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This report is part of the S&P Global Energy Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper, alumina, cobalt, lithium, nickel and steel and scrap. We also explore what the next

European hexane spot prices dropped to more-than-four-year lows Jan. 19, as seasonal demand patterns failed to materialize and abundant supply weighed heavily on market fundamentals, sources said. Platts, part of S&P Global Energy, assessed the Northwest Europe free-delivered spot price of hexane at Eur810/mt Jan.

The Trump administration on Jan. 21 finalized a rule to accelerate deepsea mining in international waters by consolidating permitting processes, potentially positioning the US to unilaterally launch the controversial industry. The National Oceanic and Atmospheric Administration’s 113-page rule merges the existing two-step permitting process for

India aims to finalize a new term crude deal, award shipbuilding contracts to Japanese and South Korean firms and collaborate with global oil majors for overseas upstream opportunities, leveraging India Energy Week to advance its twin goals of energy security and diversification, according to Petroleum

Swiss building materials giant Holcim has invested in Norway’s Capsol Technologies to advance carbon capture capabilities at its cement plants, as the industry seeks solutions to reduce emissions from one of the world’s most carbon-intensive manufacturing processes. The investment targets Capsol’s hot potassium carbonate technology,

This report is part of a series on impactful trends in the US aluminum market based on S&P Global Energy pricing, news, and analytics from S&P Global Energy CERA, as well as a review of other statistical data. Many US aluminum extruders began the year

The Indian polyethylene market tracked an uptrend over the past few weeks, following months of price declines amid slow demand and steady supply. The PE market began strengthening at the start of the new year, with the HDPE film CFR South Asia marker rising $35/mt

Record-high US aluminum prices fueled by US tariffs have sparked concerns about North American industry swapping out aluminum for more affordable materials, industry leaders said on Feb. 2 at the S&P Global Aluminum Symposium. US President Donald Trump implemented 50% tariffs on all aluminum imports

The US signed 11 new bilateral critical minerals frameworks and memorandums of understanding after delegations from around the world convened at the State Department’s Critical Minerals Ministerial on Feb. 4, the State Department said. The US has memoranda of understanding or framework agreements with Argentina,

Incoming demand for recycled aluminum in China is likely to start having a knock-on effect on consumption habits elsewhere in the world, particularly in Europe, according to Miles Prosser, the secretary-general of the International Aluminium Institute. Appetite for primary aluminum will grow too, although this

Straits-origin methyl tertiary butyl ether prices rose to their highest since September 2025 due to expectations of stronger buying interest amid potentially tighter supplies, according to market sources. Platts, part of S&P Global Energy, assessed Asian MTBE FOB Singapore at $677.79/metric ton on Feb. 10,

The US has announced a new proposal to impose port fees on foreign ships as part of its shipbuilding revival project, prompting renewed concerns among shipowners about inflation and market distortions. On Feb. 13, the White House unveiled “America’s Maritime Action Plan” that includes a

Rising imports of Venezuelan crude into the US Gulf Coast are reducing refinery demand for Mexico-origin fuel oil as coker feedstock, pushing those volumes into the marine fuel blending pool, sources said this week. The shift comes amid USGC refiners’ preference for Venezuela’s heavy sour

Uniper remains open to expanding its exposure to LNG from the US, even as it seeks to diversify its portfolio, the German energy company’s chief commercial officer for gas and LNG told Platts, part of S&P Global Energy. “We have not reached the peak” of

The US military has captured a third vessel accused of violating sanctions in the Indian Ocean, the oil tanker Bertha, which was intercepted after attempting to evade a quarantine zone in the Caribbean, the US Department of Defense said on X Feb. 24. US forces

Chinese MTBE producers are bracing for higher feedstock costs in the near term due to term supply disruptions, producers and traders said Feb. 27. Key supplier Saudi Aramco suspended shipments of LPG from its Juaymah terminal in Ras Tanura “for the next few weeks” after

Geopolitical developments in the Middle East were expected to boost prices across the Asian aluminum market amid a tight supply-demand balance, and could push Japanese aluminum premiums higher, market sources said on March 2. Market views on the ongoing second-quarter negotiations over main Japanese port

