Asia / Pacific

LONDON/DUBAI - U.S. secretary of state Marco Rubio warned on Tuesday that negotiations with Iran could "take several days." This was after the U.S. launched what they called 'defensive strikes' in southern Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but this does not mean an agreement to end the war will be reached anytime soon. What is the current stage of the discussions? After a "ceasefire" in early April, both sides remain at odds over difficult issues, including Iran's nuke ambitions, Israel’s war with the Hezbollah militia,...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Nirmala Sitharaman, Indian Finance Minister, urged India to concentrate on fuels and fertilisers and to save foreign exchange amid the Gulf Crisis. Modi called for Indians this month to save fuel, avoid buying gold, and take other austerity measures to manage the energy crisis and economic headwinds. Sitharaman stated that it was important for the Prime Minister to call on all countries to conserve their foreign currency as much as possible. She added that this should be considered when focusing on the 3Fs (fuel, fertilizer and foreign exchange). India is suffering from the effects of high crude oil prices and...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

Sources with knowledge of this matter said that a Qatari team was in Tehran Friday to "try to secure a deal" to end the "war" with Iran and to resolve outstanding issues. Doha had previously acted as a mediator for the Gaza War and other international conflicts, but it has now backed away from a role of mediation in the Iran War after being attacked by Iranian drones and missiles in the most recent conflict. The source added that "a Qatari team of negotiators is in Tehran this Friday" and that they had traveled in coordination with the United States....

Aleksandar Vucic, Serbia's president, said that he was not optimistic about the possibility of reaching an agreement over the Hungarian oil firm 'MOL's bid for a majority stake in NIS, operator of the Balkan country's only refinery. The deadline is Friday. Gazprom and Gazprom, two Russian oil companies, agreed to sell their majority 56% stake in NIS in January to?MOL after the United States demanded that Russian shares be divested due to sanctions imposed by the United States over Moscow's conflict in Ukraine. Washington has given MOL and the Russian companies until May 22th to complete the sale. This requires...

According to a government official, industrial customers are increasingly buying diesel at cheaper retail outlets run by'state-run' companies, rather than from the bulk supply points. This is causing shortages at the pump in some areas. Sujata Singh, joint secretary of the federal oil ministry, stated that diesel sales have increased by 20-30% in some areas. Industrial buyers are paying 40-42 rupees per litre more than retail prices. In New Delhi, the retail price for a litre is 91.58 rupees. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., all state-run companies, are now losing money because they're selling diesel...

According to official sources, almost all of the major oil refineries in central Russia have been forced to reduce or halt their fuel production due to recent drone attacks by Ukraine. Moscow has already banned gasoline exports from April to the end of July. Refineries which have stopped operations or are partially stopped, together, produce more than 83 million tons of?product per year. This is approximately 238,000 tons a day. According to anonymous sources and data, this represents around a quarter of Russia's entire refining capacity. Over 30% of Russia's gasoline is produced by refineries, and around 25% by diesel....

SpaceX released its IPO on Wednesday. It revealed to investors how much Elon Musk loses on?artificial Intelligence, while betting on the future of the company by transforming it into a rocket maker that is a powerhouse in AI. SpaceX's future depends on dominating markets and technologies that don't yet exist, from AI data centers to Mars missions. Musk's track record of turning Tesla into the world's most valuable automaker, developing the first reusable rocket and the largest satellite network and making it the most valuable company in the industry is enough for many to justify investing. Musk has tightened his...

STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index grew 0.17% to 23,659, aided by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and drove the rupee -to another record low. The Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?"rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global...

Local officials reported that two people had been?killed? and 19 others injured overnight in Russia's attacks on Ukraine, while Ukraine sent drones into industrial areas of central Russia. Local authorities in Ukraine reported that two people died and six were injured when Russia attacked the city of Dnipro, located on the south-east coast, with artillery and missiles. Authorities?added that another 13 injuries were reported in the northern Sumy Region and the southern region of Zaporizhzhia. Three children included. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. DRONES TARGET INDUSTRIAL AREA?IN RUSSIA According to Russian officials...

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

The disparity between China's low steel production and its robust imports of?iron ore is still evident, but it is now starting to appear as a structural shift instead of a temporary dislocation. China, which accounts for just over half the world's total steel production, produced 86.63 metric tons of steel in April. This is a 2.8% drop from the same period in 2025 and the lowest April figure since 2018. Steel production for the first four months of the year was 331.12 millions tons, down 4.1% from last year's same period. According to official statistics, however, iron ore exports increased...

Analysts expect that the worst mining disaster in China's history will have a negative impact on the coal supply during the summer, when demand is usually high. Gas explosions at Liushenyu Mine in Northern?Shanxi Province killed 82 people late Friday night. Officials called for better safety oversight. President?Xi _Jinping has ordered an investigation. How much coal mining has been halted due to safety checks? According to an analysis by Mysteel analysts, as of Monday, 319,000 tons of coal per day were halted in 109 mines across Shanxi for safety inspections. This is typical after a fatal accident. Mysteel stated that...

