Saudi Aramco has moved about 4m barrels of crude onto two VLCCs off Sohar, Oman, for delivery to China as it expands sales through loading points outside the Strait of Hormuz, according to Reuters.
The transfers come as Aramco opens a second consecutive weekly sales round for Arab Medium and Arab Heavy crude to Asian buyers, with September cargoes offered through ship-to-ship operations off Sohar or Fujairah in the United Arab Emirates.
South Korean shipowner Sinokor Merchant Marine’s VLCC Singapore Prosperity transferred its Saudi crude cargo around 22 August to Xin Hui Yang, which is expected to arrive at Ningbo in eastern China on 15 September.
Algeria Prosperity transferred another cargo on 25 August to Xin Han Yang, which is expected to reach Zhanjiang in southern China on 12 September.
Both cargoes are destined for Chinese refining group Sinopec. Aramco declined to comment. The latest sales round follows an earlier offer of Arab Medium and Arab Heavy through ship-to-ship transfers off Fujairah.
PetroChina and Sinochem each bought 2m barrels, taking sales in that round to at least 4m barrels.
Malaysia Prosperity, Algeria Prosperity and Singapore Prosperity had each loaded 2m barrels at Saudi Arabia’s Juaymah and Ras Tanura terminals between 12 and 16 August after a three-week gap in loadings there.
Some Saudi cargoes have also transited the Strait of Hormuz with vessel-tracking systems switched off. Transfers off Fujairah or Sohar allow receiving tankers to take delivery outside the strait after the crude has been transported through it.
Saudi Arabian Oil Co, known as Aramco, is headquartered in Dhahran, Saudi Arabia, and operates across the energy and chemicals sectors. It reported first-half 2026 hydrocarbon production of 11m barrels of oil equivalent per day and liquids production of 9.1m barrels per day.
Sinokor Merchant Marine is a South Korean shipowner. Sinopec is a Chinese refining group, while PetroChina and Sinochem are Chinese oil companies.
Key Points:
Oil prices dropped on Thursday following new diplomatic efforts involving Iran, Oman and Qatar. Brent crude dropped to $88.50 per barrel and WTI oil dropped to $81.60. The talks about the Strait of Hormuz fuelled optimism that additional oil flows could pass through major shipping channel. This reduced some of the geopolitical risk premium in prices. The long pause in U.S. strikes on Iran also boosted hopes of easing supply disruptions.
But the risk of another supply shock remains high. The oil flow in the Strait of Hormuz is still about 25% of pre-war levels. Iran and the United States also remain far apart on the conditions for reopening the waterway. Meanwhile, disruptions to Middle East refineries and attacks by the Ukrainians on Russian refineries have cut global diesel output. Inventories of U.S. distillates dropped 2.2 million barrels to record seasonal low of 103.4 million barrels last week. These shortages could prevent further cuts in crude oil and keep prices volatile until the talks produce clear agreement.
By Tsvetana Paraskova - Aug 27, 2026, 4:00 PM CDT
Europe is heading for the winter with one of the lowest levels of gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition for the shrunk pool of readily available global LNG cargoes.
A perfect storm of elevated demand for filling depleted storage and electricity during the summer heatwaves, and slashed global LNG supply with Qatar’s cargoes trapped behind the Strait of Hormuz have pushed European benchmark prices to multi-month highs and LNG prices to the highest in three years.
The high prices, with front-month futures higher than those further out in time, have discouraged stockpiling for most of the summer. But Europe doesn’t have a choice and needs to fight for gas to fill storage sites to reasonably adequate levels before December to avoid a winter supply crunch.
That’s easier said than done. Competition from Asia is fierce for LNG supply that doesn’t need to move through the Strait of Hormuz, and Europe is currently losing this race.
One potentially mitigating factor is that Europe now consumes about 10-15% less natural gas than it did in 2021 due to a higher share of renewables for electricity generation and industries adapting from an abundance of gas (including from Russia) to tight markets with elevated prices.
EU Gas in Storage Lowest in Years
Early this year, European policymakers and gas network operators knew they needed to step up spring and summer purchases to fill storage sites that were depleting fast in the cold 2025/2026 winter.
But the war in Iran and the near-disappearance of Qatari LNG supply was such a black swan event that no one could have predicted.
Thus, Europe was left scrambling for supply amid high prices and intense competition for spot LNG supply from Asia, which itself is also seeking alternatives to the term Qatari supply that never arrived in the past six months.
The Iran war and the intensified competition from Asia came just as Europe is trying to build in the spring and summer natural gas inventories for the next winter.
Current storage levels are about 63% full, data from Gas Infrastructure Europe shows. That’s the lowest level for this time of year in nearly two decades and well below the five-year average.
