Indonesia's Ministry of Energy and Mineral Resources (ESDM) indicated that nickel ore production quota cuts under the 2027 Work Plan and Budget (RKAB) may be more aggressive than those implemented in 2026.
Cecep Mochammad Yasin, Director of Mineral Business Development at ESDM's Directorate General of Mineral and Coal, said the 2027 nickel ore quota would take into account the optimal operating capacity of domestic nickel smelters, rather than being determined solely by their raw material requirements.
Cecep noted that the global nickel market was facing a surplus of approximately 800,000 mt, alongside elevated inventories on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE). Meanwhile, major producers, including Huayou and Tsingshan, are reportedly considering production capacity cuts of up to 50% amid persistent oversupply and inventory pressure.
According to SMM, Indonesia's revised 2026 nickel ore RKAB quota stands at approximately 295–300 million wmt. ESDM has yet to announce the specific allocation for 2027, but has signalled the possibility of further tightening.
November 5th 2026
Liberal Leader Mark Carney, left, is given a tour of Algoma Steel in Sault Ste. Marie, Ontario on Friday, April 25, 2025. Photo by: Sean Kilpatrick / The Canadian Press
Canada and European leaders promised closer economic ties at their Montreal summit last week.
For some Canadian companies, that ambition could translate into business opportunities at a time when Canada desperately needs it. That is, provided European buyers can verify the emissions and carbon costs of their Canadian purchases.
New frontiers
The stakes are substantial. Statistics Canada estimates U.S. demand supported roughly 12,000 jobs, or 77.6 per cent of payroll employment, in Canadian alumina, the material refined from aluminum-rich ore, and aluminum production and processing in 2024.
Europe’s Carbon Border Adjustment Mechanism, known as CBAM, charges for emissions embedded in selected imports, including steel and aluminum.
For importers above its annual 50-tonne threshold, EU rules require emissions accounting and carbon certificates.
Lower covered emissions can reduce a buyer’s obligation, giving cleaner suppliers a potential pricing advantage.
The legal obligation falls on the importer. Commercially, the cost can influence which supplier a buyer chooses and what price it is willing to pay.
Here are some companies that could already see opportunities in the EU.
Alcoa President and CEO Bill Oplinger spoke on the topic of competitiveness and decarbonization at New York Climate Week in 2025. Photo: Alcoa Linked page.
Alcoa Canada
"I think it's confusing for most people. I guess our view of CBAM is that we think it's a net positive in the near term for Alcoa," President and CEO Bill Oplinger told a May 13 investor conference.
US-based Alcoa (AA) operates a Canadian subsidiary, Alcoa Canada, in Montreal, Que.
As for the positive impact, that centres on the Rotterdam premium, the regional charge above the benchmark aluminum price.
If carbon costs make competing imports more expensive, producers with smaller additional costs can benefit from higher selling prices.
That effect is entering market pricing. From April 1, Platts began including CBAM costs in several European aluminum assessments after traders reported those costs increasingly appeared in spot premiums.
Alcoa’s case includes its European operations. Its February presentation put their direct smelter emissions at 1.7 tonnes of carbon dioxide equivalent per tonne of aluminum, below its estimated EU import average of 1.9 tonnes.
That said, Oplinger cautioned that supply disruptions made CBAM’s contribution to higher premiums difficult to isolate. He also favoured maintaining Quebec’s US supply relationships.
Algoma Steel
Canada's Algoma Steel (ALC) reported recent results that show why another market could be valuable.
The Sault Ste. Marie, Ont. steelmaker reported on Oct. 28 that U.S. customers accounted for 24 per cent of third-quarter steel shipments, down from 50 per cent a year earlier. Direct tariff costs were $18.1 million.
Algoma permanently closed its blast furnace in January. Its second electric arc furnace produced its first steel in October, advancing a transition projected to reduce annual carbon emissions by approximately 70 per cent.
That shift could strengthen its pitch to European customers comparing production emissions. Its immediate commercial focus remains domestic, with chief executive Rajat Marwah describing a “Canada-centric, plate-first strategy.”
Its June sustainability report said updated environmental product declarations would reflect the electric furnace operating model, giving buyers more detail about its steel footprint.
