Asia / Pacific

Krishna Srinivasan, IMF director for Asia Pacific, said that Asian countries need to prepare for future shocks while they deal with the energy crisis brought on by 'the Iran War'. Southeast Asian economies budgeted large sums of money to offset the price hikes and introduced energy-saving measures, such as work from home plans. Srinivasan warned against a massive increase in energy subsidies at a roundtable of media. He said that it is difficult to reverse generalised subsidies. Instead, countries should provide budget neutral fiscal support and maintain fiscal discipline. He said, "In other words, cut somewhere else to support those...

By America Hernandez PARIS, 30 April - French oil major TotalEnergies, and Philippine renewables developer Nextnorth, have announced that they have started construction on a 440 Megawatt-peak Solar Park in the Asian nation. The $300 million project is scheduled to be 'online' by the end of 2027 and will produce 1.2 Terawatt-hours over a period of?20 Years. The remaining half will go to the national grid in the fourth renewable tender round. Total, unlike other oil companies that have walked back on their renewable commitments has expanded its green portfolio. Most recently, it formed a joint venture, with Emirati company...

ABU DHABI 30 April - Saudi Arabian real gross domestic products grew by 2.8% year-on year in the first quarter of this year, according to preliminary government estimates. This is a slowdown from the 3.7% growth a year earlier, as the 'economic impact' of the U.S. and Israeli 'war on Iran' on 'the 'world's largest oil exporter' becomes apparent. In response to U.S. and Israeli strikes that began late February, Tehran has launched attacks against Gulf states. These have caused major damage to energy facilities, and disrupted shipping in the Strait of Hormuz which normally handles about 20% of 'global...

Why are global equity markets so resilient to the Iran Oil shock? Oil at $100 per barrel 'doesn’t mean the same thing it used to. Brent crude is up around 70% in price since the Iran War began on February 28, to $120 per barrel as of Thursday morning. Despite their volatility, global equity markets are still significantly above pre-war levels. There are a number of explanations but the most important one is rooted in mathematics. Fatih Birol is the head of the International Energy Agency. He has called the current oil crisis the worst ever - worse than the...

Austria's OMV raised its forecasts on Thursday for energy prices in 2026 and said that it expected higher prices as a result of lower production due to the Iran War and the closing of the Strait of Hormuz. Oil and Gas Company raised their estimate of the average Brent price in 2026 to between $85-$95 per barrel, up from $65. This is based on the assumption the Strait of Hormuz would be reopened before the end of June. The company expects to see a gas price realized of between 35 and 40 euros per megawatt-hour (MWh) in the coming year....

Brad Cooper, the head of the U.S. Central Command (Axios) reported Wednesday that U.S. president Donald Trump will receive a briefing on new 'plans' for a?potential armed action against Iran. According to a report citing unidentified sources, the briefing will be held on 'Thursday. The 'White House didn't immediately respond to an inquiry for comment. Axios cited sources to report that CENTCOM had prepared a plan of a "short, powerful" strike on Iran. This would likely include infrastructure targets. The report said that Washington would hope to see Iran be more flexible at the table when it comes to nuclear...

Three sources with knowledge of the situation said that India's state-run oil refineries are using a special FX credit line provided by the largest bank in the country to help ease the pressure on the rupee. This is a sign that the rupee may fall even further. Three sources familiar with the matter said that India's?state-run oil refiners are making limited use of a special FX?credit line offered by the country's largest bank to ease pressure on?the rupee. This is indicating concerns about a further fall in the rupee. Forex traders claim that the currency has been affected by dollar...

Treasury Department imposed sanctions against China's Hengli Petrochemical Refinery (Dalian), accusing it of "buying billions in Iranian oil", in a significant increase in Washington's effort to curb Tehran's oil revenues. Hengli Petrochemical, the parent company listed on Shanghai's Stock Exchange, denied doing business in Iran and said that sanctions lacked legal and factual basis. It also stated it would work to lift them. The following are?key facts: Why is this an escalation? Hengli operates in Dalian in the north-east a refining facility that can process 400,000 barrels per day. This makes it the biggest Chinese refiner sanctioned by the United...

Analysts and traders said that spot premiums on physical crude had fallen from the record highs set during the Iran War as refiners were drawing down their inventories and reducing processing to make up for lost Middle East supply. Citi analysts say that since the U.S. and Israel's war?on Iran began on February 28, the global market lost access to 500,000,000 barrels of crude oil and refined products. This sparked a price spike on panic purchases, but has destroyed demand for consumers and refiners. Refiners searched the world for alternatives and paid premiums. Some grades reached record highs earlier this...

Three sources with knowledge of the matter said that India's state oil refineries are only using a limited amount of the "special FX credit lines" offered by India's largest banks to help ease the pressure on the rupee. They expressed concern about the rupee falling further. The rupee is under pressure again, and has dipped near its record low of 95.21. This comes after several steps taken by the Reserve Bank of India to support the currency. According to FX traders, the currency has been affected by dollar purchases related to oil in recent sessions. India's biggest imports are crude?oil,...

