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What is in the EU draft Clean Industrial Deal?
A draft package was revealed on Tuesday by the European Commission. The package will be proposed next week to help EU industry stay competitive and reduce their carbon footprint. The European manufacturing industry is facing a number of challenges, including a weak demand for its products, the cheaper Chinese competitors and upcoming tariffs by U.S. president Donald Trump on imports of steel and aluminum. Here are the key elements of a leaked EU 'Clean Industrial Deal,' which is intended to revitalize Europe's struggling domestic industries. Energy Prices Energy prices in Europe are up to three-times higher than those of their American competitors, and Brussels has been under pressure to reduce this price differential to help local businesses to compete. The draft EU document detailed plans for an European Investment Bank scheme that will launch by the end March. This scheme would offer guarantees to smaller companies for signing power purchase agreements, helping them lock in renewable electricity generators with predictable prices. The EIB will also provide support to manufacturers who produce components for power grids to upgrade Europe's aging energy networks. A proposed EU legislation in the fourth quarter would provide fast-tracked permits for energy-intensive industries in order to boost investment in clean industrial project. The draft states that Brussels will recommend to all 27 EU member countries to lower electricity taxes to the legal minimum to reduce consumer bills on a short-term basis. The Commission plans to also soften existing EU gas storage filling target, which the EU planned to extend past 2025. This is in response Germany and other countries who are concerned that fixed deadlines for filling storage could raise gas prices. PUBLIC PURCHASING, STATE AID The EU plans to make it easier for businesses to get state aids and other financial incentives when they undertake projects that reduce their carbon emission. EU governments will be allowed to offer tax breaks on clean industrial investments through measures like accelerated depreciation. This allows businesses to depreciate a larger part of an asset sooner. The draft stated that these changes will be made by simpler EU state aid regulations, which are due to be published in July. The EU will help countries to use national state aids to combat energy price spikes. This could include using subsidies to protect consumers from high gas costs. Gas is the main source of electricity for most EU consumers, despite the rapid expansion of renewable energies in the EU. In 2026, the EU's public procurement rules are set to be reformed. Buy-Europe criteria will be added in order to increase demand for local products. Trade and CO2 Costs According to the draft Clean Industry Deal, the EU will continue using anti-dumping and anti-subsidy duty as long as industries continue to be concerned about cheap imports, particularly of electric cars, and other clean technologies from China. Before 2026, the bloc will start collecting taxes on steel, cement and various other imports. The EU wants to simplify rules in order to reduce the administrative burden on industry. It could potentially scale back the carbon border tax to only 20% of companies that are covered by the scheme because they produce nearly all the emissions. The draft stated that the Commission would propose a scheme to fund industrial CO2-cutting project using revenue from the EU Carbon Market, but did not specify how much money would be set aside.
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Tin prices hit 4-month peak on declining stocks, tight supplies
Prices of soldering tin reached four-month highs Tuesday due to concerns about the supply from Indonesia, a major producer. Also, stocks registered at the London Metal Exchange have been declining. The benchmark tin price on the LME rose 0.5% to $32,850 per metric tonne after reaching $33,065, which was its highest level since October 14, and has gained 14% this year. After Indonesia's January refined-tin exports fell 67% from December to 1,566 tonnes, prices of the metal have risen higher than other metals traded on the LME. A tin dealer said that the approval time for export permits is expected to delay tin exports in Indonesia during the first quarter. This is because several smelters need to get their export quotas approved by the government, on top of the export permits they already have. He said that the remaining permits will be issued in February. However, the muslim fasting month Ramadan may slow down the mining activity in March. This would allow exports to only fully recover in the second quarter. Analysts at Macquarie believe that the global tin industry will also be facing a deficit of 13,000 tons this year. This compares to a shortage of 14,000 tonnes in 2024. Macquarie estimates that global tin supply will be 388,000 tons in 2018. Tin stocks stored in LME warehouses provide further support to prices At 3,910 tonnes, they are down 21% from late 2024 and at their lowest level since mid-2023. Demand for tin continues to be strong. According to the Semiconductor Association, global semiconductor sales will grow by double-digits in 2025. (Reporting and editing by Jan Harvey; Polina Dewitt)
