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France seeks protection against Chinese steel imports following ArcelorMittal job losses
Sophie Primas, spokesperson for the French government, said that France and other European nations will push for measures protecting European steel against Chinese imports. Primas responded to ArcelorMittal's announcement that it would eliminate 600 jobs at seven French sites because of the crisis in Europe’s steel industry. Prima told CNews/Europe1 that "we have taken some initial steps, particularly on the issue of quotas as well as the introduction of Chinese Steel Quotas. But we must go even further, and France is leading the way." Steelmakers in Europe are being hit hard by the high cost of energy and cheap imports from China. Steelmakers in Europe are also facing higher tariffs for exports to the United States. Primas stated that the overproduction of Chinese steel is partly responsible for the decreased competitiveness of Europe’s steel industry. In a Wednesday statement to its Works Council, ArcelorMittal France North stated that it had "implemented the best short-term adaption measures but now the company must consider reorganisation to adapt its business in the new market context to ensure its competitiveness and future". Arcelor follows Tata Steel's announcement earlier this month that it would eliminate around 20% of jobs at its massive plant in The Netherlands. ArcelorMittal has been criticized for its job cuts. The steelmaker received subsidies from the French government as part of a drive to reindustrialise parts of France. "We fought hard for the funding of decarbonisation, which is crucial to ArcelorMittal", said Xavier Bertrand. The president of Hauts de France - a region that houses several sites that are affected by job cuts - Xavier Bertrand. He said this in a blog post on X. (Reporting and editing by Bart Meijer, Gareth Jones and Makini Brice)
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Gold prices rise on dip-buying; US-China trade updates are the focus.
Investors bought gold bullion on Thursday after a sharp drop in the previous session. However, U.S.-China tensions remained at the forefront of investors' minds. As of 0907 GMT, spot gold rose 1.6%, to $3,340.79 per ounce. Bullion fell over 3% Wednesday, its worst performance since November. U.S. Gold Futures rose 1.8% to $3.352.10. Gold's earlier pullback has removed some of the froth that surrounded its recent surge. This in turn attracted buy-the dip action amid persistent global trade war concerns, said Han Tan. Chief market analyst of Exinity Group. Gold bugs can be confident of achieving the $3,500 mark, given the apparent tailwinds that are still evident for this precious metal. Bullion that does not yield, which is traditionally viewed as a hedge to global instability, has increased by over 27% this year. The International Monetary Fund has reduced its forecasts for U.S. growth and global economic growth in 2018, citing President Donald Trump's tariff policies as the main reason. Ole Hansen is the head of commodity strategy for Saxo Bank. Scott Bessent, U.S. Treasury secretary, said that if Trump's policies were implemented, the U.S. economy will grow faster than the revised IMF estimate of 1,8%. This is down from 2,7% in January. He said that excessively high tariffs in the U.S.-China trade relationship are not sustainable and must be reduced to allow for further trade negotiations. The U.S. Dollar eased in support of gold, making greenback-priced metals cheaper for overseas purchasers. Silver spot fell by 0.5%, to $33.37 per ounce. Platinum was unchanged at $973.25 while palladium dropped 0.6% to $939.53. (Reporting by Rahul Paswan in Bengaluru; Editing by Varun H K)
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In April, Russia's oil revenues fell by 22% year-on-year.
Calculations showed that the revenue from oil and gas in Russia for April fell by 22%, to 0.96 trillion Russian roubles ($11.60billion), compared to the same month last year. This was due to lower oil prices and stronger roubles. The Kremlin's most important cash source has been oil and gas revenues, which have accounted for between a third and a half the total federal budget revenue over the last decade. Profits would also be down by 11% compared to March due to a lower profit-based tax. Calculations show that the Russian oil price per barrel has fallen to 4,620 roubles per barrel, from 6,965 roubles per barrel in April of 2024. Calculations show that Russia's oil-and-gas revenue could fall by 13% on an annual basis between January and April, to 3.6 trillion Russian roubles. The Finance Ministry will publish its estimates by May 7. Since the launch of its military campaign, or what it calls a special military operation in Ukraine in February 2022, Russia has increased its defence and security expenditures. According to a document from the Economy Ministry, Russia's forecast for oil and gas export revenues for 2025-2027, which are a major source of funding for state budgets, has been cut due to lower oil prices. The proceeds have fallen by 15% in this year. The Russian central bank warned that oil prices may be weak for several years. Urals prices dropped to their lowest level since 2023 at around $53 a barrel in April, and they traded under $60 per barrel last week.
