Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day.
Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.
Dubai's benchmark stock index DFMGI extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank DIB climbed 4.9% and tolls operator Salik SALIK advanced 2.2%.
The Abu Dhabi benchmark index FADGI rose 0.8%, aided by a 7.6% surge in RAK Properties RAKPROP and a 4.3% gain for Abu Dhabi Islamic Bank ADIB.
Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week.
Saudi Arabia's benchmark stock index TASI extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank 1120, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco 2222 added 0.7%.
Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand.
Brent BRN1! was trading at $67.98 a barrel by 1230 GMT
The Qatari benchmark index GNRI was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains.
AlRayan Bank MARK advanced 1.4% and Industries Qatar IQCD added 0.5%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
"Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill.
"This has led to increased demand for stocks in the region and a greater focus on market fundamentals".
The White House Council of Economic Advisers chairman Stephen Miran told Yahoo Finance on Thursday that he expects the Trump administration to extend the tariff pause for countries negotiating "in good faith."
"I mean, you don't blow up a deal that's that's in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it," Miran told Yahoo Finance's Brian Sozzi.
In recent weeks, President Trump and administration officials have signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds for talks to turn into pacts. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go.
Trump has warned that he would soon tell countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn't see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper "Liberation Day" tariffs.
So far, Trump has firmed up a trade deal with the United Kingdom. In Canada, Prime Minister Mark Carney's government threatened to hike tariffs by late July on US imports of steel and aluminum, after Trump ballooned US levies on those metals. The countries are aiming for a deal by mid-July.
The European Union has also vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg. EU leaders are expected to inform the European Commission on Thursday whether they would rather strike a quick trade deal with the US or risk a tariff standoff. Trump has threatened tariffs of up to 50% on EU imports.
Meanwhile, the US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the "big, beautiful" tax bill passed in the Senate. Fed Chair Jerome Powell this week reiterated that the central bank is still waiting to see the effects of the tariffs on prices before cutting interest rates.
Donald Trump had also labeled the Fed chief “an obvious Trump Hater,” claiming Jerome Powell’s refusal to cut interest rates is costing the US government hundreds of billions of dollars in interest payments.
Ankit Gohel
Published 26 Jun 2025, 02:11 PM IST
Jerome Powell was renominated by Joe Biden for a second term, which expires in May 2026.(Photo: Reuters)
US President Donald Trump has ramped up his long-standing criticism of Federal Reserve Chair Jerome Powell, launching a fresh round of personal attacks over the central bank’s decision to hold interest rates steady.
During a press conference at the NATO summit in the Netherlands on Wednesday, Trump called Powell “an average mentally person” and “a very stupid person,” adding: “Low IQ for what he does.”
Earlier, he had also labeled the Fed chief “an obvious Trump Hater,” claiming Powell’s refusal to cut interest rates is costing the US government hundreds of billions of dollars in interest payments.
The US Federal Reserve earlier this month left its benchmark interest rate unchanged at 4.25%–4.50%, citing persistent inflation and global economic uncertainty.
Trump, who nominated Powell to the role in 2017 during his presidency, has increasingly turned on the Fed chief — one of the few Trump appointees retained by President Joe Biden. Jerome Powell was renominated by Biden for a second term, which expires in May 2026.
Asked whether he is considering a replacement, Trump responded: “Yeah, I know within three or four people who I’m going to pick.” He added, “Fortunately, his term is up pretty soon, because I think he’s terrible.”
Pattern of Attacks
This isn’t the first time Trump has publicly derided Powell. On his social media platform Truth Social, Trump has repeatedly blamed the Fed chair for keeping rates too high and, in his view, stifling economic growth.
“If he reduced [rates] to the number they should be, 1% to 2%, that ‘numbskull’ would be saving the United States of America up to $1 Trillion Dollars per year,” Trump posted earlier.
“He’s a dumb guy… a Total and Complete Moron!”
In a previous post, Trump claimed the US economy is strong, inflation is under control, and the Fed is unjustified in keeping rates elevated.
Also Read | Trump hints at Fed Chair Jerome Powell replacement: ‘I know 3 or 4 people’
“No inflation, great economy — we should be at least two to three points lower… What a difference this would make,” he wrote. “I hope Congress really works this very dumb, hardheaded person over.”
