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India's JSW Cement makes a 4% gain in its debut, with a valuation of $2.38 billion
JSW Cement shares debuted at 4% higher than their previous price on Thursday, valuing it at $2.38 Billion. Investors looked past the broader market turmoil to support the company's expansion plans for capacity and its push into new markets. The stock was listed on the National Stock Exchange at 153.50 Rupees, just over its target of $2.3 billion and above its original issue price of 147 Rupees. As of 10:21 am IST, it was up 2.7% to 151.06 rupies. India is the second largest cement producer in the world. The government's push for infrastructure and housing will drive demand growth over the next decade. Prices are also expected to rebound from the multi-year lows they hit during the last fiscal year. JSW Cement is a smaller player than other companies in the industry, such as Aditya Birla's UltraTech Cement or Gautam Adani's Ambuja Cement. In its prospectus, the company stated that it would use the proceeds of the IPO to build a factory in Rajasthan, a state rich in limestone. Ventura Securities stated that JSW Cement’s capacity ramp-up would expand its reach, boost profits and offer brand strength. Its ties to JSW Group also provide easy access to raw material like slag, power and steel via group companies such as energy, marine infrastructure and steel. JSW Group owns a stake of nearly 70% in the cement manufacturer. This week, the $413 million initial offering was nearly eight times oversubscribed. Institutional investors' bids were almost 16 times higher than their quota.
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Maguire: Key US Natural Gas Trends to Track as LNG Exports Hit New Highs
The U.S. has seen its exports of LNG reach new heights this year. They are up over 20% compared to the same period in 2024, cementing the U.S. as the largest supplier of super-chilled fuel. The demand for U.S. Natural Gas has also reached record highs in the commercial and industrial sector, helping to boost total U.S. Gas consumption by the biggest gas consumers by 5% compared to the previous year to new highs. All major gas consumers are also seeing a significant increase in prices since 2024. However, they remain below the previous records set around 2022-2023. Here is a summary of key trends and data for the U.S. Natural Gas Market so far in this year, and what to expect going forward. BONANZA FOR LNG EXPORT According to Kpler, the commodities intelligence firm, U.S. LNG exported in the first eight months of 2025 increased by 22%, or 12.4 million tonnes, from the same period in 2024, to reach a record high of 69 million tones. Europe was the second largest market for U.S. LNG exports, followed by Asia. The Netherlands, France, and Spain were the top three markets, accounting for 28% of all U.S. LNG exports so far in this year. Since 2022, the Russian invasion of Ukraine led to sanctions against Moscow and disrupted commodity flows into Europe. The decline in wind and hydro electricity generation in Europe this year has also contributed to the increase in gas consumption. Several European nations have increased imports of U.S. Liquefied Natural Gas in an effort to reduce their trade deficits with America once President Donald Trump returns to office. The total imports of U.S. LNG by Europe from January to August 2024 are up 61%. Gas rationing has been implemented in Asia, where the price of U.S. LNG has dropped by 35% in comparison to last year. Kpler data show that the U.S. has seen its share of global LNG exports rise to a record 24,5% this year. In 2024 it was only 21%. RISE IN PRICES According to the U.S. Energy Information Administration, the average price of U.S. LNG exported in the first five months 2025 was $8.34 per 1,000 cubic feet. This price is 38% higher than the average LNG price in the same period in 2024. The price of domestic gas is expected to rise dramatically in 2025 for most major consumers. Prices for electric power generators, the biggest gas consumers in the U.S. (representing around 31% of the total gas consumption), increased by 52% between January and May 2024 compared to the same period in the previous year. Residential users (19% gas use), and commercial users (12%) saw their prices rise by 6% and 8 % respectively. Gas prices in the United States are 27% higher than they were in 2007. The average price per 1,000 cubic feet was $8.81. Usage Trends Gas prices are driving a shift in the way Americans use gas. While gas consumption has reached a record high for all major segments of gas usage, it is still a relatively low level. During January to May, the key electric power segment achieved its first reduction in gas consumption year-over-year since 2021. EIA data show that the 4,704 billion cubic foot of gas consumed by electric power companies was 4% lower than in 2024. This was due to higher production at cheaper coal plants, as well as higher supplies of renewable energy. The gas consumption of all other major gas users increased this year compared to the previous year, but in a wide range of degrees. Commercial users increased consumption by 11%, while industrial users increased consumption by 1.5%. Residential gas users - who use gas primarily for heating – increased their use by 11.4% compared