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JSW Steel CEO: India's steel safeguard tariff will help control imports
Jayant Acharya said on Thursday that India's decision to impose a temporary 12% tariff on certain steel imports would help reduce imports in some cases. India, the world's second largest crude steel producer, has imposed temporary tariffs, or a provisional safeguard duty on certain steel imports. The duty will last for 200 days. The country's imports for finished steel products increased for the second consecutive year in fiscal 2025, with imports reaching an all-time high amid increased shipments from China. The influx of steel cheaper from China has forced Indian mills into reducing their operations and considering job cuts. Acharya, in an interview said that India is still vulnerable to imports at low prices. "We must determine if the (duty of 12%) is enough or if we need to calibrate our safeguard duty." Acharya said that Europe's plans for tightening steel import quotas will restrict JSW Steel's existence in the region. He did not elaborate. The European Commission announced in March that it would tighten steel import restrictions to protect the European steel industry from soaring imports. Separately Acharya stated that JSW Steel will explore Indian coal assets, and make acquisitions on the basis of strategic and commercial viability. The company currently sources coal, a crucial raw material for steelmaking, from Australia, Mozambique and the United States. (Reporting and writing by Neha Arora, Mumbai; Editing and proofreading by Sonia Cheema).
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The gains in copper on a softer dollar are capped by uncertainty about tariffs
The copper price hovered just below its three-week peak on Thursday. A weaker dollar boosted the prices, but continued uncertainty about U.S. tariffs kept them in a limbo. By 0840 GMT, the benchmark copper price on the London Metal Exchange was up 0.2% to $9,400.50 per metric tonne. It had previously reached a high of $9,481.50, its highest level since April 3. LME copper is up more than 15 percent since it hit a low of $8.105, a level not seen in 17 months. The stocks in Asia fell as traders digested Wednesday's latest news about the trade war between China and the United States. A U.S. official had said that the high tariffs between them were not sustainable. The dollar index dropped after U.S. president Donald Trump softened his stance towards China and backed off from his threats to fire the Federal Reserve head. Dollar-priced goods become more expensive to buyers of other currencies when the U.S. dollar weakens. Other metals saw an increase of 0.3% in aluminium to $2.440 per ton. Zinc rose 1.5% to $2.679, while lead increased by 0.7% to $1.959. Tin gained 1.2% at $31,700, and nickel was up by 0.9% to $15,810 per ton.
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Tesla sales drop 28.2% in March as European car sales increase
According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face competition from China and are battling high costs on home markets, they now have to deal with the effects that President Donald Trump’s 25% tariffs will have on auto imports. Trump's 145% tariffs on Chinese imports, and Beijing's retaliatory duties have also caused global growth predictions to be revised downwards. This has created new risks for automakers. By the Numbers The ACEA reported that the sales of cars in March rose from 1,42 million to 1,42 million after two months of decline, according to the ACEA. Stellantis registered a 5.9% decline in registrations, while Volkswagen and Renault saw their numbers increase by 10.3% and 130% respectively. Tesla's third-month sales were down 28.2% on a year-over-year basis, and its market share dropped to 2%, from 2.9%. The EU's total car sales declined 0.2% on an annual basis, falling for the third consecutive month, despite a 17.1% increase in battery electric cars (BEV), a 23.9% rise in hybrid electric vehicles (HEV), and a 12.4% jump in plug-in hybrid vehicles (PHEV). In March, 59.2% more passenger cars were registered with electric vehicles, either BEVs, HEVs or PHEVs, than the previous year. Sales in Spain and Italy grew by 23,2% and 6,3%, respectively, whereas in France and Germany, they fell by 14,5% and 3,9%. Registrations in Britain increased by 12.4%. CONTEXT According to market experts, Europe is the second largest EV market in the world. This growth in interest is largely due the new EU emission standards and the introduction of cheaper electric cars. However, the EU recently proposed a loosening of the targets.
