Asia / Pacific

Sources familiar with the issue said that China's state planner had told independent refiners to not reduce their?run rates? below the average of the past two years. This was done to protect domestic fuel supplies. This move is in line with what smaller refiners were expected to do following a sharp rise?in oil due to U.S. Israel's war against?Iran and a persistently low domestic fuel demand. Sources said that the National Development and Reform Commission (NDRC)?sent the message to independent refiners? this week at a meeting?. The NDRC didn't immediately respond to a faxed comment request. Sources added that if...

In a Wednesday evening prime time address, President Donald Trump defended his handling the U.S. and Israeli war against Iran that has been ongoing for a month. He said the U.S. Military was close to completing its mission. Trump also reiterated his threats to bomb 'the Islamic Republic to the Stone Age. He gave his 19-minute address against the backdrop of rising global oil prices, and his low approval rating. What are some key points to remember? Looking for an exit, but not quite yet Trump, faced with a war-weary American public, and slipping poll numbers, claimed that the U.S....

In a prime time address Wednesday, President Donald Trump defended his handling the U.S. and Israeli war against Iran, which has been ongoing for a month. He said the U.S. Military was close to completing its mission, while also reinforcing threats to bomb Iran back to the Stone Age. He gave his?19 minute speech in the face of rising global oil prices, and a low rating for himself. Takeaways from the article: Looking for an exit - but not quite yet Trump, faced with a war-weary American public, and a?sliding?poll number, claimed that the U.S. destroyed Iran's air force and...

SpaceX, Elon Musk's company, has filed a confidential application for its highly anticipated U.S. Initial Public Offering, according to a source familiar with the matter. This will make space exploration a mainstream investment topic, rather than a speculative one. Here's a timeline for SpaceX’s path to a blockbuster IPO. Elon Musk launched SpaceX in March 2002 using the money he earned from selling PayPal. SpaceX failed to launch its first rocket, the Falcon 1 in March 2006. SpaceX Falcon 1 successfully launched for the first launch in September 2008. It was the first liquid-fuel rocket developed by a private company...

Elon Musk's spaceX could be the break-through that global IPO market needs. Saudi Aramco was the last company to debut on the market with a valuation of over one trillion dollars in 2019. SpaceX has all the ingredients the IPO market?has been looking for to end a long-term drought of mega-deals. It is a company with a valuation over "trillion dollars", a CEO who enjoys cult like retail support, and exposure to a?high-growth?industry. Investors' appetite for an IPO of this magnitude is still uncertain. Analysts and experts say that the company's success is unique, so it could only have a...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

Bloomberg News reported that Elon Musk’s SpaceX filed confidentially for its highly anticipated U.S. IPO, bringing the billionaire closer to having a publicly traded company within his empire. Here's a timeline of SpaceX’s journey towards its blockbuster IPO. Elon Musk founded SpaceX in March 2002 using the money he earned from the sale of PayPal. SpaceX launched its first rocket in March 2006, but it failed. September 2008 - Falcon 1 was launched successfully by SpaceX for the first launch and became the world's first liquid-fuel rocket. SpaceX signed its first major contract in December 2008 with NASA for the...

Elon Musk's SpaceX may be the answer to the global IPO market's long-term struggle. Saudi Aramco was the last company to have a IPO at a valuation of over one trillion dollars in 2019. SpaceX, with its "over-trillion-dollar valuation", CEO who has a cult following in retail and exposure to a fast-growing industry is what the IPO'market" has been looking for to end a long-term drought of mega-deals. Investors' appetite for such a large?listing? is still uncertain. Analysts and experts say that the company's success is unique, so it could only have a limited impact on the broader market sentiment....