Aluminerie Alouette announced a $1.5 billion investment plan in 2025 for its aluminum smelter at Sept-Îles, Que. Photo: Aluminerie Alouette
Aluminerie Alouette
For Aluminerie Alouette, a European customer is already part of the business.
Austria’s AMAG owns 20 per cent of the Sept-Îles, Que. smelter, alongside shareholders including global mining giant Rio Tinto and Norsk Hydro, a Norwegian aluminium and renewable energy company.
AMAG identifies Alouette, a hydropowered smelter with what it calls an “exceptionally low CO2 footprint,” as a supplier for AMAG's Austrian manufacturing operations. Its share of Alouette's annual production is approximately 124,000 tonnes.
In 2025, Alouette announced a new long-term power supply agreement with Hydro Quebec and plans to invest $1.5 billion in the aluminum smelter over 20 years. The investment is expected to reduce greenhouse gas emissions by 25,000 tonnes of CO2-equivalent per year while improving energy efficiency, the company said.
Actual emissions
But CBAM currently excludes electricity-related indirect emissions for aluminum. Canadian suppliers need to demonstrate an advantage in the production emissions the rules actually count.
Usable records are, therefore, part of the sales pitch. Buyers can use verified actual emissions instead of EU default values.
Documented carbon payments made during production can also reduce the obligation, after rebates and compensation are considered.
Recognition of Canadian arrangements remains unfinished summit business. The Prime Minister’s Office backgrounder confirmed discussions on CBAM will continue.
“It’s not fixed. It’s not resolved,” a government official told reporters on background, describing talks involving federal and provincial systems.
The financial rules cover 2026 imports, although certificate purchases begin in February 2027. Calculations also adjust for free emissions allowances available to European producers.
Canada’s federal cabinet and the European Commission will meet in March 2027 to advance their partnership, with leaders aiming to conclude broader negotiations in June. That said, no specific CBAM deadline has been announced.
Bottom line
For Canadian companies, the opportunity doesn’t just come down to competitive delivered prices and accepted emissions records.
It also comes down to a customer ready and, just as importantly, willing to place the next order.
Three of India's largest state-owned oil companies have invited bids to supply 150 million litres of biodiesel over a three-month period, signalling a continued push towards greater use of renewable fuels.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have jointly issued a tender seeking 150,000 kilolitres of biodiesel (B100) for delivery between November 2026 and January 2027. According to reports from the Economic Times, the companies have set a base procurement price of Rs88 per litre, with bids due by 7 November.
The tender marks one of the latest efforts by India's oil marketing companies (OMCs) to increase the use of domestically produced biofuels and reduce the country's dependence on imported crude oil.
The move aligns with the government's broader strategy to strengthen energy security while lowering carbon emissions from the transport sector.
India has already achieved its target of 20% ethanol blending in petrol ahead of schedule, prompting policymakers to turn their attention towards expanding biodiesel use in the diesel market.
Greater biodiesel blending is expected to create additional demand for renewable fuel producers while helping to curb fuel import costs.
Industry observers say the latest procurement exercise reflects growing confidence in India's biofuels sector and could support further investment in domestic biodiesel production capacity as the country pursues its long-term clean energy ambitions.
https://biofuels-news.com/news/indian-oil-majors-tender-for-150-million-litres-of-biodiesel/
Prime Minister Shehbaz Sharif said on Wednesday that the government had shielded the public from the impact of rising energy prices and would continue its fuel subsidy programme until the end of December.
Chairing a meeting of the federal cabinet, the prime minister said Pakistan was making sincere efforts to promote peace and stability in the region. He noted that Field Marshal Syed Asim Munir had visited Iran, while representatives of Pakistan, Saudi Arabia and Türkiye had also held talks with the Iranian leadership in Tehran. He described the discussions as taking place in a cordial and positive atmosphere.
Shehbaz said the sharp rise in international oil prices had contributed to regional instability. However, he maintained that the government had taken steps to prevent higher energy costs from placing an additional burden on ordinary citizens.
He said the fuel subsidy programme had directly benefited more than 15 million people, with Rs28 billion allocated for the initiative. The scheme would remain in place until the end of December. He added that consumers had also been protected from a Rs15-per-litre increase in petrol prices.
