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Energy Markets

Fossil Fuels

Refined Products

Sinopec Shanghai Petrochemical's first-half profit falls

Sinopec Shanghai Petrochemical Co reported a net loss for the first six months of 2025 due to lower demand in refining products and chemical products. According to the report, Sinopec posted a net loss between January and June of 462.1 millions yuan (64.40million dollars). This compares to a profit of 27.9 millions yuan the previous year. Net sales fell 10.66%, to 33.498 billion Yuan, while sales of chemicals and refining products were down 16.14% and 3.21 %, respectively. The company stated that the market is still challenging with a strong supply and a weak demand. New-energy vehicles are increasing in...

Oil & Gas

US adviser Navarro: India's Russian crude oil purchases must stop

Peter Navarro, White House's trade adviser, said that India's purchases were funding the war in Ukraine by Moscow and must stop. He added that New Delhi is "now cozying up with both Russia and China." Navarro, in a recent opinion piece, wrote: "If India wishes to be treated like a strategic partner by the U.S. it must act as such." Published by: Financial Times. India's Foreign Ministry said that the country was unfairly singled-out for purchasing Russian oil, while the United States continues to buy goods from Russia. U.S. president Donald Trump imposed an additional 25% tariff on Indian products...

Fossil Fuels

Trump said it would be up to Ukraine decide on territorial swaps

U.S. president Donald Trump said that he would not be negotiating on behalf of Ukraine during his meeting with Russian President Vladimir Putin last Friday and would allow Kyiv to decide whether it would engage in territorial exchanges with Russia. Trump stated that his goal was for the two sides of the conflict to begin a dialogue, and any territorial swaps would be discussed at this time. "They will be discussed but I have to let Ukraine decide, and I believe they will make the right decision." "I'm not here for Ukraine to negotiate, I'm there to get them to...

Oil & Gas Refining

China's independent refiner Changyi gets 2025 crude import quota, sources say

Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil. Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year. Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry,...

Fossil Fuels

Profits of forestry giant Copec fall as revenues beat forecasts

Empresas Copec, a Chilean conglomerate of industrial companies, reported a 21% decline in its second-quarter profits despite revenue exceeding expectations. The forestry giant is facing falling pulp prices as well as trade war impacts due to the U.S. and China. The net profit for the quarter ended June was $228 million, which is in line with expectations of LSEG's analysts. Revenues were down 1% at $7.18 billion. The revenue of Copec, the owner of a large forestry company, as well as fuel distribution and mining operations, was higher than analysts' estimates at $6.84 billion. Copec attributes the drop in sales...

Oil & Gas

Trump believes Putin is willing to strike a deal

Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in...

Oil & Gas

China's crude oil imports in July are up 11.5% on a year-on-year basis

China's crude oil imports in July rose by 11.5% compared to the same period a year earlier, as state-owned refining facilities maintained high operational rates. However, inbound shipments have slowed down month-on month after reaching their highest level in almost two years in June. Data from the General Administration of Customs on Thursday showed that the world's biggest crude oil importer imported 47.2 million tons of oil in June, which is equivalent to 11,12 million barrels a day. Data showed that the volume of oil imported in July was 5.4% less than 49.89 millions tons in June. Muyu Zhu, a...

Fossil Fuels

Iron ore prices fall as investors focus on coking coal

Iron ore futures fell on Wednesday as investors shifted their focus from iron ore to coking coal due to concerns about the demand for iron ore in China, its largest consumer. As of 0712 GMT, the benchmark September iron ore traded on Singapore Exchange fell 0.7% to $100.75 per metric ton. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 794.5 Yuan ($110.52) per ton, down by 0.06%. Cao Ying is a Beijing analyst with broker SDIC Futures. She said that the buying in the spot market has been weak because...

Oil & Gas

Russell: OPEC+ is lucky to bring back oil production amid uncertainty.

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Oil & Gas

Pirelli reduces revenue forecast for 2025 due to currency impact

Pirelli, the Italian tire manufacturer, lowered its revenue forecast for 2025 on Thursday as a result of expected adverse currency movements. The company has lowered its target to an estimated range of 6.7-6.8 million euros ($7.66-7.78 million) compared to its previous target of 6.8-7.0 millions euros. Pirelli reported that currency fluctuations caused a 2.9% loss in revenue compared to the first half of last year due to the weakening of the U.S. Dollar and the volatility of currencies of emerging countries against the euro. The firm has confirmed that it aims to achieve a margin of adjusted EBIT around 16...

Renewable Energy

GCL reports that top Chinese polysilicon companies plan to close a third their production capacity and set OPEC style output quotas.

GCL Technology Holdings, which is a Chinese producer of polysilicon (a building block used in solar panels), said that they are in discussions to create a fund of 50 billion yuan (7 billion dollars) to buy and close down about a third production capacity, and to restructure a part of the sector that was losing money. On Thursday, the top polysilicon manufacturer announced that plans are being discussed for the acquisition and closure of at least 1,000,000 metric tons lower-quality polysilicon production capacity. Jun Zhu, GCL's director of investor relations, said: "It's like OPEC for the polysilicon industry. The central...

