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China Baosteel’s net profit for the first half of 2018 increases 7.4%
Baoshan Iron & Steel Co., China's largest listed steelmaker reported a 7.4% increase in net profit for the first half of its fiscal year, despite a soft domestic market. However, it warned that protectionist pressures would continue in the months to come. According to a filing with the Shanghai Stock Exchange by the company known as Baosteel it made about 4,88 billion yuan (682 million dollars) in the first six months of this year. This is up from the 4.55 billion earned during the same period in 2024. Baosteel reported that the steel industry struggled with a sluggish first-half demand, despite a contraction in supply. The report added that "the export business will be under pressure during the remainder of the year due to the rise in trade protectionism and anti-dumping duty in Southeast Asia." The dramatic drop in raw material prices has led to an increase in profitability among Chinese steelmills this year. Baosteel reported that the price of iron ore dropped 14.4% from January to June. The price of coking coal fell 41.1%, and the steel price declined 13.5%. Baosteel is a subsidiary owned by the China Baowu Steel Group. It is the largest steel producer in the world. From January to June, Baosteel produced 23,71 million metric tonnes of iron and 25,73 million tons steel. The first half of the year saw an increase in export orders by 9.4% compared to the previous year, reaching 3.32 million tonnes. (1 dollar = 7.1529 Chinese yuan). (Reporting and editing by Clarence Fernandez; Amy Lv, Lewis Jackson)
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India's steelmakers are seeking a near-sevenfold increase in met coke import quota due to a supply shortage
Sources and a government report claim that Indian steel producers are calling on the government for a sharp increase in import quotas of low-ash metallic coke. They want a nearly sevenfold increase, citing a severe shortage. India, the second largest crude steel producer in the world, extended in June import restrictions on low-ash metalurgical coke (a raw material for steelmaking) for six months, starting in July. New Delhi has also imposed country-specific import limits and set a limit of 1.4 million metric tonnes for the period July 1 through December 31. Sources familiar with the matter said that steelmakers have asked Prime Minister Narendra Modi to increase the import quota from 9.3 million tonns. The majority of these additional shipments are sought to come from Indonesia. Senior officials prepared a document that was reviewed by the steelmakers. According to the document, steel firms in Indonesia have requested imports of 2.6 million metric tonnes, which is far more than the current government allocation of 66.364 metrictons. One source, who spoke on condition of anonymity because the deliberations weren't public, said that the rapid capacity expansion of steel companies had strained the availability of met coke. Sources claim that many steel executives have informed the government of the insufficiency of domestic met coke production to meet the demand. The Federal Ministry of Commerce and Industry has not responded to an email seeking comment. Steelmakers like JSW Steel, ArcelorMittal Nippon Steel India and ArcelorMittal have expressed concern over the import restrictions. They claim that the restrictions hinder their expansion plans because it is difficult to source preferred grades locally. JSW, India’s largest steelmaker based on capacity, requested a larger allocation of metcoke from federal trade officials at the end of last month, as reported previously. In the last four years, imports of low-ash coke from China, Japan Indonesia, Poland and Switzerland have doubled. Piyush Goyal urged Indian steelmakers earlier this year to source metcoke locally. As reported previously, the federal Ministry of Steel also supports the import restrictions. It says that local supplies of metcoke are enough to meet demand. Reporting by Neha Bhardwaj, Editing by Mayank Bhhardwaj, and Peter Graff
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Italy will decide on Pirelli's Chinese Investor by September
Italian officials will decide in September whether or not to sanction Sinochem, the Chinese shareholder of Pirelli, for violating Rome's rules to curb Beijing influence over the tyremaker. The investigation by the government could exacerbate a dispute between Sinochem and its largest Italian shareholder, Camfin, as the two first parties claim that China's large holding is a threat to the group's plans to expand in the United States. Sinochem has declined to comment, while Pirelli is not available for comment. Sources who asked not to be identified said that the government of Prime Minister Giorgia Melons was supposed to make a decision by July 31, but it has extended its deadline for completing its investigation by 60 days, until the end of September. In November of last year, the government launched an investigation to determine whether its executives' presence on the board of the tyremaker was in violation of these restrictions. Sinochem, a vehicle owned by veteran Italian businessman Marco Tronchetti Provera (who holds 27.4%), is Pirelli’s largest shareholder with 37%. Tronchetti provera, Pirelli's boss of more than 30 years, has lobbied the government for further actions to limit Chinese influence on the company. This was reported in June. (Reporting and editing by Gavin Jones, Giulio Pieovaccari added reporting, Giuseppe Fonte).
