28th March 2025
Coal
The rally continued, with API2 and NEWC prices rising by $2 across the curves after opening higher. This came despite a 2% decline in European gas prices, with the front-month contract nearing €40. NEWC swaps saw strong buying interest, even as the physical Newcastle market remained weak and well supplied.
Brent Crude
Oil prices rose early Friday, with Brent nearing $74 before retreating. The US threatened 25% tariffs on buyers of Venezuelan crude, disrupting trade, particularly to China, Venezuela’s largest buyer. In response, India’s Reliance Industries plans to halt Venezuelan imports.
Adding support, US crude stockpiles fell 3.34 million barrels last week, more than twice expectations, signaling strong demand. However, traders remain wary of newly announced US auto tariffs and additional levies set for April 2.
On the supply side, OPEC+ will begin reviving production in April, while expectations grow for Russian oil to re-enter global markets. At 16h00 GMT, Brent was down 1% at $72.58.
Dutch TTF Gas
European natural gas markets fluctuated as traders shifted focus to winter stockpiling. Mild weather next week could slow withdrawals and allow early injections, reducing supply concerns.
Earlier fears of rapid storage drawdowns widened the summer-winter spread, discouraging offseason purchases. However, with EU storage levels below 34%, risks remain despite recent improvements.
In a key geopolitical shift, the US brokered agreements between Ukraine and Russia to halt attacks on sea and energy infrastructure, marking the first formal commitments between the nations since Trump took office. Dutch TTF Gas was down 0.41% at €40.74/MWh in late trade.
Iron Ore
Iron ore futures dipped Friday, but posted weekly gains on China’s strengthening demand.
DCE iron ore closed at CNY 785.5, down 0.19%, as traders followed the market in selling, while steel mills remained cautious ahead of the weekend. On Thursday, Chinese Vice Premier Ding Xuexiang pledged stronger economic policy support to counter US tariff pressures.
On SGX, TSI 62% Fe iron ore futures for May dipped to $102.20, but remained 1% higher on the week at 16h05 GMT.
Copper
Copper extended losses Friday, as traders locked in profits while awaiting updates on potential US tariffs.
Prices surged to record highs earlier this week on reports that Trump may impose copper import tariffs within weeks, accelerating the original timeline. This spurred a massive increase in US copper imports, with 500,000 tons shipped recently—far exceeding the usual 70,000-ton monthly average.
As a result, US demand tightened supply in key markets, especially in Asia, adding further strain to global copper availability.
