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As more steel mills undergo repairs, the decline in iron ore continues.
Prices for iron ore futures fell on Tuesday as a result of a sluggish demand for steel ahead of the Chinese Lunar New Year later in this month. As of 0246 GMT, the?most traded May iron ore contract at China's Dalian Commodity Exchange was 1.21% lower. It was trading at 777 Yuan ($111.97). The benchmark March ore at the Singapore Exchange fell 0.84% to $102 per ton. Prices fell on Monday due to a general commodities slump, led by gold. Mysteel, a consultancy, reported that iron ore?transaction volumes at major Chinese ports fell as well on Monday. Steel mills are announcing maintenance plans in advance of the Chinese Lunar New Year holidays, which begin on February 16. According to a note from Mysteel, they will resume production by late February or early March. This will temper the demand for feedstock, as hot metal production drops. The global iron ore shipment increased between January 26 and February 1. This was due to the mining giants Australia, Brazil and other countries. Steelhome, a consultancy, released data on January 30 showing that iron ore stocks at major Chinese ports increased by 1.16% in a week. Steel production curbs, environmental regulations, and weak domestic demand are expected to put pressure on prices in the upcoming months, according to a report published by BMI, an arm of Fitch Solutions. The report said that a resilient global economy would continue to support Chinese steel exports by holding prices down. The DCE also lost ground for other steelmaking ingredients, including coking coal, which fell by 1.37%, and coke, which dropped by 0.49%. The benchmarks for steel on the Shanghai Futures Exchange fell. Rebar fell by 0.51%; hot-rolled coils dropped by 0.37%; wire rods and stainless steels both declined 0.26%.
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Japan's food imports will reach a record high in 2025 due to strong US demand
Exports of agricultural, forest and fishery products to Japan rose 12.8% in 2025 to a record high. This was boosted by stronger shipments into the United States, despite the 'new tariffs', and a rebounding export to China from the previous year. The Ministry of Agriculture, Forestry and Fisheries announced on Tuesday that exports reached 1.701 trillion dollars ($10.9 billion), up from 1.507 trillion dollars in 2024. This is a 13th consecutive year of growth and a new record, according to the ministry. Kazuyoshi nakasugi, MAFF's deputy director for export policy planning, said that the demand was driven by a growing global interest in Japanese food, increased awareness among tourists and a growing health consciousness. He said that these factors increased volumes through existing channels of trade and?the development?of new ones and drove exports to a number of countries to record levels, including the U.S.A., Taiwan?and South Korea?. The U.S. is Japan's second largest export destination, with shipments up 13.7% at 276.2 billion yen. Demand for green tea, beef, and other products despite the tariffs implemented in April, has been robust. Exports to China increased 7.0%?to 179.9 bn yen. This is a rebound from a slump of 29% in 2024. China banned imports of Japanese seafood in August 2023 after Tokyo Electric Power began to release?treated radioactive waters from the Fukushima Daiichi Nuclear Power Plant. The ban was lifted?inmid-2025 but some restrictions still remain. Nakasugi stated that "even after the easing of trade, Japan's seafood exports have not recovered much." The government is continuing to encourage diversification of export destinations in Asia and the U.S. for scallops, and other seafood. Beef, rice, yellowtail, green tea and green tea all posted record exports in 2025.
