SEOUL, April 1 (Yonhap) -- South Korea's Industry Minister Kim Jung-kwan met with Indonesia's coordinating minister for economic affairs, Airlangga Hartarto, on Wednesday, and discussed ways to expand the countries' cooperation in supply chains for energy and other key resources, the industry ministry said.
The ministerial-level meeting was held on the sidelines of a summit between South Korean President Lee Jae Myung and Indonesian President Prabowo Subianto, who is on a three-day state visit to Seoul.
During the meeting, Kim thanked Hartarto for Indonesia's stable supply of liquefied natural gas (LNG) and asked for the country's continued support for South Korea amid severe energy supply disruptions caused by the ongoing Middle East crisis.
South Korean companies, including steel giant POSCO, are expected to receive around 820,000 tons of LNG from Indonesia this year, enough to run all LNG power plants in the country for about 12 days, according to the Ministry of Trade, Industry and Resources.
South Korea's Industry Minister Kim Jung-kwan (R) and Indonesia's Energy Minister Bahlil Lahadalia (L) pose for a photo along with their countries' leaders at Seoul's presidential office Cheong Wa Dae on April 1, 2026. (Yonhap)
Kim also asked the Indonesian government to support South Korean businesses in Indonesia by improving the country's investment environment, including those related to automotive tax incentives.
Also on the sidelines of the South Korea-Indonesia summit, the two countries signed two memorandums of understanding (MOUs) on economic cooperation and strengthened partnership in key resources supply.
Under an MOU signed by the industry ministry and Indonesia's energy ministry, the countries will work to enhance their bilateral cooperation in the development and refinement of critical minerals, according to the ministry.
Iran War, Day 34 - What You Need to Know
SINGAPORE: PetroChina has supplied a rare cargo of close to 2 million barrels of crude oil from storage in China to its half-owned refinery in Singapore, as the firm moves to plug shortfalls triggered by the Iran war, according to tanker trackers and three trade sources.
The tanker New Merit loaded 1.8 million barrels of crude at Dalian in northeast China in mid-March, delivering it in late March to Singapore's Jurong island, according to tanker trackers Vortexa and Kpler, where PetroChina and US major Chevron operate a 50-50 joint venture refinery.
The sources declined to be named as they are not authorised to speak to the media.
China rarely exports crude oil. The shipment was of Murban crude from the UAE, according to Vortexa Analytics and a separate trade source. PetroChina is an equity partner in Murban production.
PetroChina did not immediately respond to a request for comment, while SRC declined to comment on its refinery operations.
PetroChina and Chevron take turns supplying crude to their 285,000 barrel-per-day Singapore Refining Co's plant on a quarterly basis, said a fourth source familiar with its operation.
SRC, one of Singapore's three refineries, typically processes oil from the Middle East as its main feedstock and has been running at a reduced rate of around 60 per cent since early March as the war disrupts crude supply form the region.
Refineries across Asia, which buy the bulk of Middle Eastern oil exports, have cut runs to manage feedstock shortfalls.
PetroChina chairman Dai Houliang said last week that the company was able to maintain normal oil and gas operations due its low reliance on supply that transits through the Strait of Hormuz, which has been effectively blocked for a month.
Petrol-Diesel Price Today in India: Petrol and diesel prices remained unchanged across major Indian cities on April 1, with retail fuel rates holding steady amid elevated global energy prices. In Delhi, petrol was priced at Rs 94.77 per litre and diesel at Rs 87.67, whereas Mumbai saw petrol at 103.50 and diesel at Rs 92.02.
In a separate move, the government also raised the administered price mechanism (APM) gas price for state-run Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to USD 7 per nmBtu from USD 6.75, as per official notification. The revision applies to gas from legacy fields under the regulated pricing regime and follows the pricing mechanism approved in 2023. APM gas accounts for about 60% of domestic gas production, meaning the surge could affect user industries from fertilisers to CNG and piped cooking gas, as reported by PTI.
Petrol and diesel rates in your city
The latest city-wise data showed no change in petrol or diesel in comparison with the earlier day. Rates continued to vary from city to city because of the local taxes and VAT. Among metros, Hyderabad continued to be one of the costliest markets, with petrol at Rs 107.46 per litre and diesel at Rs 95.70. Jaipur, Patna, and Bhopal also continued to report higher petrol prices than Delhi and other northern cities.
Crude oil remains above $100 amid West Asia tensions
Global crude prices continued to stay elevated. The WTI crude is at 100.8 and Brent crude is at 102.8. As per a report by Reuters, oil rose more than 1% with Brent extending gains after a sharp monthly surge as uncertainty in West Asia kept traders cautious.
