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Iron ore slips on risk-off sentiment, but set for weekly gain
Iron ore futures fell on Friday amid riskoff sentiment across the financial markets due to the intensifying UkraineRussia conflict, however they were on track for a weekly gain on solid demand. The most-traded January iron ore on China's Dalian Product Exchange (DCE) traded 1.2% lower at 768.50 yuan ($ 106.06) per metric load at the midday break. Still, the agreement was up 2.9% for the week. The benchmark December iron ore on the Singapore Exchange was 1.3% lower at $100.70 a lot since 0507 GMT. It is up 5.5% for the week so far. ( China's) Daily hot metal output has been steady and at a. high level ... which indicates iron ore intake remains strong. even into the winter season off-peak season, said a trader. Second, there's winter restocking now for mills as obvious. by stocks held climbing, the trader included. We believe that the counter-cyclical increase in Chinese steel. production seen in recent weeks might be a sign of front-loading. manufacturing and exports ahead of prospective U.S. tariffs next. year, stated Goldman Sachs analysts in a note. However, risk-off sentiment throughout monetary markets due to. the increasing conflict in the Ukraine-Russia war weighed on costs. Russia fired a hypersonic intermediate-range ballistic. missile at the Ukrainian city of Dnipro on Thursday, further. intensifying the 33-month-old war. Potential dangers from possible tariffs on Chinese products. might also dampen metals demand next year. Other steelmaking ingredients on the DCE fell, with coking. coal down 0.5% at 1,285 yuan a load, and coke. falling 1.8% to 1,901.50 yuan. Steel standards on the Shanghai Futures Exchange (SHFE). were likewise down. SHFE rebar slid 1.4% to 3,279 yuan a lot,. hot-rolled coil dropped 1.2% to 3,452 yuan, wire rod. reduced 1.1% to 3,578 yuan, and stainless steel. shed 1.1% to 13,195 yuan.
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Many base metals fall on firmer dollar, risk-off belief
Base metal costs primarily traded lower on Friday, pushed by a stronger dollar and riskaverse belief due to the intensifying conflict in the UkraineRussia war. Three-month copper on the London Metal Exchange (LME). relieved 0.2% to $8,992 per metric ton by 0540 GMT, while. the most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) fell 1.1% to 73,640 yuan ($ 10,162.01) a. heap. Escalations in the Russia-Ukraine war rattled danger appetite. across financial markets, while a more powerful dollar - on track for. the eighth straight weekly gain - made greenback-priced metals. more costly to holders of other currencies. I believe the war is a wild card so risk-off pivot will harm. base metals. The higher dollar is putting pressure on base. metals too, said a metals trader. There is still no good news from China on how they'll. stimulate more, although they are on the best track. Bitcoin is. eliminating attention from commodities too, the trader. stated. Bitcoin came within a whisker of closing above $100,000 for. the first time on Thursday as the election of Donald Trump as. U.S. president stimulated expectations that his administration will. create a friendly regulative environment for cryptocurrencies. Physical copper demand revealed a slight uptick during China's. traditionally strong usage season, as shown by a. modest decrease in SHFE stocks. SHFE copper stocks were last at 130,465 loads,. the most affordable because Feb. 8. LME aluminium fell 0.6% to $2,616.50, while nickel. edged 0.1% higher to $15,725, zinc was flat at. $ 2,990, lead increased 0.5% to $2,008 and tin. was down 0.2% at $28,690. SHFE aluminium fell almost 1.2% to 20,450 yuan a. lot, nickel dropped 1.6% to 125,120 yuan, lead. declined 0.2% to 16,945 yuan, tin was down 1.3% at. 240,350 yuan and zinc alleviated 0.1% to 25,155 yuan. For the top stories in metals and other news, click. or
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New york city Times organization news - Nov 22
The following are the top stories on the New York Times business pages. Reuters has actually not confirmed these stories and does not vouch for their precision. - Gautam Adani, the billionaire chair of Indian corporation Adani Group and among the world's wealthiest people, has been indicted in New york city over his function in a $265 million bribery scheme, according to U.S. district attorneys. - U.S. President-elect Donald Trump stated on Thursday he would choose former Florida Chief law officer and loyalist Pam Bondi to be U.S. Attorney General, moving quickly to change his previous nominee Matt Gaetz after the embattled previous congressman withdrew from factor to consider. - Donald J. Trump's social networks company is considering developing a cryptocurrency payment service, according to a. hallmark application filed this week, the most recent sign of the. president-elect's welcome of the crypto market. - A federal grand jury prosecuted Phillips 66 on. charges of violating the Tidy Water Act by dumping almost. 800,000 gallons of contaminated wastewater into the Los Angeles. County sewer system and failing to report the incident to. authorities.
