Asia / Pacific

Solvay, a Belgian chemicals company, said it would pass on higher energy and transportation costs to its customers in response to the Iran War. Solvay says it will assess how the temporary closure of its Saudi Arabian-based joint venture peroxides would affect its business during the second quarter. It adds that the overall impact is limited. Vara Research had predicted a core profit of 220 millions euros, but the comments accompanying them showed that it fell to 219 million euros (257.37 dollars), a 12.4% decline. Solvay's Middle East sales are less than 5%, but since mid-March, production has been stopped...

Lanxess reported on Thursday a'muted' quarterly core profit, which was? broadly?in line with the market expectations. However, it said that March saw a slight improvement as customers began to turn to European chemical manufacturers to avoid any supply risks. The German specialty chemicals company stated that "a persistently weak economy, geopolitical uncertainty and last year's divestments" characterized the first quarter of 2026. It said that cheaper raw materials and pressure from?Asia on prices in certain segments also drove down selling prices. Since March, we've seen a slight improvement in the momentum. Due to the Middle East conflict, many Asian competitors'...

Kentucky Governor Andy Beshear reduced 'the state’s gasoline tax by ten cents' as residents continued to struggle with rising prices due to the U.S. - Israeli conflict with Iran. The Democratic Governor also announced that he would delay a 0.6-cent increase per gallon in the current state tax of 26.4-cents, which was due to go into effect on July 1. Together, the two moves will save residents $1.7 million each month. Beshear announced in the emergency regulation that "oil prices will continue to rise until April 30th 2026 when they reach a four-year high." This emergency administrative regulation will remain...

Pirelli announced on Wednesday that it would begin producing Cyber Tyres for the United States after Italy curbed its influence with Sinochem, the Chinese investor of the premium tyre manufacturer, in an effort to aid the company's expansion across the Atlantic. Italy's government resolved a dispute last month over Sinochem’s stake in Pirelli by using "golden powers". Sinochem, Pirelli's largest shareholder with a stake of 34.1%, was the cause of the dispute. Sinochem fears that Pirelli may fall foul of U.S. regulations restricting use of Chinese technology within?the automotive sector. Pirelli announced that it would manufacture its connected Cyber Tyre...

Guinea and Emirates Global Aluminium have reached an agreement to settle a long-running disagreement over the seizure its local operations, allowing the resumption bauxite shipment. The two companies released separate statements on the matter. The deal is subject to certain conditions. Guinea will pay an upfront sum to Abu?Dhabi based miner, in exchange for the transfer of Guinea Alumina Corporation assets to state-owned Nimba Mining Company. Financial details were not revealed. Guinea, the top producer of aluminium feedstock in the world, took over GAC's Bauxite Operations last year after a disagreement about plans to build an Alumina Refinery. The assets...

Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in...

Two sources familiar with the matter said that Trafigura, a global commodities trader, is "among" three companies competing for a 36.36 percent stake in Natref Refinery of South African petrochemical giant Sasol. After the British-based Prax group, which bought the minority stake in South Africa's sole inland crude oil refining plant from TotalEnergies two years ago for an undisclosed amount, went into bankruptcy in 2025, the remaining shares in the 108.500 barrels per daily plant are up for sale. South?African fuels are among the biggest in Africa, and analysts predict that it will continue to grow for?the near future. This...

The rupee fell to a record low as the risk sentiment was impacted by high crude oil prices related to Middle East conflict. The Nifty 50 fell?0.36% - to 24,032.80, and the BSE Sensex dropped 0.33% - to 77.017.79. The rupee slid - to 95.4325 against the U.S. Dollar. Brent crude reached an intraday peak of $115.3 a bar on Monday, after Iran intensified its attacks against the UAE and other ships in the Gulf. This included several in the Strait of Hormuz. Oil prices fell to about $113 a barrel on Tuesday, as the U.S. Navy began to loosen...

