Democrats Warren and Coons are demanding an explanation of why the United States suspended sanctions against Russia for 17 months despite fruitless peace negotiations. They point out that the last serious restrictions were imposed in October 2025, and that Russia easily evades them.
Two senior Democratic U.S. senators on Wednesday pressed Trump administration officials on why they had paused imposing new sanctions on companies, banks and other entities helping Russia circumvent existing restrictions over the Russian Federation’s invasion of Ukraine, despite peace talks proving unproductive, Reuters reports, writes UNN.
Details
Senators Elizabeth Warren, the senior Democrat on the Senate Banking Committee, and Chris Coons wrote a letter to U.S. Secretary of State Marco Rubio and U.S. Treasury Secretary Scott Bessent.
The senators say the administration has paused regular, targeted sanctions against Russia for 17 months.
The last time the United States imposed major sanctions against Russia was in October 2025, when the U.S. Treasury Department imposed restrictions on the oil companies "Rosneft" and "Lukoil." The senators believe these sanctions were a one-off and that Russia is easily evading them.
In response to a Reuters inquiry, a U.S. Treasury Department spokesperson pointed to the sanctions against Russian oil companies and said the Trump administration would continue to act in the interests of U.S. national security and a peaceful resolution to the war in Ukraine. A State Department spokesperson said the department was not considering potential sanctions actions.
The senators’ letter quotes Bessent, who told Congress in February that the administration wanted to "see where the peace talks go" before resuming some counter-sanctions against evasion, even though the administration had "imposed sanctions on Iran and Cuba during negotiations with those countries."
The letter also quotes Rubio, who said in May that peace talks between Russia and Ukraine had not been productive, and that there were no such talks at that time.
The letter says that from the invasion in February 2022 through January 2025, the month President Donald Trump took office for a second time, 111 sets of sanctions were imposed against Russia.
The sanctions imposed during the tenure of former President Joe Biden did little to stop Russia.
The senators are asking officials to respond by August 28 to the following question: "If the administration paused regular sanctions against Russia because of peace talks, and those talks reached an impasse several months ago, why has the administration not resumed routine and frequent U.S. sanctions to restore leverage for a just peace in Ukraine?"
The Senate passed new legislation on sanctions against Russia this month, but its future is uncertain, as Democrats and some Republicans are concerned that it could allow Trump to gain new powers to impose tariffs on goods from U.S. allies, including Japan and some European countries.
SHANGHAI increased to 3968.00 Index Points, the highest since July 2026.
Over the past 4 weeks, Shanghai Stock Exchange Composite Index lost 0.01%, and in the last 12 months, it increased 8.19%.
News Stream
The Shangai Composite Index Closes 0.07% Higher
The Shangai Composite Index rose 3 points or 0.07 percent on Friday to close at 3930 points. Leading the gains are Fuyao Glass Indu (2.66%), Avic Aviation Engine (1.63%) and Baosteel (1.41%). Top losers were Datang Intl (-6.21%), Greenland Holdings (-3.05%) and Yonghui Superstore (-2.44%).
2026-08-14
China Stocks Post Mixed Weekly Performance
The Shanghai Composite traded flat to close at 3,927.2 on Friday, while the Shenzhen Component gained 0.45% to 14,354.3, as strong gains in semiconductor and AI-related stocks helped offset concerns over fresh US trade measures. Sentiment in the sector strengthened after Semiconductor Manufacturing ...
2026-08-14
The Shangai Composite Index Closes 0.50% Lower
The Shangai Composite Index dropped 20 points or 0.50 percent on Thursday to close at 3927 points. Losses were led by Aluminum Corporation of China (-5.63%), Zijin Mining (-4.14%) and Greenland Holdings (-3.70%). Offsetting the fall, top gainers were Datang Intl (10.02%), Bank Of China (2.06%) and Agricultural Bank of China (1.55%).
2026-08-13
Russia’s average oil refining volume in July stood at 4.2 million barrels per day, up from 4.1 million barrels per day in June. However, emergency repairs prompted by attacks by Ukrainian drones could lead to a further decline in refining volumes in August.
As Kommersant reports, citing a Kpler forecast, Russia’s oil refining volume could amount to 4 million barrels per day in August. A return to Russia’s usual level of 5.3-5.5 million barrels per day is not expected this year.
Analysts believe refining volumes could increase to 4.3 million barrels per day in September.
A source cited by the newspaper said the minimum refining level is 3.3-3.5 million barrels per day. At lower volumes, it will be extremely difficult to ensure fuel supplies to the domestic market.
