Abstract: The fate of biobased and biodegradable cellulose-derived plastics in landfills represents an important topic from economic and environmental points of view. Anaerobic digestion is a costeffective waste-to-energy technology. The behaviour of six polymer types—that is, cellulose (C), cellulose acetate (CA), viscose (V), nanocellulose (NC), acetate textile (AT), and heteropolysaccharide pectin (P)—was studied under anaerobic batch mesophilic conditions in a landfill leachate for 147 days. The cumulative biogas production was as follows: C>V=CA>>AT>>NC=P. Metagenomic analysis revealed notable variations in the proportion of bacterial and archaeal domains with the highest archaeal abundance in the presence of CA (80.2%) and C (78.5%). At the end of digestion, cellulolytic, hydrolytic, and dehydrogenase activities were measured in the intact samples, as well as the liquid and solid fractions, under aerobic and anaerobic conditions. Cellulolytic activity in P was detected only in the pellet, while in NC, activity was mostly in the supernatant under both aerobic and anaerobic conditions. Scanning electron microscopy and confocal scanning laser microscopy showed a defragmentation and degradation of polymeric substrates as well as microbial colonisation. Based on the results, landfill leachate is appropriate for the anaerobic biodegradation of cellulose-derived polymers; however, the process is polymer specific.
By Alex Kimani - Oct 29, 2024, 7:00 PM CDT
China has seen very mixed fortunes from its commodities markets, which have been languishing under a long-running crisis in the property sector, according to The Global Treasurer. And while iron ore, the key raw material used to make steel, has been defying expectations of a slowdown, it’s not that simple.
In the first half of this year, Iron ore imports rose a robust 6.8% compared to the same period in 2023, reaching 611.18 million metric tons, up 35.05 million from the first half last year.
However, all that iron ore has not been going to make extra steel. Instead, it’s been used to rebuild inventories amid weak iron ore prices. Iron ore prices are down about 33% year-to-date and have fallen below $90 for the first time since 2022, again driven by the vicious cycle of weak Chinese fundamentals.
Meanwhile, China–the world’s biggest importer of crude oil–imported an average of 11.05 million barrels per day (bpd) in the first half of 2024, down 2.9% from 11.38 million bpd recorded in the previous year’s corresponding period. The decline in crude imports coincided with a period of rising oil prices, with Brent rising from $77 a barrel at the end of December to a high of $92 in April as OPEC+ deepened its voluntary production cuts.
Not surprisingly, China’s oil and steel industries are now in the red: the cumulative losses in the world’s biggest steel industry hit 34 billion yuan (S$4.76 billion) over the first nine months of the year, while China’s oil refining sector saw losses deepen to 32 billion yuan ($4.5 billion) over the period. Steel mills have been forced to slash output in a bid to protect margins while oil refiners are also cutting runs, with the rapid adoption of electric vehicles disrupting oil demand.
China’s imports of unwrought copper climbed 6.8% in the first half of 2024 to 2.763 million tons, again surprising to the upside. However, June's imports were 436,000 tons, down 15.2% from May's 514,000 and the weakest since February. Weakening copper imports coincided with benchmark London copper prices climbing to a record high of $11,104.50 a ton on May 20.
Chinese copper buyers ramped up imports during the period of lower prices, but started pulling back when prices soared.
A similar trend was observed in the coal market, with China's imports rising a strong 12.5% in the first half to 249.57 million tons thanks to seaborne thermal coal prices weakening.
Indonesian coal, a grade popular with Chinese utilities due to its higher energy density, ended at $52.70 a ton in July, nearly 10% lower in the year-to-date.
Beijing Boosts Stimulus Measures
It will be interesting to see how the Chinese economy and its commodity markets will respond to recent stimulus measures adopted by the People's Bank of China. A week ago, oil prices enjoyed a strong rally after Chinese banks adopted extra stimulus measures in a bid to spur economic growth. Back in September, the PBOC cut banks' reserve requirement ratio by 50 basis points and the benchmark seven-day reverse repo rate by 20 basis points, the most aggressive stimulus since the pandemic. Chinese banks built on that last week by cutting their benchmark lending rates by a more than expected 25 bp, a move expected to stimulate economic growth and boost energy demand by the world’s largest oil importer. The one-year loan prime rate (LPR) was lowered to 3.10% from 3.35%, surpassing expectations of a 20-bp cut while the five-year LPR was lowered to 3.60% from 3.85%, also higher than expectations of a 20-bp cut.
Weak oil demand by China has been playing a major role in the ongoing bearish sentiment in oil markets. Bloomberg estimates that total Chinese oil demand this year (Jan-Sep) is down -3.8% y/y to 13.99 million bpd.
Last week, the oil price rally reversed again thanks to a bearish economic report coming from China. China’s inflation data for September showed that consumer prices increased by a modest 0.4%, falling short of economist expectations of 0.6%. This marked the slowest price increase in three months, Reuters noted in its report. Whereas lower consumer prices are normally considered bullish for oil prices, the experts are interpreting China’s slowing inflation as a reflection of weaker demand that will continue to weaken as inflation slows.
“China faces persistent deflationary pressure due to weak domestic demand. The change of fiscal policy stance as indicated by the press conference yesterday (Saturday) would help to deal with such problems,” the chief economist of Hong Kong-based Pinpoint Asset Management told Reuters.