The prime minister said the petroleum minister and his team had held discussions with refineries to manage the impact of rising prices. He warned that petrol pumps failing to cooperate with the subsidy programme would face action.
Referring to reforms in the energy sector, Shehbaz said the era of the "LNG mafia" had come to an end, adding that the government was now relying on competition and transparency. He said state-owned companies, including Pakistan State Oil (PSO) and Pakistan Refinery Limited (PARCO), were playing a role in managing the sector, while a mechanism had also been introduced for liquefied petroleum gas (LPG).
With winter approaching, he said the government was working to maintain adequate supplies of liquefied natural gas (LNG), LPG and oil to meet the country's energy requirements.
The prime minister also referred to a Rs160 billion development package for Khyber Pakhtunkhwa, aimed at supporting peace and development in the province. He said restoring stability in the region remained a key government priority and reiterated the commitment to eliminating terrorism.
Shehbaz acknowledged the sacrifices made by the people of Khyber Pakhtunkhwa in the fight against militancy. He said terrorism had been eliminated from the country in 2018 but had unfortunately resurfaced.
The prime minister also congratulated Finance Minister Muhammad Aurangzeb on assuming the chairmanship of the Group of 24 (G24).
https://www.nation.com.pk/04-Nov-2026/fuel-subsidy-continue-december-says-pm-shehbaz
Crude oil inventories in the United States saw a decrease of 900,000 barrels during the week ending October 30, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 409.8 million barrels, according to government data, which is now 4% below the five-year average for this time of year.
Total commercial petroleum inventories slipped by 8.2 million barrels during the reporting period.
The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 5.267 million barrels in the period.
Crude futures were trading down at 10:09 a.m. in New York. Brent futures were trading down at $100.71 per barrel—down $2.89 (-2.79%) on the day and down roughly $15 per barrel from this same time last week. WTI was also trading down on the day, by $2.79 per barrel (-2.90%) on Wednesday morning at $93.30, down nearly $9 per barrel since this time last week.
For total motor gasoline, the EIA reported that inventories decreased by 200,000 barrels, after growing by 3.9 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.7 million barrels. For middle distillates, inventories decreased by 3.6 million with production decreasing to an average of 5.2 million barrels daily. Distillate inventories are now 13% below the five-year average.
Total products supplied—a proxy for U.S. oil demand—jumped to a 4 week average of 21.2 million barrels per day over the last four weeks, up 4.2% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, with the distillate four-week average supplied at 4.2 million barrels—up 8.7% year over year.
https://oilprice.com/Energy/Crude-Oil/US-Oil-Inventories-Fall-Further-As-Demand-Holds.html
By Charles Kennedy - Nov 04, 2026, 12:30 PM CST Updated: Nov 04, 2026, 12:39 PM CST
Brent fell $8.94, or 8.6%, to $94.66 per barrel at 1:06 p.m. ET on Wednesday, after touching its lowest level since September 4, with traders pricing an end to the Iran war after the White House tied Tuesday’s midterm losses to the conflict. WTI dropped $8.01, or 8.3%, to $88.08. Brent traded near $118 on Friday.
Trump told Fox News on Tuesday night that “I think it’s the gasoline price” when explaining the Republican defeat. Vice President JD Vance wrote on X that the war was the reason for the losses, and that “any honest conversation about where we go from here must start there.” Trump had already told the Financial Times that Washington had no immediate plans to strike Iran.
BOK Financial’s Dennis Kissler said rising Middle East exports and Trump’s comments were keeping pressure on crude. He added that Democratic control of Congress could tighten U.S. military spending in the region and bring a peace deal sooner. Enverus’ Carl Larry warned that an escalation in Iran could come before a resolution. Supreme Leader Mojtaba Khamenei said in a written statement that U.S. hostility would persist whichever party holds power. The Houthis said they had targeted Riyadh’s King Khalid International Airport, and Saudi authorities did not confirm an attack.
Meanwhile, Qatari news outlet Al-Jadeed has once again reported significant progress in U.S.-Iran negotiations. The outlet made similar claims yesterday, suggesting Washington and Tehran had reached concessions on Iran's nuclear program and frozen assets. Those reports were swiftly dismissed by a senior Iranian official, prompting oil prices to recover some of their earlier losses.
