White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts
Published Sun, May 17 2026 10:11 PM EDT | Evelyn Cheng
KEY POINTS
The booth of USSEC (U.S. Soybean Export Council) on Nov. 8, 2025, at the 8th China International Import Expo in Shanghai. Sopa Images | Lightrocket | Getty Images
BEIJING — China has agreed to buy U.S. soybeans and address American access to rare earths, the White House said Sunday, touting some of the most tangible outcomes so far from a high-profile bilateral summit last week.
U.S. President Donald Trump on Friday concluded two days of meetings in Beijing with Chinese President Xi Jinping. The two leaders have also agreed to meet in the U.S. in September.
China will buy at least $17 billion of U.S. agricultural goods annually through 2028, the White House said, noting it would be “in addition to the soybean purchase commitments that it made in October 2025.”
After a Trump-Xi meeting in South Korea last fall, the U.S. said China agreed to buy at least 25 million metric tons of American soybeans in each of the following three years.
However, this weekend’s readout did not specify an amount, while stating China is once again allowing sales of U.S. beef and poultry. China’s Commerce Ministry also did not specify an amount or name soybeans, while noting both countries agreed to promote agricultural trade.
The Chinese statement also did not mention rare earths, while the U.S. said China would address rare earth shortages — particularly of yttrium, scandium, neodymium and indium. Beijing controls the supply chain for many obscure minerals that are critical components of smartphones, cars and weapons.
The summit itself was “underwhelming,” but U.S.-China relations will likely improve “incrementally” as long as Trump is president, Jacob Shapiro, strategic partner and geopolitical advisor at The Bespoke Group, said Monday on CNBC’s “Squawk Box Asia.”
“After you get past Trump, I don’t see that Trump is passing the baton to anyone in the United States who is [interested in] meaningfully improving ties with China,” he said. Shapiro said that means Beijing will “say what they need to say to make things nice for the next couple of years,” while preparing for the next U.S. president who will likely take a harsher stance on China.
The U.S. and Chinese readouts both noted agreements to establish boards of trade and investment to facilitate bilateral discussions in those areas.
China indicated reducing tariffs would be part of the plans, but the U.S. did not mention duties.
The U.S. specified Chinese plans to buy 200 Boeing airplanes, while Beijing broadly noted the aircraft purchase agreement and said the U.S. would ensure supply of engines and other parts. China has developed its own passenger airplane, which still relies on foreign-made parts.
https://www.cnbc.com/2026/05/18/us-china-announce-deals-after-trump-xi-summit.html
The value of 9 out of the country's 10 largest companies by market cap decreased by ₹3.12 lakh crore in last week's trading. During this period, Reliance Industries' market value declined the most.
Reliance's market value decreased by ₹1.34 lakh crore to ₹18.08 lakh crore. Meanwhile, SBI's market value fell by ₹52,245 crore to ₹8.89 lakh crore.
Besides this, the market value of TCS, Bajaj Finance, HDFC Bank, ICICI Bank, Larsen & Toubro, HUL and LIC also declined. However, only Bharti Airtel's market value increased last week.
Value of 9 out of country's top-10 companies decreased by ₹3.12 lakh crore
Source: BSE (11 May - 15 May, 2026)
Sensex fell 2,090 points last week
Last week, Sensex fell by 2,090 (2.7%) points and Nifty dropped by 532 (2.2%) points. On the last trading day of the past week, that is Friday, Sensex closed at 77,328 with a decline of 516 points. Nifty also saw a fall of 150 points, closing at 24,176.
FP Explainers • May 18, 2026, 11:39:04 IST
A fire broke out on the perimeter of the Barakah nuclear energy plant in the United Arab Emirates after the site came under a drone attack. While there have been no injuries or damage, it marks an important escalation amid the Iran war. This power plant, the first of its kind in the Arab world, produces a quarter of the Emirates’ energy
 "Will a drone attack on UAE’s Barakah nuclear plant cause Iran war to escalate?")
Is the Iran-US war on the verge of a new regional escalation?
On Sunday (May 17), a drone attack sparked a fire on the perimeter of the Barakah Nuclear Energy Plant in the United Arab Emirates (UAE), amid a very fragile truce between the two warring nations.
