[BEIJING] Iron ore futures touched a one-week high on Monday (Aug 25) as Rio Tinto suspended activity at its Simandou project in Guinea following an incident, raising fears of a potential delay in production start at the mine.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 2.27 per cent higher at 787 yuan (S$141.07) a metric ton, its highest since August 14.
The benchmark September iron ore on the Singapore Exchange rose 2.69 per cent to US$103.3 a ton, as of 0810 GMT, the highest since August 14.
Rio Tinto, the world’s largest iron ore miner, said on Saturday it had suspended activities at Guinea’s SimFer mine site after an incident there left a contract worker dead.
The miner, which owns two of the four Simandou mining blocks as part of its SimFer joint venture with China’s Chalco Iron Ore Holdings (CIOH) and the Guinea government, had earlier expected the first iron ore shipment in November.
Rio Tinto did not respond to a Reuters request for comment.
BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up
Supporting prices of the key steelmaking ingredient, near-term demand remained firm despite production restrictions on mills in top Chinese steelmaking hub Tangshan to ensure clean air in Beijing ahead of a military parade to commemorate the end of World War Two.
Average daily hot metal output, a gauge of iron ore demand, held steady at 2.41 million tons in the week to August 21, data from consultancy Mysteel showed.
Shanghai’s announcement to relax home buying restrictions for eligible families also boosted sentiment.
Coking coal and coke, other steelmaking ingredients, rallied 6.48 per cent and 4.36 per cent, respectively.
“A recent mine accident sparked expectations of more stringent safety checks that might reduce supply, underpinning coal prices,” a Shanghai-based coal analyst said on condition of anonymity as he is not authorised to speak to the media.
Steel benchmarks on the Shanghai Futures Exchange advanced on higher raw materials costs.
Rebar gained 0.71 per cent, hot-rolled coil rose 0.92 per cent, wire rod climbed 0.65 per cent and stainless steel added 0.98 per cent.
REUTERS
The shares of real estate and metal companies recorded sharp gains on August 25 as market expectations for US Federal Reserve's rate cut increased after Chair Jerome Powell's remarks at the Jackson Hole Economic Policy Symposium.
The rise in the share prices pushed the Nifty Realty index up nearly 1 percent to hover around 918 in the early trading hours of Monday, while Nifty Metal index rose over 1 percent to stand at 9,477, snapping a two-day losing streak.
Federal Reserve Chair Jerome Powell on August 22 said that the weak job market may soon force the American central bank to cut interest rates.
"Downside risks to employment are rising," according to Powell's prepared remarks at the Jackson Hole Economic Policy Symposium. He added that "the effects of tariffs on consumer prices are now clearly visible" with high uncertainty in the coming months.
Most investors now expect a 25-basis-point Fed rate cut next month. "Fed chief Powell's remark at Jackson Hole that 'there is a downside risk to unemployment and shifting risk balance may warrant policy adjustment' clearly indicates a rate cut in September," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
A rate cut in the US could reduce borrowing costs for foreign investors, encouraging them to invest in higher growth markets in India. This boosts real estate and metal stocks. Additionally, investors expect the RBI to follow Fed in the pursuit of a rate cut, if any. This too can positively impact the stocks.
Jindal Stainless Steel was the top gainer on the Nifty Metal index, rising nearly 5 percent to trade at Rs 813.35 apiece. Hindalco Industries and National Aluminium Company (NALCO) shares gained nearly 2 percent, while NMDC, Hindustan Zinc, Vedanta and SAIL shares were up more than 1 percent each.
Tata Steel, Welspun Corporation, Adani Enterprises, JSW Steel and Hindustan Copper shares rose up to 1 percent.
On the realty index, Brigade Enterprises was the top gainer. The shares of the company rose over 1 percent to trade at Rs 974 apiece. Godrej Properties shares also gained more than 1 percent. DLF and Sobha shares were up nearly 1 percent each.
Raymond, Prestige Estates, Macrotech Developers (Lodha), Phoenix Mills and Oberoi Realty shares were trading in the green with marginal gains.