It should be noted that fuel supplies from Belarus to Russia reached new records in July. According to media reports, rail deliveries of gasoline from Belarus to Russia increased by 13% in July compared with June, reaching about 212,000 tonnes. Diesel fuel deliveries doubled during the month, reaching 162,000 tonnes.
https://reform.news/en/russia-s-oil-refining-may-set-new-record-low-in-august/amp
Despite the ongoing stalemate in the U.S.-Iran talks and persistent risks to shipping in the Middle East, oil prices fell in Asian trading on Thursday, weighed down by cuts to 2026 oil demand forecasts from both OPEC and the International Energy Agency.
Brent Crude prices dropped by 0.5% to trade below $89 per barrel at $88.56, easing from the Wednesday intraday high of over $89 a barrel, amid demand concerns and a bearish EIA inventory report.
The U.S. benchmark, WTI Crude, traded 0.60% lower at $82.77 in the Asian session.
On Wednesday, both OPEC and the IEA slashed their oil demand forecasts for 2026 due to the ongoing closure of the Strait of Hormuz.
The IEA expects in its August monthly report that oil demand will slump by 1.6 million barrels per day (bpd) this year. That’s a 510,000 bpd decline from the expected figure in the July report, which had assumed the Strait of Hormuz oil flows would gradually rise.
However, the renewed hostilities at the end of July and the deadlock in U.S.-Iran talks have prompted the IEA to project much larger demand destruction due to higher prices than were expected in early July.
OPEC also cut its demand forecast for 2026 on Wednesday. Unlike the IEA, the cartel expects demand growth, although its outlook was slashed to 580,000 bpd, down from the 780,000 bpd growth expected in the July report.
Also weighing on oil prices was a surprise big build in U.S. crude oil inventories, which saw a massive increase of 17.4 million barrels during the week ending August 7, per data from the U.S. Energy Information Administration (EIA) out on Wednesday.
The increase brings commercial stockpiles to 424.4 million barrels, according to government data, which are now just 2% below the five-year average for this time of year. The large inventory increase was predominantly driven by a 1.14 million bpd increase in crude oil imports week-on-week, while crude exports fell by 627,000 bpd on the week to August 7.
By Tsvetana Paraskova for Oilprice.com
Donald Trump recently told Fox Business, “I think oil is going to be a little bit of a yo-yo. Goes up a little bit, goes down a little bit.”
At face value, that wasn’t entirely unreasonable, though the president neglected to mention a couple of things. First, he’s the one who is effectively holding the yo-yo’s string. Second, the price has been going up more frequently than down lately. As this week got underway, Politico reported:
The average national price for a gallon of gasoline hit $4.01 today, according to AAA — higher than it has ever been this late in the summer, an ominous sign for Republicans as they confront voters’ concerns with affordability.
The national average price for a gallon of gas has never surpassed $4 after Aug. 10 – the tail end of summer when gas prices typically start decreasing – in any calendar year, said Patrick De Haan, head of petroleum analysis at pricing service GasBuddy.
Two days after this report was published, AAA showed the average national price inching a little higher, reaching $4.03 per gallon.
What’s more, with new data showing consumer prices also climbing, at least a little, The New York Times noted, “Last year, the debate over energy affordability was all about electricity prices. Now, almost six months into the war with Iran, that’s been overshadowed by much higher prices at the pump. Gasoline prices are up 24.6% in the past year and diesel a whopping 39.1%.”
https://www.ms.now/rachel-maddow-show/maddowblog/gas-prices-pump-consumers-trump-midterm-election
Franco-Nevada expects the processing of stockpiled ore at Cobre Panamá to generate approximately 23,100 gold ounces and 265,000 silver ounces of stream deliveries as activity resumes at the mine after two years of halted operations.
The Government of Panama authorized the removal, processing and export of stockpiled ore in April as part of Cobre Panamá’s Preservation and Safe Management plan. The first processing train was commissioned in May, followed by the restart of one of the mine’s three milling circuits and production of the first copper concentrate.
The development does not represent a full restart of Cobre Panamá. Production remains halted outside the approved stockpile processing program, while a government ministerial commission continues evaluating the future of the mine.
First Quantum estimates that the stockpiles will produce 30,000 to 40,000 tonnes of copper in 2026, with the remaining material processed in 2027 for a total of approximately 70,000 tonnes.
Franco-Nevada expects deliveries under its stream to begin during Q3 2026. Approximately one-third of the anticipated stream deliveries are expected in the second half of 2026, with deliveries determined by First Quantum’s sales of copper concentrate through its offtake agreements.