UAE’s neighbours, Qatar and Saudi Arabia, along with India, have condemned the attack, calling it a “dangerous escalation”.
What happened at the nuclear power plant? Why is this attack dangerous?
Drone strike at UAE’s Barakah nuclear plant
On Sunday (May 17), authorities in the UAE declared a blaze had broken out at an electrical generator outside the Barakah Nuclear Energy Plant after a drone strike.
In a statement, the UAE’s defence ministry said air defences had dealt “successfully” with two drones, while a third one hit a generator near the plant. It added that the drones were launched from the “western border”, without providing details, and said investigations were underway to determine the source of the attack.
As of now, the UAE has not publicly blamed any country. However, ever since the start of the US-Iran war on February 28, the UAE has come under repeated Iranian missile and drone attacks.
Anwar Gargash, an Emirati presidential adviser, made clear that he believed Iran or a regional proxy were the perpetrators. “The terrorist targeting of the Barakah clean nuclear power plant, whether carried out by the principal perpetrator or through one of its agents, represents a dangerous escalation,” Gargash wrote on X. He called the incident “a dark scene that violates all international laws and norms”, and accused those responsible of having a disregard for civilian lives.
The drone strike at the Barakah nuclear plant, fortunately, didn’t cause any fatalities or injuries. Moreover, officials said radiation levels remained normal. The Federal Authority for Nuclear Regulation (FANR) said the incident did not affect “the safety of the power plant or the readiness of its essential systems” and confirmed that all units at the Barakah facility were operating normally.
After the attack on Sunday, the UAE stated it “will not tolerate any threat to its security and sovereignty under any circumstances” and reserves its “full, sovereign, legitimate, diplomatic and military rights” to respond to any threats or hostile acts in accordance with international law.
Significance of the Barakah nuclear plant
This is the first time that the four-reactor Barakah plant has been targeted in the war since it began on February 28.
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The Barakah Nuclear Energy Plant is located in the Al Dhafra of the Emirate of Abu Dhabi. Image Courtesy: https://www.enec.ae/barakah-plant/
It is situated near the border with Saudi Arabia, some 225 kilometres west of the UAE’s capital city, Abu Dhabi.
The Barakah nuclear plant was built with South Korean assistance at a cost of around $20 billion and became fully operational in 2021. What makes Barakah especially important to the UAE is that it is the first nuclear power plant of the Arab world. Moreover, it supplies roughly 25 per cent of the UAE’s electricity needs, making it crucial for the country’s energy security.
For the UAE, the Barakah nuclear power plant is also vital for its climate strategy and its target of achieving net-zero emissions by 2050. It was built to reduce dependence on natural gas, diversify the economy beyond hydrocarbons, and provide stable long-term electricity as energy demand rises.
Global condemnation pours in after drone strike on Barakah
The drone attack at the nuclear power plant invited condemnation from across the world. The International Atomic Energy Agency (IAEA) chief Rafael Grossi expressed “grave concern” and warned that military activity threatening nuclear facilities was “unacceptable”.
Meanwhile, Qatar and Saudi Arabia have condemned Sunday’s attack, adding that it was a threat to the security and stability of the whole region.
India too condemned the attack on the nuclear plant in the UAE. In a statement, the Ministry of External Affairs said it was “deeply concerned” about the strike on the UAE’s nuclear facility. “India is deeply concerned about the attack targeting the Barakah nuclear facility in the UAE. Such actions are unacceptable and represent a dangerous escalation. We urgently call for restraint and a return to dialogue and diplomacy.”
India’s reaction to the drone strike on Barakah reflects the close ties between New Delhi and Abu Dhabi. As News18 reports, it is linked to an evolving India-UAE partnership in civilian nuclear energy and advanced infrastructure cooperation.
US-Iran war drags on with no peace in sight
The drone strike on the nuclear power plant comes amid a very fragile ceasefire between the US and Iran, which was first announced on April 8. However, sporadic exchanges of fire have continued.
On Saturday, US President Donald Trump met with top members of his national security team to discuss the way forward in the Iran war. And a day later, on Sunday, the American leader noted that Tehran“better get moving, fast, or there won’t be anything left of them.”
