China

The National Foreign Trade Council, whose members include U.S. companies like Oracle, Amazon.com, and Exxon Mobil on its board of directors urges the Trump administration suspend an immediate rule that it claims has halted U.S. billions in exports. It also says this will cause China and other countries drop U.S. businesses from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, takes issue with the Affiliates Rule which prohibits American companies from shipping technology and goods to companies that are part-owned or controlled by sanctioned companies. In a letter dated October 3, NFTC president...

A lobbying group, whose board of directors includes U.S. companies like Oracle.com, Amazon.com and Exxon Mobil, is calling on the Trump administration suspend an executive order that it claims has halted U.S. exports worth billions of dollar and will lead China and other countries drop U.S.-based firms from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, and seen by, takes aim at what is known as the Affiliates Rule. This rule prohibits American companies from supplying goods and technology, to companies that are part-owned, by sanctioned companies. In a letter dated October 3,...

Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East. The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure. A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023. "We must remember...

An executive revealed on Wednesday that engine developer Horse Powertrain has been working with Chinese automakers Leapmotor and Chery to develop vehicle projects in order to access global markets outside of China. Horse is a joint-venture between Renault and Geely, who each own 45%. Saudi Aramco, the oil producer, owns the other 10%. "We are working with a number of different automakers around the world," Wang Ruiping told reporters in the office of Horse's Ningbo subsidiary. He named three Chinese automakers as partners, but didn't elaborate. Leapmotor makes electric vehicles, but Zhu Jiangming, the CEO of the company, said last...

Customs data released on Monday showed that China's imports of coal rose to their highest level in nine months, as domestic coal prices increased, making imported coal more affordable. However, shipments were still below the levels seen a year ago. China's General Administration of Customs reported that the country imported 46 million metric tonnes of coal last month. The decline in prices on the international market was responsible for the lower total of last month compared to September, when it was a record high. This record was broken in November. September 2024 is now the second highest month ever. The...

Sources with knowledge of this matter stated on Friday that Saudi Arabia's crude exports to China will fall to 40 million barrels in November as refiners switch to cheaper spot supplies from other Middle East producers. This would be a drop from the 51 million barrels expected to be exported by the top oil exporter in October. Saudi Aramco, the state-owned oil company, left its official November price for its flagship Arab Light crude in Asia unchanged, despite market expectations that it would increase. This was a day after OPEC+ had agreed to a modest rise in oil production. Data...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Sinochem, a Chinese company, is willing to sell its Pirelli shares - but only if they are offered at a premium. This comes after the Italian government announced this week that Sinochem had not violated the rules protecting the autonomy of the tyre manufacturer. Rome is trying to resolve a dispute over governance that has affected Pirelli for years. Sinochem, Pirelli’s largest shareholder, is at odds with Camfin, another investor. Pirelli and Camfin complained that the fact that a Chinese company was its largest shareholder was preventing the tyre manufacturer from expanding in the U.S., because Washington is tightening restrictions...

The tyre maker said that the Italian government determined Sinochem, which is the largest shareholder of Pirelli, had not violated "golden powers" measures in 2023. The historic Italian company is now a Chinese-owned business. Recent months have seen a sensitive issue. Camfin, the second largest shareholder of Pirelli, claimed that this would threaten its plans to expand into the United States. Washington tightens restrictions on Chinese automotive technology, banning software and hardware produced by Chinese-controlled firms in vehicles connected to U.S. roads. A statement from the Italian government said that it had concluded that actions taken by directors who were...

In Australia, the biggest buyouts in 15 years have failed this year. Misaligned valuations and regulatory risks are adding to the challenges of navigating a regulatory environment that is becoming increasingly strict. The ADNOC-led group's decision to withdraw from its bid of $18,7 billion for Santos (Australia's second-largest gas producer) is the latest high-profile deal to fail in Australia in this year. Sources reported that the ADNOC bid, via its investment vehicle XRG was shelved because of disagreements between the parties on potential capital gains taxes relating to a Santos property. Analysts said that the deal would also have had...

China's rapid production ramp-up in ethylene – a component crucial for plastics and packaging, as well as construction – is expected to lower global prices, and put pressure on U.S., and European, chemical manufacturers who are already struggling with an oversupply of chemicals and weak demand. The domestic demand in China is also waning, as the property market continues to deteriorate amid an economic slowdown. Analysts said that this could result in a flood of Chinese ethylene on global markets, which would delay a price recovery. Vertical Research Partners estimates that the world's second largest economy has ethylene production capacity...

Gold prices increased by more than 1% on the first day of this week, boosted by expectations for further U.S. rate cuts, and by sustained demand from investors who were awaiting upcoming U.S. China trade talks, and U.S. inflation data due out later in the week. As of 1330 GMT, spot gold rose 1.6% to $4,318.50 an ounce. U.S. Gold futures for delivery in December rose 2.8%, to $4333.10 an ounce. Gold prices reached a record-high of $4,378.69 per ounce on Friday but ended 1.8% lower, their biggest drop since mid-May, after Donald Trump's comments eased concerns about U.S. China...

