Latest News
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Australia provides $87.4 Million bailout to Trafigura Lead, Zinc Smelters
The Australian government announced on Tuesday that it would provide A$135 (US$87.4M) in financial assistance to two smelters in Australia's southern region owned by Nyrstar. Nyrstar is a subsidiary of commodity trader Trafigura. Trafigura placed its Port Pirie lead-smelting operations, in South Australia, and its zinc processing operation in Hobart in Tasmania under strategic review in early this year after high energy costs and lower processing fees rendered the businesses unprofitable. Nyrstar, as part of its review, assessed the potential of producing antimony, a critical mineral, at its Port Pirie facility, but it would require government assistance to do so. The company said this in May. Antimony is a metal alloy that is used to harden other metals, and it is also used as a flame retardant material. Nyrstar, along with the Australian government, announced Tuesday that they will be undertaking studies to produce critical minerals in accordance with Australia's strategic goal to become a major producer of critical minerals. Nyrstar said it would assess the modifications needed to its operations in order to produce germanium, indium and bismuth at Port Pirie and antimony, and bismuth, in Hobart. It will initially focus on speeding up an antimony pilot facility in Port Pirie.
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Oil prices are little different from one week ago, but concerns about oversupply persist
After three days of declining oil prices, Tuesday's price was little changed. The market was still concerned about oversupply after OPEC+ decided to increase output by a large amount in September. However, the possibility of further Russian supply disruptions helped the market. Brent crude futures remained unchanged at $68.76 per barrel at 0036 GMT, while U.S. West Texas intermediate crude fell 2 cents or 0.03% to $66.27 per barrel. Both contracts dropped by more than 1 percent in the session before, settling at their lowest levels in a full week. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies pump about half of the oil in the world. They have been reducing production for years to help the market. But this year, they increased output to regain some market share. In a recent decision, OPEC+ decided on Sunday to increase oil production by 547,000 barges per day in September. Analysts caution that the actual amount returned to the market may be lower. The U.S. is also urging India to stop purchasing Russian oil, as Washington tries to pressure Moscow to reach a peace agreement with Ukraine. This has increased concerns about a disruption in supply. Donald Trump, the U.S. president, has threatened to impose secondary tariffs of 100% on Russian crude purchasers. The 25% tariff announced in July was followed by a similar one on Indian imports. India is the largest buyer of Russian crude oil by sea. It imported about 1.75 million barrels per day (bpd) of Russian oil between January and June of this year. This represents an increase of 1% compared to a year earlier, according to trade sources. Since the invasion of Ukraine in 2022, India has become the largest buyer of oil from the Kremlin. "Any disruption in these purchases would force Russia find alternative buyers among an increasingly small group" of allies, ANZ senior commodities strategist Daniel Hynes wrote. Analysts fear that the latest U.S. Tariffs against its trading partners could dampen economic growth, and also fuel demand. (Reporting by Anjana Anil in Bengaluru; Editing by Christian Schmollinger)
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Trump threatens India again with tariffs on Russian oil
Donald Trump, the U.S. president, threatened again on Monday to increase tariffs on Indian goods over their Russian oil purchases. New Delhi, however, called the attack "unjustified", and pledged to protect its own economic interests. This further exacerbated the trade gap between the two nations. In a post on social media, Trump stated that "India not only buys massive amounts of Russian Oil but they also sell it for a large profit to the Open Market." They don't give a damn how many Ukrainians are killed by the Russian War Machine. He added, "I will substantially raise the Tariffs paid by India to USA because of this." In response, a spokesperson from India's Foreign Ministry said that India would "take all necessary steps to safeguard its economic and national security." The spokesperson also added, "The targeting India is unjustified" and "unreasonable". Trump said that he would impose new sanctions against Russia and countries that purchase its energy exports from Friday, unless Moscow took steps to end the 3-1/2-year war with Ukraine. Vladimir Putin, the Russian president, has not shown any public signs of changing his stance in spite of the deadline. Two Indian government sources said that India would continue to purchase oil from Russia, despite Trump's threat. Since Russia invaded Ukraine at the beginning of 2022, India has been under pressure to distance itself. New Delhi has refused, citing economic and long-standing ties to Russia. Trump announced in July that he would impose 25% tariffs on Indian goods. U.S. officials cited geopolitical factors as obstacles to a U.S. India trade agreement. Trump has also portrayed the BRICS as a group of developing countries hostile to the United States. These nations have rejected his accusations, saying that the group serves the