By Alex Kimani for Oilprice.com
Top executives from major U.S. pipeline companies say they are putting plans for new crude oil pipelines from the Permian Basin on hold due to slower-than-expected production growth and construction challenges.
The comments, made at an energy conference in Houston on Thursday, October 24, reflect a strategy shift for pipeline operators and Permian producers. With a wave of consolidation within the basin, oil companies are now prioritizing disciplined spending and maintaining steady output to avoid flooding the market.
Jim Teague, co-CEO of Enterprise Products Partners, said during the conference that his company was not interested in building a new pipeline from West Texas. This sentiment was echoed by Willie Chiang, CEO of rival operator Plains All American Pipeline, who noted that companies are more likely to optimize existing pipelines than build new ones.
Despite a decline in plans for new oil pipelines, existing infrastructure is seeing some expansion. Enbridge Inc. announced plans to increase capacity on its Gray Oak pipeline by 120,000 barrels per day (bpd) by 2026. Apart from Enbridge, Enterprise has indicated they may convert a natural gas liquids pipeline to carry crude oil.
Shale pipeline operator EPIC Consolidated Operations is also exploring a significant expansion. CEO Brian Freed stated they are considering increasing capacity on a pipeline from the Permian to South Texas by 300,000 bpd, although the timing of the project remains undetermined.
"Most of the producers out of the Permian, because of the consolidation, are taking a more measured pace," Freed added.
This shift in strategy reflects a change in producer behavior. Executives believe that Permian drillers are unlikely to return to the rapid growth phase that fueled pipeline construction in the past decade.
"A range of roughly $60 to $90 (per barrel) doesn't change their plans too much," said Chiang, suggesting that producers prioritize stable growth over maximizing output even with potential price increases.
Government estimates project a modest increase in Permian production of around 300,000 bpd in the coming years, which aligns with industry expectations.
"Consolidation has led most Permian producers to adopt a more measured approach," concluded EPIC's Freed.
BP PLC (BP) Q3 2024 Earnings Call Highlights: Strong Upstream Growth and Strategic Shareholder ...
GuruFocus News
Wed, October 30, 2024 at 7:08 AM GMT 3 min read
In This Article:
BP-5.44%
Release Date: October 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Negative Points
Q & A Highlights
Q: Can you discuss any changes in BP's strategy and the performance of the liquids trading business this quarter? A: Murray Auchincloss, CEO, stated that BP's strategic direction remains focused on being an integrated energy company (IEC), emphasizing returns and capital efficiency. The liquids trading performance was weak due to low market volatility, but overall trading is on track for an average year.
Q: What are BP's plans regarding share buybacks and divestments for 2025? A: Murray Auchincloss mentioned that BP is on track to meet its $25 billion divestment target by 2025, with $20 billion already announced. Kate Thomson, CFO, confirmed a $1.75 billion share buyback for Q4 2024, with further guidance to be provided in February 2025.
Q: How does BP plan to manage its balance sheet and net debt levels? A: Kate Thomson explained that BP's financial resilience is not solely about net debt but also about maintaining a strong earnings-to-debt ratio. The company is comfortable with its current balance sheet and plans to manage hybrid bonds thoughtfully.
Q: Can you elaborate on BP's upstream project pipeline and potential for volume growth? A: Murray Auchincloss emphasized BP's focus on value over volume, with the capacity to grow volumes if needed. The company is prioritizing cash flow and returns, with ongoing high-grading of its portfolio.
Q: What is the status of BP's transition growth engines, particularly in EV charging and biogas? A: Murray Auchincloss reported strong progress in EV charging, with 80% year-on-year growth and significant energy sales. In biogas, BP is leading the sector with multiple plants online, despite some challenges in Europe.
By Julianne Geiger - Oct 29, 2024, 3:51 PM CDT
Crude oil inventories in the United fell by 573,000 barrels for the week ending October 25, according to The American Petroleum Institute (API). Analysts had expected a build of 2.3 million barrels.
For the week prior, the API reported a 1.643-million-barrel build in crude inventories.
So far this year, crude oil inventories have slumped by just over 6 million barrels since the beginning of the year, according to API data.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1.2 million barrels as of October 25. SPR inventories are now at 385.8 million barrels, a figure that reflects an increase of about 38 million from its multi-decade low last summer, yet 249 million down from when President Biden took office.
At 4:30 pm ET, Brent crude was trading down slightly, off $0.16 (-0.22%) on the day at $71.26—down roughly $4.50 per barrel loss from this time last week. The U.S. benchmark WTI was also trading down on the day by $0.08 (-0.12%) at $67.30—down almost $5 per barrel from last Tuesday.
Gasoline inventories fell this week by 282,000 barrels, on top of last week’s 2.019-million-barrel decrease. As of last week, gasoline inventories are 3% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories fell by 1.463 million barrels, on top of last week’s 1.478-million-barrel decrease. Distillates were already about 9% below the five-year average as of the week ending October 18, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 320,000 barrels, according to API data, compared to the 216,000-barrel draw of the previous week.
CNOOC’s gas and power unit revealed this deal with PTT International Trading (PTTT) in a statement on Monday.
However, CNOOC Gas & Power did not provide further details regarding the transaction.
The company said this deal strengthened cooperation between China and Thailand’s state-owned oil and gas companies and facilitated the development of cross-border yuan settlement between both sides.
Thailand imports LNG via two import terminals operated by PTT.