Trump’s comments come as central banks globally begin to signal rate cuts amid easing inflation, but the Fed has remained cautious, warning of premature moves that could reignite price pressures.
A Complicated Legacy
Despite his current criticism, Trump was the one who elevated Powell to Fed Chair in 2018, replacing Janet Yellen. At the time, Powell was viewed as a consensus candidate who would carry forward the Fed’s post-crisis normalization strategy.
In recent years, Trump has claimed he regrets the decision.
“I listened to someone that I shouldn’t have listened to,” he wrote. “Biden shouldn’t have reappointed him.”
While Powell has refrained from responding directly to Trump’s remarks, the Fed’s stance has remained unchanged: rate decisions will be guided by inflation trends and labor market data, not political pressure.
Also Read | JD Vance blasts Fed's Powell for avoiding rate cuts, ‘love to hear an argument…’
Powell has maintained that it’s premature to cut interest rates, citing economic uncertainties — including the potential inflationary impact of Trump tariff policies, which many economists believe could push prices higher in the months ahead.
Ironically, the inflation rate is currently lower than when Trump took office, a point the president has often used to argue for aggressive rate cuts. However, Fed officials have emphasized that future risks, including geopolitical tensions and trade policy shifts, must be factored into monetary decisions.
By Charles Kennedy - Jun 26, 2025, 11:30 AM CDT
Russia has seized a village near Shevchenkove in eastern Ukraine, just kilometers from a major untapped lithium deposit, according to a pro-Russian local official cited by Reuters on Wednesday. The area lies close to the Kruta Balka site, one of Ukraine’s most valuable hard-rock lithium prospects, raising fresh alarm over Europe’s long-term access to critical energy transition materials.
The Kruta Balka deposit is part of a cluster of lithium-rich zones in eastern and central Ukraine, previously estimated to contain over 500,000 metric tons of lithium oxide, according to Radio Free Europe/Radio Liberty. This resource was slated to become a cornerstone of Europe’s battery manufacturing ambitions, offering an alternative to China’s near-monopoly on refined lithium supply and South America’s brine-based production.
Before Russia’s full-scale invasion in 2022, Ukraine had issued multiple exploration licenses to international mining companies, including Australia’s European Lithium and the Czech-backed Geological Exploration Company. As DW reports, interest from the EU surged following the announcement of the bloc’s Green Deal and plans to ramp up electric vehicle and renewable energy storage capacity.
With Russian forces potentially expanding control over strategic mining zones, these development plans hang in the balance. Analysts have recently warned that Moscow could leverage such resource control as a geopolitical bargaining chip, further complicating Europe’s already fragile energy security landscape.
The Kruta Balka deposit is part of Ukraine’s broader effort to align its mineral wealth with Western decarbonization goals. Its uncertain fate now underscores the vulnerability of critical supply chains to military aggression.
Ukraine’s lithium potential has been on the EU’s radar since at least 2021, when Brussels signed a strategic partnership with Kyiv on raw materials. The Kruta Balka, Dobry, and Polokhivske deposits were identified as priority sites to diversify Europe’s supply away from Moscow.
By Charles Kennedy for Oilprice.com
Russia is set to raise the shipments of the ESPO Blend crude from its Far East port of Kozmino in July, after lower exports this month due to maintenance, trading sources told Reuters on Wednesday.
ESPO loadings from Kozmino are expected at 4 million tons, or about 970,000 barrels per day (bpd) in July, up from 3.6 million tons in June.
According to Reuters calculations, daily exports of ESPO from Russia’s Far East, predominantly to Chin,a are set to rise by 7.5% in July compared to June, which is a day shorter.
Going forward, ESPO crude exports are expected to stay around the 4 million ton mark in the coming months.
Chinese refiners are buying a lot of ESPO crude from Russia as China and India have become the top buyers of Russian oil since 2022.
China’s demand for ESPO appeared to wane in April and May amid softening import demand in the world’s top crude oil importer and uncertainty about the implications of the additional U.S. sanctions on Russia imposed in January.
As a result, India bought more Russian ESPO Blend oil in April than any month since August 2024, stepping in to scoop up what weakening Chinese demand for the blend has left behind.
Chinese demand for Russian ESPO dipped due to sanctions on Russian companies that led Chinese state-owned refiners to cut back, in combination with seasonal refinery maintenance.