PetroChina supplied a rare shipment of nearly?2million barrels of crude from its storage facility in China to the refinery it owns half of, located in Singapore. The?firm is attempting to fill'shortfalls caused by the iran war. According to tanker trackers Vortexa & Kpler the tanker New Merit delivered 1.8 million barrels in crude oil to Dalian, northeast China, in mid-March. It then transported it to Singapore Jurong Island, where PetroChina & U.S. giant Chevron run a joint venture refinery. Sources declined to name themselves as they were not authorized to speak to the media. China exports crude oil very rarely....

Orlen, the Polish state-owned refiner, announced on Wednesday that it had signed a preliminary agreement with Grupa Azoty (the Polish state-controlled chemical group) under which it would acquire 'all remaining shares in Grupa azoty polyolefins. The transaction involves the purchase of GAP shares and the provision of financing by Orlen to complete GAP’s restructuring. It has a value of $1.35 billion ($364.23 millions). The transaction was in line with expectations. Orlen had been viewed as the "natural candidate" to take over the Polyolefins Project and stabilize it. Erste Group analyst Cezary Bernatek wrote in a client note. He added, "We'd...

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

When the world was faced with a sudden surge in inflationary forces in 2021-22 due to a severe shock in supply and spikes in energy prices, all major central banks reacted?together. This is unlikely to happen again. Five years ago, supply disruptions caused by pandemics led to a united - but belated cycle of interest rate hikes among the world's largest central banks. This cycle accelerated in response to the skyrocketing prices of energy triggered by Russia’s invasion of Ukraine. By the time the European Central Bank raised rates in July 2022 (and the Bank of Japan did not), every...

Iron ore prices fell to their lowest level in three weeks on Thursday due to a combination of shrinking steel margins and a faltering market following the completion of pre-holiday stocking in China, the top consumer. Iron ore, the most traded commodity on China's Dalian Commodity Exchange(DCE), fell 1.29% in price to 805 Yuan ($116.88), after hitting its lowest level since March 12 (793.5 yuan) earlier in the session. As of 0703 GMT, the benchmark May iron ore traded on Singapore Exchange was down?0.71% at $105.55 per ton. It had hit its lowest price since March 16 when it was...

The Iranian war has tightened global supply, boosting margins and some forecasts of flat shipments have been revised higher. Before the war, the Gulf supplied roughly 9% of all global supplies. However, the Strait of Hormuz has closed most of this supply. Iran's recent attack on two of the largest aluminium smelters in the region has increased the risk of a shortage even if waterway is reopened. It's going to be difficult for damaged aluminium production lines to recover quickly, which will lead to some orders flowing to China. Kiki Xi is an analyst with Aize China and said that...

The 'earnings outlooks' of major Chinese copper smelters show that they plan to 'raise or maintain production in 2026 despite the public commitment made by a state-linked industry association last year to cut production by more than 10%. Last year, the?China Smelter Purchase Team(CSPT), a team of 16 of China's top copper smelters agreed to reduce production in order to combat overcapacity and lower processing fees for copper concentrats. Three major?smelters who are all CSPT-members have not reduced their output guidance in the last few weeks. Jiangxi Copper, China's largest copper smelter has raised its production guidance for 2026 copper...

The price of iron ore fell on Thursday, to its lowest level in nearly three weeks. This was due to the shrinking margins for steel and a faltering market following pre-holiday stockings by China's top consumer. By 0202 GMT the most traded?iron ore contracts on China's Dalian Commodity Exchange (DCE) had fallen 1.29% to $805 yuan ($116.94), a metric tonne, after having touched its lowest level since March 12, at 793.5. As of 0152 GMT, the benchmark May iron ore traded on Singapore Exchange was $0.8% lower, at $105.45 per?ton. Earlier, it hit its lowest price since March 16, at...

Gold prices reversed their course on Thursday, dropping more than 1%, ending a four-day streak of gains, after U.S. president Donald Trump announced that the United States will continue its war against Iran in the coming weeks. U.S. Gold Futures fell 1.9%, to $4,723.70, and Spot Gold dropped 1.3%, to $4694.48 an ounce, by 0202 GMT. Before Trump's remarks, prices were at their highest level since March 19, up more than 1%. Trump said in a televised address that the United States will strike Iran "extremely" hard over the next 2 to 3 weeks, and force it back to the...

