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Sources say that the EU wants to see early relief in key sectors of any US trade agreement
EU diplomats said that the EU wants to see immediate relief on tariffs for key sectors in any deal reached with the United States by the deadline of July 9. However, even the best-case scenario would include some degree of asymmetry. This week, the European Commission, which coordinates EU Trade Policy, insisted on three points at Washington, even though it accepted that the U.S. Base Tariff of 10% was unavoidable. Both sides are working toward an agreement in principal, and the final details will be worked out later. EU diplomats said that in a brief negotiation document Washington sent to Brussels last week, it only stated what the Trump administration expected from Brussels, without making any concessions. Brussels is looking for a deal that will return tariffs at pre-Trump levels, or zero-for-zero in the case of a previous tariff. This includes lower tariffs on alcoholic beverages, medical devices and other products that the U.S. imposes a 10% tariff. The EU wants to negotiate a deal that covers commercial aircraft, parts and pharmaceuticals as well as semiconductors. These are all sectors where the U.S. has been investigating but have not yet imposed additional duties. Trump announced in June that the pharma duty announcement would be made "very soon". The diplomats stated that the EU also wants President Donald Trump to make a concession on the 25% tariff placed on automobiles and auto parts. They also want an immediate reduction in the U.S. import tariffs on steel and aluminum, which Trump increased from 50% to 75% in June. One diplomat stated that cars are a "redline" for the EU. Brussels and Washington, however, have different goals. Trump wants to revive U.S. automobile production, while Brussels wants markets opened for its sector which is suffering from high energy costs and Chinese competition. Thirdly, EU officials want tariff relief to begin as soon as a preliminary agreement is reached. They do not want to wait weeks or even months for the final agreement. Sources said that a number of EU members believed a deal lacking this element would be unacceptable. Later this week, EU trade chief Maros Sfcovic will travel to Washington with the head of the cabinet for President Bjoern Siebert to try and reach an agreement. Trump has suspended tariff increases until July 9 to reach agreements with global trading partners. He said that countries without a deal will see the 10% U.S. base tariffs on their goods increase to as high as 50%. The EU's rate is 20%. Trump has threatened to impose a 50% tariff on all EU imports. The diplomats reported that a week before the deadline the Commission informed its 27 members of the possibility of all outcomes, including a framework agreement or higher U.S. Tariffs for additional sectors. If the goal of a reduction in tariffs upfront does not materialize, Brussels may have to decide between accepting significant imbalances and retaliating with countermeasures. A deadline extension could also be an option. Scott Bessent, the U.S. Treasury secretary, said Monday that any extension of deadlines would be Trump's choice. Deals must be completed by September 1. Reporting by Julia Payne, Philip Blenkinsop. Mark Potter edited the article.
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Gold prices rise on weaker dollar, US tariffs and fiscal uncertainty
The gold price rose by over 1% Tuesday, as investors sought safe haven assets due to a weaker US dollar and concerns over the fiscal outlook of the United States. As of 0824 GMT spot gold rose by 1.1% to $3,339.20 an ounce. U.S. futures gold increased by 1.3% to $3352.00. Gold prices fell for overseas buyers as the U.S. Dollar dropped to its lowest level in early 2022. The precious metals' safe-haven appeal has been boosted by worries over the U.S. financial outlook and ongoing uncertainty related to tariffs, as the Trump Administration keeps all options open ahead of the looming deadline in July," said Ricardo Evangelista. Senior analyst at brokerage firm ActivTrades. "I expect the prices to rise in the near-term, attracting more buying interest when they reach $3,350. The next significant resistance level is around $3,370." On Monday, President Donald Trump expressed his frustration over the U.S.