With diesel prices still at record highs, Washington is also taking steps to ease the pressure on fuel markets. The Energy Department said it would loan 300,000 barrels from the Northeast Home Heating Oil Reserve to four companies, equivalent to nearly a third of the stockpile. The move follows pressure from senators on both sides of the aisle after diesel prices surged above $6.50 a gallon. Heating oil futures subsequently dropped around 7%.
The selling overrode bullish supply data. U.S. crude inventories fell 900,000 barrels to 409.8 million in the week ended October 30, 4% below the five-year average. Distillate stocks dropped 3.6 million barrels to 13% below the five-year average, according to the EIA. Gulf exports of crude, condensate and products averaged 17.1 million bpd in October, down from 18.9 million in September and roughly three-quarters of pre-war levels, according to Vortexa.
Diamond drilling at the Palmer project during the 2026 field season. Credit: Vizsla Copper
Vizsla Copper (TSXV: VCU) announced the completion of its exploration field season at its Palmer project in southeastern Alaska
Across a total of 25 drill holes, the company completed 10,005 metres of diamond drilling using two drill rigs at the Palmer and AG deposits. So far, results from five drill holes have been reported, with the remaining 20 pending. The company says these results will support geological interpretation and a planned update to Palmer’s mineral resource estimate (MRE) in Q1 of 2027.
“The 2026 season has delivered meaningful progress at Palmer, highlighted by the high-grade copper mineralization at South Wall Zone 1 and the silver-rich AG Deposit,” said Craig Parry, Vizsla Copper’s chair and CEO.
Peter Mercer, the company’s senior vice-president for Alaska, added, “We are also proud that approximately 70% of our seasonal workforce came from Haines and 90% from Alaska, reflecting the important role local communities play in our operations.”
Located near the Canadian border, Palmer is a volcanogenic massive sulphide (VMS) project that covers more than 300 sq. kilometres.
Shares in Vizsla Copper rose 5.26% to 80¢ apiece Wednesday morning in Toronto.
Season highlights
Palmer’s October drill results were led by hole CMR26-215 at the AG deposit, which cut 21 metres grading 4.79% zinc, 0.14% copper, 116.9 grams of silver per tonne and 0.27 grams of gold from 180.3 metres depth.
Other results the company highlighted included hole CMR26-199, which included cut 49.2 metres grading 4.7% copper equivalent.
The field season included drone-based photogrammetry surveys, glaciological studies, wetland and raptor surveys. In addition, Vizsla completed hydrogeological monitoring and improvements to field accommodations and infrastructure.
For more information, visit: https://vizslacopper.com/2026/vizsla-copper-completes-2026-field-season-at-the-palmer-project/
https://www.canadianminingjournal.com/news/vizsla-copper-completes-2026-field-season-in-alaska/
Gabon wants to double the government's minimum ownership stake in operating mining projects from 10% to 20%, a change that would give the state a larger share of the country's mineral resources. Mines Minister Sosthène Nguema Nguema confirmed the proposal as part of reforms under a new Mining Code currently in preparation, according to information published on Tuesday, November 3.
Under Article 7 of Gabon's current Mining Code, adopted in 2019, the government is entitled to an "automatic 10% stake, free of charge and protected against dilution" in the capital of mining companies. The law also allows the state to acquire an additional stake of up to 25%, although this is optional and must be purchased. In an interview with local media, shared on the Mines Ministry's official page, Nguema Nguema described the current minimum stake as "a rate tantamount to plunder." He said the proposed increase to 20% would apply to all minerals extracted in Gabon, including iron ore, manganese, gold, rare earths, and potash.
According to the minister, the new Mining Code containing the reform is expected by next week. If adopted, the measure would add to a series of government initiatives aimed at capturing more value from Gabon's natural resources and increasing their contribution to the national economy.
These initiatives include a proposed ban on raw mineral exports by 2029, particularly manganese, and efforts to encourage more domestic mineral processing. Through these measures, Gabon aims to increase the mining sector's contribution to GDP from its current 6% to at least 15%. The strategy also includes opening eight new mines between 2026 and 2030. Against this backdrop, the response of mining project developers to the proposed regulatory changes will be important to watch. The official publication of the new Mining Code and the precise terms of its implementation will be essential to assessing the reforms' impact.