The dollar and oil prices fell on Monday, as a result of hopes for a possible peace agreement between the United States and Iran. This eased fears about inflation and an economic slowdown. By 0845 GMT, the most traded copper contract at the Shanghai Futures Exchange had gained 1.1%, to 105.650 yuan (15,548.76 dollars) per ton. We are hearing some good news about the conflict. Soni Kumari, an ANZ analyst, said that the positive market sentiment is a result of this. The Middle East conflict has caused supply disruptions, which have a negative impact on the demand for base metals....

The dollar and oil prices fell on Monday, as hopes of a possible peace deal between the United States and Iran grew. This eased fears about inflation and an economic slowdown. By 0552 GMT, the most traded copper contract at the Shanghai Futures Exchange had gained 0.9%, to 105.370 yuan (15,507.56) per ton. "We're getting positive news about the conflict." Soni Kumari, an ANZ analyst, said that this is good news for the industrial metals market. The Middle East conflict has caused supply disruptions, which is why metals demand remains strong, according to Kumari. Oil prices fell below $100 per...

Copper prices rose on Monday, as the dollar and oil fell in anticipation of a possible 'peace agreement' between Iran and the United States. This eased fears about inflation and an economic slowdown. The Shanghai Futures Exchange's most traded copper contract rose 1.1%, to 105 590 yuan (15,539.93 dollars) per ton. Oil prices fell below $100 per barrel as oil traders awaited the announcement of a U.S. Iran deal to reopen Strait of Hormuz. The Middle East conflict has caused energy prices to rise sharply, raising inflation fears and changing the outlook for global interest rates. Hopes of a peaceful...

Authorities said that a'strong earthquake' struck Chile’s mining region?Antofagasta?on Monday afternoon, disrupting operations at?some mines, but ultimately saving lives and critical infrastructure. Major miners have reported minimal damage from the magnitude 6.9 quake that struck the heart of the largest copper producing country in the world. The U.S. Geological Survey measured the depth of the earthquake at 109 kilometers (68 miles). A spokesperson for Chilean copper miner Codelco said that some activities were halted due to a?lack of visibility or disruption of electricity in certain?areas. BHP and Antofagasta, both mining companies, said that their operations were not affected by earthquake....

Mineral Resources, Australia, announced on Tuesday that it had reached a 'final investment decision' with its joint venture partner Jiangxi Ganfeng Lithium to invest approximately A$490 million ($351.38 millions) into developing the Mt Marion lithium exploitation in Western Australia. The investment is a major step towards expanding the project. It will boost the supply of lithium in response to the growing global demand for electric vehicles and battery storage. MinRes stated that the 'investment, which will be spent between 2027-2028, includes A$240,000,000?for an underground pre-production facility, A$220,000,000 for underground development, and A$30,000,000?for infrastructure. Upgrades would extend mine life, and increase...

Norilsk Nickel's board recommended that there be no dividend payouts in 2025. It added on?Monday, it was prioritising the financial stability of its company during a time of "elevated economic instability". Nornickel, if approved, would withhold?its annual dividend for the fourth consecutive year. In 2022 the Russian metals manufacturer's finances deteriorated because of geopolitical forces. On June 30, shareholders in one of world's largest nickel producers and the largest palladium producer will discuss the proposal. Nornickel hasn't paid a full-year dividend since 2024, nor for 2022, 2023 or 2024, due to Western sanctions and the falling price of its main...

Mount Everest Expedition operators should focus on the experience of climbers and their 'knowledge' to reduce risks and minimise deaths, according to a British climber who is a guide and has made more ascents up the mountain than any other non-Sherpa. Five people died on Everest in this year. Some had problems at high elevations and needed to be rescued while descending. Kenton Cool, 52 who last week climbed Everest for the?20th time, said that climbing it wasn't as risky as people thought if you used the right techniques, guides and planning. Cool said that operators should be more careful...

Analysts said that China would export more refined zinc in 2026 than it imports, for the first time since four years. This is due to a growing supply of the metal and a weak domestic demand. China, which produced about half of the world's Zinc last year, is also a major zinc importer. The metal is mainly used for galvanising steel. Alice Fox, commodities analyst at Macquarie Group says that net refined zinc imports will be 209,767 tonnes this year compared to 428,890 tones in 2024. According to Fox, at home, new capacity is expected to be added this year,...

Prices of Chinese 'coking coal' soared to their highest level in nearly two weeks on Monday, after a series of strict safety checks were conducted at coal mines as a result of a fatal mine accident that occurred near a key production hub. This led to expectations of a tightening of supply. The gas explosion that occurred at the Liushenyu Coal Mine in northern Shanxi province late Friday night has claimed the lives of 82 people. This is the deadliest mining accident to have happened in China since 2009. Local officials announced at a Sunday 'news conference' that the mine...

Myanmar's military launched a renewed offensive into several border areas, including an area with rare earth deposits, and other important trade routes. This comes a month after the new administration officially took control of this?war-torn nation. Ye Win Oo is the new military chief who took over in March, after his longtime predecessor left to become president. He has been aggressively reclaiming strategic border strongholds that ethnic armies have taken control of in recent years. Recent military offensives focused on Kachin State - a region rich with heavy rare earth elements bordering China - as well as Chin State near...