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Copper gained ground on Monday, bouncing back from a dip on Friday, as investors cheered stronger-than-expected China industrial output data and focused on the so-called fourth plenum - a key meeting of the Chinese leadership. As of 0900 GMT, the benchmark three-month copper price on London Metal Exchange had increased by 0.4% to $10,648.50. Data from the National Bureau of Statistics revealed on Monday that China, a major metals consumer, saw its industrial output grow 6.5% in September compared to last year. This was better than the forecasted growth of 5.0% and lifted sentiment even though China's GDP grew at...

Iron ore futures fell on Monday as concerns about demand for the steelmaking ingredient grew following a series of disappointing data from China, its largest consumer. The January contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.58% lower, at 767 Yuan ($107.68), per metric ton. It had touched its lowest level since September 1, at 762.50 Yuan, earlier in the day. Ge Xin said that the downstream steel consumption in September, traditionally a month of high demand, was lower than expected. "We expect crude steel production to remain low amid increasing uncertainties," Ge Xin wrote...

Shanghai copper gained on Monday as China's stronger-than-expected industrial output helped to boost sentiment even as the country's economic growth slowed to a one-year low. As of 0330 GMT, the most active copper contract traded on Shanghai Futures Exchange rose 1.26%, trading at 85,790 Yuan ($12,041.88) a metric ton. The benchmark copper for three months on the London Metal Exchange increased by 1.06%, trading at $10 717 per ton. Data released on Monday by the National Bureau of Statistics revealed that China's industrial production grew 6.5% on an annual basis in September, up significantly from the 5.2% growth in the...

U.S. president Donald Trump said that his proposal of a 100% tariff on Chinese goods would not be sustainable. He blamed Beijing, however, for the latest impasse in negotiations which began when Chinese authorities tightened control over rare-earth exports. When asked if such a high tariff is sustainable and what this might do to the economic system, Trump responded, "It is not sustainable but that's the number." In an interview that aired on Fox Business Network, he stated that "they forced me to do this." Trump announced additional 100% levies on China's U.S. bound exports last week, as well as...

Iron ore futures are headed for a loss of 1% per week, as concerns about the demand outlook are exacerbated by the U.S.-China tensions. This coincides with the prospect of a rising ore supply in the rest of the year. The contract for January iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.19% lower, at 771 Yuan ($108.19), pushing the weekly decline to 3.1%. As of 0755 GMT, the benchmark November iron ore price on Singapore Exchange was $0.65% lower. So far, it has declined by 2%. The price of key steelmaking ingredients was supported by the...

The company announced on Thursday that Zhejiang Cobalt, a Chinese company, will begin producing lithium sulphate in the first quarter 2026 at its $400 million plant located in Zimbabwe. Zimbabwe is pushing for more local processing. A senior executive told a group of journalists that the newly-completed plant at Huayou’s Prospect Lithium Zimbabwe’s Arcadia Mine has a capacity of more than 50,000 metric tonnes of lithium sulphate per year. Lithium Sulphate is a product intermediate that can be refined to a battery grade material, such as lithium hydroxide and lithium carbonate. Henry Zhu, general manager of Prospect Lithium Zimbabwe, told...

The physical gold market in Asia was very strong during this week. Prices broke multiple records and premiums in India reached their highest levels in more than a decade, ahead of the major festivals in this month. Gold prices in the spot market surpassed $4300 an ounce on Thursday for the first. They have gained 7.6% over this past week, amid renewed U.S. China trade tensions, and anticipation of a U.S. interest rate cut. This week, the domestic gold price in India reached a new record of 131 699 rupees for 10 grams. Indian dealers quoted premiums Up to $25...

The iron ore futures price fell by a significant amount on a weekly basis as the trade tensions between the U.S. and China weighed down on the outlook for demand. The most traded January iron ore contract at China's Dalian Commodity Exchange was unchanged by 0339 GMT. It stood at 773 Yuan ($108.52), representing a 2.8% decline so far this week. As of 0329 GMT, the benchmark November iron ore traded on Singapore Exchange was down 0.31% at $104.6 per ton. The price has fallen by 1.7% this week. The price of key steelmaking ingredients was supported by the strong...

Official data revealed that Guinea's exports of bauxite grew by 23% in the third quarter compared to the same period last year, despite heavy rains and regulatory obstacles. According to the data reviewed on Wednesday by the Ministry of Mines and Geology, shipments of the critical aluminum feedstock increased to 39.41 millions metric tons, from 32 million metric tons in Q3 of 2024. The bulk of the shipment was sent to China. Guinea, which is the second largest bauxite exporter in the world, shipped an average of 13.14 million tonnes per month in Q3, a 19% drop from the first...

The copper price fell on Thursday, as U.S. China trade tensions and uncertainty caused by the United States shutdown weighed down on sentiment. However, the weaker dollar offered some support. At 0923 GMT, the benchmark copper price on London Metal Exchange had fallen by 0.7% to $10,566 per metric tonne. Last week, fears about tight supply due to disruptions in mining drove prices up to $11,000 per ton. This was a 16-month record. The U.S. government shutdown has lasted two weeks. Cost A Treasury official late on Wednesday said that the loss of output could be as high as $15...