Latest News
-
China will regulate its steel exports through a license system
China, the world's biggest steel producer, will implement a licensing system to regulate metal exports starting in?2026. This is because robust shipments of the metal have?fueled a growing backlash against protectionist policies worldwide. The Commerce Ministry announced on Friday that exporters of 300 steel "items" will have to apply for licenses based on export contracts and product inspection certificates from manufacturers. In a press release, it said that "some steel products will be included in the list of cargoes managed by export licences effective January 1, 2026." Market talk had suggested that Beijing was planning to make a?such move. The ministry announced late in 2024 that a list of 43 categories of products subject to export licenses in 2025 included wheat, corn and crude oil. The state-backed China Iron and Steel Association said in a WeChat statement that the move would help maintain an equilibrium?of global demand, supply and trades. Some analysts have downplayed any potential impact of the steel exports on the short-term, claiming that it is not difficult to obtain the required licence. The move, while having a limited impact in the short-term, lays the foundation for future regulation that could be more strict, according to a Shanghai-based expert who requested anonymity because he was not authorized to speak with the media. Since 2023, China's exports of steel have been surprising resilient. The first 11 months of 2025 saw outbound shipments jump 6.7% on an annual basis to 107.72 metric tons. This keeps the total for the year on track to reach a new record. Steel exports helped offset the faltering domestic market demand, which was dragged down by an extended property market slump. The influx of cheap imports has also led to countries putting up trade barriers, claiming that they are hurting their domestic manufacturers. Market participants and trade associations have criticized the exports of certain semi-finished products, like steel billet, with lower added values. They called it a wasteful use of resources such as iron ore.
-
Wall Street futures are down after a tech sell-off, while European stocks have hit a one-month high.
European stocks were up in the early hours of Friday's trading, on course for a third weekly gain. The Fed's recent interest rate cut boosted sentiment. However, Wall Street futures indicated some lingering caution following the previous session's tech stock sell-off. Nasdaq dropped on Thursday, after cloud computing firm Oracle announced massive spending and poor forecasts. This fueled fears that big AI bets were paying off. Tech stocks fell. As the S&P 500 & Dow hit new highs, it had a minimal impact on risk appetite. Wall Street futures fell during Asian trading as tech concerns remained, and struggled to gain ground during European trading. In a split decision of 9-3, the U.S. Federal Reserve lowered interest rates on Wednesday by 25 basis points. This has left traders hopeful about further cuts in 2026. The pan-European STOXX 600 index was up 0.3% at 1038 GMT. It had reached its highest level in a whole month. The FTSE 100 rose 0.2%. Germany's DAX gained 0.3%. France's CAC40 grew 0.7%. The MSCI World Equity Index rose 0.2%. S&P futures are down 0.2% while Nasdaq Futures are down 0.5%. Ed?Hutchings is the head of Aviva's developed market rates desk. He said that traders will likely avoid big moves this Friday, as they prepare for the rate decisions of the Bank of England and the European Central Bank next week. He added, "It is a moment of reflection after the Fed." Next Thursday, the BoE will likely cut interest rates. The ECB is also expected to hold rates steady at its meeting on 'Thursday', although traders are suddenly speculating about a possible rate hike in 2026. After strong signals by Governor Kazuo ueda, the BoJ is expected to raise rates when it meets on Thursday. DOLLAR DOWN; POUND FALLS Slightly on UK DATA The dollar index was up 0.1% for the day, at 98.462. Still, it was within reach of the previous session's low, which was the lowest in nearly eight weeks, and on track for a third weekly decline in a row, having been hurt by the Fed's less-hawkish-than-expected outlook on rates, as well as U.S. jobless claims data, which showed ?that the number of Americans filing new applications for unemployment benefits increased by the most in nearly 4-1/2 years last week. Sterling was also down by 0.1%, at $1.3369. The euro fell 0.1% to $1.1726 and the euro 0.1% to $1.1726. This was a slight decline after the data showed that Britain's GDP shrank 0.1% during the three-month period ending December. Germany's government bonds yields increased, and are on course for their biggest weekly increase since March. This is because traders began to price in a rate rise in the euro zone following comments made by influential ECB policymaker Isabel Schnabel in earlier this week. The 10-year Germany Government Bond yield was 2.856%. OIL RISE, COPPER HITS RECORD HIGH The oil prices initially rose, boosted by concerns over disruptions in Venezuelan supply as the U.S. prepares?more ships carrying Venezuelan crude. However, these gains were quickly erased and they are now on course for a weekly drop as attention remains focused on a possible Russia/Ukraine Peace Deal. Ukraine's government bond prices rose after it sent a revised proposal to the United States for ending its war with Russia. Investors also watch the progress of European Union's proposals to use frozen Russian asset, which many are held by Brussels-based Euroclear. In a virtual session held on Thursday, the leaders of the "Coalition of the Willing", a group of nations that includes many European countries, discussed the progress made. The Russian central bank declared on Friday that these plans are illegal. China, the world's largest copper consumer, has promised to continue a fiscal policy that is "proactive" next year. Gold rose around 1% in value on the day to $4,325.59. (Reporting and editing by Elizabeth Howcroft, Toby Chopra).