Fossil Fuels

The IEA predicts that global coal demand will stagnate through 2026.

The International Energy Agency (IEA) said that global coal demand is expected to plateau over the next two-years after reaching a record in 2024. The IEA data revealed that coal demand is forecast to increase by 0.2% globally in 2025, after a decline of less than 1% during the first half. This will be followed by a slight drop in 2026, which would bring the demand down just below the levels in 2024. The Chinese demand for electricity is expected to drop by less than 1% between 2025 and 2050 due to a decline in the growth of electricity demand....

Crude Oil

Crude Oil

As markets prepare for Jackson Hole, the dollar drifts and Asian stocks are mixed.

Investors were preparing for three days worth of market-moving information from the Federal Reserve annual symposium at Jackson Hole. The event will begin later that day. The main focus of the traders is on Fed Chairman Jerome Powell’s Friday speech as they try to gauge whether a rate cut in September could be imminent. The underlying momentum of equities remained strong, with Australia's benchmark index rising 0.9% and hitting a new record. Other indexes have lost some ground, but are still not too far off their recent highs. The Nikkei index, which reached an all-time high on Tuesday in Japan,...

Crude Oil

MORNING BID EUROPE - Jackson Hole will open under Trump's shadow

Kevin Buckland gives us a look at what the future holds for European and global markets. Today, the Federal Reserve's Jackson Hole Symposium is a highly anticipated event for the U.S. central banks. Investors will be listening intently to every word that central bankers around the globe say. Jerome Powell, the Fed's chairman for his final year at this annual meeting, will deliver a speech on Friday. He's likely, like his predecessors to take the opportunity to shape how his tenure will be recorded in history books. This is especially true considering the harsh criticism he received from President Donald...

Oil Refineries

Analysts say that Chinese refiners are sweeping up Russian oil as Indian demand drops

Two analysts and a trader reported on Tuesday that Chinese refineries had purchased 15 cargoes for delivery in October and November as Indian demand for Moscow’s exports has declined. India is the largest buyer of Russian oil by sea. It has been sold at a discounted price since Western nations have shunned purchasing and placed restrictions on Russian exports due to Moscow's invasion of Ukraine in 2022. Indian state refiners stopped buying Russian oil last month as the discounts shrank. Donald Trump, the U.S. president, has also threatened to punish countries that buy Russian crude. Richard Jones, an Energy Aspects...

Mining

Mineral Resources

Mineral Resources

Aluminium prices rise on reduced stocks and improved China demand

Aluminium was the best performing metal on Thursday, as signs of improved demand from China's top consumer and lower inventories boosted sentiment. The Shanghai Futures Exchange's most traded aluminium contract rose by 0.49% to 20,620 yuan (2,872.83 dollars) per metric tonne. As of 0700 GMT, the benchmark three-month aluminum on London Metal Exchange had not changed much, at $2,575 per ton. The price of aluminium has been supported by the improvement in spot demand. This, coupled with the destocking of certain products, was said under condition of anonymity because he wasn't authorized to speak to journalists. Analysts at Guosen Futures...

Mineral Resources

Iron ore prices rise as China's demand worries fade

Iron ore futures recovered on Thursday, as the production cut mandated ahead of a Chinese military parade seemed to be less severe than expected and shorter. This eased demand concerns. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.78% higher, closing at 772.5 Yuan ($107.63). By 0704 GMT, the benchmark September iron ore price on Singapore Exchange had risen 0.55% to $100.30 per ton. The benchmarks fell for six consecutive sessions, up to Wednesday. This was due to concerns about demand as steelmakers at the top Chinese production hub Tangshan...

Mineral Resources

Iron ore prices rise as fears over China's demand recede

Iron ore futures recovered on Thursday, as a mandatory production cut in China ahead of a parade military proved to be less severe and shorter that expected. This eased demand concerns. The January contract for iron ore on China's Dalian Commodity Exchange closed the morning trade at 777.5 Yuan ($108.39). As of 0321GMT, the benchmark September iron ore traded on Singapore Exchange was up 1.44% at $102.2 per ton. The benchmarks fell for six consecutive sessions until Wednesday. This was due to concerns about demand, as steelmakers at China's largest steelmaking hub Tangshan had been asked to reduce production in...

Mineral Resources

Gold edged up, but hovered near three-week lowests before Jackson Hole Summit

Investors are looking for clues about future rate cuts in the Federal Reserve meeting minutes from July and the Jackson Hole symposium of central banks this week. As of 0832 GMT on August 1, spot gold rose 0.2% to $3,321.33 an ounce. U.S. Gold Futures for December Delivery rose by 0.2% to $3364.20. The U.S. Dollar Index was stable after reaching a high of more than a week earlier in the session. This made gold more expensive for holders of other currencies. Han Tan, Chief Market Analyst at Nemo.Money, said that spot gold will likely remain in its sideways range,...

