China

The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run...

The finance?chiefs of Group of Seven nations agreed on Thursday that it was urgent to reduce the cost of the Middle East 'war' to the global economy and "reaffirmed the pressing need to move towards a lasting peace," said a?statement?from France, which is holding the G7 Presidency this year. The war was one of three major topics that the finance ministers and governors of central banks of the richest democracies in the world discussed on the fringes of the spring meeting of the International Monetary Fund (IMF) and World Bank (WB), which took place in Washington. The two also discussed...

The European Union must have a European energy union before it can implement other reforms to remain competitive with the United States. Kyriakos pierrakakis, chairman of the eurozone's finance ministers group, said on Thursday that the European Union must create an energy union in order to remain competitive against the United States. Pierrakakis, speaking at the International Monetary Fund (IMF) in Washington said that the EU needed to create a true energy union to allow energy to easily flow across borders and lower electricity prices on the 450 million-person single market. European energy prices are between two and three times...

French Finance Minister Roland Lescure announced on Thursday that the Group of Seven finance and central bank chiefs had agreed to be ready to "act" to reduce economic and inflation risk caused by Middle 'East war energy price and supply fluctuations. Lescure told reporters at the International Monetary Fund's and World Bank's spring meetings that the outcome of the global economy depends on the speed with which the conflict is resolved. The International Energy Agency, with the support of the G7, released last month a record-breaking amount of oil from its strategic reserves in order to counter the cuts of...

The United States on Wednesday warned that it would sanction any buyers of Iranian Oil and stated its belief that China will stop such purchases if Washington enforces the maritime blockade against Iran. Scott Bessent, U.S. Treasury Secretary, told reporters at White House that "we have informed countries that we will apply secondary sanctions if they are buying Iranian oil or if Iranian money sits in their banks." As the Iran War entered its seventh week, the U.S. began a maritime blockade against Iran on Monday. China had previously purchased more than 80% Iran's oil. Bessent stated, "We are confident...

Donald Trump told Fox 'Business 'Network that he asked Chinese President Xi Jinping a question in a letter, asking him not to supply weapons to Iran. Xi replied that China did not supply tehran. In the Tuesday interview, Trump did not specify when the letters had been exchanged. He threatened to impose an immediate 50% tariff on countries that supplied Iran with arms last week. "I sent him a note asking him to not do that and he replied with a message saying that he is not doing it," Trump said on?FBN’s "Mornings with Maria". He said he didn't expect...

Sinopec, the Chinese state oil company, has purchased Russian crude to replace Middle Eastern crude after the U.S. temporarily lifted sanctions in order to ease supply shortages?globally. Several trade sources confirmed this. Sinopec purchased between 8 and 10 cargos of ESPO blend oil exported from Kozmino in the east, according to one source. Another estimated that it was about 10 cargos. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of $8 - $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount ranging from?about $10 a barrel. Sources...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

Wale Edun is the Nigerian Finance Minister, and the Chair of the G-24 coalition of developing nations. He said that multilateral institutions should do more to help vulnerable countries weather the economic shocks caused by the Middle East war. Edun stated during the briefing for the G-24 at the IMF/World Bank Spring Meetings in Washington that "we would like them do more. We definitely like them provide, especially at this time additional liquidity risk management instruments that lower the cost of funding." The G-24 is a group of countries that coordinates the stances taken by developing nations on issues related...

Sinopec, the Chinese state oil company, has purchased Russian crude oil in both March and April after the U.S. lifted sanctions temporarily to ease global supply shortages. Sources have estimated that Sinopec purchased 8-10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimates it to be about 10 cargoes. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount around $10 per barrel. Sources spoke under condition of anonymity. The...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Hong Kong has taken'steps to help the transport sector - with rising fuel prices - on Thursday. A HK$3 per litre'subsidy is being offered on 'diesel used by commercial vehicles and vessels, and a 50% discount on tolls for commercial traffic that uses government tunnels. Hong Kong, which imports almost all of its energy, relies on fossil fuels for ?power generation and has some of the world's highest gasoline prices, ?according to globalpetrolprices.com. The government announced that the measures would support diesel-powered?public and commercial vehicles?, vessels?and related industries for a period of two months. They will cost approximately HK$1.8 billion...

Aluminum prices dropped on Friday, after Iran's foreign minister announced that all commercial vessels could pass through the Strait of Hormuz for a period of time remaining in the ceasefire. Benchmark 'three-month' aluminium at the?London Metal Exchange was down by 2.6% to $3,549 per metric ton as of 1601 GMT. The reopening of Strait of Hormuz where navigation was largely suspended after U.S. and Israeli attacks against Iran began on 28 February improves prospects for exports of aluminium from the Gulf -region which account for approximately 9% of the global supply. The Strait is used by producers in the area...

Aluminum prices reached a four-year-high?on Friday as traders assessed?the extent of damage to the global supply caused by the U.S./Israeli war with Iran. Meanwhile, hopes for a possible peace agreement boosted other base metals. The benchmark three-month aluminum on the London Metal Exchange increased 0.4% to $3.636 per metric ton during official open-outcry trade after reaching $3.672, its highest since March 24, 2020. The record high was $4,073.5 on March 7, 2022 when the markets were dealing with 'the immediate aftermath of Russia's invasion in Ukraine. Global aluminium is experiencing a'supply shortage this year as a result of the Iran...

