China

China accuses the United States "unilaterally bullying" for calling on allies imposing tariffs on China because of its purchase of Russian crude oil. This is fueling tensions at a meeting between Chinese and U.S. officials in Spain, where they are trying to resolve their trade disputes. China has rejected Washington's demand that the Group of Seven countries and NATO countries impose a secondary tariff on Chinese imports due to its purchase of Russian crude oil, China’s commerce ministry announced on Monday. It called it "a textbook example of unilateral bullying, economic coercion, and economic intimidation". On Monday, officials from China...

Saudi Arabian crude oil exports will surge to China in October following a steep drop in prices, according to several sources. A tally of the allocations made to Chinese refiners revealed that Saudi Aramco, the state oil company, will ship 51 million barrels in October. This is about 1.65 millions barrels per day. The October plan is comparable to the 1,43 million bpd allotted in September, and the volume in August was the highest in April 2023. Sources said that the top Asian refiner Sinopec and Hengli Petrochemical were planning to increase Saudi crude exports next month. Aramco didn't immediately...

The Finance Ministry said that Uganda's economy will grow at an average of 8% per year over the next five-year period, mainly due to investments in the petroleum sector and other sectors, such as transportation. The Ministry of Finance, citing Finance minister Matia Kasaija, said that the start-up of crude oil production is expected around mid-2026. This will push the growth to double digits for the fiscal year 2026/27. Last year, the International Monetary Fund predicted that Uganda's economic growth would reach double digits due to oil production. It is the first forecast of this kind by the government. Kasaija...

Ship-tracking data revealed that a third tanker carrying natural gas liquefied from Russia's Arctic LNG 2 project, sanctioned by the United Nations, arrived in a Chinese port Tuesday. According to Kpler, a provider of ship tracking data and LSEG, the sanctioned Russian gas tanker Zarya has arrived at Tieshan's LNG terminal in China's southwest province of Guangxi. LSEG data shows that the cargo is larger than 160,000 cubic metres and was loaded at Arctic LNG 2 in Gydan, northern Siberia, on July 30. The Arctic Mulan tanker delivered the first cargo of the project sanctioned in late August. Second cargo...

Customs data released on Monday showed that China's coal exports reached an eight-month peak in August. This was largely due to higher prices at home, but volumes were still below those seen a year ago. According to the General Administration of Customs, the country imported 42.74 millions metric tons of coke last month. This was the highest since December but down around 7% compared to August 2024. Toby Hassall is the lead analyst of LSEG's coal market. He said that "the rise in imports reflected a widened arbitrage as China’s domestic prices climbed following a reduction in coal production locally...

Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump...

India announced on Wednesday that it would reduce taxes on hundreds of items, from soaps to cars, to boost domestic demand. It also simplified the complicated structure of its goods and services tax to just two rates, from four. There were some exceptions, however, for luxury goods and "sin goods". Early sessions saw the benchmark BSE Sensex (BSE index) and Nifty 50 rise by 0.8% each. Here's how the industry has responded so far: ANISH SHAH, GROUP COOPERATIVE & MD MAHINDRA GROUP "The next-generation GST Reforms... mark an important moment in India's quest to build a simpler and fairer tax...

Aleksandar Vucic, the president of Serbia, said that Serbia is hoping for a better cooperation with Russia. Vucic, along with Russian President Vladimir Putin, took part in the regional security summit held in Beijing. The Chinese hope to use this event as a counterweight to Western influence on global affairs. Vucic stated that "cooperation with Russia at the highest levels is very important for Serbia. This is especially true in the areas of energy and Russian supplies of gas," at the beginning of the meeting with Putin. Serbia is aspiring to be a member of the European Union. However, Russia,...

