Latest news with #HongmeiLi
Yahoo
30-05-2025
- Business
- Yahoo
Iron ore pessimism subsides despite looming Simandou supply
By Amy Lv and Hongmei Li SINGAPORE (Reuters) -The prospects for iron ore prices are improving thanks to a lower than expected global surplus this year, analysts and traders say, though looming new supply from the giant Simandou project in Guinea remains a long-term downside risk for prices. Analysts and traders have cut their oversupply forecasts for this year to between 20 million and 30 million metric tons, from 50 million tons earlier this year, according to more than a dozen interviews at the flagship Singapore International Ferrous Week conference this week. That is because demand has been surprisingly resilient so far this year thanks to robust steel exports as buyers stocked up amid signs of an escalating global trade war, while cyclones disrupted supply in major producer Australia. In the first four months of 2025, China's iron ore imports slid 5.5% year-on-year while its crude steel output ticked up 0.4%, official data showed. Iron ore prices have held well above $90 per ton, below which high-cost miners struggle to break even, despite trade tensions between the world's top two economies that have fueled concerns about the outlook for steel demand. That has led analysts and traders to revise up their bearish-case pricing scenarios to between $80 and $85 per ton versus $75 or lower at the start of the year. Medium term demand for iron ore should remain firm because China's young fleet of blast furnaces will require iron ore for at least another decade, said analysts. "There won't be any big reduction in the number of blast furnaces in China by 2035 from the perspective of the life cycle of the currently running equipment, meaning that iron ore procurement will hover at a relatively high level," Long Hongming, a professor from Anhui University of Technology, told the conference on Tuesday. SIMANDOU Simandou, one of the world's largest high-grade iron ore mines, will start shipping ore in November, and its entry into the global market is expected to aggravate the supply glut starting 2026. However, the increasingly hostile attitude of Guinea's military government, which recently cancelled 129 minerals exploration permits and is locked in a standoff with Emirates Global Aluminium, raised concerns among traders, miners, analysts and steel mills at the conference in Singapore. Participants questioned whether the government's activist stance could affect how smoothly the project will be able to ramp up to its full production of 120 million tons a year. Simandou is a joint venture between Rio Tinto, the world's largest iron ore miner, and Chinese companies including China Baowu, the world's largest steelmaker by output. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Hundreds push back against bill prohibiting foreign nationals from buying property in Ohio
Hongmei Li speaking at a press conference in opposition to SB 88. (Photo by Nick Evans, Ohio Capital Journal) An Ohio Senate committee heard from opponents Tuesday of a measure placing restrictions on foreign ownership of land. The sponsors argue keeping foreign governments — particularly China — at least 25 miles from military installations and critical infrastructure is a matter of national security. But opponents contend the bill casts too broad a net, wrapping in ordinary people who have visas or are working their way through the immigration process. They add the bill violates several constitutional and statutory provisions. More to the point, they argue it would codify racism and xenophobia. The proposal finds its roots in a measure proposed during the last general assembly which found its way into the last state operating budget. Gov. Mike DeWine left a prohibition on foreign ownership of farmland to remain in place that budget cycle, but he vetoed the provision restricting ownership within 25 miles of military bases. 'Restricting ownership of Ohio farmland protects Ohio's rich agricultural tradition from adverse interests,' DeWine said in his veto message. 'However, including other non-agricultural real property in this provision could have unintended economic development consequences.' The sponsors of House Bill 1 and Senate Bill 88 are taking another crack at that idea, and they've expanded their scope to include 'critical infrastructure' like power, water, and transportation facilities. The list is broad enough, Sen. Terry Johnson, R-McDermott, acknowledged, to 'effectively blanket the entirety of the state of Ohio.' Under the bills, the Ohio Secretary of State would develop a list of entities barred from owning property in the state and update it at least every six months. For countries identified as 'foreign adversaries,' their government, citizens, and businesses would face ownership restrictions automatically. 'I introduced this bill,' Johnson said, 'because I strongly believe that Ohio's land should not be for sale to those who seek to destroy the American way of life.' He added that while his bill is very similar to the Ohio House version, he takes 'a hardline stance' against existing owners. Senate Bill 88 wouldn't just prohibit purchases in the future, it would require any current owners subject to the restrictions to sell their land within two years. But at the beginning of Tuesday's hearing, the committee adopted an amendment eliminating the forced-sale provisions in the bill. At a press conference Tuesday morning, state lawmakers and grassroots organizers criticized the legislation as 'a symbol for hate' and 'legalized discrimination.' 