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The price of gas in Europe has risen on the news that EU is working on flexible storage targets
Dutch wholesale gas contracts recovered earlier losses which sent prices to near four-week lows. Prices also rose after an EU draft will be working on more flexible targets for filling gas storage. A draft EU document revealed that the European Commission would work to develop more flexible targets so EU countries can fill their gas storage before winter. This follows concerns from some governments about Europe's strict deadlines for filling up. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub reversed earlier losses, and rose by 1,63 euros, or $15.16/mmBtu to 49.45 Euros per megawatt hour The contract traded earlier at 47.15 Euros/MWh, the lowest level since 20 January. The Dutch April contract increased by 1.85 Euros to 49.58 Euros/MWh. The day-ahead contract in Britain was up by 0.8 pence to 118.55p/therm. According to LSEG, the TTF benchmark front month contract has dropped around 16.5% from its intra-day two year high of 59.27 euro/MWh on February 10. In 2022, after Russia cut gas supplies to Europe, the European Union introduced its current targets. Member countries are required to fill their storage caverns up to 90% capacity by November. Intermediate targets include February, May and July. The draft document of the European Commission, which is due to be released next week, states: "The Commission, in conjunction with the extension of the Gas Storage Regulation, will work with the member states to promote more coordinated, flexible, and dynamic gas storage refilling targets, including." The document added that this will "reduce the stress on systems associated with gas storage refilling". Gas Infrastructure Europe data shows that EU gas storage sites are about 44,05% full and have been for the past few months. This is due to colder weather and less wind. On Tuesday, U.S. officials and Russian officials met in Riyadh. This could pave the road for a meeting between U.S. president Donald Trump and his Russian counterpart. The benchmark carbon contract in Europe was down by 1.76 euros at 75.45 euro per metric ton. (Reporting by Susanna Twidale, Editing by Nina Chestney & Shailesh Kumar)
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NOPA US soybean crush in January drops to 200.383 millions bushels
According to data released by the National Oilseed Processors Association on Tuesday, U.S. soybean processors crushed their second largest volume of soy beans ever in January. This is down from a record-high set in December. NOPA members, who account for 95% or more of U.S. processed soybeans, crushed a total of 200.383 millions bushels last month. This is down 3.0% compared to December's record crushing of 206.604million bushels, but 7.9% higher than the January 2024 crushing of 185.780million bushels. Nine analysts polled estimated that the January 2025 crush would be below 204,536 million bushels. Estimates ranged between 200.000 million and 208.700 millions bushels with a median estimate of 205.000million bushels. As several new plants came online, soybean crushing rates increased. Other crushers also expanded their capacity to meet the rising demand for biofuels. Analysts say that a period of extreme cold last month likely affected the efficiency of plants, while snowfalls and icy roads on several southern states hampered some processors. They said that the slow pace of crushing at some plants was also due to soymeal supplies. As of the 31st of January, the stock of soyoil among NOPA's members reached a new six-month record of 1.274 bn pounds. This is up 3.1% compared to the 1.236 bn pounds of stocks at the end December. However, this is down 15.4% compared to the 1.507 bn pounds of stocks one year ago. Six analysts estimated that, on average the analyst's expected stock to increase to 1.289 billion pound. Estimates of soyoil stock ranged between 1.135 billion and 1.478 billion pounds, with a median of 1.275 billion pounds. (Reporting from Karl Plume).