-
Nippon Steel targets 100 million tons of crude steel production annually by the mid-2030s
Nippon Steel, Japan’s largest steelmaker, said that it expects to increase its global crude steel production to 100 million tons per year by the mid-2030s, from 82 millions metric tonnes now. It plans to invest-driven expansion in key growth markets. Nippon Steel, which is a Japanese company, closed a deal in June to purchase U.S. Steel for $15 billion. It also pledged to make an initial investment of $11 billion, with the possibility of increasing it later. The goal was to increase its presence on the U.S. steel market, given the 'weak demand for steel in Japan. Nippon Steel has increased its global crude production capacity from 63 millions tons to 38 million tons. The company is looking to India, Thailand and Europe for growth, as it seeks to combat the pressure of China's steel oversupply. "Without China's state owned companies, we want to restore our position in the world as No. "We aim to become the world's No. 1 steelmaker in the fiscal year 2030," Tadashi said at a press briefing. The company wants its production, revenue and global reach to be the best. He said that Nippon Steel plans to invest 6 trillion yen (38.54 billion dollars) in capital and business over the next 5 years. This includes U.S. Steel. Imai, who did not provide specifics about the financing instruments, said that Nippon Steel was looking for the most suitable funding options. Nippon Steel aims to achieve 1 trillion yen in profit, adjusted for one-offs or underlying profit, under its management plan for 2030, an increase from the 680 billion yen expected for the year ending March. Imai stated that the company hopes to increase its overseas business profit from 115 billion to 500 billion yen in fiscal year 2030. This is because investments made in the U.S.A. and India are expected to start paying off.
-
Silver reaches a new peak; gold reaches a seven-week high
Gold prices rose to a seven week high on Friday. This was boosted by a weak dollar, expectations of interest rate reductions, and a safe haven demand due to geopolitical turmoil. Gold spot rose 0.7% at 0945 GMT to $4,311.73 an ounce, its highest since October 21. This marks a 2.7% gain for the week. U.S. Gold Futures rose 0.7% to $4343.50. Dollar hovered at a two-month high and was on course for a third consecutive weekly drop. This made bullion more accessible to overseas buyers. Zain Vawda is an analyst at MarketPulse by OANDA. He said that "the sharp increase in U.S. Weekly Jobless Claims as well as U.S. - Venezuela tensions are supporting gold and keeping the haven demand high." Last week, the number of U.S. unemployment claims increased by the highest amount in almost 4-1/2 years. This reversed the sharp decline seen the previous week. On Wednesday, the U.S. Federal Reserve cut rates by 25 basis point for "the third time in this year", but expressed caution about further cuts. Investors currently price in two rate reductions next year. Next week's U.S. Non-Farm Payrolls Report could give further clues as to the Fed's policy direction. Gold and other non-yielding investments tend to do well in a low-interest rate environment. Following the seizure this week of a Venezuelan oil tanker, the U.S. prepares to intercept additional?ships carrying Venezuelan crude. In India, gold prices dropped this week, despite the wedding season. High spot prices in China also impacted demand. Silver spot rose 0.5%, to $63.87 per ounce. After hitting a record high of $64.32/oz., it is on track for a weekly gain of 9.5%. Prices have doubled this year due to strong industrial demand and dwindling stocks. It was also added to the U.S. Critical Minerals List. Silver is being supported by industrial demand, amid fears of shortages and a tightening market. Retail investors have also been a major factor in driving the uptake of Silver ETFs. Palladium rose 2.2%, while platinum gained 0.8%, to $1,708.11. Both metals were on track for a rise in the coming week. (Reporting by Pablo Sinha in Bengaluru; Editing by Harikrishnan Nair)
-
Turkmenistan President hints at reforms during Putin, Erdogan and other visits