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South Korea's mountain of plastic waste reveals limits of recycling
South Korea has actually won global praise for its recycling efforts, however as it prepares to host talks for a global plastic waste contract, specialists say the country's method highlights its limitations. When the talks referred to as INC-5 start in Busan next week, dispute is anticipated to centre around whether a U.N. treaty ought to seek to restrict the amount of plastic being made in the very first place. Opponents of such a technique, consisting of significant plastic and petrochemical manufacturers like Saudi Arabia and China, have argued in previous rounds that nations ought to focus on less controversial topics, such as plastic waste management. South Korea says that it recycles 73% of its plastic waste, compared to about 5% -6% in the United States, and the nation might appear to be a design for a waste management approach. The bi-monthly MIT Technology Evaluation magazine has ranked South Korea as among the world's finest recycling economies, and the only Asian nation out of the leading 10 on its Green Future Index in 2022. But ecological activists and members of the waste management market say the recycling numbers do not inform the entire story. South Korea's declared rate of 73% is an incorrect number, since it just counts plastic waste that reached the recycling screening center - whether it is recycled, incinerated, or landfilled later, we do not know, stated Seo Hee-won, a scientist at regional activist group Climate Change Center. Greenpeace estimates South Korea recycles only 27% of its overall plastic waste. The environment ministry states the definition of waste, recycling techniques and statistical estimation vary from nation to nation, making it hard to examine evenly. South Korea's plastic waste generation increased from 9.6 million tonnes in 2019 to 12.6 million tonnes in 2022, a 31%. jump in three years partially due to increased plastic packaging of. food, presents and other online orders that mushroomed during the. pandemic, activists said. Information for 2023 has not been released. A considerable amount of that plastic is not being recycled,. according to market and federal government sources and activists,. in some cases for financial factors. At a shuttered plastic recycling site in Asan, about 85 km. ( 53 miles) south of Seoul, a mountain of about 19,000 tonnes of. finely ground plastic waste is piled up untreated, emitting a. slightly noxious smell. Local officials stated the owner had run. into money problems, but could not supply information. It will most likely take more than 2-3 billion won ($ 1.43. million-$ 2.14 million) to remove, said an Asan local. federal government official. The owner is believed not able to pay, so. the cleanup is low concern for us. Reuters has reported that more than 90% of plastic waste. gets discarded or incinerated since there is no low-cost way to. repurpose it, according to a 2017 study. NO CONCRETE GOALS South Korean government's guidelines on single-use plastic. products have also been criticised for being inconsistent. In. November 2023, the environment ministry alleviated limitations on. single-use plastic including straws and bags, rolling back guidelines. it had enhanced just a year earlier. South Korea lacks concrete goals towards reducing. plastic use outright, and reusing plastic, said Hong Su-yeol,. director of Resource Flow Society and Economy Institute. and an expert on the country's waste management. Nara Kim, a Seoul-based advocate for plastic usage decrease. at Greenpeace, said South Korea's culture of valuing fancy. product packaging of presents and other items needs to change, while other. activists pointed to the influence of the country's. petrochemical manufacturers. Business are the ones that pay the money, the taxes, stated. a recycling industry authorities who decreased to be recognized. since of the level of sensitivity of the problem, including that this. enabled them to wield influence. The environment ministry is. the weakest ministry in the government. The environment ministry said South Korea manages waste. over the entire cycle from generation to recycling and final. disposal. The government has actually made some transfer to motivate Korea Inc to. recycle, including its petrochemical market that ranks 5th. in global market share. President Yoon Suk Yeol stated at the G-20 summit on Tuesday. that efforts to lower plastic contamination must also be made for. sustainable development, which his federal government will support. next week's talks. The federal government has actually altered guidelines to allow companies. like leading petrochemical manufacturer LG Chem to. create naphtha, its primary feedstock, by recycling plastic. via pyrolysis. SK Chemicals' depolymerisation. chemical recycling output has already been utilized in products such. as water bottles as well as tires for high-end EVs. Pyrolysis includes heating waste plastic to extremely high. temperatures triggering it to break down into molecules that can be. repurposed as a fuel or to produce second-life plastic items. But the process is costly, and there is likewise criticism that it. boosts carbon emissions. Business have to be behind this, stated Jorg Weberndorfer,. Minister Counsellor at the trade area of the EU Delegation to. South Korea. You need business who truly believe in this and wish to. have this change. I believe there should be an alliance in between. public authorities and business..
