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VEGOILS-Palm rises on strong Dalian palm olein, crude oil prices
Malaysian palm oil futures rose on Monday for the fourth consecutive session, following the strength of crude?oil and Dalian palm olein. By midday, the benchmark palm oil contract for June delivery on the 'Bursa Malaysia derivatives exchange had gained 85 ringgit or 1.86% to 4,657 Ringgit ($1,184.99), a metric tonne. A Kuala Lumpur based trader reported that Dalian palm oil futures had seen strong gains during the morning Asian sessions, when it traded at its highest price since June 2022. The trader said that "the market was also supported" by "firmer crude oil price." Dalian's soyoil contract with the highest volume increased by 0.34% while palm oil contracts grew by 2.52%. Prices of soyoil on the Chicago Board of Trade fell by 0.95%. As palm oil competes to gain a share of the global vegetable oil?market, it tracks the price movements of its rival edible oils. The price of crude oil rose, as investors focused on threats to Middle East oil installations, despite U.S. president Donald Trump's request for nations to assist in safeguarding the Strait of Hormuz - a vital artery used for energy shipments around the world. Palm oil is a better option as a feedstock for biodiesel due to the stronger crude oil futures. Intertek Testing Services, a cargo surveyor, estimated that exports for Malaysian palm oils products from March 1-15 were up 43.5% compared to a month earlier. AmSpec Agri Malaysia will release its estimates later that day. The ringgit (the currency used to trade palms) strengthened by 0.15% against dollars, increasing the price of the commodity for buyers who hold foreign currencies. Indonesia's senior economic minister has said that if needed, the government may have to impose additional taxes on certain commodities such as palm oil in order to lessen the impact of rising oil prices on the budget. Technical analyst Wang Tao stated that palm oil could test support at 4,494 ringgit a metric tonne after twice failing to break through resistance at 4,612 ringsgit.
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Indian shares are up, but Middle East conflict limits gains
India's benchmark indexes rose on Monday morning, rebounding from their worst week for years. However, investors remain?wary that crude oil will continue to rise above $100 per barrel amid the prolonged Middle East conflict. As of 10:08 a.m. IST, the Nifty 50 index rose by 0.2%, to 23,189. The BSE Sensex increased by 0.18%, to 74697.2. Nine out of 16 major sectors were higher. Mid-cap and small cap fell by 0.2% and 0.7% respectively. The U.S. and Israeli war against?Iran has led to the closure of Strait of Hormuz, a vital artery of global oil?and?gas shipments. Brent crude was hovering around $104 per barrel as U.S. president Donald Trump called on other countries to help secure the Strait of Hormuz. Oil prices rising are bad for India, the third largest crude importer in the world, because they can increase the fiscal deficit and inflation, which will negatively impact the growth. V.K. Vijayakumar, chief investment strategist at Geojit Investments. Vijayakumar stated that foreign portfolio investors will likely continue to sell Indian equities even if the markets rise. Since the start of the war, foreign portfolio investors sold Indian shares totaling more than $5 billion in March. This is a record monthly outflow. Citi, the broker, has lowered the year-end target for the benchmark Nifty 50 index from 28,500 to 27,000 points. The reason given was the impact that higher crude oil prices have had on the economy and earnings. The gains on Monday in Indian markets were similar to those of their Asian counterparts, who rose by 0.4%. Consumer stocks rose 0.7%, while heavyweight financials gained 0.6% to lead the gains in India. IDBI Bank's share price fell 13.3% following?media reports that the Indian government would?shelve bids received for the sale of a majority stake in the lender.