to the previous year, but the trend in residential use of gas remains downwards as more homes improve energy efficiency and install heat pump that run on electric. A FORWARD GUIDANCE The U.S. market will continue to be a major driver of the gas price and sentiment in the U.S. EIA data show that between 2019 and 2024, the gas demand for LNG exported rose by 140%. This growth rate is compared with a 20% increase in the demand for gas from the industry sector, and a 2% increase in gas consumption by residences. EIA data show that the total gas demand of LNG exporters in 2021 was greater than that consumed by commercial users and nearly equaled that consumed by residential customers in 2024. The LNG export sector is expected to be the third largest gas consumer in the United States after electric power and industries this year. Even if the demand for gas in offices and homes continues its decline, the strength of U.S. exports could set the tone for U.S. gas prices. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Southern China courts, schools and schools are affected by Tropical Storm Podul
Tropical Storm Podul, which hit Taiwan on Wednesday and left 143 injured, poured torrential rainfall on southern China on Thursday. Hong Kong hospitals, schools, and courts were also affected. Jimmy Lai's hearing was cancelled when the authorities issued their "black" warning for rainstorms, and supporters queued outside under umbrellas. The medical authorities announced that all outpatient clinics will remain closed until the rain has stopped. Flightmaster data showed that airports in the region experienced cancellation rates around 20% as Podul pounded parts of China's provinces of Guangdong and Hunan with over 70 mm (2.76 inch) of rain per hour. Analysts warn that extreme weather events are increasingly a threat to the growth of the second largest economy in the world. China has experienced record rains in the north and south, as well as heatwaves that have lasted for weeks in its interior. The government announced on Thursday 430 million yuan (59.9 millions) in new funding for disaster relief. This brings the total amount allocated since April up to at least 5,8 billion yuan. Chim Lee is a senior analyst with the Economist Intelligence Unit. He said that authorities need to be prepared. There's increasing evidence that tropical cyclones are becoming more intense and moving slower. China's south coast is ripe for all sorts of economic disruptions. The majority of institutions in the area are well-prepared, but it seems that cyclones are intensifying in a more northerly direction. These places should keep a closer eye on things." Podul, a weakened tropical storm that had weakened from a typhoon after pounding Taiwan with winds up to 191 kph 118 mph on Wednesday left one person dead and scores of others injured, made landfall at 0030 local time (1630 GMT on Wednesday). Its residual vortex is threatening to cause havoc in the south of China, which was still reeling last week from the heaviest rainfall in decades. The vortex moves north at speeds between 30-35 km/h (19-22 mph). Seven people died in Guangdong after a record rainfall of 622.6mm (24.5") fell from August 2-6. This is almost three times more than the average for August. Last Tuesday, Hong Kong experienced the heaviest rainfall in August since 1884. State media reported that authorities in Guangdong’s Meizhou shut down all highways due to heavy rains. The high-speed rail linking Shenzhen with Hangzhou, in eastern Zhejiang Province, about 1,200 km (745 mi) away, has also been suspended. $1 = 7.1705 Chinese Yuan Renminbi (Reporting from Beijing by Joe Cash, Jessie Pang and Ben Blanchard; Editing done by Michael Perry and Lincoln Feast)
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India's JSW Cement makes a 4% gain in its debut, with a valuation of $2.38 billion
JSW Cement shares debuted at a 4% premium on Thursday, valuing it at $2.38bn. Investors looked past the broader market turmoil to support the company's expansion plans for capacity and its push into new markets. The stock was listed on the National Stock Exchange at 153.50 Rupees, just over its target of $2.3 billion and above its original issue price of 147 Rupees. As of 10:21 am IST, it was up 2.7% to 151.06 rupies. India is the second largest cement producer in the world. The government's push for infrastructure and housing will drive demand growth over the next decade. Prices are also expected to rebound from the multi-year lows they hit during the last fiscal year. JSW Cement is a smaller player than other companies in the industry, such as Aditya Birla's UltraTech Cement or Gautam Adani's Ambuja Cement. In its prospectus, the company stated that it would use the proceeds of the IPO to build a factory in Rajasthan, a state rich in limestone. Ventura Securities stated that JSW Cement’s capacity ramp-up would expand its reach, boost profits and offer brand strength. Its ties to JSW Group also provide easy access to raw material like slag, power and steel via group companies such as energy, marine infrastructure and steel. JSW Group owns a stake of nearly 70% in the cement manufacturer. This week, the $413 million initial offering was nearly eight times oversubscribed. Institutional investors' bids were almost 16 times higher than their quota.