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What does the doubling of Trump tariffs for India mean?
The additional 25% tariff imposed by President Donald Trump on Indian imports went into effect on Wednesday. Some shipments now face a duty of up to 50%, which is among the highest Washington has imposed and equal with Brazil and China. This article explains why an additional tariff was implemented and what this means for India. Why did trade talks break down? India and the U.S. held five rounds since April of trade talks, but disagreements over India's dairy and farm sectors and its purchases from Russia led to the breakdown of the talks. Both sides blamed the failure of the talks on political misjudgment, and missed signals. What tariffs were imposed on India? In July, the U.S. announced that it would impose a 25% tariff on Indian imports. This tariff took effect on 7 August as part of Trump’s reciprocal tariffs against goods imported from countries he claimed had high barriers for U.S. imports. In 2024, the U.S. faced a trade deficit of $45,8 billion with India. Washington, hours before the levy went into effect, announced a 25% additional tariff on Indian products, citing New Delhi’s continued imports from Russia, which now represent about 35% its total fuel imports – up from 0.2% prior to the Ukraine War. The tariff was implemented on Wednesday. WHAT SECTORS WILL THE IMPACT BE? This additional tariff could increase the total duty to as much as 50% on some goods including clothing, jewellery, footwear and sporting goods. It will also affect furniture and chemicals. The deadline was extended to three weeks for goods already on their way to the U.S. Exempted are also steel, aluminum, passenger cars, copper, and other goods that have separate tariffs in reciprocal trade programs. HOW HAS INDIA REACTED? India has pledged financial assistance, including increased subsidies on bank loan and support for diversification if financial losses are incurred due to the tariffs. It has also identified almost 50 countries where it could increase exports. Trade talks are continuing with the U.S., according to officials. HAS INDIA CHANGED ITS POSITION ON RUSSIAN OIL IMPORTS? India hasn't issued a directive on oil purchases from Russia yet, but Russian officials at the embassy in New Delhi claim that Moscow is expecting to continue to supply oil to South Asia. (Compiled and edited by Raju Gopikrishnan; compiled by Sakshi Ddayal)
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Giancarlo Stanton and the Yankees aim to sweep the Nationals
The biggest impact was made by Giancarlo Stanton's return to the field after a day of rest. Anthony Volpe, the shortstop for New York Yankees, had been out for two starts. Stanton, who just played his first game in over three years with at least five runs batted in, will try to lead the Yankees and the Washington Nationals to their fourth consecutive win on Wednesday. Stanton didn't play on Monday, as New York won 10-5. Volpe was also unable to play for the second consecutive night. Volpe returned to the game on Tuesday, but went 0-for-4. Stanton had a bases clearing double in the third and a 2-run home run in the sixth inning as the Yankees won 5-1. Stanton has hit.354 (17 for 48) this season with runners in scoring positions, despite not making his debut until 16 June due to an elbow problem. "He's gotten really good at the mental game." Aaron Boone, the manager of the Yankees said. Aaron Boone, the manager of the Yankees, said: "He has a great ability to focus and to be disciplined in his work and preparation. He's also going to be convicted and stick to his plan." Stanton has a.313 season average after his latest big night. He has never had a season where he hit more than.300. Stanton has been batting.472 in the past 13 games. This coincides with his return to outfield while Aaron Judge recovers from a flexor tendons injury. He also has seven home runs and 18 RBIs. Cody Bellinger, a teammate, said: "It is very impressive." "Really, really impressive." The Nationals also want to avoid their fifth consecutive loss. Washington has lost nine of its last 26 games, and is 6-9 over the past 15 games. CJ Abrams was responsible for three of Washington Nationals' eight hits, but they struck out 12 and were two outs at the base. Abrams stated, "We swung our bats." "The timely strikes weren't there. We had some opportunities to score more runs, but we failed to do so. So