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JSW Steel unit eyes debut $1 billion shorter-duration debt issue, bankers say
Two merchant bankers on Monday said that India's JSW Kalinga Steel is set to issue its first shorter-duration bonds before the end of this month, as it aims to raise up to 95 billion rupees (about $1.03 billion). Bankers said that the company will likely sell two tranches with a five-year term each. The aim is to raise 60 billion rupees or 35 billion rupees through these bond sales. The notes would have zero-coupon paper and put and call options. Crisil rated the bonds of JKSL as AA. The ratings took into account the credit support that was expected from JKSL’s joint venture partners JSW Steel, and Japan-based JFE Steel Corporation. One of the bankers cited above said that "most of the top mutual fund companies have signed up as anchor investors and the bidding will take place at the end of this week, or early next," The bankers asked for anonymity as they were 'not authorized to speak to the media.' JKSL, however, did not respond to an email asking for comment. JSW Kalinga Steel, a 100% subsidiary of Piombino Steel Ltd., also holds a 100% shareholding in JSW Sambalpur Steel Ltd. These?entities were formed to own and operate Bhushan Power Steel Ltd.
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Chinese iron ore buyers ease buying ban
Iron ore futures fell from their two-month highs as China's state-backed buyer of iron ore eased its?ban until next week on a top-miner BHP product, while weaker steel production?and property statistics weighed on sentiment. As of 0237 GMT, the?most traded? May iron ore contract at China's Dalian Commodity Exchange was trading 0.92% higher/lower. It was 807.5 yuan (US$117.08) per metric ton. Sources said that China will ease a ban on BHP's?Jimblebar fines, an iron ore product, until next week. This comes only a day after Beijing expanded restrictions against its third-largest supplier. Sources said that China would ease the ban on BHP’s iron ore product?Jimblebar fins until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore buyer) told domestic steelmills they could already take delivery of Jimblebar?fines at ports in a week. Steelmakers and traders are excluded from the exception. CMRG banned steelmakers and traders in September from buying Jimblebar Fines. It has gradually expanded these restrictions, and most recently, this week, while it negotiates the terms of BHP’s 2026 Supply Contract. Statistically, the world's largest steelmaker produced 160.34 millions tons of "crude steel" in January and February, a 3.6% decrease from last year, according to the Statistics Bureau. Beijing has promised to reduce industrial production, including steel, in an orderly fashion as it struggles with persistent overcapacity. In February, home prices in China continued to drop. This indicates that the property sector remains troubled despite some signs of improvement. Steelhome, a consultancy, reported on March 13 that iron ore inventories at major Chinese ports had increased by 2.24 percent. Coking coal and coke are also included in the list of steelmaking ingredients that harden. The Shanghai Futures Exchange steel benchmarks have mostly gained. Hot-rolled coil remained unchanged, while wire rod increased by 0.3%. Stainless steel, meanwhile, lost 1.65%.
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Coal India unit Central Mine Planning seeks $1.33 billion valuation, IPO opens Friday
A newspaper advertisement states that Coal India subsidiary Central Mine Planning & Design Institute has set a price range of 163-172 rupees per share for its 18.38 billion rupee ($198.68 millions) initial public offering. The company that provides support and consultancy services for coal and minerals exploration is looking to be valued at $1.33 billion, i.e. the top of the price range. The IPO will be available for subscription between?March 20 and March 24. Global markets are under pressure due to geopolitical tensions resulting from a conflict in the Middle East. India's primary markets have also been affected by the weak sentiment, as seven out of 11 IPOs that were launched in 2026 listed below their original issue price. Bharat Coking Coal is another subsidiary of Coal India. Its debut in January saw a nearly two-fold increase, thanks to the support?of its parent and the robust demand for coking coal from steelmakers. Central Mine Planning’s IPO is a pure offer to?sell, with Coal India aiming to?offload as many shares as possible. The company reported a?profit?of 4,25 billion rupees?for the nine-month period ending?December 2025. This is up approximately 9% from the year-ago time period.
