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Iron ore gains are limited by a soft China data and resilient demand.
The price of iron ore futures rose on Tuesday, despite the fact that demand for steelmaking ingredients is expected to remain strong in the near term. However, gains were limited due to subdued data from China's largest consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.28% higher, at 725 Yuan ($100.39). As of 0704 GMT, the benchmark June iron ore traded on the Singapore Exchange had risen by 0.15% to $99.6 per ton. Mysteel, a consultancy, said that production among Chinese iron-ore mining companies continued to rise last week. This was due to the resumption of operations at more mines. According to Mysteel, the total volume of iron-ore concentrate produced has increased by 2% each week, averaging 498,800 tonnes per day. Everbright Futures, the broker, reported that hot metal production, which is typically used to gauge demand for iron ore, fell 0.35% on a month-to-month basis to 2,45 million tonnes. Galaxy Futures, a broker, stated that while hot metal production has decreased slightly, it is still high and demand for steel continues to increase. In a report, Hexun Futures said that iron ore shipments from Australia and Brazil, two major producers, increased by 9.53% on a month-to-month basis to 33.48 millions tons. Retail sales and factory output in China were below expectations, while new home prices continued to stagnate. Data released on Monday showed that China's crude-steel output fell 7% in April from March, but production was still high. China and Hong Kong shares rose on Tuesday as the market sentiment improved following China's first major rate cut since October. Coking coal and coke, which are used to make steel, also fell, by 1.47% each and 1.71% respectively. The benchmarks for steel on the Shanghai Futures Exchange have fallen. The Shanghai Futures Exchange saw a decline in steel benchmarks.
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London Copper Prices Fall on Tariff Uncertainty
The copper price in London was slightly lower on Monday as initial excitement over the 90 day tariff truce, between the U.S.A. and China (the top consumer of metal) began to fade. As of 0707 GMT, the benchmark copper price on London Metal Exchange was down by 0.7% to $9,461 per metric tonne. The U.S. has agreed to lower tit-fortat tariffs with China and to implement a 90 day pause in actions. Washington also announced that it would reduce the "de minimis tariff" for low-value shipments coming from China to 30 percent. BigMint, a consultancy, said that analysts project near-term support for prices at $9150/ton. However, spikes could reach $10,000/ton should inventory levels exceed the threshold of 100,000 tons. However, risks remain from U.S. China tariff implementations, smelter profit crises, and negative treatment charges. ANZ Research reported that Chinese buyers are rushing to import scrap copper from the U.S. after the pause in reciprocal tariffs. They said that traders are also concerned about trade disruptions due to the U.S. - China trade war. Separately the Shanghai Futures Exchange is looking at opening its domestic nickel contract to foreign investors in this year instead of launching a contract on their International Energy Exchange. Other London metals include aluminium, which fell by 0.7% to $2432 per ton. Zinc was down 0.3%, at $2667.5; lead rose 0.3%, to $1967.5; and nickel, which dropped 1.01%, to $15 405. Tin fell 0.01% to $22,895. The Shanghai Futures Exchange's (SHFE) most traded copper contract eased by 0.3%, to 77540 yuan per ton ($10,736.94). SHFE aluminium fell by 0.5%, to 20,075 Yuan per ton. Zinc dropped 0.1%, to 22,435 Yuan. Lead fell by 0.3%, to 16,845 Yuan. Nickel declined 0.8%, to 122 870 Yuan. Tin gained 0.3%, to 264 760 yuan.
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Ithaca Energy to purchase a $155 million stake in the Cygnus Gas Field from Centrica JV
Centrica, a British company, announced on Tuesday that Spirit Energy - its joint venture with German utility Stadtwerke Munchen GmbH - will sell to Ithaca Energy a 46.25 percent stake in the Cygnus field for approximately 116 million pounds (155.05 millions dollars). Cygnus is located in the Southern North Sea and is the UK's largest continental shelf gas field. It also contributes to the UK energy security. Ithaca Energy will increase its operating interest in Cygnus from 65% to 85%. This will position the company as a majority owner, and reinforces the strategic goal of becoming one the largest independent energy companies on the North Sea. Ithaca shares rose marginally, but Centrica shares gained 1.4%. Spirit Energy is expected to receive around 215 million pound from the deal. This includes 116 million pound in headline consideration, and 99 million pound in decommissioning obligations. Centrica's share of 69% amounts to 80 million lbs. Chris O'Shea said, "Through this sale we are taking another important step to reduce our exposure to the gas production industry while accelerating the delivery to enhanced shareholder value." The British utility is shifting its focus away from traditional oil and gas production to decarbonisation and renewable energy.