Europe risks missing its target for gas storage ahead of the winter, with the Netherlands becoming the first EU member state to warn it would miss its target.
This doesn’t mean that security of supply is at immediate risk. But the current predicament suggests that Europe will once again hope for a milder winter as it has done in the past four years.
High Gas Prices, Higher Energy Bills
The LNG squeeze and the uncertainty about supply prospects have had a direct and rather painful effect on gas prices.
The European benchmark natural gas prices in Europe at the Dutch Title Transfer Facility (TTF) surged this month to the highest since 2023, and so did the LNG prices in northwest Europe, as gas supply was much more affected than oil flows at the mostly closed Strait of Hormuz.
These high prices could go even higher as winter approaches, and Europe still struggles to build up sufficient inventories.
There is a very real chance that Europe won’t achieve even its softest flexible target to have storage 75% full on November 1, analysts say.
“At the current rate, it will be difficult for the EU to hit even the lower storage target of 75% ahead of the heating season. This raises the prospects of forced buying, increasing upside risk for gas prices,” ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a note this week.
Although it’s not 2022 and prices are nowhere near the record highs from four years ago, “Europe is approaching energy crisis territory,” analysts at Wood Mackenzie said at the end of July.
Purecore Metals (CSE:PURE) is optimistic about the future of uranium and copper as part of its broader strategy of exploring for minerals crucial to clean energy systems.
In a market update, the company cites the bullish outlook for the uranium market, including Bank of America’s price forecast of US$130 ($181.25) per pound in 2027 and Sprott’s prediction that the nuclear fuel is “on the cusp of a new contracting cycle”.
Purecore made the move into uranium earlier this year, when it acquired the Yurchison Project in Saskatchewan, Canada, through an option agreement with Skyharbour Resources (TSX-V:SYH).
This property comprises mineral 22 claims covering approximately 350km² of the Athabasca Basin, a known uranium-producing region hosting some of the world’s highest-grade deposits.
Yurchison is situated approximately 75km south of Cameco’s (TSX:CCO) Rabbit Lake operation, North America’s leading uranium producer.
According to the company, the project had seen extensive exploration in the past, including geophysics, prospecting, mapping, geochemical sampling, and drilling, but much of this was completed prior to 2000.
During that period, most of the uranium exploration occurred on the western side of the property, while the eastern side focused on SEDEX-style lead-zinc mineralisation.
Historical prospecting near old trenches returned uranium values ranging from 0.09% to 0.30% uranium oxide (U₃O₈), while molybdenum values ranged from 2,500 to 6,400 parts per million.
Based on the past work, Purecore believes the site has strong discovery potential for both basement-hosted uranium mineralisation as well as copper, zinc, and molybdenum.
On copper, the Canadian junior also sees upside given a combination of constrained supply, infrastructure investment, and accelerating global power demand.
This week, prices of the metal surged to a new record amid a global supply squeeze in anticipation of a US tariff decision. Disruptions across mine operations globally have also contributed to the supply-side risks.
Purecore holds the Bankier Property in British Columbia, an early-stage project located approximately 20km south of the historical Brenda copper-molybdenum mine. In addition to copper, the company has also identified anomalies for molybdenum, gold, and uranium.
Recently, the Purecore team completed its initial exploration on the property and is now integrating historical data to refine future exploration targets.
“Our strategy remains simple: two commodities, one demand curve — uranium and copper positioned against the long-term growth in global electricity demand,” CEO Peter Berdusco says.
Purecore Metals is focused on advancing the materials that power modern energy systems and emerging technologies.
Write to Jackson Chen at Mining.com.au
Image: Purecore Metals
https://mining.com.au/purecore-targets-uranium-copper-on-power-demand-thesis/
Rosatom plans to begin site work for two small modular reactors in Myanmar as early as 2027, according to Director General Alexei Likhachev. The 110 MW project, backed by an intergovernmental agreement signed in March 2025, could expand to 330 MW.
August 26, 2026—ENERGYNEWS
Russian state nuclear group Rosatom could begin preparatory site work for two small modular reactors in Myanmar as early as 2027. The update comes from Alexei Likhachev, Rosatom's Director General, quoted by the group's in-house publication Strana Rosatom. According to him, "the pace of progress is determined not only by us but also by the customers [...] we've signed an intergovernmental agreement, and now we have a comprehensive contractual framework and are about to enter the site. This is essentially the start of construction."
An Agreement Signed During a State Visit in March 2025
The intergovernmental agreement governing cooperation between the two countries was signed in March 2025, during a state visit by Myanmar to Russia. It covers the development of a 110-megawatt (MW) project featuring two small modular reactors, with the possibility of expansion to 330 MW through the addition of further units. The project is set to use RITM-200N pressurised water reactors, each with a capacity of 55 MW, adapted from the RITM-200 model used on Russia's nuclear icebreaker fleet.