Turkmenistan’s President hinted on possible political reforms Friday, ahead of an international meeting that he will be?hosting, with counterparts from Russia and Turkey as well as?Iran. The comments were made in the state newspaper Turkmenistan Today to mark the 30th anniversary since the declaration of neutrality by the former Soviet nation. Berdymukhamedov stated in the article that "we are undertaking extensive work to transform our neutral 'country into a powerful democratic and rule of law state where citizens can live happy lives." He did not provide any further details. The article was released on the eve a forum to be held in Ashgabat, the capital of Central Asia's gas-rich state. The article was published on the eve of a forum in Ashgabat, dedicated to the gas-rich Central Asian state's international?neutrality. Turkmenistan, a mostly desert nation of 7 million people, with the fourth-largest natural gas reserves in the world, declared itself neutral under its first President, Saparmurat Niyazov. He rejected both Russian and Western influence. Niyazov, who died in 2006, maintained a 'tight control' over the politics and an isolationist policy from the rest of world. His economy was heavily dependent on natural gas exports. Berdymukhamedov, who will succeed his father in 2022 as president, has shown some signs of?openness' since he took over the presidency. The government has eased restrictions on social media and promised to open up new air-transport links. It also plans to liberalise the visa regime for certain foreigners by introducing electronic visas. Turkmenistan says it also wants to join World Trade Organisation and diversify its economy away from gas, which is mainly exported to China. It passed a new law last month that introduces a regulatory framework to regulate cryptocurrency mining and trading. (Reporting and writing by Marat Gurt; Editing by Andrew Cawthorne).
-
Spain's 12-month EU-harmonised final inflation rate at 3.2% in Novembre
The National Statistics Institute (INE), which released the final data on Friday, showed that Spain's European Union harmonised 12-month inflation rose to 3.2% in November, unchanged from last month. The INE final data exceeded the forecast of 3.1% in both the flash reading - released two weeks ago - and the average -estimate of analysts surveyed by. The INE reported that core inflation, which excludes volatile food and energy costs, increased to 2.6% over the 12 months ending in November. This is up from 2.5% during the period ending in October. The Economy Ministry of Spain said that the modest easing in headline inflation was due to lower electricity prices during November. The report said that fuel, food and non-alcoholic drinks and holiday packages continue to exert upward pressure on prices. Spanish consumer prices rose 3.0% over the past 12 months, a slight decrease from a 3.1% rise in the period through October. The rate was also unchanged compared to the initial 3.0% measure by the INE two week ago. Reporting by Marta Serafinko, Gdansk; and Jesus Calero, Madrid. Editing by Emma Pinedo & Charlie Devereux.
-
China promises fiscal boost as copper reaches record high
The copper price reached a new record on Friday, and was on track for a third weekly gain. This was boosted by the promise of a fiscal boost from top consumer China next year. The Federal Reserve's lower interest rates and expansion of the balance sheet. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session higher by 1.95%, at 94.080 yuan per metric tonne ($13,335.03). The contract reached a new record of 94,570 Yuan, exceeding the previous one set on Monday. Benchmark three-month copper on the London Metal Exchange rose 0.13% to $11,887 per ton as of 0726 GMT after reaching a record high of $11,952 during afternoon trading. The SHFE?and LME Benchmarks have gained 1,4% and 1,9% respectively this week. The Xinhua report on the annual Central Economic Work Conference, held December 10-11, showed a?plea from Chinese leaders to maintain a 'proactive' fiscal policy by 2026. The market sentiment was also boosted after the Fed cut rates by 25 basis point on Wednesday, and announced that it would start buying short-dated Government bonds on Friday. The Fed's balance will be expanded once more by the restart of buying bonds. Copper is in short supply due to mine supply disruptions, and the massive flow of copper from the United States. ANZ Research predicts that copper prices will remain?above 11,000 per ton by 2026. Prices could reach $12,000 before the end of the year due to supply constraints and accelerating growth in demand. SHFE tin gained more than 5%, reaching a 44-month record at?338,800 per ton. This was largely due to fears of disruptions in supply. SHFE aluminium grew by 0.8%. Zinc climbed 2.45%. Nickel dipped by 0.15%. Lead fell 0.67%. Other LME metals saw a slight decline in aluminium, while nickel and lead were little changed. Zinc lost 0.2%, and tin rose 1.67%. $1 = 7.0551 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson and Mrigank Dahniwala).
