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India eliminates central renewable energy pricing pool to accelerate power deals
According to a memo viewed by, India has scrapped its central pricing system for projects involving renewable energy after developers complained that it slowed down power deals. In a memo dated 1 August, the Ministry of Power announced that it would dissolve the central pools for solar power and solar-wind hybrid, which were set up in 2024 with the aim of standardising tariffs over a period of three years. The pools were part a mechanism called the uniform renewable energy tariff, or URET. It was designed to protect buyers from price fluctuations. The memo stated that developers and government agencies involved in renewable energy expressed concern about the buyers' hesitation to sign contracts because of the uncertainty surrounding future tariffs over the next three years. The ministry announced that it would withdraw the order to avoid any further delays. India has an extensive pipeline of renewable energy project waiting for power sales agreements. Last week, it was reported that India's stranded solar power capacity (projects awarded but not yet online) has more than doubled in the last nine months due to delays with transmission lines and other legal and regulatory issues. The government has said that the bids and awards made under the scheme, will still be valid. Sethuraman N R and Sudarshan Varadan; Janane Venkatraman, Editor.
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Marathon Petroleum, a top US refiner, beats its quarterly profit due to higher refining profits
Marathon Petroleum Corp. beat Wall Street expectations for the second quarter profit on Tuesday. The company benefited from a rebound of refining margins, as fuel demand was firm. U.S. refiners have posted a positive quarterly profit, recovering from losses in the previous three months on the strength of diesel margins. All three of Marathon's competitors, Valero Energy and Phillips 66, exceeded Wall Street expectations. Diesel cracks, a measure for margins, averaged $17 a barrel in the second quarter. TPH & Co's Matthew Blair, an analyst, said earlier that they ended the period at $21 a barrel. Fuel manufacturers also experienced an unexpected rise in profits in recent months due to higher demand for their key products, which eased the slump from 2022 highs. This was driven by post-pandemic recovery, and supply disruptions caused by war. Margin increases were also due to improved capture rates. This reflects a refiner's ability capitalize on favorable conditions in the market. Maryann Mannen, CEO of the company said: "Our second quarter results reflect actions that we have taken to deliver our strategic commitments...in refinement, our team achieved 97% utilization and 100% margin capture. We remain positive on the long-term forecast." Marathon's quarterly throughput volume was 3.1 million barrels of oil per day, unchanged from the previous year. However, the company now expects to reach 2.9 mmbpd for the third quarter. The refinery and marketing margins per barrel increased to $17.58 from $17.53 in the previous quarter. According to data compiled and analyzed by LSEG, the company reported an adjusted profit per share of $3.96 for the three-month period ended June 30. This compares with analysts' estimates of $3.29. Tanay Dhumal reported from Bengaluru, and Pooja Deai and Vijay Kishore edited the story.
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Asia thermal coal imports increase in July as Japan and South Korea purchase: Russell
Imports of seaborne coal from Asia increased in July, but this increase was mainly driven by developed economies in North Asia rather than the heavyweights China or India. According to Kpler, the total seaborne imports for fuel used to generate electricity grew by 12% in July from June's figure of 63.02 millions tons. The increase in July imports coincides with a weakening trend for Asia's seaborne shipments of thermal coal, as the top buyers China & India reduced purchases due to abundant domestic supplies and increasing generation from renewables. Kpler data shows that Asia's imports in the first seven month of the year are 8.4% less than they were in July 2024. The increase in imports from developed North Asian economies, such as Japan, South Korea, and Taiwan, was responsible for the volume recovery in July compared to June. In July, Japan, the third largest coal importer in the world, imported 10.0 million tonnes of thermal coal, up from 6.16 millions in June. It's important to note that the Kpler data dating back to January 2017 shows that June was Japan's lowest