These terminals include the first Map Ta Put LNG terminal (LMPT 1) with a capacity of 11.5 mtpa and the second Map Ta Phut LMPT2 LNG terminal, also known as the Nong Fab LNG terminal, with a capacity of 7.5 mtpa.
This deal follows at least three yuan-settled transactions CNOOC wrapped up last year.
In March 2023, CNOOC and France’s TotalEnergies completed China’s first yuan-settled purchase of LNG via the Shanghai Petroleum and Natural Gas Exchange.
The LNG cargo of some 65,000 tonnes was sourced from the United Arab Emirates.
After that, CNOOC and Singapore’s Pavilion Energy completed an international LNG trade settled in yuan in August, marking the first international LNG sale transaction settled in yuan.
Under this deal, CNOOC Trading (Singapore) supplied a cargo of 65,000 tonnes of LNG to Temasek’s unit in Hong Kong.
In addition, CNOOC and France’s Engie also finalized an international LNG trade settled in yuan under which Engie supplied a cargo of 65,000 tonnes of LNG to CNOOC.
https://lngprime.com/asia/chinas-cnooc-and-thailands-ptt-complete-yuan-settled-lng-deal/130752/
Despite lower international oil prices, Chinese state-held oil and gas giant CNOOC reported on Monday its highest-ever profit for the third quarter, on the back of record oil and gas production.
CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $5.2 billion (36.93 billion Chinese yuan) for the third quarter, up by 9% compared to the same period of 2023.
CNOOC focuses on oil and gas exploration and production and, unlike the other major Chinese state-owned oil giants such as PetroChina, it has much lower exposure to the refining sector, which has weighed this year on company profits amid weak refining margins and fuel demand.
The rise in CNOOC’s net profit was mostly attributed to record-high production and cost controls, more than offsetting weaker oil prices on international markets, which have reflected weaker Chinese oil demand than previously expected.
For the first nine months of the year, CNOOC boosted its net profit by 19.5% and revenues by 6.3% despite the decline in Brent crude prices, which averaged 8% lower in Q3 compared to a year earlier.
In the first three quarters of the year, “Under the same international oil prices, our net production and net profit have significantly increased, both reaching historic highs for the same periods in history,” CNOOC said.
Net production rose by 8.5% year-over-year to 542.1 million barrels of oil equivalent (boe), with output in China up by 6.8% to 369.2 million boe, mainly due to the production contribution from oil and gas fields such as Bozhong 19-6 and Enping 20-4.
CNOOC’s net production from overseas increased by 12.2% to 172.9 million boe, thanks to the production ramp-up at the Payara project in Guyana, where CNOOC is a partner of ExxonMobil and Hess in the development of the prolific Stabroek block.
CNOOC is contributing to the Chinese government’s plan to raise domestic oil and gas production. Between January and September, the company launched production at seven new projects offshore China.
By Tsvetana Paraskova for Oilprice.com
https://www.oilandgas360.com/chinas-oil-giant-cnooc-books-record-q3-profit-as-production-jumps/
(Reuters) – Phillips 66 posted a fall in quarterly profit on Tuesday, hurt by a slump in margins due to lackluster fuel demand.
The Houston-based refiner reported a net income of $346 million, or 82 cents per share, in the third quarter, compared with $2.1 billion, or $4.69 per share, a year earlier.
Refiners globally have seen a drop in profitability on soft consumer and industrial demand, especially in China, because of slowing economic growth and rising penetration of electric vehicles.
U.S. refinery margins, measured by the 3-2-1 crack spread, dipped to $14.28 in mid-September, the lowest since early 2021, on lackluster fuel demand.
Energy majors such as Exxon Mobil, BP and Shell said earlier this month they expect weaker refining margins to weigh on their earnings in the third quarter.
However, Phillips 66’s third-quarter adjusted profit came in at $2.04 per share, well above analysts’ average estimate of $1.66, according to data compiled by LSEG, partly aided by a stronger performance of its chemicals segment.
(Reporting by Seher Dareen in Bengaluru; Editing by Shinjini Ganguli)
29 October, 2024
Source: iranoilgas.com
Iraq's Ministry of Oil has finalized contracts for the "fifth-plus" and sixth oil licensing rounds with the successful companies.
Minister Abdul Ghani highlighted that these agreements, which cover the development of oil and gas fields and exploration blocks across several provinces, are poised to boost Iraq's production capacity by 800-850 million standard cubic feet (mmscf) of gas and 750,000 barrels of crude oil per day.
The Minister noted Iraq's substantial plans to develop untapped exploratory blocks and undeveloped fields in upcoming rounds, with an eye toward increasing the country's reserves of both oil and gas.
According to a statement, these new projects will ensure a stable supply of fuel for power generation, petrochemical industries, and various other sectors, while also creating numerous job opportunities for Iraqi graduates, skilled workers, and craftsmen across different provinces. Collaborations with both international firms and the private sector are expected to drive local employment and economic development.
Basra Oil Company signed the following development contracts:
Fao: United Energy Group (UEG)
Jabal Sanam: Geo-Jade
Maysan Oil Company signed:
Ad Daimah: KAR Group
North Oil Company signed:
Alan: KAR Group
Sasan: KAR Group
Dhi Qar Oil Company signed:
Sumer: Sinopec
Addan: Sinopec [Note that the Ministry of Oil had previously announced that Sinopec bid for the Addan block, but the price was not accepted by the Ministry.]
