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Critical Metals and Romania's FPCU partner to establish rare earth processing facility
Critical Metals announced on Tuesday that it would form a joint-venture with FPCU, a Romanian company. The two companies will set up a facility to process 'rare earth minerals' from the Tanbreez mine of Critical Metals. In premarket trading, shares of the company increased by 4%. The company has said that it will supply half of the Tanbreez Project's?rare-earth concentrates to the Romanian joint venture for the entire?lifespan?of the mine, at "mutually agreeable competitive market terms". Tanbreez is a critical project as it provides an alternative source for heavy rare earths, which are vital to the production of electric vehicles, windmills, and defense. Western nations are working to reduce their dependence on China to obtain these essential resources. The Romanian facility will help create a supply chain focused on Europe for rare earths. This will reduce the region's dependence on China, who dominates more than 80% global processing. Tony Sage, CEO of Critical Metals, said: "We are not simply building a facility - we are dismantling China's stranglehold over rare earths. We will empower Europe with secure supplies." The company said that the plant would produce aerospace and military magnets. The company announced in October that it would raise $50m through a private investment in public equity deal (PIPE) with an institutional investor in order to develop its Tanbreez Rare Earth Deposit in Greenland. (Reporting and editing by Katha Kaalia in Bengaluru)
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Russell: China's steel exports are up, but its aluminium shipments are down.
Exports of Chinese steel products are surging this year as the domestic market, particularly in property development, is slumping. However, those of aluminum have fallen due to increased activity in the manufacturing and energy sectors. China is the largest producer of steel and aluminum in the world. Beijing has set informal ceilings for production in both sectors in order to'rein in the overcapacity. Informally, steel production is limited to no more than 1.005 billion tons of previous year. Given that production for the first ten months of this year was 817.87 millions tons, 2025 production will likely dip below 1 billion tonnes, which would be the first time since 2019. Steel mills are trying to compensate for the soft demand by increasing exports. Customs data released Monday shows that China's steel exports rose 6.7% in the first eleven months of this year, to 107.72 millions tons. If December exports are on par with the average of the year, then China's steel shipment will be around 117 million tons. This would be a record, surpassing the 112,39 million tons in 2015. Steel mills are currently able to benefit from exports as domestic prices have been near their lowest levels in five years. On Monday, Shanghai exchange rebar ended?at $312 yuan (about $442.43) a ton, after trading mostly sideways, since the low of 3012 yuan that was hit early June. Chinese steel is priced competitively against other benchmarks. LME contracts for?Turkish Rebar ended at $560.50 per ton last Thursday. China has been able to increase steel exports, despite the fact that several countries have placed tariffs on imports to protect domestic producers. Buying cheaper Chinese steel is a good idea, as much of China's production goes to other Asian nations, particularly those with limited steel production. ALUMINIUM SLUMP China's exports of refined aluminum and its products, which have fallen by 9.2% in the first 11 month of the year, totalled 5.59 million tonnes. China's aluminum production is expected to be very close to its 45 million ton limit, with more metal needed for the country's manufacturing sector and energy sector. Loss of Chinese aluminum on global markets pushed benchmark London prices to $2,920 per ton in December 5th. This was the highest price since May 2022. The contract has increased by 27% from its early April 2025 low price of $2,300. The rising prices of energy have helped Western smelters who have been struggling to stay competitive over the past few years. This is especially true for those based in Europe and Australia. Beijing's annual aluminum output cap of?45million tons will likely tighten the global supply in 2026. It is a question of whether China's steel industry will follow the footsteps of aluminium. It will depend on the speed of recovery in domestic demand if Beijing limits annual steel production at a maximum 1 billion tons. So long as the construction industry is a drag on China's economy, steel mills are likely to continue trying to export their way into profitability or reduce capacity by retiring old furnaces. You like this column? Check out Open Interest, 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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Sources say that top Indian arms manufacturers met in Russia for rare meetings on joint ventures.
