China

Officials at the company said that 'Sinopec' is undertaking a major restructuring within its own organization, establishing new business units, and moving hundreds of staff in order to re-establish profits amid a slumping Chinese demand for oil, petrochemicals, and other products. Sinopec, a state-owned company, has lagged behind its peers PetroChina Ltd and CNOOC Ltd in recent years. These companies benefit from a greater focus on oil production. Sinopec's reorganisation, which began in early this year, is aimed at focusing more on the needs of customers and efficiency. Chairman Hou Qijun was a geologist, and former general director at Chinese...

Chinese investors who are interested in CXMT’s $8.6billion IPO believe that the chipmaker’s value will increase ten-fold following its Shanghai debut, thanks to an AI-driven upcycle and Beijing’s ambition to become technologically independent. CXMT or ChangXin Memory Technologies will be Asia's largest share sale this year. It comes at a time when Beijing wants to be independent in the semiconductor industry amid a fierce tech rivalry between the U.S. Wu Zhou, a Shenzhen Deyuan Investment fund manager, has said he'll bid on new CXMT share, betting China's leading memory chipmaker can one day overtake global giants such as South Korea's...

China's fuel -oil demand will take a long time to recover after imports reached a monthly record low as refiners opted for lower cost crude following the U.S. -Iran War. Prices are expected to be capped by the lackluster appetite of one of Asia's largest importers of high sulphur fuel oils (HSFO), even though this market has strengthened after Washington and Tehran intensified their attacks in the Middle East disrupting Gulf oil supplies that pass through the Strait of Hormuz. LSEG data show that the Asian refiners’ margin for 380 centistoke HSFO rose to a discount of less than $2...

Two sources with knowledge of the matter confirmed on Wednesday that China's Zhenhua Oil had booked to load 2 million barrels in Saudi crude for August. This is a sign that a new?joint venture? refinery between China and Saudi Arabia will soon begin operations. The crude will be supplied to the newly built 300,000-barrel-per-day Huajin Aramco Petrochemical Co (HAPCO) refinery in northeastern China's Liaoning province, the sources said. HAPCO was formed by Saudi Aramco, Norinco Group (a Chinese state-owned conglomerate) and Panjin Xincheng Industrial Group. HAPCO has delayed its start-up to September or even October due to disruptions in Middle...

The dramatic drop in crude oil prices during the conflict with Iran is credited to China's drastic reduction of its crude imports. The question now is whether the world’s largest oil importer will be able to do the same on the increasingly stressed markets for refined products. In June, China's seaborne crude oil imports dropped to their lowest level in over a decade. According to commodity analysts Kpler, arrivals were 5.96 million barrels per day. The average was?10.66m bpd during the three months prior to the U.S.-Israeli attack on Iran, which began a conflict leading to the closure of the...

Sinopec, China's largest jet fuel distributor said that it has completed a restructuring of China National Aviation Fuel. Sinopec, China’s largest?refiner by capacity, stated that the restructuring of CNAF will strengthen China's aviation oil supply security as well as support the sector's low-carbon and green transition. The company stated that jet fuel will be a major growth driver for China's refined oil demand. The deal will create a 'integrated aviation fuel business, at a time where China's aviation oil consumption is on the rise, but its gasoline and diesel demands are declining, due to a slowing economy and a growing...

China said on Friday that it would increase cooperation with Namibia, particularly in the energy, agriculture, infrastructure and minerals sectors. This was during talks between Chinese President Xi Jinping and Namibian president Netumbo Nandi Ndaitwah, which took place?in Beijing. Nandi-Ndaitwah is on a 7-day trip to China, since Sunday. He's seeking investment from China, the second-largest country in the world and the top lender. The goal of the trip is to implement the election promises to create jobs and diversify Namibia's economy. "In Namibia we affirm an unwavering commitment (to) this longstanding friendship" between Namibia and China, said Nandi Ndaitwah....

The International Monetary Fund lowered its forecast for global growth in 2026 to a slow 3.0% on Wednesday, warning about the ongoing risks associated with the Middle East war, trade fragmentation, and possible corrections to market expectations in AI. The 'global lender' said that the world economy avoided a sharper decline, as demand for AI and technology helped to offset the sharp fall in energy supplies due to the war. The growth rate should return to 3,4% by 2027. However, this is still lower than the 3.5% average seen between 2024 and 2025. The IMF forecasted 3.1% growth in April....