month in terms of seaborne thermal coal exports. South Korea's fourth largest coal buyer imported 7.49 million tonnes in July. This is up from the 5.49 million tons it imported in June. It was the highest monthly total for South Korea since August of last year. Taiwan imported 3.91 million tonnes in July, a significant increase from the 3.72 million tons imported in June. This was also the highest since November of last year. The higher imports of North Asia are likely due to the increased demand for electricity in the northern summer. However, they also show that thermal coal is more cost-competitive than liquefied gas. Japan, South Korea, and Taiwan are the main buyers of higher-grade thermal coking coal in Australia. The weekly price assessment of the price reporting agency Argus is on the rise in recent weeks. It ended at $112.06 a tonne in seven days up to August 1. The price has risen 22.4% from a low of $91.58 per ton, which was reached on April 25. This is due to the increased demand in North Asia. PRICIER LPG Even though the price of higher-grade thermal coke has increased, it is still cheaper than spot LNG In the week ending August 1, cargoes to be delivered to North Asia were assessed at 12,10 pounds per million British Thermal Units (mmBtu). According to LSEG, the LNG price has fallen from its recent high of $14 per mmBtu. However, even at this level, it is above $11.20. This is the upper limit of the range where a Japanese utility will find it more cost-effective to burn coal. The price of lower-energy coal preferred by China, India and other Asian countries has increased much less than the higher-energy Australian thermal coal. Last week, coal with an energy content (kcal/kg of 5,500) reached $67.49 per ton. This is a slight increase from the four-year low price of $66,00 in the week ending July 11. Indonesian coal, with an energy content 4,200 kcal/kg, ended the week of August 1 at $41.20 per ton. This is also a slight increase from the four-year low $40.45 reached in the seven days prior to July 4. China and India, the two largest coal importers, are largely responsible for the relative weakness of the lower-quality coal. Kpler reports that China's seaborne thermal coal imports rose from 18.21 millions to 22,78 million tons during July. It's important to note that the imports in June were at a low of three years and the arrivals in July were also lower than the 26,99 million tons for the same month 2024. Kpler data shows that China's seaborne thermal imports from China have fallen 17.1% since the same period in 2025. China's import demand has been reduced by a combination of a rising domestic coal production, which increased 5% during the first half 2025 and generating more electricity from renewable sources. The decline in coal-fired power generation in India is also due to renewables. According to official data, coal-fired power production dropped by nearly 3% during the first half 2025 while renewables grew by 24.4%. Kpler reports that India's thermal coal imports by sea fell to 11,51 million tons from 13,93 million tons in June. This is the lowest month since November of last year. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Uranium Energy’s Sweetwater Plant is on a fast track to in-situ mine approval
The U.S. Government has selected Uranium Energy’s Sweetwater Uranium Complex, located in Wyoming, for a rapid approval process to add an in-situ capability. In March, Donald Trump invoked emergency powers in order to increase domestic production of essential minerals. This was part of an effort to counter China's near total control over the sector. The Uranium Miner wants to expand his permit to include ISR deposits that are located on federally-managed lands nearby and use in-situ mining techniques within the current boundary. Mineral extraction in-situ combines rock fracturing, drilling and chemical leaching at the drill site. Sweetwater has been added to FAST-41, a dashboard of transparency launched by the federal government in 2015 for the purpose of streamlining approvals for critical infrastructure. Amir Adnani, CEO of Sweetwater, said that once the tack-on permits are completed, Sweetwater will become the largest dual feed uranium plant in the United States. It is licensed to process conventional ore as well as ISR resin. Sweetwater's Illinois uranium facility has a conventional mill capable of producing 3,000 tons per day and a licensed capacity of 4,1 million pounds of U3O8 each year. The White House announced in April that it would expedite the permitting process for 10 mining projects throughout the United States as part of Trump’s drive to increase critical minerals production.