By Charles Kennedy - Aug 25, 2025, 9:47 PM CDT
President Trump has fired Federal Reserve Governor Lisa Cook, citing alleged improprieties in her mortgage applications, in a stunning escalation of his campaign against the independence of the U.S. central bank.
In a letter posted late Monday, Trump told Cook she was being removed “effective immediately,” arguing there was “sufficient reason” to believe she had falsified mortgage documents when purchasing homes in Michigan and Georgia in 2021. Trump invoked both the U.S. Constitution and the Federal Reserve Act, which allows removal of a governor “for cause,” though that provision has never before been tested against the Fed’s leadership.
The move immediately rattled markets, with the U.S. dollar slipping 0.3% against a basket of peers. Treasury yields also reacted sharply, with short-term yields falling and longer-dated yields climbing, reflecting expectations of political pressure for near-term rate cuts.
Cook, appointed by President Biden in 2022, is the first Black woman to serve on the Fed’s Board of Governors. She had been serving a 14-year term scheduled to end in 2038 and had publicly resisted calls to resign. “I have no intention of being bullied to step down,” she said last week.
Her removal marks the most direct confrontation yet between Trump and the central bank. The president has already lashed out repeatedly at Fed Chair Jerome Powell and fired the head of the Bureau of Labor Statistics after a weak jobs report. Analysts warn that the scale and intensity of Trump’s campaign against the Fed is without precedent in modern U.S. history and could undermine confidence in critical economic data.
“This is an extraordinary act of aggression that violates the Fed’s independence,” said Eswar Prasad, a professor at Cornell University. “Trump has now declared open war on the U.S. institutional framework, which underpins the dollar’s dominance in global finance.”
Whether Trump’s firing of Cook will hold is highly uncertain. The Supreme Court earlier this year reaffirmed that presidents do not have unilateral authority to remove Fed governors, and any attempt to do so would likely face an immediate legal challenge.
Senator Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, called Trump’s intervention “an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court.”
Legal scholars say the administration would have to prove Cook committed fraud or “gross malfeasance” to justify removal. If Cook contests her firing, the dispute could set off a constitutional showdown between the White House and the central bank at a moment when the Fed is weighing an interest rate cut as early as next month.
Cook’s removal also opens another seat on the seven-member board, just weeks after Governor Adriana Kugler announced her departure. Trump has already nominated Stephen Miran, a close ally, to replace Kugler, and elevated Michelle Bowman to lead banking supervision. Analysts believe Trump could soon reshape the board with loyalists, potentially paving the way for more aggressive rate cuts.
Tim Duy of SGH Macro Advisors emphasized that this latest move "speaks to the determination of this administration to remake the Federal Reserve and serves as a warning to the other Biden appointees".
Oil prices fell in early Asian trade on the news, with WTI trading at $64.46 and Brent down to $68.48.
https://oilprice.com/Energy/Energy-General/Dollar-Slides-as-Trump-Fires-Fed-Governor-Lisa-Cook.html
"India must take Trump's point over Russian oil seriously," said Republican leader Nikki Haley , adding that New Delhi must work with the White House to find a solution, "sooner the better"."
Navigating issues like trade disagreements and Russian oil imports demands hard dialogue," Haley posted on social media on Saturday (local time).
She posted on X a portion of the opinion piece she wrote last week for Newsweek amid strain in ties between the two countries after President Donald Trump slapped 50 per cent tariff on Indian goods.
Haley has been facing criticism within her party for favouring India amid tariff tensions between the two countries.
In her article Haley said, "Trump is right to target India's massive Russian oil purchases, which are helping to fund Vladimir Putin 's brutal war against Ukraine."
However, she added that India must be treated like the "prized free and democratic partner that it is-not an adversary like China.
"Haley highlighted decades of "friendship and goodwill" between India and the US, the world's two largest democracies.
It provides a "solid basis to move past the current turbulence," she added.
She said that the US and India "should not lose sight of what matters most: our shared goals." "To face China, the United States must have a friend in India," she added."
