Asia

Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War. The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz. Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil...

Thailand's growth will be slower this year due to the Iran conflict and there are "nearly no limits" in worst-case scenarios if the conflict continues. A senior central bank official said. The Assistant Governor Chayawadee Chaianant stated that the growth of the Southeast Asian nation was slowing. This is because the country's economy, which is highly exposed to global economic conditions due to its high dependence on imported energy imports, has a low rate of growth. The U.S./Israeli war against Iran has led to a decline in tourism and an increase in import costs. Chai-anant, on the sidelines at the...

Treasury Secretary Scott Bessent said to reporters that the United States would not be renewing waivers which allowed some Iranian and Russian oil to be purchased without facing U.S. sanctions. Reports on Tuesday stated that Washington will not renew the 30-day waiver for sanctions against 'Iranian Oil at Sea' that expires in this week and that a similar waiver would expire on sanctions against Russian oil over the weekend. We will not renew the general license for?Russian oil and we won't be renewing the?general?license for Iranian oil. This was oil which was in the water before March 11. All of...

The International Monetary Fund (IMF) expects that at least 12 countries will?seek out new loan programs? to deal with the surging 'energy prices? and supply chain disruptions caused by the Middle East?war?,? the head of global crisis lender, said on Wednesday. Kristalina Georgeeva, IMF's Managing Director, warned of further supply disruptions if the Strait of Hormuz is closed even if it ends quickly. She also urged nations to reduce fuel consumption. At a press briefing during the IMF/World Bank spring meetings, Georgieva reiterated her estimation that the disruptions caused by the war would trigger a new demand for financial support...

On Wednesday, Russian President Vladimir Putin scolded top officials after the economy shrank by 1.8% during the first two months of the year. He asked them to 'come up with new measures that will boost the economic growth. The tight monetary policies of the central bank and Western sanctions that target the oil revenues of the country are the main reasons for the slowdown in Russian growth. The International Monetary Fund has raised its estimate of Russia's GDP growth in 2026 from 0.8% to 1.1% after the Middle East crisis spiked oil prices in March. The government has forecast growth...

Donald Trump told Fox 'Business 'Network that he asked Chinese President Xi Jinping a question in a letter, asking him not to supply weapons to Iran. Xi replied that China did not supply tehran. In the Tuesday interview, Trump did not specify when the letters had been exchanged. He threatened to impose an immediate 50% tariff on countries that supplied Iran with arms last week. "I sent him a note asking him to not do that and he replied with a message saying that he is not doing it," Trump said on?FBN’s "Mornings with Maria". He said he didn't expect...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

International Monetary Fund announced on Tuesday that the Middle East and North Africa will 'experience a sharply lower growth rate this year due to the oil exporting countries dealing with the 'fallout' of the Iran War. IMF's World Economic Outlook's forecast for the region's real growth in GDP was cut to just 1.1%, which is 2.8 percentage points below its original January projection. In 2027, growth is projected to return to 4,8%. IMF estimates assume that energy production and transportation will be normalised in the next few months. It noted that the assumption could need to be revised, if the...

Wale Edun is the Nigerian Finance Minister, and the Chair of the G-24 coalition of developing nations. He said that multilateral institutions should do more to help vulnerable countries weather the economic shocks caused by the Middle East war. Edun stated during the briefing for the G-24 at the IMF/World Bank Spring Meetings in Washington that "we would like them do more. We definitely like them provide, especially at this time additional liquidity risk management instruments that lower the cost of funding." The G-24 is a group of countries that coordinates the stances taken by developing nations on issues related...

U.S. Treasury secretary Scott Bessent said on Tuesday that China was an unreliable?partner in the Middle East War?by hoarding supplies of oil and limiting the exports of?some goods. This is similar to its actions during the COVID-19 Pandemic. Bessent said he spoke with Chinese officials on the matter. He avoided a question on whether the dispute will derail U.S. president Donald Trump's plans to visit Beijing mid-May. However, he said that Trump and Chinese President Xi Jinping have a good working relationship. "I believe the message of this visit is one of stability. "We've enjoyed great stability in our relationship...

The?head of United Nations'?trade agency, said Tuesday that the shortages of fertilisers caused by the Iran war is a?priority for developing countries. Gains from higher oil and gas prices are unlikely to last long for producers in the developing world. The'more immediate issue' is fertiliser because it affects food safety and food is the foundation of stability, said Pamela Coke Hamilton, executive director at the International Trade Centre. She added that oil and natural gas can be obtained from other sources so that the situation is "not as dire", even if the price increases are a problem. Coke-Hamilton's agency, which...

Iron ore futures soared on Thursday, boosted by positive economic data from China. Meanwhile, a lack of domestic crude steel production fueled hopes that global steel prices would be lifted and Chinese steel mill margins improved. The September contract for iron ore on China's Dalian Commodity Exchange traded 3.1% higher, at 782.5 Yuan ($114.79). As of 0708 GMT, the benchmark May iron ore traded on Singapore Exchange was $106.15 per ton higher. The 'Trump Administration' expressed optimism about a possible deal with Iran on Wednesday, but warned of increased economic pressure if Tehran continues to be defiant. Metals markets rose...

Official data released on Thursday showed that China's primary aluminum production rose 2.7% from the previous year, as fears of supply due to the Iran conflict boosted prices. According to the National Bureau of Statistics, aluminium?production increased?to 3,85 million metric tonnes in March. The data shows that in the first quarter of this year, China produced 11.41 million metric tonnes of primary aluminum, an increase of 3.1% compared to the previous period. Around 9% of the global supply of aluminium comes from the?Gulf Region. Aluminium prices rose after the 'Iran's move to disrupt traffic in the Strait of Hormuz, and...