Official data released on Thursday showed that China's primary aluminum production rose 2.7% from the previous year, as fears of supply due to the Iran conflict boosted prices. According to the National Bureau of Statistics, aluminium?production increased?to 3,85 million metric tonnes in March. The data shows that in the first quarter of this year, China produced 11.41 million metric tonnes of primary aluminum, an increase of 3.1% compared to the previous period. Around 9% of the global supply of aluminium comes from the?Gulf Region. Aluminium prices rose after the 'Iran's move to disrupt traffic in the Strait of Hormuz, and...

The copper price rose on Thursday, trading 'close to six-week-highs'. This was largely due to the prospect of a U.S. peace agreement with Iran to end the war. As of 0137 GMT the most traded?copper contracts?on Shanghai Futures Exchange were up 0.11% to 102,390 Yuan ($15,014.96) a metric ton after reaching its highest level since March 3, at 103130 yuan on Wednesday. Benchmark three-month Copper on the London Metal Exchange increased 0.4% to $13,300.5 a ton. This is close to $13,392.5 - a six-week-high reached on Wednesday. The 'Trump Administration' expressed optimism about a possible deal to end the war...

Prices of copper rose to a six-week high on Wednesday as optimism grew over the possibility of another round of talks between Iran and the United States aimed at ending the war. The benchmark copper price on the 'London Metal Exchange reached $13,392.5 per metric ton, its highest level since March 2. In official rings, it traded at $13,227, down 0.4%. The lower copper prices were attributed to profit-taking by traders, triggered in part by the stronger dollar. When it increases, metals priced in dollars become more expensive for those who hold other currencies. Traders said that the overall sentiment...

The copper price reached a six-week high on Wednesday, as optimism grew over the prospect of another round of talks between Iran and the United States to end the war. The benchmark?copper price on the London Metal Exchange reached $13,392.5 per metric ton. This is the highest level since March 2. At 0956 GMT, it was down by 0.2% at $13,254, due to profit-taking caused by the stronger dollar. The dollar's rise makes metals priced in dollars more expensive for those who hold other currencies. The traders reported that sentiment and volume?overall' in the industrial metals market was buoyant. U.S....

The copper price rose on Wednesday, extending gains to hover near a 6-week high as the prospect of renewed U.S. - Iran peace talks sparked hopes for a 'de-escalation of Middle East conflict. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session up 1.38% to 102,090 Yuan ($14.974.70) a metric ton. The contract reached its highest level since March 3, at 103130 yuan, earlier in the day. The benchmark three-month copper price on the London Metal Exchange rose 0.24% to $13,317 per ton, after reaching its highest level since March 2, at $13,392.5. U.S. president Donald...

The price of iron ore futures rose on Wednesday, as the prospect of peace talks?to end Iran's war quelled fears about Chinese steel disruptions in the Gulf. Meanwhile, the?rising production of hot metal?continued to?support demand for this steelmaking ingredient. The September contract for iron ore on China's Dalian Commodity Exchange traded 0.99% higher, at 764 Yuan ($112.06) per metric ton. As of 0704 GMT, the benchmark May iron ore was trading at $104.5 per ton on the Singapore Exchange. U.S. president Donald Trump announced on Tuesday that talks to end the Iran War could resume in Pakistan within the next...

The consumption of refined copper in the world's largest metals market, China, shows no signs of peaking. It could increase by an average 3.7% annually over the next decade. China's growth in demand this year is expected to be much smaller at 1%. Zuo Haoen said at the World Copper Conference, in Santiago. He cited a slowdown in the energy transition, especially solar power that uses copper, and high copper prices. According to Minmetals "most realistic" scenario, Chinese copper consumption will increase by 3.7% per year, reaching 22.95 millions metric tons in 2035. This is a 43% increase from 16...

The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth...

Sources told?Tuesday that China, as the world's biggest consumer of iron ore, had lifted its bans on purchasing?the key ingredient for steelmaking from mining giant BHP Group. This ended a months-long dispute. Two sources familiar with the situation who requested anonymity because the subject is sensitive, reported that on Tuesday, the state iron ore 'buyer' China Mineral Resources Group (CMRG), notified domestic steel mills that they could buy BHP seaborne cargoes. CMRG didn't immediately respond to a comment request. BHP declined comment. By 0547 GMT, the benchmark May?iron ores on the Singapore Exchange had lost 1.48% and stood at $103.1....

Three sources said that a sulphur scarcity, caused by the Iran War, forced nickel processors in Indonesia to reduce their output?by 10% or more since last month. The cutbacks?have?hit plants using sulphuric acids to process nickel ore, a feedstock for electric vehicle batteries, into mixed hydroxide precipate (MHP), one of the most clear signs yet that U.S. and Israeli war against Iran is affecting mining supply chains. However, output remains relatively high. Sources said that affected plants include those owned by Chinese companies such as Huayou Cobalt and Lygend Resources, as well Tsingshan Group. Requests for comment were not immediately...