Fertiglobe, a unit of the state oil giant ADNOC in Abu Dhabi, saw profits jump by 173% in the first quarter, as the fertiliser manufacturer benefited from the price spikes caused by the conflict in the Middle East. The Iran War, which began February 28, led to an effective closure of Strait of Hormuz. This is the route that carries a fifth of global oil and around a third of all seaborne fertiliser. This has caused a spike in the price of commodities such as energy and fertiliser. According to LSEG, Fertiglobe (which is 86.2% owned by ADNOC) reported an...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

China has exported large quantities of a rare earth used in chip-making and aerospace to the United States. Customs data showed that in March, tight controls, which caused shortages and record-high prices, could be loosening. The 60-ton shipment is 50 percent larger than the total yttrium shipped to the U.S. from China since April, when China implemented export controls on several rare earths at the height of the trade war. While rare earth exports were mostly resumed following a 'trade truce' late last year, the yttrium shipment was largely stuck. This caused shortages and production stops for aerospace and semiconductor...

The demand for gold in India slowed this week due to volatile global prices and the weaker rupee. Meanwhile, premiums from China rose as they stocked up ahead of May Day. Indian dealers quoted discounts This week, premiums up to $9 per ounce, including 6% import duties and 3% sales taxes, are down to as low as $5, compared to the $15 premium last week. Chanda Venkatesh is the managing director of CapsGold, a bullion dealer based in Hyderabad. She said that after Akshaya Tritiya, jewellers have seen a drop in footfall and retail demand. On Thursday, domestic gold prices...

The London Metal Exchange's Asia Week conference, which takes place next week in Hong Kong, will be dominated by geopolitics. The U.S. and Israeli war against Iran has caused a shock to the energy market, which is affecting the outlook for demand of most metals. The blockade of the Strait of Hormuz?has?trapped?large quantities of aluminium, sulphur and sulphuric acids that are used to produce copper and nickel. In the meantime, governments in Indonesia and Guinea tighten their grip on production through export quotas as well as tax changes. This is a new type of resource nationalism. Here is a summary...

Dalian iron-ore futures rose on Thursday for the second session in a row, as positive factory activity data from China boosted demand prospects. As of 0222 GMT, the most-traded contract for?September Iron Ore? on China's Dalian Commodity Exchange was?0.51% higher. It stood at 787.5 Yuan ($115.15), per metric ton. The contract is up 0.19% this week. From May 1 to 5, the markets in China will be closed for holiday. The benchmark June Iron Ore at the Singapore Exchange is?0.06% less expensive, $106.35 per ton. The contract is up 0.37% this week. An official survey revealed that China's factory activity...

Prices rose for the first day in five on Wednesday, as Chinese demand and worries about disruptions to sulphuric and diesel supplies boosted prices. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.3% to $13,072 per metric tonne. SP Angel analyst John Meyer stated that prices are being supported by the concerns about the shortages of sulphuric acids, which is used in the production of around 20% of the world's copper due to the ongoing conflict. Meyer stated that "China banned exports of acid?and copper miner in Chile gets a certain quantity of their...

?Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a 8.6% annual drop in its first-quarter net profit? on Wednesday.?Hit by higher costs relating to?feedstocks and sluggish domestic demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 million Yuan in the same period last year. Steel prices fell 4.4% while iron ore rose 3.2% in the first three months of this year, reducing margins, according to Baosteel. Baosteel is a state-owned subsidiary...

Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China...

Vedanta, an Indian conglomerate that converts metals into oil, reported a 92.3% increase in quarterly profit on Tuesday. This was attributed to strong base metal prices which boosted the margins. The Iran War caused a disruption in supply, which led to a spike in prices for 'base metals' during the March quarter. Vedanta is India's largest aluminium producer and its business accounts for nearly 40% of revenue. The conglomerate announced earlier this month that it had approved the demerger of its four listed companies. This will take place on May 1. Its?businesses such as steel and ferrous, oil and aluminum,...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...

India's gold investment demand surpassed jewellery consumption for the first quarter in history, according to the World Gold Council. Investors turned to the precious metal due to a subdued equity market. The WGC reported that a rise in gold prices had led to a drop in jewellery sales in the second largest consumer of the metal. This helped keep the overall demand steady. Sachin Jain is the chief executive officer of WGC's Indian operations. He said that for the first time, investment demand has surpassed jewellery. Investors will be more interested in gold, both retail and financial. The World Gold...

Investors waited for a U.S. report on gold. Federal Reserve Chair Jerome Powell's comments will be used to assess the economic impact of the Iran War as the peace talks stagnate. As of 0439 GMT spot gold rose 0.2% to $4,602.82 an ounce after dropping to its lowest level in April 2 the previous session. U.S. gold futures for June delivery rose 0.2% ?to $4,616.40. Investors anticipate that the Fed will hold interest rates at a steady level after its two-day session later in the day. The market's resilience has been built on the assumption that the Fed will step...

Iron ore prices rose on Wednesday, as the central bank of China announced a plan to expand its loan program. However, declining crude steel use and increasing ores supply were weighing on prices. As of 0239 GMT, the?most-traded contract for September iron ore on China's Dalian Commodity Exchange was 0.45% higher. It stood at 784 Yuan ($114.66), per metric ton. The benchmark June Iron Ore at the Singapore Exchange rose 0.3% to $106.1 per ton. Sources said that the?People's Bank of China asked banks to increase loan issuance in April and to ensure?the outstanding balances of loans show positive growth...