The ongoing war in the Middle East has nearly halted oil shipments from the Persian Gulf, prompting refined product buyers to look elsewhere, and has brought West Coast India into focus, multiple market participants said March 4. Several distillate cargoes were covered overnight for loading

A rise in crude oil prices due to the war in the Middle East has pushed palm oil prices up 3.7% day over day, along with the highest daily traded volume of contracts, exchange data and market analysts said March 6. The rise in crude

The first-quarter premium for imported primary aluminum to Japan rose 126.74% quarter over quarter to $195/mt plus London Metal Exchange cash, CIF main Japanese ports, according to data from Platts, part of S&P Global Energy. The Q1 MJP premium assessment was based on 10 trades

In China, diverging market fundamentals for downstream products of toluene disproportionation units, including paraxylene, isomer-mixed xylenes and benzene, are creating uncertainty around TDP/selective TDP unit margins. Despite a $42.67/metric ton rise in PX prices since early December 2025, producers remain hesitant to operate TDP units

Greenland, the world’s biggest island, coveted by the US President Donald Trump, is believed to be rich in resources, but two-thirds of it lie above the Arctic Circle with harsh conditions, sparse population and very little infrastructure limiting extractive projects to a handful, and the

Completion of repair work at the Caspian Pipeline Consortium terminal and restart of crude production at the major Tengiz project could significantly impact Kazakhstan’s crude production and export levels. Exports via CPC, which ships Kazakh and Russian crude through the Black Sea port of Novorossiisk,

The price of Venezuelan Merey crude to China’s independent refineries has surged as Western trading houses entered the market with US sanctions exemption, despite available cargoes for the sector expected to sustain for three-four months of consumption, Shandong-based refining and trade sources told Platts, part

To scale sustainable aviation fuel to meet global demand, the industry must move beyond single-source solutions toward “feedstock agnostic” refineries and standardized, bankable project models that attract conservative investors, according to Johnson Matthey. Speaking at India Energy Week 2026, Maurits van Tol, CEO of catalyst

The Indian Union Budget 2026-27’s infrastructure drive is set to spur strong demand for steel while also supporting the sector’s green transition. The budget announced on Feb. 1 highlighted the government’s focus on scaling manufacturing and “delivering a powerful push to infrastructure.” India’s Finance Minister

Indonesia has issued raw sugar import licenses totaling 3.1 million metric tons for 2026, multiple Asia-based trade sources and a Jakarta-based importer said Feb. 2, with the permits effective immediately. Indonesia, the world’s second-largest sugar importer after China, has allocated 60% of the quota for

Indonesia’s ministry of energy and mineral resources has exempted tier-1 coal miners from mandatory cuts in 2026, market sources told Platts, following a government proposal to limit output in a bid to support prices. The country’s largest producer Bumi Resources will be allowed to mine

Indonesia’s plan to redefine cobalt as an independent mineral and impose royalties on it could raise costs for miners and impede the nation’s progress as a major producer of the battery mineral, industry participants told Platts, part of S&P Global Energy. The Indonesian Nickel Miners

The EU and Algeria agreed Feb. 12 to further strengthen cooperation in the gas sector, with Brussels calling Algeria a “strategic and reliable” partner for the EU’s gas supply. In a statement following the sixth meeting of the high-level political dialogue on energy between the

Singapore’s low sulfur fuel oil arbitrage arrivals from Western markets are expected to decline slightly in February, after a rise in January, according to multiple trade sources on Feb. 12, although stockpiles are anticipated to build during the month, weighing on market fundamentals. The world’s

Venezuelan crude exports are expected to return to a typical run rate of 800,000 b/d, as the country shifts away from dark fleet tankers following a US naval blockade that has boosted demand for compliant vessels in the region and supported spot rates, executives at

REalloys, a US company set up to make permanent magnets, is exploring ways to grow and diversify feedstock supply for phase two of its North American mine-to-magnet platform, and is looking for sources as far afield as Kazakhstan, its CEO told Platts, part of S&P