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Shares of UK auto distributor Inchcape fall amid fears of tariffs
Inchcape, a British auto distributor, said tariff uncertainties could affect supply from automakers as well as reduce market demand. This sent its shares tumbling on Thursday after it reported a drop in revenue for the first quarter. The shares of the company fell by nearly 17%, to 575 pence, their lowest level in almost four and a quarter years. The tariffs imposed by U.S. president Donald Trump have disrupted the global supply chain, even though he had earlier in the month suggested possible exemptions for auto-related taxes. The CEO Duncan Tait stated that the current tariff situation is not affecting demand, but we expect to see possible impacts on the supply from our OEMs. The company that exports cars to global manufacturers in 40 countries said it was taking steps to manage inventory levels and costs. Inchcape reaffirmed their 2025 guidance as well, but excluded any impact from tariffs which they did not quantify. Peel Hunt analysts wrote in a report that OEMs are focusing on the strongest distributors, and this could create opportunities. They also said Inchcape's shares remain a good value. In April, UK Finance minister Rachel Reeves stated that Britain worked with Washington in order to get an exemption from U.S. automobile tariffs. Britain could also review a credit program that benefits Elon Musk’s Tesla in an effort to boost support for the UK auto industry. Inchcape’s revenue for three months ending March 31 was 2.1 million pounds ($2.79 million), 5% less than the previous year, on a constant-currency basis. This is due to a challenging economic environment in key markets such as Asia-Pacific and Europe.
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Chinese coal buyers reject new Indonesia price benchmark
Indonesia's efforts to introduce a price set by the government for coal are not making any headway in China, its top customer. This undermines Jakarta's attempts to gain more control over its commodity exports. On March 1, Indonesia started using the HBA, a new price set by the government that was previously only used to calculate royalties. This is to give Indonesia more control over both the domestic and export value of the fuel commodity. Despite the fact that it has been almost two months since the HBA was introduced, two Chinese coal traders claim the majority of Chinese buyers still use the old Indonesian Coal Index. The new benchmark, according to traders, is less transparent and updated less often. It is also more expensive. Most exporters are not using the ICI price, according to the Indonesian Coal Mining Association. This is partly because buyers have a better understanding of the ICI pricing system. "We conducted an evaluation and are currently reviewing the impact." We will then present the results of the assessment to the policy-making leadership. Julian Julian refused to reveal details of the assessment of the Ministry and didn't comment on the low take-up rate of the HBA benchmark. Indonesia, the top thermal coal exporter in the world, struggles to influence pricing for its coal exports, valued at $17.2 billion in China last year, according to China’s customs data. This highlights the challenges Indonesia faces to assert its role on global commodity markets, as it strives to reform its mining sector and boost domestic processing. According to the Ministry of Finance, the new benchmark is intended to be used for spot trades starting in March. Exporters are expected to honor long-term contracts that have been priced using the ICI standard. Josua Paradede, Chief Economist at Permata Bank said that the new pricing policy aimed to increase revenues for coal exporters as well as the government. He said that the strategy might "backfire" in case higher prices push buyers to other sources. A coal company in Indonesia, who asked to remain anonymous, said that high HBA costs made the switch difficult. The company still uses ICI sales. Toby Hassall is the lead coal analyst for LSEG. He said that many Indonesian producers already operate at a loss. This policy could deter investors from investing in Indonesia's mines. WEAK DEMAND IN CHINA HITS PRICES Su Huipeng is an analyst with the China Coal Transportation and Distribution Association. Customs data shows that China's imports of coal were down by 6% on an annual basis in March, to 38.73 millions metric tons, due to a weaker demand at home and lower prices. Indonesian shipments also fell, with a further 9% decline. In March, China Shenhua Energy, a major importer of coal, stopped all purchases due to the increasing port stocks. Analysts predict that China's coal exports will fall in this year's comparison to 2024. This will further reduce Indonesia's leverage. CCTD forecasts that China's thermal imports – which accounted for virtually all Indonesian coal shipments to China in the past year – will drop by 5%. Analysts at Guosheng Securities also predict a decline. Reporting by Colleen Hogue in Beijing and Bernadette C. Christina and Fransiska Naangoy in Jakarta. Editing by Tom Hogue.