'These bills represent a step backwards into the darker history of racism in America, rather than progress toward justice and inclusion,' Hongmei Li from the Ohio Chinese American Council argued. She said the proposal hearkens back to legislation like the Chinese Exclusion Act, which restricted immigration and naturalization, and the internment of Japanese Americans during World War II. Li added the measure seems to violate the Fifth Amendment and the 14th Amendment of the U.S. Constitution, and the Fair Housing Act of 1968. SUPPORT: YOU MAKE OUR WORK POSSIBLE What's more, she argued, 'there are multiple existing federal laws that already address legitimate threats without resorting to racial profiling and discrimination.' At Tuesday's committee hearing, more than 100 opponents showed up in person, filling the seats, lining the walls two rows deep, and spilling into the hallway. The committee had to organize an overflow room to accommodate the spectators. More than 230 people submitted testimony against the bill. Xu Lu, a college professor from Findlay and a U.S. citizen, acknowledged the bill would not target him directly, but he wanted to testify against it because it is 'simply a wrong bill.' He insisted the measure is unethical. 'Imagine somebody who risked their life, escaped North Korea and ended up in Ohio,' he offered. 'This bill will tell them they do not belong here.' Caixia Jin is also a U.S. citizen and explained she works for an automotive company assisting foreign workers through the visa and green card process. 'They stand shoulder-to-shoulder with American citizens,' Jin said. 'Many of them are immigrants or the descendants of immigrants themselves as well.' ACLU Chief Lobbyist Gary Daniels emphasized that a less restrictive law in Florida has already been placed on hold, and promised lawsuits would be filed quickly if lawmakers pass the bill. But he argued lawmakers shouldn't reject the proposal over litigation, they should abandon it 'because it is fundamentally wrong, it is profoundly unfair, and it is fueled by racial animus.' Daniels described reading hundreds of bills and attending thousands of hours of committee hearings. 'I struggle to come up with a bill that has so much hostility against race and nationality as this particular bill — not even close,' he said. Fourteen-year-old Melody Miao is an Oxford resident, and she'll be a junior in high school this fall. 'Ohio is the only place I've ever called home,' she told the committee. 'I grew up here, went to school here, learned the Pledge of Allegiance by heart, memorized the Bill of Rights, and watched fireworks every July 4,' Miao said. 'Still, I've lived my entire life, fearing that no matter how much I loved my country, I wasn't American enough.' 'I can't help but wonder,' she said, 'how are we so blind to the foundations of our nation crumbling right beneath our feet?' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
21-05-2025
- Business
- Yahoo
Trump's copper tariff threat still a lucrative bet for traders
By Hongmei Li, Pratima Desai, Lewis Jackson HONG KONG/LONDON (Reuters) -Unusually large shipments of copper to the United States are unlikely to abate as long as the threat of tariffs hangs over the market and price premiums for the metal on U.S.-based COMEX make deals profitable for traders and producers, analysts said. Since February, when U.S. President Donald Trump ordered a probe into potential new tariffs on imports of copper vital for electric vehicles, power grids and construction, prices of the metal on COMEX have soared. COMEX copper hit a record high at $11,633 a metric ton on March 26, creating a premium of more than $1,570 a ton against the benchmark contract on the London Metal Exchange. According to U.S. government data, copper imports in March amounted to more than 123,000 tons compared with around 58,000 tons in February and 76,000 in January. "We expect 250,000-300,000 tons of extra copper will be shipped to the U.S. over March-May because of the spread and amid the uncertainties regarding the tariff," said Sharon Ding, head of China basic materials at UBS Investment Research. Ding was speaking on Tuesday at a Shanghai Metals Market event during LME Week in Hong Kong. Some of the metal heading for the U.S. has been diverted from China, but much of it has come from LME-registered warehouses where copper stocks have dropped nearly 60% since the middle of February to 170,750 tons. The premium for copper on COMEX has fallen to $600 a ton, a level traders say is still high enough to make a lucrative profit by sending copper to the United States. "Anyone who could get any material into the U.S. was pretty highly incentivised to do so. I think that rolls on for a little bit longer. We're still at super-normal (premiums)," said Marcus Garvey, head of commodities strategy at Macquarie. UNUSUAL SHIPMENTS Typically, traders and producers with contractual commitments transport metal using container ships as the amounts are regular and relatively small. One container can hold up to 25 tons of metal. However, traders wanting to move quickly before tariffs are potentially imposed have been transporting metal using bulk carriers. Container ships stop along the route to pick up cargo and can take 40 days to reach final destinations, according to a logistics source, while bulk carriers sail directly to final destinations, cutting transit time to around two weeks. Data provider Kpler estimates 95,202 tons of copper transported on bulk carriers reached the U.S. in March and 127,539 tons in April, compared with around 44,000 tons in January and February. In the first half of May, 71,591 tons of copper arrived in bulk carriers, according to Kpler, which highlighted larger than usual volumes from Chile, alongside unusual shipments of 10,000 tons and 4,500 tons from Germany and Spain in March and April respectively. Germany and Spain do not typically export copper to the United States. "It's possible we'll see more atypical cargos in the second half of May," Kpler analyst Ben Ayre said. "While the COMEX price continues to run at a premium to the LME there's a strong incentive to land refined copper in the United States."
