Connect with us

Commodities

U.S. hopeful of reaching deal with EU on steel tariffs by end-October -source

WASHINGTON (Reuters) – The United States is hopeful it can resolve its trade dispute with the European Union over tariffs on steel and aluminum before the end of October, a source familiar with the discussions said on Wednesday.

Published

on

U.S. hopeful of reaching deal with EU on steel tariffs by end-October -source
© Reuters. FILE PHOTO: U.S. Trade Representative Katherine Tai testifies before the Senate Finance Committee on Capitol Hill in Washington, U.S., May 12, 2021. Susan Walsh/Pool via REUTERS//File Photo

WASHINGTON (Reuters) – The United States is hopeful it can resolve its trade dispute with the European Union over tariffs on steel and aluminum before the end of October, a source familiar with the discussions said on Wednesday.

U.S. Trade Representative Katherine Tai met on Tuesday with EU trade chief Valdis Dombrovskis, who last month told a Washington think tank that he was “moderately optimistic” an agreement could be reached.

“We’re hopeful we can reach agreement by the end of the month,” the source, who spoke on condition of anonymity, told Reuters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Commodities

Turkmenistan officials due in Afghanistan as Taliban back TAPI gas pipeline

KABUL (Reuters) – Officials from Turkmenistan will visit Kabul this week to discuss continuing work on the TAPI pipeline linking the energy-rich Central Asian country through Afghanistan to Pakistan and India, the Taliban government said on Wednesday.

Published

on

Turkmenistan officials due in Afghanistan as Taliban back TAPI gas pipeline
© Reuters. FILE PHOTO: Workers stand near a gas pipe during the launching ceremony of construction work of the TAPI project on the Afghan section of a natural gas pipeline that will link Turkmenistan through Afghanistan to Pakistan and India, near the town of Serhet

KABUL (Reuters) – Officials from Turkmenistan will visit Kabul this week to discuss continuing work on the TAPI pipeline linking the energy-rich Central Asian country through Afghanistan to Pakistan and India, the Taliban government said on Wednesday.

The pipeline is expected to carry 33 billion cubic meters (bcm) of each year along a route stretching 1,800 km (1,125 miles) from Galkynysh, the world’s second-biggest gas field, to the Indian city of Fazilka near the Pakistan border.

“We have been working hard for some time and we are ready to take pride in starting work on the TAPI project,” Mohammad Issa Akhund, the acting minister of mines and petroleum in the new Taliban government, said in a statement.

The Afghan stretch of the pipeline will run from the northwestern border with Turkmenistan, south through the western city of Herat to Kandahar near the border with Pakistan.

Akhund met the ambassador of Turkmenistan ahead of a two-day visit by a delegation from the country that will start from Saturday, the statement said.

The project was launched in Afghanistan in 2018, when the Taliban was fighting the Western-backed government in Kabul, but it pledged its cooperation for a project it hailed as a key future element of the economic infrastructure.

Afghanistan, which suffers chronic energy shortages, is expected to take 5% of the gas itself, with the rest divided equally between Pakistan and India. In addition, Kabul should earn hundreds of millions of dollars in transit fees.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

Commodities

China traders hunt for coal price directions as Beijing reins in data providers

By Muyu Xu and Chen Aizhu

Published

on

China traders hunt for coal price directions as Beijing reins in data providers
© Reuters. FILE PHOTO: An aerial view shows machinery working in an open-pit coal mine in Ejin Horo Banner, Ordos, Inner Mongolia Autonomous Region, China, October 19, 2021. Picture taken with a drone. China Daily via REUTERS

By Muyu Xu and Chen Aizhu

BEIJING/SINGAPORE (Reuters) – Chinese coal traders say they are scrambling for price information on spot transactions, relying on personal communications as Beijing steps up scrutiny amid efforts to tame prices.

The country’s top economic planner, the National Development & Reform Commission said this week it would investigate coal and energy index providers over spreading “fabricated” price information. The agency is also studying a new mechanism to guide coal prices within a reasonable range over the long term.

The heightened scrutiny adds strains to the Chinese coal trading community, which is already struggling to keep up with rapid market and regulatory changes in the world’s top coal consumer. The pricing confusion also compounds the country’s worst power crunch in years, which is hampering industry while Beijing tries to lead a recovery from the pandemic.

