Albert Manifold pictured during a Bloomberg Television interview in London on Aug. 19, 2014. - Chris Ratcliffe/Bloomberg/Getty Images
BP said Tuesday it had dismissed its chairman Albert Manifold after less than a year in the role, citing “serious concerns” about “governance standards, oversight and conduct.”
The oil giant declined to provide further details about the alleged failings related to governance and conduct when contacted by CNN, but said the board’s decision to remove Manifold was unanimous. BP’s shares fell as much as 9% in London immediately following the announcement, before paring losses to trade 4.4% lower at £5.27 ($7.09) per share.
“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” Amanda Blanc, senior independent director at BP, said in a statement.
Manifold, the former CEO of Irish building materials company CRH, succeeded Helge Lund as BP chair on October 1. CNN has attempted to contact Manifold for comment.
BP has appointed Ian Tyler as interim chair “with immediate effect,” while it looks for a permanent replacement.
Tyler said the company was “moving at pace” to deliver on “the strategic direction we have laid out” and had been “very impressed” with Meg O’Neill, who became its first female CEO in April.
“Under her leadership we are building a simpler, stronger, more valuable BP,” he added.
O’Neill, the former chief executive of Australia’s Woodside Energy, is BP’s third CEO since 2020 and the first external candidate to ever lead the company.
Leadership, strategy struggles
BP has had several difficult years, marked by flip-flops on strategy and leadership instability. In 2023, it backtracked on splashy plans announced less than three years earlier to slash oil and gas production and transform into a green energy company, under then CEO Bernard Looney.
Looney resigned later that year after admitting that he had not properly disclosed past relationships with colleagues. He was succeeded by the company’s chief financial officer, Murray Auchinloss, who was in the role for less than two years before O’Neill was announced his successor.
The Iran war has delivered a windfall to BP and other oil majors. BP’s profits more than doubled in the first three months of the year, as the company’s oil traders made the most of the wild swings in oil prices triggered by the conflict.
https://uk.finance.yahoo.com/news/bp-ousts-chairman-over-serious-130708533.html
By Chibuike Oguh
NEW YORK, May 26 (Reuters) - The dollar firmed on Tuesday as renewed U.S. strikes on Iran dented optimism for a near-term ceasefire, boosting demand for the greenback as investors turned cautious.
Iran said the U.S. had violated a ceasefire after it conducted what it called defensive strikes in southern Iran, while U.S. Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could "take a few days."
Hopes for a peace deal had earlier pushed oil prices below $100 a barrel and eased demand for the greenback.
But demand for the dollar has picked up slightly as investors grow less confident about a swift end to the conflict, said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
"It's pretty straightforward what happened: we go home over the weekend, thinking we're close to a ceasefire and now there are new hostilities. So I think the market is waiting for developments," Chandler said.
The euro was down 0.15% against the dollar at $1.16265. The dollar strengthened 0.29% to 0.785 against the Swiss franc.
The dollar index was up slightly 0.135% at 99.15 after falling 0.3% the previous day.
Oil prices clawed back some of their losses at the start of trading on Tuesday on news of the U.S. strikes. Brent crude futures rose 3.89% to $98.87 a barrel after dropping 7% on Monday. [O/R]
Data showed that U.S. consumer confidence eased in May as worries about inflation linked to the war with Iran intensified, offsetting an improvement in households' perceptions of the labor market.
"If you look at the rally in the stock market, which is a bit of catch up from yesterday, and oil prices - I'd say the market is a bit nervous. I think that's really the story. The economic data doesn't mean so much right now," Chandler added.
The British pound fell 0.3% to $1.3465.
YEN WEAKENS
The shift in sentiment weighed on the Japanese yen, pushing it closer to the 160-per-dollar level that traders see as a potential trigger for intervention by Tokyo.
The Japanese yen weakened 0.2% against the greenback to 159.24 per dollar.
Treasury yields fell sharply on Tuesday as U.S. markets returned from a holiday, catching up on a drop in global bond yields on expectations of a peace deal. [US/]
The yield on benchmark U.S. 10-year notes fell 8 basis points to 4.493%.