“For Iran, the Clock is ticking, and they better get moving fast, or there won’t be anything left of them. TIME IS OF THE ESSENCE! President DJT,” Trump posted on social media Sunday.
The US president has grown increasingly impatient with Tehran and the continued closure of the Strait of Hormuz and its impact on global oil prices. And in an attempt to get Iran to the negotiating table, Trump flooded his Truth Social platform with AI-generated images of missile strikes on Iranian boats, outer space warfare, and an American flag over Iran.
Among the 20-odd images that he posted, one showed a map of Iran with an American flag overlaid on it, while arrows pointed towards the Islamic republic from all sides.
Another image featured a US drone striking Iranian fast boats alongside the caption: “BYE BYE, Fast boats”.
We shall wait and watch to see if Trump resumes combat operations against Iran. For now, there remains an unease.
Petrol, Diesel Price Hike: ₹3 Increase to Ease OMC Losses, But Balance Sheet Stress Persists Price revision to reduce daily under-recoveries of OMCs, but elevated crude prices continue to weigh on profitability and delay full recovery of past losses
The recent ₹3 per litre increase in petrol and diesel prices is expected to provide partial relief to India’s oil marketing companies (OMCs), helping reduce mounting losses triggered by elevated global crude oil prices. However, industry experts indicate that the hike may not be sufficient to fully restore the financial health of these companies.
State-run fuel retailers, including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, had been absorbing significant under-recoveries in recent weeks as retail fuel prices remained unchanged despite a sharp surge in international crude oil benchmarks.
Losses to Moderate, Not Disappear
Prior to the price revision, OMCs were estimated to be incurring substantial daily losses due to the gap between global crude costs and domestic retail prices. The ₹3 hike is expected to narrow this gap, thereby reducing the daily cash burn.
However, analysts point out that even after the increase, the companies may continue to face under-recoveries if crude oil prices remain elevated. The move, therefore, acts more as a damage-control measure rather than a complete financial reset.
Impact on Balance Sheets
The immediate impact of the price hike will be visible in improved operating margins and reduced pressure on working capital. This is likely to stabilize quarterly earnings to some extent.
That said, the accumulated losses incurred during the period of suppressed fuel prices will continue to weigh on the balance sheets of OMCs. Full recovery would depend on either a correction in global crude prices or further revisions in retail fuel prices.
Market Sentiment Remains Cautious
The modest nature of the price increase has also led to cautious sentiment among investors. Market participants believe that the hike may not be adequate if crude prices sustain at higher levels for a prolonged period.
Outlook Hinges on Crude Prices
The trajectory of global crude oil prices will remain the key determinant for OMC profitability going forward. A softening of crude prices could help restore margins and enable companies to recover past losses. Conversely, continued volatility or upward pressure may necessitate further price hikes or policy intervention.
Conclusion
While the ₹3 per litre hike in petrol and diesel prices offers immediate relief to OMCs by reducing daily losses, it falls short of fully offsetting previous under-recoveries. The financial recovery of India’s oil marketing companies will largely depend on global crude trends and future pricing decisions.
https://indianpsu.com/petrol-diesel-price-hike-impact-omcs-india/
Basra province is facing growing pressure on electricity supplies ahead of summer after domestic gas production dropped from 900 million cubic feet to 350 million cubic feet, sharply reducing power generation across southern Iraq.
Governor Asaad Al-Eidani told Shafaq News on Sunday that local authorities are working to improve electricity distribution and manage loads during the coming months. “The current crisis is linked to the lack of imported gas, in addition to lower volumes of gas produced from fields and associated gas.”
The governor noted that the Gulf electricity interconnection project is expected to enter service in August, alongside the return of a suspended power barge generating 350 megawatts. Additionally, Italian energy company Eni is expected to add 250 megawatts, while another 250 megawatts from solar energy projects could enter service in July. He also pointed to ongoing efforts to resolve the gas supply issue with Iran, emphasizing that coordination between the local and federal governments would help overcome the current energy crisis.
