2025-02-11 07:46
NEW DELHI, Feb 11 (Reuters) - The United States is expected to boost coal exports to India after China imposed tariffs on energy imports from the U.S., five industry officials said, potentially eroding Australia and Russia's market shares in the Indian market. China's Finance Ministry last week said it would impose levies of 15% on imports of U.S. coal, which the officials said could push U.S. miners to ship to India - the world's second-largest coal importer behind China. "Three U.S. cargoes that were supposed to go to China have landed in India and around 10 more cargoes are waiting. These are huge capesizes and that could further drag down prices," Vasudev Pamnani, director at India's I-Energy Natural Resources, said. "More U.S. coal imports could have an impact on Australia," Pamnani told the Coaltrans India conference on Monday. In volume terms, the U.S. accounts for a small part of Chinese imports of coal, but the value of coking coal shipments - used mainly by steelmakers - rose by nearly a third to $1.84 billion in 2024. Malcolm Roberts, chief marketing officer at the biggest U.S. coal miner Peabody Energy (BTU.N) , opens new tab, said on a conference call with analysts last week that more U.S. coal could go to India and more Australian coal to China as a result of the tariffs. Australia was the dominant coking coal supplier to India in the last decade, accounting for about 80% of all such shipments. Its share dwindled to 62% in 2024, as supplies from the United States as well as Russia and Mozambique helped India to diversify. Australia could now regain some share in China - its main market where it made up over two-thirds of coking coal imports before China announced an unofficial ban on such imports in 2021. Mongolia and Russia are currently the biggest exporters of coking coal to China. The U.S. accounted for 9% of the coking coal market in China in 2024, while Australia made up 8% of all such imports, Chinese customs data shows. Sign up here. https://www.reuters.com/markets/commodities/us-coal-exports-india-expected-rise-due-china-tariffs-2025-02-11/
2025-02-11 07:43
NEW DELHI, Feb 11 (Reuters) - U.S. sanctions on Russia should not affect Moscow's oil trade with India, Pavel Sorokin, Russia's first deputy energy minister, said on Tuesday, adding that it was too early to assess the impact of the latest restrictions. India became the top buyer of Russian sea-borne oil sold at a discount after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of Ukraine in 2022. Last month, Washington imposed fresh sanctions targeting Russia's oil supply chain, causing tanker freight rates to soar as some buyers and ports in China and India steered clear of sanctioned ships. "Our relationship with India is based on economic pragmatism," Sorokin told the India Energy Week conference. "We believe energy trade shouldn't be hindered by any politics," he said. Sorokin said it was too early to measure the impact of the latest U.S. sanctions. "You cannot judge about the situation on the basis of a few weeks of data. More time is needed to assess these things, but we believe that constructive relationships will continue to be successful," he said. Russian supply to India fell in December and January from levels in the preceding six months. Indian Oil Corp (IOC.NS) , opens new tab, the country's top refiner, flagged last month that it is facing a potential drop in its Russian oil imports this fiscal year ending March 31, following the latest U.S. sanctions on Moscow. IOC is buying Russian crude without the involvement of sanctioned entities, Chairman A S Sahney told reporters on the sidelines of the conference on Tuesday. Sorokin said the sanctions are illegal and have taken a huge toll on the global economy. "Tens of billions of dollars have been taken away from developing economies, and they have also increased the cost of capital for everyone in this industry," he said. "Sanctions have added an element of uncertainty in a sector like energy where projects have very long lead times." He added that Russia has the technology necessary to develop its resources and will continue to be a major global player. Sign up here. https://www.reuters.com/world/russian-energy-official-says-us-sanctions-should-not-hinder-oil-trade-with-india-2025-02-11/
2025-02-11 07:30
JOHANNESBURG, Feb 11 (Reuters) - Shares in steel producer ArcelorMittal South Africa (ACLJ.J) , opens new tab traded 2% weaker on the Johannesburg Stock Exchange early on Tuesday after U.S. President Donald Trump's tariffs on steel imports to the United States. Trump raised tariffs on steel and aluminium imports on Monday to a flat 25% "without exceptions or exemptions," in a move he hopes will aid the struggling industries in the world's biggest economy. Sign up here. https://www.reuters.com/markets/commodities/arcelormittal-south-africa-shares-open-down-2-after-trump-steel-tariffs-2025-02-11/
2025-02-11 07:05