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Japan's Nikkei index falls for a third consecutive day, as the Iran crisis fuels stagflation fears
Japan's Nikkei average fell for the?third day in a row on Monday, as the Middle East Crisis threatened to cause longer-term economic damage through higher energy prices and a weaker yen. As of midday, the benchmark index?Nikkei225? fell by 1.3% to 53138.42. The Topix index, which is a broader measure of the market, fell 0.7% to 3,602.71. The Nikkei index has fallen more than 9% in the past two weeks since U.S. airstrikes on Iran began. As the conflict spread to neighbouring countries, it paralyzed the shipment of oil through the Strait of Hormuz. The Nikkei briefly rose after U.S. president Donald Trump stated that he was urging other countries in order to safeguard shipping routes. Prime Minister Sanae Takaichi stated that Japan has no plans to send?naval ships to escort vessels in the Middle East. Satsuki Katayama, the Finance Minister, said that the government was prepared to act decisively on the financial markets as the yen fell close to the psychologically significant 160 per dollar line. Maki Sawada is an equity strategist at Nomura Securities. She said that the market appears to be increasingly worried about stagflation. This occurs when economies are gripped with simultaneous increases in inflation and declines in economic growth. Sawada stated that "concerns over an economic slowdown caused by a rise in oil prices" are now being taken into account. "Rather than a general selloff, we are seeing a tendency where these domestic demand segments are performing strongly and underpinning Japan's?stock market." The Nikkei had 43 advancing stocks versus 182 declining ones. Furukawa Electric, Fujikura and other key suppliers in the artificial intelligence industry were the biggest losers. Both fell 6.7%. The index's biggest gainers were NH Foods (up 2.3%) and Denka (a chemical and advanced material company), which gained 2.2%. (Reporting and editing by Sonia Cheema in Tokyo)
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Reactions to Trump’s call for assistance to secure the Strait of Hormuz
U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history. Some countries responded to Washington's request to send ships to the region: On Monday, Prime Minister Sanae Takaichi stated that Japan has no plans to send naval vessels to escort ship in the Middle East. "We have made no decisions about dispatching escort vessels." Takaichi, a member of parliament, said that we are "continuing to look at what Japan can do on its own and what is possible within the legal framework". AUSTRALIA A government minister announced on Monday that Australia would not send ships to help reopen the Strait of Hormuz. "We will not be sending a vessel to the 'Strait of Hormuz. Catherine King, who is a cabinet member for Anthony Albanese, said in an interview with ABC that she was aware of how important this issue is. However, the government has not asked her to do so or requested that she contribute. SOUTH KOREAN The South Korean presidential office announced on Sunday that it would "communicate closely with the U.S. about this matter" and then make a "decision following a careful review." BRITAIN A Downing Street spokesperson said that Prime Minister Keir starmer and Trump discussed the necessity to reopen Strait in order to stop disruptions to global shipping. Starmer spoke with Canadian Prime Minister Mark Carney and the two agreed to continue discussions on the Middle East conflict during a Monday meeting, said the spokeswoman. (Compiled by Himani Sarkr; edited by Michael Perry).
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China's aluminium production in January and February is up due to higher profitability
Official data released on Monday showed that China's primary aluminum output in the first two?months of 2026 increased by 3% compared to the same period last year. This was due to higher profits. According to the latest data from the National Bureau of Statistics, China was the world's largest producer of aluminum. In January and February alone, it produced 7.53 million metric tonnes of primary aluminium. Profit margins for light metal, which is widely used in construction, packaging and auto manufacturing, have improved, resulting in an increase in output. According to Chinese research firm Antaike, aluminium smelters made an average profit per ton of 7,879 Yuan ($1,142.26), up?2.2% from month to month, as input costs fell while the price for the light metal increased. The most active aluminium contract increased by nearly 11% in January. However, it fell back almost 7% in February. Antaike reported that the input costs fell 0.7% on a monthly basis and 6.4% annually as electricity prices and alumina raw materials dropped. The production of ten non-ferrous metals, including copper, aluminum, lead, zinc, and nickel, grew by a?3.9% year-on-year to 13.42 millions tons. Other non-ferrous materials include tin, mercury, magnesium, antimony and titanium. China combines the output data from January and February to reduce the impact of Lunar New Year holidays that fall in either month. $1 = 6.8977 Chinese Yuan Renminbi (Reporting and editing by Sonali Paul; Lewis Jackson, Dylan Duan)
The sewage that contaminates Britain's waterways and oceans is a stain.
Under the dark seas of southern England, 400 millions mussels are encrusted on ropes that hang from buoys scattered over an area as large as the largest airport in the country.
The Holmyards built Europe's biggest offshore mussel farming in Lyme Bay. They believed that it would be able to handle the millions of gallons sewage that is pumped into UK water each year.