Three people with knowledge of the situation said that at least half a dozen top Indian arms manufacturers, including Adani Defence, Bharat Forge and others, met in Russia for rare meetings to discuss possible joint ventures. The meetings took place on the first visit by India's business leaders in defence to Russia after Moscow's invasion of Ukraine 2022. It was not reported before that the business leaders from defence had visited Russia. The Indian government wants to focus its defence relations with Russia on joint weapons development. A potential collaboration with Russia could set back plans for Indian defence firms to develop Western weapons in tandem as part of Prime minister Narendra Modi’s push to turn India, which is one of the largest arms importers, into a global manufacturing centre. Western diplomats previously stated that India's defence ties with Russia, and the large amount of Russian origin arms used by its military (totaling about 36%) are a major obstacle to the transfer sensitive military technology. The talks were held in Moscow on the sidelines a visit of an Indian defence and industrial delegation, led by India's Defence Production Secretary Sanjeev Kumar. This visit was to prepare for the visit by Russian President Vladimir Putin to India, scheduled for December 4-5. Adani Group's spokesperson denied that any executives of its firms attended these meetings. The sources cited the Indian defence ministry as well as the firms that were cited. They did not reply to inquiries for comment. INDIA JOINT PRODUCTION Two sources and an industry executive said that the meetings focused on the possibility of manufacturing spare parts for the Mikoyan MiG-29 jet fighter and other Russian-origin systems of air defence and weapons. They also discussed a Russian proposal for setting up production units for the development of equipment which could be exported to Moscow. The subject matter was sensitive, so they spoke under the condition of anonymity. Russia has been India’s largest arms supplier for decades. During Putin’s visit, the two sides agreed to reorientate their partnership to "joint research and development, as well as co-development and production of advanced defence systems and technologies" in order to support India’s independence in defence. INDIAN EXECUTIVES ARE IN MOSCOW Sources said that a large delegation of representatives of Indian defence units, state-owned companies, and startups involved in developing drones and artificial Intelligence for military purposes attended the meetings. Two sources confirmed that an executive from the Bharat Forge of Kalyani Group, which manufactures components for artillery and missiles, attended the meeting as part of efforts for the joint development of components for 'Russian-origin aircraft and tanks as well as exploring potential future collaborations on helicopters. Sources said that Ashish Rajvanshi was the Chief Executive of Adani Defence and Aerospace. This unit is part of Gautam Adani’s Adani Group which includes everything from airports to apples. A representative of the Society of Indian Defence Manufacturers (SIDM) advisory group was also present. This group includes more than 500 manufacturers of military and defence equipment, including state-owned companies such as Bharat electronics and the defence arm of the conglomerates Tata Sons and Larsen & Toubro. SANCTIONS RISK In 2024, it was reported that a subsidiary of?Bharat forge was one of three Indian companies that exported artillery to Europe. Some were then diverted to Ukraine. This led to a diplomatic protest by Moscow. A senior Indian executive stated that Indian companies would be reluctant to sign new deals with Russia because of the possibility of secondary sanctions. An Indian defence official stated that while India could use its diplomatic outreach and lobbying efforts to offer some protection against sanctions, the companies would still have to consider the political risks. (Reporting and editing by Frances Kerry in New Delhi)
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Sources say that top Indian arms manufacturers met in Russia to discuss potential joint ventures.
Three people with knowledge of the situation said that at least half a dozen executives from Indian arms manufacturers, including Adani Defence, Bharat Forge and others, met in Russia for rare discussions about 'potential joint ventures. The meetings took part during the first visit of?Indian defence business leaders in Russia since Moscow's invasion of Ukraine in 2022. It was not reported before that the business leaders from defence had visited. The Indian government wants to refocus its long-standing defence relations with Russia on joint weapons development. A potential collaboration with Russia could set back plans for Indian defence companies to develop Western weapons in tandem as part of Prime Minster Narendra Modi’s push to turn India, which is one of the largest arms importers in the world, into a global manufacturing centre. Western diplomats had previously stated that the Indian military's use of a large number of Russian-origin weapons, which totalled 36% of the arms in its arsenal, was a major obstacle to the transfer to India of sensitive military technologies. The talks were held in Moscow on the sidelines a visit of an Indian defence-industrial delegation on October 29-30. This delegation was led by India's Secretary for Defence Production,?Sanjeev Kumru, and the purpose of the visit was to prepare the groundwork for the visit by Russian President Vladimir Putin to India on December 4 & 5. Adani Group's spokesperson denied that any executives of the company attended these meetings. The sources cited the Indian defence ministry as well as the other firms. They did not respond to our requests for comment. Joint Production in India Two sources and an industry executive said that the meetings focused on the potential for the manufacture of spare parts for the Mikoyan MiG 29 fighter jet, and other Russian air defence and weapons systems. They also discussed a Russian proposal for the establishment of production units in India to develop equipment which could be exported to Moscow. The subject matter was sensitive, so they spoke under the condition of anonymity. Russia has been India’s largest arms supplier for decades. During Putin's visit, the two sides agreed to reorientate their partnership to "joint research and development, as well as co-development and production of advanced defence systems and technologies" in order to help India achieve self-reliance. INDIAN EXECUTIVES ARE IN MOSCOW Sources said that a large delegation of representatives of Indian defence units, state-owned companies, and startups involved in developing drones and artificial Intelligence for military purposes attended the meetings. Two sources say that an executive from Kalyani Group's Bharat forge, which manufactures components for artillery and missiles, attended these meetings to discuss the possibility of collaborating