interests of all developing countries and its members. CRUDE BUYER India is the largest buyer of Russian crude oil by sea. It imported about 1.75 millions barrels of Russian oil per day from January to June of this year. This was an increase of 1% compared to a year earlier, according to trade sources. The Indian spokesperson stated that the country began to import oil from Russia after traditional supplies had been diverted to Europe following the outbreak of conflict in Ukraine. He called it a necessity compelled by the global market conditions. The spokesperson noted also the West's bilateral trade, especially with the European Union: "It's revealing that those nations who criticize India indulge in trade with Russia." Sources say that despite the Indian government's defiance last week, the country's major refiners stopped buying Russian oil. After Trump threatened to impose hefty tariffs, discounts for other suppliers have narrowed. Officials of the Indian government deny any policy changes. Four trade sources said on Monday that India's largest refiner Indian Oil Corp. has purchased 7 million barrels from the United States and Canada, as well as the Middle East. India is also frustrated that Trump has repeatedly claimed credit for the ceasefire between India and Pakistan, which he announced in May on social media. This ended days of hostilities. Richard Rossow, director of the India Program at Washington's Center for Strategic and International Studies, says that the unpredictable nature of the Trump administration is a challenge for Delhi. He said that India's continued purchases of energy and defence from Russia present a greater challenge because it does not know how the Trump administration is going to approach Russia month-to-month. Reporting by Kanishka, Doina, and David Brunnstrom from Washington; Harshita, Meenaktshi, and Manoj, Patel, and Shivam Patel in New Delhi. Writing by Joseph Ax. Editing by Bill Berkrot, Rosalba, and Rosalba Ax.
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Brazil rejects calls to move COP30 amid Amazon City price surge
Brazil has refused to move the COP30 global climate summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global policy. The Developing Countries have said that they can't afford Belem accommodation prices. They have increased due to a lack of rooms. Correa do Lago, a climate expert, said that during a meeting of the United Nations Climate Bureau, representatives from several countries pressed Brazil last week to move the conference out of Belem. This brought to a climax the constant stream of concerns raised with Brazil by members of UNFCCC (the U.N. Climate Secretariat) over the lack of accommodation and the high price in Belem. According to a summary from the COP Bureau meeting last month, UNFCCC informed participants that it had given advice to Brazil about moving certain parts of COP30 – such as the section in which world leaders spoke – out of Belem, to reduce pressure on accommodation. The summary stated that Brazil rejected the idea. The UNFCCC refused to comment. In a statement, the Brazilian Presidency stated that "there are no discussions regarding a possible change of the host city for COP-30." The Brazilian government also reiterated its commitment to a climate conference which is inclusive, accessible, and comprehensive. Para's government said that it is constantly in contact with hotels and landlords, as well as real estate agencies in order to "encourage responsibility and good practice", but that Brazilian law did not allow the government to interfere in a free-negotiated process. Correa do Lago, a local hotelier, said that there are only a few hotels in Belem, and they are charging up to 15 times more than what they normally do. He added, "Maybe hotels don't realize the crisis that they are creating." Accommodation is not the only concern of countries. The countries are concerned about the proximity of rooms to each other so that negotiations can be conducted smoothly. They also worry if there will be sufficient food and if local airports can handle the influx. Brazil, however, has insisted that the preparations for COP30 are proceeding as planned. Brazilian President Luiz-Inacio Lula Da Silva has shown no sign of reversing his commitment to present the Amazon Rainforest to the world. His administration has invested hundreds of millions in Belem's infrastructure to host the conference. This will help state governor Helder Barbalho bring public and foreign investments. Barbalho, an old political ally of Lula's, helped him win the Para election in 2022 and will play a major role in the campaign for the President next year. Lula and Barbalho didn't immediately respond to a comment request. Brazil offered up to 15 rooms for as little as $220 per night to delegates from countries that are considered among the least-developed in the world. This amount is higher than the $146 that the United Nations offers diplomats from such countries for their accommodation, meals and transportation. Correa do Lago, a Correa do Lago, told reporters that infrastructure issues "interfere at a time when we should use to discuss substantive questions." Brazil opened its booking platform for the public on Friday. The website had a waiting list of nearly 2,000 people on Monday morning. However, after an hour, it was possible to access the site. The website showed rates ranging from $360 to $4,000 per night. (Reporting and writing by Manuela Andréoni in Brasilia, and Kate Abnett from Brussels; editing by Christian Plumb and Sandra Maler.