Robert Fico, the Slovak prime minister, told Vladimir Putin that Russia wants to normalise relations with Slovakia and will increase imports of Russian natural gas via TurkStream. These comments were in direct conflict with the European Union's position, which seeks to reduce its dependence on Russian energy to punish Moscow for its invasion of Ukraine 2022. They also come at a crucial time in the efforts to end this conflict. Both Slovakia and Hungary, both EU member states, are led by populists who have maintained political ties with Russia which supplies most of their oil requirements. Fico told Putin during...

Kuwait has opened the bids for phase one of the Al Khairan water and power project. The project is a 1.8-gigawatt energy source that aims to alleviate Kuwait's power shortages. Kuwait Authority for Partnership Projects invited pre-qualified international consortiums to submit bids for Al Khairan Phase 1 independent water and power producer project. The project will also produce 125 millions imperial gallons per day of water. Kuwait, a member of OPEC and a major oil producer, is facing a severe electricity shortage because of rapid population growth, urbanization, rising temperatures, and maintenance delays in certain plants. The government has had...

Chinese business centres near traditional Chinese pavilions. Russian adults practicing Kung Fu and learning Mandarin. Sizzling food being served at Chinese restaurants. Signs of Beijing's influence are everywhere in Moscow as President Vladimir Putin prepares to visit China next week. It seems like the contacts with China have intensified. "A mutual interest is increasing," said Natalia Gerasimova. She was a manager of a Russian company, and visited the Chinese landscape park in Moscow. "They are welcoming to us and they treat us well." In Russia, I also do not see resistance to these relationships. "Yes, we may have different mentalities...

Gold Reserve filed a motion on Wednesday to disqualify an opposing bid by an affiliate of Elliott Investment Management, which a Delaware court selected this month as the frontrunner in an online auction for Citgo Petroleum’s parent. The auction of PDV Holding (parent of Venezuelan refiner Citgo) was overseen by a court officer who determined that the winning bid in the competition was a $5.86-billion offer made by Elliott affiliate Amber Energy, despite his recommendation in July of a $7.4-billion bid from a group headed up Gold Reserve subsidiary Dalinar Energy. The officer will now have to submit a fresh...

On Monday, copper prices remained above $10,000 per metric ton as the market weighed downbeat metals consumption data from China against hopes of stimulus measures and interest rate reductions in the United States. The benchmark three-month copper price on the London Metal Exchange rose 0.1% by 1000 GMT to $10,073 per ton, after reaching an intraday high of $10,000, which was close to a five-month high reached on Friday of $101,126. The data showed that China's factory production and retail sales fell to their lowest levels since last year in August, putting pressure on Beijing to provide more stimulus. "This...

Prices of copper rose on Monday as a result of the expectation that U.S. Federal Reserve will cut interest rates this week, and persistent supply concerns. However, caution about the resumption of trade talks between China and the United States tempered gains. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading 0.36% higher, at 81,000 Yuan ($11371.77) per ton. The benchmark three-month copper price on the London Metal Exchange rose 0.07% to 10,075 tons after reaching its intraday high of $10,101 in the morning session. This was close to the five-month high of $10,126, which was reached...

Iron ore futures prices ended Monday lower, despite gains in steel benchmarks and steelmaking components, due to persistent weakness in China's top consumer, the property sector. The January contract for iron ore on China's Dalian Commodity Exchange dropped by 0.31%, to 796 Yuan ($111.75), per metric ton. As of 0703 GMT, the benchmark September iron ore traded on Singapore Exchange was down by 0.28% to $105.4 per ton. China's new house prices dropped by 0.3% in the month of August, compared to the previous one. This continues a downward trend which began in May 2023, and highlights weakness in the...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Whirlpool, an appliance maker in the United States, told the U.S. Government that its overseas competitors may be undervaluing imports to avoid paying hefty tariffs by using federal data generated through import paperwork. ANZ Group has agreed to pay a total of A$240m ($159.70m) in penalties as part of a settlement deal for five issues within its Australian Markets & Retail business that were at the center of a regulatory investigation. The White House Chief of Staff...