Beijing has since September unleashed a raft of measures – from ordering mines to immediately boost production to liberalising thermal power pricing.

“We stopped reading domestic indexes for a while as they are confusing. We now just call up other traders to get the daily prices,” said a Guangxi-based coal trader, who like others interviewed for this story declined to be named because of the sensitivity of the matter.

China began tightening rules for commodity index providers in June to tame red-hot prices of products ranging from to iron ore. The recent move on coal intelligence providers was spurred by stubbornly high prices of the key electricity-generating fuel.

Benchmark Zhenzhou thermal coal futures last traded down 10% at 1,144 yuan around 0700GMT on Wednesday, in a sixth straight day of declines following Beijing’s cooling measures. But the price has still more than doubled this year.

(For graphic on China spot and futures coal prices – https://fingfx.thomsonreuters.com/gfx/ce/myvmngrgapr/Pasted%20image%201635302435018.png)

Data such as coal consumption at major power plants and stock levels at key ports was once available on providers’ websites or shared widely on social media.

That information has for months been either hidden behind paywalls or no longer published, traders said.

Instead, traders and analysts have had to rely on personal communications, or use international prices for a gauge.

“We’re now using free-on-board Indonesia prices plus shipping cost and others to calculate delivered prices at power plants, to have a rough clue,” said a Beijing-based power analyst.

Some providers continue to update spot coal transaction data using numbers barely changed from months ago.

“Some pricing indexes still put out daily assessments, but with prices that are way off real transactions,” said a Beijing-based coal trader. “There is almost no reliable prices indexes we can quote now.”

The China Coal Transportation and Distribution Association, which represents coal sellers and shippers, and is a data provider, on Wednesday posted online its reference prices of spot Bohai Rim thermal coal of 5,500 kcal at 946 yuan a tonne, unchanged since mid-August.

The website of consultancy Fenwei Digital Information Technology as of Wednesday also showed some coal prices unmoved at about 1,000 yuan a tonne since at least July.

By comparison, deals were made last week at the main spot trading zone Bohai Rim at over 2,000 yuan and the southern port of Guangdong at over 2,500 yuan, traders told Reuters.

A representative with the China Coal Transport and Distribution Association said it continues to update prices and declined to comment further. Fenwei declined to comment.

NDRC did not immediately respond to requests for comment.

Chinese data providers have been laying low since June, when Beijing issued new rules telling them to provide more transparency and consistency in their price setting.

The government in September banned Yulin Coal Trading Centre Corp, an influential firm in the major coal mining region of Shaanxi province, from publishing price assessments and market news.

“We stopped publishing domestic coal prices for several months. It’s hugely sensitive,” said a manager with a commodities price assessment agency in Beijing.

($1 = 0.1566 renminbi)

Continue Reading

Commodities

Japan PM’s nuclear push faces resistance ahead of election

By Sakura Murakami

Published

on

2/2
Japan PM's nuclear push faces resistance ahead of election
© Reuters. FILE PHOTO: An anti-nuclear activist demonstrates in front of the Tokyo Electric Power Company Holdings office in Niigata, Niigata Prefecture, Japan, October 21, 2021. REUTERS/Sakura Murakami

2/2

By Sakura Murakami

KASHIWAZAKI, Japan (Reuters) – Prime Minister Fumio Kishida’s push to restart Japanese nuclear power plants idled after the Fukushima disaster faces stiff opposition ahead of a general election on Sunday, where his future as leader hangs in the balance if the vote is tight.

A decade after triple meltdowns at Fukushima forced mass evacuations and a shut-down of the nuclear industry, Japan has restarted only a third of its 33 operable reactors.

Debate over whether to fire more of them back up is highly charged, with 40% of the population opposing the move.

It matters most in rural cities hosting the idled plants which had once relied on them for economic activity, such as Kashiwazaki, 265 km (165 miles) northwest of Tokyo – home to the world’s largest atomic power complex.

“The reason why we feel so strongly about this is because we feel the danger of the nuclear power plant – it hangs over our heads every day,” said Mie Kuwabara, a resident of a town close to Kashiwazaki and anti-nuclear activist.