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Brazil rejects calls to move COP30 amid Amazon City price surge
Brazil has refused to move the global COP30 summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global climate policies. The cheapest accommodation in Belem has risen dramatically due to a lack of rooms, and developing countries say they can't afford it. Correa do Lago reported that representatives from several countries pressed Brazil last week to move the climate conference away Belem at an emergency meeting held by the United Nations Climate Bureau. The U.N. Climate Secretariat (UNFCCC) had been raising concerns with Brazil for months about the lack of accommodations and the high price of Belem. The UNFCCC informed participants at the same meeting as the COP Bureau last month that it had given advice to Brazil about moving certain parts of COP30 – such as the section in which world leaders spoke – out of Belem, to ease the pressure on accommodation. The summary stated that Brazil rejected the idea. The UNFCCC refused to comment. In a press release, the Brazilian Presidency stated that "there are no discussions regarding a possible change of the host city for COP-30." The Brazilian government also reiterated its commitment to a climate conference which is inclusive, accessible, and comprehensive. Correa do Lago, a local hotelier, said that there are only a few hotels in Belem, and they are charging up to 15 times more than what they normally do. He added, "Maybe hotels don't realize the crisis that they create." The countries are concerned with more than just accommodation. The countries are concerned about the proximity of rooms offered to delegations to ensure smooth negotiations, as well as whether or not there will be sufficient food and if local airports can handle the influx. Brazil, however, has insisted that the preparations are going well. Brazilian President Luiz-Inacio Lula da Silva is not willing to backtrack from his promise to show the Amazon rainforest at the COP30. His administration has invested hundreds of millions in Belem's infrastructure to host the conference. This helped state governor Helder Barbalho bring public and foreign investments. Barbalho, an old ally of Lula's, helped him win the Para election in 2022 and will play a major role in the campaign for the President next year. Lula and Barbalho didn't immediately respond to a comment request. Brazil offered up to 15 rooms for as little as $220 per night to delegations from countries that are considered among the least-developed in the world. This amount is higher than the $146 that the United Nations provides to diplomats from such countries for their accommodation, meals, and transportation. Correa do Lago, a reporter, told reporters that infrastructure issues "interfere at a time when we should use to discuss substantive matters." Brazil opened its booking platform for the public on Friday. The website had a waiting list of nearly 2,000 people on Monday morning. However, after an hour, it was possible to access the site. The website showed rates ranging from $360 to $4,000 per night. (Reporting and writing by Manuela Andréoni in Brasilia, and Kate Abnett from Brussels; editing by Christian Plumb and Sandra Maler.
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Nornickel's net profit for the first half of 2018 increased by 2% to $842 millions
The Russian metals company Nornickel announced on Monday that its net profit in the first half of 2025 increased by 2%, to $842 millions. This was due to a decrease in inventories. Nornickel's revenues, which are a major producer in nickel and palladium refinement, rose 15% to $6.46 Billion, and earnings before tax, depreciation, and amortization grew 12% to 2.63 Billion, the company said. In a press release, CEO Vladimir Potanin stated that "the company's performance has improved despite the mixed performance of commodity price and unfavourable currency movements." Potanin said that by adjusting our logistics, the management was able reduce the accumulated inventory, while maintaining the increase in cash-operating costs below inflation. Nornickel shares rose 1.1% at the Moscow Stock Exchange. Potanin said the company raised $2.4billion using instruments denominated both in U.S. dollar and China's Yuan, and increased investments by 15% to reach $1.1billion. He said that the company is developing digital and AI tools. They are estimated to contribute $100 million annually to EBITDA. Nornickel may not be directly subject to Western sanctions due to Russia's actions against Ukraine, but the measures have led some producers to refrain from buying Russian metal and to complicate payments. They also restrict access to Western equipment. Nornickel's Net Profit fell 37% by 2024 due to Western sanctions and lower metal prices. It said that it was able to reduce its metal stock due to improved logistics during the first half year. The company said that Russia's central banks will begin to lower interest rates, which would reduce debt servicing costs. (Written by Gleb Brynski, edited by Jane Merriman and Mark Potter).