The Australian dollar, often viewed as a proxy for risk, was 0.1% down at $0.71675.
The dollar strengthened 0.01% to 6.784 versus the offshore Chinese yuan.
(Reporting by Chibuike Oguh in New York and Harry Robertson in London, editing by Deepa Babington)
Shares of major Russian energy companies fell to multi-month lows after the Russian Foreign Ministry's statement on strikes against Ukraine
The Russian stock market started the week with a sharp decline, falling to levels last seen in November of last year. Analysts say this was influenced by the Russian Foreign Ministry's statement about planned strikes on "decision-making centers" in Ukraine and Kyiv, The Moscow Times reports.
The Moscow Exchange Index, which includes Russia's largest companies, lost 1.05% by the end of trading on Monday and fell to 2,598 points. During the session, the index dropped to its lowest level since November of last year.
According to Russian analysts, the new wave of sell-offs began after statements by the Russian Foreign Ministry about strikes on "decision-making centers" and command posts in Ukraine.
As reported, the Russian Foreign Ministry also urged foreigners to leave Kyiv, claiming that Moscow's "cup of patience" had allegedly "overflowed." Against this backdrop, shares of Russia's largest energy companies continued to decline.
For example, shares of Rosneft fell by 2.6%, reaching their lowest level since February. Gazprom shares lost 0.8% and are trading at their lowest levels since November 2025. Novatek shares also dropped by nearly 4%.
Investment strategists in Russia say there is nervousness in the market and a lack of stable demand even after local declines.
Since the beginning of the year, the Moscow Exchange Index has already lost 6.5%. In monetary terms, the capitalization of the Russian market has decreased by nearly 400 billion rubles.
Notably, the decline is taking place despite rising global oil prices due to the conflict around Iran. The price of Russia's Urals oil rose to its highest levels since 2014, but this did not help the Russian stock market return to growth.
Analysts link the negative dynamics to the worsening state of the Russian economy and the lack of any progress in negotiations regarding the war against Ukraine.
Specific economic indicators
According to Rosstat (Russia's state statistics agency), Russia's GDP contracted by 0.2% in the first quarter — the first decline since 2023. Twenty-one out of 28 key industrial sectors were unprofitable.
In addition, in May, the Russian government worsened its 2026 economic growth forecast threefold, down to 0.4%. Moscow also expects investment to decline for the second consecutive year.
According to Russian financial experts, the situation on the stock market reflects the accumulation of systemic problems in the Russian economy, which already outweigh the benefits of high commodity prices.
https://newsukraine.rbc.ua/news/russian-stock-market-falls-after-moscow-threatens-1779779221.html
Global oil markets were volatile on Tuesday, reflecting investor jitters over possible Iranian plans to impose a permanent fee on ships crossing the Strait of Hormuz as part of any peace agreement with the U.S.
International Brent crude oil prices ticked higher, while WTI fell, as traders attempted to reconcile fresh U.S. attacks on Iran Tuesday — dubbed "defensive strikes" by Central Command — with President Donald Trump's hints this past weekend that a peace agreement could now be in sight.
The mixed backdrop unfolded amid speculation that Tehran may look to extract fees for vessels passing through the critical shipping lane as part of any lasting resolution to the three-month conflict with the U.S.
"People are afraid to take a position with so much mixed messaging going on about the status of negotiations," said Dave Ernsberger, president, S&P Global Energy.
One possible plan involves Iran and Oman jointly regulating the Strait and charging a so-called "environmental fee", or transit toll, on ships.
"It's an interesting question… as to whether the global markets, market participants, governments are going to be willing to allow for any kind of transit fee or toll in the first place," Ernsberger told CNBC's "Squawk Box Europe" Tuesday.
"It's the principle of freedom of maritime flow that's really at stake here, and what kind of precedent it sets."
Brent crude — the global price benchmark seen as more sensitive to the supply squeeze in the Middle East — jumped 2.5% on Tuesday, reaching $98.47 per barrel, as Iran's Islamic Revolutionary Guard Corps vowed to retaliate against the U.S. strikes.