-Japan negotiations. Treasury Secretary Scott Bessent warned countries that they could face a sharp increase in tariffs as a deadline of July 9 approaches. The markets are also focusing on the vote for Trump's tax-cutting and spending bill. This adds to an already uncertain market climate. Trump has continued to press the Federal Reserve for a rate cut. He sent Fed Chair Jerome Powell an international list of interest rates along with handwritten notes that suggested the U.S. should be between Japan's interest rate of 0.5% and Denmark interest rate of 1.75%. Trump's tirade against Powell and the Fed has caused investor concerns about the central banks' credibility and independence. The markets will be watching the ADP Employment Report on Wednesday, and the non-farm payrolls report on Thursday for any clues about the Fed's policy. Gold tends to do well when interest rates are low and is seen as an investment that can be relied upon during economic uncertainties. Silver spot rose 0.6%, to $36.30 an ounce. Platinum fell 1.3%, to $1334.67. Palladium rose 0.7%, to $1104.86. (Reporting and editing by Emelia Sithole Matarise in Bengaluru, Anushree mukherjee from Bengaluru)
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Iron ore prices fall on weak Chinese demand
Iron ore futures fell on Tuesday as disappointing factory data, and the persistent problems in China's property sector dampened sentiment. The bearish outlook was boosted by warnings from Australian authorities about lower prices and the expectation of a softer season demand. The September contract for iron ore on China's Dalian Commodity Exchange ended 1.32% down at 708.5 Yuan ($98.92). As of 0533 GMT, the benchmark August iron ore traded on Singapore Exchange fell by 0.98% to $93 per ton. China's manufacturing sector shrank in June for the third consecutive month, but at a slightly slower pace. The business climate remains subdued. ANZ stated that the continued weakness of China's real estate sector, and a report by the Australian government warning about lower prices because of a weak outlook, further weighed down sentiment. China Metallurgical News reported last week that Jiang Wei was the secretary general of China Iron and Steel Association and advised authorities to limit billet exports. The announcement came after shipments of semi-finished products, including steel semi-finished products, surged in the first half of this year. Customs data shows that China's steel exports have more than tripled during the first five months in 2025. The steel association has warned that full-year shipments may exceed 10 million tonnes. The Chinese consultancy Mysteel reported that the total volume of iron ore shipped to destinations worldwide from Australia and Brazil, two top producers, has fallen 7.4% between June 23-29. This is a reversal of the previous week's increase. Coking coal and coke, which are used to make steel, also fell on the DCE. They lost 3.32% each and 2.46% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly fallen. Rebar fell 0.2%, while wire rod and stainless steel both lost 0.87%. Hot-rolled coils gained 0.06%.
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India's April to May finished steel imports fell 27.6% on an annual basis as China and Japan shipments declined
The provisional data from the government, reviewed on Tuesday, showed that India's imports of finished steel fell by 27.6% during the first two-month period of the new financial year, which began in April. This was due to a decline in shipments coming from China and Japan. The data shows that India, which is the second largest crude steel producer in the world, imported 0.9 millions metric tons (MT) of finished steel between April and May. Shipments from China dropped by 47.7%, while those from Japan fell by 65.6% compared to a year earlier. The data revealed that China shipped 0.2 million metric tonnes of finished steel to India in the past two months. Japan also sent 0.1 million tons. India implemented a temporary 12% tariff on certain steel imports in April. This is known locally as a "safeguard duty" and was imposed to stop a rush of cheap shipments, primarily from China. The data shows that South Korea was India's top exporter of finished steel during April-May. Shipments increased 8.2%, to 0.4 millions metric tons. The data revealed that India's largest imports were hot-rolled coils and strips. The data revealed that India was a net buyer of finished steel in the period. Exports fell 18.1% on an annual basis to 0.8 millions metric tons. India's largest exports during this period were galvanised coils or sheets, plain or corrugated. The data revealed that Belgium was India's largest export market. Shipments increased 12.4% to 0,15 million metric tonnes. The data shows that shipments to Italy fell by 53.7% while those to Nepal, Spain and other countries increased. India's consumption of finished steel reached 25,1 million metric tonnes in April-May. This is an increase of 7.1% compared to a year ago. The data revealed that crude steel production increased 9.5%, to 26.9 millions metric tons.
