China

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

A European lobbying group, looking for cover against the U.S. - China trade war, said Monday that China's tightening of export controls is pushing European firms into exploring new supply chain capacities outside the world's largest economy. According to the European Union Chamber of Commerce in China, one in three of its member companies are looking to move their sourcing from China because of Beijing's export controls regime. Forty percent of respondents to its recent flash survey reported that the Commerce Ministry is processing export licenses slower than promised. The chamber's President Jens Eskelund said that China's export controls had...

The price of iron ore futures fell on Friday but recorded their third consecutive weekly gain due to recent infrastructure demand. The day-traded contract for January iron ore on China's Dalian Commodity Exchange closed 0.19% lower, at 794 Yuan ($112.18) per metric ton. The contract rose 1.14% in the past week. As of 0717 GMT, the benchmark December iron ore traded on Singapore Exchange was down 0.89% at $105.75 per ton. The contract has gained 1.73% in the first week. Galaxy Futures, a Chinese broker, says that infrastructure demand has been increasing recently. Prices are expected to follow fundamentals on...

The iron ore futures price was little changed on the Friday but is headed to a third weekly gain in a row on recent infrastructure demand. As of 0301 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.06% higher. It was 796 yuan (US$112.48) per metric ton. This week, the contract has risen by 1.14%. The benchmark December Iron Ore at the Singapore Exchange fell 0.56% to $106.1 per ton. Galaxy Futures, a Chinese broker, says that recent infrastructure demand is increasing, resulting in a continued improvement in apparent steel demand. Prices are...

The major Gulf stock markets rose early on Thursday as they followed gains in Asian stocks, and expectations of a Federal Reserve rate cut next week grew. Investors are focused on Federal Reserve officials' statements this week, as there is a lack of data about the U.S. economic situation following the end to the government shutdown. CME FedWatch Tool shows that traders are now attributing an 85% chance of a rate reduction next month, up from 30% just a week earlier. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged...

On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has...

Sources and data show that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year. Refineries have avoided a sharp decline in fuel output by using spare capacity to offset the damage caused by the strikes. Ukraine has intensified drone attacks in Russia. The aim is to destroy oil refineries and depots, and shut down pipelines, as well as Moscow's main source of funding the war in Ukraine. The majority of attacks took place at the beginning of 2025, then resumed in August. At least 17 major refineries were targeted by Ukrainian drones, which...

The Russian rouble gained against the U.S. Dollar and China's Yuan on Thursday, despite lower oil prices in Russia. Oil firms converted their earnings into roubles prior to U.S. sanctions taking effect. At 1020 GMT the rouble had gained more than 1% against the dollar, trading at 80.45, and was 0.5% higher at 11,31 against the Yuan at the Moscow Stock Exchange where it is traded the most. Washington introduced sanctions last month against Russia's two largest oil producers, Rosneft Lukoil as part of President Donald Trump's efforts for an end to Moscow's conflict in Ukraine. The deadline set for...

Saudi Aramco's decision to reduce the price of crude oil it sells to Asian refiners in December has been seen as an attempt to gain market share, amid fears of global oversupply. The reduction in Saudi crude oil was lower than the forecasts of Asian refiners. It seems to be a way for the world's largest crude exporter, Saudi Arabia, to remain competitive against other grades while giving it flexibility should China or India reject Russian barrels due U.S. sanctions. Aramco lowered last week its official selling price for its benchmark Arab Light for Asian customers by $1 per barrel...

The Russian rouble is stable against the U.S. Dollar and weaker than the Chinese yuan after the central banks reported an increase in exporters' foreign currency sales last month. Some analysts attribute this to U.S. sanctioned. The rouble traded at 81.20 dollars in the over-the-counter market and at 11.43 yuan at the Moscow Stock Exchange, which was down 0.5% at 0840 GMT. The central bank of Russia announced Monday that foreign currency sales for October were up 68% compared to a month ago, reaching $8.2 billion. The central bank attributed the increase to exporters repaying their foreign debt. In a...

Ningbo Jintian Copper, a Chinese rare earth producer, announced on Wednesday that it had obtained streamlined export?licences. After a meeting in late October between Donald Trump, the U.S. counterpart of President Xi Jinping, and Xi's Chinese counterpart Xi Jinping, the?new general licences? are intended to allow individual customers more exports with year-long permits. On an investor interactive platform, Ningbo Jintian Copper said that its rare earth magnets are used in electric cars, wind turbines and robots as well as consumer electronics, medical equipment, and consumer electronic products. Last week, it was reported that three Chinese rare-earth magnet manufacturers including JL...

Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December...

The copper price held steady on Wednesday just below records highs, as investors awaited a possible hawkish message from the U.S. Federal Reserve after its two-day policy meeting. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.23%, at 91.850 yuan (about $13,005.86). As of 0710 GMT, the benchmark 3-month copper price on the London Metal Exchange rose 0.68% to $12,565.50 per ton. The Fed's upcoming rate decision slowed copper's momentum. Markets expect a "hawkish reduction" in interest rates at a time of rising inflation fears and the resilience of US economy. Analysts at Chinese broker...