'A tax on trade'
Details about how such a charge may work remain scant.
Iranian foreign ministry spokesman Esmail Baghaei told Australia's ABC at a press briefing that "there is no toll" — but said "navigation and the preservation of the ecosystem of the Strait, the Persian Gulf and the Sea of Oman will have costs."
About one-fifth of the world's seaborne oil supply passes through the Strait, a narrow waterway between Iran and Oman.
"People have talked about that being around $1 a barrel for crude oil transit and exiting the Strait," Ernsberger said.
He said that a dollar-a-barrel levy is "not a huge tax on trade" in a world where oil reaches $120 a barrel. "But if we go back to a $55 per barrel market, which is what we had in December, it becomes a much bigger fee to think about."
He said this would, in effect, either add a dollar per barrel to the prices paid in global markets, or producers will have to absorb the fee in their export costs.
Speaking with CNBC's "Europe Early Edition" Tuesday, Amena Bakr, head of Middle East Energy and OPEC+ insights at Kepler, said heightened uncertainty, coupled with the "mixed messages over negotiations", is ramping up volatility in oil prices.
https://www.cnbc.com/2026/05/26/iran-oil-price-strait-hormuz-trump-peace-toll-charges-energy.html
May 26, 2026
Even though the total number of oil and gas rigs across Oklahoma remained at 45 in the past week, one of the energy plays saw a gain of 2 rigs.
The most recent Baker Hughes Rig Count indicated the Cana Woodford added 2 rigs to reach a total of 21 drilling for more oil and gas.
As Natural Gas Intelligence described, the Cana is a relatively deep formation, ranging from 8,000′-16,000′ in true vertical depth, with some wells reaching total measured depth greater than 20,000′. In 2011, the U.S. Energy Administration went so far as to declare the Cana-Woodford the deepest commercial horizontal shale play in the world. Similar to the Eagle Ford and the Ohio-Utica formations, the Cana features a dry gas, a condensate, and an oil window.
The Granite Wash was unchanged with 17 rigs but the play also extends into the Texas Panhandle. Elsewhere in Oklahoma, the Ardmore Woodford went another week with 2 active rigs and the Arkoma Woodford remained at a count of one rig. The Mississippian still has no reported drilling activity, based on the Baker Hughes report.
The nation experienced a gain of 10 oil rigs and reached a total of 425. Some was reflected in the Permian Basin which saw a gain of 4 for a total of 250 rigs. The Eagle Ford of South Texas added 2 for a total of 44 rigs. The Haynesville count fell by one to 55.
Around the country, the Marcellus remained at 24 rigs and the Williston was unchanged at 28.
The Utica play continued with 12 and the D-J Niobrara was unchanged at 8 active rigs.
Drilling in the Barnett play of north Texas stopped. The count fell to no reported drilling after the loss of the lone rig from last week.
https://okenergytoday.com/2026/05/where-theyre-drilling-in-oklahoma-4/
By Alex Kimani - May 26, 2026, 7:00 PM CDT
Over the past five or so years, the global electric vehicle (EV) market has been rapidly transforming from a niche segment into a mainstream industry thanks to plunging battery costs, aggressive emissions standards and an influx of affordable models from major manufacturing hubs, most notably, China. Back in 2022, the EV sector achieved an important milestone after global sales crossed 10 million for the first time ever. But now, the sector has crossed another milestone, with the International Energy Agency (IEA) reporting that 20.7 million EVs were sold worldwide in 2025, good for a healthy 20% Y/Y growth. EV sales accounted for a quarter of all automotive sales across the globe in 2025.
But China continues to dominate the EV market, accounting for roughly 60% of all EVs sold worldwide and 55% of total new car sales in the country in 2025.
China's domestic new energy vehicle (NEV) sales, which encompass Battery Electric Vehicles (BEVs) and Plug-in Hybrids (PHEVs), reached 12.86 million passenger cars, good for 19% Y/Y increase. This marked the first time that new energy vehicles officially outsold traditional internal combustion engine cars. Chinese automakers sold 34.35 million vehicles worldwide, accounting for a record 35.6% of the entire global automotive market and leapfrogging Japan as the world's leading automotive exporter. The global export surge was mainly driven by high demand in South America and Southeast Asia, where total auto exports jumped 21% to over 7 million units.
