energy Ministry did not respond immediately to a Tuesday request for comments on whether this suspension had been lifted. Bahlil stated that the government will monitor its activities, including its regulatory practices "exhaustively". Antam claimed that Gag Nikel replanted trees and protected coral reefs last week. On Tuesday, PT Wanxiang Nickel Indonesia (the parent company of Anugerah Pratama, Gag Nikel and Kawei Sejahtera Mining) did not respond immediately to requests for comments. Nurham and Mulia Ray Perkasa could not be reached for comment. Last week, Greenpeace activists held a small protest at a mineral convention in Jakarta to highlight mining activities around Raja Ampat. Greenpeace later said in a press release that mining has destroyed more than 500 acres of native forest, coral reefs, and marine ecosystems. (Reporting and editing by David Stanway; Stanley Widianto)
-
Source: RPT-Hyundai Motors has a stockpile of rare earths that can last for about a year.
A person who attended an investor call for Hyundai Motor said that the company has a stockpile of rare earths which can last up to a year. It does not anticipate any short-term impacts from disruptions in global supply chains caused by China’s export restrictions. China's decision to limit exports of rare earths, magnets, and other materials in April has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors. Hyundai, along with Kia Corp., the third largest automaker in the world, is better positioned than most competitors to withstand the restrictions that have already affected production and the supplier networks of Ford and BMW. According to a participant on the call for investors, which was closed to the general public, a Hyundai official in investor relations said that the South Korean automaker has "far more flexibility" than its rivals when it comes to supply chain issues related to rare earths. The official informed investors that Hyundai's efforts in diversifying supply chains and improving procurement had been successful. The company expects to be able produce electric or hybrid vehicles without interruptions "for about a year at least," said the attendee. The official, who spoke under condition of anonymity as the call was private, said that Hyundai had also increased its rare earths inventory during the recent period in which China had relaxed export restrictions. The South Korean automaker had not previously reported its stockpiles of key minerals. The inventory held by Hyundai, Kia and their suppliers was unclear. Hyundai refused to comment in a written statement to on any specific details of inventory or procurement strategies. Hyundai stated that they constantly evaluate the market conditions in order to maintain operational stability, and a diverse global supply chain. As part of our normal business practices, Hyundai maintains appropriate inventory levels in order to ensure uninterrupted production. China produces 90% of rare earths in the world, which is essential for vehicle production, and especially electric motors. A person with knowledge of the matter declined to give their name due to the sensitive nature of the issue. China's dominance in the vital mineral industry is increasingly seen as a key leverage point for Beijing in the U.S. tariff war that was sparked by President Donald Trump. The U.S. and China trade talks are set to continue for a second full day on Tuesday in London as the two world's largest economies try to diffuse a bitter dispute which has expanded from tariffs to restrictions over rare earths. (Reporting and writing by Heekyong Yay; editing by Miyoung KIM and Jamie Freed).
-
Sources say that the supply of Saudi crude oil to China will decline in July.
Saudi Arabian crude oil supplies to China are expected to drop slightly in July. However, they will still be strong for a 3rd consecutive month, as the OPEC kingpin regains market share by supplying the top crude importer of the world. A tally of the allocations made to Chinese refiners revealed that Saudi Aramco, the state oil company, will ship around 47 million barrels in July. This is 1 million barrels below June's allocated volume. Sources say that state refiners Sinopec and PetroChina, as well as Aramco's joint-venture Fujian refinery, will receive more crude in July. However, independent refiners Rongsheng Petrochemical Hengli Petrochemical Shenghong Petrochemical are likely to see a decrease. Saudi Aramco didn't immediately respond to our request for comment. Saudi Arabia's robust supply is a result of the Organization of Petroleum Exporting Countries (OPEC+) and its allies agreeing to increase output by 411,000 barrels a day in July for a third month running. Since April, OPEC+8 have announced or made increases totaling 1.37 million bpd or 62% the 2.2 millions bpd that they intend to add to the market.