Iraq offers Basrah May-loading 'crude' at steep discounts to term buyers who?load inside the Strait of Hormuz. This has been largely blocked ever since the iran conflict began. According to a?notice dated May 3, the state oil marketer SOMO offered its Basrah Medium Crude at a discount of $33.40 or $26 per barrel compared to its official May selling price. The offer was for loading between May 1 and May 10 or 'May 11 to 31 respectively. The document also showed that it offered Basrah Heavy crude?May-loading at a $30 discount per barrel for the May?OSP. Cargoes can be sold...

Santos' head said that Australia's reputation for being a stable destination for energy investments was damaged by the proposal to impose 25% tax on gas exports, even after the federal government had backed away from it. Kevin Gallagher, CEO of Santos, said that the tax proposed by lawmakers was motivated by "activism", rather than by economics. He said that "common sense" prevailed when the centre-left Labor Government backed away from the tax proposal. He warned that the prospect of taxing energy projects with long-term lives had unnerved foreign investors. He said that repeated interventions and 'threats of changes' had created...

On Tuesday, Indian shares dropped and the rupee reached a new low as investors assessed March-quarter earnings. As of 9:56 a.m. IST, the?Nifty 50 index was down 0.45% to 24,010.20 and the BSE Sensex fell 0.41% at 76.954.34. The rupee has reached a new low. Brent crude soared to an intraday peak of $115.3 per barrel on Monday, after Iran intensified?attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait of Hormuz. Oil prices remain high despite the fact that they have dropped to $113 early on Tuesday due to a'signal the U.S....

Indian shares opened lower on Tuesday, as investors assessed March quarter corporate earnings and a rise in 'crude oil' prices due to the Middle East conflict. As of 9:15 a.m. IST the Nifty 50 index was down 0.28% to 24,052.60 while the BSE Sensex fell 0.21% to 77,103.72. Brent crude soared to a intraday high of $115.3 per barrel on Monday, after Iran increased its attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait o'Hormuz. Oil prices remain high despite signs that the U.S. Navy may be easing Iran's strait closure. The...

Australian'shares' logged their second consecutive session of gains,?boosted by mining and financial stocks as hopes for a?peace agreement off the Middle East helped stabilize markets worldwide and lift risk appetite. The benchmark S&P/ASX 200 rose 1% to 8,878.10, continuing gains for the second consecutive session after gaining 1.3% on Wednesday. The global markets were encouraged by the prospects of a Middle East Peace Deal after Trump stated that he expects the war in Iran to be over soon. This positive sentiment spread into Australian markets. Cameron Curko (chief investment officer, Pitcher Partners) said that gold and copper-related miners are rising...

Iron ore futures extended gains for the fourth day in a row?on Thursday. Demand was steady as hot metal production remained high, and the Singapore 'iron ore' contract declined on lower energy costs. The contract for September iron ore on China's Dalian Commodity Exchange was 0.62% higher, at 817 Yuan ($120.10) per metric ton. As of 0704 GMT the benchmark June iron ore traded on the Singapore Exchange fell 0.12% to $109.9 per ton, marking its seventh consecutive day of gains. According to data compiled and a report from the Shanghai 'Metals Market, hot metal production is expected to peak...

Luis Lucero, Argentina's mining Minister, said that the country expects to export $20.6 billion of copper and $12.1 billion of lithium in 10 years. This is up from $6.0 in mining exports in last year. The expected surge in lithium exports and copper is an early indicator that President Javier Milei’s RIGI incentive scheme is unlocking capital for large-scale mining. If achieved, these export levels would be five times higher than the mining exports of 2025. This would provide a new major source of hard currency to an economy that has been historically restricted by foreign exchange shortages. In 10...

On 'Wednesday', copper prices reached their highest level in almost two weeks on hopes that Iran and the U.S. are nearing a deal to end the Middle East?war. The benchmark three-month 'copper' on the London Metal Exchange increased 2.1% to $13,410 per metric ton during official open-outcry trade for a third consecutive session. It had earlier reached its highest level since April 23, at $13,462. Sources said that the United States and Iran were close to an agreement over a memorandum of understanding (MOU) of one page in order to end the Gulf War. Robert Montefusco, broker at?Sucden financial, said...