we have to do it (Wednesday). Max Fried (13-5, 3.14 ERA), coming off of his best start in the last two months, will be starting the final series for the Yankees. Fried, who had a 6.80 ERA over his eight previous outings before Friday's 1-0 loss by the Boston Red Sox, allowed only four hits in six innings without allowing any runs. He was given a no decision. This was his first scoreless outing since June 5, when the Cleveland Guardians he faced for six innings. Fried had pitched five scoreless appearances, and the Yankees won four of them before Friday. They are now 16-10 this season in Fried's starts. The left-hander has a career record of 8-5 and a 3.97 ERA over 19 appearances (18 starts). Cade Cavalli will be making his sixth career start, and fifth of the year, for the Nationals. Cavalli has increased his pitch count, throwing 95 pitches on Friday in Philadelphia. The right-hander pitched six innings, allowing three runs and seven hits. He was not given a decision after pitching seven innings without allowing a run against the Phillies. Field Level Media
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Shares of UK-based Hochschild Mining plummet after it slashes its gold production forecast for a Brazilian mine
Hochschild Mining, a British company, slashed its full-year production estimate for the Mara Rosa mine in Britain by over half on Wednesday. This comes months after the mine was shut down due to a lackluster gold output. Shares fell nearly 20%. The first gold mine of Hochschild in Brazil has been affected by contractor and weather related disruptions. This led to production delays, reduced output and increased costs. The mine's production of gold is expected to be only 35,000-45,000 in ounces, down from the previous prediction of 94,000-104,000. The FTSE 350 index of precious metals, mining and minerals fell 2.3% to 730 GMT as Hochschild shares dropped as much as 19%, or 246.2 pence. The RBC Capital Markets analysts stated in a note that "although the guidance downgrades did not catch us by surprises, the cost levels for 2025 have driven a recalibration of our future forecasts." Hochschild's target price was reduced from 340 to 320 pence. Mara Rosa said that it has resumed its operations and costs will be between $29 and $30 million for sustaining and development expenses in this year. The minimal contribution of the country to gold production in the third-quarter also resulted in a reduction in annual production from 350,000 to 378,000 ounces to 291,000 to 319,000 ounces. (Reporting and editing by Sherry Phillips in Bengaluru, Janane Venkatraman, and Yamini Kalia from Bengaluru)
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Iron ore prices fall as supply increases and offsets strong near-term demand
The price of iron ore fell on Wednesday, for the second session in a row. This was due to a rising supply that outweighed brisk short-term demand. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.64% less than its previous closing price, which was 777.5 Yuan ($108.70). As of 0714 GMT, the benchmark September iron ore price on the Singapore Exchange remained flat at $102,35 per ton. The daily hot metal production hovered around 2.4 millions tons due to healthy steel margins. This boosted demand for raw materials including iron ore and stopped a price drop. According to the National Bureau of Statistics' data, the profit of Chinese steelmakers jumped by 5175% in the first seven month period, to 64.4 billion Yuan. Meanwhile, China's industrial profits dropped for the third consecutive month in August. Analysts also said that iron ore production is likely to increase in the rest of the year. This will put further pressure on the price. The first half of this year saw a drop in shipments from Australia, a key supplier. This was due to cyclones that caused disruptions in the earlier part of the year. Galaxy Futures, a broker, said that downstream consumption of steel showed signs of easing as the demand for manufacturing declined. The China Iron and Steel Association, a state-owned organization, reported that steel inventories increased to 15,67 million tons between August 11-20. This is a 4% increase from the previous 10-day period. There are increasing doubts about whether the steel market will experience its usual seasonal recovery in September. Steel demand could be softening, affecting the appetite for feedstocks. Coking coal and coke fell by 3.87% and 2.82 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange have fallen. The Shanghai Futures Exchange saw a decline in steel benchmarks. ($1 = 7.1529 Chinese Yuan) (Reporting and editing by Sumana Jacob-Phillips and Sherry Jackson)