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Serbian police intervenes to end the standoff between supporters of the ruling party and anti-government demonstrators
On Wednesday night, supporters of the ruling Serbian Progressive Party threw flares, firecrackers, and other explosives at antigovernment protesters. This prompted police to intervene in order to end the standoff. It was a major escalation in the nine-month long protests that have been taking place in Serbia. The daily protests in Serbia following the death of 16 people in November last year when the roof of a renovated train station in Novi Sad collapsed have shaken the popularity of President Aleksandar Vucic, a populist, and the SNS. Vucic said, at a late-night news conference, that 16 police officers, and about 60 supporters of the SNS, were injured in Novi Sad. He was flanked by Ivica Daci, Interior Minister. He also accused unknown foreign powers of orchestrating the riots, and promised arrests. He said: "Persons who broke the law will face prosecution... Tonight we have prevented a catastrophe planned by someone abroad." Could not independently verify Vucic’s claims. Private N1 TV filmed flares and fireworks being hurled at Novi Sad protesters from the direction SNS offices. The footage also showed some anti-government demonstrators with bloody faces who claimed that Vucic's supporters used sticks and truncheons against them. The Move-Change opposition movement claimed that Vucic's supporters were responsible for the clashes. In a press release, it stated that "pyrotechnic attacks on people violate their rights to protest and life." Police in full riot-gear in Belgrade's capital, Belgrade, blocked protesters in the park next to the parliament where Vucic supporters have camped since March. In Belgrade's other parts, protesters against the government clashed violently with police officers who stopped them from approaching SNS local offices. The protesters blamed corruption for Novi Sad Railway Roof Collapse and demanded early elections that they hope will remove Vucic from power after thirteen years. Students, the opposition and anti-corruption monitors have accused Vucic of having ties with organised crime, violence towards rivals, and limiting media freedoms. They deny these accusations. After clashes between protesters and SNS officials in Vrbas, Serbia on Tuesday night, the students leading the protests called for supporters to demonstrate in front of SNS offices throughout Serbia. This included Belgrade, Novi Sad, Kragujevac, Cacak, Nis, as well as Belgrade. Ivana Sekularac, Aleksandar Vaovic and Diane Craft contributed to the reporting.
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The FT reports that Centrica is the frontrunner in the $2 billion deal to purchase National Grid's Liquefied Natural Gas terminal.
