Embosal, a leading manufacturer of steel tubes and pipes based in Ras Al Khaimah, has announced plans to build an integrated hot-rolled coil (HRC) steel plant with an annual production capacity of 1.2 million tonnes.
Production is scheduled to begin by the end of 2027.
Embosal - through its key units Embosal Tube Mills and Embosal Steel Mills - acts as the primary manufacturing/production arm, producing large-scale steel tubes, pipes (ERW, LSAW, SSAW), and hollow sections.
The Emirati group said the new facility will cover the entire steelmaking process - from scrap melting, slab production and slab reheating to hot-rolling processes.
The plant is designed to produce hot-rolled steel coils with a maximum width of 1,250 mm and thicknesses ranging from 3 mm to 25.4 mm. Its planned product range includes steel grades from S355J2 to API 5L X80, it stated.
Designed as a lower-emission "green steel" project, the facility is projected to generate carbon emissions of 0.9 tonnes of carbon dioxide equivalent (〖"CO" 〗_2 "e" ) per ton of steel produced.
"The facility will also have the capability to manufacture stainless steel and aluminium coils, although production of those products is not a priority," said a company spokesman ahead of its participation at the Water, Energy, Technology and Environment Exhibition (WETEX) 2026 in Dubai.
By N Saeed
Iraq produced nearly 834 million barrels in the first nine months of 2026, an average daily output of about three million barrels, according to a local think tank.
Production peaked in September at nearly 4.1 million barrels per day (bpd) after Iraq exported more crude through foreign oil companies in exchange for high discounts.
“Iraq’s oil output reached 834.7 million barrels during the first nine months of this year despite the current regional situation,” Eco Iraq centre said.
Production averaged around 4.09 million bpd in January and 4.1 million bpd in February before it plunged to nearly 1.9 million bpd in March and 1.6 million bpd in April.
The centre said output dropped to its lowest level this year to about 1.4 million bpd in May before recovering to 1.5 million bpd in June, 2.9 million bpd in July and around 3.7 million bpd in August.
The report gave no figures for Iraq’s oil exports but they were far below than actual production due to the closure of Hormuz Straits. The Oil Ministry said crude exports dived to one of their lowest levels of just around 200,000 bpd.
(Writing by N Saeed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
UK North Sea oil and gas producer Ithaca Energy has launched a search for a new chief executive after Luciano Vasques announced plans to retire by March 31, 2027.
The company said its board has begun identifying a successor, with a further announcement to follow in due course to allow an orderly transition of responsibilities.
Vasques has led Ithaca Energy since October 2024, when he took the helm following the company’s transformational combination with Eni’s UK upstream oil and gas business.
His departure comes after a period of significant expansion for the London-listed producer, including its entry into the FTSE 100 index in September this year.
“I believe the Company is in excellent shape and that now is the right time for me to retire and hand over the reins,” Vasques said.
The leadership change also comes shortly after Ithaca announced a $860m deal to acquire offshore oil assets in eastern Canada from Suncor Energy, with up to $250m in additional payments linked to oil prices. The transaction, expected to close in the first half of 2027, marks the company’s first international acquisition.
Vasques joined Ithaca after serving as managing director of Eni UK, where he oversaw the acquisition and integration of Neptune Energy’s UK business.
Before that, he headed Eni’s Central Asia operations, overseeing the Italian energy major’s interests in Kazakhstan’s giant Kashagan and Karachaganak oil and gas fields.
The industry veteran has more than 30 years of experience in technical, operational and executive roles. He also serves on the board of Offshore Energies UK, the country’s offshore industry body.
https://splash247.com/ithaca-energy-chief-executive-to-retire/
The resumption of Russian diesel fuel supplies to the United States should not lead to price increases at domestic gas stations: after refineries completed repairs, there was a surplus of products in the country. This was stated by Deputy Prime Minister Alexander Novak, explaining why Russia again needed exports.