Abu Khema: Zhenhua Oil
Central Oil Company signed:
Middle Furat (Euphrates): Zhongman ZPEC
Northern Extension of East Baghdad: Zhongman ZPEC
Khliesiea: KAR Group
Qurnain: Zhenhua Oil
Zurbatiya: Geo-Jade
Dhufriyah: Anton Oil
This announcement does not mention the signing of a contract for Block 7, which was previously announced has having been won by China National Offshore Oil Corporation (CNOOC).
(Source: Iraq Oil Ministry)
CLEAN ENERGY: The Biden administration awards Tri-State Generation $2.5 billion in loans and grants to retire existing coal plants and develop and acquire new clean energy capacity for its member cooperatives in Colorado, Wyoming, New Mexico and Arizona. (Colorado Sun)
ELECTRIC VEHICLES: A nonprofit “green bank” launches a $250 million financing program to purchase about 500 electric trucks for freight companies serving the Long Beach and Los Angeles ports. (Canary Media)
LITHIUM: The U.S. Energy Department finalizes a $2.26 billion loan to the controversial Thacker Pass lithium mine under development in Nevada as part of the Biden administration’s effort to bolster the domestic battery supply chain. (Reuters)
UTILITIES:
Oregon regulators order NW Natural to phase out gas hookup and line extension subsidies by November 2027, saying the move could reduce utility bills and slow gas infrastructure buildout. (OPB)
(OPB) A multi-agency electrification program says it has hooked nearly 900 Navajo Nation homes to the grid since launching in 2019, with another 10,400 remaining. (Associated Press)
OIL & GAS:
Colorado elected officials urge the U.S. Supreme Court to uphold a lower court’s decision to overturn a proposed Utah oil-hauling railway’s federal approval, saying the trains endanger communities along the route. (Colorado Newsline)
California Gov. Gavin Newsom directs regulators to consider requiring refiners to increase ethanol blending in gasoline, claiming it could lower fuel prices without increasing emissions. (news release)
Activist and actress Jane Fonda urges Colorado residents and advocates to continue their fight for tighter regulations on a Denver-area petroleum refinery and other polluters. (Colorado Sun)
COAL:
Xcel Energy proposes adding 14,000 MW of wind, solar, natural gas and battery storage capacity by 2031 and considers nuclear for the long-term to replace a retiring Colorado coal plant and meet predicted demand growth. (Pueblo Chieftain)
Colorado regulators seek public input on Xcel Energy’s plan to remediate coal ash repositories and associated groundwater contamination at its shuttered Valmont plant near Boulder. (Daily Camera)
SOLAR: An Oregon farm launches an agrivoltaics project consisting of a mobile tracking solar-plus-storage array that shades cool-weather crops from climate change-driven heat. (Microgrid Knowledge)
BATTERIES: A developer brings an 80 MW battery energy storage system online in California’s Central Valley. (news release)
POLITICS: Observers say Nevada’s debates over clean energy development and lithium mining are not falling along political lines and are unlikely to affect voters’ choice for president. (E&E News)
NUCLEAR: A mining company’s proposed uranium mill in an economically depressed Utah town shows little progress even though commodity prices remain high. (Salt Lake Tribune)
More from the Energy News Network: Midwest | Southeast | Northeast | West
South Korean steel and chemicals group Posco Holdings Inc announced this week that it has completed construction of its first lithium hydroxide plant in Güemes, in Argentina’s Salta province.
In recent years, the Posco group has been positioning itself as a key global supplier of electric vehicle (EV) battery materials, including cathode and anode materials which have a high lithium content.
Argentina is part of the South American “Lithium Triangle”, an area rich in lithium deposits spanning the mountainous regions of Chile, Argentina and Bolivia. Posco acquired the mining rights for the Hombre Muerto Salt Pan in Salta Province in 2018 and subsequently established a local subsidiary, Posco Argentina.
Posco Argentina began construction of the Güemes plant, which has an annual production capacity of 25,000 tons of lithium hydroxide — enough for an estimated 600,000 battery electric vehicles (BEVs) — in 2022. The facility, located at an altitude of around 4,000 meters, extracts and processes lithium phosphate from adjacent brine lakes.
The company is also investing KRW 1 trillion (US$723 million) in a second 25,000 ton/year lithium hydroxide plant nearby and has plans for a third 50,000 ton/year facility later on, as it looks to strengthen its position in the global EV battery supply chain.
"Posco completes construction of lithium hydroxide plant in Argentina" was originally created and published by Just Auto, a GlobalData owned brand.
https://www.yahoo.com/finance/news/posco-completes-construction-lithium-hydroxide-100320743.html
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
JSW Group, one of India's leading industrial conglomerates, has announced a strategic partnership with South Korea's POSCO Group to collaborate on steel production, battery materials, and renewable energy initiatives in India. This partnership, formalized through a Memorandum of Understanding (MoU), aims to address India's rising demand for steel and support the country's ambitious energy transition goals. The centerpiece of this alliance is the establishment of an integrated steel plant in India with an initial production capacity of 5 million tonnes per annum (MTPA), as per a regulatory filing.
This facility will help meet India's rapidly growing steel demand, which is increasing at a pace that exceeds the country's GDP growth. As India emerges as one of the fastest-growing economies, this steel demand is expected to escalate, creating substantial opportunities for the sector.