Voters mostly care about economic recovery from the pandemic. But energy policy came into sharp focus last month, when Kishida beat a popular anti-nuclear candidate in the race for the Liberal Democratic Party (LDP) chief.

The architect of Kishida’s victory, party veteran Akira Amari, assumed a key party post and immediately pushed for restarts of 30 reactors while also promoting new, smaller reactors to replace ageing ones.

Amari says Japan must revert to nuclear power to meet its 2050 carbon neutrality pledge, avoid rapidly rising prices of imported coal and gas and to cut its reliance on other countries for energy needs.

Amari faces a tight race in his home district, where he is struggling to attract support from anti-nuclear junior coalition partner, Komeito.

Opposition to his plan is strong in Kashiwazaki too.

“This prefecture as a whole, even within the LDP, is united behind the idea that the nuclear power plant can’t be restarted,” said Mineo Ono, who runs the LDP’s local chapter where anti-nuclear proponent Taro Kono polled higher than Kishida in the leadership race vote.

Ono cited local distrust caused by what he called multiple mishaps by the plant’s operator, Tokyo Electric Power Holdings (Tepco).

The nuclear regulator upended plans for a restart of the Kashiwazaki-Kariwa plant, which can power 24 million households, in April, after identifying operational issues including faulty intruder detection alarms and the misuse of ID cards.

Nation-wide, restarts have been delayed by technical issues, lawsuits and regulatory reviews.

Tepco in an emailed statement apologised and said it would work to regain the trust of locals. It added that while nuclear energy is instrumental in achieving carbon neutrality, the time is not right to discuss restarts.

That poses a problem for the LDP, which polls show is on the brink of losing its simple majority, an outcome that would still let it cling to power thanks to the coalition with Komeito, but that may lead to a push inside the party to oust Kishida.

The government said in its latest energy policy on Friday it would double 2020 levels of renewable energy to 38%, but has maintained nuclear power will provide some 22% of the country’s energy by 2030, up from 6% in the 2018 financial year.

‘DIVIDING FACTOR’

Kashiwazaki, a town of 80,000, sits on the coast of the Sea of Japan. In the evening, buses unload workers maintaining the complex around the main train station.

“We host the world’s biggest nuclear plant, but that energy goes mostly to Tokyo and its surrounding regions. Locals feel deeply about that,” LDP’s Ono said. There is a ‘divide’ between the sentiment of the locals and people in Tokyo, he said.

A restart is critical for Tepco, which needs money to fund the clean-up at its Fukushima plant. Restarting Kashiwazaki-Kariwa would save an estimated $790 million per year in fuel costs, it says.

But even the local chamber of commerce, instrumental in wooing the plant which started operations in 1985, says it is tired of what it sees as Tepco’s repeated failures.

“It’s almost unbearable, seeing how shoddy they are,” said chamber of commerce chief Masao Saikawa.

To allay these fears, Kenichi Hosoda, the LDP candidate in the district who serves as the vice minister at the Ministry of Industry overseeing energy policy, has toned down his pro-nuclear message.

“Now is not the time to discuss the issue,” he told Reuters after a recent rally held near the plant.

In response to a question on why discussions on the nuclear plant have been toned down before the vote, local LDP leader Ono spoke of “a large group of swing voters who the candidates have to capture.”

“When it comes down to it, the issue of nuclear energy will be the dividing factor. It’s a fact that the nuclear element has an influence,” said Ono.

Continue Reading

News

Commodities4 hours ago

Turkmenistan officials due in Afghanistan as Taliban back TAPI gas pipeline

KABUL (Reuters) - Officials from Turkmenistan will visit Kabul this week to discuss continuing work on the TAPI pipeline linking...

Stock Markets4 hours ago

Turkey’s Erdogan says to discuss F-35 jets with Biden in Glasgow – Anadolu

ANKARA (Reuters) - Turkish President Tayyip Erdogan said problems over the F-35 jet programme will be the main topic at...