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New Alliance Targets CTV Deliveries for Japanese Offshore Market
Strategic Marine, Mirai Ships, and Ragnar Energy Solutions have signed a Memorandum of Understanding (MOU) to establish a framework for exclusive newbuild collaborations, aiming to deliver vessels tailored for Japanese offshore markets.The MoU sets out the terms for exclusive collaboration on the design and construction of Crew Transfer Vessels (CTVs), a predominant asset utilized during the operational and maintenance phase of offshore wind farm operations, together with supporting role during the construction phases of the offshore wind farm.These vessels are intended to serve Japan’s growing offshore energy market, leveraging local construction expertise and cutting-edge engineering solutions.The collaboration aims to deliver vessels tailored to Japanese offshore market demands while maintaining the highest standards of quality, efficiency, and environmental sustainability.The signing also signifies a unified approach towards net-zero goals established globally and supports Japan in their track towards reducing greenhouse gas emissions by 46% by 2030.
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The majority of base metals fall on firmer dollar, risk-off belief
Base metal rates mainly traded lower on Friday, pressured by a stronger dollar and riskaverse belief due to the escalating conflict in the UkraineRussia war. Three-month copper on the London Metal Exchange (LME). eased 0.1% to $8,999 per metric load by 0334 GMT, while. the most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) fell 0.9% to 73,800 yuan ($ 10,184.65) a. load. Escalations in the Russia-Ukraine war rattled risk cravings. throughout monetary markets, while a more powerful dollar - on track for. the 8th straight weekly gain - made greenback-priced metals. more expensive to holders of other currencies. I think the war is a wild card so risk-off pivot will hurt. base metals. The greater dollar is putting pressure on base. metals too, stated a metals trader. There is still no excellent news from China on how they'll. stimulate more, although they are on the ideal track. Bitcoin is. eliminating attention from commodities too, the trader. said. Bitcoin came within a hair of closing above $100,000 for. the first time on Thursday as the election of Donald Trump as. U.S. president spurred expectations that his administration will. produce a friendly regulative environment for cryptocurrencies. Physical copper need showed a small uptick throughout China's. traditionally strong consumption season, as indicated by a. modest decline in SHFE inventories. SHFE copper stocks were last at 130,465 loads,. the most affordable since Feb. 8. LME aluminium fell 0.4% to $2,620.50, while nickel. edged 0.1% greater to $15,725, zinc advanced 0.4%. to $3,003, lead increased 0.5% to $2,009 and tin. was up 0.8% at $28,980. SHFE aluminium fell nearly 1% to 20,520 yuan a ton,. nickel dropped 1.5% to 125,390 yuan, lead. decreased 0.3% to 16,920 yuan, tin was down 0.9% at. 241,240 yuan while zinc rose 0.2% to 25,245 yuan. For the leading stories in metals and other news, click. or
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Gold surges and euro droops as wider war risks increase
Gold was headed for its largest weekly gain in almost 8 months on Friday and the euro hovered at a 13month low as Russia decreased its limit for using nuclear weapons and fired a hypersonic ballistic rocket at Ukraine. The threat of escalation also sent European gas costs to a 1 year high and pressed investors towards safe havens, underpinning German financial obligation and putting the Swiss franc on course for its very first weekly rise in 2 months. In Asia on Friday, chipmakers led stocks a bit higher after Nvidia touched a record high in U.S. trade on solid profits, with shares in Taiwan and South Korea up more than 1% and the Nikkei gaining 0.8%. Gold was consistent at $2,677 an ounce and up more than 4.5% for the week so far while bitcoin, based on the edge of breaking above $100,000 for the very first time. Assets connected to Adani Group companies stayed under pressure, with dollar bonds nursing losses following chairman Gautam Adani's indictment for scams by U.S. district attorneys. Russia on Tuesday decreased its threshold for using nuclear weapons and over night responded to