An Official Visit by President Min Aung Hlaing to Moscow
The most recent talks took place last week, during an official visit to Russia by Myanmar President Min Aung Hlaing. Following the discussions, Russian Prime Minister Mikhail Mishustin said: "I am confident that the project will provide a powerful impetus to the development of cooperation in related fields, including fundamental and applied scientific research, and will become a new symbol of Russian-Myanmar friendship."
Rosatom Banks on Exporting Its SMR Technology
Rosatom already has a land-based small modular reactor under construction as well as a sea-based unit in operation, and is seeking to build on its export potential. Earlier this year, a concrete-pouring ceremony marked the start of construction on the first of two Russian small modular reactor units in Uzbekistan. The Myanmar project would fit into this broader strategy of international expansion for Russia's modular nuclear technology.
https://energynews.pro/en/myanmar-could-start-site-work-for-russian-smr-reactors-by-2027?nl_auth=ok
Copper cathodes waiting for dispatch
Mota-Engil is set to sign a 30-year concession to rehabilitate and operate a key copper and cobalt railway in the Democratic Republic of Congo, according to Bloomberg.
The project could receive up to $1bn in US financing.
The agreement would give Portugal’s largest construction company control of the Congolese section of the Lobito Corridor. The strategic route is intended to increase shipments of critical minerals to Western markets.
The roughly 1,000km railway runs through major mining centres including Kolwezi, Tenke and Lubumbashi.
Mota-Engil already helps operate the corridor’s Angolan section through a joint venture with Trafigura, connecting the mineral-rich interior to the Atlantic port of Lobito.
The US International Development Finance Corporation has backed the Angolan route and in December signed a letter of interest with Mota-Engil for up to $1bn to support rehabilitation and operation of the Congolese railway.
The project reflects intensifying competition for Africa’s critical minerals. Congo is the world’s second-largest copper producer and its leading source of cobalt, but Chinese companies currently dominate much of the country’s output.
The US has sought closer mineral ties with the country, as it tries to reduce reliance on China for strategic commodities.
The Lobito investment also comes as Chinese companies advance a $1.4bn overhaul of a rival railway linking Zambia’s copper belt with Tanzania’s Indian Ocean port of Dar es Salaam, underscoring the growing geopolitical importance of African mineral-export infrastructure.
https://www.miningmx.com/trending/66772-congo-copper-corridor-set-for-1bn-us-boost/
As the world electrifies, demand for the metal is expected to jump 50 per cent in 15 years.
The remote Winu site is 300km south of Broome and 320km east of Port Hedland. Image: Rio Tinto
Rio Tinto has lodged its detailed proposal to develop the Winu copper deposit in the Pilbara, discovered in 2017, with the WA Environmental Protection Authority.
The proposed copper and gold mine is a below-the-water-table open pit that will connect to the Great Northern Highway via an 183-kilometre-long access road, over which concentrate will be trucked out for export.
Almost 5000 hectares of native vegetation will be cleared, covering critical habitat for six species including the Greater Bilby.
The clearing occurs within a 24,000-hectare development envelope, downsized in 2025 from 37,000 hectares after pushback from Traditional Owners.
The public can comment on the proposal until 22 October 2026.
The Winu mine site is remote, even by Pilbara standards. Map: Rio Tinto environmental submission
Rio Tinto majority-owns and operates the project, and Japan's Sumitomo holds a 30 per cent stake.
For decades, Rio Tinto and BHP have based their business on producing iron ore in WA. However, copper is becoming more important. In recent half-year results, the metal accounted for more than half of BHP's earnings and more than a third at Rio Tinto.
Rio Tinto already mines copper at Kennecott in the USA and Oyu Tolgoi in Mongolia. As well as Winu, it is also pursuing new copper revenue from the Resolution project in the US, which it owns with BHP.
S&P Global forecasts the world will need 42 million tonnes of copper in 2040, 50 per cent more than demand in 2025.
KUALA LUMPUR (Aug 27): Press Metal Aluminium Holdings Bhd (KL:PMETAL) booked record earnings in the second quarter on the back of higher revenue as well as a gain from the dilution of its investment in an associate company.
Net profit for the three months ended June 30, 2026 (2QFY2026) came in at RM801 million, a 66% increase from RM483.6 million a year earlier, the aluminium smelter said in a bourse filing.
Excluding the one-off gain of RM115.4 million from the dilution of its investment in an associate, core profit after tax and minority interest (Patami) stood at RM685.58 million, representing a 42% year-on-year growth.
