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Vietnam imposes antidumping tariffs on hot-rolled Steel from China
Vietnam has implemented an anti-dumping tax of up to 27,83% on certain hot-rolled coils steel products that originate from China, after a similar tariff had expired. The ministry stated in a press release that the tariff will remain in effect for five years. In March, the Ministry imposed a temporary anti-dumping levie that lasted 120 days. Baoshan Iron & Steel, Maanshan Iron & Steel are among the companies that will be hit with the 27.83% duty. Guangxi Liuzhou Iron and Steel Group also faces duties of 23,1%, which is higher than the 19,38% rate imposed by March, according the statement. It said that "Domestic Production suffered significant damage." There is a direct correlation between damage to the domestic industry and the dumping of imports from China. Vietnam launched an investigation into anti-dumping in July last year following complaints by Vietnamese producers. Vietnam's government reported that between January and September of last year, the country imported 8.8 million tonnes of hot-rolled metal, of which 72% came from China. Reporting by Phuong nghuyen, Editing by David Stanway
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Amman's copper concentrate export is being questioned by Indonesian Minister
Indonesia's Interior Affairs Minister Tito Karnavian said on Monday that he had asked the country’s mining ministry to lift a ban on Amman Mineral International's export of copper concentrate, citing the effect it has on the local economies. Tito Karnavian said that the Nusatenggara Barat Province, where Amman Mineral International operates, saw its economy contract by 1.47 percent annually in the first three months of the year. This was due to the inability of the company to export concentrates while their smelters are being upgraded. Indonesia has banned the export of copper concentrates, as well as other raw minerals. This is to encourage metal-processing at home. Amman, however, was allowed to continue exporting until December 2024 when the new smelter was expected to be operational. Amman's newest smelter made its first copper cathode in March. This material is used to make wires, cable and electronic products. However, the company stated that it would take time for "optimal, sustained operations" to be achieved. Tito said at a government meeting that he had asked the minister of energy and minerals if there was a way to export while the smelter is being built. He did not reveal the answer. A spokesperson in Amman and officials at the ministry of mining did not respond immediately to requests for comment. Amman stated in February that it had asked the government for flexibility to allow the company to export copper concentrator. Amman's copper-smelter can produce up to 220,000 metric tonnes of copper cathode annually. Reporting by Bernadette Cristina Munthe and Fransiska Nangoy, Editing by Harikrishnan Nair
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INDIA BONDS - India bonds remain steady as traders wait for new triggers
Indian government bonds were barely traded in early Monday deals, as traders did not react to any new domestic or global signals. As of 10:10 am IST, the yield on the benchmark bond for a 10-year term was 6.2926% compared to Friday's closing of 6.2947%. The trading volume was low at the beginning of the week. However, investors will be keeping an eye on U.S. Treasury counterparts, who have been trending lower since Asian hours. The yield on the 10-year U.S. Treasury note was at 4.3319 percent, slightly lower than Thursday's increase, following data showing that more jobs were created in June than anticipated. Brent crude futures fell 0.72% to $66.76 per barrel. A trader in a primary dealer said, "Foreigners have been buying Indian Bonds lately. We are closely monitoring that for future direction." "Public sector banks are selling bonds for a while, so someone will have to absorb this. If foreign investors continue buying, we could see a rally in bonds." The trader said that bonds would still trade in a range. The 10-year yield should be between 6.28% and 6.32%. Foreign investors increased their purchases of Indian government securities under the Fully Accessible Route last week. CCIL data revealed that investors bought bonds worth 87 billion rupees (about $1.02 billion) under the FAR in this period. State-run banks sold net bonds last week worth approximately 143 billion rupees. Early deals in India's overnight swap index (OIS), which is a derivative of the Indian stock market, showed little change as trading volumes were low. The liquid five-year swap rate was a fraction lower, at 5.67%. $1 = 85.7075 Indian Rupees (Reporting and editing by Khushi malhotra)
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Morning Bid Europe-Chagrin at Trump's three-card trade trick
Wayne Cole gives us a look at what the future holds for European and global markets. That's as unclear as mud. According to reports, the U.S. has set August 1 as the deadline by which higher tariffs on certain countries will be implemented if trade agreements are not made or in progress. There's no way to know which countries or deals are covered. Treasury Secretary Bessent said on CNN that President Trump will be sending letters to our trading partners telling them that if they don't make progress, then, on August 1, the tariffs will return to their April 2 level. Today, the "letters" will be sent to 10 to 12 countries. These are likely to be the same letters as those that were supposed go out last Friday. Howard Lutnick, the Commerce Secretary, told reporters that higher tariffs will take effect August 1, but Trump is "setting rates and deals right now". Announcements of trade policy changes made in TV interviews do not provide clarity. It is also unclear if and to whom the original deadline on July 9 still matters. India and the U.S. could, for example, make a mini deal today or tomorrow. However, they will continue to talk after July 9. Bessent reports that many countries have not contacted the U.S. to discuss trade and are likely to receive stiff letters as a result. Trump added confusion to the situation by saying that tariffs on some products could