India’s crude oil reserves can cover only 20-40 days, says PNGRB official
As concerns over fuel supplies increase, the Petroleum and Natural Gas Regulatory Board Secretary Anjan Kumar Mishra stated that India’s liquid fuel reserves are limited in duration. “It may cater for 20-40 days, but it may not be able to cater for six months time for longer period, “ he stated to ANI.
Mishra stated that the crisis in West Asia was affecting India but stressed that there was no shortage of fossil fuel in the country. “Nothing sort of liquid fuel crunch is there in the country, “ he said as quoted by ANI. He also stated that India had broadened its crude sourcing base beyond West Asia and that any sharp rise in prices, if it happens, may be temporary.
Suncor’s increased production plan: Suncor Energy has identified 400,000 barrels per day of untapped production capacity at its existing facilities, enough to replace production at its Base Plant mine, which is expected to be depleted within a decade. The primary source of added production will come from a proposed expansion at Firebag, the company’s major oil sands facility. Andrew Bell is speaking with Suncor CEO Rich Kruger today – that interview is scheduled for 10:30 am ET, 7:30 a.m. PT today on BNN Bloomberg.
SINGAPORE/BEIJING — Chinese firms are reselling record volumes of LNG, cashing in on soaring spot prices as China has enough domestic and pipeline gas to meet its own weakened demand, in stark contrast to other Asian buyers scrambling to replace supplies cut off by the Iran war.
The world's top importer of liquefied natural gas, China reloaded eight to 10 cargoes in March, its highest monthly total on record, according to analytics firms ICIS, Kpler and Vortexa.
So far this year, China has reloaded a record 1.31 million metric tonnes of LNG, or 19 cargoes, with 10 delivered to South Korea, five to Thailand and the remainder to Japan, India and the Philippines, Kpler data showed.
By comparison, China resold 0.82 million tonnes in 2025 and 0.98 million tonnes in 2023, the second-highest annual total on record.
The country has been able to resell bigger volumes as its own need for LNG has plateaued, with weaker economic activity sapping industrial demand while domestic gas production and pipelined Russian supply is growing.
The LNG reloads contrast with China's move last month to ban exports of refined fuels in order to preserve supply for domestic use amid war-driven crude oil supply constraints.
"Against a backdrop of weak domestic demand, it made more sense for buyers to resell LNG cargoes overseas," said Wang Yuanda, an analyst at ICIS, adding that the Iran crisis has also pushed up spot LNG prices.
"There has been no pressure from demand because the heating season is over, and spot prices are good so China can reload cargoes."
Asian LNG prices have jumped 85 per cent since the US and Israel launched strikes on Iran on Feb 28, disrupting energy shipments through the Strait of Hormuz which carries about a fifth of global LNG flows.
CNOOC's Binhai terminal in Jiangsu province accounted for almost half of China's reloads in March, Vortexa analysts said in a report.
Import slump
China, Qatar's biggest LNG market, took nearly a quarter of the Gulf producer's shipments last year. Those exports troughed in March after Iran bombed Qatar's gas facilities and largely shut the Strait of Hormuz.
Kpler data shows China's March imports at 3.68 million tonnes, their lowest monthly level since April 2018.
"The drop in imports reflects subdued industrial gas demand amid high prices since the Hormuz disruptions. Meanwhile, the outlook for pipeline gas imports and domestic gas production remains stable," said Kpler analyst Nelson Xiong.
"Chinese buyers can also rely on LNG inventory drawdowns to meet some domestic demand."
ICIS expects April imports to remain low at 3.7 million tonnes.
"China will not enter the market and fight for cargoes with other countries at all," said Wang.
https://www.asiaone.com/china/tight-global-market-well-positioned-china-resells-record-lng-volumes
GHANA has restricted the tender to find a new operator for the Damang gold mine — which Gold Fields is set to hand over to the government on April 18 — exclusively to companies that are fully owned by Ghanaian citizens, said Bloomberg News.
The government declined to renew Gold Fields’ lease on the operation last year before granting a 12-month extension on condition that the South African miner facilitate a transfer of the asset to Ghanaian ownership. Offers for the tender closed on Tuesday, the newswire said.
The restriction reflects Accra’s broader drive to expand local ownership of an industry currently dominated by multinationals including AngloGold Ashanti, Newmont and China’s Zijin Mining Group. African governments from Mali to Zimbabwe have been pushing for greater control over revenues from their natural resources.