Earlier today, Iraq’s new Electricity Minister Ali Wahib pledged to work on “effective solutions” to the country’s long-standing electricity supply crisis during a speech marking the official start of his duties at the ministry.
https://shafaq.com/en/society/Iraq-s-Basra-faces-power-pressure-after-gas-supply-drop
The 2026 China Taklimakan International opens in northwest China's Xinjiang Uygur Autonomous Region, May 16, 2026. /CMG
China's first domestically produced 103-octane racing fuel was officially put to use on Saturday at the opening ceremony of the 2026 China Taklimakan International held in northwest China's Xinjiang Uygur Autonomous Region.
As the starting command was given on Saturday morning, 152 racing cars and nearly 300 competitors from around the world embarked on a 7,500-kilometer extreme journey across the desert. The rally was designated the newly developed 103-octane racing fuel as its official fuel.
The 103-octane racing fuel, developed by Sinopec, fills a domestic gap in high-grade racing gasoline. The research octane number exceeds 103, five units higher than commercially available 98-octane fuel, effectively reducing the risk of engine knock under high compression and heavy load conditions.
"Designed for the extreme conditions of racing – high speed, heavy load and prolonged continuous operation – the fuel has a conductivity of no less than 500 pS/m, which reduces the risk of static electricity buildup during high-flow refueling," said Li Zhongdan, deputy director of the New Materials Research Institute of Sinopec Zhenhai Refining and Chemical Co., Ltd.
"Its olefin content is controlled at about 1%, roughly 80% lower than conventional 98-octane gasoline, improving combustion efficiency and power response. It contains no lead or manganese anti-knock additives and has extremely low sulfur content, balancing high performance with environmental protection," Li said.
For years, China's racing fuel market relied heavily on imported products, with some teams blending their own fuel, leading to long procurement cycles, high costs and unstable supply chains.
"The entry of domestically produced high-octane racing fuel into the Taklimakan Rally signals that China's high-performance racing fuel has entered a new phase of systematic research and development, standardized production and branded supply," said Liu Zhihua, vice president of Sinopec Sales.
"This not only fills a gap in domestic top-tier racing fuel but also opens a new path for the standardization and professional supply of high-end racing fuel in China, providing solid energy support for the high-quality development of China's motor sports industry," Liu said.
By Alex Raufoglu | May 17, 2026 09:07 CET
A tanker carrying Russian oil sails off the coast in Mumbai. (file photo)
WASHINGTON -- The Trump administration has allowed a controversial waiver on sanctions targeting Russian seaborne oil to expire, reimposing restrictions that had temporarily enabled countries such as India to continue purchasing Russian crude despite Western efforts to curb Moscow's wartime revenues.
The move, which took effect on May 16 after the Treasury Department declined to renew General License 134B, highlights the increasingly difficult balance Washington faces between tightening pressure on the Kremlin and preventing further disruption to global energy markets already rattled by the Iran conflict and instability around the Strait of Hormuz.
The waiver, first introduced in March and extended in April, permitted transactions involving certain Russian oil cargoes that had already been loaded onto tankers before sanctions deadlines took effect.
Administration officials defended the measure as a temporary safeguard aimed at preventing a deeper global energy shock as fighting in the Middle East pushed oil prices higher and threatened key shipping routes.
Critics in Washington and Kyiv, however, argued the policy effectively handed Moscow a financial reprieve at a moment when the United States and its European allies were seeking to tighten economic pressure on Russia over its war against Ukraine.
Lawmakers Criticize Waiver
Two senior Democratic senators, Jeanne Shaheen and Elizabeth Warren, on May 15 urged the administration not to renew the waiver, saying there was no indication it had reduced fuel costs for American consumers while allowing Russia to continue generating billions in oil revenue.
"Treasury must finally end its ill-conceived policy of helping Russia make even more money from President [Donald] Trump's reckless war in Iran," the senators said in a joint statement.
Republican lawmakers also signaled support for maintaining sanctions pressure on Moscow, though some warned against policies that could further strain allied economies dependent on Russian energy supplies.
Brian Mast, the Republican chairman of the House Foreign Affairs Committee, said on May 15 that sanctions should continue but cautioned they must avoid inflicting greater damage on allies than on Russia itself.
"Sanctions on Russia are a great thing. I'm all for continuing them," Mast said.
But he added that sanctions policy must ensure "more harm to our enemies and more good to us as allies, not more harm to our allies," arguing that many European countries had become too dependent on Russian oil and gas to sever ties immediately without risking serious economic consequences.