The collaboration will extend beyond steel, venturing into the battery materials and renewable energy sectors. These initiatives align with the growth of electric vehicles (EVs) in India and the nation's efforts to meet its climate targets. JSW and POSCO will jointly explore developing battery materials for EVs, catering to India's evolving green mobility sector. Additionally, the companies plan to incorporate renewable energy solutions to power the proposed steel facility, underscoring a shared commitment to sustainability.
Sajjan Jindal, chairman of JSW group, said, "This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. Our partnership with POSCO strengthens JSW's commitment to drive that transformation. This JV also entails collaboration for renewable energy for a state-of-the-art integrated steel plant and for setting up an EV ecosystem in India. Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond."
Strengthening Economic Ties and Sustainability Efforts
Chang In‐hwa, chairman of POSCO said, "We are delighted to strengthen our ties with JSW Group. This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future."
The JSW-POSCO collaboration represents an important milestone in strengthening economic ties between India and South Korea. By increasing India's steel production capacity and enhancing renewable energy integration, the partnership is poised to make significant contributions to the industrial and sustainable development goals of both nations.
The US National Security Council is looking into recent purchases of uranium enriched in China by US utility Constellation Energy, two industry officials said Oct. 29.
As part of a panel session at the Nuclear Energy Institute's International Uranium Fuel Seminar in Kansas City, Scott Melbye, president of the Uranium Producers of America, said customs data shows that Russia started exporting large quantities of enriched uranium to China after its invasion of Ukraine in 2022 turned buyers away from Russian nuclear fuel. In turn, China has started sending "unusual" amounts of Chinese-enriched uranium to the US in recent years, he said.
The UPA and the US subsidiary of European enrichment company Urenco have asked the US Department of Commerce to look into the imports of Chinese enriched uranium to the US, saying it represents a circumvention of US laws including a recently implemented ban on Russian enriched uranium.
"The Biden White House has initiated an investigation," Melbye said. In an interview after the event, Melbye clarified that this was a reference to a National Security Council review. "What Constellation does, others follow," he added.
Western nuclear companies are in the process of seeking to disengage from Russia's state nuclear industry, which has supplied more than a third of uranium conversion and enrichment services globally. Not enough Western capacity is available to immediately replace Russian imports, and the US and other governments have sought to spur additional capacity through grants and bulk purchases in recent months.
The Russian Suspension Agreement, which ended an anti-dumping investigation of Russian enrichment services, has limited imports from Russia to about 15% of US reactor enrichment requirements. The Russian enriched uranium ban, which prohibits all imports after 2027 and sets a process for waivers allowing some material from August 2024 through the end of 2027, prohibits bringing in enriched uranium that was "exchanged with, swapped for, or otherwise obtained in lieu of" Russian enriched uranium "in a manner designed to circumvent the restrictions under this section."
Constellation Energy, which operates 21 nuclear reactors in the US, has been purchasing enrichment services from China for several years, Jeanne Tortorelli, director of nuclear fuel supply for the company, said during the panel session. She said the amounts have not been increasing and may be set to decrease and confirmed that her company had spoken to the Department of Commerce and the National Security Council, which are looking at the imports.
"There is a need to keep these [nuclear] plants running," Tortorelli said.
Constellation supports efforts to add US enrichment capacity and has signed long-term contracts to encourage such deployment as rapidly as possible, she added. "We've spent more than the US government has," Tortorelli said.
Constellation has purchased Chinese enrichment services since the late 2010s and "they've been a good business partner," she said.
Melbye said that according to Chinese custom's data, 174.9 mt of low-enriched uranium from China was sent to the US in 2023 after two years in which none was shipped. In 2024 so far, 123.9 mt has entered the US from China, he added.
Jack Edlow, president of Edlow International, a nuclear material logistics company which shipped the Chinese material to the US, said during the panel that another US utility may be preparing to purchase Chinese enrichment services. US buyers of enriched uranium in the form of uranium hexafluoride pay China only for the enrichment services used in the enriched uranium, returning the natural uranium component to China as part of a purchase, Edlow noted.
"We need to work together with China now until we can rebuild our fuel cycle sector," Edlow said.
Melbye said he wants a healthy US uranium conversion and enrichment industry free from dependence on Russia or China. Some in Congress support banning Chinese enriched uranium, he noted.
SINGAPORE: Chicago soybean futures rose for the first time in four sessions on Tuesday, with bargain-buying supporting prices, although abundant supplies from the freshly harvest US crop are likely to curb gains. Corn prices dipped, while wheat edged higher.
“Large global supplies of soybeans, US harvest and improved weather conditions in Brazil for planting next year’s crop are going to limit the upside in prices,” said one trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $9.87-3/4 a bushel, as of 0215 GMT, wheat gained 0.2% at $5.59-3/4 a bushel, while corn lost 0.1% to $4.10-1/2 a bushel.
US farmers have been harvesting the record-large 2024 soybean crop and the near-record corn crop at the fastest pace in over a decade, the US Department of Agriculture’s weekly crop progress report showed on Monday.
The USDA pegged the soybean harvest at 89% complete, as of Sunday, slightly below analysts’ expectations of 91%, while the corn harvest is 81% finished, above analysts’ expectations of 80%.
Brazil’s soybean planting for the 2024-25 season had reached 36% of the total expected area, as of Oct. 24, agribusiness consultancy AgRural said on Monday, up 18 percentage points from the previous week as weather conditions improved.
In the wheat market, increased showers for the US hard red winter wheat belt are expected to reduce dryness for the grain in the next 10 days and coming weeks, according to Commodity Weather Group.