The additional Cobre Panamá deliveries are helping Franco-Nevada track toward the upper half of its 2026 Total GEO guidance range. The company also expects portfolio production to be weighted toward the second half because of production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine.
Franco-Nevada’s Q2 revenue increased 57% to $580.9 million as GEOs sold increased 18% to 132,405. Net GEOs sold increased 20% to 122,205.
Operating cash flow increased 12% to $482.5 million, while Adjusted EBITDA increased 45% to $529.7 million, or $2.75 per share. Results also benefited from higher precious metal and oil prices.
Franco-Nevada has approximately $4.3 billion of available capital, giving it significant capacity for additional royalty and streaming transactions as management evaluates its deal pipeline.
KEY QUOTES:
“Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements.”
“With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities.”
Paul Brink, President And CEO Of Franco-Nevada
China's refined copper output in August will post an annual decline for a second straight month, constrained by an acute shortage of feedstocks, State-backed research house Antaike said on Wednesday.
Output of the red metal, used in power, construction and manufacturing, among surveyed companies that represent 81.97% of China's total capacity is forecast at 1.05-million tons in August, down 2.83% from the year before, according to Antaike.
That came after July's output is estimated to slide by 3.18% year-on-year to around 1.05-million tons, missing an earlier forecast of 1.07-million tons, Antaike said.
Persistent supply tightness in raw materials propelled smelters to lower their capacity utilisation rate.
"China's copper concentrate market is experiencing one of its most severe supply shortages in recent years," analysts at consultancy Mysteel said in a note last week.
Processing fees that miners typically pay smelters to turn concentrate into refined metal have stayed negative for 19 months, reflecting a prolonged tightness in global concentrate supply.
The fees for imported concentrate stood at a record-breaking low of minus $175.7 a ton on August 7, versus minus $38.4 a ton over the same period a year ago, data from information provider Argus showed.
Tightening regulation on domestic tax invoice meanwhile continued to curb supply of value added tax-compliant recycling copper, also a feedstock for smelters, said Mysteel analysts.
(Il Sole 24 Ore Radiocor) - Milano, 13 ago - Chile-focused miner Antofagasta said its first half revenue rose 18% to 4.479 billion dollars, driven by higher realised prices partially offset by lower sales in copper and by-products.
The group's average realised copper price rose by 36% year on year. In respect of by-products, realised prices for gold rose by 46% and for molybdenum by 55%.
EBITDA increased 27% to 2.841 billion dollars, driven by higher revenue, partially offset by an increase in operating costs. The EBITDA margin widened to 63.4% from 58.8% a year earlier.
Pretax profit including exceptional items jumped 72% to 1.996 billion dollars.
Earnings per share for the first half of 2026 including exceptional items) were 85.9 cents, an increase of 62%. Cash flow from operations rose 53% to 2.773 billion dollars, mainly driven by strong earnings and movements in working capital - primarily in relation to positive movements in debtors and creditors, partially offset by increased inventories. The board has declared an interim ordinary dividend of 30.1 cents per share, equal to a 35% pay-out of underlying earnings per share, in line with the company's dividend policy. As previously disclosed in July, Los Pelambres has resumed operations following an orderly shutdown in response to extraordinarily severe weather conditions in Chile, during which Coquimbo Region was officially declared as a 'state of catastrophe' by the Chilean Government. Mining and processing activities have continued to gradually increase, with the level of mine movement ramping up as conditions permit. While there has been no material impact on key equipment and infrastructure, detailed inspections have identified the need for repairs to certain pipeline platforms and water management systems. As a result, total copper production for 2026 is now expected to be in the range of 625,000-655,000 tonnes from a previous guidance of 650,000-700,000 tonnes. Group-level cash costs before by-product credits are expected to be in the range of 2.40-2.60 dollars per pound and group-level cash costs after by-product credits are expected to be in the range of 1.15-1.35 dollars per pound. Capital expenditure is expected to be 3.4 billion dollars.
excluding Zaldivar.
(RADIOCOR) 13-08-26 11:40:52 (0258) 5 NNNN
TSX- and NYSE-listed Titan Mining Corporation has reported a record performance in the quarter ended June 30, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) having quadrupled year-on-year to $9.6-million which CEO Rita Adiani says reflects the strength of the group's zinc operations.
The group produced 17.5-million payable pounds of zinc in the quarter, which marked a 13% increase compared with the same quarter last year and an achievement ahead of the mine plan.
The company's full-year zinc production guidance is set between 62-million and 66-million payable pounds of zinc, which are produced at the Empire State Mine operation, near Gouverneur, in New York State.