Damang, which began production nearly three decades ago, produced 88,000 ounces of gold last year, roughly a third of its output at peak. Prospective buyers must demonstrate open-pit mining experience, a capacity to operate the mine for at least ten years, and access to more than $500m in development funding, said Bloomberg News.
The last comparable transaction in Ghana was Zijin’s $1bn acquisition of Newmont’s Akyem mine, agreed in October 2024. Gold Fields is separately negotiating a lease renewal for its larger Tarkwa operation.
https://www.miningmx.com/trending/64920-ghana-limits-damang-mine-bids-to-local-firms/
Ausenco has been awarded the engineering, procurement and construction management (EPCM) contract for the Hillside project on behalf of Rex Minerals Pty Ltd, an Australian minerals exploration and development company.
Located on the Yorke Peninsula in South Australia, some 150 km west of Adelaide, the Hillside project is one of the largest undeveloped copper and gold projects in Australia, containing a mineral resource of 1.9 Mt of copper and 1.5 Moz of gold.
Stage one of the project received government approval in 2020 for a 13-year mine life. Since then, Ausenco has supported Rex Minerals through a series of studies and early-stage activities, including a definition phase study, capex refresh and enabling works.
Ausenco is a global leader in the design and construction of copper operations. In the last five years, it has designed and built one in three new copper concentrators globally, most recently the Mantoverde copper project in Chile.
Building on its longstanding partnership with Rex Minerals, Ausenco will now deliver detailed engineering through to commissioning of the 8 Mt/y plant and associated plant infrastructure.
Reuben Joseph, President – APAC/Africa at Ausenco, said: “Hillside represents a significant copper development, and we’re proud to bring our expertise in concentrator design and delivery. Our team is committed to building a high‑performance plant that delivers efficiency, operability and long‑term reliability.”
https://im-mining.com/2026/04/01/ausenco-to-carry-out-hillside-copper-gold-project-epcm/
New Delhi, Lloyds Metals and Energy Ltd (LMEL) on Tuesday said it has acquired Congo-based CHEMAF Group , which is primarily into copper and cobalt mining , as it diversifies into critical minerals vital for the global electric vehicle battery supply chain.
The deal marks LMEL's bold entry into Africa's mineral-rich Democratic Republic of Congo (DRC), the world's leading cobalt producer and copper supplier, amid India's aggressive overseas mining foray to secure raw materials for its green energy ambitions.
LMEL, which is a major producer of iron ore, did not disclose the deal size.
"In a major development, Lloyds Metals and Energy Ltd (LMEL) has announced the successful acquisition of the CHEMAF Group (CHEMAF), comprising Chemaf Resources Limited, Chemaf SA, and associated entities leading copper and cobalt mining and processing companies operating in the Democratic Republic of Congo (DRC)," the company said in a statement.
The acquisition was executed through Virtus Lloyds Minerals Holding (VLMH), a joint venture between entity of Lloyds Metals (49 per cent) and Virtus Minerals Inc, a US-headquartered mining investment company.
Located in the heart of the Katanga Copper Belt -- one of the richest copper-cobalt geological zones in the world -- the CHEMAF assets significantly enhance Lloyds Metals' footprint in critical minerals essential to the global energy transition.
The DRC holds over 70 per cent of the world's cobalt reserves and is among the largest producers of copper globally.
Through VLMH, Lloyds Metals will operate and run the acquired mining and processing assets and manage the entire value chain from mine development to offtake. Upon completion of ongoing expansion projects, the production capacity in the DRC is projected to reach approximately 100,000 tonnes per annum (TPA) of copper and 20,000 TPA of cobalt, with peak revenues estimated at USD 1.5 billion (approximately Rs 14,000 crore) annually.
So far into the week, aluminium premiums in Europe and Japan have appeared on the rising graph as a reaction to Iran’s drone and missile strikes on the Gulf smelters of Emirates Global Aluminium (EGA) and Aluminium Bahrain (Alba) on Saturday, intensifying the prevailing worry over aluminium supply tightness.
Surges across regions and standardised benchmarks
In Europe, the duty-paid aluminium premium for April delivery has rallied a four-year high since June 2022 and settled at USD 594 per tonne, marking a 16 per cent rise since Friday.
In the same trend, April premium in Japan surged a staggering 20 per cent over the previous week, climbing from USD 250 per tonne to USD 300 per tonne. Compared to the premium records in Europe, this one marked an even greater all-time high, the record going back to September 2017.
Moreover, in the US, the Midwest premium for April, an added cost over LME aluminium prices for physical delivery, rose to USD 1.12 per lb or USD 2,469 per tonne on Monday, matching its previous record high. The upward trend was further spiked by the fact that EGA and Alba are two of the biggest suppliers to the US.
