Energy Prices Jump After Iran Attacks Qatar LNG Plant
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around…
Alaska LNG CEO: We need more commitments to offtake before we make a final investment decision.
Glenfarne, an energy developer, must secure agreements to purchase a further 3 million metric tonnes of liquefied gas before making any final investment decisions on the $44 billion Alaska LNG project. Brendan Duval, CEO of Glenfarne, said that the lead developer for the Alaska project has been in discussions with two potential buyers about adding the remaining volumes to the 13 million tonnes of annual sales agreed upon so far. JERA, one of Japan's largest LNG buyers, and Tokyo Gas have signed preliminary agreements for offtake.
Helium prices rise as Qatar LNG shutdown exposes fragile supply chains
The Iran war has caused disruptions in Qatar's natural-gas processing, which have pushed helium prices up sharply. This exposes the fragility of this small but important market that supports industries ranging from semiconductors to imaging. According to Phil Kornbluth of Kornbluth Helium Consulting's president, the spot price for helium has?doubled in recent months as buyers scrambled to secure supplies. QatarEnergy - the second largest LNG exporter in the world - announced a production stop at its 77 million ton per annum (mtpa),?facility, last week.
India's small-scale steelmakers are facing production cuts due to LNG shortages caused by the Iran war
Industry officials say that a number of small 'Indian steel' producers have warned of production cuts due to the Middle East conflict, which is disrupting gas supplies for the world’s second largest producer of the alloy behind China. Triveni Iron and Steel Industries, based in Gujarat, is the largest gas-consuming area of the country, and relies heavily on Middle East gas for a large portion of its supply. Gujarat is dependent on LNG imports for several small steel mills.
AFR reports that Glencore is open to listing Australia if it's beneficial.
The Australian Financial Review reported that Glencore was "open" to considering a listing in Australia if it proved beneficial for the company. This follows the failure of merger negotiations with Rio Tinto. According to the report, a secondary ASX listing could attract more investors. "It would give investors an alternative option other than Rio and BHP," CEO Gary Nagle said. Nagle, a newspaper reporter, said that the company would have to consult with its shareholders before proceeding?with any listing.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing run rates to roll over some of their…
Australian shares rise as investors buy battered stocks, with banks leading the way
Australian shares eked modest gains on Thursday, as investors picked up beaten-down tech, bank, and energy stocks after a two-day slide triggered by the escalating Middle East conflict. After a 3.2% decline in the two previous sessions, the S&P/ASX 200 rose 0.4% to 8,940.30. Global equity markets rallied after a significant selloff during the previous sessions, following gains in U.S. stocks overnight. Financials in Australia led the way on Thursday with a 0.8% gain, its best session since February 19.
UAE stock markets slide after a two-day suspension following the Iran attack
The stock markets in Dubai and Abu Dhabi reopened on Wednesday after a two-day suspension following Iran's unprecedented?wave of?missiles and drone attacks against the Gulf nation. Capital Markets Authority of the UAE closed ADX and DFM March 2 and 3 in order to prevent a meltdown. This was an unusual step, as it did not coincide with a holiday or mourning period. The combined market cap of both exchanges is approximately $1.1 trillion. Investors waited for clarity on the extent of the damage caused by the weekend strikes in both emirates…
Sugar prices rise on fears that the Iran war will increase ethanol demand and lower sugar production
The world sugar price rose 'on Monday, on the fear that the U.S./Israel war against Iran, which is disrupting energy supplies worldwide, would cause Brazilian sugar?cane mills to produce less sugar and more ethanol. Ethanol, a biofuel made from cane, is produced by mills. The mills of Brazil, the world's largest sugar producer, will use less cane for fuel production, which means they have less raw material available to make?sugar. Sugar is a staple food and calorie source in developing countries.
GKN's cancellation of plans for a magnet factory is a setback to Europe's goal for rare earths
GKN Powder Metallurgy scrapped plans to manufacture rare earth permanent'magnets' in Europe. Three sources familiar with the matter confirmed this, highlighting Europe’s struggle to create a domestic rare Earths?industry that can compete with China, the dominant producer. China controls 90% of the rare earth output processed and 70% of the mining production. Europe is being criticized for falling behind the U.S. when it comes to offering financial support to projects that develop its own supply.