on future helicopters as well as sourcing or developing components for Russian tanks and aircraft. Sources said that Ashish Rajvanshi was the Chief Executive of Adani Defence and Aerospace. This unit is part of Gautam Adani’s Adani Group which includes everything from airports to apples. A representative of the Society of Indian Defence Manufacturers was also present. This group has more than 500 members including defence divisions of Tata Sons and Larsen & Toubro as well as state-owned companies such as Bharat electronics. SANCTIONS RISK In 2024, it was reported that a Bharat?Forge sub-sidiary was one of three Indian companies that exported artillery to Europe. Some were then diverted to Ukraine. This led to a diplomatic protest by Moscow. A senior Indian executive stated that Indian companies would be reluctant to sign new deals with Russia because of the possibility of secondary sanctions. An Indian defence official stated that while India could use its diplomatic outreach and lobbying efforts to offer some protection against sanctions, the companies would still have to consider the political risks. (Reporting and editing by Frances Kerry in New Delhi)
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HF Sinclair predicts lower capex for 2026 due to reduced maintenance costs
HF Sinclair forecast capital expenditures for '2026 of $775 million. This is a 11% drop from 'its estimated spending this year. After operating at full capacity in 2022 due to supply shortages resulting from Russia's invasion, U.S. refineries have focused on maintenance. The company's budget would be reduced by $325 million, which is less than the $410 millions it had forecasted for 2025. The independent refiner based in Dallas, Texas, said that it was considering expanding its pipeline system across the Rocky Mountain range and West Coast, to "bolster fuel supplies" for markets such as California and Nevada. The West Coast's fuel supply would ease the strain in the region, as two refineries that account for around 20% of California’s refining capability close. Phillips 66 will close its Los Angeles refinery at the end of the year, and?Valero Energy is planning to close the Benicia refining plant next year. HF Sinclair estimates that its refining'segment' will spend $225 million in 2026, compared with the $240 million estimate for?this?year. The company operates seven refineries across the United States, with a combined?oil-processing capacity of 678, 000 barrels per day. The company has increased its investment in renewable diesel and now has a?annual capacity of 380,000,000 gallons. The company estimated that it would spend $875 million on capital expenditures in the current fiscal year. (Reporting and editing by Leroy Leo, Shakesh Kuber and Sumit Saha from Bengaluru)
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Gold prices rise as the markets prepare for Fed guidance regarding easing path
Investors were preparing for the?expected Federal Reserve rate reduction in December and looking for'signs' that policymakers would outline a more accommodative path at their two-day conference, which begins later on Tuesday. By 1130 GMT, spot gold had risen 0.36%. U.S. Gold Futures for February Delivery rose 0.4% to $4232.9 an ounce. The path of least opposition for gold is to the 'upside', said ActivTrades Analyst Ricardo Evangelista. Evangelista said that gold prices could return to $4,300 in the near term if the Fed confirms dovish 'expectations. According to CME's FedWatch Tool the markets now give a 89.4% probability of a rate?cut of 25 basis points when the Fed's policy meeting concludes on Wednesday. But the focus will be any signals regarding the future. Gold is a non-yielding asset that tends to be favoured by lower interest rates. Data released last week showed that the U.S. The Fed's preferred inflation indicator, Personal Consumption Spending Price Index, was in line with expectations. Consumer sentiment also improved in December. The private payrolls in November showed the sharpest decline since more than two-and-a half years. However, jobless claims dropped to a three year low during the week ending November 28. Silver rose by 0.74%, to $58.56 an ounce. Analysts cite tight physical supply, depleted inventories, and supportive macro conditions as the primary drivers of this rally. They are also aided by expectations of Fed rate reductions and a favorable macro environment. Dat Tong is a senior financial markets analyst at Exness. He said that silver prices may consolidate into a broad range of $55-$60 by year's end, depending on the monetary policy expectations. Platinum rose 0.07%, to $1.643.43, while palladium increased 0.4%, to $1.471.06. Reporting by Arunima Kumar, Pablo Sinha, and Ishaan Arora from Bengaluru, Editing by Sherry Jacobi-Phillips (Louise Heavens), Sharon Singleton, and Sharon Singleton
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Greenland grants mining permit to EU-backed graphite mine for 30 years
Greenland issued a 30 year exploitation license to London-listed GreenRoc Mining Plc, for the 'Amitsoq graphite deposits. This is the third permit that the Arctic island government has granted this year due to the increased global demand for essential minerals. Greenland has been slow in developing its mining industry despite having a wealth of natural resources. This is due to the regulatory obstacles and lack of financing. Greenland's mining sector has seen an increase in activity this year due to the increased interest of the U.S. under?the Trump Administration. The European Raw Materials Alliance is backing the project. It aims to produce graphite - a mineral that's deemed crucial for the energy shift and widely used in batteries for electric cars and defence technology. Amitsoq, a mine in southern Greenland that was last in production in 1922, is one of?the world's highest grade graphite deposits. It will produce 80,000 tonnes per year of graphite from the ore. The mining operations will tap flake-graphite that is high in crystallinity and suitable for anodes of lithium-ion batteries. Mineral Resources Minister Naaja Naaja-Nathielsen stated that the exploitation license was the result of a focused political effort to make Greenland a more attractive place for investments while taking seriously the concerns of the people and the environment. The European Union has granted GreenRoc Amitsoq's project Strategic Project Status under the Critical Raw Materials Act. The EU and NATO have both designated graphite a critical raw materials, especially since China, the dominant supplier of graphite, tightened its export controls on the mineral in the last month. Stefan Bernstein, CEO of GreenRoc, said: "Graphite is a raw material that Europe needs to secure its access to." The permit was issued on Monday. Reporting by Jacob GronholtPedersen, Editing by Ali Williams
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FT reports that China will restrict access to Nvidia H200 chips despite Trump's export approval.
