On May 9 (Moscow time), TASS news agency reported that Euroclear securities depository transferred about 7.8 billion USD to Ukraine from revenue generated when reinvesting in frozen Russian assets.
According to a Euroclear report, these transfers were made from February 15, 2024 to date. The organization said that the next payment, worth about 1.6 billion USD, is expected to be transferred to Ukraine in July 2026.
Euroclear is a depository headquartered in Belgium, currently holding a large amount of Russian assets frozen under Western sanctions. According to the organization's report, as of the end of March 2026, Euroclear Bank's total balance sheet reached approximately 278.7 billion USD, of which approximately 235.2 billion USD is related to sanctioned Russian assets.
TASS reported that the money transferred to Kiev came from frozen reinvestment profits of Russian assets, not from the original assets. However, not all of this revenue was transferred to Ukraine. According to reports, Belgium imposes a 30% tax on this unusual corporate income to be put into the national budget.
Euroclear also said that revenue from reinvestment in frozen Russian sovereign assets in 2025 decreased by 26% compared to 2024 due to falling interest rates.
The issue of Russian asset freezes is leading to many legal disputes. Euroclear acknowledges that the organization's ability to face adverse rulings in Russia is "very high", because Moscow considers EU restrictions illegal.
In December 2025, the Central Bank of Russia filed a lawsuit against Euroclear at the Moscow Arbitration Tribunal, requesting compensation of 245 billion USD. This amount includes frozen assets, blocked securities value and lost profits.
The Moscow Arbitration Tribunal then postponed the hearing of the lawsuit until May 15, 2026. The Central Bank of Russia is also considering protecting its interests in international courts and arbitration mechanisms.
According to TASS, the EU and G7 have frozen about 352.8 billion USD of Russian assets, of which about 211.7 billion USD is in Euroclear. The European Commission is currently seeking the consensus of EU member states on the use of Russian assets to support Ukraine.
MAGA donors and Republican operatives are on the verge of “panic” as President Donald Trump’s war chest sits largely unspent ahead of what is expected to be a GOP midterms bloodbath, a new report alleges.
Fears are growing among donors and strategists that Trump, 79, will not bolster his party by spending big in the midterms but will instead hold onto it for “legacy building” projects, sources tell Politico.
MAGA Inc. has raised $333 million and spent just below $9 million in the period between Trump’s January 2025 inauguration and March. The Super PAC had just shy of $350 million in cash on hand as of March 31, according to FEC filings.
“My strong inclination is no—he’s not going to [use the money to help get Republicans elected],” a former Trump adviser told Politico.
“He’s Trump,” the source continued. “He’s going to build a skyscraper in Miami and call it his library. I hope I’m wrong.”
GOP insiders told Politico they have not yet seen any of the MAGA Inc. money, but are hoping it will begin to flow in the summer.
If not, the site writes that “mild panic will set in.”
While Trump cannot openly dictate how MAGA Inc. spends, the president and the Super PAC are closely aligned. Its CEO, Taylor Budowich, was the deputy Chief of Staff under Susie Wiles until September. Its spokesman, Alex Pfeiffer, was once the White House’s deputy communications director.
Pfeiffer dismissed Politico’s report, claiming it was “whining from anonymous detractors.” He said that the Super PAC would not “provide a road map” for its spending to the press.
The president’s popularity has cratered over his war with Iran, the high cost of gas, and concerns about his mental and physical health—a trifecta that has Republicans fearing they will lose control of the House and the Senate in November.
That’s despite frenzied redistricting attempts that maximize Republican representation in the House in a blatant gerrymander. A White House official told Politico that MAGA Inc. would “spend what it needed to spend in order to be competitive and win seats.”
https://www.thedailybeast.com/maga-donors-panic-over-trumps-secret-plans-for-their-300m/
Published : May 11, 2026 - 08:28:24 Updated : May 11, 2026 - 09:01:32
Korea Herald
A South Korean government investigation has concluded that “unidentified airborne objects” struck a South Korean-operated cargo vessel in the Strait of Hormuz last week, causing an explosion and fire aboard the ship, the Foreign Ministry said Sunday, while stopping short of identifying who was responsible for the attack.
