Asia

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

Fertiglobe, a unit of the state oil giant ADNOC in Abu Dhabi, saw profits jump by 173% in the first quarter, as the fertiliser manufacturer benefited from the price spikes caused by the conflict in the Middle East. The Iran War, which began February 28, led to an effective closure of Strait of Hormuz. This is the route that carries a fifth of global oil and around a third of all seaborne fertiliser. This has caused a spike in the price of commodities such as energy and fertiliser. According to LSEG, Fertiglobe (which is 86.2% owned by ADNOC) reported an...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

Sinopec, a Chinese company, said that its refinery and petrochemical utilization rates fell in the first quarter due to the U.S./Israeli war on Iran which disrupted the feedstock supply. However its chemical exports will grow strongly this year. Sinopec is the world's largest refiner by capacity. The company announced that it had cut refinery utilisation by 7.6 percentages points annually between January and the end of March, to an average of around 83%. A company executive said that the ethylene usage rate was 89% for the first quarter of this year, which is 1.5 percentage points less than it was...

South Africa said on Tuesday it would extend the fuel tax cut 'for two more months' to cushion the impact of the iran war on household budgets. However, the relief will end after this period and the country will recoup lost revenue through other means. According to the?International Energy Agency, the U.S. and Israeli war on Iran has led to the largest oil supply disruptions in history. This has hurt countries like South Africa, which import most of their fuel, as global energy prices are rising. The government announced a reduction of one month in the general fuel tax for...

Contemporary?Amperex Tech Co (CATL), the world's biggest EV battery manufacturer, launched a $5 billion share sale on Monday in Hong Kong. The company is looking to capitalize on its shares which are nearing record highs. According to a termsheet seen by, CATL will be?offering HK$628.20 - HK$651.80 for new H shares, a discount ranging from 3.5% - 7.0% on Monday's closing price HK$675.50. The fundraising is part of CATL's efforts to lock in capital as its share price continues to rise. It also faces an EV market in China that is fiercely competitive and where it has been difficult for...

The Indian rupee finished modestly stronger on Monday as the dollar sales made by state-run banks helped to ease the pressure of higher oil prices after the U.S.-Iran negotiations stalled. The rupee closed at 94.19 compared to its previous closing of 94.2475. Traders said that state-run banks, likely acting on behalf of Reserve Bank of India (RBI), offered dollars to limit the fall of the currency early in the session. A trader from a Mumbai bank stated that this was what triggered a broader interest in selling dollars, giving the rupee breathing space. As shipments of oil through the Strait...

The Indian rupee will continue to be under pressure on Monday due to importer hedging and a demand spurred by high oil prices. After settling at 94.2475 last Friday, traders expect the rupee to open between 94.26 and 94.30. Last week, the currency fell by 1.42%. This was its worst performance in over three and a half years. The fall was caused by a number of factors including the sharp rise in oil price amid the?absence of any sign of a solution to the disruptions around Strait of Hormuz? and the partial rollback of the central bank's measures that supported...

On Friday, German Chancellor Friedrich Merz said that the European Union could ease sanctions against Tehran as part a comprehensive deal that would end the war in Iran. However, other EU leaders struck a more cautious tone. In response to Iran's human rights violations, its nuclear activities, and its military support of Russia, the 27-nation EU imposed sanctions against Iran over the past few years. These included travel bans, asset freezes, and travel restrictions for senior officials. U.S. officials suggest that a comprehensive agreement?covering Iran’s nuclear and missile programs and the reopening of Strait of Hormuz, could bring about a...

U.S. defense secretary Pete Hegseth stated on?Friday, that the U.S. is extending its blockade to Iran. He added that Tehran had a chance of making a "good deal". Hegseth said to reporters that "our blockade is?growing, and it's going global." He said that no one could sail from the Strait of Hormuz anywhere else in the world without permission of the United States Navy. Three Pakistani sources said on Friday that peace talks between Iran, the United States, and other countries could resume in Pakistan soon, after the last round of negotiations, which was expected to take place earlier this...

Russia stated on Friday that it stands in solidarity with Cuba, and will continue to provide humanitarian aid for the island-republic run by communists. It rejected what it called threats and blackmail from Washington. Donald Trump, the U.S. president, has stated that he hopes to "take Cuba", but Washington is also calling on Havana to allow greater political and economic freedoms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "against the background of the malicious and targeted escalation?against Cuba we reaffirm solidarity with the Cuban Government and the Cuban People." "We reject threats and blackmail in foreign...

Next week, investors will be focusing on three major issues: the war in Iran and the interest rate path. Five of the "Magnificent Seven" U.S. technology giants are reporting their earnings. Four of the top central banks in the world meet to discuss how long they will be able to'realistically' look past the rise in energy prices caused by the blockage of the Strait of Hormuz. Marc Jones, Dhara Ranasinghe and Lewis Krauskopf in New York will give you all the information about this week's financial markets. Rae Wee is in Singapore. 1/CORRIDOR POWER The next week will be dominated...

Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China...