Domestically, BYD Company (OTCPK:BYDDF) maintained its undisputed leadership by capturing 27% of the NEV market with 3.5 million registrations, while Geely Automotive (OTCPK:GELYF) nearly doubled its EV sales to secure a 12.4% market share.
Source: International Energy Agency
EV sales in the United States finally snapped a multi-year growth streak, with only 1.8 million units sold in 2025, good for a 4% Y/Y decline in part due to the removal of incentives by the Trump administration. During the Biden administration, new EV purchases were eligible for $7,500 in federal tax credits under the Inflation Reduction Act (IRA); however, the landscape shifted dramatically after Congress passed OBBBA in 2025, with the legislation terminating the primary federal Clean Vehicle purchase and used EV tax credits entirely for vehicles acquired after September 30, 2025. EV sales surged in double-digits in the months leading up to the subsidy deadline but fell sharply thereafter, demonstrating a clear pull-forward effect.
Tesla’s (NASDAQ:TSLA) EV sales in the U.S. contracted by roughly 7% year-over-year in 2025, with total estimated sales of 589,160 units compared to 634,000 in 2024. However, the company made sizable market share gains from around 43% at the start of the year to over 56% by the end of the year, thanks to its resilience following the expiration of federal tax credits. Several legacy automakers logged massive year-on-year leaps in EV deliveries during 2025, with General Motors (NYSE:GM) and Volkswagen (OTCPK:VWAGY) posting gains exceeding 100% in certain periods, while Hyundai saw a 45% increase.
Meanwhile, sales in Europe rebounded sharply in 2025, with Battery Electric Vehicles (BEVs) surging 29.7% year-on-year to reach 2.58 million units, primarily driven by strict EU fleet emissions mandates, a wave of affordable new EV models, and a massive spike in fuel prices.
The single largest regulatory driver was the EU's car CO? regulation which forced automakers to lower their average fleet carbon dioxide emissions by 15% compared to 2021 levels. To avoid multi-billion euro fines, legacy carmakers aggressively pushed EV sales to close their compliance gaps. Europe’s automakers also introduced highly appealing leasing packages, triggering a massive wave of corporate and commercial fleet purchases. Equally important, a massive influx of competitive, lower-cost vehicles from Chinese manufacturers like BYD--which rapidly expanded its European market share--forced the entire industry to adjust pricing downward. In Germany, the continent's largest auto market, the average BEV price dropped by roughly 6% due to the arrival of these cheaper models.
Finally, the IEA has reported that EV sales in emerging markets and developing economies jumped by ~80% in 2025 to reach nearly 1.2 million units, mainly driven by affordable models from Chinese OEMs, local policy incentives, and rising energy/fuel costs. Sales in Southeast Asia more than doubled, pushing the EV market share in the region to nearly 20% of all new light-duty vehicle sales, more than double the United States’ ~8% share, heavily driven by rapid adoption in Vietnam, Indonesia, and Thailand. Sales in Latin America grew by 75% Y/Y to surpass 350,000 cars, with Brazil and Mexico acting as the primary drivers of the growth.
EV sales in India across all categories crossed the 2.27 million mark in CY2025, a record high that represented about 8% penetration of total vehicle registrations. This growth was driven primarily by electric two-wheelers and three-wheelers, along with a surge in electric passenger car sales. Electric Passenger Vehicles achieved an all-time high of over 176,000 units, good for a robust 77% year-on-year increase driven by mass-market SUVs while electric two-wheelers and electric three-wheelers continue to dominate India’s EV sector, accounting for 57% and 35% of total EV sales, respectively.
Sunshine Silver Mining & Refining, a development-stage mining company with a project in Idaho, announced terms for its IPO on Tuesday.
