TOKYO, March 19 : Japanese companies, from steel producers to chemical firms and even sento baths, are feeling the heat from reduced Middle East energy supplies, even as the government tapped stockpiles for a record oil release to soften the blow.
Japan relies on the Middle East for around 90 per cent of its oil supplies, which mainly flow via the Strait of Hormuz, which is effectively closed as a result of the U.S.-Israeli war on Iran.
JFE Steel, Japan's second-biggest steelmaker, on Thursday shut down one of the five power generation facilities in southwestern Hiroshima prefecture, due to the shortage of heavy oil, a spokesperson said.
The spokesperson said steelmaking facilities at JFE, a unit of JFE Holdings, are operating as usual.
The move adds to the growing number of businesses suffering from the energy supply disruptions.
OIL CRUNCH MAY BOOST NUCLEAR
Petrochemical companies are cutting output amid fuel shortages and rising costs, with Mitsubishi Chemical saying it will raise prices by at least 70 yen ($0.4395) per kilogramme from March 20 for products used in sectors from construction to autos.
Refinery runs across Japan have fallen below 70 per cent as of March 14 for the first time since last year, and the government rolled out gasoline subsidies from Thursday to compensate for the record spike in prices to more than 190 yen per litre.
Japan may seek to purchase oil from non-Gulf destinations, including from the United States, and use more coal in its power generation, according to officials.
"I think it will probably bring back the feeling that nuclear power is important, once again," Ryosuke Tsugaru, senior managing executive officer with JERA, Japan's top power generator, told Reuters.
JERA itself does not have nuclear power plants but its shareholder, Tokyo Electric Power Co, last month restarted its first reactor after the Fukushima Daiichi accident in 2011.
As supplies become tighter, even Japan's popular snacks and public baths - known as sento - are halting production, reducing hours or shutting.
Katsuragi Onsen, a small sento in Aomori prefecture in northern Japan, said on March 17 it will close at the end of May.
"Due to the burden of fuel costs, we became unable to maintain business operations," the notice, posted on X, said. "Since the first opening in 1968, we have been supported by the local community, and we would like to express our deepest gratitude to everyone for their warm support."
As the Middle East crisis begins to hit end users, Japan's household paper industry association issued a statement on Wednesday saying nearly 100 per cent of toilet paper in Japan is produced domestically from locally sourced materials: "We ask consumers for their understanding... and to remain calm."
($1 = 159.2700 yen)
Benjamin Netanyahu said a ground invasion of Iran may be required to topple the Islamic regime.
The Israeli prime minister said last night the regime is at its “weakest point” after four weeks of Operation Epic Fury.
Mr Netanyahu told reporters that a “ground component” to the US-Israeli offensive would be necessary to dismantle the Islamic Republic.
President Trump is said to be considering backing the operation with thousands of troops.
One option would be deploying troops to Iran’s Kharg Island, which is responsible for 90 per cent of Iran’s oil exports.
Sending troops to secure Iran’s stocks of highly enriched uranium is another option on the cards, amid US-Israeli fears the supply could eventually be used to build a bomb.
Despite Mr Netanyahu’s comments, the US President publicly dismissed the idea of a ground invasion.
He told reporters on Thursday: “I’m not putting troops anywhere. If I were, I certainly wouldn’t tell you. But I’m not putting troops.”
Benjamin Netanyahu said a 'ground component' might be required for Israel and America to achieve its aims GETTY / REUTERS
The air offensive has so far yielded fruitful rewards for the US and Israel, including the death of Supreme Leader Ali Khamenei.
Iran has since named Mojtaba Khamenei as his successor, who narrowly escaped death and has not been seen in public since.
Britain has so far resisted demands to involve itself with the conflict, but has pledged to “step up” defensive support for Gulf states.