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North and Central China is hit by heatwave
On Tuesday, temperatures above 40 degrees Celsius (104 degree Fahrenheit), scorched northern and central China. Authorities issued heat warnings to farmers and offered assistance to protect their food production. The temperatures in China's Hebei Province, Henan Province, which is a major wheat-producing area known as China's Granary, and Shandong province (in the east) all reached 40 degrees Celsius on Tuesday. Authorities reported that in Zhengzhou and Shahe (both located in Henan Province), the mercury reached its highest level ever for May on Monday. National Meteorological Centre of the United States said that temperatures will continue to rise until Wednesday. Climate change is causing China to experience longer and hotter heat waves, as well as more unpredictable and frequent heavy rain. Authorities have stated that the country's large population makes it particularly vulnerable to global climate change. The Chinese meteorological data shows that 2024 is the warmest year since records started over 60 years ago. This is the second consecutive year where milestones have been broken. The warmer weather last year was accompanied with stronger storms, higher rainfalls and spikes in China's power consumption. The National Meteorological Centre issued a yellow alert for high temperatures on Tuesday. The National Meteorological Centre has a three-tiered colour warning system, with the most severe being red, followed by yellow and orange. CCTV reported that large sprinkler trucks were used in Zhengzhou to cool urban areas. CCTV reported that agricultural experts in Lanling County, Shandong Province, were teaching vegetable farmers how to ventilate plants by using sheds and spraying water, according to CCTV. Shanxi authorities have issued an orange heat alert and sprayed water to cool many areas of the north province known for its coal-producing industry. On Thursday and Friday, a cold air mass moving eastward will cool the north of China with temperatures dropping from 6 to 12 C (11-22 F). In southern Jiangxi, China, more than 100 mm of rain (3.94 in) was recorded throughout the province. Heavy rains last weekend in China's southern Guangdong province and Guangxi affected trains, power and other infrastructure. Alerts were issued for geological disasters and severe flooding in certain parts of the nation. Reporting by Farah master and the Beijing Newsroom; editing by Sonali Paul
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Research shows that the global steel industry is lagging behind in green transition, as coal-powered production increases.
New research shows that 303 million tons of high-emitting capacity of blast furnaces are under development. This is especially true in India and China which are major steel producers. It suggests this will still be the majority of production by 2030. Global Energy Monitor, a U.S. think tank, said that steel production accounts for 11% of the total greenhouse gas emissions responsible for climate change. By 2030, global steel demand is expected to reach 2 billion tons. GEM stated that while cleaner electric arc technology is projected to increase by 24%, blast furnace production is predicted to grow 7%, and will account for 64% total global output. The think tank said that India's efforts to "green" one of the most polluting industries in the world will depend on the measures it takes. India is responsible for 57% all the new coal-based capacity being developed. Astrid Grigsby Schulte, an author of the report, stated in a press release that "India is the bellwether for global steel decarbonisation". How close its steel sector comes to achieving the International Energy Agency's goal of switching 38% furnaces to electric-arc by 2030 will be determined by the actions taken in the sector. GEM data shows that China, the largest steel producer in the world, added around 21 million tonnage of blast furnace capacity during last year. India also added 10 million tonnage. (Reporting and editing by Saad sayeed; David Stanway)
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North and Central China is hit by heatwave
On Tuesday, temperatures above 40 degrees Celsius (104 degree Fahrenheit), scorched northern and central China. Authorities issued heat warnings to farmers and offered assistance to protect their food production. The temperatures in China's Hebei Province, Henan Province, which is a major wheat-producing area known as China's Granary, and Shandong province (in the east) all reached 40 degrees Celsius on Tuesday. Authorities reported that in Zhengzhou and Shahe (both located in Henan Province), the mercury reached its highest level ever for May on Monday. National Meteorological Centre of the United States said that temperatures will continue to rise until Wednesday. Climate change is causing China to experience longer and hotter heat waves, as well as more unpredictable and frequent heavy rain. Authorities have stated that the country's large population makes it particularly vulnerable to global climate change. The Chinese meteorological data shows that 2024 is the warmest year since records started over 60 years ago. This is the second consecutive year where milestones have been broken. The warmer weather last year was accompanied with stronger storms, higher rainfalls and spikes in China's power consumption. The National Meteorological Centre issued a yellow alert for high temperatures on Tuesday. The National Meteorological Centre has a three-tiered colour warning system, with the most severe being red, followed by yellow and orange. CCTV reported that large sprinkler trucks were used in Zhengzhou to cool urban areas. CCTV reported that agricultural experts in Lanling County, Shandong Province, were teaching vegetable farmers how to ventilate plants by using sheds and spraying water, according to CCTV. On Thursday and Friday, a cold air mass moving eastward will cool the north of China with temperatures dropping from 6-12 C (11-22 F). In southern Jiangxi, China, more than 100 mm of rain (3.94 in) was recorded throughout the province. Heavy rains last weekend in China's southern Guangdong province and Guangxi affected trains, power and other infrastructure. Alerts were issued for geological disasters and severe flooding in certain parts of the nation. Reporting by Farah master and the Beijing Newsroom; editing by Sonali Paul
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Wall Street Journal, May 20,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. TXNM Energy, a utility firm, announced that it will be acquired by Blackstone's infrastructure unit in a deal worth $11.5 billion. Cantor Fitzgerald, a Wall Street firm, said U.S. Secretary of Commerce Howard Lutnick had agreed to transfer his stake to his children and to a group investors. He also divested assets from two subsidiaries in compliance with his U.S. Government ethics agreement. Regeneron Pharmaceuticals announced that it would purchase 23andMe Holding, a genomics company, for $256M through a bankruptcy sale. The company also promised to prioritise the ethical use DNA data collected from customers who have used ancestry tests and other services. Wendy McMahon will step down as president and CEO at Paramount Global’s CBS News. She told her staff that the company and she have different views about the future. Paramount Group. A major office landlord in New York City and San Francisco is looking at strategic alternatives, including the sale of its company. Equinor of Norway, the developer of the project, announced that the Trump administration had lifted a stop-work order from a month ago on a major off-shore wind facility planned near the coasts New York and New Jersey.