-
Dalian iron ore drops on lower demand and higher stocks, set for second week loss
Dalian iron ore fell on Friday, and are'set for a?second weekly loss. This is due to a lowering?demand from the top consumer China, and a rise in portside stocks. However, Beijing's promise of fiscal stimulus, and stabilizing property market, have capped the losses. The iron ore contract most traded on China's Dalian Commodity Exchange closed the daytime trading down 0.33%, to 760.5 Yuan ($107.79), a metric tonne. This was a fall of 0.8% for the week. The benchmark January Iron Ore on the Singapore Exchange rose by 0.5% at $101.95 per ton, as of 0700 GMT. This was due to a softer dollar following the U.S. Federal Reserve's interest rate cut. The price has fallen 1.4% this week. Iron ore consumption has been affected by the seasonal decline in steel demand and low temperatures that have hampered outdoor construction activities. The average daily hot metal output, which is a measure of the?iron ore market, fell by 1.3% in comparison to the previous week, reaching a new low for three months at 2,29 million tons on December 11. This was the fourth consecutive weekly decline, according to data from Mysteel. According to Mysteel, iron ore inventories at portside rose by 0.9% in a week, reaching 154.31 millions tons. This is the highest level since March 2022. The Chinese leaders' promise on Thursday that they would maintain a?proactive fiscal policy in the coming year, which would encourage both consumption and investments to maintain high economic growth, helped to limit losses. Beijing said that it will also stabilize the property market by city-specific actions. The prolonged property market slump has affected the demand for steel products. Coking coal and coke, which are used to make steel, fell by 4.33% and 3.26% respectively. This was due to a glut of supply caused by the combination of falling demand and rising supply. The Shanghai Futures Exchange has seen a decline in steel benchmarks due to lower raw material costs. Rebar fell by 0.87%, while hot-rolled coils dropped 0.83%. Wire rods also declined 1.92%, and stainless steel fell 0.68%. ($1 = 7.0552 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
EU countries to pledge help for solar sector, but no trade curbs on China, draft programs
A Lot Of European Union countries are set to devote more assistance to help Europe's ailing solar panel makers on Monday, but steer clear of limitations on cheap panel imports from China, a draft document revealed.
While Europe is installing brand-new solar panels at record speed, most come from China, and Europe's couple of panel producers are struggling to compete, prompting some to cut production or make plans to move investments to the U.S.
. A draft 'European Solar Charter' set to be signed by the European Commission and most EU countries on Monday said federal governments would think about utilizing more EU financing and nationwide help to back solar production tasks.
Further immediate action is required in the short term to address the crisis in the European production market, stated the draft file, seen .
EU authorities stated more than 20 of the EU's 27 countries were set to sign up to it.
The governments stated they would add requirements like cybersecurity and sustainability requirements to their sustainable energy auctions to help regional manufacturers, and rapidly use EU rules to accelerate permits for manufacturing facilities.
The draft said the European Commission would deal with the European Financial investment Bank to support jobs, and consider introducing a cross-border European solar manufacturing project.
It avoided nevertheless of any commitments on EU trade tariffs or limitations on solar panel imports.
European photovoltaic panel makers have formerly asked the EU to think about trade safeguards on Chinese imports, however Brussels and federal governments consisting of Germany have actually cautioned broad curbs on Chinese supply might stunt Europe's quick growth of tidy energy.
The large bulk of solar panels and parts installed in Europe come from China-- in many cases 95%, International Energy Firm information show. Utilities and panel installers normally do not support import curbs.
The EU has actually up until now taken more targeted actions, taking a look at individual circumstances of Chinese subsidies, as it attempts to help European clean tech makers take on foreign providers.
Brussels introduced two examinations this month into whether Chinese bidders benefited excessively from subsidies in their deals in a European public tender.
The EU stated recently it will likewise investigate subsidies received by Chinese wind turbine suppliers.
(source: Reuters)