KGL Resources, an Australian miner, announced on Thursday that it had entered into a $300-million precious metals streaming agreement with a unit of Canada’s Wheaton Precious Materials for a?part of the gold and silver produced at?its Jervois Copper project. KGL shares rose 61.9%, to A$0.340. This was their best day since the middle of 2014. Stocks also reached their highest levels since May 22, 2020. KGL announced that Wheaton Precious Metals will fund up to $275m in advance, with an option of $25m for cost overruns. The upfront funding includes two $16 million installments that are available before construction starts,...

The U.S. Dollar?slipped? and traders watched developments in the Middle East. Gold spot was up 2.2% to $4,774.25 an ounce at 1510 GMT. This is the highest price since March 19. U.S. Gold Futures rose 2.6% to $4800.40. Dollars of other currencies are more attracted to greenback priced bullion after the U.S. currency fell for a second day. Bob Haberkorn is a senior market strategist with RJO Futures. He said that gold prices could rise above $5,000 an ounce, if we are on a path of?de-escalation', and rate-cutting expectations may creep back into the market. He added: "The focus is...

Rare earths developers REalloys, and U.S.?Critical?Materials Corp. have signed a?memorandum of understanding to create a?domestic?supply chain for the?key?materials? in the U.S. This is in line with Washington’s goals to reduce its reliance on China. The agreement will allow REalloys to secure up 10% of the Sheep Creek Rare Earth Deposit in Ravalli County (Montana) owned by U.S. U.S. efforts have intensified to reduce reliance?on China to supply the critical materials. This has prompted a rush by miners and processors?to?build local rare?earth?supply chains. The Sheep Creek deposit is rich in elements like dysprosium and Terbium that are used for high-performance permanent...

The copper price rose on Wednesday, reaching its highest level in the past two weeks amid hopes that the Iran war may be nearing an end. Open-outcry official trading on the London Metal Exchange saw benchmark three-month copper rise 0.2% to a metric ton of $12,365 after hitting $12,492.50 - its highest level since March 18. This was copper's fourth consecutive session of gains. However, it is still far below the record high of $14,527.50 that was reached on January 29, 2017. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. "The market wants us to believe...

Emirates Wood Mackenzie, a consultancy firm, said that an Iranian missile and drone attack on Saturday damaged a power station at Global Aluminium's Al Taweelah plant in the United Arab Emirates. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, "suffered significant damage and is expected to operate at an estimated 30% utilisation". EGA and Alba said they were assessing the extent of damage to their sites at the weekend, but did not specify what was?affected. A spokesperson for EGA had no comment on Wood Mackenzie’s note when asked about a?update? of?operations. Alba...

On Wednesday, gold was near a two-week-high - after a month that saw its largest monthly loss for nearly 17 years. The U.S. Dollar and Treasury yields fell on signs of a de-escalation of the war against Iran. Gold spot rose by 1.2%, to $4,723.35 an ounce, at 0958 GMT. It had earlier reached its highest level since the 19th of March. U.S. gold futures for April delivery rose 1.5% to $4749.90. U.S. Secretary of State Marco Rubio and President Donald Trump said that?the war against Iran could be close, signaling the potential for direct talks with Tehran and a...

Emirates Global Aluminium’s Al Taweelah plant in the United Arab Emirates has halted its operations following a?Iranian missile and drone attack that damaged a power?plant on Saturday, Wood 'Mackenzie' said in a Wednesday research note. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, had "suffered significant damage and will operate with an estimated utilization?of 30 percent". EGA and Alba said that they would be assessing damage to their sites at the weekend, but did not specify what was affected. The Wood Mackenzie report on the current conflict in the Middle East and...