2025-07-10 12:29
July 10 (Reuters) - Yemen's Houthis sank two cargo ships in the Red Sea this week, the first flare-up in seven months in the Iran-backed group's years-long campaign to choke global shipping in protest over the war in Gaza and the plight of the Palestinians. Since November 2023, the Houthis have targeted more than 100 merchant ships travelling through the Red Sea, sinking four vessels, seizing another and killing at least eight sailors. Sign up here. Here are details on some of the attacks: https://www.reuters.com/world/middle-east/houthi-attacks-merchant-ships-red-sea-2025-01-16/
2025-07-10 12:23
Overseas offers to Chinese buyers pick up, traders say Traders seek home for cargoes at risk of missing August 1 US tariff deadline Yangshan premium eases amid rising offers BEIJING, July 10 (Reuters) - Global copper traders are offering cargoes to Chinese buyers as they look to offload metal no longer able to reach the U.S. before President Donald Trump's 50% copper tariff deadline. Trump said late on Wednesday he would impose the new tariff from August 1 to promote domestic production of everything from semiconductors to ammunition. He didn't specify which copper products would be hit or whether exceptions would be considered. Sign up here. China is the world's largest copper consumer, and the number of offers by overseas sellers has been picking up since late June and is now at the highest in months, according to a Chinese copper trader who spoke on condition of anonymity. A second China-based trader said they had received an offer for a 1,500 metric ton cargo from South America for delivery in late July or early August from a buyer "eager to find a home." The step up in offers to China reflects how traders, who have spent months shipping copper to the United States in anticipation of the tariff, must now begin to find alternative destinations for cargoes unable to cross the U.S. border before the tariff comes into effect. Only copper from Latin America that is being loaded or already en route is likely to make the deadline, and even then it is likely to be close, according to logistics sources. "If Chilean material is being freed up to make its way to Europe because less is going to the U.S., that means it's being freed up for everyone and you might see some of that in Asia and elsewhere," Albert Mackenzie, a copper analyst at Benchmark Mineral Intelligence, said. The Yangshan Copper Premium (bill of lading), a benchmark for what Chinese buyers will pay above LME for copper still outside the country, fell 5% to $62 on Thursday, reflecting the offers now on the table, according to a Singapore-based copper trader. Major international trading houses are offering thousands of tons of cargo originally destined for the U.S. for delivery in late July and August to Chinese buyers, they added. The most-traded copper contract on the Shanghai Futures Exchange fell for the fifth day on Thursday, down 0.4% to 78,600 yuan ($10,952.87) per ton after touching its lowest since June 23. https://www.reuters.com/world/china/copper-traders-look-chinese-buyers-post-trump-tariff-world-2025-07-10/
2025-07-10 12:20
SAO PAULO, July 10 (Reuters) - Brazil's real slipped 2% against the U.S. dollar in spot trading on Thursday, weakening past 5.60 per greenback, after U.S. President Donald Trump said he would impose a 50% tariff on all imports from Latin America's largest economy. Sign up here. https://www.reuters.com/world/americas/brazils-real-weakens-2-after-trump-tariff-announcement-2025-07-10/
2025-07-10 12:18
NEW DELHI, July 10 (Reuters) - Indian Oil Corp (IOC.NS) , opens new tab plans to shut the diesel desulphuriser unit at its 300,000 barrel-per-day Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday. The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi. Sign up here. India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028. The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site. The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said. Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said. He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project. Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro (LART.NS) , opens new tab. L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram. India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said. ($1 = 85.6490 Indian rupees) (This story has been corrected to indicate that 300,000 bpd figure refers to the total refinery capacity, not diesel unit capacity, in paragraph 1) https://www.reuters.com/business/energy/indian-oil-upgrade-panipat-diesel-refinery-green-jet-fuel-production-2025-07-10/
2025-07-10 12:09
CHICAGO, July 10 (Reuters) - The U.S. Department of Agriculture has again halted imports of Mexican cattle into the United States due to the spread of the damaging livestock pest New World Screwworm in Mexico. Screwworms are parasitic flies whose females lay eggs in wounds on warm-blooded animals, usually livestock and wild animals. Once the eggs hatch, hundreds of screwworm larvae use their sharp mouths to burrow through living flesh, eventually killing their host if left untreated. Sign up here. The USDA said in a statement late on Wednesday that it ordered the closure of livestock trade through southern ports of entry effective immediately following the detection of screwworm about 370 miles south of the border in Ixhuatlan de Madero, Veracruz. The decision was a quick reversal after the USDA said last week it would resume cattle imports from Mexico on Monday at a port of entry in Douglas, Arizona, as part of a phased reopening of the border. Washington suspended cattle imports from Mexico in May as New World Screwworm was detected in farms in Oaxaca and Veracruz, Mexico, about 700 miles from the U.S. border. "We must see additional progress combatting NWS in Veracruz and other nearby Mexican states in order to reopen livestock ports along the Southern border,” USDA Secretary Brooke Rollins said in a statement. https://www.reuters.com/business/healthcare-pharmaceuticals/us-again-halts-cattle-imports-mexico-over-screwworm-pest-2025-07-10/
2025-07-10 11:41
VIENNA, July 10 (Reuters) - The United Arab Emirates could further boost its oil production capacity after 2027 if that is what markets require, its energy minister said on Thursday, signalling a move that could propel the country to the elite club of top five global oil producers. OPEC has granted the UAE a bigger production quota this year after the country argued it was restricting its output too much after it had invested heavily to expand capacity to 4.85 million barrels per day (bpd) from 3 million. Sign up here. The country targets capacity of 5 million bpd by 2027 and Energy Minister Suhail Mohamed al-Mazrouei told reporters it could rise further after 2027. "We can go to 6 million if the market requires," he said, adding that it was not an official target. If such production is reached, the UAE would pump enough to cover just under 6% of global demand. It would also become the fourth-largest oil and liquids producer in the world only behind the United States, Saudi Arabia and Russia, which can pump around 21 million, 12 million and 10-12 million respectively. With output of 6 million bpd, the UAE would overtake 2024 oil production levels of countries such as Canada, China, Iraq and Iran. https://www.reuters.com/business/energy/uae-says-ready-another-oil-capacity-boost-if-markets-require-2025-07-10/