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Indonesia Q2 GDP exceeds expectations, with the fastest growth in 2 years
Indonesia's growth rate in the second quarter was higher than expected. It showed the highest pace since the 2nd quarter of 2023. However, economists say that more support is needed to maintain growth for the remainder of the year. The statistics bureau reported on Tuesday that the gross domestic product increased to 5.12%, up from 4.87% the previous quarter. This was higher than the 4.80% growth forecast by a poll. Radhika Rao, economist at DBS Bank, said that the GDP growth surprised them in the second quarter. The difference was likely due to a positive net exports balance as a result of frontloading. The pace of growth defied fears about weakening indicators such as falling car sales, a softer consumer confidence, and a contracting purchasing manager's index. These had all pointed to a slowdown in activity. Bank Indonesia, who has cut its policy rates four time since September, predicted that the economic growth for this year would range from 4.6% to 5,4%. The second quarter saw a slight increase in household spending, which accounts for over half of Indonesia’s GDP. This was due to higher food and travel spending during religious holidays, as well as a school holiday. Moh, Deputy Chief of Statistics Indonesia, said that the growth in investment reached a record high of 6.99%, compared to 2.12%, during the second quarter. This was largely due to infrastructure projects, including the expansion and modernization of the mass rapid transit system of Jakarta. Edy Mahmud said. The government's spending has decreased by 0.33% annually. Exports of metals, electronic products, auto parts, and vegetable oil were all boosted. Exports have increased in value during the first half of this year due to buyers trying to beat the U.S. Tariffs. Brian Lee, economist at Maybank warns that the trade surplus may narrow even further as exports slow and global trade falls on demand for Indonesian's main commodities. Lee stated that "we expect another 50 bps in rate cuts before the end of the year, while government plans have been laid out to introduce a 3rd package of stimulus at year's end. Rao, from DBS, also predicts a slower pace of exports. She said, "We still expect moderation (in) the second-half due to payback in trade." According to Statistics Indonesia, the gross domestic product grew 4.04% on a quarter-on-quarter, non-seasonally-adjusted basis in April-June. Airlangga hartarto, Indonesia's Senior Economic Minister, said at a press briefing that the government would continue to provide fiscal support for growth in second half. This will include extending tax breaks on homes up to a certain value until December and offering airfare discounts to encourage holiday spending. Jakarta is also planning to give incentives for industries that require a lot of labour by offering investment credits for revitalising machinery, and low-interest loans for certain home builders. Airlangga has not provided the amount of incentives for the second half. However, Jakarta announced 24.4 trillion Rupiah (1.49 billion dollars) in the first half.
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Bloomberg News reports that Abu Dhabi's MGX may raise up to 25 billion dollars for AI fund.
Bloomberg News reported that Abu Dhabi's MGX was considering raising up to $25 billion from third parties to increase its artificial intelligence holdings. MGX refused to comment on the reports and could not verify them immediately. The report stated that company executives are considering raising money from strategic and financial investors in Abu Dhabi, and elsewhere, but Mubadala Investment Co. and AI firm G42 remain MGX’s primary backers. According to the report, no final decisions have yet been taken. MGX is headed by Sheikh Tahnoon bin Zayed al Nahyan. He is the UAE's National Security Advisor and a younger brother to UAE President Sheikh Mohammed bin Zayed. The Financial Times reported that last week, French AI startup Mistral was in talks with MGX as well as other investors for a $1 billion raise at a $10 billion valuation.
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Stocks surge on Fed rate-cut hopes following disappointing jobs data
Investors raised their bets that the Federal Reserve will act to support the world's biggest economy. Global stocks rose for the second session of the day on Tuesday. U.S. stocks rallied Monday, boosted by generally positive earnings reports. Bets on a Fed rate cut in September increased after Friday's disappointing jobs report. The oil prices fell after OPEC+ increased their output, and gold was hovering near a week-high. Rodrigo Catril is a senior currency strategist with National Australia Bank. He said that there are signs of weakness within the U.S. The STOXX 600 index rose 0.4% to start the day in Europe. This is the second consecutive day that the STOXX 600 has been up. The question is: Is bad news bad (economy slowing) or is it good (Fed moving toward rate cuts)? Mohit Kumar, a Jefferies strategist, said that the answer depends on whether or not bad data is being reported and what is priced in. "A modest slowdown in the economy is good news, as the Fed should ease up more." A sustained and sharp increase in unemployment rates, however, would be a concern as it could affect growth and earnings. The dollar rose modestly against the Japanese yen, reaching 147.6. Meanwhile, the euro dropped 0.25%, to $1.1543. The dollar index (which tracks the greenback's value against a basket six other currencies) rose 0.34% following a two-day slide. The soft U.S. payroll data on Friday added weight to the argument for a Fed cut, and gained another level of drama when President Donald Trump fired the head of the labour statistics department responsible for these figures. CME Fedwatch says that the odds of a rate cut in September are now at 94%. This is up from 63% on July 28. The market participants expect at least two quarter point cuts before the end of the year. The news that Trump will fill the Fed governorship early has also added to concerns about politicization in interest rate policy. Trump threatened again to increase tariffs on Indian goods above the 25% level announced by Trump last month, due to India's Russian oil purchases. New Delhi called Trump's attack "unjustified", and pledged to protect its own economic interests. Brent crude futures are down 1% to a two-week low of $68.05 per barrel. It remains to be determined if the primary goal is the threat of secondary sanction on India's funding of Russia. This move could be a way to increase the U.S.'s leverage over India, forcing it to allow agricultural imports into its country or to commit to buying U.S.-produced energy. Investors are eagerly awaiting the earnings reports of Walt Disney, Caterpillar and other companies this week. Palantir Technologies' revenue forecast was raised for the second time in this year, as it expects to see sustained demand for artificial intelligence services. U.S. index futures rose between 0.2-0.4% at the opening of trading, suggesting a modest increase. The data released on Tuesday revealed that the business activity in euro zone increased at a faster rate in July than it did in June. However, it remained slow. A separate UK survey showed British Businesses In July, the company reported its largest decline in new orders for almost three years and reduced staff by the most in six-months. The service sector in Asia's two largest economies has shown resilience. S&P Global's final services purchasing managers’ index (PMI), which measures the performance of the service sector in Japan, grew to 53.6 from 51.7 in the previous month. This was the largest increase since February. China's service sector expanded last month at the fastest rate in over a year. Bitcoin fell 0.6%, to $114.235, and gold rose 0.1%, to $3.375 an ounce.