Typically, India does not buy large volumes of ESPO because it is costlier than Russian Urals blend, and is more challenging to ship.
Yet, in April, China’s Sinopec, the biggest refiner in Asia by processing capacity, bought its first ESPO blend from Russia for May loading since the February loading plans, after refraining from buying the grade for loading in March and April until it assesses the risk from the U.S. sanctions.
Earlier this year, state oil firms in China either halted or reduced Russian oil volumes, but the independent refiners in China, which prefer to buy cheaper Russian and Iranian oil, picked up the slack.
By Charles Kennedy for Oilprice.com
(Yicai) June 26 -- China National Offshore Oil Corporation has penned a contract with Kazakhstan’s oil major KazMunayGas to explore and produce oil and gas in the country’s Zhylyoi Subsoil Area, marking the Chinese state-owned energy giant’s first upstream oil and gas development project in Kazakhstan.
CNOOC’s wholly-owned subsidiary CNOOC Hong Kong Holding and Astana-based KazMunayGas will set up an equally-owned joint venture to manage exploration and extraction activities, Beijing-based CNOOC said on June 24. The first stage of the exploration is expected to last nine years.
The Zhylyoi Subsoil Area is located partly in Kazakhstan’s western Atyrau region and partly in the Kazakhstan section of the Caspian Sea, with an area of approximately 958 square kilometers. Preliminary assessments by KazMunayGas indicate the block could hold over 185 million tons of oil reserves.
CNOOC and KazMunayGas first teamed up in October 2023 when they signed a memorandum of understanding for oil and gas exploration. In August last year, they selected the Zhylyoi Subsoil Area as their first joint project which they have been developing ever since.
As China’s largest offshore oil and gas producer, CNOOC holds interests in energy projects in more than 20 countries. As of the end of last year, the company had proven reserves of 7.3 billion barrels of oil equivalent with an annual production of 726.8 million barrels of oil equivalent. Of that, overseas reserves and output accounted for 37 percent and 32 percent respectively, according to its annual report.
CNOOC will continue to be on the lookout for more large-to-medium-sized oil and gas fields this year to grow its reserves and output, the company said in its annual report. It will also focus on expanding its footprint in countries along the Atlantic coast and the Belt and Road initiative.
Editor: Kim Taylor
Slovakia will not support the new EU sanctions package against Russia and will demand a postponement of the vote until Slovak concerns about gas supplies after 2027 are resolved, Prime Minister Robert Fico said on Thursday, UNN reports, citing Reuters.
Details
On June 10, the European Commission proposed a new, 18th, package of sanctions against Russia for its invasion of Ukraine more than three years ago, targeting Moscow's energy revenues, banks and military industry.
Slovakia and Hungary have opposed the sanctions due to their disagreement with the European Commission's proposals to stop importing Russian energy by the end of 2027, which will force the two countries to look for alternatives.
Fico reiterated his position that new sanctions could lead to supply shortages and rising prices, as well as losses from arbitration for violating a long-term contract with Russian supplier Gazprom worth up to 20 billion euros ($23.4 billion).
Fico said he would support the summit's conclusions, but would still not agree to sanctions now.
"Tomorrow, Slovakia will not vote for the 18th package of sanctions," he told a parliamentary committee on Thursday before leaving for the summit. "We consider it one package (with the import cessation plan), and until the fundamental issues are resolved, we cannot approve further sanctions."
On Thursday, Fico met with European Commission President Ursula von der Leyen, but it is unknown whether this changed his position.
The Minister for European Affairs of Poland, which holds the Presidency of the Council of the EU, Adam Szłapka, said at the summit that he hopes that Slovakia and Hungary can be involved, as in the past.
"As with previous sanctions packages, I am optimistic here, we are working on it," he said. "I hope that this will be completed by the end of the Polish presidency (of the EU), and as we know, there are four days left."
Sanctions proposals require unanimity in the bloc to be adopted. Hungary has often threatened to refuse its approval during discussions on aid to Ukraine, as well as on the renewal of sanctions, which take place every six months.
NovaGold Resources Inc. (TSE:NG) – Analysts at B. Riley issued their Q2 2025 earnings estimates for NovaGold Resources in a research note issued on Tuesday, June 24th. B. Riley analyst N. Giles anticipates that the company will post earnings per share of ($0.05) for the quarter. B. Riley also issued estimates for NovaGold Resources’ Q3 2025 earnings at ($0.05) EPS and Q4 2025 earnings at ($0.04) EPS.
