2025-12-30 10:59

BEIJING, Dec 30 (Reuters) - China on Tuesday named the companies that will be able to export tungsten, antimony and silver during the 2026 and 2027 period, metals Beijing deems as critical to support its own industries. A total of 44 companies will be allowed to export silver, while the numbers for tungsten and antimony will be 15 and 11 respectively, the Ministry of Commerce said in a statement. That's two more than in 2025 for silver, while tungsten and antimony are unchanged. Sign up here. Citing national security, China in the past two years has imposed a wave of restrictions to leverage its dominance in the mining and processing of critical minerals used in everything from smartphones and electric car batteries to infrared missiles and ammunition, in response to U.S. chip restrictions and tariffs. Beijing placed some antimony products on its export control list from September 15, 2024 and added several tungsten products to the list this February. Prices of antimony and tungsten, used in defence, clean energy and other industries, have soared due to the tightness in overseas markets following the export restrictions. Silver, a precious metal used in jewellery, solar and other industries, has soared to record highs, propelled by its inclusion on the U.S.' critical minerals list, supply constraints and low inventories amid rising industrial and investment demand. https://www.reuters.com/world/asia-pacific/china-names-companies-allowed-export-silver-over-2026-2027-2025-12-30/

2025-12-30 10:23

European Union has agreed to phase out Russian fossil fuel imports Decline in imports follows closure of Ukrainian route TurkStream is the only remaining route MOSCOW, Dec 30 (Reuters) - Russia's pipeline gas exports to Europe sank by 44% in 2025 to their lowest since the mid-1970s, following the closure of the Ukrainian route and as the European Union phases out fossil fuel imports from Russia, Reuters calculations showed on Tuesday. The EU has said it will cease importing Russian gas by the end of 2027, as part of it effort to overcome the bloc's dependency on Russian energy and to withhold funds that could be used for its military campaign in Ukraine. Sign up here. Previously, Europe was Russia's biggest source of budget revenues from oil and gas sales, on the basis of pipelines that were built from the Soviet Union to western Europe in the 1960s and 1970s. Russian pipeline gas exports to Europe peaked at more than 175-180 billion cubic metres per year in 2018-2019 - and were worth tens of billions for Gazprom (GAZP.MM) , opens new tab and the Russian state that holds a controlling stake in the company. UKRAINE CHOSE NOT TO RENEW TRANSIT DEAL But this year, Gazprom's supplies totalled just 18 bcm and were sent through the TurkStream undersea pipeline, according to Reuters calculations based on data from European gas transmission group Entsog. That is the lowest level since the early 1970s. According to Gazprom data, the Soviet Union supplied 19.3 bcm to Europe in 1975, up from 6.8 bcm in 1973, in the early years of Siberian gas exports. Gazprom did not respond to a request for comment. TurkStream is the only Russian gas transit route left to Europe after Ukraine chose not to extend a five-year transit deal with Moscow that expired on January 1. Serbia, Hungary and Slovakia are among the countries that receive gas via TurkStream in addition to Turkey. Russia also exports gas to Europe in the liquefied form by tankers and is the EU's second-largest supplier after the United States. In December alone, supplies via the TurkStream to Europe increased by 12.9% from the year-earlier month to around 56 million cubic metres per day. It was also up 3% from November, the data showed. Exports via TurkStream to Europe have increased by around 7% this year from 16.8 bcm in 2024, the data showed. Together with the Ukrainian route, the exports amounted to 32 bcm in 2024, up 13% from 2023. Gazprom's exports to Turkey amount to around 20 bcm per year. https://www.reuters.com/business/energy/russias-pipeline-gas-exports-europe-fall-by-44-lowest-decades-2025-12-30/

2025-12-30 10:04

MOSCOW, Dec 30 (Reuters) - The Kremlin on Tuesday urged all parties to refrain from escalation over Iran after U.S. President Donald Trump said Washington would support another massive strike on the Islamic Republic. Flanked by Israeli Prime Minister Benjamin Netanyahu, Trump suggested on Monday that Tehran may be working to restore its weapons programmes after a U.S. strike in June. Iran denies it has a nuclear weapons programme. Sign up here. "I've been reading that they're building up weapons and other things, and if they are, they're not using the sites we obliterated, but possibly different sites," Trump told reporters during a news conference. Moscow, which has cultivated closer ties with Tehran since the start of its war in Ukraine, urged de-escalation. "We believe that it is necessary to refrain from any steps that could escalate tensions in the region, and we believe that, first and foremost, dialogue with Iran is necessary," Kremlin spokesman Dmitry Peskov told reporters. He said Russia would continue to cultivate close ties with Iran. U.S. forces struck Iran's three main nuclear sites after joining Israel's 12-day military campaign against Tehran in June. Trump said at the time that the strikes had "obliterated" Iran's facilities, although a U.S. assessment later found the attacks had mostly damaged only one of the sites, Fordow. Russia and Iran signed a strategic partnership treaty this year. The West has accused Tehran of providing missiles and drones for Russian attacks on Ukraine, something the Islamic Republic denies. https://www.reuters.com/world/middle-east/russia-urges-restraint-trump-warns-iran-possible-strike-2025-12-30/