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Dollar firm as oil prices remain steady, markets considering possible deescalation between the U.S. and Iran
The oil prices remained stable on Tuesday, as participants in the market weighed the likelihood of a deescalation of tensions between the U.S. and Iran. A stronger dollar limited the potential for price increases. Brent crude futures?were?up six cents or 0.1% at $66.36 a barrel?at 0102 GMT. U.S. West Texas Intermediate Crude was up 0.2% at $62.24 a barrel. Oil prices dropped more than 4% Monday, after U.S. president Donald Trump stated that Iran is "seriously speaking" with Washington. This signaled a deescalation in tensions between the OPEC country and Washington. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear negotiations on Friday in Turkey. Trump also warned of bad outcomes if there is no agreement, as large U.S. battleships are heading to Iran. The U.S. dollar index was near its highest level in more than a month, limiting the upside. A stronger dollar hurts foreign demand for crude oil denominated in dollars. Trump announced a trade deal on Monday with India, which reduces U.S. duties on Indian products to 18% instead of 50%. In exchange, India will stop buying Russian oil and lower trade barriers. Trump announced the deal via social media after a phone call with Indian PM Narendra Modi. He noted that India had agreed, to purchase oil from the U.S. and possibly Venezuela. India has recently started to reduce its purchases of Russian oil. According to a report, in 'January they were at around 1.2m barrels per day. They are expected to drop to 1m bpd by February and 800k bpd by March. OPEC+ announced on Sunday that it would not change its oil production for March. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq and Algeria, all eight members of the group, have raised their production quotas from April to December 2025 by approximately 2.9 million barrels per day, or about 3% of world demand. (Reporting and editing by Thomas Derpinghaus in Bengaluru, Anushree mukherjee from Bengaluru)
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Asian stocks are up and gold is rebounding in a calmer market
The gold and Asian stock markets were both on the rise on Tuesday, as the trade tone remained calmer after the wild swings on metals markets. Factory activity. Japan's Nikkei gained 2.5% on Tuesday to recover Monday's losses, while South Korea's KOSPI climbed 4%. Futures pointed to a recovery for Hong Kong, while S&P futures rose 0.3% as traders awaited a busy week of earnings. Investors are looking forward to the central bank meeting that will take place in Australia on Tuesday. A strong jobs market, and a surprising hot reading of fourth-quarter inflation have led investors to bet on a rate hike of 25 basis points. Australian shares rose 1.3% early in the day and the Aussie Dollar, which had been bumpy, but recorded its biggest monthly increase in three years last January, was steady at $0.6958. Since U.S. president Donald Trump nominated Kevin?Warsh as the new Federal Reserve chairman, metal prices have been tumbling. Gold rose 3% to $4,800 per ounce in Asia this morning, nearly 9% higher than Monday's low. Silver traded 5% higher at $83.34 per ounce. Warsh's shrinking of the Fed balance sheet is pushing up bond rates, which is bad for precious metals because they pay no income. The price drop on 'Friday and Monday' went beyond the fundamentals. It was a blow to leveraged positions, and traders were forced to sell other assets in order bail out their 'losing bets. Christopher Forbes, CMC Markets' head of Asia and Middle East, said: "It was a flushing-out of leverage that had built up in the system." The bigger question is the pain from the unwinding of the gold and the silver...I am not sure that everyone will make it. WALL STREET STEADIES The PMI data revealed that overnight, U.S. manufacturing activity increased for the first time since a year, in January. This pushed up Treasury yields, but did not change the outlook for rates cuts. The benchmark 10-year yields in Tokyo were unchanged at?4.275%, while the two-year yields in New York, which had risen four basis points, remained at 3.57%. Alphabet shares reached a record high ahead of the earnings due later this week. Disney shares fell 7.4% after it warned about a drop in international visitors at its U.S. Theme Parks and a slump in earnings for its TV and Film division. On Tuesday, AMD and Super Micro Computer, a server equipment manufacturer, are expected to present their after-market reports. After last week's dramatic drop in the dollar, currency markets found a new level. The euro was trading at $1.18 during the Asia session. This is down from highs of $1.20 reached late in January. The yen is trading at 155.54 dollars and has lost about half of the gains made against the dollar after talk of a possible joint U.S./Japan intervention in order to boost the yen. Polls indicate that Prime Minister Sanae Takaichi’s Liberal Democratic Party is likely to win a landslide at the weekend’s elections -- which would put pressure on bonds, and the yen. It would also give a mandate for her fiscal-loosening agenda. The rupee is expected to rise as a result of a U.S. India trade agreement announced overnight by Trump. It reduces tariffs and stops Indian purchases Russian oil in exchange for a suspension. Benchmark Brent crude ended 6% lower at $66.30 a barrel on the back of easing tensions between the U.S. and Iran. (Reporting and editing by Sam Holmes; Reporting by Tom Westbrook)
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Australian shares rise on the back of mining and banking; cenbank to make a decision