Russian wheat prices dropped as weather in producing regions became more favourable, according to local consultancies.
The price of 12.5% protein Russian wheat, scheduled free-on-board (FOB) for delivery in November, was $232 per metric ton at the end of last week, a drop of $2, said Dmitry Rylko, head of the IKAR consultancy.
Commodity funds were net sellers of CBOT corn, wheat, soybeans, soyoil and soymeal futures contracts on Monday, traders said.
https://www.brecorder.com/news/40329528/soybeans-edge-higher-but-harvest-pressure-caps-gains
The deal would make the South African gold miner the world’s fourth largest producer of the precious metal as it hands it the key to the Sukari mine in Egypt.
Sukari is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.
The addition of the Sukari mine to its portfolio will increase AngloGold’s annual production by around 450,000 ounces, bringing its total output to 3.1 million ounces.
Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, and has a projected mine life of 14 years.
The acquisition of Centamin has already received clearance from Egypt’s competition authorities.
There is still one obstacle to overcome, AngloGold said, which is the approval of the scheme by the Jersey Court, withe the hearing scheduled for November 20.
Once the deal goes through, AngloGold shareholders will hold about 83.6% of the combined entity, while Centamin investors will own roughly 16.4% of the enlarged share capital.
The acquisition is the latest in a flurry of gold deals fuelled by record-breaking prices for the precious metal. It is also the latest blow to the London stock market, which has seen an exodus of companies over the past few years. The exchange has faced challenges since Randgold’s delisting after its merger with Barrick Gold in 2018, and the massive departure of Russian gold miners following Moscow’s invasion of Ukraine.
https://www.mining.com/anglogold-to-close-2-5-billion-centamin-buy-in-november/
Many investors define successful investing as beating the market average over the long term. But in any portfolio, there are likely to be some stocks that fall short of that benchmark. We regret to report that long term Sylvania Platinum Limited (LON:SLP) shareholders have had that experience, with the share price dropping 57% in three years, versus a market return of about 15%. And more recent buyers are having a tough time too, with a drop of 35% in the last year. The falls have accelerated recently, with the share price down 17% in the last three months.
Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
During the three years that the share price fell, Sylvania Platinum's earnings per share (EPS) dropped by 58% each year. In comparison the 24% compound annual share price decline isn't as bad as the EPS drop-off. So the market may not be too worried about the EPS figure, at the moment -- or it may have previously priced some of the drop in.
We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. This free interactive report on Sylvania Platinum's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.
What About Dividends?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Sylvania Platinum's TSR for the last 3 years was -45%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
https://finance.yahoo.com/news/sylvania-platinum-lon-slp-shareholders-142905498.html
Next week could be another make or break moment for the copper price in a highly anticipated meeting of the Standing Committee of China’s National People’s Congress, the country’s highest lawmaking body, scheduled for 4–8 November.
Copper markets will be hoping for more detail of the scale and nature of Beijing’s stimulus measures, but in a note the copper service of Benchmark Mineral Intelligence points out that the announcement did not mention debt or fiscal policy on the agenda, so it remains to be seen how forthcoming policymakers are with details:
“If the meeting fails to shine further light on the scale of fiscal stimulus, we expect copper prices to come under renewed pressure. We note that copper prices have trended significantly above their implied relationship with the USD index since the announcement of China’s stimulus ‘blitz’ in late September.
“If Chinese authorities follow through on the market’s expectations, we could see a permanent step-change in this relationship (just like we did post-COVID). Conversely, if the market loses faith in China’s stimulus efforts and deems them inadequate or superficial, our regression analysis suggests that copper stands to drop by close to $1,000 per tonne.”
https://www.mining.com/chart-copper-price-is-being-held-hostage-by-beijing/
Emerging explorer FireFly Metals (ASX: FFM) has confirmed a 42% upgrade to the mineral resource estimate (MRE) at its Green Bay copper-gold project in Canada.
The total measured and indicated resource now sits at 59 million tonnes grading 2% copper-equivalent for 1.2Mt of contained metal across two deposits at Little Deer (9.1Mt at 2.0% CuEq) and the underground Ming mine (containing 49.9Mt at 2.0% CuEq).
Copper is the dominant contained metal – totalling 1Mt – and has increased by 39% on the original MRE, alongside 550,000 ounces of gold (up 48%) and 5.4Moz of silver as co-products (up 57%).
Low-cost strategy
The MRE upgrade was driven by a low-cost, rapid resource growth strategy implemented by FireFly after it acquired Green Bay in October 2023.
Over 1,400 metres of underground development has since been established at Ming, allowing for drill rig positioning to effectively test down-plunge extensions of the high-grade volcanogenic massive sulphide (VMS) mineralisation and broad footwall copper stringer zone (FWZ).
Up to four rigs have completed approximately 40,000m of diamond drilling to date over a 2-kilometre strike length, with the VMS and FWZ remaining open and indicating probable extensions to the mineralisation.
The total discovery cost per estimated tonne of copper-equivalent metal added to the resource is reported to be an industry-low $79/t.
Genuine scale
Managing director Steve Parsons said the resource upgrade confirmed Green Bay’s global status as a fast-growing, high-grade copper project with genuine scale.
“To achieve such immense growth in a short time and at such little cost highlights the top-shelf quality of this project, as well as the skill of our team and commitment to multi-rig drilling programs,” he said.