China's lithium prices soar after Zimbabwe bans export
China's Lithium price rose on Thursday after Zimbabwe suspended its raw?mineral exports. This sparked concerns about supply disruptions at a time when the market is expected to boom due to a growing demand for?energy storage?. As of 0330 GMT, the most traded contract for lithium carbonate on the Guangzhou Futures Exchange had risen 6.07%, to?178.020 yuan (about $26,043.45) per metric ton, after having risen by more than 9%, to 187.700 yuan, earlier in this session. Zimbabwe suspended all exports of raw minerals, including?lithium concentrates, on Wednesday.
Solar dominates import seizures following US ban on Chinese products made with forced labor
According to the latest data released by the U.S. Customs and Border Protection, solar panels account for the majority of the value in shipments that are stopped at the U.S. border as a result of a law passed in 2021 banning goods made with Chinese forced labour. These data are the first to provide a detailed breakdown of the?types?of products that CBP has stopped since the Uyghur Forced Labor Prevention Act was signed by the former president Joe Biden. They confirm that the solar industry will be the most affected.
As global pressure increases, German Chancellor Merz travels to China in search of opportunities
The German Chancellor Friedrich Merz is visiting China this week. He's the latest European leader to seek a reset of relations with Beijing following a year which exposed the fragility in their supply chains and the collapse of their alliance with the U.S. Merz is making his first trip to China as a?chancellor' and leads a delegation that includes some of Germany’s top business leaders. This includes the heads of carmakers Volkswagen BMW and Mercedes-Benz.
As global pressure increases, German Chancellor Merz travels to China in search of opportunities
The German Chancellor Friedrich Merz is visiting China this week. He is the latest European leader to seek a reset of relations with Beijing following a year which exposed the 'crumbling' of their alliance with?the United States. The collapse of their alliance with the United States was exposed in a year that revealed vulnerabilities within their supply chains. Merz is leading a delegation that includes some of Germany's top business leaders. This includes the heads of Volkswagen, BMW, and Mercedes-Benz.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill the Vault with 60 minerals that are currently classified as "critical". The U.S. is reviving friend-shoring as it seeks to form a metal alliance with China to break its stranglehold on the metals at the heart of modern technology. The U.S. is more popular than ever.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill up the Vault's 60 critical minerals. The friend-shoring game is back and with a vengeance. As the U.S. tries to build a metal alliance to loosen China’s grip on the metals at the core of modern technology. The U.S. has more friends now than ever. At the February 4th ministerial conference on critical minerals, 54 countries were present.
Castrol India's quarterly profits drop due to higher costs and one-time charges
The lubricant maker Castrol India reported a 9.9% decline in its fourth-quarter profit on Tuesday. This was due to higher raw material costs and an unforeseen?charge, which outweighed the boost from a sustained demand. Profit after tax for the company fell from 2.71 billion rupees to 2.45 billion (about $27.2 million) during the quarter ending December 31. The results include a?one-time charge of 225.3 millions rupees related to?India’s newly enacted labor code.
Auditors say EU efforts to diversify imports of critical raw materials have failed so far
The European Court of Auditors stated on Monday that the EU's efforts in diversifying its imports of metals, minerals and other critical materials for?technology, defence and energy transition have "yet not produced tangible results". The EU's Critical Raw Materials Act 2024 sets out a plan for boosting?local?production of 34 strategically important materials in order to reduce reliance on imported products from a small number of countries, primarily China, Turkey, and Chile. List includes lithium, antimony and tungsten.
Reliance stocks lead partial recovery of Indian stocks after budget day saleoff
India's equity benchmarks rose on Monday, with gains led by?infrastructure shares and bargain-hunting in heavyweight Reliance Industries as the?markets recovered from the damage they suffered after the federal budget. The?Nifty50 rose 1.06%, to 25,088.4, and the BSE Sensex gained 1.17%, to 81.666.46. The indexes fluctuated between gains and losses of 0.6% intraday. On Sunday, the benchmark indexes dropped about 2%. Their biggest percentage drop on budget day in six years.
Musk's Davos debut: US tariffs are a problem for solar power
Elon Musk made his Davos debut at the last minute on Thursday. He criticized U.S. Solar Tariffs, set aggressive Tesla targets, such as humanoid robot sales next year, and hinted that European approval of self-driving technology would be within weeks. Larry Fink, interim co-chair of the World Economic Forum, interviewed the richest man in the world after he had described the annual meeting for years as being elitist and unaccountable, and detached from the ordinary people. BlackRock's CEO expressed admiration for Musk as the discussion began.