The International Monetary Fund lowered its global growth forecast for 2026 again on Wednesday, to 3.0%. It warned of the ongoing risks caused by the Middle East war, trade fragmentation, and possible corrections in the market expectations regarding AI. Global lender said the war had prevented a more severe downturn in the global economy, and that the demand-driven growth in the tech industry helped?to _offset the drop in energy supply caused by the war. Growth is expected to rebound in 2027 at 3.4%, which is below the 3.5% average seen in 2024-2025. The IMF increased its headline inflation forecast for...

Saudi Aramco has cut its crude oil price for Asia, for August-loading shipments. This move appeared to signal an intention to regain market shares and recover volumes following the Iran War. Even the record-breaking 'August official selling price' (OSP), may not be sufficient, since crude oil from other Middle East producers and exporters from Africa and the Americas are likely to remain more competitive. Aramco, 'the world's largest oil exporter', has set its OSP at a $1.50 discount to the regional benchmark of Oman/Dubai for August. It was the largest drop in record since 2003, with a $11 reduction from...

Wang Di, China's embassy to Canada, said that the Lotus electric cars from Geely Holding Group will be arriving in Canada by next month as a result of an agreement signed between Chinese President Xi Jinping and Prime Minister Xi Carney. The vehicles will be the 'first' Chinese-owned, manufactured and sold vehicles under an agreement that allows for up to 49,000 Chinese electric cars to enter Canada at a reduced rate of tariffs each year. Carney is trying to diversify Canada’s trade away form the United States. Wang stated that "Geely EVs are coming to Canada next month, and there...

Wang Di, China's ambassador in Canada, said that Geely Holding Group Lotus electric vehicles would arrive in Canada within the next month as a result of an agreement reached between Prime Minister Mark Carney and Chinese president Xi Jinping. The vehicles will be the first Chinese owned and manufactured cars to be sold under an agreement that allows for up to 49,000 Chinese electric vehicles to enter Canada at a reduced rate every year, as Carney attempts to diversify Canada’s trade away the United States. Wang stated that "Geely EVs are coming to Canada next month, and there will be...

Copper prices fell on Wednesday, despite disappointing economic data from China's top metals consumer. However, supply concerns due to mine disruptions and the Middle East conflict helped to limit losses. The benchmark three-month copper price on the London Metal Exchange fell 0.2%, to $13,610 per metric ton at 0945 GMT. It had reached a three week high in the previous session. Official data revealed that the GDP growth of China, the second largest economy in world, has slowed to a low of 3.5 years, due to weak domestic demand. Ole Hansen is the head of commodity strategy for Saxo Bank,...

Data showed that China's primary aluminum output reached a record monthly high in June. This was because consumers shifted to China after the Middle East supply was affected by the U.S.-Iran war. Data from the National Bureau of Statistics show that in June, the world's biggest aluminium producer produced 3,98 million metric tonnes of primary aluminum, an increase of 4.7% compared to a year ago. This was higher than the previous high of 3,89 million metric tons recorded in May. The data revealed that the output during the first half of 2026 increased 3.8% from a year ago to 23,19...

On Tuesday, copper 'prices' rose to their highest level in three weeks due to signs of a firmer China demand and shortages. The benchmark three-month copper price on the London Metal Exchange rose 0.4% by 0930 GMT to $13,601 per metric ton, its highest level since June 23. Ewa Mnthey, commodities analyst at ING, said that copper is being supported by a combination of strong Chinese data and tighter physical market conditions. Exports from the top metals consumer, China, surged in June. This was their best performance for four months. The Shanghai Futures Exchange's most traded copper contract rose by...

China's exports of unwrought aluminum and products?reached a new record in June, according to data from the official customs released on Tuesday, as?war?disruption?to supplies and shipments from the Gulf region?continued. The data revealed that export volume rose above 700,000 metric tons for the very first time in June. Shipments increased 12.5% from the 632,000 tons in May, and 45.4% over 489,000 tons from a year earlier. Exports of unwrought aluminum and products rose by 16.3% in the first half of 2026 compared to a year ago, reaching 3.4 millions tons. The June shipments are a continuation of the previous acceleration...