Beijing will limit access to Nvidia H200 advanced chips, despite the?U.S. The Financial Times reported Tuesday that President Donald Trump had decided to allow exports of the technology to China. According to a report, regulators in Beijing are discussing ways to allow limited access to Nvidia H200 chips, the second-best generation artificial intelligence chip from Nvidia. This would be a major obstacle for Nvidia, and other leading?U.S. After Trump's announcement on Monday, chipmakers are now able to target the China market. Nvidia's shares, which were up as much as 2 percent in premarket trade, retreated after the report, and ended with a gain of 0.6%. The company did not respond immediately to a request for a comment about the report. Beijing is retaliating against American restrictions by pushing back on the use of U.S. technologies, particularly Nvidia chips. Nvidia has been unable to grow in one of the largest markets for AI chips, China. Trump stated in a Monday post on?Truth Social that the export of H200 chips would be allowed?with a 25 percent fee on such sales. Ipek Ozkardeskaya is a senior analyst with Swissquote Bank. She said that the approval may only have 'limited impact' on Nvidia’s business in China, unless they are allowed to export other chip lines, such as Blackwell and Rubin. In premarket trading, shares of AMD and Intel also saw their gains halved and were last up 0.3%. Nvidia's gains this year are nearly 40% higher than the 16.4% increase in the S&P 500 index. (Reporting from Kanchana Chkravarty, Bengaluru. Additional reporting by Arsheeya Bajiwa. Editing by Arun K. Koyyur.)
Nvidia gains as Trump permits some AI chip sales in China
Nvidia's shares increased 1.7% on Tuesday in premarket trading after President Donald Trump announced that he would?allow the sales of its H200 chip to approved Chinese customers, alleviating concerns about access to one of Nvidia's biggest?markets.
Trump's decision seems to have settled the debate about whether Nvidia, and its competitors should maintain their global leadership by selling their AI chip to China or not.
After Beijing told companies to stop using U.S. tech, it is not clear if the move will lead to new sales.
Nvidia has been hampered by the restrictions that prevent it from selling?advanced AI processing units to China despite a strong global market.
Morningstar analysts stated in a 'note' that the U.S. had?gone backwards and forwards on restrictions and could do so in the future. But now, we?see at least a pathway to meaningful AI revenue in future from?China.
Trump announced in a Monday post on Truth Social that the export of H200 chips - the second-tier AI chip from the company - will be allowed with a 25% surcharge.
Ipek Ozkardeskaya is a senior analyst with Swissquote Bank. She said that the approval may have a limited impact on Nvidia’s business in China, unless they are allowed to export any other chip lines, such as Rubin or Blackwell.
Trump said that the U.S. Commerce Department was finalizing details. The same approach would also apply to other AI chip companies such as Advanced Micro Devices, Intel and Advanced Micro Devices.
AMD and Intel?rose respectively 1.3% and 0.8% in early premarket trading.
China is also increasing its chip manufacturing capability to reduce dependence on Nvidia.
Morningstar said that there is "no assurance" the H200 will be widely used by Chinese parts compared to domestic ones.
Nvidia's stock has increased by nearly 40% this year compared to the S&P 500 index, which rose 16.4% in the same time period. (Reporting from Kanchana in Bengaluru, Editing by Tasim Zaid)
(source: Reuters)