Concurrently, the three-month benchmark of the London Metal Exchange (LME) soared to settled at USD 3,585 per tonne on Tuesday, surpassing the record of the March 4 session which hit a four-year high since the COVID-19 phase in 2022, entering a new all-time high in the premium ledger.
Similarly, Goldman Sachs raised its LME aluminium price forecast from USD 3,200 to USD 3,450 per tonne for the second quarter of 2026.
Pre-existing supply crunch aggravated
Close of March witnessed the April premium in Europe increase by a massive 57 per cent, further fuelled by the Iranian strikes on the EGA and Alba facilities. The hike in premiums came even before the start of the Middle East conflict. They were at continued one-year highs in the midst of an already volatile market that was disturbed by the smelter outage in Iceland, the closure of the Mozal plant in Mozambique and the EU's new Carbon Border Adjustment Mechanism (CBAM) tax on imported primary aluminium.
In his weekly LinkedIn newsletter, the London Metal Exchange trainer and risk management consultant, Jorge Eduardo Dyszel, mentioned, “The week of March 23–27 showed signs of stabilisation after the previous wave of aggressive liquidation.”
However, with the two leading Gulf smelters incapacitated for output in the near term, have once more sent the gradually recovering market tumbling into a new phase of panic, resulting in price revisions over an aggravated supply crisis.
Cecilia Jamasmie | April 1, 2026 | 3:57 am Critical Minerals Markets Africa Copper
Installation of the Stage Two submersible pumps at Kamoa-Kakula. (Image courtesy of Ivanhoe Mines.)
Ivanhoe Mines (TSX: IVN) has slashed near-term production guidance for its flagship Kamoa-Kakula copper complex in the Democratic Republic of Congo, surprising analysts and resetting investor expectations.
The company now expects 2026 copper anode output of 290,000 to 330,000 tonnes, down from 380,000 to 420,000 tonnes, while 2027 production will reach 380,000 to 420,000 tonnes versus a prior projected 500,000 to 540,000 tonnes.
Ivanhoe released the update after markets closed Tuesday, citing a shift toward underground development, rehabilitation and access work that will constrain ore delivery over the next 18 to 24 months. The company also raised expected cash costs, compounding the weaker outlook.
“The headline takeaway was a material reset to near-term expectations,” Jefferies analyst Fahad Tariq said in a note, adding that investors were not anticipating the downgrade. “We view the update as a clear acknowledgment that operational challenges at Kakula are taking longer to resolve than initially envisaged, pushing volume recovery further out.”
At the core of the revision is a new reserve model that cut contained copper by 24.7% and reduced reserve grade by 28%, reflecting more conservative assumptions, lower cutoff grades and revised mine sequencing. Ivanhoe now caps underground extraction rates at about 60%, down from 70% to 80% or higher, as it widens pillars and excludes inaccessible areas to improve long-term stability.
The reset underscores a broader trade-off facing large mining projects: sacrificing short-term output to secure more reliable, efficient production over time, forcing investors to recalibrate expectations.
Key ramifications
BMO analysts said the reserve update appears conservative but carries more significant implications for near-term production and valuation, largely due to the lower grade profile.
“The reserve update for Kakula/Kamoa came in below both the market’s and our expectations,” analyst Andrew Mikitchook wrote. “The largest impact on valuations comes from a 28% decrease in reserve grade.”
BMO cut its price target on Ivanhoe shares to $16 from $23, citing weaker near-term output and revised long-term assumptions. Year-to-date, the stock is down almost 35%, trading at $10.51 on Wednesday for a market capitalization of $11.8 billion (C$15B).
The bank also highlighted a planned redevelopment of the complex in 2026 and 2027, aimed at enabling broader and more efficient mining with faster backfill sequencing, though at the cost of reduced extraction rates in the interim.
Despite the downgrade, BMO said there is potential upside as Ivanhoe continues to refine its mine plan. Ongoing optimization work, including geotechnical drilling and further analysis of Kakula East, could lead to improved efficiency, with an updated prefeasibility and feasibility plan expected in the first quarter of 2027.
Jefferies similarly noted that mine plans for 2026 and 2027 now focus explicitly on development and rehabilitation rather than production, with slower advance rates and more conservative sequencing reducing ore delivery and raising costs in the near term.
Long-term outlook safe
Ivanhoe continues to target annual copper production exceeding 500,000 tonnes from 2028, positioning Kamoa-Kakula among the world’s largest copper operations.