The price of copper in London fell slightly on Tuesday, amid the latest escalation of the Middle East conflict. However, this was offset by concerns over a possible supply chain crisis. Benchmark 'three-month' copper prices on the London Metal Exchange dropped 0.18% to $13,516 per metric tonne by 0300 GMT. After an increase in LME copper prices overnight, the most-traded contract for copper on the Shanghai Futures Exchange increased by 0.64%. It now stands at 103950 yuan a ton. Donald Trump, the U.S. president, and Iran announced that they would both blockade the Strait of Hormuz. The U.S. has renewed...

Northern Minerals announced?on?Tuesday that Australian Treasurer, Jim?Chalmers, has ordered three 'offshore 'investment firms - including Hong Kong Ying Tak - to refrain from exercising voting rights within the rare earths developer. Foreign Investment Review Board of Australia (FIRB) has said that Hong Kong Ying Tak and?British Virgin Islands registered Real International Resources as well as Hong Kong registered?Qogir Trading & Service have failed to comply to earlier government 'orders to reduce stakes in Northern Minerals. In May, Treasurer Chalmers?ordered offshore shareholders to divest by July?2 their?holdings over concerns that Chinese-linked groups were seeking control of rare-earths mining company. Ying Tak's...

The dollar was weaker on Monday, but gains were limited as tensions between the U.S.A. and Iran escalated and oil prices increased, further causing inflationary fears. The benchmark copper price on the London Metal Exchange was 0.1% higher, at $13,501 per metric ton of official rings. The lower dollar makes metals priced in dollars cheaper for holders of currencies other than the U.S. dollar, which could increase demand. After renewed military strikes by the United States and Iran, concerns about energy shipments via the Strait of Hormuz were reignited. The focus was also on falling copper inventories. The copper stocks...

Prices of copper fell on Monday, as the fighting between the U.S. Benchmark three-month Copper?on the?London Metal Exchange fell 0.64% to $13,398.5 per metric ton at 0701 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.68%, to 103100 yuan (15,199.54 USD) per ton. U.S. forces and Iranian forces traded heavy drone and missile assaults at the weekend. This dampened risk appetite, and reignited fears that rising energy prices and inflation could lead policymakers to raise interest rates for longer. The pressure on industrial metals is increased by higher interest rates. Gold and silver that do not yield any...

These are the most popular?stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Regis Resources has said that it will not match Genesis Minerals' bid of US$3.9 billion for Vault Minerals, because a planned merger between the two gold-mining firms would no longer meet their thresholds in terms of value and return. Shein, the fast-fashion retailer, has cleared a major hurdle in its long-awaited Hong Kong initial public offer. The listing could be valued at over $40 billion according to people who are familiar with this matter. According to sources familiar...

The price of copper fell on Monday as the fighting between the U.S., Iran and other countries intensified.?Tehran announced that it had once again closed the Strait of Hormuz, a vital energy corridor. Benchmark three-month Copper on the?London Metal Exchange fell 0.72% to $13,387 per metric tonne by 0300 GMT. Shanghai Futures Exchange's most traded copper contract lost 0.75% to 103,030 Yuan per metric ton. The U.S. forces and Iranian forces traded heavy drone and missile assaults at the weekend. This 'diminished risk appetite' and reignited fears that higher inflation and energy prices could prompt policymakers to raise interest rates...

Copper prices were flat on Friday as fears faded of an economic hit and a drop in metal demand due to a spate of tit for tat attacks between the U.S.?and Iran. The benchmark three-month copper price on the London Metal Exchange was?largely steady, with a drop of only 0.01% at $13,487.5 per metric ton as of 0700 GMT. The red metal prices are now close to the levels they were at the beginning of the week. This is the culmination of a few volatile days, during which fears about a new round in the conflict between the U.S. Prices...

The Iran War has caused a supply shock that is reviving the old Western aluminum smelters. Magnitude 7 Metals in the U.S. is reactivating its New Madrid smelter located in Missouri. Over the Atlantic, Norwegian producer Hydro announced the partial restart of the Slovalco joint-venture smelter. The two plants were idled due to low aluminum prices and a spike in energy prices that followed the Russian invasion of Ukraine. Washington and Brussels are both desperate to reduce their reliance on an import of a metal used in a wide range of industries. The return of these zombies smelters will not...