the U.S. and UK allowing Kyiv to strike Russian territory with western weapons by firing a. hypersonic intermediate-range missile at Ukraine's Dnipro. Those weapons usually bring nuclear warheads, stated. experts at ANZ Bank, noting the attack sent oil rates higher. The exchange suggests the war has actually entered a new stage,. raising concerns around interruptions to provide. Brent unrefined futures are up almost 4.5% on the week. and edged approximately touch a two-week high of $74.44 a barrel in Asia. trade. The euro has been friendless and down for seven of the past. 8 weeks as Europe deals with U.S. tariffs, slowing development, the. collapse of Germany's federal government and pressures in France's. federal government over its 2025 budget plan. There doesn't appear to be anything on the plus side of the. euro ledger just at the moment, said National Australia Bank's. head of FX research, Ray Attrill. At $1.0469 the typical currency is close to breaking support. at last year's low of $1.0448. European stocks are also. headed for a 5th weekly drop in a row, while world stocks. are up 1% today. The dollar index considered a weekly gain of 0.4% and. traded at 107.05. S&P 500 futures were flat. Benchmark. 10-year Treasury yields held at 4.432%, more or less. stable on the week. Markets suggest about a 58% possibility of a Fed cut, down from 83%. a week earlier. Information in Japan showed core inflation held above the main. bank's 2% target in October, keeping pressure for a rate increase. Markets are pricing about a 57% opportunity of a 25 basis point Bank. of Japan rate hike in December and the possibility has actually injected. some volatility and even support for the yen. The yen, down 4% this quarter, was trading firmer at 154.38. per dollar in early morning trade. Together with speculation about (finance ministry). intervention, I think selling on upticks on dollar/yen is quite. decent, said Keita Matsumoto, head of financial institution. sales and options at Citigroup Global Markets Japan in Tokyo. Our investor customers and business customers are rather. sellers of dollar/yen near 155.
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Oil increases as intensifying Ukraine war increases supply risk
Oil rates increased on Friday after Russia said it had fired a ballistic missile at Ukraine and alerted of a widening dispute, raising the possibility of tightening up unrefined materials. Brent unrefined futures gained 14 cents, or 0.2%, to $ 74.37 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures increased 17 cents, or 0.2%, to $70.27 per barrel. Russian President Vladimir Putin said on Thursday that the Ukraine war was growing into a worldwide dispute after the U.S. and Britain allowed Ukraine to strike Russia with their weapons. Putin, who said Russia responded to using U.S. and British rockets by firing a new type of hypersonic medium-range ballistic rocket at a Ukrainian military center, alerted the West that Moscow might retaliate further. After approval from the administration of President Joe Biden, Ukraine struck Russia with six U.S.-made ATACMS on Nov. 19 and with British Storm Shadow rockets and U.S.-made HIMARS on Nov. 21, Putin said. Russia is among the world's top crude oil producing nations, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by manufacturer group OPEC+. Russia this month stated it produced about 9 million barrels of oil a day. Ukraine has used drones to target Russian oil infrastructure, consisting of in June, when it used long-range attack drones to strike 4 Russian refineries. Swelling U.S. crude and fuel stocks minimal cost gains, with government data released this week revealing crude increased by 545,000 barrels in the week to Nov. 15 to 430.3 million barrels and fuel inventories by 2.1 million barrels to 208.9 million barrels. Some analysts anticipate another dive in oil inventories in next week's information. We will be anticipating a rebound in production in addition to US refinery activity next week that will bring negative ramifications for both unrefined and key items, stated Jim Ritterbusch of Ritterbusch and Associates in Florida. The world's leading crude importer, China, meanwhile on Thursday revealed policy procedures to improve trade, including assistance for energy product imports, in the middle of concerns over U.S. President-elect Donald Trump's dangers to impose tariffs.