Following the announcement, Cheong Wa Dae said a working-level meeting of the National Security Council was held Sunday with officials from the oceans ministry and other relevant agencies, while Iran’s ambassador to South Korea was summoned to the Foreign Ministry.
On May 4, an explosion and fire were reported aboard the Panama-flagged cargo vessel Namu, operated by South Korean shipping firm HMM in the Strait of Hormuz, where around 2,000 vessels remain stranded amid the ongoing US-Israel war against Iran. No injuries were reported among the vessel’s 24 crew members, including six South Koreans.
The Foreign Ministry said a seven-member government investigation team concluded that two unidentified flying objects struck the stern of the vessel, which was towed to a port in Dubai on Friday for inspection.
The two objects hit the vessel approximately one minute apart at 3:30 p.m. on May 4 (local time), and the hull plating was damaged all the way to the interior of the vessel, ministry spokesperson Park Il said at a press briefing.
This undated handout photograph released by South Korea's Foreign Ministry on May 10, 2026, shows a damaged part of the South Korean cargo ship HMM Namu docked at a port in Dubai. (AFP-Yonhap)
The engine room fire is believed to have been ignited by a first strike from an unidentified flying object, with the blaze rapidly escalating after a second impact, Park said, adding, "The cause of the fire is presumed to have been unrelated to the vessel's internal systems.
"CCTV footage captured the unidentified flying objects, but there are limitations in determining their exact type, origin and physical size," he said. "The likelihood of the objects being mines or torpedoes appears to be low."
Foreign Ministry spokesperson Park Il announces the results of an investigation into the HMM Namu incident in the Strait of Hormuz at the Government Complex Seoul on May 10. (Yonhap)
US President Donald Trump earlier claimed Iran had "taken some shots" at the HMM vessel and other targets, but the Iranian Embassy in Seoul released an official statement saying the country "firmly and categorically" denies any involvement in the incident by its military.
Park said the country plans to conduct further analysis of engine debris recovered from the scene, apparently to identify the objects that struck the vessel, while stressing that the government will not prejudge who is to blame for the incident as of now.
The government will "thoroughly investigate the cause of the incident and pursue all possible measures, including cooperation with the international community, to prevent a recurrence and ensure the safety of South Korean citizens," Park said.
It is also carefully reviewing possible participation in US-led initiatives, including the Maritime Freedom Construct.
Right after the announcement of the investigation results, Iranian Ambassador to South Korea Saeed Koozechi arrived at the foreign ministry in Seoul.
Saeed Koozechi, Iran’s ambassador to South Korea, leaves the Foreign Ministry at the Government Complex Seoul on May 10 after being summoned over the attack on the HMM Namu in the Strait of Hormuz. (Yonhap)
"Iran is considered one of the relevant parties, and the ambassador visited the ministry to receive an explanation of the investigation results," Park said. "We are communicating with the relevant countries based on the facts confirmed so far and will take necessary follow-up measures." (Yonhap & news reports)
State-owned oil marketing companies (OMCs) have incurred losses of more than Rs 1 lakh crore over the past 10 weeks as they continued to shield Indian consumers from soaring global fuel prices triggered by the ongoing Middle East conflict.
The three state-run fuel retailers, Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, are currently suffering combined under-recoveries of around Rs 1,600 crore to Rs 1,700 crore per day, sources cited by news agency PTI said.
The losses come despite a sharp rise in global crude oil prices, with petrol and diesel retail prices in India remaining unchanged at nearly two-year-old levels of Rs 94.77 per litre and Rs 87.67 per litre respectively.
Domestic LPG prices were increased by Rs 60 per cylinder in March, but are still below actual cost levels.
