China

MOSCOW, February 26. The Russian rouble fell against the U.S. Dollar on Thursday but rebounded against China’s yuan after a swoon the day before when the government announced changes in the current budget because of?falling energy revenues. Finance Minister 'Anton' Siluanov announced on Wednesday that more money would be diverted into the fiscal reserves fund to avoid its depletion. This move implies that the state will reduce the sales of foreign currencies, which has supported the rouble. The?rouble has weakened sharply in the second half on Wednesday. This movement was primarily driven by statements regarding plans to lower cutoff prices...

According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s...

The U.S. Commerce Department will announce a preliminary decision Monday on whether to impose antisubsidy duty on solar 'cells and panels' imported from India, Laos, and Indonesia. This announcement is one of two that the agency will make in the next few weeks regarding a trade dispute brought by a small group in the U.S. solar industry. Commerce will 'likely make final decisions later this year. The decision on Monday will examine whether the companies in these three countries have received unfair government subsidies, which make American products less competitive. Commerce will make a decision on a separate issue next...

The Nigerian Dangote Group announced on Tuesday that it had signed a $400 million equipment deal with China’s Xuzhou?Machinery Group in order to accelerate the expansion of its oil refinery towards a planned 1.4 million barrels per day. The new equipment will support major construction projects in the refining industry, petrochemicals sector, agriculture, and infrastructure. Dangote stated that the XCMG contract would allow the company to purchase a?range of heavy-duty machines to complement the existing assets deployed to the?refinery?build-out which it expects to be completed within three years. Polypropylene production will increase from 900,000.00?tons to 2.4million tons annually as part...

On Wednesday, top business leaders called on the European Union to take urgent action to lower energy prices. They said that this was crucial for European industries to be able to compete with the U.S. The message from the industries was timed to land just before EU leaders meet in a Belgian Castle on Thursday for a "retreat". They will discuss how Europe can compete with China and America economically. In a written declaration, CEOs from the city of Antwerp stated that the next five years would be the most challenging in Europe's industrial history. The outcome of the crisis...

Sources and company executives claim that some Brazilian power companies are withdrawing from the energy trading market due to rising credit risk, increased price volatility, and shrinking sales from generators. CPFL &?CTG Brasil are two of the major generators controlled Chinese groups that have stopped "directional trading" in which firms took long or short positions on price fluctuations to profit. Local groups like Capitale, Urca, and Trinity have cut back or stopped trading operations. Brazil's billions-dollar power trading market?operates via bilateral agreements without a central counterparty to monitor leverage. This makes reputation important, especially for independent investors who do not...

The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence will accelerate the trend of technological leaps that have been a hallmark of U.S. efficiency, flexibility and dynamism. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a good footing. Demand at home and abroad has been robust since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI...

Sinochem, Pirelli's Chinese investor, said Monday that it had proposed a "structured" solution to end a dispute with the Italian investor of the tyremaker Camfin. The announcement comes at a time when the 'government' is evaluating options to limit Sinochem’s influence over Pirelli or even to turn it into a shareholder passive, in an effort to facilitate the expansion of the tyremaker in the U.S. Sinochem, a Beijing-based company, is the largest shareholder in Pirelli with a 34.1% stake. Camfin, a vehicle owned by Italian businessman Marco Tronchetti Provera, has a 25.3% share, and plans to increase this to up...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that...

Iron ore prices fell on Monday. They were impacted by production curbs at China's top steel hub Tangshan as well as a slow recovery of the?steel market after the holiday season and high portside stocks. As of 11:30 GMT, the most traded?iron?ore contract at China's Dalian Commodity Exchange fell by 0.13% to $747 yuan (US$108.81) per metric ton. As of 135 GMT, the benchmark April iron ore price on the Singapore Exchange was down 0.16% at $98.2 per ton. Local authorities announced on Saturday that the northern city of Tangshan in China, a key hub for?steel manufacturing, had activated level...

Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for...

Hong Kong's?Census and Statistics Department?data on Friday showed that China's net gold imports through Hong Kong rose by 68.7% compared to December. Data showed that the world's top gold consumer imported 20.585 net metric tons of gold in January. This is up from 12.205 tonnes in December. China is the largest gold buyer in the world. Its purchases can have a significant impact on global gold markets. Hong Kong's data might not be a complete picture of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total gold imports via Hong Kong increased by 30.4% to...

