2025-06-02 07:48

NEW DELHI, June 2 (Reuters) - India estimates a "minor impact" from U.S. President Donald Trump's plan to increase tariffs on steel and aluminium products as the South Asian country exports low volumes to Washington, the federal steel minister said on Monday. Trump said last week he intends to increase tariffs on imported steel and aluminium to 50% from 25% currently, spurring declines on Monday in steelmakers' stocks in South Korea and Vietnam - major Asian exporters to the U.S. Sign up here. Roughly a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany. India ranks much lower. "Minor impact will be there... We are not exporting (to the U.S.) in a big way," steel minister HD Kumaraswamy told reporters at a press briefing in New Delhi. However, ratings agency Fitch said in March that Indian steelmakers and steel prices could be hit if countries with higher exposure to the U.S. redirect their shipments to New Delhi in search of more lenient markets for the alloy. https://www.reuters.com/world/india/trumps-steel-tariff-plan-have-minor-impact-india-says-minister-2025-06-02/

2025-06-02 07:38

SOCAR to signs oil exploration agreements with Exxon and BP Azerbaijan oil output have been declining for several years Azerbaijan to increase natural gas exports - Aliyev says BAKU, June 2 (Reuters) - Azeri state energy company SOCAR signed new agreements for oil and gas exploration in Azerbaijan with Exxon Mobil (XOM.N) , opens new tab and BP (BP.L) , opens new tab at an energy conference in Baku on Monday. Azerbaijan has proven oil reserves of 7 billion barrels and proven natural gas reserves of 1.7 trillion cubic metres, according to the U.S. Department of Energy. Sign up here. The country's oil output has been declining for several years after the Azeri–Chirag–Gunashli (ACG) complex of oilfields passed its peak of 50 million metric tons, or 1 million barrels per day, in 2010. BP declined to comment. Exxon Mobil did not immediately reply to a request for comment. Under a strategy revamp announced in February, BP is increasing spending on its oil and gas business while cutting spending on its low-carbon units. It is also seeking to sell 50% of its solar unit Lightsource bp to a strategic partner for cash and a commitment of future investments, according to a sales document seen by Reuters. BP is already working on stemming declining output at producing fields in the Caspian Sea and its production chief Gordon Birrell said in March that BP was planning to explore for new oilfields in the Azeri Caspian. BP last year signed a memorandum of understanding with SOCAR on potentially joining the Karabagh oilfield and the Ashrafi-Dan Ulduzu-Aypara exploration area. BP also announced it had taken a final investment decision on its 240 Megawatt Shafag solar plant project it is building via its solar unit Lightsource bp with its joint venture partners Socar and Azerbaijan Business Development Fund in the Jabrayil district of Azerbaijan. Construction will cost $200 million and be completed by mid 2027, BP said. The project will be linked via so-called virtual power transfer arrangements to the Sangachal oil and gas terminal on the Caspian Sea, operated by BP, and use more gas for exports rather than local power production, BP said. Rebuilding Sangachal's electricification will cost around $230 million. Azerbaijan plans to increase natural gas exports by a total of 8 billion cubic metres (bcm) by 2030, President Ilham Aliyev said at Monday's conference. The additional volumes will be produced from five existing and new fields, Aliyev said. Azerbaijan exported 25 bcm of natural gas in 2024. https://www.reuters.com/business/energy/azeri-socar-sign-agreements-with-exxon-mobil-bp-soon-three-sources-tell-reuters-2025-06-02/

2025-06-02 07:29

KOSPI a tad up, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield steady For the midday report, please click SEOUL, June 2 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares ended little changed on Monday, as gains in chipmakers offset losses in steelmakers, while investor focus was on the country's snap presidential election a day later. Sign up here. ** The benchmark KOSPI (.KS11) , opens new tab closed up 1.30 points, or 0.05%, at 2,698.97. ** Chipmaker Samsung Electronics (005930.KS) , opens new tab rose 1.07% and peer SK Hynix (000660.KS) , opens new tab gained 1.47%, after data showed exports of semiconductors jumped in May on robust demand for advanced memory chips. ** Still, South Korea's exports fell in May for the first time in four months, as shipments to the United States and China dropped on global trade conflict triggered by U.S. President Donald Trump's sweeping tariffs. ** Steelmaker POSCO Holdings (005490.KS) , opens new tab shed 2.40% and Hyundai Steel (004020.KS) , opens new tab dropped 2.66%, as Trump doubled tariffs on steel and aluminium imports to 50%. ** South Koreans will go to the polls in a snap election on Tuesday, voting for a president to replace Yoon Suk Yeol, who was ousted from office in April after his brief martial law attempt sent shockwaves through the country. ** "There will be hopes for new policies after the election, but it is unlikely there will be huge moves without improvements in corporate earnings," said Huh Jae-hwan, an analyst at Eugene Investment Securities. ** Among other index heavyweights, battery maker LG Energy Solution (373220.KS) , opens new tab slid 0.52%, while Hyundai Motor (005380.KS) , opens new tab and sister automaker Kia Corp (000270.KS) , opens new tab were down 0.70% and 1.12%, respectively. ** Foreigners were net buyers of shares worth 123.9 billion won ($90.30 million). ** The won was quoted at 1,373.1 per dollar on the onshore settlement platform , 0.73% higher than its previous close at 1,383.1. ** The most liquid three-year Korean treasury bond yield fell by 1.9 basis points to 2.339%, while the benchmark 10-year yield fell by 0.1 basis point to 2.790%. ($1 = 1,372.0200 won) https://www.reuters.com/business/autos-transportation/skorean-shares-flat-ahead-election-chipmakers-counter-losses-steelmakers-2025-06-02/