Philippines' more assertive hand in dispute over South China Sea tests Beijing
In the Presidential Situation Room in February of last year, senior Philippines officials were faced with a difficult decision. Coast guard officers displayed photos that they said were of a military grade laser pointed by China at a Philippines vessel in disputed waters a few days before.
Eduardo Ano was the national security advisor and chairman of the South China Sea Taskforce. He had to decide if he wanted to risk Beijing's anger by releasing the photos, or if he didn't want to aggravate his giant neighbor.
The retired general said to the officials, "The public deserves know." "Publish the photos." The meeting, which was previously kept secret, marked a crucial moment as Manila launched a publicity campaign to draw attention to the escalating territorial dispute in South China Sea. Ramming of vessels, the use of water cannons, and diplomatic protests that followed have sharply increased tensions.
"It was a pivotal moment and the birthing of transparency policy," National Security Council spokeswoman Jonathan Malaya told . Malaya attended the meeting and recounted what happened. The goal was to impose severe consequences on Beijing's image, reputation and standing. Malaya claimed that President Ferdinand Marcos Jr. had instructed officials to "civilianise, and internationalise", the dispute. They achieved this by embedding foreign reporters on missions and using the coastguard. He said that this was an important part of building international support to the Philippines because foreign governments are also our audience.
This report on the Philippines' policy change and its implications is based upon interviews with 20 Philippine officials and Chinese diplomats, as well as regional analysts and analysts. The analysts said that the publicizing of China's actions in conjunction with Manila's strengthened military alliance with the U.S. had limited Beijing's ability escalate maritime issues, but increased the risk of Chinese economic retaliation as well as U.S. participation. The meeting in February 2023 took place just days after Marcos gave the U.S. the right to access four additional military bases within the Philippines. This rekindled defence ties which had been weakened under Rodrigo Duterte.
"China has very few options for escalation without invoking the U.S. - Philippines mutual defence treaty or risking a war between Chinese and U.S. troops," said Ian Storey of Singapore's Yusof Ishak Institute.
Marcos also launched a diplomatic offensive to gain support from countries like Canada, Germany and India for the Philippines.
Oil and gas are abundant in the South China Sea. Around $3 trillion worth of trade is carried out through the South China Sea every year. The U.S.'s access to Philippine bases may be important in a conflict over Taiwan. China, whose claims over most of the sea have been invalidated by an International Tribunal in 2016, alleges that Philippine vessels illegally invade waters around disputed shoals. Marcos will take office in June of 2022. The Chinese government has warned him not to misjudge the situation.
Jay Batongbacal, a Philippine lawyer and legal scholar, said: "This is poker. This is brinkmanship." "Brinkmanship" is pushing things to the limit, to see who will lose their nerve. Poker is a game that involves bluffing, deception and one could do both at once.
China's Foreign Ministry responded to ' questions by saying that the Philippines was stoking tensions at sea with "provocative acts in an effort to infringe China's territorial and maritime sovereignty".
China said it would protect its interests and resolve the conflict peacefully by dialogue.
A spokesperson for the U.S. State Department said that Manila's transparency campaign had been successful in bringing greater attention to China’s "disregard of international law" as well as its actions which put Philippine servicemen at risk.