China's crude output of steel in March fell 6.3% compared to the previous year, the lowest for the month since the middle of 2020. Margins were thinned out and exports dropped amid the Middle East conflict. National Bureau of Statistics reported on Thursday that the world's biggest steel producer produced 87.04 metric tons of crude "steel" last month. According to data-based calculations, the March volume represents an average daily output of 2,81 million tonnes, down from 2,99 million tons in March 2020. Steel margins were hit by rising feedstock prices in the first quarter, which was partly due to higher...

Iron ore futures rose on Thursday, boosted by?positive economic data from China. Meanwhile, falling domestic 'crude steel production' fueled hopes that global steel prices would rise and Chinese steel mill margins would improve. As of 0243 GMT, the most-traded contract for?September?iron ore on China's Dalian Commodity Exchange was trading 2.04% higher. It was valued at 774.5 Yuan ($113.60). The benchmark iron ore for May on the Singapore Exchange rose 1.09% to $105.35 per ton. The Trump administration expressed optimism on Wednesday regarding a possible deal to end the conflict with Iran, but warned of increased economic pressure if Tehran continues...

The copper price rose on Thursday, trading 'close to six-week-highs'. This was largely due to the prospect of a U.S. peace agreement with Iran to end the war. As of 0137 GMT the most traded?copper contracts?on Shanghai Futures Exchange were up 0.11% to 102,390 Yuan ($15,014.96) a metric ton after reaching its highest level since March 3, at 103130 yuan on Wednesday. Benchmark three-month Copper on the London Metal Exchange increased 0.4% to $13,300.5 a ton. This is close to $13,392.5 - a six-week-high reached on Wednesday. The 'Trump Administration' expressed optimism about a possible deal to end the war...

Prices of copper rose to a six-week high on Wednesday as optimism grew over the possibility of another round of talks between Iran and the United States to end the conflict. The benchmark copper price on the London Metal Exchange reached $13,392.5 per metric ton, its highest level since March 2. At 1605 GMT, it was down by 0.1% to $13,275 per ton. Copper prices have been pushed down by profit-taking, triggered in part by the stronger dollar. The dollar's rise makes metals priced in dollars more expensive for those who hold other currencies. Traders said that the mood and...

Prices of copper rose to a six-week high on Wednesday as optimism grew over the possibility of another round of talks between Iran and the United States aimed at ending the war. The benchmark copper price on the 'London Metal Exchange reached $13,392.5 per metric ton, its highest level since March 2. In official rings, it traded at $13,227, down 0.4%. The lower copper prices were attributed to profit-taking by traders, triggered in part by the stronger dollar. When it increases, metals priced in dollars become more expensive for those who hold other currencies. Traders said that the overall sentiment...

India's gems, jewellery and watch exports fell 3.3% in fiscal year 2025/26 from the previous year to reach their lowest level since?five years. This was due to shipments to India's top customer - The United States. A leading trade group said that the number of exports nearly halved on Wednesday due to tariffs and duties. The Gem and Jewellery?Export Promotion Council (GJEPC), in a press release, said that the gem and jewellery exports for the year ended March were $27.72 Billion, which is the lowest level since 2020/21 when pandemics led to lockdowns, disrupting trade. GJEPC data shows that shipments...

The copper price reached a six-week high on Wednesday, as optimism grew over the prospect of another round of talks between Iran and the United States to end the war. The benchmark?copper price on the London Metal Exchange reached $13,392.5 per metric ton. This is the highest level since March 2. At 0956 GMT, it was down by 0.2% at $13,254, due to profit-taking caused by the stronger dollar. The dollar's rise makes metals priced in dollars more expensive for those who hold other currencies. The traders reported that sentiment and volume?overall' in the industrial metals market was buoyant. U.S....

China's Victory Giant will price HK$209.88 each share at the top of a range, raising HK$17.5billion ($2.2billion) after?receiving a strong demand - from investors, if two sources are to be believed. One source said that the company, which manufactures printed circuit boards used in artificial intelligence servers, and other electronic devices, will also exercise an option to increase the amount of the offering by up to 15%, bringing the total proceeds up to HK$20.2billion. The information was not public yet, so they declined to identify themselves. Victory Giant did not respond immediately to a comment request on Wednesday. According to...

The copper price rose on Wednesday, extending gains to hover near a 6-week high as the prospect of renewed U.S. - Iran peace talks sparked hopes for a 'de-escalation of Middle East conflict. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session up 1.38% to 102,090 Yuan ($14.974.70) a metric ton. The contract reached its highest level since March 3, at 103130 yuan, earlier in the day. The benchmark three-month copper price on the London Metal Exchange rose 0.24% to $13,317 per ton, after reaching its highest level since March 2, at $13,392.5. U.S. president Donald...

The price of iron ore futures rose on Wednesday, as the prospect of peace talks?to end Iran's war quelled fears about Chinese steel disruptions in the Gulf. Meanwhile, the?rising production of hot metal?continued to?support demand for this steelmaking ingredient. The September contract for iron ore on China's Dalian Commodity Exchange traded 0.99% higher, at 764 Yuan ($112.06) per metric ton. As of 0704 GMT, the benchmark May iron ore was trading at $104.5 per ton on the Singapore Exchange. U.S. president Donald Trump announced on Tuesday that talks to end the Iran War could resume in Pakistan within the next...