Iran attacked energy sites across the region in a “serious escalation” of the war, Defence Secretary John Healey said.
https://www.gbnews.com/news/world/benjamin-netanyahu-ground-invasion-israel-iran-us
War With Iran Could End "Faster Than People Think": Netanyahu
Israeli Prime Minister Benjamin Netanyahu said on Thursday that he believed the war in Iran could finish sooner than "people think".
Israeli Prime Minister Benjamin Netanyahu said on Thursday that he believed the war in Iran could finish sooner than "people think".
"I also see this war ending a lot faster than people think," Netanyahu said at a press conference.
Here are the key takeaways from Netanyahu's press conference
War's end?
"I'm not sure who's running Iran right now. Mojtaba, the replacement ayatollah, has not shown his face... What we see is that there is a lot of tensions inside the people who are edging for the top.
"We're seeing cracks, and we're trying to propagate them as fast as we can, not only in the top command, we're seeing cracks in the field."
"Winning"
Netanyahu said "we are winning and Iran is being decimated," adding that it was no longer able to enrich uranium or to build ballistic missiles.
Netanyahu also denied that Israel "dragged" the US into the war. "Does anyone really think that someone can tell President Trump what to do?"
Israel "acted alone"
Netanyahu said Israel acted on its own when it struck an Iranian gas field, which sparked a retaliatory strike by Tehran on Qatar's main gas hub.
"Israel acted alone against the Asaluyeh gas compound... President Trump asked us to hold off on future attacks and we're holding out."
Earlier US President Donald Trump said that he told Israel not to carry out any more such strikes. "I told him, don't do that, and he won't do that," Trump told reporters.
Hormuz "blackmail"
Netanyahu said that attempts to close the strategic Strait of Hormuz would fail. "The death cult in Iran is trying to blackmail the world by closing a key international maritime route, the Strait of Hormuz. It won't work."
According to a report in Axios, the Trump administration is considering occupying or blockading Iran’s Kharg Island to pressure Iran into reopening the strait of Hormuz. The report, which we have not yet been able to independently verify, cited four sources who all spoke under the condition of anonymity.
“He wants Hormuz open. If he has to take Kharg Island to make it happen, that’s going to happen. If he decides to have a coastal invasion, that’s going to happen. But that decision hasn’t been made,” a senior administration official told Axios.
“We’ve always had boots on the ground in conflicts under every president, including Trump. I know this is a fixation in the media, and I get the politics, but the president is going to do what’s right,” a second senior official said. No decision has been made yet, the official said.
A satellite view of Iran’s Kharg Island on 7 March. Photograph: EUROPEAN UNION, COPERNICUS SENTINEL-2 IMAGERY HANDOUT/EPA
Kharg, a five-mile-long coral island in the Persian Gulf about 16 miles from the mainland, is a key processing hub for Iran, through which 90% of the country’s oil exports typically flow. The island had been largely left untouched by the US-Israeli attacks during the first two weeks of the war.
But the US bombed the island’s military installations last week, although it left the oil export facilities untouched. The US president, Donald Trump, warned he would reconsider the decision not to target oil facilities if Iran or other countries “do anything to interfere” with the safe passage of ships through the strait of Hormuz.
The vital waterway has effectively been blocked since Iran began attacking ships in response to US and Israeli attacks, resulting in a huge jump in oil prices.
Iran is selecting ships from friendly countries to pass through the Strait of Hormuz, a crucial trade waterway cut off by the Middle East war, data trackers indicated.
Tehran’s forces have closed off the waterway, through which a fifth of the world’s oil and liquefied natural gas passes in peacetime, with deadly hits reported on vessels since the war began with US-Israeli strikes on Iran on February 28.
But at least five ships exited the Strait via Iranian waters on March 15 and 16, maritime intelligence firm Windward said in an analysis report on Tuesday.
“The new route illustrates how Iran’s selective blockade has evolved to allow allies and supporters to transit”, it said, citing its tracking as “rising evidence that Iran is exerting permission-based transit and control of the strait”.