With adjusted Ebitda having grown by 272% year-on-year and 135% quarter-on-quarter, the company is on track to meet its full-year guidance of between $20-million and $28-million.
Titan's net income amounted to $5.4-million, or $0.06 apiece, in the reporting quarter, compared with $500 000 in the same quarter last year.
While Titan realised a zinc price of $1.57/lb in the quarter, which increased by 7% quarter-on-quarter, the company expects more gains as spot zinc prices rose significantly since the end of June to four-year-highs of about $1.70/lb.
Titan generated operating cashflow before changes in non-cash working capital of $4.9-million, up 156% from the first quarter of the year.
The company posted net debt of $12.8-million in the quarter under review, which has decreased by 47% compared with the same quarter last year, while it has available liquidity of $29.1-million.
Meanwhile, Titan is working to commercialise its Kilbourne graphite project, also at Empire State Mine, having signed two customer agreements in recent weeks and aiming to announce a construction decision early next year.
Prices for steel hot-rolled coil (HRC) in the domestic market of Northern Europe and Italy remained broadly stable on Wednesday August 12, with limited trading reported during the traditional summer slowdown period, sources told Fastmarkets.
In Italy, sources said prices were stable, as most suppliers were out of the market in August.
“Moreover, at the moment we are out of the market, with the next availability from Italy, which is now an October or even November shipment depending on the product and specification,” a producer source said on Wednesday, adding that the activity in Italy was almost at zero, as usual for this period.
A buyer source indicated workable levels at €700-720 ($808-831) per tonne ex-works, in the same range as offers and indications reported on August 11, when mills were heard targeting €720 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Italy was calculated at €713.75 per tonne on August 12, unchanged day on day.
The index was up by €4.75 per tonne week on week and up by €20.69 per tonne month on month.
The latest HRC import activity into Southern Europe included a deal from Egypt at $750 per tonne CFR for a small-quantity order, while material was offered at $760 per tonne CFR from the same origin, all including $30 duties under the Carbon Border Adjustment Mechanism (CBAM).
A lower offer was reported at €600-620 per tonne CFR on Wednesday, but sources could not confirm the origin.
Fastmarkets’ weekly price assessment for steel hot rolled coil import, cfr main port Southern Europe was at €565-600 per tonne, unchanged week on week.
In Northern Europe, the market was very quiet on Wednesday, with many of the participants away on holiday. A buyer source reported an indication of workable levels at €715-720 per tonne ex-works on August 12, and prices collected on August 11 were carried over to the following day.
On Tuesday, a deal for October delivery was reported at €705-715 per tonne ex-works, which was included in the index, as September delivery material was no longer available, according to sources.
Indications of achievable levels were reported at €710-730 per tonne ex-works on the same day, while offers reached €715-730 per tonne ex-works.
Fastmarkets’ daily steel hot-rolled coil index domestic, exw Northern Europe was calculated at €717.00 per tonne on August 12, up by €0.12 per tonne from €716.88 per tonne on August 11.
The index was up by €0.33 per tonne week on week and up by €12 per tonne month on month.
–Vlada Novokreschenova in Dnipro contributed to this article.
Moody's Ratings reports global steel producers are realigning investment strategies due to diverging regional demand, regulation, and competitive pressures. Risks rise.
New Delhi, Aug 13 (PTI) Rated steel producers globally are realigning their investment strategies in response to diverging regional demand, regulation and competitive pressures, Moody's Ratings said on Thursday.
Rising execution risk may increase capital spending and pressure earnings stability over the next 12-18 months, according to a new Moody's Ratings' 'sector in-depth' on the investment strategies of steelmakers it rates.
Asian steelmakers expand capacity or overseas presence to capture growth,raising execution and financial risks. POSCO, Hyundai Steel Company, JFE Holdings Inc and Nippon Steel Corporation (NSC) are expanding into the US or India, where demand growth is stronger, and local production reduces tariff exposure.
By contrast, Indian steelmakers Tata Steel Ltd and JSW Steel Limited are focusing on domestic capacity expansion to meet strong local demand. These strategies reflect limited growth in developed Asia and stronger demand in Indian.
In India, JFE Steel has partnered with JSW Steel in Bhushan Power and Steel, while POSCO and JSW Steel are developing a 6 million tonnes per annum (mtpa) integrated steel plant in Odihsa.
In Europe, steelmakers face increasing regulatory pressure to decarbonise amid weak demand, high energy costs and challenging project economics.