The US Supreme Court decision that struck down some Trump administration tariffs puts a high-stakes review of the US-Mexico-Canada Agreement (USMCA) in the spotlight, experts told Platts, part of S&P Global Energy. The USMCA review, set to unfold in July, requires Canada, Mexico and the

Industry uncertainty over US tariffs is keeping metallurgical coal volumes and demand low as buyers delay projects, according to Alpha Metallurgical Resources executives. After the Supreme Court overturned President Donald Trump’s country-specific tariffs on Feb. 20, Trump imposed a temporary 10% global tariff under Section

The arrival of Simandou’s high-grade iron ore has the potential to alter the landscape of the iron ore markets. This is the final part of a six-part interview series, in which Platts News has talked to magnetite ore producers to discuss their strategy and competitive

Regional demand for Australian wheat stands to benefit from the Middle East conflict as Australia’s proximity to Southeast Asia, coupled with ample exportable supply, presents less risky options for buyers seeking to avoid longer and more expensive voyages or shipments passing through the Middle East,

Trading companies and oil importers have deferred chartering for several tankers in the Persian Gulf and released those previously hired, prompting owners to seek employment elsewhere to maintain cash flow, several Asia-based shipping brokers, owners and charterers told Platts, part of S&P Global Energy, March

Physical trading activity in the Asian Platts Market on Close assessment process slowed for February amid ample inventories and muted Northeast Asian demand, an analysis of data from Platts, part of S&P Global Energy, showed. The total number of bids, offers, and trades reported during

Philippine President Ferdinand R. Marcos said Jan. 19 that the Southeast Asian country has made a “significant natural gas discovery” in a reservoir called Malampaya East 1, or MAE1, which is located about 5 kilometers east of the existing Malampaya field. “The MAE-1 is estimated

1.0India’s coal-fired power “will continue to play a critical role in meeting baseload demand and ensuring the nation’s energy security,” despite the government’s goal to have 80% of installed capacity and nearly two-thirds of total electricity generation from non-fossil sources by 2047, according to the

South Korea sees no impact on its pledge to buy $100 billion in US energy products, mainly LNG, officials at the Industry and Resources Ministry said Jan. 27, as US President Donald Trump raised tariffs on Seoul to 25% from 15%. “We are monitoring the

The EU and India have sealed the “largest” trade agreement ever, under which India will reduce tariffs on automobile imports from the bloc — from 110 % to as low as 10 % — while the EU will cut duties on agricultural imports but retain tariffs on

European carbon prices fell to their lowest since early December in the week ending Jan. 30 as geopolitical nerves prompted traders to liquidate positions. EU Allowances were trading at Eur82.95/metric tons ($99.13/mt) of CO2 equivalent at 0950 GMT, according to the Intercontinental Exchange, a 6.2%

Copper mining is returning to Sweden’s northernmost town, Kiruna, with the reopening of the Viscaria copper mine scheduled by 2028. The Viscaria mine operated from 1983 to 1997, initially by the state-owned Swedish iron ore mining company LKAB and later by Outokumpu. Although Viscaria is

The International Civil Aviation Organization stated that its goals for reducing aviation emissions by 2030 remain achievable, despite rapid growth in global air traffic, emphasizing the need for coordinated efforts on cleaner fuels, operational improvements, and system upgrades. Speaking at the Changi Aviation Summit in

Nippon Steel has selected Tenova, in partnership with GE Vernova, to supply a new electric arc furnace for its Yawata Works, marking a significant shift from traditional blast furnaces as Japan’s largest steelmaker advances its decarbonization strategy, the Italian engineering company said Feb. 5. The

Anglo American CEO Duncan Wanblad has called on Africa’s mineral-rich nations to move beyond policy intent and focus on implementation, emphasizing the need for fiscal and regulatory stability to attract foreign investment and unlock the continent’s vast mining potential. Citing S&P Global Market Intelligence forecasts

Several US companies closely related to the chemical sector are forecasting stabilization in construction demand for 2026, fostering a positive outlook. With improved mortgage rates and enhanced market sentiment, companies anticipate better business opportunities, particularly in the repair and remodeling areas. Repair, remodel optimism Executives

