Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.</li>
<li>Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.</li>
<li>The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.</li>
</ul>


AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.
Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.
The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.


The AI Boom Is Becoming an Energy Infrastructure Story

Iron Ore and Dry Bulk Freight, Mint Finance

Umang Agrawal

Iron Ore and Dry Bulk Freight

<ul>
<li>Domestic steel prices hit a five-year low in 2025 as Chinese imports, weak utilisation below 80%, and input pressures compressed margins.</li>
<li>Policy and trade dynamics are turning constructive, as safeguard duties, falling imports, and tighter Chinese export controls begin to rebalance domestic markets.</li>
<li>Demand momentum is set to re-accelerate in 2026, led by infrastructure execution, housing recovery, EV-linked steel intensity, and early green steel adoption.</li>
</ul>


Domestic steel prices hit a five-year low in 2025 as Chinese imports, weak utilisation below 80%, and input pressures compressed margins.
Policy and trade dynamics are turning constructive, as safeguard duties, falling imports, and tighter Chinese export controls begin to rebalance domestic markets.
Demand momentum is set to re-accelerate in 2026, led by infrastructure execution, housing recovery, EV-linked steel intensity, and early green steel adoption.


After the Down-Cycle, the Setup Improves: India’s Steel Industry Heads into 2026 with Tailwinds

Commodities

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

<ul>
<li>Iron ore’s resilience looks fragile, supported by short-term supply disruptions, while weakening steel demand and looming Simandou volumes erode fundamentals.</li>
<li>Managed money participants trimmed their net long exposure, signalling profit-taking aligned with price action rather than a broader shift in market conviction.</li>
<li>The DCE-SGX spread lost momentum after rejecting the upper Bollinger band, breaking below key MAs and opening room for consolidation or further downside.</li>
</ul>


Iron ore’s resilience looks fragile, supported by short-term supply disruptions, while weakening steel demand and looming Simandou volumes erode fundamentals.
Managed money participants trimmed their net long exposure, signalling profit-taking aligned with price action rather than a broader shift in market conviction.
The DCE-SGX spread lost momentum after rejecting the upper Bollinger band, breaking below key MAs and opening room for consolidation or further downside.


Momentum Without Muscle: Why Iron Ore’s Recent Strength May Not Last

Equity Bottom-Up

Fenix Resources Ltd operates as a resource exploration company. The Company explores for iron ore, vanadium, and manganese. Fenix Resources develops its projects in Australia.

<ul>
<li>Fenix is approaching its first million-tonne quarter, with a fully cash-funded ramp-up targeting 6 MTPA by FY28 under a disciplined capital plan.</li>
<li>Near term value is concentrated at Weld Range, while Jack Hills provides step-change optionality; Simandou is viewed as a manageable, priced-in risk.</li>
<li>W10 approvals represent the key execution risk, while labour, logistics, port capacity, and fleet availability are not considered binding constraints.</li>
</ul>


Fenix is approaching its first million-tonne quarter, with a fully cash-funded ramp-up targeting 6 MTPA by FY28 under a disciplined capital plan.
Near term value is concentrated at Weld Range, while Jack Hills provides step-change optionality; Simandou is viewed as a manageable, priced-in risk.
W10 approvals represent the key execution risk, while labour, logistics, port capacity, and fleet availability are not considered binding constraints.


Can Disciplined Execution Unlock Fenix as the Next Mid-West Iron Ore Champion?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

<ul>
<li>The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.</li>
<li>With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.</li>
<li>As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.</li>
</ul>


The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.
With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.
As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.


CoreWeave’s AI Expansion Is Being Financed Forward