ASEAN Countries

The Vietnamese parliament approved on Thursday a revised bill that limits the exports of?rare earths refined and reaffirms an ore -export ban. This is in an effort to support a domestic industry that has been struggling for years to extract its significant reserves. According to the U.S. Geological Survey (USGS), Vietnam has one of the largest reserves of rare earths in the world. However, earlier this year, the government agency significantly reduced its estimate of the?reserves of the country to 3.5 millions metric tons from 22 million tonnes. The new law states that "deep processing must be associated with building...

The authorities battling the floods that hit Sumatra, an island in Indonesia, this week and killed around 800 people have asked for additional central government assistance to address shortages of food, fuel and funds. According to updated government figures, 463 people are missing in West Sumatra (North Sumatra), Aceh and West Sumatra. Local officials say that the lack of power and roads is preventing aid from reaching those who need it. Iskandar Al-Farlaky, the chief of East Aceh, stated that fuel had been limited in East Aceh for days and that aid was delivered by boat. Some people who lived...

The authorities battling the floods that hit Indonesia's Sumatra island this week, which killed 804 people, have asked for more help from the central government to address shortages in funds, fuel and food. Local government officials say that landslides and floods caused by cyclones have led to 634 deaths in the three provinces West Sumatra (North Sumatra), Aceh and West Sumatra. They also claim that power lines and roads were cut, preventing aid from reaching those who needed it. Teuku Raja Keumangan told Kompas TV that "people are getting sick" in Aceh where flooding has affected 25,000 people. Haili Yogi,...

A refinery spokesperson confirmed that Nghi Son Refinery and Petrochemical, Vietnam's largest refiner, continues to run its 200,000 barrel per day refinery between 100% and 105% of capacity despite ongoing maintenance on derivative units. There will be no major impact on main refinery operations, the spokesperson said, adding the November partial shutdown will include some works at its hydrogen manufacturing unit and a catalyst change at its residue hydrodesulphurisation unit. Multiple sources familiar with the situation said that at least one unit producing gasoline is also scheduled to close during this time period. During high refining rates, the refiner is...

Ampol, Australia's largest fuel retailer, recorded a lower third-quarter sales volume due to softer performance in its domestic convenience retailing business as a result of challenging weather conditions during August. The company's shares fell by as much as 3,1% Thursday, their lowest intraday performance since June. Stocks fell to their lowest level since October 23, 2009. The Australian convenience retail segment performed poorly compared to the previous year when it had enjoyed favorable market conditions due to the decline in fuel input costs. In August, New South Wales, Queensland, and other states experienced prolonged bad weather, which negatively affected sales....

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney's trip could include a meeting between him and Chinese President Xi Jinping in an effort to restore a relationship previously strained by a trade war. Donald Trump, President of the United States Termination of trade talks Canada responded to a political ad in Ontario that featured Ronald Reagan, the Republican icon who said tariffs caused economic...

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney may also meet with Chinese President Xi Jinping during his week-long visit, as part of a possible attempt to restore a relationship previously strained by a trade war. Analysts say Carney will need to make it clear to Asian leaders that Canada is not as closely aligned to the U.S. President Donald Trump, who has threatened...

The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out...

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

In late June, Indonesian soldiers wearing fatigues entered a palm oil plantation in Borneo and displayed a sign declaring that the estate was under government control. The Melati Hanjalipan Plantation is a perfect example of a military-backed takeover which has shocked the 16 million-strong workforce and the world's largest palm oil producer. Agrinas Palma Nusantara is the new state-owned palm oil firm that has a land area of 9.1 million acres. Nearly half was transferred to it, making it the largest palm oil company in terms of size. This crackdown, ordered by the President Prabowo Subianto, is the largest structural...

On Thursday, Asian stocks fell a second time as Wall Street was stung by disappointing earnings reports for tech giants. Meanwhile, U.S. sanctions on Russia and China rekindled geopolitical fears. Oil prices surged. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 0.3% last week, while Japan’s Nikkei225 dropped 1.5%. Chinese stocks fell 0.4% in Hong Kong following reports that the White House was considering a plan aimed at curbing a range of software-powered products exported to China as retaliation against Beijing's recent round of export restrictions on rare earths. Charu Chanana is the chief investment strategist for Saxo...

Two senior U.S. government officials announced on Thursday that the United States would deploy 200 troops to Gaza as part of a task force for stability. There will be no Americans present on the ground. According to the officials, who spoke on condition of anonymity with reporters, the 200 people would form the core of a taskforce that would also include representatives of the Egyptian military, Qatar and Turkey, as well as the United Arab Emirates. Officials said that the exact location of U.S. forces had not yet been determined. They would create a joint command center and integrate the...

Energy and Mineral Resources Minister Bahlil lahadalia stated on Thursday that Indonesia could approve a coal production quota "more or less",?600 millions metric tons, in 2026. The nickel quota will be adjusted according to the needs of industry. The output quota will be lower than 790 million tonnes produced last year. However, the actual production of the world's largest thermal coal exporter is often higher than the quota. The government must approve all annual production plans, also known as RKABs, submitted by miners to the country's mineral-rich Indonesia. Bahlil stated that the reduction in quotas was to?support prices of Indonesian...