Local medics report that Israel has killed five people in Gaza.
Three Palestinian men were killed by an Israeli air strike in Gaza as they attempted to collect firewood on Monday, according to medics. There was no progress made in the renewed talks between Israel and Palestinian militants group Hamas on maintaining a ceasefire agreement.
The latest bloodshed highlights the fragility and the Gaza war’s three-stage ceasefire. Three members of the same family had left their homes to collect wood for cooking.
Residents said that this has become a routine task for many Gazans, as Israel continues to ban the entry of fuel, food and medical supplies into Gaza. This has been going on for more than two weeks.
In a press release, the Israeli military claimed that it had struck "terrorists", who were operating near its forces and trying to plant a explosive device.
The three bodies were buried in white shrouds at the Al-Aqsa Hospital, Deir Al-Balah.
The drone bombed them when they were rescued by their cousins or others from the area, said Jabr Abo Hajeer, father of one victim.
Medics confirmed that an Israeli airstrike killed a father, his son and a school housing displaced families near the original strike site in Bureij Camp, bringing the total death toll for the day to five.
The Israeli military claimed that the strike was carried out on two individuals who were trying to plant a bomb near the area where the forces operate in Bureij.
Ismail Al-Thawabta is the director of Hamas-run Gaza's government media office. He said that Israel's "violations", could "undermine any efforts for de-escalation".
He estimated that 150 Palestinians had been killed since the ceasefire in January.
Israel's army says that it has thwarted numerous attempts by Palestinians, to plant bombs and otherwise threaten its forces.
Israel's 16-day suspension of goods from entering Gaza has put more pressure on Gaza's population of 2.3 million, many of whom are now homeless due to the war. Israel's suspension of goods entering Gaza for 16 days is increasing pressure on the 2.3 million people in Gaza, many of whom have been made homeless by the war.
Closed bakeries
The electricity cut may have caused people to lose clean water. Several bakeries closed recently, and food prices are on the rise.
Israel is seeking to extend the first stage of the ceasefire, which was mediated by Qatar and Egypt, according to Steve Witkoff, the U.S. ambassador. Hamas has said it will only resume releasing hostages under the second phase, which was supposed to start on March 2.
Israel and Hamas are holding talks in Cairo with Egyptian mediators.
Abdel-Latif Al-Qanoua, Hamas' spokesperson said that Israel was "trying to undermine the agreement" and impose additional conditions.
Hamas announced on Friday that it would release the American-Israeli soldier Edan Alexander and four hostage bodies if Israel agreed immediately to start talks about implementing the second stage of the agreement. Israel accused Hamas waging a "psychological war" against hostage families.
The office of Israeli Prime Minister Benjamin Netanyahu said that negotiators were instructed to be prepared to continue discussions based on mediators' responses to a U.S. offer for the release 11 of the 59 hostages who are still alive and half of those who have died.
Gaza's latest conflict began on October 7, 2023 when Hamas launched a raid across the border into southern Israel, killing 1200 people and taking 251 hostages.
According to Gaza's health officials, Israel's attack on Gaza resulted in the deaths of more than 48, 000 Palestinians. The assault also caused the displacement of most of the local population and the reduction of much of Gaza to rubble. Nidal al Mughrabi is responsible for reporting and writing. Tala Ramadan contributed additional reporting; editing by Timothy Heritage. Aidan Lewis and William Maclean.
(source: Reuters)