India stands alone in its potential to manufacture at China-like scale for products that can't be quickly or efficiently produced here(in the US)," Haley said in her article.
Haley, the former Governor of South Carolina, was the US Ambassador to the United Nations under Trump's first presidential term, becoming the first Indian-American to be appointed to a cabinet-level post in the US adminitration.
In 2013, she officially announced her candidacy for the 2024 presidential election and withdrew from the race in March last year.
President Trump has doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil that will come into effect from August 27.
Defending its purchase of Russian crude oil, India has been maintaining that its energy procurement is driven by national interest and market dynamics.
India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February 2022.
Global Fuel Demand Slump Hits Sinopec Profits, Asia Faces Zero Growth
Sinopec reported a sharp decline in its first-half profit, a trend the company attributed to subdued fuel demand, as detailed in a report from Oilprice.com. According to Kpler, this sluggish demand is a global phenomenon expected to persist into the next year, with global fuel demand projected to rise by 840,000 barrels daily, accelerating modestly to 880,000 barrels daily in 2026.
The Asia-Pacific region is at the epicenter of this shift, with Kpler analysts forecasting zero demand growth for oil products in the region for this year. Data from the IndexBox platform corroborates this outlook, pointing to factors including petrochemical overcapacity in China, slower economic growth, ageing populations, and improvements in fuel efficiency. For China specifically, Kpler anticipates an actual decline in petroleum product demand in 2024, driven in part by the trade war with the United States and the rapid adoption of electric vehicles, which is particularly impacting gasoline consumption.
The outlook for natural gas demand, however, stands in stark contrast. Morgan Stanley forecasts that Asia will see the strongest rate of gas demand growth at an annual 5%, exceeding growth rates in Europe (1%) and the United States (3%). This growth is being fueled by the electrification of transport and a boom in data centers, which are driving a surge in electricity needs.
Europe presents a more complex picture for oil. Despite government pushes for electrification, overall fuel demand on the continent has remained robust. Kpler sees growth in European gasoline and jet fuel demand this year, even as it declines for fuel oil and naphtha. This resilience has, however, led to a jet fuel shortage, with the International Air Transport Association warning that refinery closures and declining domestic production have increased Europe's reliance on imports. Further strain is expected, with FGE forecasting a diesel shortage in the second half of the year due to reduced availability from the U.S.
In North America, Kpler expects stable fuel demand driven by winter heating needs and rising air travel. However, the analyst firm projects a decline in gasoline demand by 2026, attributed to tighter fuel efficiency standards, while diesel demand is expected to be adversely affected by tariffs on freight activity.
Source: IndexBox Market Intelligence Platform
https://www.indexbox.io/blog/global-fuel-demand-slump-hits-sinopec-profits-asia-faces-zero-growth/
By 2050, more than 1.6bn people, including almost 20% of the African population, will be exposed to severe and extreme droughts, if a pessimistic scenario plays out, according to a report by INFORM Climate Change, a collabouration between the EuroMediterranean Center on Climate Change and Joint Research Centre of the European Commission, Statista reports.
Somalia, Namibia, Zimbabwe, Mauritania and South Africa are the countries most at risk from drought worldwide. All five countries score over 9 points on the INFORM Risk Index, which measures the likelihood and impact of humanitarian crises. Among the other countries that rank above the “very high risk” threshold of 6.9 are Iraq, Syria and Afghanistan. Analysts state that climate change rather than population growth is the biggest driver of increased exposure to droughts.
Droughts often develop slowly, can span across entire regions and last for years. Climate change is expected to exacerbate the risk of droughts around the world, with higher temperatures drying the land and shifting rainfall patterns making water supplies less predictable.
The INFORM Risk Index is developed by the Disaster Risk Management Knowledge Centre and combines a range of data points into a single score. It helps governments and aid organizations understand where future crises are most likely and how severe they could be.
https://www.intellinews.com/mapping-global-drought-risk-statista-397647/
Harmony Gold Mining Company has benefited immensely from the boom in gold prices, with the company expecting a significant jump in earnings for its 2025 financial year.
