Asia / Pacific

Australian Energy Minister Chris Bowen announced on Thursday that the country will temporarily relax fuel quality standards during the next 60-day period, as the Iran war is choking 'oil supplies and sending prices soaring. The move would allow fuels to contain up to 50 parts-per-million of sulphur, instead of the normal 10 parts-per million. He said that under the new relaxation, 100 million additional litres of gasoline per month will be allowed to enter the country. This will ease price pressures and fuel will be directed towards regions with a shortage. Ampol, a fuel refiner and retailer, is the company...

Oil prices rose on Thursday as Iran intensified its attacks?on?oil?and?transport facilities in the Middle East. This sparked fears of a long-term conflict and disruptions to oil flow through the Strait of Hormuz. Brent futures were up $8.54 or 9.28% to $100.52 a bar at 0354 GMT. U.S. West Texas Intermediate crude rose $7.22 or 8.28% to $94.47. Brent crude oil hit $119.50 per barrel on Monday. It was its highest price since mid-2022. Then, it dropped when U.S. president Donald Trump announced that the Iran War could end soon. In remarks directed at the U.S., an Iranian military spokesperson said...

South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday....

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity because the matter was sensitive and without naming the states, explained that these reviews could include reversing investment pledges, divesting and re-evaluating global sponsorship deals. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships...

According to three sources, the commodity trader Mercuria intends to remove large volumes of aluminum from LME storage facilities, as the closure of the Strait of Hormuz has 'frozen' Middle East shipments, and put further pressure on supplies in Europe, and the United States. Around 9% of global primary aluminium is produced in the Middle East. Since last week, the U.S. and Israeli war on Iran has closed the Strait of Hormuz. Mercuria, a Swiss company, cancelled or designated for delivery on Monday nearly 100,000 tons?of aluminium in LME-approved Port Klang warehouses. The sources who are familiar with the issue...

Oil prices spiked due to the war in Iran, and for now this has halted any monetary easing efforts by emerging market central bankers from Poland to Turkey. This is because policymakers are coping with an increase in inflation expectations as well as a rise in risk aversion. After a series of shocks, from the COVID outbreak to Russia's invasion in?Ukraine, that have shook markets, slowed growth, and fueled inflation, central banks are finally becoming more optimistic about global economic resilience?and easing price pressures. The dollar gained ground, and U.S. Treasury Yields rose as a proxy of borrowing costs in...

Calculations showed that the price of Russian crude oil, used to tax the country, has exceeded the budget target?for the first time since Jan 2025?because?of?the rise in global prices due to the Iran War. Since the beginning of the war in Ukraine, in 2022, Russia has increased its military spending, increasing its deficit. In January-February, it was 3.45 trillion Russian roubles (43.70 billion dollars), or 1.5%. The Iran War, which involved U.S., Israeli and Iranian strikes on Iran, and Iranian strikes against Israel and U.S. military bases, as well as Gulf states has fueled a significant increase in demand for...

The price of British government bonds?fell dramatically in early trade on Tuesday, as the markets questioned if the plans for a record releasing?of oil reserve could offset any potential supply shocks resulting from the U.S. and Israeli war against Iran. As of 0906 GMT the short-dated gilt yields were up around 12 basis points, completely erasing Tuesday's large drops. Investors have also reduced their bets for a Bank of England rate cut in this year. The probability is now?roughly 20 percent, down from 50 percent a day ago. The British public is more vulnerable to a shock in energy prices...

Malaysia can continue to provide subsidies for a widely used fuel, according to Prime Minister Anwar Ibrahim, amid the surge in oil prices worldwide due the Middle East conflict. The government has decided to 'keep the price for RON95 fuel at 1.99 ringgit per litre ($0.51) despite a spike in prices. Checks with the state energy company Petronas have confirmed this. Anwar, in a televised statement, said that the?reserves of oil will last until May. Anwar stated that the government was able to protect the people against the full impact of the rising prices for oil and other essentials. He...