According to Novak, domestic fuel demand is about 3.5–4 million tons per month, while the production capacities of Russian refineries allow them to produce approximately twice as much diesel as is needed domestically. Surpluses can be sent abroad without reducing oil refining due to a lack of storage space for fuel.
In order for our plants not to reduce processing volumes, since there is nowhere to store surpluses, we must supply volumes to the world market. Alexander Novak, Deputy Prime Minister of Russia
The authorities call the supply of Russian consumers a priority and expect to export only volumes not in demand domestically. Previously, restrictions on diesel exports were introduced to protect the domestic market amid refinery repairs. After the situation improved, exports were partially allowed again.
The agreement on supplies of Russian diesel to the American market was discussed by Presidents Vladimir Putin and Donald Trump on October 9. According to published plans, the volume of supplies should increase in stages: more than 300 thousand tons in October, 500 thousand tons in November, then another 1 million tons. With stable refinery operations, exports could potentially grow to 3 million tons.
Russian exporters and American buyers are agreeing on the commercial terms of contracts. According to Novak's estimate, after their signing, fuel delivery to the United States will take 15–20 days. The Deputy Prime Minister emphasized that exports should not affect prices at Russian gas stations, as the domestic market is supplied with fuel.
In the Middle East, clashes between Saudi Arabia and Iran-backed Houthi rebels showed little sign of easing.
A Saudi helicopter reportedly crashed near the Yemen border, while the Houthis targeted Yanbu, a major oil export hub.
Over the weekend, three tankers were also damaged in the Strait of Hormuz, adding to concerns about one of the world’s most strategically important shipping routes.
Iran’s Islamic Revolutionary Guard Corps navy maintained that the waterway remained closed and that vessels could pass only with its authorisation.
Meanwhile, supply risks have also intensified in Europe with Ukrainian attacks triggering fires at an oil export terminal and a storage depot in St Petersburg on Sunday, as Kyiv launched more than 1,000 drones at Russia in one of the war’s largest aerial offensives.
In Washington, US President Donald Trump said he had reached a diesel export agreement with Russia and delayed further sanctions so as not to undermine peace negotiations with Ukraine.
For Australians, the immediate concern is what this means at the bowser.
For financial markets, stronger oil prices may boost sentiment around local energy stocks such as Santos and Woodside.
But for consumers, the outlook is far less positive.
Critical Minerals Group has launched a placement and share purchase plan to raise up to $2.05 million to kick off definitive feasibility study workstreams for its Lindfield vanadium project.
These include a pre-wet season drilling program, bench-scale metallurgical testing, and advancing environmental and mining lease approvals.
M Resources founder Matt Latimore is increasing his holding in the company through the placement to become a substantial shareholder.
Meanwhile Bowen Coking Coal founder and fellow M Critical Minerals executive Gerhard Redelinghuys (an existing substantial shareholder) has committed to subscribe for about $266,320 worth of shares and has been appointed as a non-executive director of the company.
“Gerhard’s appointment strengthens CMG’s board as the company continues to progress the Lindfield vanadium project and associated vanadium electrolyte plant towards a final investment decision,” Critical Minerals Group (ASX:CMG) chairman Alan Broome said.
“His perspective will be valuable as CMG evaluates opportunities to advance its strategy and pursue disciplined growth.”
Mr Redelinghuys will stand for election by shareholders at the company’s 2026 annual general meeting and his participation in the placement is also subject to shareholder approval.
Cornerstone shareholder Idemitsu Lindfield – which holds more than 33 per cent of CMG’s shares – has reaffirmed its support for the company, committing to subscribe for about $694,059 worth of shares under the placement.
The Idemitsu subscription forms part of the offer target of up to about $2.05 million. Idemitsu will reduce its subscription as required once applications from others are known so that the total raised under the offer does not exceed the target and Idemitsu does not increase its voting power in contravention of the Corporations Act.