OMCs under financial strain
The losses stem from the gap between the actual cost of fuel and the retail selling price, known as under-recovery.
Sources said the OMCs have continued uninterrupted supply of petrol, diesel and LPG despite disruptions in imports caused by the Middle East conflict, which affected nearly 40 per cent of India’s crude oil imports, 90 per cent of LPG imports and 65 per cent of natural gas imports.
“Financially strong OMCs are critical for India's energy security, supply continuity, infrastructure expansion, and economic stability,” a source told PTI.
The report said the firms may now need higher working capital borrowings to continue operations if elevated crude prices persist for a longer period.
“If elevated crude prices persist for an extended period, OMCs may require higher working capital borrowings and calibrated reprioritisation of some capex timelines,” a source said.
Fuel price hike may become inevitable
Sources quoted by PTI said a decision on increasing petrol and diesel prices has now become a political call for the government.
“There is no doubt that a fuel price hike has become inevitable, but the timing and quantum of increase have to be decided by the government,” a source said.
The Centre has already reduced excise duties to absorb part of the burden. Excise duty on petrol was cut to Rs 3 per litre from Rs 13, while diesel excise duty was reduced to zero from Rs 10 per litre, resulting in a monthly revenue hit of around Rs 14,000 crore for the government.
Despite the mounting pressure, strategic investments in refining expansion, biofuels, ethanol blending and energy security infrastructure are expected to continue with government backing.
Overview of New Long-Term Agreement Deals
Saudi Aramco has awarded new long-term agreement (LTA) framework deals to over two dozen contractors, aimed at streamlining its key onshore projects in Saudi Arabia. These deals cover two distinct programmes: project management consultancy (PMC) services and engineering, procurement, and construction (EPC) for onshore brownfield work. Both programmes are expected to run for five years each, with potential extensions, providing a sustained workflow of projects over the next half-decade.
PMC LTA Awards
Eleven international companies secured PMC LTA deals. The winners include major players such as Wood, Worley, Technip Energies, Engineers India (EIL), Idom, Tecnicas Reunidas, Sinopec, Fluor, Kent, KBR, and McDermott International, the latter in a grouping with a local Saudi partner. These contractors will provide project management consultancy services across Aramco's onshore oil and gas assets.
Brownfield EPC LTA Awards
For the brownfield EPC LTA contracts, Aramco selected 18 domestic and international players. International winners include Sinopec, China Petroleum Engineering & Construction Corporation (CPECC), Technip Energies, Max Streicher, Larsen & Toubro (L&T), Archirodon, GS E&C, Kent, Kalpataru Projects, and ENPPI. Eight domestic Saudi contractors also won these deals: Abulhasan Group, New Horizon Contracting, Bin Quraya Construction, National Basics Company (NBC), Gas Arabian Services, MR Al Khathlan Company, Tecnicas Reunidas Saudi Arabia, and EPPM.
Key Details and Implications
At least four awardees won both PMC and brownfield LTA deals, resulting in a total of 25 winners for the framework agreements. A signing ceremony was recently held in Saudi Arabia with representatives from all contractors. Aramco has not yet officially confirmed the names of the winning contractors, but an announcement is expected shortly. These LTA programmes are part of Aramco's broader strategy to maintain its production profile through multiple oil and gas projects, positioning the contractors to secure several deals over the next six years. Aramco declined to comment on the awards, and some contractors, including CPECC and EPPM, could not be reached for comment.
https://newvision.io/industry-digest/who-won-aramco-s-lucrative-long-term-framework-deals
Pakistan Rejects Lowest LNG Bid as Crisis Deepens
Pakistan turned down the most affordable offer in an emergency solicitation for two liquefied natural gas shipments launched earlier this month. The nation got seven proposals in total, yet none carried a price deemed low enough.
