2025-07-17 06:37
BEIJING, July 17 (Reuters) - Lithium futures in China climbed on Thursday to a nearly three-month high after a production halt at a major lithium producer boosted sentiment for the electric vehicle battery material. Miner Zangge Mining (000408.SZ) , opens new tab said in an exchange filing that it had halted lithium production at a mine in Qinghai province following orders from local officials. Sign up here. The most active lithium carbonate futures on the Guangzhou Futures Exchange jumped more than 4% in afternoon trade to hit 69,980 yuan ($9,749.51) per metric ton, the highest since April 21. "Speculative sentiment is pretty strong right now but the actual impact will be limited, said Chen Jing, a Beijing-based analyst at Galaxy Futures, referring to the production suspension of a subsidiary of Zangge. ($1 = 7.1778 Chinese yuan) https://www.reuters.com/markets/commodities/china-lithium-futures-near-3-month-high-after-zangge-announces-production-halt-2025-07-17/
2025-07-17 06:14
LITTLETON, Colorado, July 17 (Reuters) - Gas-fired electricity production has dropped to record lows in the home country of Europe's largest gas-trading hub, dealing a fresh blow to natural gas bulls who eye Europe as a key growth market for sales of LNG and pipelined gas supplies. The Title Transfer Facility in the Netherlands establishes the main benchmark natural gas price for most of Europe, and the Netherlands' extensive pipeline networks and central location give it insight into gas supply and demand trends. Sign up here. The Netherlands itself has historically been a heavy gas consumer, and from 2000 to 2020 relied on natural gas for well over half of its utility electricity supplies, according to energy thinktank Ember. However, since Russia's invasion of Ukraine in 2022, Dutch utilities have aggressively slashed natural gas use, and over the first half of 2025 gas power plants supplied only a third of the country's electricity. For major natural gas producers and exporters such as the United States, Russia and Qatar, the rapid and sustained cuts to gas use by a formerly integral gas consumer are cause for alarm, as it may herald further cuts for Europe as a whole. SMALL SCALE, BIG IMPACT Despite its relatively small size and population, the Netherlands wields considerable influence regionally and globally. The country's massive port facilities around Rotterdam are the main entry and exit points for crude oil, refined products, crops and many consumer goods into and out of Europe. The Netherlands is also home to a large high-tech industry and several multi-national corporations which rely on the country's strong infrastructure and global connections. The country's strategic importance is reflected in the status of the Dutch government, which is highly influential within the European parliament and plays a key role in shaping regional policies on trade, agriculture and finance. CLEAN DRIVE Dutch utilities have also been leaders in adopting clean energy supplies, despite once being home of the headquarters of oil and gas major Shell (SHEL.L) , opens new tab. Between 2022 and 2024, electricity production from clean power supplies jumped by 27% in the Netherlands compared to a 16% rise in clean power output within the European Union over the same period, Ember data shows. That outsized growth was driven by a 57% jump in wind power and a 34% rise in solar power electricity generation. That aggressive increase in renewable energy sources in turn changed the balance of the country's electricity generation mix. Until 2023, the country was primarily powered by fossil fuels, but since then clean energy sources have become the primary fuels for electricity generation and so far in 2025 have generated 57% of the country's electricity. Despite the switches, electricity supplies scaled record highs in 2024 to ensure that the country's electricity output kept up with demand needs. Wholesale power prices in the Netherlands have also remained competitive within Europe as the Dutch power system cut back on gas use and added clean power output, and so far in 2025 have averaged slightly less than those of Germany. Over the first half of 2025, Dutch wholesale spot power prices have averaged around 90 euros per megawatt hour, according to LSEG. That price is roughly a third more than those in nuclear-powered France, but is lower than the average prices recorded in several other European nations including Italy and most of Eastern Europe. The fact that Dutch power costs have remained in line with the regional average despite sustained reductions to fossil fuel use in electricity generation will likely influence the energy planning of other nations in the region. The successful transition from fossil fuels being the main pillar of the country's electricity system until 2022 to a more minor role in 2025 could be seen as a blueprint for other utility networks also keen to cut back on fossil fuel use. And given the country's prowess in rolling out clean energy supplies, Dutch firms with expertise in offshore wind, solar systems and batteries are collaborating with other regional utilities to lift clean power output in other countries. Dutch firms are also pioneering the deployment of green energy to produce green hydrogen, which regional industries are hoping will help decarbonise their power needs and further reduce regional reliance on fossil fuels. All together, the Netherlands has generated strong momentum in its clean-energy push, which looks liable to extend well beyond its national borders and could result in further Europe-wide cuts to gas consumption in the years ahead. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/gas-use-falls-fresh-lows-europes-main-gas-trading-hub-2025-07-17/
2025-07-17 05:59
NEW DELHI, July 17 (Reuters) - India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, Oil Minister Hardeep Singh Puri said on Thursday. Earlier this week, U.S. President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days. Sign up here. Separately, NATO Secretary General Mark Rutte warned on Wednesday that some countries, including India, could be hit very hard by the sanctions if they continued to do business with Russia. India should be able to deal with any problems with Russian imports by seeking supplies from other countries, Puri said. He noted there are many new suppliers coming onto the market such as Guyana and supply from existing producers such as Brazil and Canada. Additionally, India is increasing exploration and production activities. "I'm not worried at all. If something happens, we'll deal with it," Puri said at an industry event in New Delhi. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said. Responding to Rutte's comments, India's foreign ministry spokesperson said that securing energy needs was an "overriding priority" for the country, in which it was guided by what was on offer in markets and the "prevailing global circumstances". "We would particularly caution against any double standards on the matter," spokesperson Randhir Jaiswal told a regular media briefing. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making about half of the overall purchases from Moscow. Russia continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates, the data showed. In case Russian supplies are hit, Indian Oil Corp (IOC.NS) , opens new tab will "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2%," company Chairman A.S. Sahney told reporters at the event. https://www.reuters.com/business/energy/india-can-secure-oil-even-if-russian-imports-sanctioned-minister-says-2025-07-17/