2025-12-30 09:44

STOCKHOLM, Dec 30 (Reuters) - Sweden's policy interest rate is likely to stay at the current 1.75% through 2026, minutes of the Riksbank's most recent monetary policy meeting showed on Tuesday. The Riksbank announced on December 18 it had left the rate unchanged and forecast no change for some time to come. Sign up here. "Our current forecast means that the policy rate is expected to remain at 1.75 per cent next year and that we will then begin slow increases," central bank Governor Erik Thedeen said in the minutes of the meeting. "Since the inflation outlook is favourable and there is plenty of spare capacity, it is appropriate, despite strong growth, to leave the policy rate at its current level for some time to come," he said. The Riksbank, which targets 2.0% headline inflation, will publish its next monetary policy decision on January 29. https://www.reuters.com/business/finance/swedish-central-bank-leave-key-rate-175-2026-minutes-show-2025-12-30/

2025-12-30 07:05

LITTLETON, Colorado, Dec 30 (Reuters) - For supporters of the energy transition, 2025 had plenty to complain about: the scrapping of U.S. clean energy policies, wind droughts in Europe, corporate retreats from wind power generation and a resurgence in coal-fired power output. Yet there were also developments to celebrate, including record deployment , opens new tab of battery storage systems, historic power generation shares from solar farms in dozens of countries, and continued growth in electric vehicle sales in key car markets. Sign up here. Below are eight charts that capture some of the key milestones and developments impacting global energy transition progress in 2025, as well as key data points to track heading into 2026 and beyond. CHINA'S GROWING CLEAN CLOUT China remains at the forefront of clean energy generation, and deploys more nuclear, solar, wind and bioenergy power than any other nation. Clean electricity production is on track to record its seventh consecutive year of strong growth. Over the first 11 months of 2025, total clean power output rose 15.4% from a year earlier, Ember data shows , opens new tab. Clean power sources will generate more than 40% of China's utility-supplied electricity for the first time in 2025, while fossil fuels' share will drop to a record low. Fossil fuels remain the primary pillar of China's power system, but since 2019 clean power output has grown more than four times faster than fossil-fuel generation. With Beijing set to keep expanding its solar, wind, nuclear and battery power capacity over the coming decade or so, clean power's share in China's generation mix is likely to keep climbing. China is also making its mark overseas via record clean-technology exports, which climbed to more than $180 billion over the first 10 months of 2025, according to customs data compiled by Ember. Battery storage systems have emerged as China's most lucrative clean-tech export, with nearly $66 billion in sales, followed by around $54 billion in EV exports. Exports of grid equipment and heating and cooling units have also hit record highs in 2025, cementing China's role as the dominant supplier of hardware for the world's electrification push. U.S. SETBACK In contrast to China's momentum, U.S. clean energy progress hit reverse in 2025 after federal support for renewables was scrapped under the second administration of U.S. President Donald Trump. Steep cuts to tax credits for power developers are expected to slash clean energy investments in coming years and leave the U.S. power system heavily dependent on fossil fuels. Natural gas remains the main source for U.S. electricity, but in 2025, coal-fired plants delivered the biggest jump in output, driven largely by a spike in gas prices that squeezed utility margins. Coal-fired electricity output from January to November increased 13% from a year earlier, its highest in three years, according to Ember. Because coal plants emit far more carbon dioxide than gas plants - over 900,000 metric tons of CO2 per terawatt hour versus about 550,000 tons for gas - U.S. power-sector emissions also climbed in 2025. Total emissions from coal and gas plants reached 1.526 billion metric tons of CO2 from January to November, up 3% from the same period in 2024 and the highest since 2021, Ember data shows. Given that U.S. natural gas prices look set to finish 2025 at roughly 50% above their 2024 average, utilities are likely to lean further on cheaper coal to meet winter demand. That means even higher power-sector pollution heading into 2026 and beyond. BATTERY BOOM AND STEALTHY PROGRESS Even as U.S. utilities burned more coal in 2025, they also rolled out record battery storage capacity to capture surplus solar and wind power for later use. Total U.S. installed battery storage capacity surpassed 39 gigawatts in 2025, a 43% increase from 2024, according to energy data portal Cleanview. That surge is reshaping power flows in key electricity networks. Both California and Texas have added enough battery capacity to materially alter their power grid's generation mix during peak demand. The California Independent System Operator (CAISO), the state's main grid and the country's largest battery adopter, uses batteries to supply around 15% to 18% of electricity during the evening peak demand, according to Grid Status data, reducing the need for gas and other power sources. In the Electric Reliability Council of Texas (ERCOT), a more recent adopter of battery systems, around 3% of electricity during peak demand was supplied from battery storage systems - a modest share but up from near zero just a year ago. Solar power systems have also made their mark again in 2025, generating record shares of utility electricity supplies in several countries. China and the U.S. typically dominate discussions about solar capacity, but solar's widespread penetration in recent years now means that developed and emerging economies alike deploy the technology at scale. At times in 2025, countries such as Bulgaria, Pakistan, Hungary and Poland sourced around 20% or more of their electricity from solar farms, cutting both costs and emissions. In 2026, solar's generation share will likely set new records in even more countries, helping to keep global energy transition momentum alive even if some major economies, such as the U.S., step back. 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/2025-energy-transition-eight-charts-clean-wins-dirty-setbacks-2025-12-30/