On Wednesday, Pakistan issued a tender to urgently acquire two LNG cargoes for delivery later this month, as the country grapples with a gas and electricity crisis worsened by interrupted LNG deliveries from the Middle East. Offers came from BP, Vitol, TotalEnergies, Azerbaijan's SOCAR Trading, UAE-based OQ Trading, and PetroChina, according to Pakistani Dawn. The proposals ranged from $16.98 per million British thermal units to $18.58 per mmBtu. TotalEnergies put forward the cheapest bid, while OQ Trading submitted the most expensive.
For years, Pakistan depended on Qatar's term LNG supply, but the conflict in the Middle East has caused a halt in Qatari LNG production and exports. This left Pakistan in a difficult position, as Qatari LNG was reasonably priced for the financially strained nation. With that source gone, the government had to seek replacement supply on the spot market.
Spot LNG prices in Asia have climbed sharply since the war in Iran confined all Middle Eastern LNG supply from Qatar and the UAE behind the Strait of Hormuz. Still, Pakistan turned to the spot market for the first time in nearly three years, as the absence of fixed-term Qatari supply has sparked a power crisis and extensive blackouts.
The tender's result, however, indicates that cost is a more significant obstacle than perhaps anticipated and casts doubt on future deliveries to the import-reliant country. Earlier this month, Pakistan took delivery of a 140,000 cubic meter tanker of liquefied gas bought from TotalEnergies at $18.40 per million British thermal units. That gas came from Cheniere Energy's Sabine Pass LNG facility.
https://www.indexbox.io/blog/pakistan-rejects-lowest-lng-bid-as-crisis-deepens/
China Petroleum & Chemical, trading at around HK$4.61, is drawing attention as these developments add fresh context to a stock that has returned 22.6% over the past year and 77.9% over five years. For readers tracking SEHK:386, the combination of AI deployment, specialty product positioning and upstream exposure provides additional angles to think about beyond headline fuel markets.
As the "Fenghuo" AI platform is rolled out, investors can watch how the company uses it to manage costs, safety and asset reliability. At the same time, the company’s role in the Indonesian gas and condensate find and its position in white oils may influence how its mix of businesses is viewed if these areas gain more commercial weight over time.
Stay updated on the most important news stories for China Petroleum & Chemical by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on China Petroleum & Chemical.
SEHK:386 Earnings & Revenue Growth as at May 2026
The "Fenghuo" industrial AI agent sits at the center of this news, because it points to China Petroleum & Chemical trying to turn in house data and process know how into a repeatable product. By automating tasks like refinery optimization and oilfield analysis, the AI platform is aimed at more efficient use of large, complex assets, which is a key focus for any integrated oil and chemicals group. For investors, the interest is less about the technology branding and more about whether it can support refinery economics, petrochemical yields and project planning over time.
Recognition as a leading participant in the growing global white oil market adds another angle, as white oils feed into consumer facing areas such as personal care and pharmaceuticals. That positions the company alongside peers like ExxonMobil and Shell that also supply specialty products, rather than relying only on commodity fuels. The 18% stake in the Geliga gas and condensate discovery in Indonesia points to continued exposure to upstream volumes, which can matter for long term resource access. Together, the AI deployment, specialty-product positioning and Indonesian gas resource give readers three very different, but connected, ways to think about how the company competes with other large integrated groups such as BP and TotalEnergies.
https://finance.yahoo.com/sectors/energy/articles/china-petroleum-chemical-uses-ai-151159615.html
By Alex Kimani - May 10, 2026, 6:00 PM CDT
Last month, we reported that over $1 billion in "perfectly timed" wagers, spanning both traditional oil futures and digital prediction markets, accurately anticipated major military and diplomatic shifts linked to developments in the Iran-US war minutes before they were publicly announced, raising major suspicion of insider trading. Many suspicious accounts were newly created and only traded on specific Iran-related events with a win rate of up to 93%. Well, the final numbers are in, and the initial report might only have been the tip of the iceberg. While previous reports focused on ~$2.6 billion in front-month crude contracts, a broader analysis byReuters has revealed that total wagers, including bets on Brent, WTI, European diesel, and U.S. gasoline futures, hit $7 billion. According to an analysis by Reuters, the giant bets were executed in large blocks on four specific days, often 15 to 20 minutes before announcements that triggered double-digit declines in oil prices.