Yahoo
19-05-2025
- Business
- Yahoo
Exclusive-Shanghai exchange looks to open domestic nickel contract to foreigners this year, sources say
By Hongmei Li, Pratima Desai and Lewis Jackson HONG KONG/LONDON (Reuters) - The Shanghai Futures Exchange (ShFE) is considering opening its domestic nickel futures contract to foreign investors this year, instead of launching a separate contract on its International Energy Exchange (INE), two sources with knowledge of the matter said. ShFE has been exploring a more internationally-accessible nickel contract since at least 2023 as part of broader plans to build its global presence and challenge the dominance of rival the London Metal Exchange (LME). Industry sources have said ShFE also wants to offer the market an alternative to LME nickel after a trading debacle in March 2022 when the LME contract was suspended for eight days, leaving the industry without a global pricing benchmark for the metal used in stainless steel and electric vehicle batteries. ShFE is organising a two-day meeting in Shanghai on Thursday and Friday for the metals industry where the nickel contract plans among other topics will be discussed, two other attendees speaking on condition of anonymity told Reuters. Much of the global metals industry is currently only a short flight away in Hong Kong attending the LME Asia Week conference, which ends on Wednesday. Plans under consideration would see ShFE open up its existing domestic nickel futures contract to foreign investors registered under China's Qualified Foreign Institutional Investor (QFII) programme, the sources with knowledge said. QFII status permits the international market to trade Chinese markets. China has about 900 QFIIs, a broker source said, adding that about 200-300 of the companies which have registered since September 2022 were mainly interested in commodities. In February ShFE opened several futures products to QFII investors including stainless steel and fuel oil. A senior ShFE official declined to answer questions on the topic when called by Reuters. ShFE did not immediately respond to questions emailed after hours. The China Securities Regulatory Commission (CSRC) would need to approve any launch by the domestic exchanges. It has been pushing exchanges to internationalise futures contracts to attract overseas investors, according to another source familiar with the commission's thinking. Market confidence was shaken in 2022 when the nickel price rocketed to a record above $100,000 a metric ton and the LME cancelled all nickel trades on March 8, for which it was sued by hedge fund Elliott Associates. Others including CME and ICE have looked at creating cash-settled derivatives for nickel, while Abaxx Technologies launched a nickel sulphate futures this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Exclusive-Shanghai exchange looks to open domestic nickel contract to foreigners this year, sources say
By Hongmei Li, Pratima Desai and Lewis Jackson HONG KONG/LONDON (Reuters) - The Shanghai Futures Exchange (ShFE) is considering opening its domestic nickel futures contract to foreign investors this year, instead of launching a separate contract on its International Energy Exchange (INE), two sources with knowledge of the matter said. ShFE has been exploring a more internationally-accessible nickel contract since at least 2023 as part of broader plans to build its global presence and challenge the dominance of rival the London Metal Exchange (LME). Industry sources have said ShFE also wants to offer the market an alternative to LME nickel after a trading debacle in March 2022 when the LME contract was suspended for eight days, leaving the industry without a global pricing benchmark for the metal used in stainless steel and electric vehicle batteries. ShFE is organising a two-day meeting in Shanghai on Thursday and Friday for the metals industry where the nickel contract plans among other topics will be discussed, two other attendees speaking on condition of anonymity told Reuters. Much of the global metals industry is currently only a short flight away in Hong Kong attending the LME Asia Week conference, which ends on Wednesday. Plans under consideration would see ShFE open up its existing domestic nickel futures contract to foreign investors registered under China's Qualified Foreign Institutional Investor (QFII) programme, the sources with knowledge said. QFII status permits the international market to trade Chinese markets. China has about 900 QFIIs, a broker source said, adding that about 200-300 of the companies which have registered since September 2022 were mainly interested in commodities. In February ShFE opened several futures products to QFII investors including stainless steel and fuel oil. A senior ShFE official declined to answer questions on the topic when called by Reuters. ShFE did not immediately respond to questions emailed after hours. The China Securities Regulatory Commission (CSRC) would need to approve any launch by the domestic exchanges. It has been pushing exchanges to internationalise futures contracts to attract overseas investors, according to another source familiar with the commission's thinking. Market confidence was shaken in 2022 when the nickel price rocketed to a record above $100,000 a metric ton and the LME cancelled all nickel trades on March 8, for which it was sued by hedge fund Elliott Associates. Others including CME and ICE have looked at creating cash-settled derivatives for nickel, while Abaxx Technologies launched a nickel sulphate futures this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