The Kellogg, ID-based company plans to raise $300 million by offering 20 million shares at a price range of $13.50 to $16.50. At the midpoint of the proposed range, Sunshine Silver Mining & Refining would command a fully diluted market value of $2.3 billion.
Sunshine Silver Mining & Refining owns and is developing the Sunshine Mine and related refining facilities in Kellogg, a historically producing silver mine with byproducts including antimony, copper, and lead. The company is focused on maintaining and modernizing the site in preparation for a planned restart of mining, milling, and refining operations. Operations are currently on care and maintenance, with a restart targeted for 2028.
Sunshine Silver Mining & Refining was founded in 2010 and booked $0 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol SSMR. Morgan Stanley, Scotia Capital, BMO Capital Markets, Canaccord Genuity, Citi, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price the week of June 1, 2026.
Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) told investors it returned to profit in 2025 as two new mines pushed the Azerbaijan-focused group into its next phase as a copper-led, multi-asset producer.
The AIM-listed miner reported revenue of US$122.8 million for the year to 31 December, up from US$39.6 million in 2024, while profit before tax came in at US$25.8 million compared with a US$21.3 million loss a year earlier.
Production rose to 25,061 ounces of gold and 7,915 tonnes of copper, driven by a full year of production at Gedabek and the start-up of the Gilar and Demirli mines. Gilar, an underground copper-gold mine at Gedabek, entered production in May, while Demirli, a brownfield copper project in Karabakh, followed in July.
The company generated US$46.7 million of net cash from operations and ended the year with net cash of US$2.6 million, against net debt of US$14.7 million at the end of 2024. Anglo Asian also reinstated its dividend, proposing a final payout of 4 US cents per share.
Chief executive Reza Vaziri called 2025 “a historic year” and said the group expects to become primarily copper-producing during 2026. Guidance for the year was maintained at 20,000 to 25,000 tonnes of copper and 28,000 to 33,000 ounces of gold.
https://finance.yahoo.com/markets/stocks/articles/anglo-asian-mining-returns-profit-063800212.html
Mining stocks climbed on Tuesday as investors returned to metals after sharp gains in gold, silver and copper prices driven by hopes of easing geopolitical tensions in the Middle East.
Endeavour Mining PLC (LSE:EDV) led the FTSE 100 risers, up 3.5%, while Rio Tinto Ltd (LSE:RIO) gained 2.3%, Glencore PLC (LSE:GLEN) rose 2.2%, Antofagasta PLC (LSE:ANTO) 1.9%, Anglo American PLC (LSE:AAL) 1.4% and Fresnillo PLC (LSE:FRES) 0.8%.
The rally followed strong moves in metals markets on Monday after Donald Trump said a "memorandum of understanding" in talks to end the US and Israel's war on Iran "has been largely negotiated".
However, the US launched strikes on Iran overnight, targeting missile launch sites and vessels suspected of attempting to lay mines in what Washington described as “defensive” action.
Meanwhile, a senior delegation of Iranian negotiators is travelling to Qatar for fresh talks with the US over frozen financial assets and a possible wider deal.
Gold climbed from around $4,500 an ounce on Friday to about $4,570 on Monday before easing back to $4,535 on Tuesday morning. Silver followed a similar pattern, rising from $75.4 an ounce at the end of last week to above $78.5 before retreating to around $76.4.
Copper prices also surged, with US copper futures reaching $6.44 a pound and London Metal Exchange copper trading at $13,667.50 a tonne at one stage.
The moves helped lift both precious metal miners and diversified mining groups, with investors betting higher commodity prices could support earnings if geopolitical tensions remain elevated.
"For markets the message is straightforward: the peace trade is more fragile than Monday’s price action suggested," said market analyst Patrick Munnelly at Tickmill.
He said the latest round of strikes "complicates hopes for an interim deal to extend the ceasefire and reopen the Strait of Hormuz, even though Trump said talks were 'proceeding nicely' and Pakistan’s military chief Asim Munir reportedly told China that an agreement was close.
"Investors are still cautiously optimistic, but the risk premium has not disappeared. As long as military action and negotiations are running in parallel, energy markets will remain vulnerable to abrupt reversals."