The Financial Times reported that British Gas owner Centrica, and Energy Capital Partners were in negotiations to purchase the Isle of Grain LNG Terminal from National Grid for a price of about 1.5 billion pounds (2.03 billion dollars). National Grid, Energy Capital and Centrica have not responded to requests for comment. National Grid, the company that owns and operates Britain’s high-voltage transmission network of electricity, announced last year that it was looking to sell its assets. Grain LNG terminal As part of its efforts for a more efficient operation,, Europe's biggest such facility. FT reported that a deal may be announced soon. Centrica reported in July that it had signed a deal to purchase a 15% stake in Britain's newest nuclear project, Sizewell C. Drop in the first-half profits. Bloomberg News reported that Hong Kong's CK Infrastructure Holdings had been among those interested in the terminal. However, it has reportedly withdrawn its interest, Bloomberg News said earlier this month. The LNG is a major source of gas in Europe, particularly after the conflict between Russia and Ukraine. Also, the sanctions imposed by the West on Russia have disrupted the energy markets. The resultant price hike continues to impact British consumers.
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Leak reported on Texas Seaway pipeline, Enterprise. Crude oil flow falls
Four sources reported that crude oil flowed down the Seaway pipeline, in Texas, on Wednesday. The pipeline operator had reported a leak to the state regulators. The 950,000-barrel-per-day Seaway pipeline runs between Cushing, Oklahoma, and the Freeport, Texas, area and connects to the Enterprise Crude Houston (ECHO) terminal, a storage facility in southeast Houston. According to a report filed with the Texas Commission on Environmental Quality, Enterprise Pipeline said that a crude leak occurred on a part of the Seaway system in Houston on Tuesday. Three sources reported on Wednesday that a portion of the pipeline was down on Tuesday evening. Three sources said that the secondary pipeline, which runs into ECHO's terminal, was down on Tuesday night. On Tuesday night, crude oil flows on the Seaway mainline as well as the portion that runs into ECHO terminal were lower. Enbridge and Enterprise Products Partners jointly own the Seaway pipeline. Enbridge and Enterprise Products didn't immediately respond to inquiries about the Seaway operations. U.S. West Texas Intermediate crude oil at East Houston MEH (also known as MEH) traded at a 95 cent premium per barrel to U.S. Crude Futures, which is the highest since April. MEH traded up to 130 cents a barrel higher than U.S. crude oil futures, said a trader. Two sources have said that operations on the pipeline should be restored by Wednesday evening.
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The US container imports could have peaked at the end of July, according to the chief of the busiest seaport
The top executive of the busiest U.S. port said that ocean imports may have peaked during July, as retailers raced to import goods from China to avoid tariffs. Containerized imports into the Port of Los Angeles - the main entry point for many U.S. imports - jumped by 8% in July to 544,000 20 foot equivalent units (TEUs). Gene Seroka said that importers were rushing to get cargo in before possible tariff increases later this month or beyond. Zachary Rogers is the lead author of the Logistics Managers' Index. This index serves as an early indicator of economic activity in the United States. The tariff policies of President Donald Trump, especially the short-lived 145% tariffs on Chinese goods, have caused havoc with U.S. Imports. Buyers either overate or underate goods in order to avoid paying higher import duties. This week, the United States and China extended their 90-day tariff truce. The extension eases the uncertainty surrounding the holiday season when retailers are stocking up on goods. In response, Walmart, Target, and Home Depot seem to have broken the tradition of holiday-related imports, which tended to peak between August and October.
International banks weigh halting fresh credit to India's Adani after U.S. indictment, say sources
Some worldwide banks are thinking about briefly halting fresh credit to India's. Adani Group but staying put with existing loans following U.S. district attorneys' indictment of its billionaire creator Gautam Adani. for scams, sources said.
U.S. district attorneys have actually charged 8 people, including Adani. chair Gautam Adani, with agreeing to pay about $265 million in. bribes to Indian federal government authorities to acquire contracts and. establish India's largest solar energy plant project.
The crisis is the 2nd in 2 years to hit the. ports-to-power corporation established by Adani, 62, one of the. world's richest individuals. Adani Group has stated the claims. made by the U.S. authorities were unwarranted and rejected.
Senior executives at 2 of Adani's worldwide lenders stated that. they have had multiple calls within their particular banks given that. the indictment details were revealed to discuss direct exposure to the. group and what the effect of the current development would be on. the group's financials.