The spokesperson refused to comment on the possibility of a U.S. involvement in military operations, but did say that the U.S. was prepared to support the Philippines should it face economic coercion by China.
"AWAKE AT NIGHT" The conflict concerns Scarborough Shoal (also known as Second Thomas Shoal) and Scarborough Shoal (also known as Scarborough Shoal), where the Philippine Navy maintains an rusting BRP Sierra Madre warship that was beached by Manila in 1999, to support its sovereignty claims. It is manned by a small crew. Chinese ships attempted to block resupply mission by encircling Philippine vessel and firing water cannons which in March broke a boat's glass, injuring the crew. China claimed to have acted professionally and lawfully. Manila released video footage of the incident. In February, Philippine vessels recorded their Chinese counterparts erecting a barricade across the Scarborough Shoal entrance. Both sides have traded accusations this week over a collision that involved their vessels near Second Thomas Shoal.
Jay Tarriela, spokesman for the Philippine Coast Guard, taunts Chinese officials on X and state media. He also posts drone footage of maritime conflicts. He said that if he had been doing something wrong, he would have been closed down.
Tarriela claimed that the transparency campaign had been successful in galvanizing support for Manila, while China's threshold of aggression has not changed despite the increase in incidents.
He said, "They still rely on their water cannons... They are stuck with this kind of tactic."
Center for Strategic and International Studies reported in January that the number of Chinese ships around Second Thomas Shoal, during Philippine resupply mission has increased from an average of one ship in 2021 to 14 in 2023. According to Philippine officials, China's Coast Guard came within metres from the Sierra Madre last month and seized supplies that were airdropped for troops stationed at that location. China's navy, which patrolled the area, claimed that Filipino soldiers had pointed guns at their coast guard. Manila, however, stated they were just holding their weapons.
Officials in the Philippines say that they are concerned about a deadly accident escalating into hostilities.
Jose Manuel Romualdez told that "that keeps a lot us awake at nights".
Manila wants to avoid the economic pressures it experienced a decade earlier, when Chinese customs delays caused Philippine bananas rotting on Chinese docks.
China accounted for 14.8% or $11 billion of the Philippines' total exports in 2023. China is the Philippines top importer, mostly refined petroleum products and electronic goods.
Romualdez stated that Manila hopes China will "see the importance of continuing our economic activities while trying to peacefully solve the issue".
Edcel John Ibarra is a political science professor at the University of the Philippines. He said Marcos could provoke China to "a tougher approach", including non-tariff restrictions and tourism restrictions. He cited changes China made in May, which allow the coast guard to hold foreigners without trial and for 60 days.
Manila's intensity has shocked its neighbors. Vietnam and Malaysia have also had maritime disputes with Beijing. They have been more careful about the information they have released from their skirmishes.
One Asian diplomat who did not wish to be identified said: "We're all watching and talking between ourselves." "The Philippines has developed a new strategy to stand up to Beijing on a point where there is friction."
Marcos stated in December that diplomacy had not achieved much with China, and urged Southeast Asia to "come up with a new paradigm".
China's official media has expressed dissatisfaction with the transparency campaign.
Global Times, a state-sponsored newspaper, said in a May op-ed that the Philippines had "played the victim in order to deceive the international public opinion". Manila's strategy has included a key element of solidifying the U.S. Alliance. In May of last year, both countries clarified that their defence treaty covers the coastguard. Marcos took part in an unprecedented summit, with his U.S. counterparts and Japanese counterparts, on April.
An official from the United States who was involved in U.S. China talks said that Chinese officials complained behind closed doors about these diplomatic breakthroughs, adding that Beijing is "feeling squeezed".
Zha Daojiong of the School of International Studies at Peking University says that China is in a deadlock and will continue to "essentially react" to flashpoints such as Second Thomas Shoal.
He said, "I guess that by responding to the Philippines action they want to maintain the message that the shoal in question is still in dispute."
(source: Reuters)