Stock Markets4 hours ago

Investment banks argue Hong Kong’s proposed SPAC rules are too rigid -sources

By Scott Murdoch and Alun John

Stock Markets4 hours ago

Sodexo eyes earnings acceleration with post-COVID recovery on the horizon

By Diana Mandia and Federica Mileo

Economy4 hours ago

Japanese insurers cautious on foreign govt bonds, shrug off dollar rally

By Hideyuki Sano

Economy4 hours ago

Equinor Q3 surges on gas and derivatives, boosting share buybacks

By Nerijus Adomaitis and Nora Buli

Stock Markets5 hours ago

Component shortages hamper sales growth at Assa Abloy as profit lags forecast

By Helena Soderpalm

Economy5 hours ago

Dollar edges lower, Australian dollar calms after inflation jump

LONDON (Reuters) - The U.S. dollar slipped as European markets opened on Wednesday, while the Australian dollar pared gains, having...

Stock Markets5 hours ago

Volkswagen labour leader lashes out at CEO ahead of board meeting

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p)'s labour leader took aim at Chief Executive Herbert Diess, accusing him of not taking an...

Commodities5 hours ago

China traders hunt for coal price directions as Beijing reins in data providers

By Muyu Xu and Chen Aizhu

Economy5 hours ago

Column: BoE hike would expose Treasury/Central Bank tangle

By Mike Dolan

Stock Markets5 hours ago

Electrolux’ profit falls, sees supply chain headwinds into 2022

STOCKHOLM (Reuters) -Sweden's Electrolux warned on Wednesday it may struggle to meet demand next year due to global supply chain...

Stock Markets5 hours ago

Puma raises sales outlook despite supply challenges

BERLIN (Reuters) - German sportswear company Puma increased its 2021 sales outlook on Wednesday even as it highlighted supply-chain pressures...

Coronavirus5 hours ago

China’s growing COVID-19 outbreak tests vulnerable border towns

BEIJING (Reuters) - China has reported nearly 250 locally transmitted cases of COVID-19 since the start of the current outbreak...

Cryptocurrency5 hours ago

Multi-chain NFT Game Duelist King Raises $1m to Advance Win-to-Earn Model

Duelist King, a cross-chain win-to-earn NFT game, has raised over $1 million after attracting investment from a number of renowned...

Stock Markets5 hours ago

Bottled water, vaccines and electric vehicles propel China’s biggest earners

(Corrects Country Garden's Yang Huiyan's title to co-chairwoman from vice-chairwoman in paragraph 9)

Economy5 hours ago

Britain’s Sunak tries to move on from pandemic with new spending

By William Schomberg

Stock Markets6 hours ago

Italgas boosts spending on grid as 9-month profits rise

(Reuters) - Italy's biggest gas distributor Italgas reported a 4.9% rise in core profits in the first nine months as...

Commodities6 hours ago

Japan PM’s nuclear push faces resistance ahead of election

By Sakura Murakami

World6 hours ago

Explainer: South Korea sees peace declaration as key to restarting North Korea talks

By Josh Smith

Forex6 hours ago

Dollar Edges Lower; Sterling in Focus ahead of U.K. Budget

By Peter Nurse

Stock Markets6 hours ago

Puma hikes sales outlook despite supply challenges

BERLIN (Reuters) - German sportswear company Puma increased its 2021 sales outlook on Wednesday even as it cautioned that a...

Stock Markets6 hours ago

Heineken beer sales lower than expected on Asia weakness

BRUSSELS (Reuters) - Heineken (OTC:HEINY), the world's second-largest brewer, on Wednesday reported a steeper than expected decline in third-quarter beer...

World7 hours ago

U.S. senators urge Biden to avoid India sanctions over Russian deal

By Sanjeev Miglani

Stock Markets7 hours ago

TP ICAP launches index to trade pace of climate change

By Simon Jessop

Stock Markets7 hours ago

French fashion company SMCP Q3 sales rise, reiterates 2021 target

PARIS (Reuters) - French fashion company SMCP, whose brands include Sandro and Maje, said on Wednesday that its third-quarter sales...

Stock Markets7 hours ago

BASF lifts profit guidance again on higher chemicals prices

FRANKFURT (Reuters) - Germany's BASF increased its 2021 earnings guidance on Wednesday for the third time as its large industrial...

Economy7 hours ago

Short-term yields leap with inflation, China tech drops

By Tom Westbrook

Stock Markets7 hours ago

UN urges G20 to ensure finance sector’s climate pledges are solid

By Simon Jessop

Commodities7 hours ago

Factbox: Which countries and blocs are major players at the Glasgow climate summit?

By Andrea Januta

Trending