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The US tariffs on Indian oil imports were triggered by the peace talks in Ukraine and India's Russian oil imports
India, which is the third largest oil consumer in the world and also the biggest buyer of Russian crude oil by sea, has been caught up in the diplomatic negotiations between Russia, and the United States, to end the conflict in Ukraine. Why has Trump imposed additional tariffs on Indian goods? In retaliation against New Delhi's increased purchases of Russian oil, President Donald Trump has added an additional 25% to the tariffs already in place on Indian goods. This is among Washington's most severe. Peter Navarro, White House's trade adviser, said that India's purchases were funding the war of Moscow in Ukraine. He called for an end to these purchases. The Treasury Secretary Scott Bessent stated that India is profiting from its increased oil imports. These now account for 42% of the total purchases, up from less than 1% prior to the war. Washington called this a change in policy unacceptable. Trump's approach is in stark contrast to that of the former Biden Administration, which welcomed India's Russian purchases to keep oil prices in check, as they reached a high of $139 per barrel in 2022. Why is India buying Russian oil? Since the Ukraine War broke out in 2022, India and China are the largest Russian oil purchasers. The West has shunned Russian energy imports and set price caps for Russian oil. There is no prohibition on buying Russian oil as long as the deal meets the parameters of Western sanctions. The Indian government wants to reduce the massive import bill for crude oil and make energy affordable to its 1.4 million citizens. The import of Russian oil at discounted prices has also allowed India to diversify away from the more expensive Middle Eastern grades. India's energy import policy will be guided by its national interests. India imports more than 85% of the total oil it needs to refining its 5.2 million barrels of crude per day. Will India continue to buy Russian oil? People familiar with the situation said that India will not stop buying Russian oil for now due to concerns about energy security. According to LSEG data on trade flows, India's imports from Russia are expected to drop in September compared to August. This is because state refiners halted their purchases due smaller discounts. Indian refinery sources said that India's Russian crude oil imports will remain low as state-refiners do not want to purchase at discounted prices and instead are only interested in distressed cargoes. Trade sources reported that discounts for Russian Urals crude shipped to India are now about $2.50 a barrel compared to Brent dated, down from $20 to $25 per barrel at the start of the war in February 2022. Officials in India said that it would be difficult to replace Russian oil supplies because the price of barrels will increase significantly. How much oil does India buy from Russia? India imported 1,73 million barrels per day (bpd) of crude oil from Russia between January-July, which accounted for more than one third of India's overall imports. Due to logistical limitations, such as expensive and longer shipping routes, Russian oil accounted for only a fraction of India's total imports. After increasing its Russian imports, India has reduced its crude oil intake from Middle Eastern countries and African nations. Who are the top buyers of Russian oil in India? Reliance Industries, a private Indian refiner, and Nayara Energy, a private Indian energy company are the two largest buyers of Russian crude oil. Reliance owns the largest refinery in the world, while Nayara's majority is owned by Russian companies, including Rosneft. Reliance signed a contract for a set period of time with Rosneft. This is India's biggest oil import agreement with Russia. The two companies together account for approximately 60% of India's total Russian crude oil imports. State-run refineries, on the other hand, purchase Russian oil at spot prices and pay for it as delivered. Alternatives to Russian Oil In recent months, Indian companies have increased crude imports to the U.S. from the Middle East and Middle East to replace Russian supplies.