“These same factors will drive the next round of resource growth, enabling us to capitalise on the open nature of the mineralisation and the potential for new discoveries.”
FireFly has planned a total 130,000m campaign to extend the resource and convert inferred areas to indicated for inclusion in future mining studies, with resource updates in the new year expected to include high-grade copper- and gold-rich massive sulphide lenses and potential resource extensions.
https://smallcaps.com.au/firefly-metals-42-percent-resource-upgrade-green-bay-copper-gold-project/
The first shipment of copper concentrate from the Mantoverde Mine in Chile, in which Mitsubishi Materials Corporation ("MMC") holds a 30％ interest, arrived at our Naoshima Smelter & Refinery (Naoshima Town, Kagawa County, Kagawa Prefecture). On October 24, a ceremony was held at the smelter in the presence of Capstone Copper, our partner in the mine, and MMC's management and representatives.
After MMC acquired interest in the Mantoverde Mine in 2021, we began collaborating with our partner Capstone Copper on a deep sulfide ore development project. Production of copper concentrate commenced in late June 2024, with commercial production starting in late September 2024.
The produced copper concentrate is anticipated to be clean with low impurities and MMC has the right to offtake 30％ of the copper production.
We will strive to enhance our corporate value by working to acquire interests through continuous mining investment and to secure a stable supply of copper concentrate, which are the business strategies of the Metals Company in the Medium-term Management Strategy FY2031.
Overview of the Project
Property holder MMC (30％), Capstone Copper (70％) Location Atacama Region of Chile / Approx. 50 km from coastline, 880 m.a.s.l. / Desert area with extremely low rainfall, but with seawater desalination equipment in place Total mineral resources 5,700,000 t Cu Total mineral reserves 2,100,000 t Cu Mining method Open pit Total copper production 1,700,000 t Cu over mine life Mine life 2042
[Related release]
July 1, 2024
First Copper Concentrate Production at Mantoverde Copper Mine in Chile
URL: https://www.mmc.co.jp/corporate/en/news/2024/news20240701.html
February 12, 2021
Notice related to the completion of the acquisition of a minority stake in the Mantoverde copper mine in Chile
URL: https://www.mmc.co.jp/corporate/en/news/2021/news20210212.html
https://www.mmc.co.jp/corporate/en/news/2024/news20241028.html
Crude steel production among the 71 countries reporting to the World Steel Association (WSA) posted an uptick of 0.5% on year to reach 469.1 million tonnes in the first quarter of this year, according to the association’s release on April 23.
For March alone, the 71 countries churned out 161.2 million tonnes of crude steel, down 4.3% on year, the WSA data found. However, last month’s output reversed up by 7.8% from February, Mysteel Global calculated.
China – the world’s largest steelmaking country – logged a 1.9% on-year fall in crude steel output to 256.6 million tonnes over January-March, according to the release. Notably, the country’s crude steel output declined by 7.8% on year to 88.3 million tonnes in March.
India held its spot as the world’s second-largest steelmaking country with its crude steel output standing at 37.3 million tonnes and 12.7 million tonnes respectively for Q1 and March, up 9.7% and 7.8% on year, the WSA statistics show.
Crude steel production in the third-largest steel-producing country Japan dipped by 0.8% and 3.9% on year to record 21.5 million tonnes and 7.2 million tonnes respectively for Q1 and March, according to WSA.
Among the top 10 steelmaking countries, Türkiye was the only one that posted double-digit on-year gains for both the first three months and March, Mysteel Global notes, with volumes jumping by 28.4% and 18% respectively on year to 9.5 million tonnes and 3.2 million tonnes.
Written by Rong Zhang, Mysteel
American steelmaker Nucor has announced an increase in its weekly spot price (WSP) for hot-rolled coils by $20 per tonne compared to the previous week, up to $740 per short tonne. This is evidenced by the company’s data.
Nucor’s hot rolled coil supply increased for the first time since mid-September and reached its highest level since early June 2024. The decision was expected, as US Steel announced a $30/tonne price increase for flat products at the end of last week. Steel producers are testing the market and opportunities to raise prices in this way.
As of October 25, prices for hot-rolled flat products in the US were at $690-700 per short tonne, and for cold-rolled flat products at $960-1000 per tonne. Quotes remained unchanged from the previous week. At the same time, the market is likely to adjust this week amid rising prices from US Steel and Nucor.
In October, prices for hot-rolled steel in the US fell for the first time after a long gradual rise since July. Supply declined amid market uncertainty. Although demand is sufficient, consumers are not confident about the need to build up significant stocks for November-December.
As GMK Center reported earlier, in September 2024, the United States reduced imports of rolled steel by 8% compared to August this year, to 1.69 million tons. Total steel imports (rolled products and semi-finished products) decreased by 10.3% month-on-month – to 2.13 million tons.
Singapore – Dalian iron ore futures climbed on Monday to their highest in more than a week, as renewed expectations of further stimulus from China overshadowed concerns about the top consumer’s faltering economic recovery and steel demand.
The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 2.35% higher at 783.5 yuan ($109.92) a metric ton.
The contract had earlier risen as much as 3.33% to 793.0 yuan, its strongest level since Oct. 17.
The benchmark December iron ore on the Singapore Exchange was 1.73% higher at $103.05 a ton, as of 0718 GMT.
Markets are now pricing in expectations of fiscal stimulus from China’s upcoming legislative meeting, said Atilla Widnell, managing director at Navigate Commodities.