2025-07-17 05:54
BEIJING, July 17 (Reuters) - Chinese miner Zangge Mining (000408.SZ) , opens new tab said on Thursday it had halted lithium production at a unit in Qinghai province on orders from local officials, sending lithium prices up more than 4% in afternoon trading. The miner, controlled by state-owned giant Zijin Mining (601899.SS) , opens new tab, received a notice from Haixi prefecture officials on Wednesday ordering an immediate halt to non-compliant mining, according to a Shenzhen exchange filing. Sign up here. The filing did not say how the mining was non-compliant. Production, which was forecast to hit 11,000 tons of lithium carbonate this year, can only resume with local government approval. Zangge said it plans to make its mining compliant and submit an application. "Since it is not yet possible to determine the specific time of Zangge Lithium's resumption of production, the impact on the company cannot be predicted for the time being," it said in a statement. The most active lithium carbonate futures contract on the Guangzhou futures exchange jumped more than 4% when afternoon trading began at 1.30 p.m. (0550 GMT). Zangge said it expected the shutdown to have only a limited impact on its results. Output at the mine is expected to hit 5,350 metric tons in the first half, it added. https://www.reuters.com/markets/commodities/chinese-miner-zangge-halts-lithium-production-subsidiary-after-govt-order-2025-07-17/
2025-07-17 05:46
MUMBAI, July 17 (Reuters) - The Indian rupee stayed confined to a narrow trading band on Thursday, supported by modest exporter dollar sales, while weaker Asian peers and lack of major importer demand kept it largely directionless. The local unit opened marginally higher and extended its advance briefly before running into resistance at 85.80. It was last quoted at 85.8525 at 11:08 a.m. IST, up 0.1% from Wednesday. Sign up here. The rupee's confinement mirrors its behaviour throughout the week, with the currency largely meandering within the 85.70–86 band. The dollar/rupee pair is stuck in a tight range with "no real impulse to break either way," said a FX salesperson at a private bank. "On our side, exporters are more active than importers today. That could shift if we see a dip toward 85.70, considering how the pair has behaved in recent days." The rupee’s tight range comes amid a choppy dollar index. The dollar index initially dropped on Wednesday on a report that U.S. President Donald Trump could fire Federal Reserve Chair Jerome Powell, before bouncing after Trump denied it. However, he renewed his criticism of the Fed Chair for not cutting rates and confirmed he had discussed Powell’s removal with Republican lawmakers. "The potential dismissal of Fed Chair Powell, or attempts to undermine the Fed’s independence, could lead to a more severe flare-up in markets," MUFG Bank said in a note. Such moves by Trump have introduced a serious downside risk that markets will be watching closely, it said Meanwhile, U.S. producer prices were unchanged in June, boosting expectations that the Fed will cut interest rates at its September meeting. Despite this, Asian currencies were mostly weaker on the day. https://www.reuters.com/world/india/rupee-remains-trapped-narrow-band-with-more-exporter-than-importer-interest-2025-07-17/
2025-07-17 05:45
BEIJING, July 17 (Reuters) - Days of broiling record-breaking heat across large swathes of China pushed power demand to an all-time high in excess of 1.5 billion kilowatts, energy officials said. An arc of sweltering heat spans the densely populated southwestern cities of Chongqing and Chengdu to the southern megaport of Guangzhou, in extremes that meteorologists link to climate change - presenting a major challenge for authorities. Sign up here. A subtropical high weather system in the northwest and southwest drove temperatures at eight weather stations in the last two days to their highest yet, state media said on Thursday, citing national weather authorities. "The power system is holding up so far," said Chim Lee, a senior energy and climate change specialist at the Economist Intelligence Unit. "But the real test will come as the summer wears on, and there are still risks of potential power rationing." Solar energy accounted for half of June's surge in power generation, and hydropower output nationwide was up on 2023, though still lower than the corresponding 2022 period, Lee said. The comments came after China's National Energy Administration flagged a "record high" on Wednesday in the country's electrical load for the third time this month. That was an increase of 55 million kilowatts over last year's maximum. Provincial records have also been broken 36 times since summer began in the world's second-largest economy. Besides scorching croplands and eroding farm incomes, higher temperatures can affect manufacturing hubs and disrupt operations in key ports, straining overburdened healthcare. Every year in the past decade, the southern province of Jiangxi has experienced 21.7 days of temperatures above 28 degrees Celsius (82.4 degrees Fahrenheit) on average, up from five to seven at the turn of the century, state media added. The heat has persisted so long that in a blog post last week state broadcaster CCTV spotlighted a tradition of people sleeping with wax gourds, vegetables considered effective in absorbing body heat. In Chongqing, zoo animals were treated to iced watermelons on Wednesday, the official news agency Xinhua said. There is a chance of some respite, however. Weather forecasters expect temperatures to begin easing from Monday, as a tropical depression east of the Philippines may strengthen into a tropical storm expected to be named Wipha, and track across Taiwan toward southern China. However, the low-pressure system could be blocked by the subtropical high, keeping air conditioners running at full tilt and further straining the power grid. https://www.reuters.com/business/energy/chinas-electricity-load-exceeds-15-billion-kilowatts-wednesday-breaking-record-2025-07-16/