The administration's decision comes as US gasoline prices remain elevated and inflation continues to weigh on consumers ahead of November's midterm elections.
The waiver had become one of the most disputed sanctions exemptions introduced since Russia launched its full-scale invasion of Ukraine in 2022. Some European officials privately complained that relaxing restrictions undermined broader efforts to deprive Moscow of critical wartime income, particularly as higher global crude prices increased Russia’s earnings potential.
Analysts Doubt Tougher Stance Will Hold
Despite the waiver's expiration, sanctions analysts expressed skepticism that the administration's tougher posture will remain in place for long.
Several energy-dependent Asian countries -- including India, Indonesia, and other major importers -- are believed to have lobbied heavily for an extension as instability in the Middle East tightened global energy supplies.
Brett Erickson, a sanctions expert at Obsidian Risk Advisors, told RFE/RL on May 16 that Washington increasingly faces a conflict between geopolitical objectives and energy-market realities.
"Washington has now jiujitsu-ed itself into facing a collision between ethics and crisis," Erickson said. "Either it turns its back on Ukraine by allowing Russian revenues to keep flowing, or it turns its back on Asia by choking off one of the last major energy pressure valves during one of the worst energy disruptions in history."
Erickson said Treasury officials have repeatedly adopted a hard public line on Russia only to soften restrictions once energy-market pressures intensify.
"There is a very real likelihood we see some form of additional sanctions relief in the coming days," he said. "Treasury has spent much of this conflict trapped in a cycle of strategic whiplash, publicly projecting toughness only to rapidly U-turn once market realities and energy pressures collide with public posturing."
Analysts monitoring the sanctions regime say attention is already shifting toward the possibility of another temporary extension or a narrower carve-out benefiting major Asian refiners, including India's Reliance Industries, particularly as global strategic petroleum reserves continue to decline.
Kyiv Calls For Stronger Measures
For Ukraine, the temporary easing of sanctions never appeared strategically justified.
Vladyslav Vlasiuk, a senior adviser to Ukrainian President Volodymyr Zelenskyy, has repeatedly argued that sanctions on Russia are producing results and should be strengthened rather than diluted.
"The more sanctions are applied against Russia, the quicker we will see success in peace negotiations," Vlasiuk told RFE/RL last month, warning that even temporary waivers could generate billions of dollars in additional revenue for Moscow's war effort.
He also questioned whether Russian exports were significant enough to offset supply disruptions stemming from instability around the Strait of Hormuz, one of the world's most strategically important oil transit routes.
The geopolitical stakes could increase further next week when US Secretary of State Marco Rubio is expected to visit India amid mounting diplomatic pressure surrounding energy security, sanctions enforcement, and global crude supply arrangements.
https://www.rferl.org/a/russia-seaborne-oil-waiver-iran-energy-war/33758687.html
Solar panels have just smashed through a long-standing barrier—and no, it’s not science fiction. Thanks to a groundbreaking discovery by researchers at Kyushu University in Japan and Johannes Gutenberg University (JGU) in Germany, the way we think about solar energy might be about to change.
Cracking the Solar Code: Why This Discovery Matters
To really get what makes this breakthrough so intriguing, let’s rewind and break down how conventional solar panels work. You see, when photons—those tiny packets of light—strike a solar cell, only a portion of their energy can actually be converted into electricity.
Here’s the catch: low-energy infrared photons just don’t have enough oomph to knock electrons into action. Blue photons, on the flip side, are bursting with energy—sometimes a bit too much. But instead of using all of that extra energy, the cell loses it as heat. That means a good chunk of sunlight goes to waste before it ever reaches your kettle or your laptop.
The (In)famous Shockley-Queisser Limit
This “missing energy” is what’s known in the field as the Shockley-Queisser limit, which puts the theoretical maximum efficiency of standard photovoltaic cells at about 33%. In plain English: you can convert no more than a third of incoming solar energy into electricity using today’s classic panels. Not exactly thrilling, right?
Pushing Past the Barrier—Thanks to Quantum Mechanics
To break free from this limit, the researchers turned to a jaw-dropping quantum trick known as singlet fission. In a nutshell, this phenomenon lets solar cells use high-energy blue photons more efficiently by splitting their energy into two smaller, usable excitations instead of squandering the excess as heat.
