2025-03-12 07:51
March 12 (Reuters) - India's steel secretary on Wednesday said the country has "more than adequate availability" of a key steelmaking ingredient, weeks after ArcelorMittal's India joint venture said it may have to curtail local steel production due to import restrictions. India, the world's second-biggest crude steel producer, could extend restrictions on imports of low-ash metallurgical coke, or met coke, to encourage local steel mills to source the ingredient from domestic suppliers, Reuters reported last month. "It's more of a question of price. If you import, you'll pay about $50-$100 less," Sandeep Poundrik told reporters on the sidelines of an event in New Delhi. Domestic production of met coke is at 7.1 million metric tonnes but the total demand is very little, he said, adding that the industry is running at less than half capacity. State-run Steel Authority of India (SAIL) (SAIL.NS) , opens new tab is also willing to supply met coke as they have a surplus capacity but no takers, he said. Sign up here. https://www.reuters.com/world/india/indias-steel-secretary-says-met-coke-availability-more-than-adequate-2025-03-12/
2025-03-12 07:48
Trump metal tariffs kick in, Europe retaliates Gold up 11% so far this year US CPI due at 1230 GMT March 12 (Reuters) - Gold prices were little changed on Wednesday, with the market's attention on a key U.S. inflation report due later in the day, while U.S. President Donald Trump's tariff policies provided support to the safe haven asset. Spot gold was steady at $2,915.66 an ounce as of 1148 GMT, after rising 1% in the previous session. U.S. gold futures were flat at $2,921.20. Investors are focused on the U.S. Consumer Price Index data, due at 1230 GMT, for clues on the Federal Reserve's interest rate stance. The Fed last year cut rates by 100 basis points, but has held steady since then. Traders are currently expecting the next cut in June. In order "to see gold marching further up, we need to see a further slowdown of the U.S. economy, including lower price pressure," said independent analyst Giovanni Staunovo. "The polices of the Trump administration such as tariffs keep financial markets volatile and support demand for safe haven assets." Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the U.S. and drawing swift retaliation from Europe. Bullion is seen as a safe asset amid economic and geopolitical turmoil. It also tends to thrive in a low interest rate environment as it yields no interest. Gold hit a record high of $2,956.15 an ounce on February 24 amid Trump's tariffs and the resulting trade war. Since then, it has been hovering around the $2,900-mark. "The consolidation in the gold price is a welcome pause after gains of 11% year to date and it confers strength in future gains by forming a strong technical and physical floor to the market," said Ross Norman, an independent analyst. Spot silver added 0.3% to $33.04 an ounce, while platinum gained 0.8% at $982.95 and palladium rose by 0.4% to $949.18. Sign up here. https://www.reuters.com/markets/commodities/gold-holds-steady-markets-eye-inflation-data-2025-03-12/
2025-03-12 07:36
Brent, WTI rise 2% US crude stocks rise, fuel inventories fall, EIA says Dollar struggles as global trade tensions ramp up Cooling inflation offers temporary relief OPEC sticks to global oil demand forecasts NEW YORK, March 12 (Reuters) - Oil prices rose 2% on Wednesday, as U.S. government data showed tighter-than-expected oil and fuel inventories, though investors kept an eye on mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth. Brent futures settled $1.39, or 2%, higher at $70.95 a barrel. U.S. West Texas Intermediate crude futures gained $1.43, or 2.2%, to $67.68 a barrel. Sign up here. U.S. crude stockpiles rose by 1.4 million barrels in the latest week, U.S. government data showed on Wednesday, which was less than the 2-million barrel rise forecasters had expected. U.S. gasoline inventories fell by 5.7 million barrels, versus expectations for a 1.9 million-barrel draw, while distillate stocks also dropped by more than expected. "This week, the oil build was smaller than expected and gasoline and diesel draws were larger than expected," said Josh Young, Chief Investment Officer, Bison Interests. "This evidences stronger demand and could see oil prices rise as a result." In recent days, crude futures have been supported by a weaker U.S. dollar and the Energy Information Administration (EIA) moving away from earlier calls of strongly oversupplied oil markets this year, said UBS analyst Giovanni Staunovo. The dollar hovered near a five-month low against other major currencies, as traders digested tit-for-tat U.S.