The copper price hovered just below its record highs as investors waited for the U.S. Federal Reserve to announce a possible hawkish policy following their two-day meeting. As of 0315 GMT, the?most-traded copper contract at the Shanghai Futures Exchange?was down by 0.37% to 91,720 Yuan ($12,987.27) per metric ton. The benchmark three-month price of copper at the London Metal Exchange rose 0.67%, to $11,564 per ton. The upward trend in copper slowed as the Fed rate decision drew near. At a time of persistent inflation fears and a resilient economy in the United States, the market was expecting a "hawkish"...

Iron ore futures rose on Wednesday, following several sessions of losses. This was after soft factory data in the top consumer China raised hopes for fresh stimulus to boost?economic growth by 2026. As of 0246 GMT, the most traded January iron ore contract on China's Dalian Commodity Exchange rose 1.66% to 776.50 yuan ($108.68), after falling by 0.7% on Tuesday. As of 0236 GMT, the benchmark January iron ore traded on Singapore Exchange was up 0.75% at $102.55 per ton. China's factory gate deflation has accelerated in the third year of its existence, and last month it grew even more,...

By Laila K. Kearney and Lewis Jackson NEW YORK - The CEO of GE Vernova, Scott Strazik, said on Tuesday that the company is working with?U.S. Scott Strazik, CEO of GE Vernova, said that the U.S. government is increasing its stockpiles for the rare earth element?yttrium. Strazik, one of the three largest gas turbine manufacturers in the world, said that GE Vernova has enough yttrium to last until 2025, and possibly into next year. He did not specify how long supplies would last. He added that the company was also looking at alternatives to certain rare 'earths' used in production,...

Prices of copper fell on Tuesday due to profit-taking after a 'rallying' rally, concerns about a possible slowdown in U.S. interest rate cuts and concern over Chinese demand. Benchmark three-month Copper on the London?Metal Exchange?was 1% lower at $11,523.50 a metric tonne by 1015 GMT. It had reached a record high of $11,771 a metric tonne on Monday. LME copper prices have risen 31% this year. About 10% of the increase has occurred in the past few weeks. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. The U.S. has seen a surge in metal...

The U.S. Military said it plans to build a fleet small-scale refineries that will produce the critical minerals needed to manufacture bullets, armor, and other types of weaponry. This is a step to create domestic sources of niche materials, which Chinese miners have 'long controlled. Plans, not previously announced, are being developed jointly by the U.S. Army, the Idaho National Laboratory, and the antimony and gold mining company Perpetua Resources. Antimony is the first mineral that the military wants to refine. The Army has said that it will not produce large quantities of minerals for private consumption. However, a small-scale...

The price of copper eased on Tuesday from its record high as the Federal Reserve's rate decision this week and tight supply continue to dominate trading. As of 0255 GMT, the most traded?copper?contract on Shanghai Futures Exchange fell 0.58%, to 91900 yuan (12,998.77 dollars) per metric tonne. The benchmark copper for three months on the London Metal Exchange was also down, falling 0.54% to $12,572.50 per ton. Shanghai copper is up 25% so far this season, while the London benchmark is up more than 30%. Analysts at Sucden Financial expect copper prices to be "characterized by sharp rallies, followed by...

Iron ore prices continued to fall on Tuesday as the Simandou project, located in Guinea in west Africa,?shipped out its first ore. This increased prospects for more supply, at a time when China, the top consumer, is expected to see a decline in demand due?to falling steel production. The most traded iron ore contract at China's Dalian Commodity Exchange was down 1.51% as of 0229 GMT. Its lowest price since July 10, and headed for its fifth straight session of losses. As of 0219 GMT the benchmark January iron ore price on the Singapore Exchange fell for a third session...

The copper price opened the week strongly, reaching a new record on Monday. This was boosted by the expectation of a rate cut from the U.S. Federal Reserve, and the prospect of squeezing supply. The Shanghai Futures Exchange's most active copper contract closed the daytime trade 1.54% higher at 92,970 Yuan ($13152.91) a metric ton. Shanghai copper reached a record high of 93,300 Yuan in this session. The benchmark three-month Copper on the London Metal Exchange gained 0.79%, to $11,712 per ton at 0700 GMT. It had previously reached a high of $11,771. The markets are pricing in an interest...

China's exports of rare earth minerals jumped in November. This was the first month that President Xi Jinping, and U.S. president Donald Trump had agreed to accelerate shipment. The General Administration of Customs of China reported that exports jumped by 26.5% in November from October, to reach 5,493.9 tons. The customs office will release a breakdown of countries on December 20, but it is not known if increased shipments into the U.S. and Europe fueled that jump. Since April, the introduction of export controls on 17 minerals that are used in autos and consumer electronics as well as defence has...