Put another way: a single photon can birth two packets of energy instead of just one. These packets—called excitons in the biz—can then be turned into electric current, seriously boosting the performance of the panels.
But here’s the snag: this energetic split has hit a wall in the past. That’s because excitons have a frustratingly short lifespan—they vanish long before they can be harnessed.
The Game-Changer: Speedy Capture with Tetracene and Molybdenum
This is where the team’s smart twist comes in. To solve the problem of those fleeting excitons, researchers used tetracene (an organic molecule known for its singlet fission skills) and paired it with a molybdenum-based metal complex dubbed a “spin-flip emitter.” This metal acts as an ultra-fast trap: on a quantum level, it grabs hold of excitons almost instantly after they form—before they can dissipate into the ether.
It’s a clever setup, and it could change the solar game entirely. But let’s keep it straight: this doesn’t mean your panels will magically start producing more energy than they absorb—physics still applies, sorry! What it does mean is that each single photon of light could generate more than one energy state convertible into electricity, paving the way for much, much more efficient solar cells in the very near future.
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 "Nuclear energy")
India needs around Rs 23-25 trillion investment in nuclear energy to achieve 100 GW of installed capacity by 2047 and sustained average capacity additions of 4.5 GW annually after 2030-32, according to a report released last week by The Energy and Resources Institute (TERI).
“Achieving 100 GW of nuclear capacity by 2047 requires a significant acceleration in capacity addition where the scale and pace of expansion required become critical,” the report said. India’s current nuclear capacity is 8.8 GW, and projects under construction are expected to raise the capacity to around 22 GW by 2030-32, it added, saying that the remaining expansion needs an average annual addition of about 4.5 GW.
The report on the pathways for Small Modular Reactors (SMRs) deployment states that early government support, such as the use of project-specific special purpose vehicles (SPVs) for capital pooling to de-risk these projects, is an economic intervention that can lower long-term system costs, enable private sector participation, and support the development of a competitive domestic supply chain. It further highlights the importance of regulatory readiness, standardised reactor designs, skilled human resources, coordinated fuel supply and waste management systems, and sustained public outreach.
“A phased and roadmap-driven approach beginning with pilot and demonstration projects, followed by standardisation and scale-up, will be essential to integrate SMRs effectively into India’s energy system while preserving safety, cost discipline, and public confidence,” the report noted.
The three-phased approach included the completion of ongoing Pressurised Heavy Water Reactor (PHWR) or Fast Breeder Reactor (FBR) projects and updating regulatory frameworks/policy for SMRs by 2030. It also includes initial fuel fabrication expansion, site selection or evaluation for SMRs, partnership with key SMR designs for the indigenisation of technology, and pilot projects for heating applications, such as desalination and district cooling using Bharat Small Reactors (BSRs).
Thereafter, the second phase from 2030 to 2040 involves serial PHWR/FBR deployment, initial SMR commercialisation and fleet development, and development of the thorium fuel cycle. The third phase from 2040 to 2047 includes large-scale capacity addition, SMRs for green hydrogen production and hard-to-abate sectors, deployment of thorium-based Advanced Heavy Water Reactors, and integration with the national grid for base-load flexibility.
The report shows that SMR development is advancing across a wide range of reactor designs, fuels, and applications in countries such as the United States, Canada, China, Russia, France, and the United Kingdom. They are actively adapting regulatory frameworks, licensing pathways, and industrial ecosystems to enable SMR deployment, and India must take lessons from these efforts to manage risk and accelerate deployment.
State Agriculture Department Director Dr B. Gopi has said that burning crop residues left behind after harvesting is causing severe damage to soil fertility, the environment, and public health . He expressed concern that the practice, adopted by farmers for temporary convenience, could lead to heavy economic losses in the long run.
Following the directions of the Agriculture Minister, Dr Gopi instructed Agricultural Extension Officers (AEOs) and Agricultural Officers (AOs) across the state to create extensive awareness among farmers. He directed field-level officials to conduct special village-level campaigns on the harmful effects of burning crop residues.