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Tupras, Turkey's largest refiner, has stopped buying Russian crude after sanctions
The company stated on a conference call after releasing its earnings that the largest Turkish oil refiner, Tupras, has stopped purchasing Russian crude due to U.S. sanctioned announced on 10 January against Russian energy companies as well as tankers transporting Russian oil. Levent Bayar is the executive director for investor relations at Tupras. He said, "We have stopped purchasing Urals due to the recent sanctions. We will receive our final cargoes in February." Tupras has become one of Russia's largest importers since the invasion of Ukraine by Moscow in 2022. According to data provided by Turkey's energy regulator, Russian oil accounted for 65% of Turkey’s total oil imports between January and November 2024. Kpler, a shipping data analytics company, reported that Tupras's Russian crude imports nearly doubled from 2021 to 2022 at 170,000 barrels per day. This is the highest level ever. Kpler data shows that Tupras imported 170,000 barrels per day of Russian crude in 2022, nearly doubling from 2021. Tupras reported on Tuesday a net profit for the full year of 18.32 billion Lira ($505.13million) as opposed to a profit last year of 77.35 milliards. $1 = 36.2680 Lira (Reporting and editing by David Holmes; Enes Tunagur)
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Qatar invests $10 billion in India
Qatar has pledged to invest $10 billion in India in various sectors. The two nations announced this in a statement released on Tuesday after Qatar's Sheikh Tamim Bin Hamad Al Thani visited New Delhi. The Indian Prime Minister Narendra Modi stated that he had "a very productive meeting" during his two-day New Delhi visit with Qatar's Emir. Trade was a major topic in our discussions. Modi wrote in a blog post that he wanted to diversify and increase India-Qatar's trade ties. This was the first visit of a Qatari emir to South Asia in the last 10 years. Qatar has announced that it will invest $10 billion dollars in India, in areas such as infrastructure, technology and manufacturing, food safety, logistics, hospitality, and others. Indian Foreign Ministry said that the two countries are looking to sign a free-trade agreement and double their trade in five years to $28 billion. In the fiscal year ending March 2023, bilateral trade between the two countries was $18.77 Billion. This included mainly liquefied gas imports from Qatar. In 2010, Qatar was responsible for nearly 48% of India’s LNG imports. Both sides agreed to work together on enhancing bilateral energy cooperation. This would include mutual investments in energy infrastructure as well as settlement of bilateral trade using their respective currencies. Reporting by Shivam Patel; writing by Shilpa jamkhandikar, Tanvi Mehta and YPrajesh; editing by Hugh Lawson and YP Rajesh
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Brazil's Government Split over Multi-Billion Dollar Nuclear Plant Completion?
Two sources said that the Brazilian government is split over the completion of its third nuclear plant, after 40 years in construction. The country's economic team wants the project abandoned. The National Energy Policy Council, which has been delaying its decision about the Angra 3 plant since late last year, is the final authority on this matter. The Minister of Mines and Energy, Alexandre Silveira said that the matter is expected to come up at the next CNPE Meeting, which has not yet been scheduled. The construction of the plant in Angra dos Reis on the coast began in 1980 but was repeatedly halted due to funding issues and a corruption investigation in 2015. The project was unsuccessfully revived in 2022. This debate is taking place as President Luiz inacio Lula da So aims to position Latin America’s largest economy as an investment hub for green investments. In response to the increasing demand for climate friendly power, several countries in recent years have reconsidered their nuclear energy. Some people argue that Brazil's natural advantages are undermined by supporting nuclear energy. These include wind, solar, and hydropower. Many experts, however, consider that nuclear energy is a better alternative than thermal power. Thermal power is more costly and polluting. However it's often used during droughts. Both are similar in cost. The discussions were private, so the source spoke under condition of anonymity. The main argument against this is the lack funding. Who is going to cut their budget for this?" The project is supported by Energy Minister Silveira. In November, he called Angra 3 "a mausoleum." The Finance and Planning Ministries refused to comment. High Costs According to a study conducted by the state-owned development bank BNDES, the completion of the plant will require an additional 23 billion reais (4 billion dollars) in addition to the 12 billion reais that have already been spent. Eletronuclear, a state-owned company that oversees the project, has said it will take five years to complete the construction, plus the time needed for bidding, site mobilization, and other activities. BNDES also estimated that cancelling the project would cost 21 billion reais, including termination of contracts and penalties for canceling subsidized finance. One source claimed that the Finance Ministry had modeled scenarios in which total costs could reach up to 30 billion reais and warned of the possibility that electricity generated by the plant would drive up bills. Eletronuclear's President Raul Leite told a group of supporters that they plan to raise the majority of the funds needed from the market. He said that the worst infrastructure project was one that remained unfinished. Maintaining the Angra 3 site, which is still not finished, costs more than 1 billion reais per year. ? (Reporting and editing by Nick Zieminski, Bernadettebaum and Marcela Ayres)
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Gold prices rise as Trump's tariffs fuel demand for safe-haven assets
Gold prices rose Tuesday, as investors sought safe havens in gold amid concerns about economic growth caused by uncertainty over President Donald Trump's tariff plan. As of 09:32 am, spot gold rose 0.9% to $2.923.89 per ounce. After hitting a record-high of $2,942.70 in the previous week, ET (1432 GMT), gold prices rose 0.9% to $2923.89 an ounce. U.S. Gold Futures increased 1.4% to $2.940.30. Jim Wyckoff is a Kitco Metals senior analyst. He said: "We're seeing an increase in safe-haven demands due to the disruption of the Trump Administration and we also have a bullish chart position." Since taking office, Trump has quickly redrawn global trade battle lines with a series tariffs. Plans are in motion to impose sweeping tariffs on any country that taxes U.S. goods. Commerzbank's analysts wrote in a report that central bank purchases should continue to be supportive. The focus of the market has now shifted towards the minutes of the U.S. Federal Reserve meeting that are due on Wednesday, for clues about the central bank's future interest rate path. Wyckoff stated that if the economy begins to falter due to trade tariffs, we may see lower interest rates. Safe-haven gold bullion is a good investment because of geopolitical or economic uncertainty. It also thrives in low interest rates, as it pays no interest. At these levels, it is impossible to ignore the possibility of a further pullback. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that in order for gold to reach higher levels, there may need to be an increase in geopolitical risk, especially about Ukraine. Silver spot fell by 0.7%, to $32.57 per ounce. Platinum increased by 0.8%, to $983.20. Palladium rose 1.8% to $879.60.
