15th May 2025
Coal
Coal prices bounced modestly today, with API2 recovering the most following yesterday’s sharp drop. NEWC swaps saw limited activity. In physical markets, DES ARA offers continued to firm slightly, while physical Newcastle remained quiet. At South Africa’s Richards Bay Coal Terminal (RBCT), stockpiles fell to 3.97mn tonnes in the week to 11 May, down by 190,700t. Exports rose to 1.25mn tonnes, up 234,000t week-on-week. Rail deliveries by Transnet Freight Rail totalled 1.06mn tonnes, just below the 2025 weekly average of 1.09mn tonnes.
*Brent Crude*
Oil prices traded sharply lower on Thursday amid rising supply concerns and shifting geopolitical dynamics. The U.S. is reportedly nearing a deal with Iran to curb its nuclear programme, which could lead to the lifting of sanctions and the return of Iranian oil exports. Saudi Arabia voiced support for the talks, hoping for a constructive outcome. At the same time, the IEA warned of slowing global oil demand, while U.S. EIA data revealed a surprise crude inventory build of 3.4 million barrels—adding to the 4.3 million-barrel rise reported earlier by the API. OPEC also trimmed its 2025 forecast for non-OPEC+ supply growth to 800,000 bpd (down from 900,000 bpd), yet its ongoing output hikes remain a drag on prices. June Brent was last down 2.41% at $64.00/bbl.
*Dutch TTF Gas*
European gas prices edged higher, supported by strong LNG demand from Asia and longer-term structural supply risks. Indian and Chinese buyers continued aggressive LNG bidding, keeping European hubs well bid as utilities restock ahead of summer. EU gas storage began the month at 40%—well below last year’s 62.7%. Meanwhile, Brussels is preparing legal measures to phase out all Russian gas and LNG by 2027 and ban spot imports by end-2025. Lawmakers also voted to lower the winter storage target to 83% from the current 90%. Dutch TTF was last up 1.26% at €35.21/MWh.
*Iron Ore*
DCE iron ore futures traded rangebound, softening slightly in the afternoon. The most-traded I2509 contract closed at CNY 736.5, up 1.17% on the day. While traders were active, steel mills remained cautious amid weak finished product sales. The transaction atmosphere was moderate. Demand faces headwinds from a slowing property sector and emission-driven steel output cuts, but optimism over possible government stimulus and early signs of stabilisation in real estate continue to offer some support. SGX TSI 62%Fe iron ore fines were down 1.03% to 1$100.45/mt
*Copper*
Copper prices posted a second day of losses as uncertainty over global trade weighed on sentiment. A 90-day U.S.-China tariff reprieve has eased tensions slightly, but the absence of a longer-term deal and U.S. calls to reduce reliance on Chinese imports have fuelled concerns over supply chain stability. LME 3-month copper was down 0.59% to $9,557.50/tonne at 15:41 BST.
*Chrome Ore*
The chrome market remained stable today, with no significant price movements reported across major global hubs. South African chrome ore concentrate prices held steady, reflecting balanced supply and demand dynamics. In China, spot prices for chrome ore and ferrochrome remained unchanged, indicating a cautious market sentiment amid steady stainless steel production rates. Industry analysts suggest that the current equilibrium is supported by consistent demand from the stainless steel sector and stable production levels in key mining regions.