Indian benchmark shares fell Wednesday - after a recovery in the previous session - as investors were uncertain about the impact of the Middle East War on inflation and growth. Oil prices were also fluctuating. As of 10:40 a.m. IST, the Nifty?50 dropped 0.7% to 24,087 while the BSE Sensex fell 0.8% to 77.556.77. In early trading, the indexes were unchanged. Devarsh Vakil is the head of Prime Research for HDFC Securities. He said: "There's still considerable geopolitical unrest and that's why markets are on edge." Israel and the United States launched what some have described as the war’s most...

Investors bought down stocks and worries about oil supplies due to the Middle East conflict were eased. The Nikkei rose 2.3% as of 0220 GMT to 55,512.21, while the Topix increased 1.8% to 3,513.66. Naoki Fukuwara, Shinkin Asset Management's senior fund manager, said that investors were buying at lower prices, especially in areas that had been heavily sold off and where there are signs of a rebound. Price action has also been strong. Artificial intelligence-related shares, which suffered a heavy loss on Monday due to pessimism about the U.S. and Israeli war against Iran, were the top performers of the...

The Wall Street Journal, citing sources familiar with the issue, reported that the 'International Energy Agency' has proposed the 'largest release in oil reserves history to lower a soaring crude price? due to the U.S./Israel war against Iran. WSJ reported that the release of oil would be greater than the 182,000,000 barrels?of crude oil that IEA members countries released in two releases in 2022, when Russia began its full-scale 'invasion' of Ukraine. The Wall Street Journal reported that the IEA will convene an extraordinary meeting with its member states 'on Tuesday. They are expected to 'decide on the proposal -...

Cemex, the Mexican cement manufacturer, announced on Wednesday that it will be selling some assets in Colombia. It expects this to bring in $555 million. Cemex said in a press release that Holcim would buy a cement mill, a grinding plant and a portfolio of other plants from them for $485m in a deal expected to close before the end of the year. The cement manufacturer said that it is in talks with unidentified parties about other assets worth around $70 million. Media reported that Cemex was 'looking to exit Colombia' after its sales in Central America and the Philippines...

Iron ore futures rose on Thursday as mills in China’s steelmaking hub, Hebei, ended?regulatory controls. However, weaker auto sales and a softer outlook for car exports may limit prices. As of 0320 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 1.15% higher. It was 794 yuan (US$115.41) per metric ton. The benchmark iron ore for April on the Singapore Exchange was up 0.67% at $104.85 per ton. According to a report from Shanghai Metals Market, hot metal production decreased this week as several steel mills located in Hebei province - which surrounds Beijing...

Aluminum prices continued to rise on Thursday. They were boosted by lingering fears about a tightening of global supply amid the Middle East conflict which shows no signs of abating. As of 0212 GMT, the most traded aluminium contract on the Shanghai Futures Exchange rose 1.25% to $25460 yuan per metric ton. The benchmark three-month aluminum on the London Metal Exchange rose 1.48% to $3504 per ton. This is closer to the nearly four-year-high of $3,544 that was reached earlier this week. Prices have risen as a result of supply concerns caused by the war in the Middle East. The...

Liontown, an Australian company, reported a wider?first-half?loss on Thursday following a non-cash?charge. It also said that it was reviewing the potential expansion of its Kathleen Valley mine due to likely?higher lithium prices. The price of the 'raw material' used in electric vehicles batteries is recovering after a two-year slump due to a slower than expected EV adoption that led to oversupply. In its December quarter report, Liontown reported that prices had improved. They achieved pricing of $900 per metric ton - up 28% from the previous quarter. It sold 190 000 tons of spodumene, a lithium raw material in the...

