Asia / Pacific

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...

Sinopec, a Chinese company, said that its refinery and petrochemical utilization rates fell in the first quarter due to the U.S./Israeli war on Iran which disrupted the feedstock supply. However its chemical exports will grow strongly this year. Sinopec is the world's largest refiner by capacity. The company announced that it had cut refinery utilisation by 7.6 percentages points annually between January and the end of March, to an average of around 83%. A company executive said that the ethylene usage rate was 89% for the first quarter of this year, which is 1.5 percentage points less than it was...

South Africa said on Tuesday it would extend the fuel tax cut 'for two more months' to cushion the impact of the iran war on household budgets. However, the relief will end after this period and the country will recoup lost revenue through other means. According to the?International Energy Agency, the U.S. and Israeli war on Iran has led to the largest oil supply disruptions in history. This has hurt countries like South Africa, which import most of their fuel, as global energy prices are rising. The government announced a reduction of one month in the general fuel tax for...

Kaja Kallas, the EU's chief of foreign policy, urged partners in Southeast Asia to not turn to Russia to get oil as they struggle to deal with fuel shortages due to the Middle East conflict. This month, the EU approved new sanctions against Russia, including restrictions on oil trading, in an effort to reduce Moscow's financial ability to support its war in Ukraine. Kallas stated that Russia had benefited from the U.S. and Israeli war against Iran which led to the closure of the Strait of Hormuz. "You are in an energy crisis, and you must have supplies." You have...

The charts below, two months after the Iran War began, show the impact of the war on the economy in emerging and developing countries. They are facing increasing inflation, fiscal strains, and trade disruptions. 1/DIRECT HITS Middle East countries and their neighbors are the most directly affected. Qatar recorded its first-ever?trade deficit of $1.2 billion after the Strait?of?Hormuz closure slashed imports by half and exports more than 90%. JPMorgan's economists predict that Qatar's economy will shrink by 9% in this year due to damage caused to an LNG facility, which is more than Iran's forecast of minus 6.1%. The Fund...

Contemporary?Amperex Tech Co (CATL), the world's biggest EV battery manufacturer, launched a $5 billion share sale on Monday in Hong Kong. The company is looking to capitalize on its shares which are nearing record highs. According to a termsheet seen by, CATL will be?offering HK$628.20 - HK$651.80 for new H shares, a discount ranging from 3.5% - 7.0% on Monday's closing price HK$675.50. The fundraising is part of CATL's efforts to lock in capital as its share price continues to rise. It also faces an EV market in China that is fiercely competitive and where it has been difficult for...

The Indian rupee finished modestly stronger on Monday as the dollar sales made by state-run banks helped to ease the pressure of higher oil prices after the U.S.-Iran negotiations stalled. The rupee closed at 94.19 compared to its previous closing of 94.2475. Traders said that state-run banks, likely acting on behalf of Reserve Bank of India (RBI), offered dollars to limit the fall of the currency early in the session. A trader from a Mumbai bank stated that this was what triggered a broader interest in selling dollars, giving the rupee breathing space. As shipments of oil through the Strait...

The Indian rupee limped in a 'narrow band' on Monday. It was wedged between higher oil prices, demand from importers to hedge their positions and dollar sales by state-run banks. As of 10:30 am IST the rupee was trading at 94.1650 to the dollar, which is a little stronger than it closed at 94.2475 during the previous session. Brent crude oil futures rose to $106.6 during Asia trading, as the hopes for peace talks between Iran and the U.S. dwindled after U.S. president Donald Trump cancelled a trip by his envoys to Islamabad. Iran's foreign minister shuttled between Pakistan and...

The shares of 'Hengli petrochemical' fell by as much as 10 percent on Monday after the U.S. last week imposed sanctions against the firm. It is one of China’s largest independent refiners. They were sanctioned for allegedly purchasing Iranian oil. Treasury Department announced on Friday that the refiner was one of Iran's biggest customers for crude oil and petroleum-based products. In a?Sunday statement, the company denied any business with Iran. The Trump administration already imposed sanctions on a number of?other independent refining companies, including Hebei Xinhai Chemical Group and Shandong Shouguang Luqing Petrochemical. Some independent refiners have been deterred from...

The Indian rupee will continue to be under pressure on Monday due to importer hedging and a demand spurred by high oil prices. After settling at 94.2475 last Friday, traders expect the rupee to open between 94.26 and 94.30. Last week, the currency fell by 1.42%. This was its worst performance in over three and a half years. The fall was caused by a number of factors including the sharp rise in oil price amid the?absence of any sign of a solution to the disruptions around Strait of Hormuz? and the partial rollback of the central bank's measures that supported...

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...

Gold prices were largely stable despite choppy trading on Wednesday, as investors awaited the comments of U.S. Federal Reserve chair?Jerome Powell to assess the economic impact of the Iran War in the face stalled talks. As of 0243 GMT spot gold rose 0.1% to $4,597.07 an ounce after dropping to its lowest level in April 2 the previous session. U.S. Gold Futures for June Delivery were stable?at $4610.20. As markets anticipate the FOMC meeting, gold remained stable. Much of the market's resilience following last April's tariff panic was built on the assumption the Fed would be ready to intervene if...

Zhejiang Huayou Cobalt announced on Tuesday that the?Indonesian?unit will temporarily stop some production lines starting May?1, cutting about half of the plant's?output. This is after rising sulphur costs increased costs at one its key battery nickel projects. In a press release, the Chinese nickel and copper maker stated that production at the Huafei Nickel Cobalt facility would be cut due to higher sulphur prices as well as the maintenance needed after a period of high-capacity production. The company did not specify how long the interruption would last. The spot price of sulphur for Indonesia has risen to $800 per metric...

Pernod Ricard & Brown-Forman announced that they had ended their merger talks after failing to reach mutually satisfactory terms. Last month, the companies announced that they had been in talks about a possible merger. This would have combined the second largest spirits producer in the world with the largest American whiskey producer. Sazerac American spirits group, which has brands such as Corazon Tequila and Svedka Vodka, emerged this month as a potential new bidder for Brown-Forman. Pernod Ricard said Tuesday that it remains confident and focused on its operating model and strategy, backed by a strong team of committed employees...

On Tuesday, gold fell to a near four-week low, due to persistent inflation fears after U.S. President Donald 'Trump' appeared unsatisfied by Iran's most recent proposal to end war. Investors were also awaiting the Federal Reserve's meeting on monetary policy this week. Gold spot dropped 1.7%, to $4,600.61 an ounce as of 1:42 pm EDT (1742 GMT), having hit its lowest level in April 2. U.S. Gold Futures closed 1.8% lower at $4,608.40. It's rekindled pessimism in the Middle East about peace. "The strait is closed because the Trump administration has rejected Iran's most recent offer," said Peter Grant. Gold...