Mineral Resources

Aluminum hits a two-week low after US tariffs increase by 50%

Aluminum prices fell on Wednesday, reaching their lowest levels in over two weeks as the United States increased the import tariff by 50% to metal-made products. However, the hope of a seasonal improvement in demand in the top consumer China helped limit losses. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading 0.1% lower, at 20,570 Yuan ($2,864.38) a metric ton. In the early part of the session it reached the lowest level since 4 August at 20,430 yuan. The benchmark three-month aluminum on the London Metal Exchange rose 0.1%, to $2,566 per ton at 0741 GMT,...

Mineral Resources

China's Tianqi is open to renegotiating the lithium refinery agreement with Australia's IGO

Frank Ha, the CEO of China's Tianqi Lithium, said that Tianqi Lithium was open to renegotiating with joint venture partner IGO its stake in Kwinana Lithium Refinery in Western Australia. A lithium price slump has caused operational problems and production delays at the refinery. IGO, the company that owns 49% of the refinery, has written down its value and expressed low confidence in the ability to improve the asset when it filed a report last month. Ha stated during a press briefing that he was "open to any of their suggestions we can discuss." However, he said they had not...

Mineral Resources

China's rare-earth magnet exports reached a six-month peak in July

China's rare earth magnet exports have recovered and reached a six-month peak in July. This shows that trade flows for the minerals essential to electric vehicles are back to their pre-export curb levels. The General Administration of Customs reported on Wednesday that exports of the world's biggest rare earth magnet supplier increased by nearly 75% in June, reaching the highest monthly total since January with 5,577 tons. The volume in July, which was in line analysts' expectations was also 5.7% more than the 5,278 tonnes shipped in the same period last year. Exports continued to recover after Beijing signed a...

Mineral Resources

US trade restrictions on iron ore and China blast furnaces

The price of iron ore futures fell on Wednesday due to a mandatory production cut in China ahead of an upcoming military parade and U.S. restrictions on steel imports. As of 0247 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 0.65% lower. It was trading at 765.5 Yuan ($106.51), per metric ton. On the Singapore Exchange, the benchmark iron ore for September was down 0.69% at $100.35 per ton. Galaxy Futures said that the upcoming military parade (in Beijing), which will commemorate the end of World War II, and the mandated reductions in...

Mineral Resources

Gold prices steady as investors eye Trump-Zelenskiy meeting

Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's later-in-the day meeting with Ukrainian leaders and European leaders, and on the Federal Reserve's symposium this week in Jackson Hole. At 11:56 am, spot gold was unchanged at $3334.81 an ounce. ET (1556 GMT), having hit its lowest level in the previous session since August 1. U.S. Gold futures for delivery in December fell by 0.1%, to $3.379.70. The U.S. Dollar gained 0.3% making bullion priced in greenbacks more expensive for holders of other currencies. Investors will be watching closely the White House...

Mineral Resources

Gold prices rise on lower yields and the focus on Trump-Zelenskiy summit and Jackson Hole summit

Gold prices rose on Monday as a result of lower U.S. Treasury rates. Investors also focused on the Federal Reserve annual symposium and Donald Trump's meetings with Ukrainian and European leaders. At 9:56 am, spot gold was up 0.1% at $3383.20 an ounce. ET (1355 GMT) after it hit its lowest level in August 1. U.S. Gold futures for delivery in December rose 0.2% to $ 3,388,80. Gold that does not yield is less appealing as the benchmark 10-year U.S. Treasury has fallen from its two-week-high. Investors will be focused on a White House summit between Trump and Ukrainian president...

Mineral Resources

Tokyo Steel maintains product prices in September

Tokyo Steel Manufacturing, Japan's largest electric-arc furnace producer, said it would leave the prices of its steel products unchanged in September. This will help to bring the market back up after a period when demand was weak. This is the fourth month in a row that steel products have not seen a change in price, including its H-shaped beams. Prices for steel bars and rebar will remain unchanged at 85,000 yen (US$577) per metric ton in September. H-shaped beams, however, will be priced at 112,000 ($760) per ton. The company reported that domestically, steel activity in construction remains low due...

Mineral Resources

Copper prices are affected by a stronger dollar ahead of geopolitical events

The copper price fell on Monday, due to the stronger dollar. There was also uncertainty about a key event that will affect U.S. interest rate forecasts and a meeting of U.S. president Donald Trump with his Ukrainian counterpart Volodymyr Zelenskiy. By 1002 GMT, the price of three-month copper at the London Metal Exchange had fallen by 0.3% to $9.742.50 per metric ton. EwaManthey, commodities analyst at ING, said: "The week began with a cautious note for base metals. The markets are awaiting the Trump-Zelenskiy meetings as well as any interest rates signals from the Fed Jackson Hole Meetings." Trump will...