Harmony is a gold mining specialist with a growing international copper footprint. The company is listed on the JSE with a market cap of R176.21 billion.
On Monday, 25 August, Harmony released a trading statement for its financial year ended 30 June 2025.
In this statement, Harmony CEO Beyers Nel pointed out that this marks the company’s 75th anniversary, as well as Harmony’s tenth consecutive year of meeting guidance.
In the 2025 financial year, Harmony delivered group production of 46,023 kg, landing towards the upper end of its guided range.
The company said this was driven by robust contributions from its high-grade South African underground operations and the Hidden Valley mine in Papua New Guinea.
Harmony’s recovered underground grades also improved by 3% to 6.27g/t, exceeding the upwardly revised guidance of 6g/t, supported by an exceptional performance at Mponeng.
The company explained that, through disciplined cost management, it also maintained all-in sustaining costs at R1.05 million/kg, comfortably within the guided range of R1.02 million/kg to R1.10 million/kg.
“Our strategy remains firmly centred on value enhancement over volume growth through safe, profitable ounces,” Beyers said.
“By allocating capital to higher-margin, lower-risk assets and prioritising quality ounces over output, we continue to strengthen margins, improve portfolio resilience, and enhance long-term returns.”
The company expects its earnings per share to increase significantly compared to the 2024 financial year, with the following changes projected:
Harmony said this impressive earnings growth was largely driven by an increase in group revenue as a result of continued operational excellence and a higher average gold price received.
Over the company’s 2025 financial year, the average gold price received increased by 27% from R1.20 million/kg to R1.53 million/kg.
In addition, the miner said its earnings were boosted by no impairment recognised on assets due to headroom shown on all assets compared to a R2.79 billion impairment in 2024.
However, Harmony noted that the increase in earnings was partially offset by several factors that weighed on its operations in 2025.
This includes an increase in production costs, a higher royalty expense due to a higher rate being applied, and an increase in the company’s taxation expense.
The company said its higher taxation expense of approximately R3.50 billion, of which approximately R1.75 billion relates to current taxation, was mainly due to higher profitability.
Harmony will publish its financial results for the financial year ended 30 June 2025 on Thursday, 28 August 2025.
https://dailyinvestor.com/mining/99194/harmony-strikes-gold/
Jakarta (ANTARA) - Indonesia's Ministry of Environment will soon shut down the operations of a lead-processing company in Serang, Banten, over repeated and serious violations of environmental regulations.
The ministry's Deputy for Law Enforcement, Rizal Irawan, said on Sunday that during an August 21 inspection of PT Genesis Regeneration Smelting (GRS), Environment Minister Hanif Faisol Nurofiq found that the company had persistently committed major violations despite repeated warnings and sanctions since 2023.
"We will take firm action by shutting down the company's operations," Irawan stated.
He explained that GRS had continued processing toxic waste, including imported used batteries, lead powder, and smelted lead, without the necessary documents and permits, calling it a blatant disregard for environmental law.
"Moreover, the company dismantled an environmental protection line installed on October 13, 2023, and kept operating without approvals," Irawan added, noting that the firm even expanded its facilities.
He stressed that the government would show zero tolerance for companies that deliberately break the law and endanger the environment.
The ministry's Director of Environmental Complaints and Monitoring, Ardyanto Nugroho, said the company's misconduct went beyond administrative offenses, posing threats to both the environment and public health.
He emphasized that importing and dumping hazardous waste without permits constitutes a grave environmental crime.
"The emissions generated by processing such waste are extremely dangerous. Our team will immediately take legal action and allow no compromises," Nugroho pointed out.
In addition to the violations, GRS is also under scrutiny following allegations of violence against ministry officials and a journalist during the August 21 inspection. Minister Nurofiq has vowed stern sanctions over the incident.