The current redevelopment phase aims to unlock that scale by improving underground access, expanding mining areas and enabling more consistent extraction, even as it delays the ramp-up profile that had supported prior market expectations. Analysts said the company’s more cautious approach reflects a focus on long-term performance and stability after persistent operational challenges at Kakula.
Near-term sentiment will hinge on execution, including improved operating performance, timely redevelopment progress and clearer visibility on the next iteration of the mine plan, with signs of progress later this year likely key to rebuilding investor confidence.
https://www.mining.com/ivanhoe-stuns-market-with-deep-kamoa-kakula-output-cut/
As of March, the global steel market continues to be driven by supply-demand dynamics and cost pressures. According to CISA data, total steel inventories at key mills stood at 17.91 million tons, while the destocking process gained momentum, with inventories of five major products decreasing by 484,000 tons on a weekly basis. However, inventory pressure in the HRC segment remained more pronounced compared to rebar.
On the pricing side, divergence across products was observed. HRC export prices increased to USD 490/ton, while CRC prices decreased to USD 550/ton. China-origin HRC SAE1006 remained stable at USD 497/ton FOB, while South Korea-origin 2.5 mm HRC maintained stability at USD 505/ton.Profitability issues among Chinese steel producers persist. Margins for HRC producers stood at minus USD 24/ton, while rebar producers recorded margins of minus USD 30/ton, indicating continued operational pressure across the sector.
Supported by strong order flows and rising production costs, Asian producers are inclined to increase billet export prices. Prioritization of Chinese buyers by global miners and rising freight costs have led to higher imported manganese ore prices in India, tightening supply. Meanwhile, metallurgical coal prices are moving within a narrow range due to low liquidity and a cautious market stance. Offers for late-May loading cargoes of Indonesia-origin coke were heard at USD 255/ton FOB.
Logistics and geopolitical developments continue to play a decisive role in cost structures. Due to risks stemming from conflicts in the Middle East, freight rates for coal shipments are reported to be USD 8–10/ton higher compared to pre-conflict levels. Security concerns in the Strait of Hormuz have caused route changes and temporary disruptions in iron ore and pellet shipments.
On the other hand, some countries have introduced supportive measures for the mining sector. In this context, the reduction of fuel taxes by half for the period between April 1 and June 30 is expected to provide savings of approximately 26.3 Australian cents per liter.
On the trade policy front, protectionist tendencies persist. Pakistan expanded the scope of anti-dumping duties on cold-rolled products originating from China to protect domestic producers.
Meanwhile, although South Korea remains a key supplier of cold-rolled steel to Türkiye, shipments to Türkiye decreased by 25.8% year on year to 31,000 tons as of January 2026.
https://www.steelradar.com/en/haber/asian-steel-market-sees-price-increase-amid-middle-east-risks/
After four years of growth, U.S. coal exports decreased by 16 million short tons (MMst) in 2025, according to data released by the U.S. Census Bureau. Exports totaled 93 MMst in 2025, compared with 108 MMst in 2024. Thermal coal exports fell by 18%, and metallurgical coal exports fell by 11%.
The decrease in U.S. coal exports largely reflects a 92% decrease in exports to China in 2025 compared with 2024, after China imposed a 15% additional tariff on imports of U.S. coal in February of last year and a 34% reciprocal tariff on imports from the United States in April. It also reflects a global market characterized by ample supply and soft demand, which caused prices to decline, making it increasingly difficult for U.S. coal exporters to earn profits. Finally, coal generation in the U.S. domestic coal market rose 13% in 2025, leading to a 12% increase in electric power coal consumption after three straight years of decreases.
In the United States, coal is exported primarily through East Coast and Gulf Coast ports. Over the last five years, 62% of total U.S. exports have departed from East Coast ports in Norfolk, Virginia, and Baltimore, Maryland. Approximately 25% of coal exports departed from the Gulf Coast ports in Mobile, Alabama, and New Orleans, Louisiana, over the same period.
Another 8% of recorded coal exports departed the United States from the West Coast, primarily from Seattle, Washington, en route to ports in Canada. However, some exports from the western area of the United States are not captured by U.S. Census Bureau’s data from Seattle.
During the years 2021 to 2025, 78% of U.S. steam coal exports departed from Baltimore, Norfolk, Mobile, or New Orleans. For metallurgical coal, 94% of all coal exported from the United States departed from the same East Coast and Gulf Coast ports. A single port, the Lambert Point Coal Terminal in Norfolk, Virginia, accounted for approximately 58% of metallurgical coal exported from the United States.
Principal contributor: Jonathan Church