Critical Minerals Group released pre-feasibility study results in July for the Lindfield vanadium project. The project comprises the development of an integrated open-cut vanadium mine near Julia Creek in North West Queensland (see map below) and a vanadium electrolyte manufacturing facility at the Parkes Special Activation Precinct (SAP) in central New South Wales.
The PFS for a 3Mtpa mine development confirmed a pre-tax net present value of $821 million and a pre-tax internal rate of return of 26.6 per cent over an estimated 31-year mine life. The Lindfield mineral resource estimate underpinning this stands at 713 million tonnes at 0.32 per cent vanadium pentoxide.
https://industryqld.com.au/funds-boost-to-take-vanadium-project-to-next-level/
The enforcement action reveal the complex legal and regulatory challenges accompanying China's multi-billion-dollar mineral expansion in central Africa.
DR Congo detains 300 Chinese nationals in copper hub crackdown
Security forces from Congo's National Security Council and immigration authorities carried out a targeted operation in the mining hub of Kolwezi, taking around 300 Chinese workers into custody.
According to a report by miningmx, officials conducted the arrests over "their alleged involvement in illegal mining on concessions belonging to other companies".
While massive Chinese investments have allowed the Democratic Republic of the Congo to triple its copper output since 2015 (becoming the world's second-largest copper producer) unauthorized mining on private corporate concessions remains a persistent challenge.
Following formal diplomatic intervention by the Chinese embassy in Kinshasa, local authorities released several of the detained workers.
China beats the US in securing Africa's critical minerals supply chain
Beijing's long-term industrial planning has given state-backed companies a decisive lead over Western rivals in controlling raw materials needed for electric vehicles, defense systems, and clean energy technology.
China currently commands over half of global critical minerals production and roughly 87% of global processing and refining capacity.
In a report published by the Africa Center for Strategic Studies, expert Paul Nantulya notes that "China has gained a dominant position in Africa's critical minerals sector through long-term investments in mining and refining capacity".
Within 20 years, Beijing channeled approximately $24 billion in transition mineral loans and credit to African nations, acquiring major mining assets in countries like Botswana, Mali, Tanzania, and the Democratic Republic of the Congo.
Published on19 Oct 2026
Created by Gonzalo De Olazaval - Global Head of Metals and Minerals
Marking the start of LME Week 2026, Gonzalo shared his reflections on the global metals market and what's changed over the past year.
Around the world, governments want metals to be more local. They are pursuing more domestic production, more domestic processing, shorter supply chains and strategic stockpiles.
The physical market is moving in the opposite direction. Nearly half of all metals produced globally are now traded across borders. Over the past year, the minerals and metals Trafigura traded travelled more than 80 million kilometres, almost 2,000 times around the world.
Why is the world becoming more connected when many want it to be less so? The answer lies in how demand and supply have changed.
The map of demand has changed
New strategic industries are replacing traditional sectors as the main drivers of metals demand growth. Over the last five years, electric vehicles, solar panels, wind power and batteries have reshaped consumption patterns. This year, artificial intelligence is the new industry in focus. More than USD1 trillion is expected to be invested in data centres in 2026. That is roughly ten times the capital expenditure of the world's 100 largest miners last year.
These industries are not concentrated in one country. For over two decades, almost all growth in metals consumption came from China. Today, demand outside China is growing two to three times more quickly. Metals demand now comes from more industries and more regions, and that diversity increases the need for cross-border trade.
The risks above ground
The key question is, can supply keep pace? The honest answer is not without difficulty.
For most of the industry's history, the main concern was what lay underground. Today, some of the greatest risks are above ground: permitting, infrastructure, community relations, taxation, export restrictions and, sadly, conflict in many parts of the world.
In some cases, the industry has also not invested enough. Zinc mine production is lower today than in 2015. Constrained mine supply puts pressure on zinc smelters. That has consequences for critical metals such as germanium and indium – byproducts of zinc smelting – where demand is increasingly driven by energy, technology and military security.
Each of these risks holds back the growth of the sectors that depend on metals.