Vedanta, an Indian conglomerate that converts metals into oil, reported a 92.3% increase in quarterly profit on Tuesday. This was attributed to strong base metal prices which boosted the margins. The Iran War caused a disruption in supply, which led to a spike in prices for 'base metals' during the March quarter. Vedanta is India's largest aluminium producer and its business accounts for nearly 40% of revenue. The conglomerate announced earlier this month that it had approved the demerger of its four listed companies. This will take place on May 1. Its?businesses such as steel and ferrous, oil and aluminum,...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...

India's gold investment demand surpassed jewellery consumption for the first quarter in history, according to the World Gold Council. Investors turned to the precious metal due to a subdued equity market. The WGC reported that a rise in gold prices had led to a drop in jewellery sales in the second largest consumer of the metal. This helped keep the overall demand steady. Sachin Jain is the chief executive officer of WGC's Indian operations. He said that for the first time, investment demand has surpassed jewellery. Investors will be more interested in gold, both retail and financial. The World Gold...

Investors waited for a U.S. report on gold. Federal Reserve Chair Jerome Powell's comments will be used to assess the economic impact of the Iran War as the peace talks stagnate. As of 0439 GMT spot gold rose 0.2% to $4,602.82 an ounce after dropping to its lowest level in April 2 the previous session. U.S. gold futures for June delivery rose 0.2% ?to $4,616.40. Investors anticipate that the Fed will hold interest rates at a steady level after its two-day session later in the day. The market's resilience has been built on the assumption that the Fed will step...

Iron ore prices rose on Wednesday, as the central bank of China announced a plan to expand its loan program. However, declining crude steel use and increasing ores supply were weighing on prices. As of 0239 GMT, the?most-traded contract for September iron ore on China's Dalian Commodity Exchange was 0.45% higher. It stood at 784 Yuan ($114.66), per metric ton. The benchmark June Iron Ore at the Singapore Exchange rose 0.3% to $106.1 per ton. Sources said that the?People's Bank of China asked banks to increase loan issuance in April and to ensure?the outstanding balances of loans show positive growth...

Gold prices were largely stable despite choppy trading on Wednesday, as investors awaited the comments of U.S. Federal Reserve chair?Jerome Powell to assess the economic impact of the Iran War in the face stalled talks. As of 0243 GMT spot gold rose 0.1% to $4,597.07 an ounce after dropping to its lowest level in April 2 the previous session. U.S. Gold Futures for June Delivery were stable?at $4610.20. As markets anticipate the FOMC meeting, gold remained stable. Much of the market's resilience following last April's tariff panic was built on the assumption the Fed would be ready to intervene if...

Zhejiang Huayou Cobalt announced on Tuesday that the?Indonesian?unit will temporarily stop some production lines starting May?1, cutting about half of the plant's?output. This is after rising sulphur costs increased costs at one its key battery nickel projects. In a press release, the Chinese nickel and copper maker stated that production at the Huafei Nickel Cobalt facility would be cut due to higher sulphur prices as well as the maintenance needed after a period of high-capacity production. The company did not specify how long the interruption would last. The spot price of sulphur for Indonesia has risen to $800 per metric...

On Tuesday, gold fell to a near four-week low, due to persistent inflation fears after U.S. President Donald 'Trump' appeared unsatisfied by Iran's most recent proposal to end war. Investors were also awaiting the Federal Reserve's meeting on monetary policy this week. Gold spot dropped 1.7%, to $4,600.61 an ounce as of 1:42 pm EDT (1742 GMT), having hit its lowest level in April 2. U.S. Gold Futures closed 1.8% lower at $4,608.40. It's rekindled pessimism in the Middle East about peace. "The strait is closed because the Trump administration has rejected Iran's most recent offer," said Peter Grant. Gold...

Official data released on Tuesday showed that Guinea's bauxite production grew by 25% in the first quarter of 2026. This was largely due to Chinese demand. The government is planning export restrictions to protect smaller producers and boost prices. Guinea is the largest exporter in the world of bauxite - a major feedstock for aluminum - and has experienced a strong growth rate. In 2025, Guinea's bauxite output reached 183 million tons. Mines Minister Bouna Sylla told ? In March, Mines Minister Bouna Sylla told? Guinea exports more than 70% of its bauxite to China. This makes the West African...

Gold prices were steady on Monday as traders remained 'cautious' ahead of central bank meetings. They were wary that the persistent rise in oil prices might lead to a more hawkish stance. As of 1100 GMT, spot gold was unchanged at $4,707.16 an ounce. U.S. Gold Futures for June Delivery fell 0.4% to $ 4,722.60. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the main message traders are preparing to hear is that central banks would be more hawkish in their approach because oil prices had risen, which has increased inflationary pressures. The (gold)...

MOSCOW, April 27. Russia's Nornickel is the world's biggest palladium producer and major refiner of nickel. It announced?on Monday? that its nickel production?in the?first?quarter? was flat on an annual basis at 42,000 tons. The company reported that palladium production was down 18% to 608,000 ounces during the first quarter. Copper production was down 10 percent and platinum production by 24 percent. Evgeny Fedorov, Chief Operating Officer, said that the decrease in production is due to the base effect of the first quarter last year as well as the redistribution between quarters of the production volume of commercial products. Fedorov stated...