The first giant trade was executed on March 23 around 10:49–10:50 GMT, roughly 15-20 minutes before an 11:05 GMT announcement on Truth Social by President Trump, which stated a delay to planned strikes on Iranian power and energy infrastructure. The announcement followed a period of intense volatility in the Strait of Hormuz, with the delay intended to allow for negotiations. According to LSEG data cited by Reuters, traders executed positions on 20,000 lots of Brent and WTI futures, along with additional gasoline and gasoil futures, totaling roughly $2.2 billion.
The announcement triggered an oil price crash, with crude futures falling by as much as 15%, marking one of the largest intraday drops on record. The second major trade took place on April 7 whereby sell orders on oil and gasoline futures totalling approximately $2.12 billion were executed in a single minute, immediately before a surprise announcement of a two-week ceasefire between the U.S. and Iran. The trades occurred while the market was in a thin-volume, post-settlement phase, with crude futures plummeting by roughly 15% to below $100 a barrel by the start of the next trading session.
The third wager was placed on April 17 when roughly $2 billion of oil futures, equivalent to ~7,990 lots of Brent, WTI and gasoline, were sold between 1224 and 1225 GMT minutes before Iranian Foreign Minister Abbas Araghchi announced the Strait of Hormuz was "completely open" for commercial traffic. Hardly surprisingly, crude oil prices plummeted, with Brent crude falling around 9-10% to approximately $88–$90 per barrel while WTI fell as much as 11-12% to around $82-$83 per barrel. The final trade was executed on April 21roughly $830 million in oil futures (Brent and WTI contracts) were sold in a massive, well-timed trade 15 minutes before U.S. President Donald Trump announced an indefinite ceasefire extension with Iran. The trades occurred between 19:54 and 19:56 GMT, shortly before the 20:10 GMT announcement. Similar to previous trades, the sales occurred during post-settlement hours after 18:30 GMT when liquidity is typically low, making such a high-volume sale unusual. Whereas oil prices were on a downtrend around the time Trump broke the news, Brent crude experienced an immediate downward dip following this specific announcement.
That said, the suspicious oil price trades linked to the war in Iran might have begun weeks earlier. Previously, we reported that an unusual influx of roughly 150 accounts on Polymarket placed hundreds of bets totaling over $855,000 accurately predicted the night of February 27 that the U.S. would strike Iran within 24 hours. Analytics firm Bubblemaps identified that many of these accounts were newly created in February and focused specifically on predicting U.S. strikes on Iran. An anonymous user operating under the handle "Magamyman" turned an initial investment of about $87,000 into over $533,000 by betting on the "removal" of Supreme Leader Ayatollah Ali Khamenei just 71 minutes before news of the strikes became public.
Analysts and lawmakers, including Senator Elizabeth Warren, have flagged these trades as likely resulting from insider leaks.
Whereas there are reports that the Department of Justice (DOJ) & CFTC are actively investigating whether traders improperly obtained non-public information tied to military and diplomatic developments, trying to rein in the illegal practice might be a wild goose chase. Indeed, Craig Holman, a government affairs lobbyist for Public Citizen, has expressed significant skepticism regarding the ability or willingness of the CFTC to investigate, pointing to significant departures of investigative officers while enforcement at its flagship Chicago office has dropped to zero. Additionally, market experts have warned that the surge in online prediction markets and digital betting, combined with complex legal definitions, makes detecting insider trading significantly harder. Platforms like Polymarket and Kalshi allow users to bet on real-world events-leading to cases where individuals with material non-public information (MNPI) can make large, profitable trades shortly before news breaks.
Majestic Corporation Plc is a sustainable circular economy solutions provider specialising in recycling precious and non-ferrous metals.