Korea’s only copper smelter may reduce concentrate purchases and boost recycling as low treatment charges pressure margins and supply chains.
PUBLISHED October 20, 2026 - 9:00 a.m.
LS MnM is considering reducing copper concentrate purchases amid raw material shortages and low treatment charges, while seeking to prioritize deliveries to long-term customers.
The company said Monday it is reviewing adjustments to copper concentrate procurement volumes to prioritize profitability, taking into account concentrate purchase terms, market conditions and operational efficiency.
LS MnM is Korea's only company specializing in copper smelting. It operates the Onsan Smelter, which has an annual capacity of 680,000 tons of refined copper.
The company is considering increasing the use of recycled materials to lessen the impact of potential production cuts. Other plans include improving the recovery of precious metals and byproducts, as well as expanding its battery materials development business.
The plans come as growth in copper mine production slows while smelting capacity expands, pushing treatment charges lower as competition intensifies. Global copper mine production is projected to grow 1.3 percent this year, according to the International Copper Study Group (ICSG) last Wednesday. This marks the third consecutive downward revision from 2.3 percent in October 2025 and 1.6 percent in April. Global copper concentrate production between January and July also fell 2 percent compared to the same period the previous year.
But global copper smelting capacity increased by about 3.4 million tons over 2024 and 2025 to reach 29.1 million tons, according to the ICSG. The increase is roughly four times the 860,000-ton rise in mine production over the same period.
LME Week 2026, which began in London on Monday, brings together mining companies, traders and smelters to discuss recent market developments.
One concern is that LS MnM's reduction in copper concentrate purchases could lower its output of copper cathode and sulfuric acid, its main products. The company said it will manage sales volumes and supply plans, while prioritizing deliveries to key long-term clients. Detailed supply plans will be set by taking into account future production levels, market conditions and supply arrangements for individual customers.
“Rather than maintaining throughput by purchasing raw materials on unfavorable terms, we are carefully considering how to protect profitability through reasonable adjustments to raw material intake,” an LS MnM spokesperson said. “Through flexible operations aligned with commercial terms, we aim to minimize the impact on earnings.”
The company hopes to use LME Week 2026 as an opportunity to discuss with copper concentrate suppliers.
“We will identify the best operating approach by considering not only profitability but also the impact on our customers and partners, so that supply chain stability is not compromised,” the spokesperson added. “We hope LME Week 2026 will provide an opportunity to broaden understanding of supply-demand imbalances in the copper concentrate market and help miners and smelters explore mutually sustainable commercial terms.”
Halina Yermolenko
The new bid price is $1,255 per short tonne
The American steel producer Nucor has increased the spot price (CSP) for hot-rolled coils by $15 per short tonne compared with the previous week. This is stated in the company’s letter to customers dated 19 October.
The new bid price stands at $1,255 per metric tonne. Prior to this, the bid had remained at $10 per short tonne for five consecutive weeks.
The CSP price for the California Steel Industries (CSI) joint venture also rose by $15 per short tonne, to $1,320/t.
According to the company’s statement, delivery times remain unchanged — between three and five weeks.
According to Kallanish, as at 16 October, the domestic price for hot-rolled coils in the US stood at $1,220–1,300 per short tonne. During the corresponding week in 2025, spot prices for HRC ranged from $825 to $865 per short tonne.
It is worth noting that domestic steel prices in the US have risen to their highest level in over four years. The main factor behind this rise was the restriction on imports resulting from the introduction of trade tariffs by President Donald Trump. This has supported local producers, but has significantly increased costs for American industrial enterprises. According to Fastmarkets, the price of hot-rolled coil has risen by 52 per cent over the past year, reaching $1,255 per short tonne. This figure was last recorded in May 2022.
As reported by GMK Center, the global hot-rolled coil market showed mixed trends in September 2026. In the United States, prices rose steadily due to limited spot supply and longer order fulfilment times. European producers were determined to raise prices, whilst in China the expected seasonal upturn remained in doubt.
https://gmk.center/en/news/nucor-has-increased-prices-for-hot-rolled-coils-by-15-t/
Japan’s average power prices jumped by over 25% at the start of this week from the previous week amid soaring LNG and higher coal prices.