Gabon is the world's second-largest manganese producer and hosts several major international mining companies. These include French mining group Eramet, Australian company Fortescue, which is developing the future Belinga iron ore mine, and Millennial Potash, which is involved in the Banio potash project.
Aurel Sèdjro Houenou
[Vietnam] The latest market update showed ASEAN HRC prices rising by 1 USD/tonne to 532 USD/tonne CFR Vietnam. Traders offered Indonesian-origin SAE1006 HRC at 530–535 USD/tonne CFR Vietnam for January–February shipments, while thinner 2.0 mm material was offered at 545 USD/tonne. Buyers raised their indications to around 530 USD/tonne CFR, up 5 USD/tonne from late last week, but sellers have yet to accept. A major Vietnamese steelmaker's latest official offer stood at 559–560 USD/tonne CIF Vietnam. With import offers significantly lower, some customers are awaiting domestic price reductions, keeping trading activity subdued.
Ternium (NYSE: TX) reported Q3 2026 net sales of 4.64 billion USD, up about 17% y-o-y, with earnings of 1.42 USD per ADS. Adjusted EBITDA rose to 785 million USD at a 17% margin; operating income reached 578 million USD. Steel shipments grew about 8% y-o-y to 4.044 million tonnes on stronger Mexican demand. A 116 million USD deferred tax loss from peso depreciation capped net income at 368 million USD, of which 279 million USD was attributable to owners. Mining shipments fell 12% to 2.832 million tonnes after part of Mineração Usiminas was idled. Operating cash flow was 613 million USD and capex 398 million USD, mainly for the new Pesquería slab mill, turning free cash flow positive at 215 million USD and net cash to 22 million USD. An interim dividend of 0.90 USD per ADS was declared; Q4 EBITDA is guided broadly flat.
The country already has a carbon fee system for large enterprises and energy companies
Taiwan’s President Lai Ching-te has announced the government’s plans to develop its own version of CBAM and to introduce an emissions trading system, reports Materiaintel.
The main goal of the initiative is to help local businesses meet international climate standards and turn the pressure of the transition to net zero emissions by 2050 into long-term competitiveness.
The country already has an official carbon fee system in place for large industrial enterprises and energy companies whose annual emissions exceed 25,000 tonnes of CO₂ equivalent. The base rate is 300 Taiwan dollars (NT$) per tonne, while companies with approved decarbonization plans are eligible for preferential rates of NT$50 or NT$100. The rules came into force in January 2025, and the first payments for 2025 emissions are scheduled for May 2026.
The introduction of a domestic CBAM equivalent will also impose a carbon fee on imported materials, which will have a significant impact on the steel industry:
1) Changes in raw material costs: steel mills factor their carbon fee costs into the final price of steel. This means that processors will pay a carbon premium in the cost of raw materials, even if their own facilities are not subject to the direct fee. Price balancing: if Taiwan’s CBAM covers steel products, imports of foreign steel will also be subject to a carbon levy. This will narrow the price gap between foreign and domestic steel products.
2) A separate challenge for Taiwanese exporters is interaction with European regulation. According to Taiwan’s Climate Change Administration, about 2,600 local companies fall under the EU CBAM. Steel products account for the bulk of exports to the EU – approximately 2.8 million tonnes per year.
The EU regulation allows carbon payments made in the country of origin to be credited to reduce the number of CBAM certificates that a European importer must purchase. However, this requires clear proof of the amounts actually paid (for example, the preferential rate of NT$50 rather than the standard NT$300). If a plant passes the costs on to the buyer through the material price, the EU importer will pay part of the carbon costs in the supplier’s invoice and the rest through CBAM certificates.
As GMK Center reported earlier, the UK government has published indicative figures for calculating the national CBAM, which comes into force in 2027. An analysis of these data shows that the British system will be much softer and cheaper for steel importers than the EU’s similar mechanism.
https://gmk.center/en/news/taiwan-plans-to-develop-its-own-cbam/
Chinese iron ore port inventories sit around 148.05 million to 172.8 million tonnes, depending on the tracking scope: