Iron ore advanced after posting its biggest monthly gain since September 2024, supported by tropical storms in Australia and an ongoing pricing dispute between China’s state-run buyer and major miner BHP Group . Singapore futures for the steelmaking ingredient rose as much as 1.3% on Wednesday, having added more than 7% in March to end the month at $105.48 a ton and snap a two-month losing streak....
Iron ore advanced after posting its biggest monthly gain since September 2024, supported by tropical storms in Australia and an ongoing pricing dispute between China’s state-run buyer and major miner BHP Group . Singapore futures for the steelmaking ingredient rose as much as 1.3% on Wednesday, having added more than 7% in March to end the month at $105.48 a ton and snap a two-month losing streak. Dalian iron ore futures also extended gains after climbing nearly 8% last month. The market’s attention is now turning to a diesel crunch in Australia arising from the war in the Middle East, as well as the current cyclone season in the biggest iron ore-producing nation. While major miners haven’t commented on potential disruptions, smaller producer Fenix Resources Ltd. warned last week that fuel constraints were starting to affect operations across the sector. “Mines, especially small and medium-sized ones, may face lower mining and transportation efficiency due to diesel shortages,” said Bancy Bai, an analyst at consultancy Horizon Insights. But “the impact on mining operations remains relatively limited for the time being,” she said, adding that Australia’s current diesel supplies should last around 30 days. Iron ore prices rose last month on concerns that China Mineral Resources Group Co. would extend restrictions on supplies from BHP, which prompted traders to preempt a shortage by snapping up available cargoes. Chinese steel mills also rushed to move ore from port stockpiles to their plants. Read More: China Steel Mills Rush to Move BHP Ore on Fear of More Curbs Futures were also supported by worries about supply disruptions resulting from storms in Australia, as well as the impact of the war in Iran on shipping and energy costs. Rio Tinto Group said this week that Australia’s cyclone season had affected about 8 million tons of output, though it expects to recover roughly half of this amount and maintained full-year guidance. Shipments from the company’s Cape Lambert...
A number of Baidu Inc. ’s Apollo Go robotaxis suddenly stopped on the streets of China’s Wuhan city on Tuesday, leaving passengers stranded and raising concerns about the safety and reliability of autonomous driving technology. Wuhan police received multiple reports of Apollo Go vehicles stuck in the middle of roads and unable to move, authorities said in a Weibo statement . Officers worked with B...
A number of Baidu Inc. ’s Apollo Go robotaxis suddenly stopped on the streets of China’s Wuhan city on Tuesday, leaving passengers stranded and raising concerns about the safety and reliability of autonomous driving technology. Wuhan police received multiple reports of Apollo Go vehicles stuck in the middle of roads and unable to move, authorities said in a Weibo statement . Officers worked with Baidu employees to respond to the situation, they said. It’s unclear how many vehicles were affected, but police said a preliminary assessment indicates that the problem was due to a system fault. Passengers were able to exit the cars safely and no one was hurt. Read More: Chinese Robotaxis Race Waymo to Take Driverless Cars Global Baidu didn’t immediately respond to an emailed request for comment. Apollo Go is the largest robotaxi provider in China, with hundreds of vehicles in more than a dozen cities, and is ramping up an international expansion. The system malfunction marks a rare incident of this scale for China’s growing robotaxi industry, but likely adds to scrutiny facing the sector globally as more cities roll out driverless cars. Late last year, a number of Alphabet Inc.’s Waymo robotaxis stalled mid-ride due to a power outage in San Francisco, stranding passengers in cars.
Robert Pape, Professor of Political Science at the University of Chicago, says that movements of military assets provide a clearer picture of Trump's intentions in the Iran war than shifting public statements of intent. (Source: Bloomberg)
Robert Pape, Professor of Political Science at the University of Chicago, says that movements of military assets provide a clearer picture of Trump's intentions in the Iran war than shifting public statements of intent. (Source: Bloomberg)
UBS Global Wealth Management CIO Dominic Schnider tells Bloomberg TV that markets may be complacent in pricing in the risk of a prolonged conflict involving Iran and its impact on global energy security. (Source: Bloomberg)
UBS Global Wealth Management CIO Dominic Schnider tells Bloomberg TV that markets may be complacent in pricing in the risk of a prolonged conflict involving Iran and its impact on global energy security. (Source: Bloomberg)