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Sibanye Stillwater's request for US tariffs on Russian palladium could add to price volatility
Sibanye Stillwater asked the United States for consideration of imposing a tax on Russian imports in order to ensure the viability of U.S. palladium supplies in the long term. This could lead to an increase in the volatility of palladium prices. The petition filed by Johannesburg's Sibanye Stillwater adds yet another layer of uncertainty for prospects in platinum group metals after a rally that has occurred in prices this year, due to lower production in South Africa in the first half and low liquidity on the spot market. In a July 31 statement posted on the website of Sibanye Stillwater, Chief Executive Neal Froneman stated that "we believe that Russian imports of palladium are being sold at below market prices because of various factors. This will begin primarily following the Russian invasion in Ukraine in 2022." "Obtaining relief for dumped and subsided Russian imports will allow Sibanye Stillwater, its employees and the U.S. PGM Industry to compete on more equal terms," he said. The petition will likely be decided within the next 13 months. Nornickel of Russia, the largest palladium miner in the world with a 40% market share, declined to make any comment. Sibanye Stillwater, a South African company with production assets in the United States and South Africa, lost $500 million on its U.S. Palladium assets last year due to low prices. The palladium spot price is up 31% this year. Analysts predicted in a July poll that palladium would be rising in 2025, for the first time since 2004. This was aided in part by the platinum rally. Analysts at Heraeus stated that "although placing duties on Russian Metal would not necessarily affect the market balance of Palladium, it may result in a rerouting of physical metal flows around the world, resulting in price volatility." According to Trade Data Monitor, the United States' top palladium suppliers are Russia and South Africa. China is Russia's second biggest buyer after the United States. According to Heraeus, Russian palladium exports to the U.S. grew by 42% on an annual basis to reach more than 500,000 ounces between January and May. PGMs are widely used to clean exhausts on gasoline vehicles. They have avoided the U.S. sanctions against Russian companies for the Ukraine War and any import tariffs announced in recent months by President Donald Trump. Reporting by Polina Devitt. Mark Potter edited the article.
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India's largest refiner purchases Middle East and US crudes as Trump criticizes Russian purchases
Four trade sources reported on Monday that Indian Oil Corp had purchased 7 million barrels from the United States and Canada, as well as the Middle East. This comes at a time when U.S. president Donald Trump is intensifying his criticism of India over its purchases Russian oil. India is the largest buyer of crude oil by sea from Russia. Russia is currently under Western sanctions due to its involvement in Ukraine. Reports last week said that its main refiners stopped buying Russian oil as discounts from other suppliers shrank. Trump had threatened to impose hefty tariffs for imports of countries who make such purchases. Indian government officials denied that any policy changes had taken place. Trump announced on Truth Social that he would increase the import tax on Indian goods. He accused the country of buying huge amounts of Russian crude oil and then "selling it on the Open Market at big profits" for the majority of the oil purchased. India imported approximately 1.75 million barrels of Russian oil per day from January to June, an increase of 1% over the previous year, according to trade sources. The sources confirmed that IOC, India’s largest refiner purchased crude oil via an auction from the United States and Canada for arrival in September. The sources declined to give their names because they weren't authorized to speak to media. Sources said that the refiner purchased 4.5 million barrels U.S. crude oil, 500,000 barrels Western Canadian Select (WCS), and two million barrels Das oil produced in Abu Dhabi. Two sources stated that the higher than normal purchases were partly made to replace Russian barrels. Last week, it was reported that Indian refiners IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd had not purchased Russian crude for the last few weeks. Indian companies don't comment on oil purchases The sources stated that in the IOC tender, which closed on Friday evening, P66, Equinor and Mercuria would each ship one million barrels U.S. West Texas Intermediate Midland Crude, while Mercuria would ship two million barrels. Vitol is to deliver 1,000,000 barrels each of WTI Midland, WCS and WCS. Trafigura is delivering 2 million barrels Das. The prices of the deals are not available immediately. The Trump administration imposed a 25% tariff on Indian imports after New Delhi failed to agree on a trade agreement. Reporting by Florence Tan in Singapore, Siyi in New Delhi and Nidhi in New Delhi. Editing by Kate Mayberry & Emelia Sithole Matarise.
Exxon has agreed to supply low-carbon ammonia to Japan's Marubeni
Exxon Mobil announced on Wednesday that it had signed a long term agreement with Marubeni, a Japanese trading company, to supply the Japanese trading house 250,000 metric tonnes of low-carbon hydrogen annually. This is Exxon Mobil's first customer agreement signed for its planned facility in Baytown. Exxon has been working to build the largest low-carbon hydrogen facility in the world at its Baytown refinery and chemical complex. The project, which is experiencing delays, will now move forward. The clean fuel hydrogen can be made from natural gas. It produces water upon combustion. Ammonia is used to transport the liquid hydrogen. The company stated that carbon dioxide produced during the production of hydrogen would be captured and stored below ground.
In a press release, Barry Engle said, "This is a positive step for our landmark project."
Exxon's final investment decision on the Baytown hydrogen plant will determine whether or not Exxon signs a customer agreement. Exxon expects to reach a decision in this year depending on government policies and regulatory permits.
Marubeni also plans to take a stake in Exxon Baytown's hydrogen facility. A spokesperson for Exxon declined to disclose the percentage stake.
(source: Reuters)