China's crude output of steel in August fell for the third consecutive month, as steelmakers in northern China curtailed operations in order to clean up the air in preparation for an early September military parade in Beijing and due to a seasonal drop in demand. Data from the National Bureau of Statistics revealed on Monday that the world's biggest producer produced 77.37 millions metric tons of raw steel in August - the lowest level since December. The volume in August was 2.9% less than the previous month, when it had been 79.66 millions tons. Calculations based on data show that...

The price of base metals in Shanghai, London and New York was largely unchanged on Monday due to renewed concerns about trade tensions between two of the largest economies in the world. This offset optimism over a rate cut by the U.S. Federal Reserve. U.S. officials and Chinese officials are set to begin a second round of negotiations on Monday, after concluding their first day of discussions in Madrid on Sunday. The talks were aimed at repairing the strained ties between them. Washington has demanded that its allies impose tariffs on Chinese imports over their purchases of Russian crude oil....

Investors' expectations of U.S. rate cuts and concerns over possible shortages have fueled copper prices to their highest levels in five months. The price of three-month copper at the London Metal Exchange rose 0.2% in open-outcry official trading to $10,068 a metric ton. This is its highest level since march 26. The price of copper has increased by around 15% in the past year, but it has been unable to break through the $10,000 psychological barrier. Base metals rallied along with other markets after U.S. jobless claims surged on Thursday, confirming the belief that Federal Reserve would cut interest rates....

China's central bank announced on Friday that it is looking for public feedback on its proposal to streamline the licensing system to make it easier to export and import gold and gold-based products. The world's top gold consumer intends to expand the number of customs authorities that are eligible to manage the "Non-one-batch-one-licence" for gold products to 15 from 10 previously, People's Bank of China said in a statement. "Non-one-batch-one-licence" means that the same licence can be used for more than one customs clearance as long as this does not exceed the prescribed quantity, the central bank said. The document...

Rilke Jeffreyri Huwae, an official from the mining ministry, said that a task force in Indonesia seized a 148 hectare area (366 acres) of PT Weda Bay Nickel because it did not have the necessary forestry permits. The government is targeting illegal mining operations as part of an overall crackdown. Last month, President Prabowo said that the government had identified more than 1,000 illegal mining operations. Rilke stated that PT Weda Bay Nickel holds a mining permit but does not have the forestry licence required to exploit the region. The nickel-rich Halmahera island is home to the Weda Bay Nickel...

Iron ore futures fell on Friday due to higher inventories of ore and metals, but they remained on course for a third weekly gain. This was boosted by improved demand in the top consumer China, and concerns about supply from Guinea-based projects. As of 0320 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was down 0.56% to 795.5 Yuan ($111.73), per metric tonne. The contract is up 1.1% this week. As of 0310 GMT the benchmark October iron ore price on the Singapore Exchange had fallen 0.17% to $105.3 per ton but has seen a...

The copper price fell on Thursday. It climbed above $10,000 per metric ton, but then retreated under the pressure of a stronger dollar and lingering uncertainty about how tariffs would affect demand. After touching $10,015, the price of three-month copper at the London Metal Exchange dropped 0.3% to $9.983 per ton during official open-outcry trades. This was the second consecutive session that it moved above $10,000. Nitesh Sha, a commodities strategist at WisdomTree, said: "I believe the news on copper markets is still quite positive, but the dollar has firmed up a little this morning and added some headwinds to...

Iron ore futures prices fell on Thursday as the sentiment was weighed down by China, a major steel consumer. The day-traded iron ore contract for January on China's Dalian Commodity Exchange closed 0.81% lower, at 795.5 Yuan ($111.69), per metric ton. As of 0835 GMT, the benchmark October iron ore traded on Singapore Exchange fell 1.24% to $100.55 per ton. Analysts in Shanghai said that "Steel inventories continue to accumulate while demand is still not showing clear signs of improvement." The stock of five major steel products rose for the seventh week in a row, reaching a four-month record of...