The Australian share market rose modestly Tuesday. It was on track to end four consecutive days of losses. Mining and banking stocks were at the forefront, as the index gained ground. This came ahead of the central bank's announcement on the cash rate, which is due later in the day. S&P/ASX 200 Index grew 1.1% by 2323 GMT to 8,875.80, a record high. This is the best trading session since 23 December. The benchmark index fell 1% Monday. Investors will be watching the Reserve Bank of Australia's meeting to determine the monetary policy decision. The rate decision is expected at 0330 GMT. It is expected that the central bank will increase its benchmark interest rate by 25 basis points. In a recent poll, most economists reversed their previous view that the RBA will remain "on hold" following higher-than-expected domestic inflation in the quarter ending December. This is the last of a series of hot economic data including a surprising decline in unemployment. In December, more than 85% of economists predicted that rates would remain at 3.60% in the current quarter. Only about a quarter still hold this view. Financial stocks jumped 1.2% with Commonwealth Bank of Australia, the top lender, reaching its highest level since January 19. Both consumer discretionary and rate-sensitive stocks, such as real estate and consumer discretionary, gained 1.1%. Goodman Group, the data centre kingpin, surged by 1.4%. Electronics retailer JB Hi-Fi is on track to have its best trading session since February 22. After falling nearly 7% in the previous two sessions, miners gained 1.8% today. BHP and Rio Tinto, two sector giants, gained 1,1% and 2,3% respectively. The technology stocks rose in tandem with Wall Street peers, with the index leaders WiseTech Global (up 0.2%) and Xero (up 0.5%), respectively. The benchmark S&P/NZX 50 Index in New Zealand rose 0.5%, to 13,485.20. (Reporting and editing by Alan Barona in Bengaluru, Nikita Maria Jio from Bengaluru)
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Venezuelan interim President Rodriguez meets with US ambassador
The U.S. Embassy and Venezuelan government announced?on Monday? that Delcy Rodriguez, interim president of Venezuela, met with U.S. ambassador Laura?Dogu as the two nations gradually resume their bilateral relations which were broken in?2019. In a press release, the government stated that the meeting was held at the Miraflores Presidential Palace to discuss "the agenda of work between the Bolivarian Republic of Venezuela (BVR) and the United States." Foreign Minister Yvan Yvan Gil said on state television the conversation was about the "common agenda", including energy, trade, economic and political issues. He said that Felix Plasencia - a former foreign minister who served as Venezuela's ambassador in China - will be traveling to Washington, D.C., to serve as Venezuela's 'diplomatic representative', within the next few days. The government reported that Jorge Rodriguez, Rodriguez's brother and head of the National Assembly, was also present at the meeting. Gil, whom Dogu had met the weekend after her arrival in Caracas, also attended. The statement said that "the governments of Venezuela and the United States are working on a roadmap for addressing bilateral interests, through diplomatic dialog and based on mutual respect and international laws." On social media, the U.S. Embassy in Venezuela reported that Dogu had met with Venezuelan officials "to reiterate the three phases that U.S. Secretary of State Marco Rubio outlined three phases for Venezuela, including stabilization, economic recover and reconciliation, as well as transition. After months of increased tensions, U.S. captured Venezuela's president Nicolas Maduro one month ago. This triggered a series of changes, including the swearing-in of Rodriguez, passage of the flagship oil law reform and the release of some political prisoners. Rodriguez said that she wants "balanced, respectful and?international relations' with the U.S. Trump said the relationship between the U.S. and the interim government was going well. The two countries have reached an agreement to export crude oil worth up to $2 billion to the United States. On Friday, Rodriguez announced that he would be introducing a "amnesty" law for hundreds of Venezuelan prisoners, something the human rights movement and the opposition had long sought. (Reporting and Editing by SonaliPaul)
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Campaign group: EU plans to limit EV sales by 2035
T&E, an advocacy group for clean transport, said that electric vehicles could make up as much as 85% of all new car sales by 2035. This is based on the EU's plans to lift its 'effective ban' on new combustion engine models. However, this % share may drop to as little as 50%. In December, under pressure from automakers, the European Commission proposed that CO2 emissions be reduced by 90% in 2035 compared to 2021, rather than zero, for all new cars and vans. T&E criticised the EU for its biggest retreat from green policies in years. The proposals would allow the continued sale of CO2-emitting cars, while Chinese producers continue to race ahead with battery electric vehicles. The European Commission announced in December that it would be supporting the sales of EVs within the EU, and saving?vehicle manufacturers 2.1 billion euro ($2.5?billion over three years), freeing resources to innovate and develop new electric models. T&E published a report on Tuesday that said carmakers would be able to sell between 5% and 50 % of non-BEVs by 2035. The lowest percentage is based on the carmaker selling?high emission internal combustion engine vehicles, while the highest percentage is if the carmaker sells the most energy-efficient extended-range plug in hybrids. T&E stated that the most likely figure is 15% with some combustion engines and a few plug-in hybrids. The report said that, in addition to a longer time frame for meeting 2030 targets, car CO2 emissions will be 10% higher from 2025-2050 than they are now. T&E also said that there was a risk for?further weakened rules' when the proposals were debated in the European Parliament, and the Council (the grouping of EU government). The changes will require approval by both parties. Reporting by Philip Blenkinsop, Editing by Alexander Smith.