Naftogaz faced the highest number of Russian attacks on its infrastructure in 2025 since Russia’s full-scale invasion began, forcing the Ukrainian state-owned oil and gas company to compensate for lost domestic gas production with increased imports, it said Feb. 17. Russia targeted Naftogaz equipment 229

Japan’s naphtha-fed steam cracker operations in January averaged 75.8%, down from 77% in December 2025 and 80.6% in January 2025, the Japan Petrochemical Industry Association said Feb. 19. The rate was the lowest since June 2025, when it hit a record low of 74.8%, according

India explored new methanol supply sources in 2025 after the US sanctions targeted several Indian importers suspected of trading Iranian petrochemical products, latest customs data release by the Indian government showed. Indian methanol imports rose 13.5% year over year to nearly 3.4 million metric tons

The US corn and soybean CIF market remained at higher levels Feb. 23, driven by elevated barge freight costs due to winter weather. “High barge freight is still the main driver on the firmer CIF market,” said a trader source from Ohio. Platts assessed US

The arrival of Simandou’s high-grade iron ore has the potential to alter the landscape of the iron ore markets. This is the fifth of a six-part interview series, in which Platts News has talked to magnetite ore producers to discuss their strategy and competitive advantage.

Polymer market activity restarted March 3 among some Middle East and Indonesian producers and customers in India, Turkey and Africa, after trading effectively paused March 2, with most offers being withdrawn or suspended. Further production disruption began to surface in the market, following upstream Saudi

Indian refiners are maintaining their normal throughput levels but have started negotiating for incremental crude oil cargoes from the US, Russia, and West Africa to ensure that supplies remain plentiful in the event the Middle Eastern conflict drags on for a longer period, industry officials

EU pork exports to destinations outside the bloc rose slightly in 2025, with China and the UK the largest buyers, but exporters entered 2026 facing fresh pressure from higher Chinese import tariffs and intensifying competition from Brazil, according to European Commission figures. The EU’s 27

G7 tankers have recovered share in Russia’s crude export market in recent weeks, according to ship-tracking data, as a slump in Urals prices provides trade opportunities within the price cap. Tankers flagged, owned or operated by companies based in G7 countries and their allies, or

Degrading quality, challenges with auctions and high premiums on mines will act as a deterrent in securing domestic iron ore supplies for Indian steelmakers despite abundant reserves, participants said during a Sponge Iron Manufacturers Association conference held Jan. 16. Global production of high-grade iron ore

Asian purified terephthalic acid producers are facing increased competition in the lucrative Indian market due to cheaper Chinese imports, according to trade sources. India’s demand for PTA remains robust, with the country’s growing buying interest increasingly attracting producers from China as well as regions such

US President Donald Trump is increasing tariffs on South Korea to 25% from 15%, blaming that country’s National Assembly for not approving a July trade deal between the two countries, Trump said Jan. 26. “Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which

India’s 2026 LNG imports could rise to 28 million-29 million metric tons/year amid strong demand, Petronet LNG Limited Managing Director and CEO Akshay Kumar Singh said Jan. 28. The country’s LNG import forecast for 2025 stood around 25.5 million mt/year, Singh shared during a media

The US sold a net 16,900 metric tons of beef in the week ended Jan. 22, up 9.7% from the week prior, US Department of Agriculture data showed Jan. 29. During the week, South Korea, Japan, Hong Kong, Mexico and Taiwan booked the largest volumes

Russian gas flows to Europe via the TurkStream pipeline remained at a sustained high in January, with deliveries amounting to 1.61 Bcm, a data analysis showed Feb. 2. Deliveries to Europe via TurkStream at the Strandzha 2 entry point on the Turkey-Bulgaria border averaged 52

The volume of Singapore fuel oil derivatives traded during the Platts Market on Close assessment process in January dropped 22.8% month over month to 10.79 million barrels as the overall volumes of high sulfur fuel oil trades decreased for a second straight month, Platts, part

Nippon Steel has selected Tenova, in partnership with GE Vernova, to supply a new electric arc furnace for its Yawata Works, marking a significant shift from traditional blast furnaces as Japan’s largest steelmaker advances its decarbonization strategy, the Italian engineering company said Feb. 5. The