Revenue also rose 12% to a record high of RM4.69 billion from RM4.19 billion in the corresponding quarter of the preceding year, thanks to higher realised metal prices.
Press Metal declared a second interim dividend of 2.5 sen per share, up from two sen per share a year earlier, payable on Sept 29, 2026.
For the cumulative six-month period (6MFY2026), Press Metal’s net profit jumped nearly 51% to RM1.43 billion from RM945.3 million, while revenue rose 8.7% to RM8.79 billion from RM8.09 billion.
In a statement, Press Metal group chief executive officer Tan Sri Paul Koon said the supply imbalance caused by aluminium production curtailments in the Middle East was gradually easing as affected smelters resumed operations.
However, the global aluminium market is expected to remain relatively tight as new capacity, particularly in Indonesia, will take time to fully ramp up, he said.
In addition, Koon said continued disruptions in the Middle East and along the Red Sea are keeping supply chains and freight costs elevated while supporting regional premiums.
Koon also noted that Press Metal recorded a substantial improvement in value-added product sales volumes in the second quarter of 2026, driven by wider market penetration and supply disruptions in the Middle East.
“We expect the shift towards alternative sourcing to continue as customers increasingly prioritise supply diversification and material security,” he said.
The uptrend remains steady
Zinc futures has been in a long-term uptrend. After seeing some sideways movement recently, the contract has regained traction and moved above key price levels over the last week.
The September contract, now trading at ₹415/kg, surpassed the resistance at ₹395 last week. The price action shows strong upward momentum and there are no signs of the bulls weakening. Therefore, the likelihood of further rally is high.
That said, there could be minor moderation in price, possibly to ₹400 before the September futures witness another leg of rally.
A fresh uptick, either from the current level of ₹415 or after a dip to ₹400, can lift zinc futures (Sep) to ₹440. A breach of this can take the contract to ₹450.
Instead, if the contract slips below the support at ₹400, it can extend the downswing to the ₹390-395 support band where the 21-day moving average currently lies. Only a breach of these levels can turn the outlook bearish.
Trade strategy
Buy zinc futures (Sep) if the price dips to ₹400. Place stop-loss at ₹388. When the contract rises to ₹425, tighten the stop-loss to ₹415. Book profits at ₹440.
Published on August 27, 2026
Polish domestic long steel prices remained mostly flat in the week to Friday August 21 as the market remained quiet following the recent seasonal slowdown during the summer months, Fastmarkets heard.
“Everything is slow with no demand, nothing is happening right now,” a source said.
During the week, offers for drawing-quality wire rod were reported within the range of 3,000-3,100 zloty ($811-838) per tonne, delivered, with no reports of trading activity heard from the market.
Fastmarkets’ weekly price assessment for steel wire rod (drawing quality), domestic, delivered Poland, was 3,000-3,100 zloty per tonne on Friday, narrowed upward from 2,990-3,100 zloty per tonne the previous week.
Meanwhile, for domestic rebar, prices remained stable.
“Nothing has changed recently, demand for rebars is very low and we don’t see any extra activity before September,” another Polish source said.
Mills’ offers were heard at 2,650 zloty per tonne CPT, while estimates of tradable levels were reported at around 2,650-2,680 zloty per tonne CPT.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, CPT Poland, was 2,650-2,680 zloty per tonne on Friday, unchanged week on week.
https://eurometal.net/polish-long-steel-prices-remain-largely-stable-amid-subdued-market-activity/
Coking coal market:
The price of low-sulphur coking coal in Linfen is quoted at 2,400 yuan/mt.
Coking coal side, coal mine production is hard to release and structural shortages persist. In addition, the second round of coke price increases has been fully implemented, bolstering market confidence. The coking coal market may continue to hold up well in the short term.
Coke market:
The nationwide average price of quasi-first-grade metallurgical coke (dry quenched) is 2,090 yuan/mt.
Supply side, coke production costs continue to rise, and most coke enterprises are suffering severe losses, leading them to proactively intensify production restrictions. Meanwhile, downstream purchasing enthusiasm has increased, and coke inventories at coke enterprises are depleting at an accelerated pace, with some coke enterprises holding back from selling. Demand side, most steel mills have completed maintenance, and the resumption of blast furnace production is driving an increase in rigid demand for coke. Some steel mills with low inventories are purchasing at higher prices. However, steel mill profits are poor, and steel mills remain cautious about accepting further coke price increases. Overall, the coke market may hold up well in the short term. With both cost support and improving demand, coke is likely to see a third round of price increases. [SMM Steel]
https://news.metal.com/en/newscontent/104083541-smm-coking-coal-and-coke-daily-brief-20260827