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Investors watch US trade negotiations as copper prices rise on a weaker dollar
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Tuesday, boosted by a lower dollar. However, uncertainty about U.S. Trade talks with major trading partners continued. LME copper for three months rose 0.94%, to $9,961.5 per ton, at 0703 GMT. It had previously touched $9,984, its highest level since March 27. The SHFE's most-traded contract for copper gained 1.09%, to 80,640 Yuan per ton. It had previously reached 80,760 Yuan, the highest since March 28. The worries about the U.S. deficit have caused the dollar to weaken, which is supportive of commodities. My focus this week will be the U.S. Trade Talks," said a Beijing based metals analyst for a futures firm. The dollar index fell by 0.35% on Monday to 96.86, putting it on course for its sixth consecutive month of losses and its worst half year since the 1970s. The greenback is less expensive to buyers of other currencies. Last week, U.S. Treasury Sec. Scott Bessent said that the U.S.-China had resolved the issues surrounding shipments of Chinese magnets and rare earth minerals to the U.S. This further modified a May Geneva deal. Bessent added that even if countries are negotiating with good faith on July 9, they could still be facing sharply higher tariffs. Any possible extensions would be at the discretion of Trump. LME tin rose 0.4% to $33,850 per ton. Aluminium gained 0.29% at $2,605. Zinc eased by 0.6% at $2,735. Lead fell by 0.22% to 2,040.5. Nickel slipped 0.03% at $15,210. SHFE tin rose 0.63% to 269.840 yuan. Aluminium gained 0.41% at 20,635 Yuan. Zinc fell by 0.8% to 22.255 Yuan. Lead dropped 0.26% to 17.100 Yuan. Nickel eased 0.21% at 120.720 yuan. Click or to see the latest news in metals, and other related stories.
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Ifo: mood in Germany's chemicals industry improves over power subsidy plan
According to a Tuesday survey, the expectations of companies in Germany's chemicals industry have improved dramatically in June. They are pinning their hopes on an upcoming reduction in electricity taxes for industry. In June, the Ifo indicator of economic expectations for the sector reached 9.5 points. This was its highest level in three-and-a-half years. It had been -5.4 points in May. The German government is planning to reduce electricity taxes for certain sectors. Representatives from the retail, energy, and industrial sectors have criticised the plans, warning that they could distort competitiveness and have limited effect. The average electricity price in Germany is 38 cents per kilowatt hour, which ranks fifth in the world. Ifo added that the backlog of orders is extremely low. Ifo noted that some companies benefit from lower raw materials costs and the beginnings of a recovery in international demand. However, the protectionist tariff policies of the United States, high location costs, and geopolitical uncertainties are also affecting the sector's growth. Anna Wolf, Ifo's industry analyst, said: "In this context, the German government's state investments are giving urgently needed impetus."
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Sources say that India sent geologists to Zambia in order to explore copper and Cobalt deposits.