Dr Gopi explained that burning crop residues destroys organic carbon, nitrogen, phosphorus, potash, and valuable micronutrients in the soil, gradually making agricultural land infertile. He said earthworms and beneficial insects that improve soil health are also destroyed in the fires, reducing soil vitality and eventually lowering crop yields.
He further noted that burning agricultural waste releases harmful gases such as carbon monoxide , leading to severe air pollution. This could increase cases of asthma and respiratory illnesses, particularly affecting pregnant women, children, and elderly people . He also warned that smoke generated from such burning could reduce visibility on roads and lead to accidents.
In this context, Dr Gopi advised farmers to adopt alternative methods instead of burning crop residues. He suggested using modern machinery such as rotavators and shredders to mix crop residues into the soil. He also said that urea, single super phosphate, or decomposers could be used to convert agricultural waste into organic manure quickly, thereby reducing expenditure on chemical fertilisers.
In addition, he suggested that crop residues could be utilised for compost and vermicompost preparation, cattle fodder, and mulching , enabling farmers to generate additional income. He directed officials to organise special awareness sessions on crop residue management during the weekly “Rythu Nestham” programmes held every Tuesday.
Dr Gopi clarified that under the Environment Protection Act, 1986 , and G.O.Ms. No. 27 dated July 10, 2017 , issued by the Telangana government, environmental compensation penalties of up to Rs 5,000 can be imposed for openly burning crop residues.
By Felicity Bradstock - May 16, 2026, 10:00 AM CDT
Following the United States-Israeli attack on Iran and the ongoing war, trade has been severely disrupted between Asia and Europe. According to the International Energy Agency (IEA), the world is currently facing the worst oil disruption in history. The energy shortages felt over the last two and a half months have had a knock-on effect on other sectors, particularly on the fertiliser industry, leaving farmers around the globe without the inputs they need for their crops to grow, which could lead to severe food shortages in the months ahead.
Following the attack, Iran shut the Strait of Hormuz, a key trade corridor connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait is used to transport around 20 percent of the world’s oil when fully operational, but only a small fraction of that has passed through the waters in the last two months. This has resulted in widespread fuel shortages across many parts of the world, leading governments to ration oil and gas use.
One of the sectors being hit hard is the fertiliser industry, as the transport of both fuels to produce inputs and fertiliser itself is significantly restricted. The shortage comes at the worst time for much of the northern hemisphere, where it is the prime planting season. “In the worst case, this means lower yields and crop failures next season. In the best case, higher input costs will be included in food prices next year,” explained the deputy executive director of the World Food Programme, Carl Skau.
Two major fertiliser nutrients, Nitrogen and phosphate, are under immediate threat from the blockade on the Strait of Hormuz. Nitrogen supplies, including urea, the most widely traded fertiliser, used to help plants grow and boost yields, have felt the biggest impact due to shipping delays and the rising price of LSG — an essential ingredient in production.
Several countries rely heavily on the Gulf region for their fertiliser supplies, and while some have reserves, others are already facing shortages. Trade beyond the Gulf region could be further disrupted in the coming months as countries focus on meeting domestic needs. For example, in India, the government is now prioritising the domestic market and using its urea supply for fertiliser production.
In early May, Svein Tore Holsether, the CEO of Yara – one of the world’s biggest fertiliser producers, warned that the trade delays due to the war in Iran could cost up to 10 billion meals a week globally and would hit the poorest countries hardest. “We’re up to half a million tons of nitrogen fertiliser not being produced in the world right now because of the situation we are in,” Holsether said. He said that lower crop yields due to limited fertiliser use could spur a bidding war for food. He also urged European countries to consider the impact of a potential price war on the “most vulnerable” in other countries carefully.
Holsether emphasised that the lack of application of nitrogen fertiliser could decrease crop yields for certain crops by as much as 50 percent in the first season. “The fertiliser market is very global, so these parts are moving across the planet, but the main destinations would be Asia, South East Asia, Africa, Latin America, where you would see the most immediate impact from this,” the CEO explained. He also said that it could exacerbate the problem in areas of the world where fertiliser is already underused, such as in sub-Saharan Africa.