Translator: Prisca T, Tegar Nurfitra
Editor: Anton Santoso
Copyright © ANTARA 2025
Ivanhoe Mines Ltd. (TSE:IVN) – Equities researchers at Raymond James Financial increased their Q3 2026 earnings estimates for Ivanhoe Mines in a research note issued to investors on Wednesday, August 20th. Raymond James Financial analyst J. Elliott now expects that the company will earn $0.06 per share for the quarter, up from their previous estimate of $0.04. The consensus estimate for Ivanhoe Mines’ current full-year earnings is $1.01 per share. Raymond James Financial also issued estimates for Ivanhoe Mines’ Q4 2026 earnings at $0.07 EPS.
IVN has been the subject of several other research reports. Stifel Canada raised Ivanhoe Mines to a “strong-buy” rating in a research note on Tuesday, July 8th. Jefferies Financial Group dropped their price target on Ivanhoe Mines from C$19.00 to C$17.00 in a research note on Thursday, June 12th. Canaccord Genuity Group dropped their price target on Ivanhoe Mines from C$24.00 to C$12.00 in a research note on Friday, June 13th. BMO Capital Markets decreased their price objective on Ivanhoe Mines from C$24.00 to C$21.00 in a report on Friday, June 13th. Finally, Scotiabank increased their price objective on Ivanhoe Mines from C$12.00 to C$12.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Ivanhoe Mines presently has a consensus rating of “Buy” and a consensus target price of C$15.50.
Ivanhoe Mines Stock Up 5.0%
IVN stock opened at C$11.71 on Monday. The stock has a market cap of C$11.10 billion, a price-to-earnings ratio of 70.80 and a beta of 1.94. The company’s 50 day moving average is C$10.89 and its 200 day moving average is C$12.43. The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48. Ivanhoe Mines has a 1-year low of C$8.76 and a 1-year high of C$20.95.
Ivanhoe Mines Company Profile
Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.
Nickel prices fell during Monday trading amid ongoing concerns about rising global supply, while markets also monitored moves in the US dollar following remarks by Federal Reserve Chairman Jerome Powell, who hinted at an upcoming rate cut.
While base prices remain stable for now, nickel continues to show general weakness, keeping stainless steel surcharges at limited levels. Although prices have moved sideways in recent months, the longer-term multi-year trend still points downward.
At the same time, nickel inventories remain extremely high. Indonesia has maintained strong output, with nickel surpassing coal to become the country’s largest export in 2025. However, local demand there has already peaked, forcing some smelters to temporarily suspend operations amid low prices.
Although any slowdown in Indonesian supply could offer some support, the large global surplus persists, meaning smelters would need to cut production for an extended period before prices see a meaningful recovery.
Nickel stocks on the London Metal Exchange have risen by about 40,000 tons since the start of the year to reach 195,000 tons, driven by strong refining capacity from Chinese companies operating in Indonesia. Despite attempts to curb supply, overall market sentiment remains cautious, with any recovery still dependent on a major rebound in end-user demand.
Nickel market in Indonesia faces persistent surplus
Indonesia’s nickel sector remains under pressure, as government-set output quotas have exceeded actual demand, reinforcing the supply glut. Prices of nickel ore used in pyrometallurgy (thermal smelting) have declined, while nickel ore used in hydrometallurgy (wet smelting) has remained stable. High-grade ferronickel prices have also stayed steady, but smelter profit margins remain limited. Policymakers are considering potential interventions, but abundant supply and weak demand will likely cap any near-term price gains.
Chinese nickel market shows some resilience despite surplus
In China, nickel and stainless steel markets have displayed some resilience, even as overall demand remains weak and supply remains abundant. Government efforts to curb excess industrial capacity, along with expected seasonal changes in Philippine mining, may influence supply and pricing trends in the coming months.
Outlook
Markets are closely watching US monetary policy, Chinese stimulus measures, and seasonal shifts in Indonesian supply as potential factors driving nickel prices in the near term.
The dollar index rose by 0.2% at 15:24 GMT to 97.8 points, with a high of 98.0 and a low of 97.7.
As for trading, spot nickel contracts fell by 1.5% at 15:25 GMT to 14,960 dollars per ton.
