China

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...

China's Foreign Ministry said that it hoped "relevant parties" would seize this opportunity to bring the Middle East back to stability. This came after Iran and the U.S. agreed on a ceasefire following the Middle East conflict. In a press briefing, the spokesperson for China's foreign ministry Mao Ning stated that China has "actively tried to promote reconciliation and avoid further fighting." Both the U.S.A. and Iran agreed late on Tuesday to a ceasefire of two weeks?to the conflict which has shaken?global markets? and caused?geopolitical turmoil? Mao, the Chinese leader, said that Beijing hoped the relevant parties would take advantage...

According to Brazilian government data released this week, China purchased a record amount of crude oil from Brazil in March. This brought the South American nation’s total monthly crude exports up to the second highest level ever. The data shows that China imported 1.6 million barrels of crude oil per day from Brazil in March, as the global energy flow has been reshaped by the U.S./Israel war against Iran. The previous record was around 1.46m bpd, which was recorded in May 2020. Brazil exported a total amount of 2,5 million bpd?of crude oil to all markets in March, thanks to...

?U.S. Donald Trump announced on Wednesday that all imports of military equipment from Iran will be subject to immediate 50% tariffs. There would be no exceptions. He made the announcement in a post on social media just hours after agreeing to a two-week ceasefire. Trump's Truth Social posting did not specify the legal authority that he would use to impose these tariffs. In February, the Supreme Court struck down Trump's use of the International Emergency Economic Powers Act in order to impose global tariffs. A lower court ordered refunds for $166 billion collected during the course of one year. The...

The physical oil markets are still in a world of pain, despite a planned two-week truce between the United States (US) and Iran. Brent crude oil contracts plunged by as much as 16 % to $91.70 per barrel during early Asian trading on Wednesday, after ending at $109.27 a barrel on Tuesday. The rapid selloff is a sign of relief that President Donald Trump has delayed his alarming threats to wipe out the Iranian civilisation. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz...

China has again reduced its gasoline and diesel price increases to half of what they usually are. This is to try to reduce the rising oil prices caused by the Iran War and the closure of the Strait of Hormuz. The oil prices continued to rise after Iran rejected the United States' ceasefire proposal and as a deadline for Tehran, set by U.S. president Donald Trump, to come up with a deal before he was "taken out", grew closer. The NDRC (National Development and Reform Commission) announced that the retail gasoline and diesel prices would increase by 420 yuan and...

Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners...

In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect...

The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests...

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...

Benchmark Mineral Intelligence revealed on Tuesday that high petrol prices in Europe drove car buyers to EVs, leading to the first global EV growth month this year. Fuel prices have been capped by governments around the world to protect motorists from rising costs. The war in Iran that erupted Feb. 28 disrupted an important shipping route which carried about 20% of the global oil supply. BMI reported that registrations of new battery-electric cars and plug-in hybrids rose by 3% on an annual basis globally, to more than 1.7 million vehicles. In Europe, the number of EVs sold reached a record...

China's Securities Journal, a state-run media outlet, reported on Monday that Zimbabwe had granted two Chinese mining firms export quotas to export lithium concentrates. This comes two months after Africa's top lithium producer, Africa, suspended the exports of this key battery material. According to the report, the quotas have been granted to Chengxin Lithium, and Sinomine Resource who operate lithium mining projects within Zimbabwe. Zimbabwean authorities halted the exports of raw minerals, including lithium, in February citing "alleged malpractices" and "leakages". In early February, Zimbabwean authorities told producers that they would introduce "quotas" for exporting lithium concentrates, and they'd require...

Iron ore futures recovered?on Monday after a six-session decline to a?one-month low. The market was supported by surging oil prices and higher feedstock demands. The September contract for?iron ore on the?China's Dalian Commodity Exchange (DCE), rose by 1.26%, to 763.5 Yuan ($111.75), per metric ton. As of 0710 GMT, the benchmark May iron ore traded on Singapore Exchange was up 1.08% at $104.6 per ton. SteelHome data shows that iron ore inventories at major Chinese ports decreased by 0.16% in a week, according to the latest figures. According to Mysteel, continued portside destocking along with rising hot metal output keep...

Iron ore futures edged higher on Monday, after a six-session decline to a one month low. By 0258 GMT, the most-traded September iron ore contract on China's Dalian Commmodity Exchange (DCE) had risen?0.4% to $757 yuan ($110.79). The benchmark iron ore for May on the Singapore Exchange rose 0.12% to $103.6 per ton. Steelhome data shows that iron ore inventories at major Chinese ports decreased by 0.16% in a week, according to the latest figures. According to Mysteel, the price of hot metals is'supported' by continued portside destocking. Mysteel data showed that iron ore imports at 47 Chinese ports fell...

On Friday, copper prices reached their highest level in over three weeks as investors weighed up signs of increased demand from China's top metals consumer against the uncertainty surrounding a fragile ceasefire during?the Iran War. In official open-outcry trade, benchmark three-month copper on the London Metal Exchange rose 0.6% to $13,755 per metric ton and reached its highest level since March 17, at $12,845. The week was expected to close with a gain of about 4%. LME copper rose 1.2% after the official rings, when a Federal Reserve official stated that a rate reduction was possible if oil prices fell....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that...