We will need to put a pause to fresh financing until we are. able to figure how this will play out. I think it will be a. while before the bank has the ability to tap the credit market, said a. banker at one of the leading Western banks.
The banker, who is associated with talks associated with Adani credit. direct exposure and decreased to be called as he was not authorised to. speak to the media, stated the majority of the group firms have steady. cash flows and are not in desperate requirement to raise capital.
The indictment would, however, cast a cloud over fundraising. plans for growth within India and abroad, as there will be. greater lender scrutiny not simply on the indictment outcome but. likewise on the crucial man danger for the group, the lender said.
A senior banker at another Western bank, which is one of the. major lending institutions to the group, said that the bank would likewise put a. short-term freeze on fresh loaning it was keeping a close watch. on the Indian government's reaction to the indictment.
All the bankers spoke to Reuters for this story on the. condition they and their organizations would not be determined. due to the level of sensitivity of the matter and because the internal. discussions are private.
Indian opposition celebrations that have actually long grumbled that. Adani and his corporation have actually been dealt with positively by Prime. Minister Narendra Modi's government called for an examination. into accusations of misbehavior.
Modi and Adani, both from the western state of Gujarat, have. denied impropriety.
Our future course of action will mainly depend upon whether. the government will now try to find a method to fix this or. launch its own probe, stated the senior banker at a Western bank,. adding the infrastructure giant has actually now become too-big-to-fail. for India.
A Japanese bank with credit direct exposure to Adani stated in cases. like the one involving the Indian conglomerate, lending institutions tend to. pause fresh financing due to reputational threat. The indictment of. a specific, however, would normally not break any of its. loan covenants, stated the bank, which declined to be called.
Adani did not immediately react to Reuters ask for. comment.
FINANCIAL OBLIGATION MATURITIES
In a statement in April last year, Adani said worldwide banks. including Barclays, Deutsche Bank, Mizuho. , Mitsubishi UFJ Financial Group, SMBC Group. and Requirement Chartered reaffirmed self-confidence. in the Adani group after it was hit by a short-seller attack.
Representatives for the 3 Japanese banks declined to. comment, while others did not instantly respond.
S&P Global Ratings stated in a note on Friday the. indictment might affect investor self-confidence in Adani group. entities, thereby possibly hindering their funding access and. increasing their financing expenses.
Our company believe domestic, in addition to some international banks. and bond market financiers, look at Adani entities as a group,. and might set group limitations on their direct exposure. This may impact. the funding of rated entities, it said.
The rating agency, however, included that the rated entities. have no instant and lumpy financial obligation maturities.
Some worldwide banks with ties to Adani are parsing through. bond and loan documents to see if it exposed them to a danger. of default or developed a liability if financiers chose to require. their refund, stated another lender.
But there was not a lot of legroom in paperwork for. either financiers or the bankers to force the business to pay them. back because there was no conviction yet, stated legal representatives familiar. with corporate bond and loan agreements.
Om Pandya, a Houston-based capital markets partner at. Clifford Chance, said continued payment of interest by a. debtor would also usually undermine any potential argument. by creditors taking a look at clauses in loan or bond documents. to set off a default.
The most likely liability facing the banks is civil. liability from financiers introduced to Adani through the banks,. stated John Pleasure, handling attorney at FTI Law, a law office that. concentrates on Foreign Corrupt Practices Act (FCPA) infractions.
Civil lawsuits is a prolonged process, and it is possible. that during discovery investors might discover involvement that. has actually not been divulged by the SEC (Securities and Exchange. Commision) or DOJ (Department of Justice), he stated.
Adani has actually not been detained yet and U.S. prosecutors would. require to ask the Indian government to extradite him under the. regards to the countries' extradition treaty. Adani might battle. extradition, and it is unclear for how long the procedure might take.
There's been no conviction ... however if you're a danger officer. at a bank with exposure to Adani, maybe you're getting a little. bit nervous, stated Ed Al-Hussainy, head of emerging market fixed. income research study at Columbia Threadneedle.
(source: Reuters)