Korea's steel exports to the United States tumbled 26 percent in July from a year earlier, hit by Washington's doubled tariffs, a trade association said Sunday.
In June, U.S. President Donald Trump raised tariffs on all steel and aluminum imports to 50 percent, up from the 25 percent imposed in March.
Korean steel shipments to the U.S. fell to $283 million last month from $382 million a year earlier, according to data from the Korea International Trade Association (KITA).
The value marked the lowest level in four years and four months, since March 2021.
By volume, July exports dropped 24 percent on-year to 194,000 tons, the lowest since January 2023, KITA said.
In response to the steep tariffs, Posco and Hyundai Steel, the country's two largest steelmakers, have unveiled plans to invest in a steel plant in the United States.
In March, Hyundai Steel announced it would build a $5.8 billion electric arc furnace-based integrated steel mill in Louisiana by 2029, with production slated to begin the same year. The following month, Posco said it would join the project.
Given the plant's completion timeline, the steelmakers are widely expected to face tariff pressures for several more years, industry officials said.
Yonhap
The steelmaker said it is offering HR sheet with a base CSP of $875/st this week. A $10/st increase from last week, it marks the first upturn in Nucor’s HR list price since the beginning of July.
Nucor is attempting to halt the decline in hot-rolled (HR) coil prices, with the announcement of a $10-per-short-ton (st) increase in its weekly consumer spot price (CSP) on Monday.
The price applies across all of Nucor’s sheet mills, except joint-venture subsidiary California Steel Industries (CSI). HR from CSI will also see a $10/st week-over-week rise to $935/st.
Lead times of three to five weeks are still being offered, according to Monday’s letter to customers from the Nucor Sheet Mill Group.
With concerns about demand and high production rates at US mills, HR prices have been on a slow, steady decline since reaching an average of $880/st in June.
SMU’s weekly price assessment showed HR coil prices ranging from $750/st to $860/st as of Tuesday, Aug. 19. The average of $805/st was down $15/st from the previous week and $50/st from a month earlier. It also marked the lowest point for HR prices since early February, according to SMU’s interactive pricing tool.
https://www.steelmarketupdate.com/2025/08/25/nucor-moves-to-stop-hrc-price-slide-with-10-ton-hike/
Despite record solar and wind capacity additions and booming renewable energy output, China is not giving up on coal, on the contrary.
During the first half of 2025, China commissioned as much as 21 gigawatts (GW) of coal power, the highest amount in the first half of the year since 2016, the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) said on Monday in their H1 2025 biannual review of China’s coal projects.
Projections are that coal capacity commissioned for the full year would exceed 80 GW.
Globally, China is the leader in renewable energy capacity installations, but it is also a leader in coal-fired power and continues to be the key driver of record-high global coal demand.
In addition, China is looking to boost its domestic coal demand and prices this year. Coal prices in China have been depressed this year, weighing on the profits and profitability of the coal producers.
Despite previous signs of slowdown in coal power last year and a clean energy boom so far this year, coal power remains strong in China, with new and revived projects the highest in a decade, clean energy proponents CREA and GEM said in their half-year report.
The surge in coal plant commissioning follows the jump in coal project permitting in 2022 and 2023, when China was permitting, on average, two new coal power plants every week. The years 2022 and 2023 saw more than 100 GW of coal power capacity approved in each of the two years.
“This trend will likely continue into 2026 and 2027, unless policy action is taken,” the report said.
Just 25 GW of coal projects were permitted in China in the first half of 2025, but new and revived projects came to 75 GW, the highest in a decade, and construction starts and restarts reached 46 GW, which is equivalent to the entire coal power capacity of South Korea, CREA and GEM found.
“China’s clean energy boom is driving both economic growth and decarbonisation, but continued coal expansion risks holding it back,” said Qi Qin, lead author of the report and China Analyst at CREA.
“More coal power plants would not only waste investment, but also crowd out renewables–the real engine of China’s economic future.”
By Michael Kern for Oilprice.com