Roughly 80 percent of fertiliser used in sub-Saharan Africa is imported, often at a higher price than that sold in Europe due to high freight costs. For many African countries, fertiliser security is closely tied to food security, which is key for economic and social stability. The fertiliser shortage is likely to hit Africa’s smallholder farmers, who produce around 70 percent of sub-Saharan Africa’s food, the worst.
Meanwhile, in Latin America, both Brazil and Argentina are struggling with rising fertiliser costs. The two countries together contribute around 10 percent of the world’s wheat, 39 percent of maize, and 66 percent of soybean exports, according to U.S. Department of Agriculture (USDA) estimates. Both countries depend heavily on fertiliser imports, much of which comes from the Persian Gulf region.
While much of the planting takes place in the second half of the year in this region, the timing of shipments means that fertiliser bookings for delivery in the next few months are occurring now. This means that Brazil and Argentina are currently racing to find alternative supply chains to ensure that their crops do not suffer due to the lack of fertiliser.
With great uncertainty around when and how trade through the Strait of Hormuz will return to normal, several countries are seeking to develop alternative supply chains or are stockpiling fuel for domestic use. However, if the fuel and fertiliser trade continues to be disrupted for much longer, we can expect to see rising food prices and threats to food security in several regions of the world over the next year.
India emerged as one of the fastest-growing steel markets as global steel prices rose across major regions in April and early May, according to a Goldman Sachs report.
In its “Global Steel: The Steel Market Barometer – May Update”, Goldman Sachs said average hot rolled coil (HRC) prices increased across nearly all major markets in April, led by Brazil with a 10 per cent month-on-month rise, followed by Japan at 6.5 per cent and China at 2.9 per cent.
“On a YTD basis, Brazil’s HRC steel price performance has been the strongest in our sample (+21%), followed by the US (+15%) with other regions also showing price increases from 6%-13%,” the report said, as quoted by ANI.
India continued to show strong rise within this global uptrend, with crude steel production rising 11 per cent year-on-year in March, compared with 10 per cent year-to-date growth and 7 per cent in February, the report said.
Meanwhile, long steel prices also firmed in April across key regions, with Brazil recording a 12 per cent rise in rebar prices, followed by Europe at 6.9 per cent and the Black Sea region at 6.1 per cent.
On the supply side, China’s steel output continued to contract, falling 3.2 per cent year-on-year in the first two weeks of May. Commenting on the sector, Goldman Sachs said, “On the industry level, while the anti-involution effort and long-term capacity cut plan for the Chinese steel sector remain intact, we see delayed execution in 2026E in terms of both capacity and production discipline."
Region-wise trends showed mixed performance across major producers. Europe’s crude steel output rose 16 per cent month-on-month in March, though it remained lower year-on-year and on a year-to-date basis. In the US, average weekly steel production increased 3 per cent in April, while utilisation rates averaged 79.6 per cent.
Goldman Sachs added that infrastructure activity in China remained resilient despite weakness in the property sector, while manufacturing improved and construction softened. It projected broadly stable steel prices across major global markets through 2026, with US prices expected to remain stronger than those in Europe, China and Brazil.
Manngwe says it is being forced out of business
- By Boitumelo Kgobotlo
Manngwe Mine has lodged a complaint at the Competition Commission, claiming Arcelor Mittal has exercised unlawful buyer power and committed racial discrimination. / Supplied
Steelmaker ArcelorMittal South Africa (AMSA) has been accused of abuse of dominance and alleged attempt to hijack a black-owned iron-ore mining company, Manngwe Mining.
It is allegedly trying to strongarm the miner into selling its assets to the giant steelmaker for R1.
The allegations form part of a formal complaint lodged by Manngwe Mining with the Competition Commission, which argues that AMSA is using its dominant position as the sole domestic buyer of iron ore to exert pressure on the mining company.
The commission has confirmed receipt of the complaint.
“AMSA has engaged in exclusionary conduct, imposed anti-competitive conditions, exercised unlawful buyer power, and committed racial discrimination, all with the explicit purpose of forcing a 100% black-owned mining enterprise to surrender its R606-million asset for R1,” reads the letter.
Matodzi Nesongozwi, Manngwe Mining chief executive, said they had a buyer and supplier relationship, with AMSA being their only customer of iron ore from their Assen mine near Brits, which they bought from Kumba Iron Ore. They entered into a supply agreement on February 4.