China

Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband and wife team from a failed textile mill to a Fortune Global 500 company and one of China’s largest private oil refiners is now a Fortune Global 500 firm. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (northeast China), for allegedly buying Iranian oil. Hengli, along with about 40 other shipping?firms? and vessels? were blacklisted as Donald Trump and Xi Jinping met and Washington was...

Analysts and traders alike predicted a market Armageddon if U.S. - Iran war continued and the Strait of Hormuz remained closed. Five weeks after the peace talks stalled and the strait remained largely closed, oil prices did not rise but instead fell to between $100-$110 per barrel. This fall was caused by several factors: Chinese refiners reduced refining and imports, and used crude oil from their tanks instead. The United States' refiners, traders and producers exported more fuel and oil to the global market to fill the supply gap from the Middle East. The Strait of Hormuz was the route...

Data exclusively shared with shows that demand for electric vehicles has risen in Europe as fuel prices linked to the 'Iran War' have pushed sales of second-hand and new EVs. This is a boost for the auto industry. While?sales for fully electric cars in Europe are expected to grow 30% by 2025, the adoption of EVs on the continent is still behind industry expectations. 'Carmakers - from Fiat-owned Stellantis to Volkswagen, who had invested heavily to meet the expectation of a much higher EV market, have booked multi-billion dollar charges in the past year to cover asset writedowns. The rise...

Treasury Secretary Scott Bessent called on allies on Tuesday to disrupt Iran's.financing network and said that the Treasury would clear its outdated sanctions list to.make it easier for the financial institutions to.root out the most sophisticated terrorist funding schemes. Bessent said that after the G7 finance leaders met at Paris, participants in an anti-terrorism funding conference should "stand in full measure with us" against Iran. Bessent stated that "this will require our European partners, for example to join the United States by taking action against Iran, including by designating its financiers and unmasking their shell and front company, closing its...

Treasury Secretary Scott Bessent called on allies on Tuesday to'more forcefully disrupt Iran’s financing networks. He also said that the Treasury would scrubbing its outdated sanctions list to make it easier to root out sophisticated terrorist financing schemes. Bessent, in remarks prepared for a conference on anti-terrorism finance after the G7 finance leaders had met in Paris said that participants should "stand with us fully" against Iran. Bessent stated that "that will require our European partners, for example to join the United States by taking action against Iran, by designating its financials, unmasking their shell and front companies and?shuttering their...

On a visit to 'China' this week, Russian President Vladimir Putin is expected to discuss all aspects of bilateral ties with Chinese President Xi Jinping, including the proposed Power of Siberia 2 pipeline. Yuri Ushakov told reporters that Putin would arrive in China Tuesday evening, and will meet Xi on Wednesday morning. The Russian delegation includes senior officials, as well as the heads of major companies such as Rosneft, Novatek, and Gazprom. The Power of Siberia 2 project, which has been long discussed, could deliver 50 billion cubic meters (bcms) more of gas annually from Russia's Arctic Gas Fields via...

Donald Trump, the U.S. president, said on Friday that he will soon make a decision about lifting sanctions against Chinese companies who 'buy Iranian oil'. Hengli Petrochemical, one of China's largest private refiners, and a symbol for Beijing's efforts to modernize?and upgrade?the industry, was among the Chinese oil refiners that were sanctioned by the U.S. Trump said to reporters on Air 'Force One, shortly after departing Beijing following his two day?summit? with President Xi Jinping. The Chinese summary of the summit did not mention any deals, but U.S. officials such as Trump mentioned the possibility that China could buy more...

U.S. trade representative Jamieson Greer said in a live interview with Bloomberg News on Friday that China wanted to see the Strait of Hormuz open again without any curbs or tolls. He added that the U.S. Beijing was confident that it would take action to 'limit' material support for Iran. He cited remarks made by Chinese officials during the Beijing summit of U.S.-China leaders. "It was very clear that the Strait of Hormuz should be open for China, with no tolling and no military control. We welcome this. Greer attended summit meetings between the?U.S. President Donald Trump met with Chinese...

The?International Monetary Fund stated on Thursday that they?welcome?the initial dialogue between U.S. president Donald Trump and Chinese president Xi Jinping. They added that reducing tensions and uncertainties between the two world's largest economies is good for the entire world. When asked to comment on the initial results of the Trump-Xi Summit in Beijing, IMF spokesperson Julie Kozack said at a press briefing: "It is important that the two world's largest economies engage at the highest levels." "We certainly welcome the fact there is a constructive dialog between the two nations." Kozack said that anything that reduces trade tensions, or creates...

During a leadership'summit with Donald Trump, President Xi Jinping stated his interest in buying more U.S. crude oil to reduce China’s dependence on Strait of Hormuz. The readout said that both leaders agreed the Strait of Hormuz should remain open in order to allow for the free flow of oil and Xi was against any militarization of the strait or tolls. The Chinese summaries published by the state media did not mention oil purchases. China's Foreign Ministry did not immediately respond to a comment request. Trump and Xi spent several hours together on Thursday, the first day of a two-day...

Eneos Holdings announced on Thursday that it would purchase U.S. giant Chevron's 50 percent stake in Singapore?Refining Company and other assets throughout Southeast Asia, Australia and Australia. This will be its first venture into refining outside of Japan. Eneos stated that the deal, which includes Chevron’s assets in Vietnam, Australia Philippines and Malaysia, is expected to be closed by 2027. Chevron is looking to sell its refining assets and storage facilities in Asia, to reduce costs and streamline operations. This investment is a major step towards strengthening the business platforms that connect Japan to Southeast Asia and Oceania. It also...