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Australia's opposition coalition is split after losing the election
After a crushing defeat in a recent national election, Australia's National Party split with its conservative coalition partner, the Liberal Party. The National Party cited policy differences on renewable energy. David Littleproud, the Nationals' leader, told reporters Tuesday that it was time for a break. The split shows how the conservative parties in Australia are under pressure after Anthony Albanese’s centre-left Labor Party won an historic second term at the May 3 elections, fueled by voter anger against Donald Trump’s policies. The Liberal-National coalition, which has been in power for many years, had a long-standing partnership with state and federal governments. They shared the government's power, and the Nationals represented the rural interests and the Liberals the city seats. Littleproud, citing differences in policy, said: "We won't be reentering a Coalition Agreement with the Liberal Party following this election." Sussan Lee, the new leader of the Liberal Party, was appointed last week and had promised to review all policies following the loss in the elections. Labor's tally increased to 94 seats from 77 and it registered its largest ever majority in an Australian elections. The National Party held on to 15 seats. Independents who support gender equality and climate change won key seats in the city from the Liberal Party. Ley is a former outback-pilot with three finance degrees. She was elected the first woman leader of the party after Peter Dutton, the opposition leader, lost his seat at the election. Littleproud said, "She's a leader who needs to rebuild her party. They are on a rediscovery journey and this will give them the chance to do that." He said that the Nationals would "keep the door open" to more coalition talks until the next election. However, they would still defend the rural Australians' interests. Ley had not committed to continue the policy of her party that was adopted at the last election, which supported the introduction of nuclear energy. The Nationals also wanted to crack down on the market dominance of Australia's major supermarkets and improve telecommunications for the outback. Australia is the country with the largest uranium reserve in world, but it bans nuclear power. Littleproud stated that nuclear power is needed as Australia's shift from coal to "renewables" only under the Labor Government was not reliable. He said that wind farm turbines are "tearing up our landscape and destroying your food security". Michael Guerin said that the urban-rural divide is getting worse. He represents farmers in Queensland. He said that the Liberals and Nationals both needed to rebuild. Jim Chalmers, Labor Party Treasurer, said that the split within the opposition is a "nuclear meltingdown" and the Liberals will have a presence in parliament "barely larger" than a cross-bench consisting of 12 independents or minor parties. Reporting by Renju José, Kirsty Neeham and Peter Hobson from Sydney; Editing and production by Tom Hogue and Raju Gopikrishnan
Here's what we know about Trump's planned executive orders after swearing-in
Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his brand-new administration on matters varying from energy to immigration.
2 sources acquainted with the preparation stated more than 200 such orders and regulations could be released starting on The first day in what is understood internally as a shock and awe effort.
Here is what we know about the executive orders so far:
MIGRATION
Trump plans to take a flurry of executive actions targeted at punishing legal and illegal migration and increase deportations after he goes into the White House on Monday, an incoming Trump administration official stated.
Trump means to declare unlawful immigration at the U.S.-Mexico border a
nationwide emergency
to support the construction of a border wall and send extra soldiers to the border, the official stated.
Trump will release a sweeping pronouncement that intends to block access to all asylum at the Mexico border, the official stated. He will likewise provide an order intended to end due citizenship for U.S.-born kids whose moms and dads do not have legal immigration status, the official said.