China has launched its first pilot program for the blending and export of marine biofuel oil, after the Ministry of Commerce approved Zhoushan city to carry out bonded blending operations. The approval allows Zhoushan, part of the Zhejiang Pilot Free Trade Zone, to blend marine

Singapore Prime Minister Lawrence Wong, who is also the country’s minister of finance, said in his budget speech Feb. 12 that the carbon tax is a “key pillar” of the country’s strategy as it pursues other measures to chart a sustainable future. The carbon tax

Japan’s equity oil and gas lifting ratio extended its gain to 42.1% in the fiscal year 2024-25 (April-March), the Ministry of Economy, Trade and Industry said Feb. 17, marking the highest level on record, dating back to FY 2009-10. METI attributed the increase in the

Indian methanol prices have dropped to six-month lows as of Feb. 18, Platts data showed, as domestic inquiries dwindle, leading to reduced port lifting and mounting selling pressure, according to several trade sources. CFR India methanol prices hit their lowest since August 2025, with trade

The arrival of Simandou’s high-grade iron ore has the potential to alter the landscape of the iron ore markets. This is the first of a six-part interview series, in which Platts News has talked to magnetite ore producers to discuss their strategy and competitive advantage.

Atlantic SEE LNG Trade has inked four memorandums of understanding to supply US LNG to Southeast European buyers, a spokesperson for its majority shareholder, Greek infrastructure company AKTOR Group, told Platts, part of S&P Global Energy, Feb. 25. The MOUs are with Bulgaria’s Bulgargaz for

The arrival of Simandou’s high-grade iron ore has the potential to alter the landscape of the iron ore markets. This is the fourth of a six-part interview series, in which Platts News has talked to magnetite ore producers to discuss their strategy and competitive advantage.

European carbon prices rose alongside the energy complex March 3, cautiously tracking the Dutch TTF, which posted a second consecutive day of gains amid LNG supply concerns due to the war in the Middle East. EU Allowances were trading at Eur74.20/mtCO2e ($98.57/mtCO2e) at 1131 GMT,

European and Turkish polyvinyl chloride prices have increased sharply as the Middle East conflict drives up production costs and causes shipping disruptions, with Platts price assessments gaining at least $60/mt in the week to March 4. The outbreak of war in the oil- and gas-rich

Marine insurers are exploring new ways to revive seaborne trades in the Persian Gulf as threats shift from the weapons of past tanker wars to drones and modern missiles even as US offers to backstop war-risk insurance meets a cautious response. More than 10 ships

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Global miner BHP conceded some price impact on its West Australian iron ore business amid contractual talks with China Mineral Resources Group, but the fallout has been minimal thus far, sources told Platts, part of S&P Global Energy. BHP made the admission regarding talks with

The Russian government announced Jan. 22 that it had identified 12 industries where output is expected to shrink and that need priority support, including the iron and steel sector, and instructed executive agencies to prepare forecasts with an emphasis on analyzing the impact of competition

US President Donald Trump has threatened Canada with a 100% tariff on all exports to the US if the country reaches a trade deal with China. Canadian Prime Minister Mark Carney recently visited Beijing, where he announced a strategic partnership between the two countries. The

US Secretary of State Marco Rubio on Jan. 28 reassured US lawmakers that the Trump administration’s process to market Venezuela’s oil is on track and is just one part of a broader framework to normalize oil sector operations in the country. Venezuelan officials have pledged

The Indonesian government has started the process of informing individual miners about their production quotas for 2026, substantial cuts from their proposed quotas expected, according to market sources. As per the pre-approval notices being sent out to individual miners that had sought approval for this

Ukrainian corn prices hit a five-month high in late January, supported by strong Turkish buying—driven by the country’s growing poultry sector—and limited availability at Ukrainian ports amid ongoing logistics constraints. Platts, part of S&P Global Energy, assessed Ukrainian corn FOB POC at $222.50/metric ton on

Asia The Asian low sulfur fuel oil market, which garnered some lukewarm upsides in January, is expected to stay relatively rangebound, if not gather potential downsides, in February, as ample near-term arbitrage volumes flowing into the region offset seasonally firm downstream bunkering activity. In Singapore,