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

This week, gold prices in India continued to be at a steep discount, due to price volatility, which dampened demand, while premiums in China were reduced. Dealers in India quoted discounts This week, you can save up to $78 per ounce on official domestic prices, including 15% import duty and 3% sales tax. That's a significant drop from the previous week when you could save up to $207 per ounce. Retail buyers are confused by the recent price fluctuations after the government increased import duty earlier in the month. "Most of them are waiting for the prices to come down,"...

Copper prices eased on Thursday due to concerns over the'slow progress of the U.S. in negotiating a peace agreement with Iran and a possible 'weaker demand for metals from a prolonged war. The benchmark three-month copper price on the London Metal Exchange fell 1.3%, to $13,480 per metric ton during the official open-outcry trade after rising by 1.8% the previous session. LME copper is up 8% for the year, but it has fallen from its high of $14,196.50 last week. Ewa Mnthey, commodities strategist at ING, said: "For the moment, geopolitics are setting the tone. But without a clear catalyst...

Arafura Rare Earths announced on Thursday that it has approved the development of its $1.6 billion Nolans Project in the 'Australian Northern Territory', which will 'become 'the third-largest rare earths operations of the country by the end of this decade. The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines. Arafura has secured financing commitments with the export credit agencies in the United States, Canada and Germany, as well as global trading houses and manufacturers. This is because Western...

Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However,...

Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However,...

Copper prices rose on Wednesday,?as if to signal that the Iran War was about to end? and as Chile, the top producer of copper, cut its production forecast. Nickel's recent rally also paused while the market awaited more information?on the Indonesian supply outlook. The benchmark three-month copper price on the London Metal Exchange increased 0.6% in open-outcry official trading to $13,490 per metric ton after hitting its lowest level since May 8, at $13,350. LME copper is down from $14,196.50, its highest level in over three months, just a week earlier. Profit-taking, the strong dollar, and concerns about demand in...

The Deputy Foreign Minister Mikhail Galuzin, told the 'Izvestia' newspaper that Russia is worried by U.S. efforts to secure access to rare earths and vital minerals in Central Asia. The?G7 nations including the U.S., EU and Canada have been exploring alternative markets to help reduce their reliance on Beijing. Russia is interested in the Central Asian countries - Kazakhstan Kyrgyzstan Tajikistan Turkmenistan, and 'Uzbekistan. This is at a time when China has been increasing its focus on the region. Galuzin, in an interview with?Izvestia published on Wednesday, said: "We are worried by the intensity of Washington's push for agreements on...

Iron ore prices fell a further 5% on Tuesday, to their lowest level in more than two months. The reason was China's new stricter plan to curb overcapacity?in the steel sector. This dampened the prospects for demand?for feedstocks. However, near-term consumption has capped these losses. Iron ore, the most traded contract at China's Dalian Commodity Exchange(DCE), closed daytime trading down 0.87% to 798.5 Yuan ($117.38) per metric ton. This was a decline for a 4th consecutive session. The contract hit its lowest?level since the 30th of April at 794 Yuan during the daytime session. By 0814 GMT?the benchmark July iron...

Iron ore prices fell on Tuesday, reaching their lowest level in over two weeks. China's new plan to curb the steel industry's overcapacity dampened demand prospects, but a firm near-term consumer base capped losses. Iron ore, the most traded contract on China's Dalian Commodity Exchange DCE, fell by 0.87% at 0313 GMT to 798.5 Yuan ($117.50), a metric tonne. This was the fourth consecutive session of declines. The price of iron ore fell to its lowest level since April 30 at 796 Yuan during the morning session. By 0303 GMT the benchmark 'June iron ore' on the Singapore Exchange had...

India has curbed the imports of silver in nearly all forms, with immediate effect. The government order was issued on Saturday. India, the world's largest consumer of this metal, is trying to reduce shipments to ease the pressure on the rupee. The restrictions are expected to result in a reduction of silver imports, and a tightening of domestic supplies. This could potentially increase premiums on the local market. India's lower demand, which imports more than 80% its total consumption, could have an impact on global prices. The order stated that India had placed imports of 99.9% pure silver bars and...

The White House said on Sunday that China will address U.S. concern about a'shortage of certain specialty rare Earths due to?Beijing’s export controls. China's export controls on rare earths, introduced in April 2025 as a retaliation to President Donald Trump's Liberation Day Tariffs, continue to restrict the exports of some rare earths. This is despite an agreement last October that China agreed to let shipments flow freely. Beijing's 'grip' has been most tightened on specialty?rare Earths like yttrium and scandium. Both are used in defence, chipmaking, aerospace, and other industries. It read: "China will address U.S. concern regarding supply chain...

Gold dropped to a'more than a week low on 'Friday as U.S. Treasury Yields?and -the- dollar rose, and inflation fears due to the U.S./Israel war against Iran reinforced bets on higher interest rates. Gold spot was down 2.3% to $4,555.63 an ounce at 1:19 pm EDT (1719 GMT), after it had hit its lowest price since May 4, earlier in the day. Prices have fallen 2.5% so far this week. U.S. Gold Futures for June Delivery fell 2.7% to $4,560.20. "There were a few reasons for the sell-off in (precious metals). The dollar is strong right now. Not only are...