be as high as 60% or 70% - higher than the 50% tariff on China. He also threatened to impose an additional 10% tariff on any country aligning itself with the "anti American policies" of the BRICS group, a group with which the U.S. is currently in tariff negotiations. Investors have responded with amusement, pushing Wall St futures lower by 0.4%. Asian share indices were mostly lower, but not much, on Monday. Treasury yields have fallen a basis point, and the dollar is still near its four-year lows. The oil market has seen a big drop, with a loss of around 1%, after OPEC+ surprised the markets by increasing production much more than initially expected. They also announced a similar rise for September. Analysts believe that Saudi Arabia is putting pressure on lower-margin U.S. Shale production to gain market share. This is OPEC's response to "Drill baby, drill". Market developments on Monday that may have a significant impact Sentix investor sentiment for July, German industrial output for may * ECB Board Member Piero Cipollone and ECB President Christine Lagarde participate in Eurogroup Meeting in Brussels. ECB's Holzmann speaks
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India auto dealers warn about risks to retail volume and supply
India's Federation of Automobile Dealers Associations said that geopolitical tensions, spillover effects of U.S. Tariffs, and China's export restrictions on rare earths could affect consumer sentiment and further restrict vehicle supply, resulting in a drop in retail sales. Retail volume fell by 9.4% from the previous month. The average number of days a car spent in a showroom (or inventory days) increased to 55 from 52-53 in May. This is above the FADA threshold of 21 days. China's export restrictions on rare earth have disrupted global supply chains for automakers, adding to the challenges faced by Indian carmakers who are already struggling with high inventories as well as tighter financing due to uncertainty surrounding President Trump's tariffs. As we approach July 2025, the dealer sentiment is tilted toward a slowdown. De-growth expectations (42.8% & 26.1%), which exceed growth expectations (31.1%). Similarly, booking-pipeline traction remains uneven," FADA said. FADA stated that above-normal rains during the monsoon season should boost rural demand. However, FADA added that July is likely to be a mixed month, with an agrarian tailwind being tempered by seasonal headwinds as well as higher prices. The FADA held its last meeting on the 15th of November. You can also read about the warnings below. Demand may be subdued by June due to increased inventory levels, reduced funding and concerns over rare earth shortages. (Reporting by Chandini Monnappa in Bengaluru; Editing by Sumana Nandy)
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BRICS demands wealthy nations finance global climate change
On Monday, the final summit day in Rio de Janeiro for the BRICS group, leaders of developing nations were ready to tackle the challenges that we all face, including climate change, by demanding wealthy nations pay global mitigation of greenhouse gas emissions. As he prepares for the United Nations Climate Summit in November, Brazilian President Luiz inacio Lula da Silva has emphasized the importance of the Global South to combat global warming. In a statement released by BRICS leaders on Sunday, they argued that fossils fuels would continue to play a major role in global energy, especially in developing economies. We live in an era of contradictions around the world. When asked by a reporter about plans to extract oil from the Amazon rainforest, Brazil's environment minister Marina Silva responded that the important thing was our willingness to overcome the contradictions. In their joint statement the BRICS leaders stressed that providing climate financing "is a duty of developed countries to developing countries", which is standard for emerging economies at global negotiations. In their declaration, the group also indicated its support for the Tropical Forests Forever Facility that Brazil had proposed as a means for emerging economies of funding climate change mitigation above and beyond the requirements set for wealthy nations in the 2015 Paris Agreement. Two sources familiar with the talks said last week that China and the UAE indicated in their meetings with Brazilian Finance minister Fernando Haddad at Rio they planned to invest in the fund. In a joint statement, BRICS leaders criticised policies like carbon border taxes, anti-deforestation legislation, and other measures that Europe recently adopted for imposing "discriminatory protective measures" under pretext of environment concerns. DEFENDING MULTILATERAL DIPLOMATISM The opening of the BRICS Summit on Sunday presented the group as a bastion for multilateral diplomacy within a world that is fractured and highlighted the influence of eleven member nations who represent 40% of global production. The leaders also criticised the U.S. trade and military policies, and pushed for reforms of multilateral institutions, which are now largely controlled by Americans and Europeans. In his opening remarks on Sunday at the meeting, Brazilian President Luiz inacio Lula da silva drew an analogy with the Cold War Non-Aligned Movement. This was a grouping of developing countries that refused to join either side of the polarized world order. Lula said to leaders that "BRICS was the heir of the Non-Aligned Movement." "Multilateralism is under attack and our autonomy has been weakened once more." The Rio Summit, which was the first to include Indonesia, showcased the rapid growth of BRICS, but also raised questions regarding shared goals among its diverse group. In a statement released on Sunday, BRICS condemned the military attacks against Iran and Gaza but did not take a unified stance on which countries would be given seats in a reformed United Nations Security Council. Only China and Russia supported the addition of Brazil and India to this council. Leaders from India's Narendra Modi, and South Africa's Cyril Ramaphosa met in Rio de Janeiro to discuss geopolitical and economic tensions. The meeting's importance was reduced by the decision of Chinese President Xi Jinping to send Premier Li Qiang instead.