Canadian Energy Associations Push Back on Trump Threat

Five of Canada’s largest energy-focused industry associations have formed a joint working group to support the push against the threat of a 25% tariff on all Canadian goods from the incoming U.S. President, Donald Trump.
The Canadian Association of Petroleum Producers (CAPP), Pathways Alliance, Enserva, the Explorers and Producers Association of Canada (EPAC), and the Canadian Association of Energy Contractors (CAOEC) are working together to support cross-Canada efforts to prevent tariffs from being placed on Canadian oil and natural gas exported to the United States while also preparing to mitigate impacts in the event those tariffs become a reality.
Canadian oil and natural gas make up the largest part of Canada’s trade value, representing 25% of all the country’s exports and about $150 billion worth of energy trade with the United States annually.
The joint working group represents more than three-quarters of Canadian oil and natural gas production and hundreds of businesses across the country that make up a significant part of the energy industry’s supply chain.
“The oil and natural gas trade between Canada and the U.S. goes back about 130 years. Our member companies operate seamlessly across the border. Our infrastructure is incredibly interconnected and designed to provide Americans and Canadians with the reliable and affordable energy they need, every single day. This partnership delivers billions of dollars in value to both economies while keeping energy costs lower for American business and consumers. We must do everything in our power to protect this partnership. However, Canada must also wake up to the reality that we need to diversify our global customer base, not just for energy but for all Canadian products, to build a more prosperous and resilient economy,” said Lisa Baiton, CAPP President & CEO.
“Canada’s oil sands are a cornerstone of North American energy security, and tariffs will only hurt everyday people on both sides of the border. In fact, Canadian sources represented more than half of the petroleum imports into America in 2023, according to the US Energy Information Administration. We must work together to strengthen rather than weaken the long-standing trade relationship between our two countries,” said Kendall Dilling, Pathways Alliance President, Enserva.
"The energy services, supply, and manufacturing sector is the backbone of Canada's oil and natural gas industry, driving innovation, creating jobs, and enabling the trade that fuels the economies of the United States and Canada. The proposed tariffs threaten not only this vital partnership but also the energy security and economic prosperity of families and businesses on both sides of the border. Enserva stands united with our industry partners to support policymakers in addressing this challenge head-on. At the same time, we must seize this moment as a wake-up call to advance Canada's global energy trade with increased access to tidewater, ensuring our sector remains competitive and resilient for generations to come,” said Gurpreet Lail, Enserva President & CEO.
“North America's integrated oil and natural gas market is a key component of the economy and energy security needs of both Canada and the United States. Any tariffs on this trade risks driving up energy costs for U.S. consumers and harming the economic prosperity of both countries. EPAC appreciates the opportunity to work with all Canadian governments to help prevent the implementation of tariffs on our energy products. This also provides an opportunity for the Government of Canada to reexamine polices currently under development that would further damage the economic prosperity of the sector,” said Tristan Goodman, EPAC President & CEO.
“The United States is Canada’s largest trading partner, contributing to employment opportunities in both countries. Canada has consistently been a dependable supplier of energy to the United States, fostering mutual economic benefits and security. Amid rising concerns about energy affordability, Canada stands ready to help our friends and neighbors address these issues. Imposing tariffs will adversely affect not only American consumers but also American energy security interests,” said Mark Scholz, CAOEC President & CEO.