Australian shares dropped on Thursday after a two-session recovery. The oil price surge, linked to the Middle East conflict, heightened inflation fears, dampening appetite for risk and increasing expectations of a rate increase next week. As of 2337 GMT, the S&P/ASX 200 index was down 1.3% to 8,633.10. The price of oil soared sharply after the Gulf was still constrained by ship attacks on the Strait of Hormuz. This is a major chokepoint in global crude trading. The markets are now expecting a rate hike by the Reserve Bank of Australia in the next week. This is because the central...

Liontown, Australia's largest food and beverage company, reported a wider first-half loss on Thursday. The reason for the widened loss was a?non-cash accounting expense after South Korea's LG Energy Solution sold its stake in the firm last month. By 2324 GMT, shares of the company were down by as much as 2,5% to A$1.59 Lithium producer reported a net loss after tax of A$184m ($131.25m) on a legal basis for the six-month period ended December 31 compared to a loss of A$15m in the previous corresponding period. Liontown reported a?reported?loss? that included a?non cash accounting charge? of A$104million after the...

After a brief drop in prices triggered by comments made by the U.S. Donald Trump's comments on the?Iran war. Benchmark aluminum?on the London Metal Exchange?was up 1.1% at $3,444 per metric ton as of 1704 GMT. It reached $3,544 per ton earlier this week, its highest level since April 2022. Trump predicted on Monday that the conflict would be over well before his four-week timeline. Due to the closing of the Strait of Hormuz, the war has effectively "frozen" shipments and threatened global supplies of aluminum used for transport, construction and packing. Around seven million metric tonnes of?aluminium smelting is...

According to three sources of information, Mercuria, a commodity trader, plans to remove 'large' volumes of aluminum from LME storage facilities, due to the closure of the Strait of Hormuz, which has frozen Middle East shipments, and put further pressure on supplies in Europe, and the United States. Around seven million metric tonnes of primary aluminum are produced in the Middle East each year, which is around 9%. Since last week, aluminium shipments have been halted due to the closure of the Strait of Hormuz as a result of U.S. and Israeli war against Iran. Swiss-based Mercuria?cancelled, or set aside...

The 'Coal Ministry' said that India had enough coal to meet what was expected to be a 'unprecedented spike in demand over the summer months. This comes after the gas supply disruptions caused bythe U.S./Israeli war against Iran. In a statement, the Ministry of Energy said that the total coal supply in the country was 210 million tons. This would be enough to?fuel consumption for 88 days. South Asia still depends on coal to generate three-fourths?of its electricity, despite a record-breaking increase in renewable energy production. India is expected to increase its coal power use in order to meet summer...

After a brief drop in prices triggered by Donald Trump's comments on the Iran war, aluminium prices rose?on Wednesday. Benchmark aluminium at the London Metal Exchange was 1.1% higher, trading at $3.442 per metric ton. It reached $3,544 per ton earlier this week, its highest level since April 2022. Trump predicted on Monday that the conflict would be over well before the four-week timeline he set out. Due to the closing of the Strait of Hormuz, the war has effectively frozen shipments and posed a threat to global supplies of aluminium for use in packaging, construction and transport. Around seven...

After a brief selloff caused by comments made by U.S. President Donald Trump about the Iran war, the focus shifted to 'pricing global supply losses due to the Middle East conflict. At 1018 GMT, benchmark aluminium at the London Metal Exchange had risen 1% to $3,439 per metric tonne. It reached $3,544 per ton earlier this week, its highest level since April 2022. Around seven?million tons of aluminum smelting is located in the Middle East, which represents 9% of global capacity. Trump predicted on Monday that the conflict would be over well before the four-week timeline he had set out....

Rio Tinto increased its offer of a?aluminum premium to?Japanese customers to $350 per ton for April-June primary shipments. This is up 79% compared to the current quarter. The revised offer, which is 40% more than Rio's prior proposal of $250, would, if accepted by the client, be the highest premium since the April-June 2015 quarter, when it reached $380 per ton. Japan is the largest?Asian metal importer and the premiums it agrees to pay each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks for the region. Global?producers in late February offered Japanese buyers...