-EU tariffs and a potential Russia-Ukraine ceasefire. The dollar index (.DXY) , opens new tab, which fell 0.5% to fresh 2025 lows on Tuesday, boosted oil prices by making crude less expensive for buyers holding other currencies. However, signs of cooling inflation offered investors some respite after U.S. consumer prices increased less than expected in February. Still, U.S. President Donald Trump's aggressive tariffs on imports are expected to raise the costs of most goods in the months ahead. Some have taken effect and others have been delayed or are set to kick in later. Markets worry that tariffs could raise prices for businesses, boost inflation and undermine consumer confidence in a blow to economic growth. "Fears of a U.S. recession, weakness in U.S. stock markets and concerns over tariffs affecting key oil players such as China, introduced additional market uncertainty and these factors could continue to fuel a bearish sentiment, putting a lid on oil prices," said Hassan Fawaz, chairman and founder of brokerage GivTrade. Also on Wednesday, the Organization of the Petroleum Exporting Countries kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption. "Trade concerns are expected to contribute to volatility as trade policies continue to be unveiled. However, the global economy is expected to adjust," OPEC said in the report. OPEC also published figures showing a 363,000 bpd increase in production by the wider OPEC+ group in February, led by a jump in Kazakhstan which is lagging in its adherence to OPEC+ output quotas. https://www.reuters.com/business/energy/oil-prices-rise-weak-dollar-concerns-over-tariff-impact-cap-gains-2025-03-12/
2025-03-12 07:33
March 12 (Reuters) - British power group Drax (DRX.L) , opens new tab said on Wednesday it has secured agreements to provide 434 megawatts of power, primarily from its pumped storage and hydro plants, from October 2028 to September 2029 for about 24 million pounds ($31.02 million). The company said it had also provisionally agreed to supply 24 megawatts of power for refurbishing the Glenlee power station, with an expected income of roughly 20 million pounds from the deal. ($1 = 0.7738 pounds) Sign up here. https://www.reuters.com/world/uk/uk-power-firm-drax-signs-capacity-deals-worth-up-56-million-2025-03-12/
2025-03-12 07:24
BEIJING, March 12 (Reuters) - China will take all necessary measures to safeguard its rights and interests, the Chinese foreign ministry said on Wednesday, after U.S. President Donald Trump increased tariffs on all U.S. steel and aluminium imports. The U.S. move has violated World Trade Organization rules, Mao Ning, spokesperson at the Chinese foreign ministry, said at a regular news conference. Sign up here. https://www.reuters.com/world/china/china-says-it-will-take-all-steps-guard-its-interests-after-latest-trump-tariffs-2025-03-12/
2025-03-12 06:50
PARIS, March 12 (Reuters) - France's European Affairs Minister, Benjamin Haddad, said on Wednesday the European Union could go further in its response to U.S. tariffs, though a trade war was in no-one's interest. President Donald Trump's increased tariffs on all U.S. steel and aluminium imports took effect on Wednesday, stepping up a campaign to reorder global trade norms in favour of the U.S. that drew swift retaliation from Europe. In response, the European Commission said it will impose counter tariffs on 26 billion euros ($28.33 billion) worth of U.S. goods from next month. The commission said it will end the current suspension of tariffs on U.S. products on April 1 and will also put forward a new package of countermeasures on U.S. goods by mid-April. "We have the means to go further, if we want," Haddad told TF1 TV. "For example, if it came to a situation where we had to go further, digital services or intellectual property could be included," he added. Sign up here. https://www.reuters.com/world/europe/french-minister-says-eu-can-go-further-its-response-us-tariffs-2025-03-12/