Further to their announcements made in July and November of last year, the firm's new 50,000 sq. ft. processing facility on Wrexham Industrial Estate, is now up and running.
The Wrexham site is the largest in Majestic's UK network and central to the company's strategy to build a vertically integrated circular economy platform across the UK and Europe.
Commissioning has been completed on schedule, and the facility is now actively processing inbound material with newly installed equipment that expands Majestic's processing capabilities.
The new site marks a step-change in Majestic's installed processing capacity and is a cornerstone of the company's objective of increasing annual processed volumes to 100,000 tonnes by 2030.
Combined with Majestic's existing 4,000 sq. ft. facility in Deeside, the Wrexham plant materially expands the company's ability to handle the rising volumes of complex waste streams flowing to its end users.
The Wrexham facility deploys Majestic's proprietary processing methods, enabling the company to improve recovery yields of precious and base metals from the material processed, increasing the high-grade output materials sold directly to smelter and refinery partners.
The facility processes a wide range of feedstocks, including printed circuit boards and IT infrastructure, catalytic converters and end-of-life solar panels. From these streams, Majestic recovers an extensive range of metals, including:
Precious metals: including gold, silver, palladium, primarily recovered from circuit boards.
Non-ferrous and base metals: including copper, aluminium, nickel, lead, zinc and tin, recovered from electronics, cabling and IT hardware.
Peter Lai, Chairman, CEO and Founder of Majestic Corporation, commented: "Bringing the Wrexham facility online is a defining moment for Majestic. It gives us the scale, the proprietary capability and the operating leverage we need to drive towards our targets, while at the same time materially increasing the value of what we deliver to our customers.
"We are creating high-quality jobs, processing more critical material here in the UK, and we expect this facility to make a clear and positive contribution to group margins as throughput ramps up."
https://www.leaderlive.co.uk/news/26085693.new-majestic-processing-facility-running-wrexham/
People buy food at Ningxia Night Market in Taipei, Taiwan May, 6, 2026. REUTERS/Ann Wang
World food prices climbed in April to their highest in more than three years, with vegetable oils particularly elevated due to the Iran war and the effective closure of the Strait of Hormuz, the United Nations Food and Agriculture Organization (FAO) said on Friday.
FAO Chief Economist Máximo Torero said vegetable oil prices are being driven by elevated energy costs that are in turn raising demand for biofuels made using organic materials, such as oil-rich plants.
He added, however, that despite war-linked disruptions, agri-food systems were showing resilience, with cereal prices having increased only moderately thanks to adequate supplies from previous seasons.
The FAO Food Price Index, which measures changes in a basket of globally traded food commodities, rose for a third consecutive month in April to average 130.7 points, the UN agency said, up 1.6% from its revised March level and the highest since February 2023.
The index hit a peak of 160.2 in March 2022 after the start of the Ukraine war, Reuters reported.
The FAO's April vegetable oil price index rose 5.9% month-on-month to its highest since July 2022 as a result of increased soy, sunflower, rapeseed oil and palm oil prices, the latter, notably, underpinned by biofuels policy incentives.
By contrast, April cereal prices rose just 0.8% from March and were up 0.4% from a year ago, reflecting modestly higher prices for the likes of wheat and maize linked to weather concerns, rising fertilizer costs and increased biofuels demand.
There are expectations for reduced 2026 wheat plantings, the UN agency said, as farmers shift to less fertilizer-intensive crops given prices for the inputs have surged.
Elsewhere, April meat prices rose 1.2% month-on-month to a record high amid limited slaughter-ready cattle in Brazil, the FAO said, while sugar dropped 4.7% thanks to forecasts for ample supply in Brazil, China and Thailand.
In a separate report, the FAO slightly raised its 2025 global cereal production estimate to a record 3.040 billion metric tons, 6% above levels seen in the prior year.
https://english.aawsat.com/business/5270949-fao-world-food-prices-rise-more-three-year-high-april
Published: 02:55 11 May 2026 EDT
Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL), the Zimbabwe-focused gold producer, lifted EBITDA by 50.2% to $33.87 million in the first quarter of 2026 as a surging gold price more than compensated for lower output at its Blanket mine.