Even if the bacteria are far away, they can still pollute the water and block exports for several weeks to Europe. This could damage the business of a company that produces sustainable food.
Sarah Holmyard, the sales manager at the farm, said: "It is criminal that they are allowed to dump their waste in the oceans and get away without any consequences." It's affecting a lot of businesses including ours.
The Holmyards' problems, while affecting a small industry in Britain, show how the failure of basic services such as water or sewage can have a negative impact on the economy.
Interviews with 20 people, and data analyses show that polluted waters have also affected tourism and construction projects. This is a drag on economic growth at a time the new Labour Government is trying to jump start the economy.
According to a Freedom of Information Request, in the five years leading up to October 2024 the Environment Agency objected to 60 planning applications because of the pressure they would put on local sewerage networks.
Clean water activists have begun to oppose planning applications. They believe that this will more effectively pressure the government to fix the sewage system, than the current efforts which focus on harming biodiversity.
Ash Smith, a campaigner with Windrush Against Sewage Pollution, said that "money talks". Standing knee-deep in gray, untreated sewage in a local stream in Oxfordshire, Ash Smith explained that they were opposing house building in order to demonstrate how the water system has broken down the country's overall infrastructure.
Pumping sewage into rivers, seas and oceans has been a major scandal for Britain. Privatised water companies are accused of prioritising profits over investments and dumping sewage into waterways when their ailing infrastructure can't cope.
The pollution has discouraged wild water swimmers and angered surfer, led to warnings of toxic blue-green algae blooms in lakes, and created an army who are now experts in water quality, after noticing changes in waterways.
In England, water companies will discharge sewage for more than 3.6 million hours by 2023. This will pollute streams, rivers, and coastlines with sanitary items and condoms. It could also damage ecosystems and habitats.
SEWAGE SPILLS
British sewers combine rainwater and wastewater. Water companies can "spill" water into waterways during heavy rains to avoid sewers becoming overloaded. Many have been fined, however, for releasing too much sewage.
Environment Agency data shows that South West Water discharged sewage 530,737 times in 2023, an 83% increase from 2022, making it one the worst performers in England.
South West Water is looking at ways to improve the water quality in Lyme Bay.
We are ensuring that all designated shellfish waters in the region meet the government target of fewer than 10 spills a year, 10 years before the deadline. In addition, we plan to almost double our investment from 2025-30 to 2.5 billion pounds.
John Holmyard, his wife Nicki and their plan for a mussel farm was a complex one.
After years of farming mussels in the colder waters near Scotland, they looked for a location with warmer water and a good amount of nutrients to help them grow faster. The site had to be sufficiently far offshore to prevent runoff but also have some protection from the sea to reduce the swell.
After visiting other similar sites in Britain, Europe and China, they settled on Lyme Bay and spent seven long years getting planning and regulatory approvals - not knowing if their intuition would be right.
The Holmyards expect to reach 10,000-12,000 tonnes when the project is complete.
John Holmyard who runs the farm with Nicki, Sarah, and George said that they never thought sewage would affect their farm. "But, it hasn't worked out that way."
Shellfish producers have been affected by the toxic effects of sewage.
Prior to Britain leaving the European Union, mussels or oysters were able to be shipped directly to the continent without purification. After Brexit, only purified products or those from British waters rated Class A will be accepted by the EU.
This change has almost completely destroyed the mussel industry in north Wales, on Britain's West Coast. This region used to be the main source of Britain's exports into Europe, but it now only sells to Europe rarely due to a lack in bulk purification and poor water quality.
Shellfish Association of Great Britain SAGB says British exports could double if seas are cleaner.
James Green harvests and sells shellfish in Whitstable in southeast England, a town famed for its shellfish dating back to Roman times. He used to sell about half his product to markets in Europe and Hong Kong, but Brexit, and issues with water quality, have forced him to only sell purified oysters within the country.
Southern Water, his water supplier, will be fined 90 millions pounds in 2021 because it dumped sewage for five years, up to 2015. This caused a disruption in harvests and exports. He was not compensated and said it's hard to wait until improvements.