Natasha Kaneva, a commodities analyst at JPMorgan bank, said in an analysis on Monday that at least four ships had been tracked exiting the strait via the Larak–Qeshm Channel, near the Iranian coast, over the previous two days.
“This is not a standard route for vessels and could reflect a process designed to confirm vessel ownership and cargo, enabling passage for ships that are not affiliated to the US or its allies,” she said in a note sent to AFP.
The vessels included bulk carriers and one oil tanker, the Pakistani-flagged Karachi.
Tracking site MarineTraffic said the Karachi transited the strait with its automatic transponder system activated -- where most vessels keep it turned off to avoid being targeted.
Kaneva said most of the crude passing through the strait was headed for Asia, principally China.
Several countries have opened talks with Tehran to secure passage for their vessels, while the United States has pushed allies to provide military protection for shipping in the region.
Two Indian-flagged tankers carrying liquefied petroleum gas reached Indian ports after crossing the strait over the weekend after officials from the countries said they held talks.
A Turkish-owned ship was also able to cross the strait with Iran’s permission, Turkey’s transport minister Abdulkadir Uraloglu said in comments published on Friday.
The Brent-WTI spread widened sharply in early trading Thursday, pushing toward an 11-year high as Middle East supply disruptions drove a deepening split between global and U.S. crude markets.
Brent crude surged nearly 7% to above $114 per barrel while U.S. West Texas Intermediate edged up just 0.2% to around $96. The divergence has pushed the spread to roughly $18 per barrel, a level not seen since the mid-2010s oil market dislocations.
Seaborne crude markets are experiencing intensifying stress amid escalating attacks on Gulf energy infrastructure following strikes on Iran’s South Pars gas field. While Brent is directly exposed to disruptions in the Strait of Hormuz, WTI continues to track relatively stable U.S. supply conditions.
The gap is even more pronounced in physical markets.
Middle Eastern benchmark grades have surged well beyond paper benchmarks, with Oman crude trading near $153 per barrel and Dubai around $136.
Beyond the geopolitical premium driving global benchmarks away from U.S. crude, the widening gap is starting to show up in downstream stress for import-dependent consumers.
In India, the official crude import “basket” jumped to $146.09 per barrel on March 17, up 111.7% versus February’s $69.01 average. Analysts are now warning that at these levels state-run retailers Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum face a rapid build in under-recoveries unless pump prices rise or fiscal support returns.
Elara Capital estimated that above $110 crude, petrol/diesel margins could swing by about ?6.3 per litre and LPG losses rise by roughly ?10.2 per kg, implying a ?32,800-crore increase in annual LPG under-recoveries, while ratings agency ICRA said every $10/bbl rise in crude can add $14-$16 billion a year to the import bill, raising inflation and fiscal risks even if retail pass-through is delayed.
JPMorgan analysts noted this week that Dubai and Oman benchmarks are now “a more accurate reflection of the physical dislocation,” pointing to tightening availability of exportable crude in the region even as headline benchmarks remain comparatively contained.
The widening spread highlights a growing structural split in the market. Brent is pricing immediate disruption risk across globally traded barrels, while WTI remains anchored by domestic inventories, steady shale output, and expectations of potential U.S. policy intervention, including strategic reserve releases or export measures.
Traders are increasingly using the Brent-WTI spread itself as a real-time gauge of how severely the conflict is constraining global supply flows.
By Charles Kennedy for Oilprice.com
Amid the scarcity of oil, a tanker carrying Russian crude that is likely to dock at New Mangalore Port on Saturday, according to data from ship tracking website Marine Traffic, is generating significant interest.
The ship, Aqua Titan, was originally headed for the Chinese port of Rizhao, but turned towards India, news agency Bloomberg reported.
What made it change course was unclear, although govt maintained that it was "unaware of such a development".
The Russian ship had loaded the cargo from a Baltic Sea port in late January, according to ship-tracking data.