Weak demand and elevated imports, particularly from Asia in 2024 and 2025, kept industry capacity utilisation in the mid-60 per cent range, constraining earnings and investment capacity, Moody's Ratings said.
However, safeguard measures implemented in July 2026, together with the introduction of CBAM (carbon border adjustment mechanism) in January 2026, should reduce import penetration and support domestic pricing and volumes even without a significant recovery in end-market demand.
In the US, the steel producers' focus is on electric arc furnace (EAF) expansion and modernisation, supported by structural and policy advantages.
Posted on 13 Aug 2026
Shagang Group (Shagang), China's leading privately-owned steel firm and the country's largest electric-arc-furnace steelmaker, has decided to maintain its long-product list prices for sales over August 11-20 unchanged from the first ten days of the month, according to the company's latest announcement on August 11.
The Zhangjiagang-based steel group updates its list prices for long steel products such as rebars three times a month to better reflect market dynamics, as reported.
With its latest pricing policy, Shagang continues to keep its price for HRB400 16-20mm rebar at Yuan 3,300/tonne ($489/t), its price for HPB300 6-10mm wire rods is still pegged at Yuan 3,340/t, and that for HRB400 8-10mm bar-in-coil remains at Yuan 3,430/t, according to its announcement. All prices are EXW and include the 13% VAT.
The decision reflects the steelmakers' cautious stance towards the near-term market, a Shanghai-based analyst noted. By quoting a Mysteel survey, she expects China's construction steel demand to pick up albeit marginally in late August as many construction projects will speed up operations amid cooling temperatures across China.
The actual purchase volume among the 200 Chinese building contractors sampled by Mysteel is estimated to reach 6.52 million tonnes this month, rising by 1.5% on month, according to the survey.
Notably, the same survey shows that in East China, purchase activities for long steel items among local construction enterprises in August are expected to surge by 11% from July's level, serving as the mainstay for domestic demand for steel longs, she highlighted.
Mysteel's other regular survey also reflected a slight recovery in recent downstream buying activities. The daily volume of rebar, wire rod and bar-in-coil traded among the 237 trading houses under Mysteel's tracking averaged 85,975 tonnes/day over early August, up by 2.4% or 1,999 t/d from the last 11 days of July.
Meanwhile, construction steel prices for spot sales also showed signs of bottoming out, with the price of Shagang-brand HRB400E 20mm rebar in Shanghai – Shagang's key sales market – assessed by Mysteel at Yuan 3,050/t on August 10, up by Yuan 10/t from July 31 after hitting its record low of Yuan 3,030/t on August 3.
Similarly, Zenith Steel and Jiangsu Yonggang Group, another two leading steelmakers based in East China's Jiangsu province, also held their list prices for long steel items unchanged for the same sales cycle, Mysteel Global learned.
Source:Mysteel Global
China's biggest coal-to-chemicals producer reported record profits for the first half, raking in the equivalent of $1.4 billion as crude oil prices soared internationally, strengthening the business case for converting coal to chemicals.
Bloomberg reported today that Ningxia Baofeng Energy Group Co., which accounts for about a third of China's coal-to-chemicals output, had an especially strong second quarter when oil prices spiked amid the Strait of Hormuz oil flows disruption. The first-half figure was an almost twofold increase on an annual basis.
"Crude oil prices rose rapidly and were highly volatile, significantly increasing feedstock costs for oil-based olefins," the company said in its first-half statement, as quoted by Bloomberg. "Domestic coal prices increased moderately, and feedstock costs for coal-to-olefins production rose only slightly."
China's coal-to-chemicals industry got a major boost from the Middle East war. The sector's stocks jumped by 30% between the end of February and mid-March, Reuters reported at the time, with investors rewarding the energy industry's ability to use coal for the production of fertilizers and other petrochemicals without actually using petroleum.
The rewarding will likely continue, with the Middle East disruption unlikely to end anytime soon. While oil prices have moderated from spring peaks, they are still palpably higher than they were before the war began, meaning they would continue to provide support for coal-to-chemicals producers.
Thanks to the technology, China is already making 85% of its methanol and ammonia from the solid hydrocarbon, according to data from the International Energy Agency, as quoted by Bloomberg. Coal prices have also risen on stronger demand, but they remain significantly lower than the prices of crude oil and natural gas, strengthening the business case for coal-to-chemicals production.
Yet Chinese energy companies are not stopping there. Earlier this year, Reuters reported that PetroChina was developing a project for the extraction of gas from coal rock, eyeing output of 30 billion cubic meters by 2035.
https://finance.yahoo.com/energy/articles/high-oil-prices-deliver-windfall-103000081.html