ArcelorMittal expects world ex-China apparent steel demand to grow 2% in 2026, with production and shipments rising across all regions versus 2025, supported by operational improvements and trade protections, it said Feb. 5. In Europe, the company forecasts that the combined effect of the Carbon

China has launched its first pilot program for the blending and export of marine biofuel oil, after the Ministry of Commerce approved Zhoushan city to carry out bonded blending operations. The approval allows Zhoushan, part of the Zhejiang Pilot Free Trade Zone, to blend marine

Australia should introduce a border carbon adjustment mechanism for select commodities at high risk of carbon leakage, with cement and clinker as initial priorities, the final Carbon Leakage Review, released Feb. 13, recommended. The review recommends a targeted approach that would apply carbon tariffs on

Limited US supply amid strong demand from China has supported the lean beef trimming prices, sources said. Platts, part of S&P Global Energy, assessed 90CL beef CIF US at $8,135/mt, or $3.69/lb, Feb. 17, for a 30- to 60-day shipment, compared with $7,981/mt, or $3.58/lb,

Major North American waste management companies faced weak recycled commodity pricing in the fourth quarter of 2025, with executives at Republic Services, GFL Environmental and Waste Connections pointing to macroeconomic uncertainties and competition from virgin materials as key headwinds. Recycled commodity prices decline across sector

Activity in the Asian LNG Platts Market on Close assessment process for the March pricing period slowed month over month as the peak winter demand season ended, according to an analysis of S&P Global Energy data. The total number of bids, offers and trades reported

The US recycling industry’s legislative framework is failing to boost the sector, according to market feedback. Several sources told Platts that high operational costs, strong competition from imported materials and low demand for post-consumer resin continue to threaten the viability of recycling companies. To improve

The Asian iron ore market saw significant changes in 2025, key among them were major Australian producers moving toward lower-grade specifications, while market participants also faced price disruptions due to increased supply amid persistently weak steelmaking margins before levels improved in the second half of

Container shipping rates from the west coast of India to the Middle East hit record highs, with twenty-foot equivalent unit rates up 750% and forty-foot equivalent unit rates up 909% as of March 2, driven by the war in the Middle East. Platts, part of

China has temporarily suspended issuing export permission certificates for refining oil product exports since March 4, as the country’s top planner directed refiners and traders to focus on ensuring domestic supply security amid rising concerns over crude oil availability from the Middle East, seven state-owned

The Middle East war is raising the risk of food inflation following the upward trajectory of fuel, freight and fertilizer markets, as concerns grow that farm-to-fork price transmission will deepen throughout 2026 due to disrupted trade flows and energy-intensive inputs at multiyear highs. The Philippine

Commodity: MMA Location: Shanghai, China Owner Roehm Chemical (Shanghai) Co.,Ltd. Capacity: 100,000 mt/year Type: Planned Start: June 29 End (estimated): Aug. 1 Notes: Roehm Chemical Shanghai announced the planned turnarounds for MMA and other MERACRYL® Methacrylate Monomers in 2026, it said in a press release

China has received its first Simandou iron ore shipment, a 200,000-mt cargo supplied by the carrier Winning Youth, Winning Consortium Simandou said in a statement on LinkedIn Jan. 18. The cargo, consisting of the first high-grade iron ore from the Simandou project, departed Guinea’s port

The fierce, impending US winter storm is reshaping the outlook for 2026 natural gas pricing which, until the current week, had been trending increasingly bearish. Since markets emerged from the recent holiday weekend, forecasts have materialized calling for days of sub-freezing temperatures across much of

At least three soybean cargoes have been discharged at Thailand’s Koh Sichang port but are unable to clear customs, as uncertainty over import tariff rates and quota allocations continues to paralyze trade, multiple traders and a Thai feed miller told Platts, part of S&P Global

The East/West swap spread for high sulfur fuel oil climbed to its strongest level in nearly four years, reflecting a widening disconnect between a soft European complex and a firmer Asian market. Platts, part of S&P Global Energy, assessed the front-month paper East/West spread —