CMOC IXM declares Force Majeure on Cobalt Deliveries from Congo
IXM, a commodity trader owned by China's CMOC Group has declared force majeure for deliveries of cobalt from the Democratic Republic of Congo, after the country extended the ban on exports of battery material. In February, the Congo suspended all cobalt exports for four months to reduce oversupply and stabilize prices which were at a nine-year-low of around $10 per lb. The world's biggest cobalt producer country announced last week that it would extend the suspension by another three months.
Congo extends its cobalt export prohibition by three months
A regulatory agency announced on Saturday that the Democratic Republic of Congo had extended its ban on cobalt exports by another three months to reduce oversupply of this material for electric vehicle batteries. In February, the world's largest cobalt exporter suspended exports for four months after prices fell to a nine-year-low of $10 per pound. The ban was set to expire Sunday. The Authority for the Regulation and Control of Strategic Mineral Substances' Markets' (ARECOMS)…
China's refinery output in May is at a 9-month low due to plant overhauls
Official data released on Monday showed that China's crude throughput fell by 1.8% from the previous year to its lowest level since August. This was due to maintenance being carried out at state-owned refineries and independent refineries. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 13,92 million barrels of crude per day in May. In May, the daily processing rate dropped from 14.12 million bpd in April. Chinese consultancies reported a continued decline in the utilization rates of domestic refineries.
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, introduced a ban of four months on all exports. The move was made to reduce a glut in supply that had pushed prices down to their lowest levels in nine years and reduced tax revenue.
Glencore has halted certain cobalt exports due to the Congo export ban
Three sources familiar with the situation said that Glencore declared force majore on certain deliveries of cobalt from the Democratic Republic of Congo, days after the government had suspended exports of battery material. In February, Congo, the largest cobalt-producing country in the world, banned all exports of cobalt for four months in an effort to reduce a glut in supply that had pushed prices down to their lowest levels in nine years and reduced its tax revenue.
Aluminum producers in the US benefit from Trump's tariffs
Four industry sources say that President Donald Trump will benefit from the higher tariffs on imported metals as domestic prices rise. Some industry players worry that Trump's decision to increase tariffs from 25% to 50% on June 4, could cause prices to soar that the demand begins to weaken. The market price of the metal key used in the construction, energy and packaging industries is expected to increase revenues for U.S. aluminum producers and recyclers.
EU selects 13 new projects for critical materials, including Greenland
The European Union announced Wednesday 13 new raw materials projects outside of the bloc in order to increase its supply of metals, minerals and other essential elements for the EU to remain competitive in energy transition and defence and aerospace. This announcement comes after China decided in April to restrict exports of rare earth magnets unless new licenses were obtained. Diplomats, carmakers, and other companies, from Europe and beyond, are scrambling for meetings with Beijing officials to avoid factory closures.
EU selects 13 new projects for critical materials, including Greenland
The European Commission announced on Wednesday 13 new raw materials projects outside of the EU to increase its supply of metals, minerals and other essential elements for the bloc's competitiveness in energy transition and defence and aerospace. After China announced in April that it would restrict exports of rare earth magnets unless new licenses were obtained, the EU made its announcement. Diplomats, carmakers, and other executives, from Europe and beyond, are now left with no choice but to accept this decision.
EU selects 13 new projects for critical materials, including Greenland
The European Commission announced on Wednesday 13 new raw materials projects outside of the EU to increase its supply of metals, minerals and other essential elements for the bloc's competitiveness in energy transition and defence and aerospace. After China announced in April that it would restrict exports of rare earth magnets unless new licenses were obtained, the EU made its announcement. Diplomats, carmakers, and other executives, from Europe and beyond, are now left with no choice but to accept this decision.
US terminal operator warns that its ethane and butane exports could fall
Enterprise Products Partners said on Thursday that the U.S. Department of Commerce's requirement for it to apply for a licence to export to China could hurt its ethane-and-butane exports. Reports on Wednesday said that the United States had ordered a wide range of companies to cease shipping products, such as ethane or butane, without a permit to China and revoked permits already granted to some suppliers. The Bureau of Industry and Security (an agency…
Freepoint Commodities sued by ex-analyst for alleged pressure to facilitate insider trade
Former senior analyst of U.S. trading firm Freepoint Commodities, a former senior analyst has filed a lawsuit against the company. He claims that top executives pressed employees to facilitate insider trades and that they retaliated on employees who objected. Former employee Andrew Martin filed a lawsuit in New York Federal Court on May 14, claiming that Freepoint terminated Martin in November for failing to flag unethical conduct on the oil team of the company during an FBI inspection in December.