A strong 6.9-magnitude earthquake struck Chile's Antofagasta region on May 25, local time, shaking the country's key mining hub but generating limited disruptions on mining operations. The quake was centered at a depth of 109 kilometers, according to the U.S. Geological Survey (USGS), causing temporary power outages, water supply interruptions, and minor landslides in several production areas.
Chile's state-owned copper producer Codelco suspended part of its operations due to reduced visibility in open pits and localized electricity disruptions. However, other major miners including BHP Group Ltd and Antofagasta PLC reported no significant impact on their operations, according to Reuters.
As the world's largest copper-producing country, Chile saw a major part of output come from the Antofagasta region. According to the USGS, Chile's mined copper output totaled 5.3 million tonnes in 2025, accounting for around 23% of total global output. However, Chile's state copper commission Cochilco has lowered its copper production guidance, with 2026 expected to see a year-on-year decline of 2%, and 2027 to experience a 4% recovery to around 5.5 million tonnes. Previous output expectations were 5.6 million tonnes this year and 5.97 million tonnes for 2027, likely weighed down by lower ore grades, maintenance, and other operational constraints.
Although the earthquake caused short-term disruptions, Chile's mining sector appeared to remain largely stable after the event, while future developments need close attention.
Written by Mingyuan Wang, wangmingyuan@mysteel.com
Summary
India could face severe power shortages within the next decade as rising air-conditioner use pushes cooling demand beyond the grid’s capacity, according to a new working paper by the India Energy and Climate Center at the University of California, Berkeley.
Room air conditioners already account for 60-70 gigawatts (GW), nearly a quarter of India’s peak electricity demand, the study found. Without stricter efficiency standards, AC-driven peak demand could surge to 120 GW by 2030 and 180 GW by 2035 — more than one-third of the country’s projected evening peak load.
India is adding 10-15 million new ACs every year and is expected to install another 130-150 million units over the next decade as rising incomes and intensifying heatwaves fuel cooling demand, the report said. The rapid growth in cooling demand is outpacing the grid’s ability to supply power after sunset, raising the risk of blackouts and expensive emergency measures unless efficiency improvements are accelerated.
To avoid future shortages, the report called for a sharp tightening of the country’s Minimum Energy Performance Standards (MEPS) for air conditioners. The proposed roadmap would increase annual AC efficiency gains to 6-8 per cent, more than double the historical rate of 2-3 per cent a year.
The report, titled Beating The Heat: How Air Conditioner Efficiency Standards Help India Avert Power Shortages And Cut Consumer Bills , said the move would also align India’s cooling-efficiency policies with its G20 commitment to double the pace of energy efficiency improvements.
“ACs are already contributing 60 to 70 GW to peak demand, and their growth is outpacing the grid’s ability to keep up after sunset,” said Nikit Abhyankar, lead author of the study and faculty member at the University of California, Berkeley. “Without intervention, we risk blackouts or costly emergency fixes. But with smart policy, we can turn this challenge into a win for consumers, manufacturers, and the grid.”
(May 26): Aluminium jumped to a four-year high as fears of output cuts in top producer China compounded continuing disruptions in the Middle East.
The industrial metal rose as much as 1.6% on the London Metal Exchange. Traders are concerned that Chinese smelters will be asked to trim production amid a nationwide inspection of key industries’ energy use and emissions, according to researcher Mysteel Global.
The nation’s aluminium smelters have been running beyond capacity to capitalise on a global shortage caused by the conflict in the Middle East. LME prices have jumped since the start of the war in late February as the effective closure of the Strait of Hormuz dents supply from the region.
Chinese authorities are now moving to rein in that over-production as inventories swell. A smelter in Baise, Guangxi province, has already cut output of molten aluminium, Mysteel wrote, without providing estimates of volumes affected. The steel and oil refining industries will also be targeted, the Ministry of Industry and Information Technology said in a statement on May 13.
Already the biggest producer in the world, China’s daily aluminium output rose to a record 129,000 tonnes last month, according to official data.