He said, "I have a business." "Can you hold off until the changes kick in in five, six or seven years?"
Green tracks rain and sewer overflows in order to assess the risks of harvesting his oysters. He also monitors E.coli, Salmonella, and Norovirus.
Southern Water announced that it would invest heavily in order to maintain the high quality of its shellfish beds along its coast.
The 2021 court case involving events that occurred between 2010 and 2015. It found no evidence to support the impact of these events on shellfish beds. These beds are affected by a variety of factors.
Driven to despair
Holmyards mussels have been tested almost daily for E.coli contamination in the Netherlands and always come out within the Class A limits.
The British authorities have reported high E. coli numbers in monthly tests of similar nature, and classified parts of the farm as Class B.
Negative readings in the British system can result in different harvests. Holmyards was stopped from exporting their mussels from this part of the farm for a few weeks and the area was also classified as Class B at the same time next year.
The family finds it strange, because bacteria from the beach should have been heavily diluted before they reached the farm. Also, the British results don't match the Dutch tests that are more frequent.
John stated that they have been unable since Brexit to raise new capital due to the threat of export bans.
Food Standards Agency in Britain, which is responsible for classifying areas where shellfish are harvested, has said that it tried to be flexible but had to protect the public's health. It also added that classifications will only improve as water quality improves.
Sarah and George explained that an annual survey had shown the farm to have spawned a variety of species such as lobster and crab.
In Europe, their blue mussels are a premium product, renowned for their sweet, rich flavour. Despite the bans, Holmyards exports about 95% their mussels into the EU. The rest is sold in Britain.
The tourism bosses believe that this type of locally produced, high-quality food is what they should be promoting to potential holidaymakers.
Alistair Handyside is the chairman of South West Tourism Alliance. He said that while weather and costs were the main factors affecting tourism, the talk about sewage has damaged the appeal of some locations.
He said, "It makes you despair."
TOXIC EXPOUT
The sight of litter and sewage on beaches and rivers has also prompted thousands to protest.
Sally Burtt Jones was one of SOS Whitstable's founders. She is part of a group that organizes protests, tests the local water, and campaigns for legislation change.
She expressed her pride in her work as a campaigner. She said, "We care for the community and sea." "When we come together, we can bring about change."
John Reeve is a representative of Surfers Against Sewage in Saltburn, a seaside town located on the coast of the Northeast. He has studied geology and worked with local officials to determine how to manage rainwater when storms are becoming more intense due to climate changes.
He said, "We're making a change over time."
Water industry claims it has made significant investments in infrastructure since privatisation of 1989. However, population growth and climate changes have created new pressures during a period when successive governments and regulator Ofwat were focused on keeping bills low for customers.
Ofwat reported that water companies in England & Wales have paid out 53 billion pounds ($66billion) in dividends since privatisation, and collective net debt of 69.5billion in 2024.
The government has also gained the power to tie dividends to performance. It has proposed that customer bills increase by 36% on average before inflation in the next five year to fund upgrades to infrastructure. The government is reviewing the sector.
Ofwat's spokesperson stated that customers want change: "We must see a transformation of the culture and performance of companies." We will monitor companies and hold them accountable."
The Environment Agency has also been a hindrance to construction due to the failures of sewage systems.
Most objections to housing, retail, office, school, science business park, and leisure centres are overcome by finding ways to reduce the impact.
The objections can add to the time, costs and complexity of building projects. This is a major challenge for the government, which wants to stimulate a boom in infrastructure and housing construction.
The biodiversity of the world has been affected by water pollution.
The stocks of Atlantic Salmon, which spawn in the freshwater breeding grounds of Britain, have reached new lows. The rod catch for 2023, as declared in the provisional declarations, is the lowest since 1988.
Environment Agency blamed the Holmyards for the pollution and sedimentation.
Sarah stated that the potential of the business being duplicated elsewhere is huge. But if the same problems of not being allowed to export due to the water quality are present, it will not work. ($1 = 0.8046 pound) (Reporting and editing by David Clarke; Kate Holton, Dylan Martinez)
(source: Reuters)