At least seven tankers carrying Russian oil have switched their destinations mid-voyage from China to India, Bloomberg said, quoting data from Vortexa.
Separately, the Suezmax Zouzou N is signalling India's Sikka as its next destination, with an estimated arrival date of March 25, ship-tracking data shows. The tanker is carrying Kazakh CPC Blend crude, according to Kpler. It had sailed from Novorossiysk on Russia's Black Sea to the waters off Rizhao, before turning around in early March to make its way to India.
Govt has asked oil companies to purchase crude and stock up in the wake of a massive supply disruption caused by the blockage in Strait of Hormuz.
While India had never stopped purchasing Russian oil, despite claims made by the US, refiners led by Reliance Industries - which was the biggest gainer of discounted oil - had gone slow on Rosneft and Lukoil after American sanctions. But with the US removing restrictions on high sea purchases, every country is now buying oil according to its requirement, seeking to fill the gap caused by the West Asian crude shortage.
India's purchases of Russian crude have surged nearly 50 per cent in March as refiners turn to alternative sources to offset supply disruptions in the Persian Gulf.
Special secretary shipping Rajesh Kumar Sinha said 11 of the 22 ships stranded on the western side of Strait of Hormuz are carrying around two lakh tonne of LNG, 16.7 lakh tonne of crude oil and 3.2 lakh tonne of LPG.
China called for an end to conflict in the Persian Gulf and said the safety of waterways should not be disturbed on Thursday, adding that it was ready to work with Southeast Asia to address energy shortages as oil markets reel from supply shocks.
While the US-Israeli war on Iran has allowed China to cast itself as the "more reliable superpower", analysts say it is wary of global energy market uncertainty, not least because it needs the resources it has been stockpiling since the late 2000s to power the manufacturing sector underpinning its economy.
Assisting Southeast Asia's 700 million people would be welcome relief to the region's oil importers, after an order by Beijing earlier this month to ban Chinese exports of diesel, gasoline and jet fuel. China is also curbing exports of fertilisers, which rely on oil and gas refining byproducts, to protect its domestic market.
"The situation in the Middle East has disrupted global energy security," Lin Jian, spokesperson at the Chinese foreign ministry, told a regular news conference when asked if Southeast Asian nations had reached out to China for help.
Seabridge Gold Price Performance
Seabridge Gold Inc. ( TSE:SEA 's stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$38.48 and traded as high as C$40.59. Seabridge Gold shares last traded at C$37.00, with a volume of 271,752 shares.
The company has a debt-to-equity ratio of 55.30, a quick ratio of 3.34 and a current ratio of 2.99. The firm has a fifty day simple moving average of C$45.36 and a 200 day simple moving average of C$38.48. The company has a market capitalization of C$3.94 billion, a PE ratio of -67.27 and a beta of 2.27.
Insider Activity at Seabridge Gold
In related news, insider Elizabeth K. Fillatre Miller sold 1,648 shares of Seabridge Gold stock in a transaction dated Monday, January 5th. The stock was sold at an average price of C$40.49, for a total value of C$66,727.52. Following the completion of the sale, the insider directly owned 32,969 shares in the company, valued at C$1,334,914.81. The trade was a 4.76% decrease in their ownership of the stock. Corporate insiders own 2.78% of the company's stock.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's " Golden Triangle ", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is in the Yukon Territory.
Andina Copper (TSE:ANDC) has shared an announcement.
Andina Copper reported a substantial copper-gold-silver intercept at its Piuquenes East target in Argentina, with hole PIU09 cutting 126 metres grading 0.46% copper, 0.53 grams per tonne gold and 2.14 grams per tonne silver within a broader 402-metre mineralized interval. The results extend the vertical extent of the mineralized envelope, highlight increasing gold grades and veining intensity at depth, and confirm a vertically extensive, gold-rich porphyry system within the Piuquenes-Altar cluster.