Several other equities analysts have also weighed in on the stock. Royal Bank Of Canada upgraded shares of NovaGold Resources from a “hold” rating to a “moderate buy” rating in a report on Wednesday, June 4th. National Bank Financial raised NovaGold Resources to a “hold” rating in a report on Friday, March 21st.
NovaGold Resources Price Performance
TSE NG opened at C$5.10 on Wednesday. NovaGold Resources has a fifty-two week low of C$3.22 and a fifty-two week high of C$6.99. The business has a fifty day moving average price of C$5.46 and a two-hundred day moving average price of C$4.86. The stock has a market capitalization of C$1.22 billion, a PE ratio of -26.62 and a beta of 1.07.
About NovaGold Resources
NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.
MARK Cutifani is stepping down as chair of Vale Base Metals after two years amid a possible listing of the copper and nickel business which parent company Vale is considering, said the Financial Times on Wednesday.
Vale spun out the base metals business as a separate unit in 2023, appointing Cutifani, the former CEO of Anglo American, as chair the same year.
Vale Base Metals is poised to be among the world’s fastest-growing copper producers, aiming to double copper production within a decade as it brings several new mines online in Brazil, said the Financial Times.
Vale’s new CEO Gustavo Pimenta will replace Cutifani as chair of VBM from July, the companies announced in separate statements.
Cutifani’s departure comes as anticipation builds about a possible initial public offering for VBM, in which Saudi Arabian mining fund Manara Minerals bought a 10% stake for $2.5bn in 2023.
During his tenure, Cutifani helped hire VBM’s CEO Shaun Usmar and the rest of the executive team. He told the Financial Times his tenure had always been planned to last two or three years, to improve productivity and prepare the company for a potential IPO.
“Shaun is in place and has already done good things and so he doesn’t need me looking over his shoulder,” Cutifani said. “When the leadership steps up, [it is] time for the foundation builders to step back.”
Cutifani explained that Pimenta was taking the chair role because he will make the final decision on whether to list VBM. He added that he would pursue other projects including at Odin Financial, a boutique investment bank.
For Pimenta, growing copper output remains a key priority, aiming to boost annual production from 350,000 to 700,000 tons through expanding projects in Brazil’s Carajás region, said the newspaper.
https://www.miningmx.com/trending/61562-cutifani-steps-down-as-vale-base-metals-chair/
Thu, Jun 26, 2025 09:00 CET
SSAB has entered into an agreement with Polmotors — an innovative Tier 1 supplier — to future supplies of fossil-free steel for their structural automotive components and assemblies.
The collaboration aims to explore the potential of fossil-free materials in demanding automotive applications, combining SSAB’s pioneering work in decarbonized steel production with Polmotors’ experience in manufacturing components for leading OEMs.
“Polmotors sees the future of fossil-free steel,” says CEO Maciej Graboś. “And the potential competitive advantage of being an early adopter, positioning ourselves to meet the anticipated market demand from premium automotive OEMs. We design and manufacture crash management systems (CMSs) for these customers, such as bumpers and rally bars, so choice of materials is crucial. Polmotors looks forward to joint R&D — working with SSAB and the OEMs — for the implementation of new steel grades in our products.”
“Polmotors recently celebrated its 35th anniversary,” said Robert Lewandowski, SSAB Key Account Manager. ”I’ve had the pleasure and privilege to meet them 20 years ago and observe how an initially small, Polish-owned enterprise turned into a global Tier1 supplier. Decarbonization of the automotive industry requires cooperation across the supply chain where Tier 1 companies play an important role”.
SSAB is revolutionizing steelmaking with two unique decarbonized steels and aims to largely eliminate carbon dioxide emissions from our own operations. We’ve already launched SSAB Zero™, which is based on recycled steel and made using fossil-free energy. We’ve also succeeded in producing the world’s first fossil-free steel. Fossil-free steel is a proof of concept and pilot delivery from SSAB. SSAB works with iron ore producer LKAB and energy company Vattenfall as part of the HYBRIT initiative to develop a value chain for fossil-free iron- and steel production, replacing the coking coal traditionally used for iron ore-based steelmaking with fossil-free electricity and hydrogen. This process virtually eliminates carbon dioxide-emissions in steel production.
