Asia / Pacific

German Economy Minister Katherina Riese stated on Friday that she could see both sides of the United States' decision to issue a 30-day waiver for purchases of Russian oil products. Reiche said at a press conference that he felt the domestic political pressure was very high in the United States. She stated that she is concerned with filling the war coffers of Russian President Vladimir Putin, but that the situation in South Korea, and Japan, are tense. "We have thankfully been spared these shortages," said?Reiche. She said that attacks on ships in Strait of Hormuz continue, and the International Energy...

An official from the?industry?ministry said that Japan would consider buying Russian crude oil after the U.S. granted a 30-day waiver of?sanctions amid the Iran War, taking into account international conditions and its own?national interest. The U.S. waiver permits countries to purchase sanctioned Russian crude oil and petroleum products that are currently stranded on the sea. Treasury Secretary Scott Bessent described this as a move to stabilize the global energy market, which has been?roiled by Iran's war. Narumi hosokawa, the deputy general-director of the Ministry of Economy, Trade and Industry's (METI) immediate crisis management, said, "We will examine the issue in...

Brazil's government has scrapped diesel taxes and imposed a tax on oil exports. The move, which was made on Thursday, could affect the state-run Petrobras as it tries to ease the impact of recent global oil price spikes. The administration of President Luiz inacio da Silva said that the temporary measures will reduce the impact on local fuel prices caused by price swings resulting from the U.S./Israeli war against Iran. The South American nation cut the PIS federal tax and Cofins federal tax levied on diesel to zero. It also imposed a 12 percent tax on crude oil and a...

An official said on Thursday that Nepal would begin rationing cooking gas due to fears of a possible nationwide shortage caused by the Middle East conflict. Chandika Bhatta, executive Director of the state-run Nepal Oil Corporation said that authorities will only refill half of empty cylinders of consumers starting Friday in order to extend the life of its liquefied petrol gas (LPG). The shortage of liquefied petroleum gas (LPG) is due to the U.S. and Israeli war against Iran, and Tehran's response across the region. This has effectively stopped shipping through the Strait of Hormuz. Bhatta said that despite assurances...

South Korea's Parliament passed a special law on Thursday that will pave the way for Seoul to fulfill its $350 billion commitments in strategic U.S. industry under a trade agreement?agreed?last year. The law implements the trade agreement signed by South Korea in November, under which it agreed to invest $150 billion into shipbuilding and $200 billion in strategic industries in the United States in exchange for more favorable tariff terms. In a Thursday plenary meeting, the National Assembly approved it with bipartisan backing. The legislation is expected to be in force within three months. It will form the basis for...

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 said that the review could include divestments, reversals of investment pledges, and a reevaluation of global sponsoring deals. This is because the oil and gas-rich states are assessing how to deal with the financial shock. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the...

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...

The gold discounts in India reached their deepest level in nearly a decade this week as the demand remained'subdued' and some traders avoided paying import duties. Meanwhile, escalating Middle East conflict boosted demand for safe havens in China. "A few importers to India are declaring gold as platinum studded jewellery at customs, even though it contains over 90% gold. A Mumbai-based gold dealer said that they are able sell the duty-free gold at a steep discount. Imports of gold are subject to a 6% duty. However, imports of platinum-studded jewellery can be made duty-free. This week, Indian gold dealers offered...

The price of iron ore futures rose for the third session in a row on Friday, as expanded restrictions on cargoes by mining giant BHP caused concerns about supply. These were further exacerbated by expectations that?hot metal production would increase in?China. As of 0318 GMT, the most-traded?contract? for May iron ore on China's Dalian Commodity Exchange climbed by 3.22% to 818.7 yuan (118.87 dollars) per metric ton. Earlier in the session, the contract reached a high of 827 Yuan for two months. The benchmark iron ore for April on the Singapore Exchange rose 0.7% to $108.6 per ton. Both contracts...

China has increased its 'ban on BHP Iron Ore for the second time in just two weeks. This is a result of a contract dispute that has been ongoing for months with the third largest supplier of this key ingredient to steelmaking. Three sources familiar with the situation said that China Mineral Resources Group, the state-run buyer of iron ore, told domestic steel mills on Thursday they were prohibited from accepting Newman fines – a popular BHP ore found in ports – starting late next week. According to two anonymous sources, customers will be able to receive their cargoes in...