Increased US Natural Gas Storage Capacity in 2024
The U.S. Energy Information Administration said that underground natural gas storage capacity will increase in 2024 in the Lower 48 States, according to a report published late on Wednesday. The agency uses two metrics for assessing working gas storage capacities - demonstrated maximum capacity and working gas designed capacity. The working gas is the gas injected into and removed from the reservoir. This is the gas that is injected and withdrawn from the reservoir.
Japanese trading houses cautious on profit forecasts despite US tariffs
Japanese trading houses Mitsui & Co., Sumitomo Corp. and Sojitz issued cautious profit predictions for the current fiscal period as U.S. Tariffs threaten global supply chain and increase economic insecurity. Ryosei Acazawa, Japan's chief trade negotiator, is currently in the United States to try and negotiate a tariff agreement with President Donald Trump. The Bank of Japan cut its forecast of economic growth for the year that ends March 2026 from 1.1% to just 0.5% and maintained interest rates at their current levels.
Wood Group, UK misses deadline for 2024 results and faces listing suspension
Wood Group, the British oilfield service firm which is Sidara's target for takeover, announced on Wednesday that it will not be publishing its annual results before April 30, as it hasn't completed its audit. In November of last year, the company began an independent review into its accounting for certain unusual charges in its interim financial results. Wood Group stated that due to the timing of the completion of the independent audit and the work required to complete the 2024 audit, it does not expect to publish the 2024 accounts before April 30.
Hydro signs billion-euro contract to supply NKT low-carbon aluminum for EU grid
Hydro, a Norwegian company, announced on Tuesday that it had signed a contract to supply NKT in Denmark with low-carbon aluminum wire rod for the production and upgrade of Europe's grid infrastructure. The European Union published in 2023 a plan to improve the efficiency of their electricity grids, and to roll out upgrades rapidly to help facilitate the energy shift. Hydro announced last month that it would invest 1.65 billion crowns ($159.3 millions) in a new facility to increase its aluminum capacity at its Karmoy smelter, located in Norway.
State planner: China will continue to build coal plants until 2027.
According to guidelines released by the government on Monday for upgrading the coal power grid, China will continue to build coal-fired plants in areas where they are required to meet peak demand or stabilize the grid. This policy could raise questions regarding China's commitment in phasing out coal usage during the period 2026-2030, even though it states that new coal projects are a backup for renewable energy whose output is dependent on sun and wind conditions.
Stocks of tech and bank companies plummet as China's retaliation fuels fears of a wider trade war
U.S. tech giants, banks, and oil majors all fell on Friday, after China responded to Trump's new tariffs by imposing steep duties. This heightened fears of an economic recession around the world. China has imposed additional duties of 34 percent on U.S. products, which will take effect on April 10. China also announced a ban on the export of certain rare-earths, and added a number of U.S. companies to its "unreliable entity" list. This allows Beijing to take punitive measures. On Wednesday, U.S.
Shell warns that Australia's gas reservations plan could worsen shortages
Shell warned Tuesday that Australia's proposal to force more gas from export onto the domestic market would end up discouraging investment and worsening shortages. Energy has become a major issue in the campaign ahead of Australia's general election on May 3. The conservative Liberal-National Coalition pledged to lower power bills and avoid a shortage on the East Coast through a reservation scheme. Shell Australia Chair Cecile wake said that export controls are not the best solution. She also questioned if they would have a material impact on consumer prices.
UK shares drop after Trump announces tariff escalation
UK shares fell Monday, after U.S. president Donald Trump said that his tariffs will cover all countries. This intensified a global trade conflict. The blue-chip FTSE 100 fell 1% as of 1011 GMT; the midcap FTSE 250 index dropped 1.9% to a more-than-eleven-month low. Trump told reporters that the tariffs will affect essentially all countries. He will announce reciprocal tariffs Wednesday and auto levies Thursday. Specifics are still unclear. According to Downing Street…
Wood Group UK flags problems within its Projects Unit, Shares Slump
Wood Group, a British engineering and oilfield services company, said that it has identified "material failures and weaknesses" in its financial cultures within its Projects Business Unit following an independent Deloitte review. Early trade saw shares of the company fall about 25%. They have fallen about 68% since November's announcement. In November of last year, the company, which is a target for Sidara in Dubai, announced that it would be conducting an independent review after the unusual charges noted at its interim results.