Mentioning the 14th Modification to the U.S. Constitution, the official stated in an instruction: The federal government will not recognize automated due citizenship for kids of illegal aliens born in the United States. We are also going to boost vetting and screening of prohibited aliens.
The U.S. Constitution's 14th Change offers granting citizenship to all individuals born or naturalized in the United States. Any move by Trump to end bequest citizenship would deal with a legal difficulty.
ENERGY
Among Trump's orders on Monday will state a nationwide energy emergency situation focused on releasing affordable and trusted American energy, an authorities with the incoming White House said. Trump, who vowed throughout his campaign to drill, baby, drill, will likewise sign an executive order focused on Alaska, the authorities said, including that the state was important to U.S. nationwide security and could allow exports of LNG to other parts of the United States and allies.
Sources acquainted with the plans of members of Trump's. shift group have said that Trump is considering executive. orders to target everything from electrical vehicles to. withdrawing again from the Paris environment agreement, an action he. took in his first administration.
Members of his transition team are advising sweeping. changes to cut off assistance for electric vehicles and charging. stations and to enhance procedures obstructing the import of cars and trucks,. elements and battery materials from China, according to a. document seen .
The shift group likewise advises imposing tariffs on all. battery materials globally, a bid to enhance U.S. production, and. then negotiating individual exemptions with allies, the file. programs.
Trump's executive orders will also likely seek to roll back. Biden's climate regulations on power plants, end his pause on. liquefied gas exports, and revoke waivers allowing. California and other states to have tighter contamination rules.
TARIFFS
Trump will provide a broad trade memo on Monday that stops. short of imposing new tariffs on his very first day in office, but. rather directs federal agencies to evaluate U.S. trade. relationships with China, Canada and Mexico, an incoming Trump. administration official stated.
The Republican politician incoming president has actually pledged tariffs of. 10% on global imports, 60% on Chinese goods and a 25% import. additional charge on Canadian and Mexican products, tasks that may. overthrow trade flows, raise costs and draw retaliation.
The authorities, validating a Wall Street Journal report,. said Trump will direct firms to examine and remedy. consistent trade deficits and address unreasonable trade and currency. policies by other nations.
The memo will single out China, Canada and Mexico for. scrutiny but will not reveal new tariffs, the official stated. It will direct companies to examine Beijing's compliance with its. 2020 trade deal with the U.S., in addition to the status of the. U.S.-Mexico-Canada Arrangement, or USMCA, the authorities said.
Trump thinks tariffs would assist enhance economic development in. the United States, although challengers alert that the costs would. likely be passed along to consumers.
TRANSGENDER RIGHTS
Trump will issue an executive order proclaiming that the. U.S. federal government will only recognize 2 sexes, male and. female, an inbound White House authorities stated on Monday. Trump. has pledged to sign an executive order ending transgender rights. in the U.S. armed force and inside U.S. schools.
As for transgender professional athletes, he informed a rally on Sunday that. he would act upon his very first day to stop the involvement of trans. professional athletes in women's sports.
VARIETY PROGRAMS
Trump will likewise release an order ending radical and inefficient. diversity, equity and addition programs inside the federal. federal government, an incoming White Home authorities stated on Monday.
During his first term, Trump signed an executive order. to reduce efforts to deal with racial disparities in the. workplace, through programs including variety training inside. business.
Biden reversed that executive order on his first day in. office in January 2021, and Trump is most likely to renew his. initial order early in his 2nd term, and possibly on his. first day in workplace.
Trump has actually also criticized diversity, equity and inclusion. policies inside universities.
PARDONS
Trump has also said he will do something about it immediately on. taking office to provide pardons for a few of the numerous. people convicted or charged in connection with the Jan. 6, 2021,. assault on the U.S. Capitol by his supporters.
GENDER-AFFIRMING CARE
Trump stated in a project video in 2023 that on his very first day. in office he would revoke the Biden administration's policies. that offer details and resources to those looking for medical. care so they can align their bodies with the gender they. identify with. That care can include hormone treatment and. surgical treatment.
DRUG CARTELS
Trump plans to categorize drug cartels as foreign terrorist. companies in an early executive order, Punchbowl News. reported on Sunday, satisfying a promise he made on the project. path to crack down on the sources of the deadly opioid. fentanyl.
REQUIRING FEDERAL WORKERS TO RETURN TO THE OFFICE
Trump has railed versus work-from-home arrangements for. tens of thousands of federal workers, which were significantly. increased throughout the COVID-19 pandemic, and he has actually pledged to end. them.
In December, Trump said if federal employees refuse to return. to the office, they're going to be dismissed.
By requiring federal government employees back into the office Trump and. his allies hope it could set off large-scale resignations, which. would help in their goal of lowering the size of the federal. bureaucracy.
(source: Reuters)