Australian shares dropped on Friday, as rising oil prices tied to the Middle East conflict fueled inflation fears. Meanwhile, gold miner Northern Star fell after announcing difficulties in achieving its annual production forecast. By 2333 GMT, the?S&P/ASX 200 was?down _0.3%? at 8,611.20. The benchmark index has lost 6.5% in the last two weeks, since the Middle East War began. The oil price rose on Thursday, reaching its highest level in almost four years. This was due to Iran's increased attacks on oil and transportation facilities throughout the Middle East. Markets projected a 78% probability of an increase at the Reserve...

Mark Carney, Canada's Prime Minister, unveiled on Thursday a C$35 billion plan ($25.7 billion), to "boost" Canada's defences in the vast Arctic region. The country is trying to reduce its dependence on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) - more than India's total land area - and it is virtually uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build...

Mark Carney, the Prime Minister of Canada, unveiled on Thursday a C$35 Billion ($25.7 Billion) plan to 'boost Canada’s defenses' in the vast Arctic region as the country tries to reduce?its?reliance on the United States. Canada has relied on U.S. assistance to monitor the Canadian Arctic for many years. The Canadian Arctic covers an area of 4.4 million sq km (1,7 million sq mi) of land and water - more than India and almost entirely uninhabited. Trump's tariffs, and his musings on annexing Canada, have caused tensions. "We won't depend on one nation anymore, but instead, we will build a...

Aluminum prices reached their highest level in almost four years on Thursday, as fears of a tighter supply for 'Europe and other areas' grew. The Middle East conflict is disrupting shipments through the Strait of Hormuz. The benchmark three-month aluminum on the London Metal Exchange increased 0.6% by 1111 GMT to $3,478.50 per metric ton after reaching $3,546.5. This was its highest level since late March 2022. The Middle East war has disrupted the deliveries of alumina and other raw materials to aluminium producers in the region. Norsk Hydro, a Norwegian company, announced on Thursday that its Qatalum aluminum smelter...

Norsk Hydro announced on Thursday that its 'Qatalum' aluminium smelter, located in Qatar, would halt the curtailment begun last week. Production will be maintained at around 60% of capacity with reduced natural gas supplies. Qatalum - which has an annual smelting capability of 648,000 tons - began a controlled shut down on March 3, after it was informed that the gas supply would be cut off. QatarEnergy, a state-owned company, announced the day before that it would halt?LNG output after Iranian drones attacked its facilities. Hydro released a statement saying that Qatalum had decided to stop further curtailment after receiving...

China has increased its ban on BHP iron ore a second time in two weeks. This is a result of a contract dispute that's been ongoing for months with the world's third-largest supplier. Three sources familiar with the matter said that China Mineral Resources Group (CMRG), the state-run buyer of iron ore, told domestic steel mills on Thursday they were prohibited from taking Newman fines – a popular BHP type of?iron stored in ports – as of next week. According to two sources, however, customers will still be able to receive their cargos in 'the next five days'. Due to...

Aluminum prices continued to rise on?Thursday. They were boosted by lingering fears about a tightening of global?supply in the midst of the Middle?East Conflict that shows?no sign?of easing. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading up 0.38% to 25,240 yuan (US$3,669.56) a metric tonne. The benchmark three-month aluminum contract on the London Metal Exchange rose 1.32%, to $3,502.50 per ton. This is close to a four-year high of $3,544 that was reached earlier this week. Supply fears have been sparked by the war in the Middle East. This?region accounts for around 9 percent of global...

Iron ore futures rose on Thursday as mills in China’s steelmaking hub of Hebei completed regulatory checks. However, weaker auto sales and a softer outlook of car exports could limit price gains. The May contract for iron ore on China's Dalian Commodity Exchange traded 1.34% higher, at 795.5 Yuan ($115.68). As of 0707 GMT, the benchmark April iron ore price on Singapore Exchange?rose by 1.01% to $100.22 per ton. According to a report from the Shanghai Metals Market, hot metal production decreased 'this week after several steel mills were inspected for safety and environmental concerns during important government meetings held...

Two sources familiar with the matter said that commodities trader IXM has held preliminary 'talks' with major aluminium suppliers and is looking to restart its aluminium trading business in 2019. One source said that Geneva-based IXM owned by China's CMOC Group, and one of world's biggest traders of non-ferrous physical metals has been discussing internally the rebuilding of a?team to trade aluminium since December. The source said that no team had been formed so far. IXM met with Chinese metals producer Lygend Resources, a second source confirmed. A CMOC spokesperson stated that "as a 'trading company', IXM would adjust the...