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Ameren gets the green light on $1.6 billion Illinois transmission project
Ameren Corp.'s Illinois division said Tuesday that it had received approval to upgrade and build 380 miles worth of power lines in 13 counties of the state, as part of an $1.6 billion energy access project. Construction will begin this year, and should be completed by 2029. U.S. utilities are under increasing pressure to increase grid capacity due to the rising demand for electricity and the shift towards cleaner energy sources. This vital project will ensure energy access for residential and business growth, said Shawn Schukar. He is the chairman and president of Ameren Transmission Company of Illinois. The Illinois Commerce Commission has approved the route via a Certificate of Public Need and Convenience, according to the company. The project involves the construction of three new substations as well as upgrades to others. Most of the work is done along existing infrastructure corridors in order to reduce land use. Ameren Illinois provides electricity to 1.2 million customers and natural gas to more than 800,000. This is spread across 1,200 communities. (Reporting by Arunima Kumar in Bengaluru; Editing by Sahal Muhammed)
Iron ore reaches a new high in China on strong demand
Iron ore futures rose on Tuesday, reaching a high of about a week. This was aided in part by the resilient demand for iron ore near-term from China, which is regarded as the world's largest consumer.
Price gains were however limited due to the prospect of a possible restriction on steel production for the September 3, Beijing ceremony commemorating the 80th Anniversary of the End of World War Two.
Chinese steelmakers, particularly those in the north, often restrict production before major events to ensure air-quality in Beijing. This could reduce appetite for raw materials including iron ore.
The highest-traded contract for September iron ore on China's Dalian Commodity Exchange closed the daytime trading 1.2% higher, at 798.5 Yuan ($111.13), a metric tonne. This is the highest price since July 30.
As of 0709 GMT the benchmark September iron ore traded on the Singapore Exchange had risen by 0.69% to $102.2 per ton. It earlier reached its highest level since July 30, at $102.65.
Analysts at Shengda Futures, a broker, said that iron ore fundamentals remained strong due to a firm demand. This supported the price of this key ingredient in steel production.
Since April, the average daily hot metal production, which is a measure of iron ore consumption, has hovered around 2.4 millions tons, even in July and August, when demand is typically low and output usually contracts.
According to data from the consultancy Mysteel, the production will be around 2,21 million tonnes by the end August 2024.
Analysts at ANZ noted that iron ore prices were also supported by the "hope" that efforts to address overcapacity problems in China's Steel Industry would ultimately improve demand.
A second ingredient in steel production, coking coal, also jumped nearly 8%, hitting the daily limit amid fears of a reduced supply.
A coal trader in Singapore, who spoke on condition of anonymity because he was not authorized to speak to media, said: "Any tiny news from supply could be amplified at this time and drive a sharp movement of price."
Coke grew by 3.16%.
The benchmark steel prices on the Shanghai Futures Exchange have increased. Rebar climbed by 1.38%. Hot-rolled coils grew by 1.89%. Wire rod jumped 2.06%. Stainless steel gained 0.9%. ($1 = 7.1851 Chinese Yuan) (Reporting and editing by Harikrishnan Nair, RashmiAich and Harikrishnan Nair)
(source: Reuters)