2025-06-02 07:24

BHUBANESWAR/DHAKA, June 2 (Reuters) - At least 34 people have died in India's northeastern region after heavy floods caused landslides over the last four days, authorities and media said on Monday, and the weather department predicted more heavy rain. More than a thousand tourists trapped in the Himalayan state of Sikkim were being evacuated on Monday, a government statement said, and army rescue teams were pressed into service in Meghalaya state to rescue more than 500 people stranded in flooded areas. Sign up here. In neighbouring Bangladesh, at least four members of a family were killed in a landslide in the northeastern district of Sylhet, while hundreds of shelters have been opened across the hilly districts of Rangamati, Bandarban, and Khagrachhari on Sunday. Authorities have warned of further landslides and flash floods, urging residents in vulnerable areas to remain alert. India's northeast and Bangladesh are prone to torrential rains that set off deadly landslides and flash floods, affecting millions of people every year. Roads and houses in Assam's Silchar city were flooded, visuals from news agency ANI showed, and fallen trees littered the roads. "We are facing a lot of challenges. I have a child, their bed is submerged in water. What will we do in such a situation? We keep ourselves awake throughout the night," Sonu Devi, a resident of Silchar, told ANI. https://www.reuters.com/business/environment/least-34-dead-indias-northeast-after-heavy-floods-2025-06-02/

2025-06-02 07:05

PARIS, June 2 (Reuters) - French miner Eramet (ERMT.PA) , opens new tab, the main shareholder in Gabon-based manganese mining firm Comilog, said it will aim to safeguard the 10,460 Gabonese jobs sustained by Comilog and Comilog railway transport unit Setrag, despite Gabon's announcement of an export ban on manganese starting in 2029. Eramet said it "takes note of the Gabonese government's intention to ban crude manganese exports from January 1st, 2029. This move is described as part of the country's stated ambition to strengthen its industrial base, initiated by H.E. President Brice Clotaire Oligui Nguema and his Government". Sign up here. It said it acknowledged the government's move and, as the main co-shareholder in Comilog, will continue to work with the authorities "in a spirit of constructive partnership and mutual respect". In August 2023, Eramet temporarily halted manganese mining operation following a military coup that ended 56 years of rule by former President Ali Bongo. In April 2025, Gabon's Constitutional Court confirmed that coup leader Brice Oligui Nguema won the oil-rich Central African nation's presidential election. In October 2024, Eramet sharply cut 2024 production targets for its manganese mine in Gabon - the world's biggest - citing a downturn in the manganese market. Eramet's Comilog subsidiary processes some manganese, which is mainly used to produce carbon steel, locally in Gabon but mostly exports its mine production as ore. https://www.reuters.com/world/africa/frances-eramet-says-it-will-work-with-gabon-despite-manganese-export-ban-2025-06-02/

2025-06-02 06:27

April surplus is $0.16 bln vs $3.04 bln forecast in poll Imports +21.84% y/y vs +7.75% in poll Exports +5.76% y/y, matching poll forecast May inflation +1.60% y/y vs +1.94% in poll Core inflation +2.40% y/y vs +2.50% in poll JAKARTA, June 2 (Reuters) - Indonesia booked a trade surplus of around $160 million in April, the lowest since April 2020, amid a surge in imports, while the country's inflation cooled in May, data from the statistics bureau showed on Monday. A Reuters poll of analysts had predicted a surplus of $3.04 billion. Sign up here. Southeast Asia's biggest economy has recorded a trade surplus every month for five years, supporting its external balance. But the April print was the narrowest in that period; the surplus in March was $4.33 billion. Last month, imports jumped 21.84% on a yearly basis to $20.59 billion, with capital goods rising the most. The median forecast in the poll was for a 7.75% rise. Exports from the resource-rich country rose 5.76% in April from a year earlier to $20.74 billion, matching the poll's median forecast. Shipments of mining products slid more than 20%, hurt by weak coal prices. Shipments to the United States in the reported month reached $2.08 billion, with some of it being affected by Washington's 10% tariff imposed in early April. The U.S. is one of Indonesia's biggest trade partners, and Jakarta is currently negotiating with Washington to reduce tariffs set to take effect in July. Barra Kukuh Mamia, Bank Central Asia's economist, said the higher-than-consensus import growth was due to an influx of products from China and Singapore. "All these indicate temporary disruptions related to Trump tariffs, which may reverse in May as Trump suspended the tariff on China," he said. Meanwhile, the bureau's data showed Indonesia's annual inflation rate in May decelerated more than expected to 1.60%, compared with 1.95% in April. A Reuters poll had predicted inflation would remain steady at 1.94%. The April core inflation rate also came in slightly below forecast at 2.4%. The poll had estimated a 2.5% rate. The April rate was close to the lower end of the local central bank's 1.5%-3.5% target range. Taking advantage of low inflation, the central bank has cut interest rates three times since September. The factor keeping inflation low was an increase in rice output. Rice production in the January-July period is estimated to reach 21.76 million metric tons, up nearly 15% year-on-year, the bureau said. https://www.reuters.com/world/asia-pacific/indonesias-trade-surplus-shrinks-lowest-5-years-2025-06-02/