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US Trade Talks with South Korea Include Agriculture, Big Tech and Other Issues
South Korea, one of the initial countries to begin U.S. Trade Talks in April when both sides agreed to create a package to remove tariffs. But it now wants an extension of the 90-day suspension on 25% tariffs that is set to expire July 9. South Korean officials claim that the trade talks between South Korea, its second largest trading partner, and the United States have focused on non-tariff barriers. The Asian country already imposes almost zero tariffs on U.S. imported goods under a free-trade agreement. Here are some of the problems that have been raised in relation to negotiations: DIGITAL SERVICES Yeo Han Koo, South Korea's Trade Minister, said that the digital sector was one of the key areas in the ongoing tariff negotiations. The government has several legislative proposals that President Lee Jae Myung pledged to implement to combat abuses of dominance of the market and protect smaller businesses. In a July 1 letter, U.S. In a letter dated July 1, U.S. Kim Nam-geun, a lawmaker from the Democratic Party, said that South Korea's ruling parties is trying to "slow" down antitrust laws on tech giants such as U.S.-based Google and Apple, Facebook, and Korea's Naver, and Kakao. This is due to trade issues and their sensitivity. NETFLIX and GOOGLE MAPS The U.S. Foreign Trade Barriers Report released in March also noted South Korea's requirement that content providers such as Netflix pay network usage fees, and the restrictions placed on Google and other suppliers to export location-based data. South Korea had previously rejected Google's 2016 request to use detailed maps on servers located outside of the country due to security concerns with North Korea. Seoul will rule on Google’s new request for location-based data by August 11. Apple is also said to have made a similar demand on maps. BEEF, APPLES South Korea's Trade Minister said that Washington wants better access to the agricultural, automotive and digital sectors in ongoing negotiations. South Korea, which is the largest buyer of U.S. Beef in the world, has restricted imports from older animals, citing fears over mad cow disease. The U.S. has also requested market access for other agricultural products, such as apples and potatoes. After earlier negotiations in 2007, where Seoul agreed to reduce beef tariffs by 0% to 2026 as part of a bilateral trade agreement, there is some concern in the domestic market about further opening up. Director Chang Sung Gil said that the trade ministry would emphasize the sensitive nature of the agricultural sector during negotiations. Farmers' groups were present at a hearing held on 30 June to protest. According to a South Korean senior official, the tariff on rice imported from South Korea of over 500%, highlighted by U.S. president Donald Trump during a speech, was not discussed at working level. Foreign Exchange, Defence Costs Officials have stated that the issues of foreign exchange and cost sharing for approximately 28,500 U.S. soldiers in South Korea is being discussed through separate channels, including finance and defence. INVESTMENTS Officials in charge of trade have stressed that industrial cooperation will help to revitalize the U.S. manufacturing industry and reduce the U.S. Trade Deficit. Trade Minister Yeo stated that South Korea is a leader in artificial intelligence (AI), chips, batteries and cars. ALASKA LIGNA PROJECT Officials in South Korea have cautioned against participating in the Alaskan gas project, despite their desire to increase energy purchases. The U.S. will only release technical information in later years. (Reporting and editing by Ed Davies, Saad Sayeed and Jihoon Lee)
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Gold drops on trade deal progress and tariff reprieve extensions
Gold prices fell on Monday as U.S. president Donald Trump announced progress on several trade agreements, and extended tariff exemptions for a number of countries. This dampened demand for this safe-haven precious metal. By 0232 GMT, spot gold had fallen 0.6% to $3314.21 an ounce. U.S. Gold Futures fell 0.6% to $3322. Trump announced on Sunday that the U.S. will be finalising a number of trade agreements within the next few days, and will notify the other countries about higher tariff rates before July 9. The higher rates are scheduled to come into effect in August 1. Trump announced a 10% tariff as a base on the majority of countries in April, with additional duties up to 50%. Later, he delayed the date of implementation for