2025-12-30 06:53

Record gold prices, media, spur interest in gold detecting Demand for miner's right permits surges in Victoria Global jump in detecting boosts device-maker Codan's sales MELBOURNE, Dec 30 (Reuters) - In the hinterlands of Australia's historic goldfields, Vicki Plumridge jumps for joy when she digs a small golden nugget out of the earth. The retired retail worker was learning how to use her new metal detector when it started bleeping by the moss-covered ruins of a building. After Plumridge dug the nugget out of the shallow dirt with a plastic trowel, a guide estimated it was around 0.2 of a gram of gold, worth about A$40 ($26.58). Sign up here. “But to me, it’s worth a million dollars,” said the 63-year-old, who had bought the detector only a few days before. “My heart is singing.” Plumridge's story is becoming more common, as hobbyists flock to Australia's 9,600 sq km "golden triangle" in the heart of Victoria state, known as one of the world's most prospective regions for gold nuggets. Prospectors have been spurred on by record gold prices, social media, the success of TV show Aussie Gold Hunters, and a love for the outdoors, according to Reuters interviews with a dozen gold hunters. Plumridge's detector, Minelab's Gold Monster 2000, which she bought for A$2,999, sold out across the country within weeks of its October 20 launch, according to Leanne Kamp, joint owner of Lucky Strike Gold, a prospecting shop in Geelong. "It’s a great price point and we have seen a big jump in sales this year, partly because the gold price has got everyone’s interest," said Kamp, who has led prospecting tours since 2007. "We get a lot of internationals. Next week we have some Germans coming. Germans love the gold. The Swiss seem to love the gold too. And we have some coming over from the U.S.,” she said. The chance of finding nuggets on historic sites improves with each iteration of detectors, which is why there is a rush for new models as soon as they are released, she added. WORLD'S BIGGEST NUGGETS Hobbyists have flocked to 19th-century gold rush towns like Ballarat, which laid the foundation for Melbourne's early wealth and helped make Australia one of the world's top three gold producers. The region has yielded the world's biggest nugget, the Welcome Stranger at 72 kg, found in the 1860s, as well as the Hand of Faith, the largest nugget found with a metal detector at 27.2 kg in 1980. As recently as February 2023, an amateur prospector unearthed a 4.6 kg nugget in the region with a detector, according to the state government. The lure of large nuggets is one of the draws for Damian Duke, 39, who works in construction. Duke used to go prospecting with his father who died three years ago. Now he takes his own son, Ethan. The 11-year-old inherited his grandfather’s detector, and Duke has recently upgraded his machine, he told Reuters. “Where prices are now, you do have the chance of striking a life-changing piece of gold," he said. Gold has chalked up successive records this year, surging above $4,500 a troy ounce on Friday. Goldman Sachs expects prices will reach $4,900 by the end of 2026, with further gains likely if private investors continue diversifying their portfolios amid geopolitical and fiscal uncertainty. In Victoria, fossickers must buy a permit from the state government. The permit allows them to fossick using only hand tools and to keep any gold they find. Demand for the miner's right permits, which cost A$28.60 each and last for a decade, has hit all-time highs, at almost 16,000 by November, from nearly 11,000 last year, according to figures from Victoria's Department of Energy, Environment and Climate Action, supplied exclusively to Reuters. In total, there are more than 100,000 active miner’s right permits in Victoria. A dream of riches may drive people to get out, but they stay out because of the psychological benefits that come from the focus on the hunt, being outside in nature, and connecting with others, prospectors said. "It's really good for your mental health, being out here. You take it all in, you can't think about anything else - I love looking at all the wildflowers," said Kelly Smith, a 50-year-old from the country town of Koondrook, who was prospecting with her partner on a training session organised by The Gold Centre in Maryborough. "You're not guaranteed to find anything. But you're not going to find anything at all if you don't look." GLOBAL PHENOMENON Victoria's latest gold rush is part of a broader phenomenon, said Ben Harvey, executive general manager of Minelab at Adelaide-headquartered Codan (CDA.AX) , opens new tab, which is the world's largest maker of hand-held metal detectors. Alongside Codan's communications division, strong detector sales in its home market of Australia as well as in Africa and the Americas have helped double the firm's share price this year. In Africa, demand may be led by artisanal miners working in cooperatives to improve their standard of living, Harvey said. In Latin America, there is also recreational interest from hobbyists searching for coins and other treasure, he told Reuters in an interview. Behind the success is a push by Codan's team of engineers to improve technology to cut down on background noise so detectorists can focus on the gold, he said. "What a prospector is looking for is, when they go out, they want to find gold, and they want to find more gold than they found last time," he said. ($1 = 1.5049 Australian dollars) https://www.reuters.com/world/asia-pacific/soaring-prices-spark-australia-gold-rush-new-generation-fortune-hunters-2025-12-30/