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Trump announces that Mexico will no longer send oil to Cuba, which is energy-starved.
Donald Trump, the U.S. president, said Monday that Mexico will stop sending oil into Cuba. He is stepping up his pressure campaign against this Caribbean nation. Trump said to reporters in the White House's?Oval Office that Mexico would halt sending oil. He did not explain why he thought this was the case. The Mexican authorities didn't immediately respond to our request for comment. Mexico is Cuba's largest oil supplier, despite the fact that it suffers from frequent energy shortages. Cuba imports refined fuels to meet its electricity, gasoline and aviation fuel needs. U.S. economic sanctions and U.S. government sanctions have prevented the Communist government for many years from buying enough fuel, leaving it dependent on a small number of allies. The Mexican government is evaluating whether it should continue sending oil to Cuba. It fears that Mexico will face retaliation from the United States for its policy. The administration of President Claudia Sheinbaum said that it would "seek to ship" oil to Cuba, for humanitarian reasons and "without seeking conflict." They also stated that the aid for next week would be "other" products. Last month, tensions between Havana & Washington erupted following the capture by the U.S. of Venezuelan President Nicolas Maduro. Maduro was a long-time ally of Cuba. Trump called Cuba an "unusual and extraordinary threat" for the U.S. national security, and threatened to impose tariffs on any country that sent oil to the communist island. Cuba and the United States have a 'communication,' a Cuban diplomatic told reporters on Monday. However, the diplomat said that the exchanges had not yet developed into a formal "dialogue." Trump has said that the two sides have been in contact. Mexico and regional analysts believe that Cuba may face a humanitarian emergency if it loses its energy supply. Washington's threats may mean that other countries will not be able to make up for any shortfall in Mexico. Sheinbaum was privately questioned by Trump about fuel and crude shipments to Cuba. Sheinbaum replied that the shipments were "humanitarian assistance," according to sources who have been familiar with the call between the two leaders. They also said that Trump didn't directly ask Mexico to stop the oil deliveries. Steve Holland, Daina-Beth Solomon, Trevor Hunnicutt and Christian Martinez contributed to the reporting; David Ljunggren edited it.
EUROPE GAS-Prices mainly lower on Norwegian flows, wind output
LONDON, May 28 - Dutch and British wholesale gas rates mostly decreased on Tuesday early morning on higher Norwegian exports and above-normal wind power output.
The benchmark front-month contract at the Dutch TTF center was down 1.43 euros at 33.80 euros per megawatt hour (MWh) at 0755 GMT, according to LSEG information.
The July agreement was down 1.00 euro at 34.10 euros/MWh, while the British month-ahead agreement inched down by 0.45 pence to 81.60 cent per therm.
Circulations from Norway are rebounding following outages and the existing upkeep schedule from the start of June will have a. negligible impact from some little planned blackouts, stated Wayne. Bryan, head of European gas research at LSEG.
Wind output in Britain is set to stay above regular levels. up until at least June 4, while north-west European wind output is. projection to drop below normal from May 30 to June 1, LSEG data. revealed.
Higher wind generation usually lowers need for gas from. power plants.
However, there is some risk around melted gas. ( LNG) supply, said experts at Engie EnergyScan.
Even if they have actually fallen in the previous weeks, LNG streams to. Asia stay high and they could increase further as summertime power. demand boosts in the region, they stated.
The resulting drop in LNG flows to Europe could tighten the. European gas balance. We can comprehend in these conditions that. market individuals are hesitant to be really bearish on European. gas rates, they added.
In the European carbon market, the benchmark contract. was down 1.35 euro at 74.90 euros per metric heap.
(source: Reuters)