For further information, please contact:
Roman Kaiser, SSAB (Sales Director), roman.kaiser@ssab.com
Elżbieta Rudolf, Polmotors (Managing Director), erudolf@polmotors.com.pl
US Steel Imports Surge in May 2025
US steel companies have reported a notable increase in their imports of rolled steel, with a 10.4% rise in May 2025 compared to April, reaching a total of 1.78 million tons. According to data from the American Iron and Steel Institute (AISI), the total steel imports, including rolled and semi-finished products, saw a 19.5% month-on-month increase to 2.48 million tons.
The most significant volumes of imports were observed in products for the oil industry, hot-rolled flat products, line pipes, and tinplate. Specifically, imports for the oil industry reached 212.39 thousand tons, marking a 6.1% month-on-month rise. Hot-rolled flat products saw a substantial increase of 51% to 143.79 thousand tons, while line pipes increased by 48.2% to 143.46 thousand tons. Tinplate imports, however, decreased by 5.2% to 141.66 thousand tons. Finished products constituted 71.6% of the total imports for the month.
Despite the monthly increase, the cumulative data for January to May 2025 shows a reduction in rolled steel imports by 8.4% compared to the same period in 2024, totaling 9.14 million tons. Total steel imports for this period amounted to 12.37 million tons, reflecting a 6.2% year-on-year decrease. The primary imports during this period included products for the oil industry, hot-dip galvanized steel, and cold-rolled flat products.
The main sources of US steel imports during the first five months of 2025 were Canada, Brazil, and Mexico, with import volumes of 2.46 million tons, 2.16 million tons, and 1.59 million tons, respectively. These figures represent year-on-year decreases of 15.7%, 2%, and 8.5%.
In 2024, the US had increased its imports of rolled steel by 3.7% compared to 2023, reaching 22.5 million tons. Total steel imports for the year rose by 2.5% to 28.86 million tons. Canada, Brazil, and Mexico were the primary sources of imports, with significant volumes recorded from each country. Concurrently, US steel production in 2024 declined by 2.4% to 79.5 million tons, while global steel production fell by 0.9% to 1.84 billion tons, positioning the US among the top ten steel-producing countries globally.
Source: IndexBox Market Intelligence Platform
https://www.indexbox.io/blog/us-steel-imports-surge-in-may-2025/
By Metal Miner - Jun 26, 2025, 1:00 PM CDT
Via Metal Miner
British Steel has secured a 5-year agreement to supply rail to Network Rail, the infrastructure manager of the UK’s rail network. Under the tenets of the deal, the steelmaker will provide 70,000 to 80,000 metric tons per year.
In a June 17 statement, British Steel reported that the contract is worth £500 million (almost $673 million) and has an option to extend by three years.
British Steel Recently Constructed New Rail Facility
Rails supplied from British Steel’s Scunthorpe plant, in Lincolnshire, are to include HP335 grade material as well as coated rails for difficult environments, such as at level crossings, tunnels and coastal regions. The company stated that British Steel has supplied rails to the UK networks for over 20 years. Other rail products include sleepers as well as conductor rails for electric trains.
British Steel opened a rail stocking facility at Scunthorpe in November, which can hold up to 25,000 metric tons of finished rail in lengths up to 108 meters. Investments into that project totaled £10 million ($13.4 million).
UK Government Delays HS2
Meanwhile, the UK Government announced June 18 a delay on the country’s High Speed 2 (HS2) rail project, which was tentatively due to start operating by 2033, though did indicate when it would begin operating in revenue service.
Transport Secretary Heidi Alexander made the announcement in the House of Commons, the UK parliament’s lower chamber, citing missed deadlines and ballooning costs. Alexander also said that she would provide an update on costs and deadlines by year’s end.
The HS2 project originally had a cost projection of £56 billion ($75.5 billion). That was back in 2015. However, a government-commissioned review in 2019 warned that the project could reach £106 billion ($143 billion).
The original project also stipulated running the line up to Leeds and Manchester, though the previous government of Rishi Sunak cancelled them in 2021 and 2023, respectively. Alongside that move, they also truncated the line to run only as far as Birmingham.
By Christopher Rivituso
https://oilprice.com/Metals/Commodities/British-Steel-Secures-Major-Railway-Deal.html
