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Oil & Gas

Oil & Gas Refining

South Korean Parliament approves $350 billion US investment bill

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...

Oil & Gas

Official: Gulf trio reviews sovereign investments to offset Iran War Impact

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...

Oil & Gas

Australia temporarily relaxes fuel standards to boost the supply

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 & Gas

Brent oil returns to $100 after Iran intensifies its attacks on Gulf shipping

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...

Oil & Gas

South Korean Parliament expected to approve $350 billion US investment bill

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....

Oil & Gas

Official: Gulf trio reviews sovereign investments to offset Iran War Impact

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...

Oil & Gas Refining

Sources say that Mercuria will withdraw almost 100,000 tonnes of aluminum from the LME due to disruptions in Middle East supply.

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 & Gas

The Iran-related energy spike reduces the room for rate reductions in emerging markets

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...

Oil & Gas

Russian oil prices used to tax state revenues exceed budget targets

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...

Oil & Gas

UK gilts suffer new decline as investors focus on oil reserves

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...

Oil & Gas

Malaysia has enough fuel to maintain the subsidised price of transport fuel, says PM

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...

Oil & Gas

Indian benchmark shares drop as investors remain on edge due to Mideast cues

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...

Fossil Fuels

Fossil Fuels

UK gilts fall further as oil tankers burn and BoE rate hike betting rises

British government bond rates fell again in the early hours of Thursday's trading, continuing a dreadful performance for the entire month. This was due to news that two oil tankers had caught fire?in Iraqi water?on...Thursday following what appeared to have been Iranian strikes. At 0823 GMT the five-year and 10-year gilt rates, which move in the opposite direction to the prices, had risen 4-5 basis points for the day, and were on course to close at their highest level since the start of the U.S./Israeli war against Iran. Investors believe that Britain is more vulnerable to an energy price spike...

Fossil Fuels

OPEC confirms large Saudi oil production increase ahead of Iran War, but holds forecasts steady

OPEC announced?on?? Wednesday that Saudi Arabia increased its oil production sharply in February, ahead of U.S. & Israeli attacks on Iran. It also maintained its forecasts regarding a relatively strong growth in global oil demand this year. Sources familiar with the plan stated in February that Saudi Arabia increased output and exports in preparation for a possible U.S. strike against Iran, which could disrupt Middle?East supply. The attack occurred on February 28, and the ensuing conflict caused oil exports to be disrupted, production to stop and prices to soar. In a report published on OPEC's website, Saudi Arabia informed the...

Fossil Fuels

Minister says oil producers should invest in Nigeria in order to diversify their supply during times of crisis.

Yusuf Tuggar, the Foreign Minister, told?that the Middle -East conflict shows that Gulf oil and gas companies should view Nigeria as a 'partner, not a rival' to help diversify their supply in times of crisis. The remarks coincide with the war in Iran, which has disrupted shipments through Strait of Hormuz. This corridor accounts for about a quarter of global supplies, forcing exporters and price spikes. Tuggar stated that Nigeria's untapped oil and gas reserves provide Gulf States with an alternative source at a moment when global flows of crude are vulnerable. The demand for hydrocarbons will?remain high for many...

Crude Oil

Mining

Mineral Resources

Aluminum gains continue despite supply concerns amid Mideast conflict

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...

Mineral Resources

Iron ore prices rise as Hebei mills restart production; however, auto weakness limits the upside.

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...

Mining

Sources say that commodities trader IXM is considering restarting aluminium trading.

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...

Mining

Sources say that commodities trader IXM is considering restarting aluminium trading.

Two sources with knowledge of the matter said that commodities trader IXM has begun initial talks with aluminium suppliers and is looking to restart its aluminum 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. A CMOC spokesperson said: "As a trader, IXM will adjust the trading product to match market conditions." IXM and Lygend didn't immediately respond to comments. This move coincides with some forecasts that?light metals used in 'transport,...

Mining

Korea Zinc talks to US tech companies about removing rare earths from waste data centres

Chairman of firm says that it has made acquisitions related to the company's business. The US plans a $7.4 billion smelter. The US will reduce its reliance on Chinese rare earths through a number of projects By Heejin Kim SEOUL, 12 March - Korea Zinc has been in discussions with major U.S. tech firms about recycling data centre wastes and extracting rare earths. This is part of a U.S. effort to reduce its reliance on Chinese minerals. In an interview, Yun B. Choi, the Chairman of the firm, said that it is one of 'the world's largest smelters. It also...

Mineral Resources

Cemex sells Colombian assets for $555 million; Holcim is among the buyers

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...

Mining

Iron ore prices rise as Hebei mills resume production; however, auto weakness limits the upside.

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...

Mining

Aluminum gains continue as concerns about supply amid Mideast conflict persist

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...

Mining

Liontown, Australia's lithium producer, reports a larger interim loss and is looking to recover its lithium.

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...

Mining

Australian shares fall as fears of inflation fuelled by oil prices increase

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...

Mining

Liontown, Australia's largest energy company, posts a larger interim loss due to LG Energy stake sales charge

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...

Mineral Resources

Aluminum rallies focus on disruptions in supply due to Middle East conflict

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...