Allegro, a Polish ecommerce company, announced on Wednesday that it has agreed to sell its operations in Slovenia and Croatia?to Mutares of Germany. Allegro is aiming to simplify?its global footprint. Allegro claimed that the sale was the last step to turning around Mall Group. The group bought the company in 2022 as a first move beyond its home market Poland. Allegro expanded its presence in Central Europe with the deal, but so far international operations have weighed on its profitability. Allegro announced in March that it would pause the rollout of its third-party market in other countries until it increased...

The price of copper soared on Tuesday, as concerns about supply fueled a rally in the early part of the year. Nickel also reached a 15-month high above $18,000 per metric ton due to?Indonesia’s mine production curbs. In official open-outcry trading on the?London Metal Exchange, benchmark three-month copper was up 1.8% to $13,225 per ton. It had earlier jumped by as much as a whopping 3.1% to $13,387.50. Red metal prices have already increased by 6.6% since 2026. On Monday, they crossed $13,000, after a 42.2% increase last year. Ewa Mannthey, ING analyst, said that "Copper's?"move above $13,000" is driven...

Prices of copper soared to record levels on Monday, as fears about supply?intensified after a strike in a Chilean mining facility and forecasts of deficits?as well as low stocks at London Metal Exchange-approved warehouses. The benchmark copper price on the London Metal Exchange rose 2.7% to $12,811 per metric tonne at 1138 GMT, from an earlier peak of $12,905.5. The metal used for power and construction reached a record price of $12,960 per ton. The theme of shortages was reinforced by traders after a strike took place at Capstone Copper’s Mantoverde gold and copper mine in northern Chile. Mantoverde is...

Nickel reached its highest level in over 14 months Friday, 'after Vale Indonesia suspended mining operations. Aluminium crossed the $3,000 barrier for the first time since 2022. The London Metal Exchange's three-month nickel rose as much as 1,8% to $16,945 per metric ton, its highest level since October 2024. By 1037 GMT, the metal used to make stainless steel and batteries had risen 1.4% to $16,875. PT Vale Indonesia Tbk said it was unable to?conduct mining operations due to a delay in the approval of its annual production plan. The company said that it believes this delay won't?disrupt the overall...

Nickel miner PT Vale Indonesia Tbk announced on Friday that it would suspend?mining operations in Southeast Asia's biggest economy due...to delays in approving...its annual....production plan. The government sets output quotas in the resource-rich Indonesia. All miners are required to submit a production plan known as RKAB for official approval. Prices rose as investors anticipated a lower nickel production quota for Indonesia, the world's largest nickel producer. Soaring towards the end last year Vale stated that it would not be able to carry out mining operations unless the RKAB approved them. The company believes this delay won't disrupt overall operational sustainability,...

Arif Perdana Kumara, chairman of Indonesia's Nickel Smelter Association?FINI, said that the association expects domestic smelters to demand nickel ore in excess of 350 million metric tonnes next year. He said that the demand outlook is for an annual growth of between 40 and 50 million tons. New production capacity will be online by next year. Indonesia, with the largest nickel ore reserves in the world, announced plans to reduce mineral production quotas for next year to boost prices and government revenues. Details are not yet available. Arif stated that the 'policy' could cause ore shortages in smelting plants and...

According to an order from the Finance Ministry published on Tuesday, India has imposed a tariff between 11% and 12% for three years on certain steel products. The government wants to stop cheap shipments coming from China. Locally known as the safeguard duty, the levy will be imposed in three years at a rate of 12% in the first, 11.5% in the second and 11% in third. The measure was published in the official government gazette and excludes imports of certain developing countries. However, China, Vietnam, Nepal, and other Asian countries will be subject to the levy. The levy will...

The third year has been tough for battery metals like lithium, nickel, and cobalt. All three markets are struggling to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for batteries, and the metals needed to make them work, is still rising at an accelerated pace. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are undergoing a technological revolution at the same time, as they work to create ever-more powerful batteries for ever-lower costs. Battery...

Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more...

The third year has been tough for battery metals like lithium, nickel and copper as the three markets struggled to absorb the supply wave that followed the price boom of 2022. The electric vehicle revolution continues. The demand for metals and batteries that power them is growing at an accelerated rate. It is only a matter time before the current glut of supply is absorbed by demand. This was at least the hope. Chinese companies are, however, embarking on a "simultaneous" technological revolution, as they seek to develop batteries that are ever more powerful at a lower cost. Battery chemistry...

A finance ministry official announced?on Friday that Indonesia would issue investment instruments to earn from exporting natural resources. The goal is to ensure exporters follow the rules and keep the foreign currency earnings in the country. The 'new'regulation is intended to increase U.S. Dollar liquidity onshore and stabilize the rupiah rate. It will require that natural resource exporters retain all their foreign currency earnings starting January 1st in state banks for a minimum of a year, and restrict their use. Febrio Kacaribu is a senior official in the Finance Ministry. He told a news conference that new FX bonds will...