However, China’s finance ministry has “potentially mistakenly set expectations too high”, with markets incorrectly interpreting the meeting as Chinese government spending and fiscal support for domestic construction and infrastructure projects, Widnell added.
While steel demand from end-users remains lacklustre, prices of major steel products may stabilise and rebound this week on stimulus expectations, Chinese consultancy Mysteel said.
China’s top legislative body will meet from Nov. 4-8, but there was no mention on the agenda of highly anticipated debt and other fiscal measures.
Earlier today, the People’s Bank of China launched a new lending tool to inject more liquidity into the market and support credit flow, as the bank remains under pressure to do more to hit Beijing’s economic growth target of 5% this year.
Meanwhile, China’s September industrial profits plunged, recording this year’s steepest monthly decline, due to factors such as insufficient demand and a sharp decline in producer prices.
Other steelmaking ingredients on the DCE leapt, with coking coal and coke rising 4.14% and 4.61%, respectively.
Steel benchmarks on the Shanghai Futures Exchange advanced further. Wire rod jumped 4.12%, rebar and hot-rolled coil climbed about 2.65%, and stainless steel ticked 0.4% higher.
($1 = 7.1282 Chinese yuan)
(Reporting by Gabrielle Ng; Editing by Sumana Nandy)
New Delhi, Oct 29 (PTI) Robust prices and resilient domestic demand will drive the performance of domestic base metal companies in the ongoing financial year, rating agency ICRA said on Tuesday.
Base metals are non-ferrous industrial metals including copper, aluminium, lead, nickel, tin and zinc.
According to ICRA’s latest research, “international base metal prices rose by 12-14 per cent in 7M FY2025 compared to the same period last year”.
While potential downside risks in the second half of FY’25 cannot be ruled out, low inventories and ongoing supply constraints are likely to limit any sharp price corrections during this period.
Additionally, the stimulus announced by the Chinese government along with interest rate cuts in the US are supporting metal prices, the rating agency said in a statement.
In the domestic market, while the coal costs remain stable, the rising alumina costs, due to supply constraints, pose a near-term concern for the non-integrated aluminium players.
ICRA said that it projects the buoyant metal prices to support the operating margins for domestic non-ferrous metal companies in FY25. The domestic demand for base metals registered an expansion of 10-13 per cent during FY23 and FY24, led by increased consumption from end-user sectors, particularly infrastructure, electrical, and renewable energy.
Demand for non-ferrous metals is likely to show a growth of 7-10 per cent in FY25, surpassing the global demand growth forecast of two per cent by a wide margin. PTI SID SID MR
Domestic European hot-rolled coil prices remained largely stable Oct. 28, as weak demand from end-users put downward pressure on prices.
Many market participants were left with “mixed feelings” in the aftermath of the EuroBlech steel fair in Hannover last week, a Germany based mill source said. Despite higher offer levels from European mills, market restocking requirements remained low, contributing to weak demand.
The source explained that “the Steel industry needs to increase prices as it is currently in a dangerous zone.”
An Italy based service center source supported this view, highlighting bearish sentiment in the domestic Italian market. According to sources, market activity seems to be slowing down slightly.
Platts assessed Northwest European HRC at Eur560/mt ex-works Ruhr Oct. 28, down Eur15 on the day.
Deals were reported at Eur560/mt ex-works Ruhr, and delivered Germany. Offers were reported at Eur580-640/mt ex-works Ruhr.
Platts assessed domestic HRC in Southern Europe at Eur550/mt ex-works Italy, stable on the day.
The spread between import and domestic European prices continued to narrow. A Germany based service center source said that some import prices are more expensive than domestic European mill prices.
Platts assessed imported HRC in Northwest Europe at Eur515/mt CIF Antwerp, stable on the day.
Platts assessed imported HRC in Southern Europe at Eur535/mt CIF Italy, stable on the day.
Platts is part of S&P Global Commodity Insights.
Anais Dolan
https://eurometal.net/eu-hrc-prices-largely-stable-despite-higher-mill-offers/
The operating income of these enterprises during the period decreased by almost 7% on an annual basis
In January-September 2024, the operating income of China’s key steel mills monitored by the China Iron and Steel Association (CISA) decreased by 6.9% y/y – to RMB 4.54 trillion ($0.64 trillion). This is reported by SteelOrbis.
The gross profit of these enterprises amounted to 28.98 billion yuan ($4.1 billion), which is 56.4% less year-on-year.
Jiang Wei, vice president and secretary general of CISA, said that the Chinese steel industry is facing a contradiction between supply and demand. Steel production in the country has fallen slightly, but it still does not meet domestic demand, which is declining at a faster pace.
According to Jiang Wei, the Chinese steel market has not yet formed a new dynamic balance of supply and demand, while steel producers are in a production momentum. However, steelmakers must maintain self-discipline and keep production capacity utilization at a reasonable level.
In addition, according to the Global Times, CISA cites the growth of protectionism in international trade and high raw material costs as problems for the industry. In particular, according to the association, the number of anti-dumping and countervailing investigations against Chinese steel products in 2024 reached 23, and by the end of the year there may be more than 25.
High raw material costs, in turn, lead to a further decline in the profitability of steel companies.
As GMK Center reported earlier, apparent steel consumption in China fell by 6.2% year-on-year in the first nine months of this year. According to WorldSteel’s forecast, demand for steel in the country will decline by 3% this year and by 1% in 2025.
