China

State media reported that a preliminary investigation into the 'deadliest mining disaster in China in over 15 years' revealed unmarked tunnels, fake doors, and missing trackers. The government has pledged to investigate the incident thoroughly, despite the fact that it is still early in the process. A gas explosion at the Liushenyu Mine in the coal-rich Shanxi province in northern China killed 82 people late Friday night. State media reported that two people were still missing and 128 others hospitalized. This is the worst mining accident to have occurred in China since 2009. A gas explosion in the Xinxing Mine,...

Three trade sources familiar with the issue said that China will only see a small increase in refined fuel exports from May to June, because Beijing plans to maintain export restrictions for a fourth month in order to protect domestic supply. Two sources said that June exports were estimated to be around 550,000 metric tonnes or slightly more than expected, compared to about 500,000 tons in May. The two sources and another person said that state oil firms must now seek approval from the government on a regular basis for every shipment they export. This is because China, the world's...

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...

Aluminum prices reached their highest level in over four years on Tuesday as rising feedstock prices, alumina,?added?to persistent concerns?about a tightening?market amid a?reduced supply from Gulf producers. The London Metal Exchange's three-month aluminium rose by 1.4%, to $3,698.50 at 0937 GMT, after reaching $3,707.5. This is the highest level since March 24, 2020. On March 7, 2022 the metal reached a record high of $4.073.5, as markets grappled with the immediate aftermath of Russia's invasion in Ukraine. A 5% increase in September alumina contracts on the Shanghai Futures Exchange, which rose to their highest level since early May due to...

The disparity between China's low steel production and its robust imports of?iron ore is still evident, but it is now starting to appear as a structural shift instead of a temporary dislocation. China, which accounts for just over half the world's total steel production, produced 86.63 metric tons of steel in April. This is a 2.8% drop from the same period in 2025 and the lowest April figure since 2018. Steel production for the first four months of the year was 331.12 millions tons, down 4.1% from last year's same period. According to official statistics, however, iron ore exports increased...

Analysts expect that the worst mining disaster in China's history will have a negative impact on the coal supply during the summer, when demand is usually high. Gas explosions at Liushenyu Mine in Northern?Shanxi Province killed 82 people late Friday night. Officials called for better safety oversight. President?Xi _Jinping has ordered an investigation. How much coal mining has been halted due to safety checks? According to an analysis by Mysteel analysts, as of Monday, 319,000 tons of coal per day were halted in 109 mines across Shanxi for safety inspections. This is typical after a fatal accident. Mysteel stated that...

The dollar and oil prices fell on Monday, as a result of hopes for a possible peace agreement between the United States and Iran. This eased fears about inflation and an economic slowdown. By 0845 GMT, the most traded copper contract at the Shanghai Futures Exchange had gained 1.1%, to 105.650 yuan (15,548.76 dollars) per ton. We are hearing some good news about the conflict. Soni Kumari, an ANZ analyst, said that the positive market sentiment is a result of this. The Middle East conflict has caused supply disruptions, which have a negative impact on the demand for base metals....

The dollar and oil prices fell on Monday, as hopes of a possible peace deal between the United States and Iran grew. This eased fears about inflation and an economic slowdown. By 0552 GMT, the most traded copper contract at the Shanghai Futures Exchange had gained 0.9%, to 105.370 yuan (15,507.56) per ton. "We're getting positive news about the conflict." Soni Kumari, an ANZ analyst, said that this is good news for the industrial metals market. The Middle East conflict has caused supply disruptions, which is why metals demand remains strong, according to Kumari. Oil prices fell below $100 per...

Copper prices rose on Monday, as the dollar and oil fell in anticipation of a possible 'peace agreement' between Iran and the United States. This eased fears about inflation and an economic slowdown. The Shanghai Futures Exchange's most traded copper contract rose 1.1%, to 105 590 yuan (15,539.93 dollars) per ton. Oil prices fell below $100 per barrel as oil traders awaited the announcement of a U.S. Iran deal to reopen Strait of Hormuz. The Middle East conflict has caused energy prices to rise sharply, raising inflation fears and changing the outlook for global interest rates. Hopes of a peaceful...

Prices of Chinese 'coking coal' soared to their highest level in nearly two weeks on Monday, after a series of strict safety checks were conducted at coal mines as a result of a fatal mine accident that occurred near a key production hub. This led to expectations of a tightening of supply. The gas explosion that occurred at the Liushenyu Coal Mine in northern Shanxi province late Friday night has claimed the lives of 82 people. This is the deadliest mining accident to have happened in China since 2009. Local officials announced at a Sunday 'news conference' that the mine...

Myanmar's military launched a renewed offensive into several border areas, including an area with rare earth deposits, and other important trade routes. This comes a month after the new administration officially took control of this?war-torn nation. Ye Win Oo is the new military chief who took over in March, after his longtime predecessor left to become president. He has been aggressively reclaiming strategic border strongholds that ethnic armies have taken control of in recent years. Recent military offensives focused on Kachin State - a region rich with heavy rare earth elements bordering China - as well as Chin State near...

Prices of Chinese coking coal soared to their highest level in almost two weeks on Monday, after a 'wave' of safety checks in coal mines in response to a fatal mine accident that occurred in a key production hub. This triggered expectations for a tightening in supply. The gas explosion that occurred at the Liushenyu Coal Mine in the northern province of Shanxi on Friday night has claimed the lives of 82 people. This is the deadliest mining accident to have happened in the country since 2009. Local officials announced at a Sunday news conference that the mine belongs to...

Copper prices rose Friday, as falling inventories overshadowed expectations of seasonal muted demand from China's top metals consumer and uncertainty about progress in U.S. Iran peace talks. In open-outcry official trading, the price of a metric ton of three-month 'copper' on the London Metal Exchange rose 0.6% to $13,599 per tonne. Copper stocks available in LME registered warehouses LME data daily showed that the price of crude oil fell to its lowest level in 10 weeks after 53 325 tons had been earmarked for shipment. COMEX traded at a higher price than the LME benchmark, as the market waited to...

China has blocked Japan from obtaining several rare earths, heavy materials, and other minerals for at least four months. This coincides with a dispute over Taiwan between the two nations, indicating that Beijing is using its control of critical minerals to gain diplomatic leverage. Japan is the second largest producer of rare-earth magnets outside of China, but, like the rest of the globe, it is largely dependent on Beijing to import certain heavy rare earths, which are used in magnets, aerospace, and defence as well as gallium. Chinese customs data show that since December, Chinese exports to Japan of rare...

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,"...