-
Markets watch US-China trade talks
Oil prices rose on Tuesday, as investors waited for the results of U.S. China talks which could ease trade tensions and increase fuel demand. Brent crude futures were up 28 cents or 0.4% to $67.32 per barrel at 0330 GMT. U.S. West Texas Intermediate Crude was up 23 cents or 0.4% at $65.52. Brent oil prices rose to $67.19 on Monday, their highest level since April 28. This was boosted by the prospect of a U.S. China trade agreement. The U.S. and China trade talks will continue in London for a second consecutive day as officials try to reduce tensions which have risen from tariffs on rare earths to global supply chain disruptions. Goldman Sachs analysts say that prices have recovered due to the fact that demand concerns have diminished with the trade negotiations between Washington and Beijing, and a positive U.S. employment report. However, there are still risks for North American supply because of wildfires in Canada. Donald Trump, the U.S. president, said that on Monday that he had received "only good reports" about his talks with China from his London-based team. The U.S.-China trade agreement could boost the global economy and increase demand for commodities, including oil. Iran has said that it will soon present a counter proposal for a nuclear agreement to the U.S. as a response to an offer from the U.S. that Tehran finds "unacceptable", whereas Trump stated that both sides remain at odds on whether Iran would be permitted to enrich uranium in its soil. Iran is the third largest producer of oil among the members of the Organization of Petroleum Exporting Countries. Any easing of U.S. sanction on Iran will allow it to export even more oil and this would have a negative impact on the global crude price. A survey also found that OPEC's oil production rose in May. However, the rise was not as large as expected, since Iraq pumped less than the target amount to make up for the earlier overproduction, and Saudi Arabia, the United Arab Emirates and Kuwait increased their output by a smaller amount. OPEC+ - which includes OPEC and its allies, such as Russia - is accelerating the plan to undo its latest layer of production cuts. Daniel Hynes is a senior commodity strategist with ANZ. He said that the prospect of further increases in OPEC's supply still hangs over the market. "A permanent switch to a market-driven strategy (in OPEC), would push the oil markets into a large surplus in H2 of 2025, and almost certainly lead to lower prices."
-
UK: Renewables Workforce to Grow to 42,000 In Next Five Years
New research published today by the Engineering Construction Industry Training Board (ECITB) has revealed that the engineering construction industry (ECI) workforce deployed in renewables, hydrogen and carbon capture and storage could total more than 42,000 by the end of the decade.The ECITB’s latest forecast reports that by 2030 the offshore wind workforce could grow to more than 28,000, an increase of 48%, while the CCS sector workforce within the ECI could increase by 144% to more than 3,750.The hydrogen workforce could grow to more than 4,500, an increase of 195%, while the combined workforce across other renewable sectors, including onshore wind, solar, biomass, energy from waste and biofuels, is predicted to grow by 20% to total more than 5,800.Roles most in demand across these sectors will include design engineers, project managers, project controllers, commissioning technicians, general operatives, electrical technicians, platers, pipefitters and mechanical fitters.The analysis was done with ECITB’s Labour Forecasting Tool (LFT), which provides insights into workforce numbers across regions and sectors, predicting trends and potential future demand for workers in the industry.The tool, which was first launched in November 2023, has been updated using findings from the ECITB 2024 Workforce Census and publicly stated timescales on 3,000 active and future ECI projects across Great Britain.The LFT predicts that the biggest increase in demand for workers across the ECI in the next five years will be in the carbon capture and hydrogen sectors.“The significant Census response rate enabled the ECITB to provide more precise, up-to-date data for the benefit of industry. It allows us to improve the LFT to help make better predictions on future workforce trends and labour demands in renewables sectors.“The updates to the LFT reinforce the scale of the challenges facing the industry that were outlined in our Workforce Census Report, which revealed that 81% of renewables employers in the ECI are experiencing challenges hiring workers.“We recognize that addressing skills shortages in these sectors requires a collaborative, multi-agency approach that includes employers, governments, training providers and the ECITB.“So, we’re calling on all of industry to work together to help increase the pool of people joining the ECI, while continuing to train and upskill existing workers.“By investing in the workforce, the industry has a fighting chance of closing the skills gap and ensuring it has the skilled workforce it needs both for now and the future,” said Andrew Hockey, ECITB Chief Executive.
-
Iron ore prices continue to fall due to a growing supply, but China's resilient demand is limiting the loss.