Revenue rose 18.3% to $66.43 million against the same period last year, while profit after tax jumped 69.4% to $18.91 million and free cash flow more than doubled to $12.28 million from $4.86 million.
The average realised gold price climbed 66.3% to $4,816 per ounce, providing a powerful tailwind that offset a 20.9% fall in gold production to 14,767 ounces.
The shortfall in output was attributed to constrained access to higher-grade areas of the Blanket mine, which caused the head grade to drop from 3.1 grams per tonne to 2.5 grams per tonne, dragging recovery rates lower and pushing costs higher.
On-mine costs rose to $1,740 per ounce sold, while the all-in sustaining cost (AISC), a measure of the full cost of production, averaged $2,765 per ounce sold across consolidated sales of 13,784 ounces.
The company said measures to improve grades have already been implemented, with the numbers recovering month-on-month through the quarter and the improvement continuing into April.
Full-year production guidance at Blanket of 72,000 to 76,500 ounces was reiterated, with output expected to be weighted towards the second half of the year.
Basic earnings per share rose 77.8% to $0.80, and the board has approved a quarterly dividend of 14 cents per share, payable on 5 June 2026.
Progress continues on financing the Bilboes gold project in Zimbabwe, including both an interim facility and a broader project finance facility, following the publication of a feasibility study in November 2025 and the completion of a $150 million convertible senior notes offering in January 2026.
Deep-level drilling at Blanket continues to produce encouraging results, with data supporting the continuity of the Blanket, Eroica and Lima orebodies at depth.
Chief executive Mark Learmonth said the company continues to trade in line with market expectations and expressed confidence in the strategy, given a strong gold price environment, improving operational performance at Blanket and ongoing progress towards developing Bilboes.
State-run National Aluminium Company Ltd's exports to West Asia have been affected by geopolitical tensions in the region, according to its CMD, Brijendra Pratap Singh.
West Asia accounts for 40-50 per cent of the company's alumina shipments.
National Aluminium Company (Nalco) also said that a shift in export destinations due to supply disruptions in West Asia has contributed to a decline in global spot alumina prices, which have now fallen to USD 305-310 per tonne.
Alumina is a white, granular material refined from bauxite ore, primarily used as the feedstock for producing aluminium.
The Nalco Chairman and Managing Director, in the earnings conference call, said, "Our alumina export to the Middle East ... a lot of around 40 per cent, 50 per cent of our export was going to the Middle East, which has been affected. But now, from Indonesia and other places also, orders are there. Of course, that has resulted in a reduction in the spot prices." Nalco further said that smelters in West Asia are currently operating at reduced capacity and will not reach full capacity immediately.
"So once these smelters of the Middle East, the production curtailment is there till they reach the fullest capacity, there will be an effect on the alumina pricing in the spot markets," the company said.
The aluminium value chain has been affected by the West Asia conflict, as spot alumina prices have dropped in some regions due to oversupply, while refined aluminium prices have surged due to production shutdowns and shipping disruptions, analysts said.
Nalco produced 23 lakh tonnes of alumina in 2025-26, of which 13.08 lakh tonnes were exported.
Nalco reported a 16.6 per cent drop in consolidated net profit to Rs 1,722.44 crore for the quarter ended March 31, 2026, on the back of lower revenue and higher expenses. The company had posted a consolidated profit of Rs 2,067.23 crore in the year-ago period.
Revenue declined to Rs 5,012.82 crore in the fourth quarter of FY26, compared to Rs 5,267.83 crore in the year-ago period.
National Aluminium Company Ltd is one of India's leading integrated aluminium complexes, with operations in bauxite mining, alumina refining, aluminium smelting, power generation, and coal mining.
Published on May 10, 2026