Two Indian government sources confirmed that India sent a geologist team to Zambia to investigate copper and cobalt deposit. New Delhi is stepping up its efforts to secure vital mineral supplies for its energy transition. Zambian officials have agreed to give India 9,000 square kilometers (3,475 sq mi) for exploration of cobalt, a component used in electric vehicle batteries and mobile phones, as well as to scout copper, which is widely utilized in electronics, power generation and construction. One source said that the project would last three years, and the majority of the analyses will be carried out in India. Sources who refused to identify themselves because the information was not public said that the team would be expected to visit the site multiple times over the duration of the project. Sources said that after assessing the mining potential in Zambia, the Indian government would seek a mining license from the Zambian Government and invite private sector companies to take part in the project. The Indian Ministry of Mines has not responded to a comment request. New Delhi has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America. In March, it was reported that India and the Democratic Republic of Congo are also in talks to sign a first agreement to secure cobalt supplies and copper. The ministry posted on X that an Indian delegation visited a mining conference and toured mines in Congo in the last month. Last week, it was reported that India had held internal discussions about its vulnerability to the tightening of the global copper market. It also plans to explore options to secure supplies from countries with abundant resources during ongoing trade talks. India's imports of copper have increased dramatically since Vedanta closed its Sterlite Copper Smelter in 2018. In the fiscal year that ended March 2025, India imported 1.2 millions metric tons (or 4% more) of copper than the year before. Government data shows that India is almost completely dependent on cobalt and that shipments of cobalt dioxide rose by 20% to 693 metric tonnes in 2024/25. (Reporting and editing by Mayank Bhahardwaj, Jamie Freed and Neha Arora)
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Nextwind raises $1.6 Billion for German Wind Energy Expansion
Nextwind, an European renewable energy provider said that on Tuesday it had secured debt financing of 1.4 billion euro ($1.6 billion) for the expansion a German wind energy project. This deal allows the Berlin-based company to raise an additional 1.3 billion euro in the next five year if it meets its capacity targets. The financing is the largest ever by an independent German wind energy company. According to a source familiar with the transaction, Deutsche Bank, ING Bank, and LBBW participated in the financing as well as acting as underwriters. Nextwind has stated that it plans to increase the total capacity of its onshore wind power generation to 3 gigawatts by 2028. The funding comes at a moment when European wind energy firms have been affected by U.S. president Donald Trump's decision to stop new federal offshore leasing in this year. In January, European stocks of wind power fell after Trump stated that he would make sure "no new windmills" are built under his presidency two weeks prior to the start of his term. AfD, the far-right party in Germany, also threatens to undermine a wind energy industry that is otherwise very strong. Nextwind's CEO Lars Meyer stated in a press release that the new funding would allow Nextwind to upgrade its wind farms faster. It plans to "repower", or improve, more than half its 37 wind farm. The current capacity of the company is 450 megawatts. Nextwind announced that it plans to purchase additional wind turbines in addition to repowering. The company said that once the repowering process is completed, it hopes to market individual wind farms to investors as green investments. The last major round of investment was announced in 2023 when American companies, including Sandbrook Capital, committed up to $750 millions.
Iron ore prices fall as China's factory data and property woes weigh
Iron ore futures fell on Tuesday, as disappointing factory data in China and the persistent problems of its property sector dampened sentiment.
The bearish outlook was boosted by warnings from Australian authorities about lower prices and the expectation of a softer season demand.
The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 1.32% lower, at 708.5 Yuan ($98.92).
As of 0349 GMT, the benchmark August iron ore traded on Singapore Exchange fell 0.9% to $93.45 per ton.
China's manufacturing sector shrank in June for the third consecutive month, but at a slightly slower pace. The business climate remains subdued.
ANZ also said that the continued weakness of China's real estate sector, and a report by the Australian government warning about lower prices because of a weak outlook, further weighed down on sentiment.
China Metallurgical News reported last week that Jiang Wei was the secretary general of China Iron and Steel Association and advised authorities to limit billet exports.
The announcement came after shipments of semi-finished products, including steel, surged in the first half of this year.
Customs data shows that China's steel exports have more than tripled during the first five months in 2025. The steel association has warned that full-year shipments may exceed 10 million tonnes.
Coking coal and coke, which are used to make steel, also fell in price, by 3.92% and 2,7% respectively.
The latest version of President Donald Trump's proposed tax bill has classified steelmaking coal as a critical minerals, which allows it to claim a credit of 2.5% on the cost of the fuel.
The benchmarks for steel on the Shanghai Futures Exchange have lost ground. The Shanghai Futures Exchange saw a decline in steel benchmarks. ($1 = 7.1623 Chinese yuan). (Reporting and editing by Lucas Liew, Sumana Nandy, and Rashmi aich)
(source: Reuters)