China

The U.S./Israel war on Iran caused a disruption in crude and feedstock imports from the Middle East, forcing several Asian refineries and companies to declare force majeure and cut back production. Asian steam crackers have declared force majeure on petrochemical deliveries to customers, despite sourcing more than 60% of their feedstock for naphtha from the Middle East. Three operators said they were reducing run rates in order to carry over some of the feedstock they have into next month. This will allow them to keep their plants operating and avoid shutting down even if they don't get enough imports. Two...

According to data and analysts, Asian refining margins are at their highest level since 2022 due to Iranian threats against shipping through the Strait of Hormuz. These threats have disrupted crude flow and forced refineries to reduce runs. As a result of the U.S. - Iran war, trade has been suspended through the chokepoint which typically handles over 20% of global daily oil supplies. Singapore's complex refinery margins LSEG data shows that the market was roiled on Wednesday by fears of a further reduction in refining runs, which could lead to a tightening of fuel supplies. China and Thailand also...

People with knowledge of the discussions said that Chinese investors Guoxin Guotong Fund and CNIC Corporation are considering selling their 33.3% share in Spanish 'gas network operator Redexis' as the country prepares to introduce a new framework for remuneration. Three sources confirmed that the two investors had begun a process of hiring?advisers in order to evaluate the sale. Two sources say that a?deal could value Redexis between 2 billion and 2.5 billion?euros (2.3-$2.9billion). * In 2018, the two Chinese investors bought?33.3% Redexis. According to the website of Redexis, pension funds?Arbejdsmarkedets Tillaegspension?and Universities?Superannuation Scheme own each 33.3%. Sources say that pension...

Bloomberg News reported that many Chinese 'financial companies are reducing their exposure to Middle Eastern debt due to the escalating conflict in the Middle East. The report stated that a major bank had taken the unusual step of limiting the drawdown on a bi-lateral loan to one?of Abu Dhabi's financial entities. It did not name the bank. According to the report, another mid-sized lender wants to sell down portions of syndicated loan to Middle Eastern borrowers. This includes sovereign wealth fund ADQ’s $4?billion facility that was agreed upon last year. Bloomberg reported that the Hong Kong Monetary Authority has asked...

Bloomberg News reported that many Chinese financial firms have reduced their exposure to Middle Eastern debt as a growing conflict intensifies scrutiny over 'the Asian country’s extensive lending in the'region. The report said that a major bank had taken the unusual step of limiting the drawdown of a bilateral credit to one of Abu Dhabi's financial institutions, but did not name the bank. According to the report, another mid-sized lender aims to reduce portions of syndicated loan facilities to Middle Eastern borrowers. This includes sovereign wealth fund ADQ’s $4 billion facility that was agreed last year. Bloomberg reported that the...

According to the ministry, Wang Yi, the Chinese Foreign Minister, told Gideon Saar, his Israeli counterpart, that China opposes the military strikes by Israel and the U.S. on Iran, and demanded an "immediate cessation" of hostilities. "Force is not a solution to problems. It often causes new ones, and has serious long-term effects." It quoted Wang in a phone call as saying that the real value of military power is not in combat but in preventing conflict. The U.S. and Israeli air 'war against Iran' has caused explosions in?Tehran, Beirut and around the globe. Wang said that China is committed...

The majority of Gulf'stock markets fell Tuesday. Qatar's benchmark continued to fall after the country stopped liquefied natural gas production amid a escalating air war in the area, and Egypt also?fell? for a third consecutive day. Israel expanded its campaign by launching new strikes against Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar...

The majority of Gulf stock markets fell on Tuesday. The benchmark Qatar index continued to decline after the country stopped?liquefied gas production amid an escalating air conflict in the region. Israel has 'extended' its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States, and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar's benchmark stock index fell 0.9%,...

Fuel stations in Sri Lanka were crowded on Monday, as fears of oil shortages grew due to the conflict in Iran. The island nation is still recovering from its deep financial crisis. A nation of 22 million people is struggling to recover from a crisis caused by a record dollar shortfall in 2022. The IMF has provided a $2.9 billion credit programme. Sri Lanka was at the height of their problems when they faced a massive shortage of fuel for several months. This led to huge protests, and eventually the ousting of the former president Gotabaya Rajapaksa. As U.S.-Israeli?strikes against...

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 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...

The escalating conflict between Israel and Palestine in the Middle East has fueled concerns over a'shortage of global supplies. This is countering downward pressure on demand due to a stronger dollar. The benchmark?three-month Aluminium on the London Metal Exchange reached its highest level since March 31, 2020, earlier in the session, when it hit $3,544 per ton. By 0706 GMT, it was up 0.75% to $3,472 per metric ton. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime session up 1.61% to 24,950 yuan (US$3,607,84) per tonne after reaching its highest level since January 30, at 25,860?yuan. The...

The price of aluminium in 'London has reached its highest level for nearly four years, due to the conflict in the Middle East, which is escalating. This increased concerns about a possible shortage in global supplies. The benchmark?three-month aluminum on the London Metal Exchange reached its highest level since March 31, 2020, earlier in the session, when it hit $3,544 a metric ton. By 0305 GMT, it was up 1.77% to $3,507 per metric ton. The Shanghai Futures Exchange's most traded aluminium contract rose by 3.29%, to?25.310 yuan per ton ($3,658.15), after reaching its highest level since January 30, at...