Iron ore prices continued to fall on Tuesday. They were dragged down by the expectation of an increase in supply. However, a resilient demand from China, their top consumer, and hopes for easing Sino-US tensions helped limit losses. As of 0215 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange dropped 0.28% to a metric tonne price of 702.5 yuan (US$97.79). The benchmark July Iron Ore at the Singapore Exchange fell 0.21%, to $94.5 per ton. Data from Mysteel revealed that shipments of the main steelmaking ingredient, mainly from Australia and Brazil, rose nearly 2% compared to the previous week. This was the highest weekly level since December. Analysts at Shanghai Metals Market wrote in a report that iron ore imports are expected to increase in June as mills will use imported cargoes more due to the lower price and miners will increase shipments to meet quarterly targets by June's end. Analysts at Hongyuan Futures wrote in a report that "given the healthy steel margins, hot metal production is likely to be at a high-level." Mysteel data shows that the hot metal production is a good indicator of iron ore consumption. The daily average was 2.42 million tonnes on June 5, which was 2.6% more than a year earlier. Investors are also hoping that top U.S. officials and Chinese officials will improve their relations during a second round of trade discussions in London, on Tuesday. Coking coal and coke, which are used in the steelmaking process, both saw gains of 0.32% and 0.4%, respectively. The benchmarks for steel on the Shanghai Futures Exchange were traded within a narrow range. Rebar gained 0.1%, hot-rolled coil advanced 0.16% and wire rod increased by 0.12%, while stainless steel declined by 0.79%. Reporting by Amy Lv & Lewis Jackson. $1 = 7.1839 Chinese Yuan
-
London copper prices slightly ease as US-China discussions are in focus
London copper prices dipped marginally on Tuesday as the market watched closely the progress of the ongoing trade negotiations between the two world's largest economies, which are taking place in London. The London Metal Exchange's three-month contract for copper fell 0.3%, to $9,761.5 a metric ton, by 0101 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract gained 0.6%, to 79.160 yuan ($11,024.76) a tonne. Tuesday's U.S. China trade talks will continue into the second day. Washington and Beijing are attempting to resolve a bitter dispute, which has expanded from tariffs to restrictions on rare earths. This is threatening to cause a global economic slowdown and supply chain disruption. The Trump administration is ready to lift a recent flurry of measures that targeted ship design software and jet engine parts. It also targets chemicals and nuclear material. Markets were encouraged by the apparent cooling in trade tensions. This offset fears that the trade conflict is having a negative impact on economic activity," ANZ stated. Copper Stocks In LME-registered storage warehouses, the amount of copper dropped by 10,000 tons to 122 400 tons on Monday, indicating that the shipment has continued despite the threat of U.S. import tariffs. Other LME metals include aluminium, which fell by 0.2% to $2473.5 per metric ton. Zinc also declined, falling 0.1% to 2,647. Tin dropped 0.3% to 32,605, while nickel declined 0.4% to $16,355. Zinc, among the other SHFE metals, continued to weaken. It lost 1.2%, or 21,870 Yuan. Nickel fell by 0.9%, or 121,640 Yuan per ton. Lead gained 0.8%, to 16,860 Yuan. Tin gained 0.3%, to 263,550 Yuan. Click or to see the latest news in metals, and other related stories. DATA/EVENTS (GMT) UK HMRC May Payroll Changes ($1 = 7.1802 Chinese Yuan) (Reporting and Editing by Sumana Niandy; Reporting by Hongmei LI)
Iron ore prices continue to fall due to a growing supply, but China's resilient demand is limiting the loss.
Iron ore prices continued to fall on Tuesday. They were dragged down by the expectation of an increase in supply. However, resilient demand from China, their top consumer, and hopes for easing Sino-US tensions helped limit losses.
The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 0.85% lower, closing at 698.5 Yuan ($97.16 per metric ton).
As of 0700 GMT, the benchmark July iron ore traded on the Singapore Exchange had fallen 0.63% to $94.1 per ton after earlier hitting its lowest level since June 3, at $93.9.
Data from Mysteel revealed that shipments of the main steelmaking ingredient, alumina, from Australia and Brazil rose nearly 2% compared to the previous week. This was the highest weekly level since December.
Analysts at Shanghai Metals Market wrote in a report that iron ore imports are expected to increase in June as mills will use imported cargos more due to the lower price and miners will increase shipments to meet quarterly targets by the end of the month.
Analysts at Hongyuan Futures wrote in a report that "Given the healthy steel margins, hot metal production is likely to be at a high-level."
Mysteel data shows that the hot metal production is a good indicator of iron ore consumption. The daily average was 2.42 million tonnes on June 5, which is 2.6% more than the previous year.
Investors are also hoping for a better relationship between the U.S.A. and China as they begin another round of talks in London, on Tuesday.
Coking coal and coke, which are used to make steel, also saw gains. They were up by 0.51% and 0.48 percent, respectively.
The benchmarks for steel on the Shanghai Futures Exchange were traded within a narrow range. Rebar, hot-rolled coil and wire rod were all little changed. Stainless steel dropped 1.46% and wire rod fell 0.12%. $1 = 7.1889 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson)
(source: Reuters)