The Group of Seven Trade Ministers met in Paris on Wednesday to find common ground for securing vital?mineral? supplies that are dominated primarily by China. However, the United States' recent tariff threats against European Union made cars could strain unity. As ministers prepare to hold a summit of leaders in mid-June, Nicolas Forissier, the French Foreign Trade Minister said that France wanted critical minerals supplies among its most tangible deliverables. He said: "I think we'll make concrete progress in rare earths, critical minerals and supply chain security. We won't be held hostage to certain countries." There was a broad consensus...

The London Court of Appeal has ruled that BHP can't appeal against the UK ruling that found it liable for the 2015 collapse of a dam in southeastern Brazil. In November, London's High Court ruled BHP was legally responsible for the collapse of the Fundao dam in Mariana, southeastern Brazil, ?which was owned and operated by Samarco, a joint venture ?between Australia-headquartered BHP and Brazilian company Vale. Brazil's worst ecological disaster unleashed a toxic sludge wave that left 19 dead, thousands homeless, inundated?forests, and polluted?the length of the Doce River. The High Court refused BHP permission to appeal the ruling...

Nickel prices reached $20,000 for the first time since about two years as U.S. president?Donald Trump hinted at a possible peace agreement that would end the war with Iran. The benchmark three-month copper price on the London Metal Exchange increased 1.1% to $13,284.50 a metric ton at 0804 GMT. This is its highest level since March 27. The Shanghai Futures Exchange's most traded copper contract was up 1.6% to 102,660 Yuan ($15.029.98) a ton. The Chinese markets resumed trading Wednesday after the May Day holiday. LME nickel rose 1.4% to $19 915 per ton, after reaching $20,000, the last time...

Gold prices rose?more?than 2% on Tuesday after the?U.S. President Donald Trump suggested that a possible deal could be made with Iran. This sent the dollar and crude prices lower, as inflation fears waned. As of 0811 GMT, spot gold rose 2.7% to $4680.91 an ounce. This is the highest it has been since April 28. U.S. Gold Futures for June Delivery rose?2.7%, to $4693.20. U.S. president Donald Trump announced on Tuesday that he will temporarily pause a mission to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. Iran's foreign minister said...

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...

The chief executive of Australia's Lynas Rare Earths?said that new government?regulations?in the U.S.and Europe?are helping to?push customers?to buy rare earth products?from suppliers?outside China?. China has been the world's leading and cheapest producer of metals and magnets, which are used in industries ranging from automotive to defense. It is also the default supplier for many years. Last year, China's restrictions on some exports in response to U.S. Tariffs left automakers and other industries vulnerable. Washington has since pledged to support higher?earths prices for its top rare?earths producers to spur non-Chinese supplies, but convincing customers to pay more, when there are cheaper...

Vandita Pant, BHP's Chief Finance Officer, said on Wednesday that generalist investors are buying into the company as AI demand makes its exposure to copper more valuable. BHP shares, the largest listed copper miner in the world, reached a new record on March 2, but then dropped amid a sector-wide selloff when the war with Iran began. They have since recovered some of their losses. She told the Macquarie Australia Conference that she has seen a?growing?interest since half results. We also see more generalist international investors in our register. BHP Group reported a ?stronger-than-expected half-year underlying profit driven ?by copper,...

Iron ore futures rose on Wednesday, as China returned from its May Day holiday break. Demand for steelmaking feedstock is expected to increase in the summer when construction activities will re-start and blast furnaces will resume production. As of 0221 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was up 2.33% to 812 yuan (US$119.08) per metric ton. The benchmark June Iron Ore at the Singapore Exchange is 1.19% higher, $109.8 per ton. Galaxy Futures, a Chinese broker, said that after the five-day holiday, steel demand will likely pick up in China. After completing maintenance...