all tariffs except 10% until July 9, 2018. The new date gives most nations affected a three-week reprieve. Kelvin Wong, senior market analyst at OANDA, said: "This short term reprieve by the U.S. is causing the intraday weakness of the gold price in this moment." The top side will come in at $3.360 as a short-term support. Federal Reserve rate cuts are expected to be slower due to concerns about tariff-driven inflation. The rate futures market shows that traders are no longer expecting a Fed cut this month, and they only expect two quarter-point cuts by year's end. Trump signed a massive tax and spending package at the White House last week. According to unbiased analysis, this will add over $3 trillion to the $36.2 trillion national debt. Silver spot fell by 0.8%, to $36.61 per ounce. Platinum dropped 0.8%, to $1380.55, and palladium was down 1%, at $1123.31. (Reporting and editing by Sherry Phillips, Subhranshu Sahu and Anmol Choubey from Bengaluru).
OPEC+ pumps more oil but is it necessary and at what cost? Russell
After OPEC+'s decision to increase crude oil production, two questions arise: Who will buy the extra crude and will they export the barrels that they claim to be producing?
OPEC+ decided at a weekend gathering to increase production by 548,000 barrels a day (bpd). This is up from the 411,000 bpd that the group approved for May June and July and 138,000 bpd in April.
Eight members of the group will boost production - Saudi Arabia (as well as Russia, Kuwait, Oman and Iraq), the United Arab Emirates (UAE), Kazakhstan, Algeria, Kuwait, Oman and Russia.
The eight countries will have unwound the voluntary 2.2m bpd that they had imposed in an effort to support crude oil prices last year.
OPEC+ cited "steady global economy outlook and current healthy fundamentals of the market" in its statement announcing increased August production, continuing a theme that it has been promoting in recent communiques: the oil market was in good shape.
The reality is not as rosy, however, as OPEC+ portrays it, as the demand for oil in the major consumer countries like China, which is the top importer of the world, has been tepid.
China's crude oil imports rose by just 0.3% or 28,500 barrels per day in the first five month of this year. The official data shows that the total was 11.1 million barrels per day.
The growth rate is expected to increase when the June data are released next week. LSEG Oil Research expects imports to be 11,96 million bpd, up from customs numbers of 11,30 million bpd in June 2024.
China's imports were likely strong in June. However, the reasons for this are not so positive. The reason why refiners bought more crude than intended is because the prices were lower when June's cargoes arrived.
Brent futures, a global benchmark, hit a four year low of $58.50 per barrel on 5 May. They had been trending downwards since early April when cargoes due to arrive in June would have been purchased.
In June, oil imports from Asia, which accounts for 60% of all seaborne crudes, increased. LSEG estimates arrivals at 28,65 million bpd - the highest since January 2023.
The increased imports in June boosted Asia's arrivals to 27,36 million bpd during the first half 2025, an increase of 620,000 bpd compared with the same period the previous year.
In a coincidence, this forecast is in line with the Organization of the Petroleum Exporting Countries' (OPEC) June monthly report which forecasts a demand growth of 630,000 bpd in Asia outside the OECD by 2025.
Prices are key
The question is if imports will increase in Asia in the second half or if momentum from June will fade.
History shows that importers like China and India will tend to reduce imports when prices increase and use up their stockpiles.
China's imports will likely be reduced in August or September due to the brief price spike in mid-June, triggered by Israel's attack on Iran. The United States joined Israel in this action.
Lower oil prices will encourage buyers to buy and build up inventory to increase imports in the fourth quarter.
The ball in this case is largely on OPEC+.
Prices will likely continue to fall if the group produces what its quotas permit and exports it.
According to a July 4 survey, the actual production has so far lagged behind the higher quotas. The five OPEC members in OPEC+ increased output by 267,000 bpd, which was short of the allowed 313,000 bpd.
Saudi Arabia's actions will be crucial, as it is OPEC+’s largest exporter and has the capacity to increase output.
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These are the views of a columnist, who is also an author.
(source: Reuters)