Geological observations from PIU09, including strong sericitic overprint on potassic alteration and abundant chalcopyrite- and bornite-bearing veins, suggest potential for a preserved potassic, gold-rich core at deeper levels. Follow-up drilling with hole PIU11 is now under way to test the northern continuity of the system and key geophysical anomalies, while a second rig is drill-testing a discrete magnetotelluric target at Piuquenes North, underscoring an aggressive campaign to refine the district-scale porphyry model and expand mineralization.
The most recent analyst rating on (TSE:ANDC) stock is a Hold with a C$0.77 price target. To see the full list of analyst forecasts on Andina Copper stock, see the TSE:ANDC Stock Forecast page.
Spark’s Take on ANDC Stock
According to Spark, TipRanks’ AI Analyst, ANDC is a Neutral.
The score is primarily held down by weak financial performance (no revenue, ongoing losses, and sustained cash burn), with valuation also constrained by negative earnings (negative P/E). Technicals provide partial support due to a strong trend and positive MACD, but overbought signals temper that benefit.
More about Andina Copper
Andina Copper Corp. is a mineral exploration company focused on copper, gold and silver projects, with its flagship Piuquenes Cu-Au-Ag project located in San Juan Province, Argentina. The company targets large porphyry systems and is advancing a cluster of deposits and prospects, including Piuquenes East, Central and North, within a broader copper-gold district.
Average Trading Volume: 734,578
Technical Sentiment Signal: Buy
Current Market Cap: C$175.4M
The AI revolution is often described in terms of "compute" and "algorithms," but on the ground, it is a story of heavy metal. While a software update can scale globally in seconds, the physical infrastructure required to house it, specifically the copper needed for power and cooling, is hitting a geological and bureaucratic wall.
The Infrastructure Imbalance: Months vs. Decades
The core of this supply challenge is a simple matter of timing. According to the Copper Development Association , the permitting and approval phase alone for a U.S. mine can consume over a decade of the 29-year development cycle. In contrast, data center developers are moving at "AI speed," with over $1.5 trillion in U.S. investment announcements and 6.3 GW of capacity currently under construction in North America.
Why AI is a Copper Hog
It isn't just that we are building more data centers; we are building different ones. Modern AI clusters, such as those utilizing NVIDIA’s GB200 architecture, require over two miles of copper cabling per rack just for data transmission. Beyond the cables, the sheer electrical intensity, often exceeding 100 MW per facility, requires massive amounts of copper busbars and power distribution units. Furthermore, the extreme heat generated by AI GPUs has made copper-intensive liquid cooling systems a necessity rather than an option. Because of these compounding architectural shifts, a single hyperscale AI data center can consume up to 50,000 tons of copper , representing a massive increase over the 5,000 to 15,000 tons required by a conventional facility.
A Looming 10 Million Ton Shortfall
The math for 2040 is sobering. S&P Global projects that copper demand from data centers will grow by 127% by 2040. When combined with the broader electrification of the global economy, total demand is expected to reach 42 Mt, while projected supply lingers at only 32 Mt. This 24% deficit represents a structural challenge that cannot be solved by recycling alone; it requires new primary extraction.
Final Synthesis
The "Goldilocks" era of cheap, abundant copper is ending just as the AI era begins. The data shows a clear divergence: the digital world is scaling in months, while the physical world of mining is measured in generations. For investors and policymakers, the focus must shift from the "silicon" end of the supply chain to the "copper" beginning. Without a radical shift in how quickly we can bring domestic resources online, the AI boom may find itself restricted not by code, but by the availability of the red metal.
The report recommends a strategic approach to critical minerals as part of industrial development. Credit: Parilov/Shutterstock.com.
China has invested over $120bn in overseas mining and mineral processing projects since 2023, according to a new report from the Australian think tank Climate Energy Finance (CEF).