MUMBAI, Feb 11 (Reuters) - The Indian rupee rose sharply on Tuesday, aided by the central bank's heavy-handed intervention, which also triggered stop losses for speculators betting against the currency. The Reserve Bank of India had also intervened heavily on Monday to support the rupee, traders said. The rupee rose to as high as 86.69 in early trading before trimming its gains to last quote at 86.89 as of 11:15 a.m. IST, up 0.7% from its previous close of 87.4750. The Reserve Bank of India sold dollars before the open of the local spot market, via state-run banks, which persisted after the market opened, traders said. The intervention "is surprising and has triggered a blood bath for longs (on USD/INR)," a trader at a private bank said. The rupee's sharp rise likely prompted traders to exit long positions on the dollar-rupee pair, adding to the currency's tailwinds. The RBI was also likely conducting dollar-rupee buy/sell swaps to mitigate the impact of its spot dollars sales on liquidity in the banking system, traders said. Meanwhile, the dollar index was little changed at 108.3 while other Asian currencies declined between 0.1% to 0.7% after U.S. President Donald Trump imposed 25% tariffs on all steel and aluminium imports. Concerns about a potential trade war, persistent foreign selling from domestic stocks and policy easing by the RBI have all weighed on the rupee this year, driving it lower by over 1% in 2025 so far. "We note that the accentuated moves in USDINR witnessed lately has brought the currency to near fair value. However, given the unrelenting global uncertainties in the near term we expect the pressure on INR to continue," Kotak Mahindra Bank said in a note. Sign up here. https://www.reuters.com/markets/currencies/back-to-back-heavy-central-bank-interventions-lift-indian-rupee-past-87usd-2025-02-11/
2025-02-11 06:59
Feb 11 (Reuters) - Finnish forestry group Stora Enso (STERV.HE) , opens new tab said on Tuesday its fourth quarter operating profit more than doubled from a year earlier, as expected by analysts, driven by price increases and cost saving actions. Adjusted operating profit rose to 121 million euros ($124.7 million) in the October-December quarter from 51 million euros in the same period in 2023. That was just below analysts' forecast of 122.4 million euros in a Vara Research poll. Finland is a major producer and exporter of pulp, paper and other products that are based on logging in the country's vast forests. Last October, Stora Enso put some of its Swedish forest assets up for sale to reduce debt. It said in a statement on Tuesday that the sale process was ongoing, with an aim to sell about 12% of its total forest assets in Sweden of 1.4 million hectares. The fair value of those assets is 6.3 billion euros, it said. "We are at the stage of the process where we are talking to several potential buyer candidates," CEO Hans Sohlstrom told Reuters, but said he could not comment on the price or the potential buyers at this stage. ($1 = 0.9702 euros) Sign up here. https://www.reuters.com/markets/europe/finlands-stora-enso-q4-operating-profit-more-than-doubles-2025-02-11/
2025-02-11 06:56
SEOUL, Feb 11 (Reuters) - South Korea's Trade Minister Cheong In-kyo said on Tuesday that U.S. President Donald Trump's 25% tariffs on steel and aluminium imports due to come into force in March would reduce U.S. steel demand and erode steel exporters' profitability. He said, however, the tariffs may offer opportunities for Korean companies to find new export markets. South Korea will "actively consider" whether there is room for negotiation on the tariffs with the United States, even though Trump raised tariffs on steel and aluminium imports on Monday to a flat 25% "without exceptions or exemptions". Cheong was speaking at a meeting with officials from steel companies in Seoul. South Korean steelmakers extended losses on Tuesday. POSCO Holdings (005490.KS) , opens new tab closed down 0.8%, falling for a second straight day, and Dongkuk Steel Mill (460860.KS) , opens new tab fell 0.9% to close at a three-month low, while the broader KOSPI market (.KS11) , opens new tab rose 0.7%. 2018 EXEMPTIONS During Trump's first term in 2018, South Korea and the United States agreed on an annual duty-free steel quota of 70% of volumes shipped to the U.S. on average from 2015-17. The deal made South Korea the first U.S. ally to secure an indefinite exemption on the steel tariffs. "Thus, we see room for negotiation with the second Trump administration if necessary," Citi said in a report. Citi estimates that the latest U.S. steel tariffs will have a negative impact on South Korea's economy by around 0.11% to 0.22% of gross domestic product. South Korea is the fourth biggest seller of steel in the United States, behind Canada, Mexico and Brazil last year, according to American Iron and Steel Institute data. Sign up here. https://www.reuters.com/markets/asia/south-korea-trade-minister-says-trump-steel-tariffs-hit-companies-profits-2025-02-11/