Aluminium was up 1.3% to US$3,697 a tonne on the LME as of 10.46am in London (5.46pm Malaysia), the highest since March 2022.
Meanwhile, copper swung between gains and losses, trading near US$13,630 a tonne, as investors monitored progress toward a possible deal to end the war in the Middle East. The red metal rose near-record highs this month following a flurry of bets on the metals needed for the build-out of infrastructure linked to the artificial intelligence boom.
On May 26, 2026, retail quotations for high-carbon ferrochrome remained unchanged, with Inner Mongolia high-carbon ferrochrome steady at 8,250-8,400 yuan/mt (50% metal content).
The ferrochrome market operated steadily during the day. Mainstream steel mills' June tender prices settled flat, in line with earlier market expectations, with overall sentiment leaning toward cautious wait-and-see. Downstream stainless steel purchase activity continued its mediocre trend recently, but with no production cut or maintenance news for now, and planned production staying high, rigid demand support for ferrochrome remained given continuous raw material inventory consumption. In addition, chrome ore prices stopped falling and stabilized, the pace of ferrochrome cost decline slowed, and ferrochrome prices are expected to move sideways in the short term. Markets outside China: South Africa's Nersa held a public hearing on the NPA temporary power agreement signed between Eskom and chrome producers, and plans to complete the review by month-end of May. If ferrochrome production electricity prices reach 62 cents rand/kWh, subsequent production resumptions of South African ferrochrome may accelerate. On one hand, this poses import inflow impacts on China; on the other hand, improved domestic sales capacity of chrome ore may provide certain support to ore prices.
Raw material side, on May 26, 2026, Tianjin port quotations for 40-42% South African fines, 40-42% Turkish lumpy ore, and 48-50% Zimbabwean fines remained flat compared to the previous trading day. On the CIF futures level, the latest quotation for 40-42% South African fines was $300/mt.
The chrome ore market operated steadily during the day, with no adjustments to futures or spot quotations. Spot level, the overall trading atmosphere was sluggish, with downstream ferrochrome plants mainly making just-in-time procurement. Transaction volume was limited, mostly chrome concentrate ore. Port inventory stayed high at 4 million mt. Considering that recently arrived chrome ore at ports was mostly previously contracted high-priced futures cargo, traders quoted cautiously with cost support at the bottom, leaving limited room for price concessions. The tug-of-war between sellers and buyers remained stagnant, with the market waiting for further demand release. Futures level, major South African fines mines outside China quoted $300/mt on a weekly basis, while quotations for other types of chrome ore remained relatively stable. The spread between futures and spot prices narrowed, coupled with ferrochrome production staying high. Recently, downstream ferrochrome plants increased direct purchases, while traders mostly adopted a wait-and-see attitude with limited transactions, and the market continued to be under pressure overall.
Two major steelmakers have announced new price increases for structural beams in the U.S. market.
According to a report from Kallanish, Nucor-Yamato Steel, a division of Nucor Corporation that operates as a joint venture with Yamato Kogyo, together with Gerdau Long Steel North America, have raised prices for C12 and C15 beams by $90 per short ton.
About two months earlier, both companies had already increased prices by $40 per short ton for a range of products, including standard beams. The latest price hike applies to new orders received on or after May 26. Nucor-Yamato and Gerdau are guaranteeing the price for confirmed orders placed by the close of business on May 22, as long as shipment takes place by June 12.
In a separate move, Nucor has again raised its spot price for hot-rolled coil by $5 per short ton compared to the prior week, as detailed in a May 26 customer letter. The new offer is now $1,095 per short ton. The spot price for the California Steel Industries (CSI) joint venture also rose by $5 per short ton, reaching $1,145 per short ton. Delivery lead times remain unchanged at 3 to 5 weeks.
Based on SMU estimates, hot-rolled coil prices in the United States currently range from $1,070 to $1,110 per short ton, with the average price as of May 19 at $1,090 per ton.
Earlier in May, Nucor, Gerdau, and Optimus raised rebar prices in the United States. Those increases were driven by market activity and changes to delivery terms. Prior to that, Commercial Metals Company had taken a similar action.