Iron ore futures recouped their losses on Friday. A tight physical market and high port margins for seaborne ore supported prices. However, upcoming steel production cuts, as well as a tepid demand for feedstocks, curbed the upside. The most traded May iron ore contract on China's Dalian Commodity Exchange (DCE), which ended the daytime trading 0.27% higher, was 750.5 yuan per metric ton ($109.47). The contract has fallen by 0.8% in the last week and by 5.67% for this month. As of 0705 GMT, the benchmark April iron ore traded on the Singapore Exchange was $98.45 per ton. The contract...

Recently, the financial markets reached two milestones. Gold reached $5,000 per ounce on January 26 for the first time and 11 days later, Dow Jones Industrial Average broke 50,000. Bullion reached its mark first - which wasn't expected to happen. Imagine that a December 2020 prediction market offered a bet on the historic breakthrough which would occur first. The Dow Jones was 61% of the way to its big round number at that time, while gold was only 37%. If you extrapolated data trends between 1985 and 2020, then you would have predicted that the Dow would reach 50,000 in...

As prices rebounded, India's gold?discounts widened the most in 10 months. Meanwhile, China's demand increased as its safe-haven appeal was reflected in the rising premiums of the bullion after the markets returned from Lunar New Year. Indian bullion dealers offer a discount This week, you can save up to $65 on official domestic gold prices - including 6% import duties and 3% sales taxes. Last week, the discount was up to $18. Retail buyers are not ready to purchase at these prices. "For many of them, current prices are just too high to afford," said Ashok JAIN,?proprietor at Mumbai-based wholesaler...

Iron ore futures fell on Friday due to the tepid demand from steel producers. However, high port margins and a tight physical market supported prices. As of 0325 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange was trading 0.27% lower. It was 746.5 Yuan ($108.89), per metric ton. The contract has fallen by 0.99% in the last week and by 5.86% this month. The benchmark iron ore for April on the Singapore Exchange fell 0.22% to $98.15 per ton. The contract has gained 3.59% so far this week, but is on track to a loss of 4.81%...

The price of copper fell on Thursday, after reaching a two-week high in the previous session. A stronger dollar and rising inventories dampened expectations about a recovery in demand from China, the top consumer of the metal in the world. In official open outcry, the benchmark?three-month?copper price on the London Metal Exchange fell 0.3% to $13,286 a metric ton. The metal had reached $13,350 during the previous session. This was the highest level since February 11. Shanghai Futures Exchange also saw a similar high overnight. The Chinese have returned to the market since the first day of the Lunar New...

Iron ore futures were unable to find direction on Thursday, as traders considered the reduced demand for feedstock due to upcoming production cuts and signs that Beijing would?implement additional property stimulus measures. As of 0302 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.4% lower. It was 745.5 Yuan ($108.91), per metric ton. The benchmark March ore price on the Singapore Exchange fell 0.27% to $98.4 per ton. Chinese steelmakers in the northern region of China will have to reduce production by 30% or more starting March 4, to maintain clean air during the...

The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme...

Zimbabwe has suspended exports of raw minerals and lithium concentrates, its mines ministry announced in a Wednesday statement. The government had accused the country of malpractices and leakages. The Ministry said that the export ban would continue until further notice, and apply to all minerals in transit. The statement stated that the government expects the mining industry to cooperate on this measure, which was taken in the interest of the nation. The government said it was committed to "...in-country beneficiation and value addition, compliance?and accountability" in the export of Zimbabwe's minerals resources. The mines ministry, in a letter sent to...

Analysts and consultancies have said that some Chinese steelmakers will need to reduce production by at least 30% starting March 4, in order to maintain a clean air quality for the annual parliamentary meeting. During meetings, Chinese steel mills are asked to reduce production to improve air quality, especially those located in the northern region near Beijing. State media announced in late December that the annual parliament meeting, which is closely watched, will begin on?March 5th. The consultancy Mysteel said in a Wednesday note that several steel?mills have been told to start voluntarily production controls and reduce?blast furnace output by...