The report indicates that these investments, primarily in lithium, rare earths, nickel, and other critical minerals for clean energy technologies, have contributed to the expansion of clean energy industries in developing countries.
Chinese firms are engaging with host governments to develop processing facilities and related infrastructure, such as ports, in exchange for long-term resource access and agreements to purchase output from energy projects.
China holds the majority share in processing key minerals: about 90% of global rare earth refining capacity, 90% of battery component production, and 60% of lithium processing.
According to the report, titled ‘Raw Power’, Chinese investment is supporting a shift towards clean energy usage worldwide by supplying materials needed for solar panels, wind turbines, electric vehicles and industrial decarbonisation.
“This approach aligns Chinese national, energy security, geopolitical and economic interests with partner governments’ development, industrial and energy transition goals, as it collectively drives global decarbonisation, a critical imperative in the escalating climate crisis,” it says.
The CEF finds that China’s recent resource diplomacy focuses on developing nations and involves building domestic value chains in partner countries. In some cases, such as Zimbabwe banning exports of raw mineral concentrates, Chinese companies have responded by developing local processing capacity rather than relying solely on extraction.
The report contrasts this new model with China’s earlier Belt and Road Initiative investments in traditional power plants abroad.
It also observes that Chinese firms have increased overseas manufacturing activity in response to higher tariffs imposed by the US and changes in US decarbonisation policy.
The document highlights implications for Australia, suggesting that national policy should move beyond extraction toward refining, processing and manufacturing within the country.
It recommends a strategic approach to critical minerals as part of industrial development, calls for clearer policies on foreign capital flows, and suggests selective cooperation with China when it aligns with national interests.
Overall, CEF argues for international partnerships and robust industrial strategies aimed at building supply chain resilience and advancing global decarbonisation goals.
https://www.investmentmonitor.ai/news/china-invests-120bn-in-overseas/
An 18-25 per cent surge in domestic steel prices over the past three months underscores extension of a safeguard duty on imports of the commodity.
Prices of hot-rolled coils are currently at ₹55,900 per tonne, up from ₹47,317 in the December quarter, while primary rebar prices are trending at ₹59,800 a tonne, compared to ₹47,615.
Prices of the alloy are holding ground despite widespread business disruptions caused by the Iran war, which could lead to additional steel imports flowing into India, weighing on domestic prices.
India's own steel exports to the Gulf are also likely to be hit, although this could be offsby robust local demand. The UAE accounted for around 8 per cent of India's total exports of steel between April 2025 to January 2026.
"We maintain our stance that steel is India's story, and global factors, especially China, should have a limited impact on the earnings potential of major steel players," said Jashandeep Singh Chadha, analyst at Nomura Financial Advisory and Securities (India). "Our bullish stance on the India steel sector is underpinned by improving domestic price momentum despite global headwinds.
"Shares of steel majors JSW Steel Jindal Steel, and Steel Authority of India have risen 8-18 per cent in the last three-month period, outperforming a nearly 9 per cent decline in the benchmark Nifty 50. The three-year safeguard duty on steel was implemented last December.
Robust steel prices in India are also backed by robust underlying demand, with production of crude steel up more than 11 per cent on-year to 153.61 million tonnes (MT) between April and February, while consumption rose by 7.2 per cent to 147.7 MT in the same period.
India is the world's second largest producer and consumer of steel after China. It its latest demand outlook, the World Steel Association estimated steel demand in India at around 9 per cent each in 2025 and 2026, driven by continued growth across sectors.
Domestic companies having a strong market presence, higher raw material integration, low leverage and greater exposure to the domestic market are strongly placed, Antique Stock Broking said in a recent report, picking Tata Steel as its preferred pick.
The Carbon Border Adjustment Mechanism (CABM) implemented in Europe earlier this year should support prices in the region, the brokerage said, which will help Tata Steel's operations there. Steel prices in Europe have surged 6 per cent sequentially in March and are 24 per cent higher from the previous year.