The nationwide power price rose by over 25% week-to-week to $0.19 (31.15 Japanese yen) per kilowatt-hour (kWh) on Monday, Bloomberg reported, citing data from Japan Electric Power Exchange.
Japan, one of the world’s biggest LNG importers, this summer reduced gas-fired generation in favor of coal as the price of liquefied natural gas remained elevated.
Japan has been burning more coal and less gas for power generation since the war in the Middle East started, and it is not the only one. All Asian countries have made the switch from gas to coal on affordability and availability grounds.
Moreover, surging oil prices have led to a significant increase in Japan’s import bill for oil and LNG.
LNG prices surged in Asia to a four-year high as very few cargoes manage to exit the Strait of Hormuz while competition with Europe for winter supply is intensifying.
The average spot LNG price for delivery into north-east Asia in December was assessed at $29.30 per million British thermal units (MMBtu) at the end of last week. This was the highest spot LNG price for Asia since December 2022, and sharply higher compared to $26.50 per MMBtu assessed in the previous week.
As a result, Japan’s gas-fueled power generation is the most expensive in years.
The switch to coal, for its part, has also had its cost challenges this year. Increased demand in Asia amid reduced supply from the top thermal coal exporter, Indonesia, is driving up coal prices, too. The global benchmark for coal prices, the Newcastle futures, have jumped by 30% compared to pre-war levels.
Power prices in Japan have also jumped this month due to scheduled maintenance at some power-generating facilities ahead of winter.
By Tsvetana Paraskova for Oilprice.com
India’s electricity demand surged in September 2026, while a decline in hydropower generation boosted reliance on thermal power, leading to a sharp drop in coal stocks at power plants, according to a JM Financial report.
Electricity consumption rose 11 per cent year-on-year to 162 billion units (BU), while peak power demand jumped 17 per cent to 269 GW. Overall electricity generation also increased 11 per cent to 173 BU during the month.
Hydropower generation, however, fell 16 per cent year-on-year to 19 BU, causing the evening peak power shortfall to exceed 7 GW.
Thermal power generation rose 16 per cent year-on-year to 118 BU, while renewable energy generation increased 13 per cent to 29 BU.
Higher thermal generation pushed the monthly plant load factor (PLF) of coal-fired power plants to 69 per cent, compared with 62 per cent a year earlier. The PLF of gas-fired plants rose to 27 per cent from 17 per cent.
The increased dependence on coal-fired power generation also depleted fuel inventories. At the end of September, coal stocks at power plants had fallen 60 per cent year-on-year to 19 million tonnes, against 47 million tonnes a year earlier.
In August, domestic coal production declined 4 per cent year-on-year to 67 million tonnes (MT), while dispatches rose 5 per cent to 82 MT. Indonesian coal prices increased 47 per cent year-on-year to USD 111 per tonne in September.
Spot liquefied natural gas (LNG) prices also climbed amid geopolitical tensions in West Asia, rising from USD 10.8 per million British thermal units (MMBtu) in February 2026 to USD 26 per MMBtu by the end of September.
Prices of solar modules and cells remained stable, while silver and aluminium prices eased from their previous highs to USD 64.5 per troy ounce and USD 3,274 per metric tonne, respectively. Domestic hot-rolled coil steel prices stood at Rs 63,000 per tonne.
Tighter power supply conditions also pushed up prices on the Indian Energy Exchange (IEX). The weighted average market clearing price rose to Rs 4.9 per kWh in September, compared with Rs 3.4 per kWh a year earlier. Real-time market volumes increased 10.6 per cent year-on-year to 5,294 million units.
At the end of September, pending payments owed by power distribution companies to generators stood at Rs 85,700 crore, compared with an average of Rs 12,700 crore under the Late Payment Surcharge regulations.