The price of iron ore rose on Friday as the?increasing restrictions' on China's top buyer BHP to buy new seaborne cargoes raised supply concerns, which outweighed declining demand. As of 0206 GMT, the?most traded iron ore?contract at China's Dalian Commmodity Exchange (DCE)? grew 0.85% to $768 yuan ($111.21), a metric tonne. As of 0156 GMT, the benchmark April iron ore traded on the Singapore Exchange rose 1.03% to $101.05 a ton. People with knowledge of the situation said that China's state iron ore buyer instructed traders to purchase fewer seaborne shipments of BHP's flagship product: Mac fines and lumps. China's...

According to three sources who are familiar with the issue and a letter by an industry group, China, the U.S., and other Western governments have launched an unusually coordinated effort to convince Ghana to stop a gold royalty hike that they claim could hurt some of the world's largest miners. Africa's biggest gold producer is looking to replace its fixed royalty of 5% with a sliding rate between 5% and 12 % linked to gold prices. This is part of a bid to increase revenue as gold reaches successive historical highs. The upper bands in the new regime could come...

Investors and traders were cautious on Wednesday as they awaited the annual parliamentary meeting of the world's second-largest country, which will begin March 5. The daytime trading of the most traded iron ore contract at China's Dalian Commodity Exchange closed up 0.4% to 752 yuan (US$108.73) per metric ton. As of 0700 GMT, the benchmark April iron ore traded on Singapore Exchange was down?0.26% to $98.75 per ton. Investors closely monitored?cues of China's macroeconomic and industrial policy trend in order to gauge?demand for steel and its components. Analysts expect Premier Li Qiang to announce, in his report, on the first...

Aluminum prices rose Tuesday, as traders were 'alert' to the supply risks in the Middle East due to the U.S.-Israeli air war on Iran that spilled over into neighboring countries. Benchmark Aluminium on the London Metal Exchange rose 2.1% to $3,260 per metric tonne in open-outcry official trading, after reaching a month-high of $3,315. Middle East exports aluminium via the Strait of Hormuz, which accounts for 8 percent of global capacity. Iran threatened to attack any ship that tried to cross the Strait on Monday. Aluminium producers have halted premium offers for Japanese buyers in the second quarter. Norsk Hydro...

The estimate of mineral resources at the?mine that Rare Earths Norway is developing, Europe's biggest rare earth project has increased by?81% from the last evalution two years ago, the privately owned firm announced on Tuesday. The Fen project, which is being developed by the company, would help Europe to reduce its dependence on China as the dominant producer of rare earths. According to a WSP statement, the project has?a total rare earth oxide of 15.9 million metric tonnes in indicated and inferred resource,' It added that the 'new estimate' reflects additional exploration drilling which took place in 2018 and compares...

Two people who are familiar with the discussions say that Japan and India are in talks to explore rare earth deposits together in Rajasthan's arid state. Tokyo is looking to reduce its reliance on China as a source of magnet manufacturing supplies. India's Mines minister G. Kishan Reddy announced last month that three hard rock deposits of rare earth oxides containing 1,29 million metric tonnes had been identified in Rajasthan state and Gujarat in western India. Sources directly involved in decision-making said that Tokyo expressed interest in the Rajasthan deposits, and planned to send experts there. The sources declined to...

Since the emergence of a?U.S. President Donald Trump has repeatedly threatened to annex Greenland, according to a senior Greenlandic government official. Naaja H. Nathielsen, Greenland’s Minister for Business and Mineral Resources, stated that the UK, Canada, and European Union countries have shown the most interest. She said, "On the investor's side, we saw an increase in interest in investing." She said that although Trump expressed an interest in purchasing?Greenland many years ago, it has been "hectic" over the last two months. The Arctic island is a strategically located, mineral-rich autonomous?territory. Trump has 'intensified his rhetoric about gaining control of Greenland...

Aluminum?prices jumped to their highest level?in over a month?on Monday, after U.S.-Israeli strikes in Iran fueled concerns about a prolonged conflict in the Middle East. Iran is a major producer. Benchmark aluminium prices on the London Metal Exchange were up 3.1% to $3,236 per metric ton by 1050 GMT, after reaching $3,254 at its highest level since January 29. Investors closely monitor developments in the Strait o'Hormuz. This important trade route for commodities was disrupted when Iran attacked U.S. bases in the region. Neil Welsh, Britannia Global Markets said: "Base metals have risen this morning on the back of concerns...

Iron ore prices recovered from earlier losses and traded higher on Monday as investors focused their attention on potentially?higher shipping rates after the Iran conflict, along with falling shipments?from major suppliers. The most traded iron ore contract on China's Dalian Commodity Exchange closed the daytime trading 0.87% higher, at 754.5 Yuan ($109.64). As of 0731 GMT, the benchmark April iron ore traded on Singapore Exchange was up 0.85% at $99.2 per ton. In a recent note, Zhengxin Futures analysts stated that the rising oil prices due to the U.S. - Iran conflict?increased freight costs and therefore supported iron ore prices....

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...