United States cracks down on Russia sanctions evasion in fresh action
The United States on Wednesday enforced curbs on numerous targets in fresh action against Russia, taking aim at sanctions circumvention in a. signal that the U.S. is dedicated to countering evasion.
The action, taken by the U.S. Treasury and State. departments, enforced sanctions on nearly 400 entities and. people from over a lots various nations, according to. statements from the Treasury and State departments.
The action was the most collective push so far versus. 3rd nation evasion, a State Department official told Reuters. It included sanctions on lots of Chinese, Hong Kong and Indian. companies, the most from those nations to be hit in one. bundle up until now, according to the authorities.
Also struck with sanctions were targets in Russia, the United. Arab Emirates, Turkey, Thailand, Malaysia, Switzerland and. in other places.
The action comes as Washington has sought to suppress Russia's. evasion of the sanctions enforced after its 2022 invasion of. Ukraine, which has actually killed or wounded thousands and lowered. cities to rubble.
The U.S. has actually consistently warned versus supplying Russia with. Typical High Concern Products - innovative components consisting of. microelectronics considered by the U.S. and European Union as likely. to be utilized for Russia's war in Ukraine.
This need to send a serious message to both the federal governments. and the private sectors of these nations that the U.S. government is devoted to countering the evasion of our. sanctions against Russia and to continue putting pressure on. Russia to end its war in Ukraine, the authorities, speaking on. condition of privacy, stated.
The U.S. Treasury Department imposed sanctions on 274. targets, while the State Department designated more than 120 and. the Commerce Department included 40 business and research study. organizations to a trade constraint list over their alleged. assistance of the Russian armed force.
The United States and our allies will continue to take. definitive action around the world to stop the circulation of critical. tools and technologies that Russia requires to wage its unlawful and. immoral war against Ukraine, Deputy Treasury Secretary Wally. Adeyemo said in the statement.
A senior administration official stated Wednesday's action was. developed to indicate the U.S. would do something about it against Indian. companies if development is not made through interaction.
With India, we have been very direct and blunt with them. about the concerns we have about what we view as sort of emerging. patterns in that nation that we want to stop before they get too. far down the roadway, the authorities, speaking on condition of. anonymity, stated.
India-based Futrevo was among the business targeted by the. State Department, which implicated it of being involved in the. supply of high-priority products to the Russia-based producer. of Orlan drones.
The Treasury likewise targeted Shreya Life Sciences Private. Limited, which it said since 2023 has actually sent numerous shipments. of U.S.-trademarked technology to Russia, amounting to tens of. countless dollars.
CHINA
A second senior State Department official told Reuters. in an interview on Tuesday that more than 70% of the. high-priority products getting to Russia was from China, more than. an approximated $22 billion worth considering that the start of the war.
That's over 13 times the next biggest provider, the. authorities stated, which as of completion of 2023 was Turkey.
Amongst those targeted Wednesday were Hong Kong and. China-based business involved in the delivery of tens of. millions of dollars worth of high-priority products to Russia-based. companies or end-users, the State and Treasury departments stated.
The U.S. also did something about it on a range of entities. supporting Russia's Arctic LNG 2 job, which is 60% owned by. Russia's Novatek, and was to end up being Russia's largest. melted gas plant.
Novatek has actually been forced to scale back Arctic LNG 2, which. had been prepared to reach an ultimate output of 19.8 million. metric heaps each year, following a raft of U.S. sanctions. beginning in 2023 with additional measures in August and. September.
But the U.S. kept back from utilizing an executive order signed. by President Joe Biden last year that threatened charges for. banks that help Russia prevent sanctions. The senior administration authorities said banking sectors had. paid attention to the authority and sort of moved into compliance.
(source: Reuters)