East Asia

Baoshan Iron & Steel Co, 'China's largest listed steelmaker said it would reevaluate a?investment into a steel joint venture? in Saudi Arabia. Baosteel and Saudi Aramco signed agreements to create a joint venture for the production of steel plates in Saudi Arabia in 2024. Baosteel will hold 50% of the joint venture, while Saudi Aramco (25%) and PIF (25%) each take 25%. At a recent earnings briefing, Baosteel chairman Zou Jixin said: "Given the current situation, we have become more cautious about our investment...we have already recalled 13 of the employees who were sent to Saudi Arabia earlier." Conflict began...

Treasury Department imposed sanctions against China's Hengli Petrochemical Refinery (Dalian), accusing it of "buying billions in Iranian oil", in a significant increase in Washington's effort to curb Tehran's oil revenues. Hengli Petrochemical, the parent company listed on Shanghai's Stock Exchange, denied doing business in Iran and said that sanctions lacked legal and factual basis. It also stated it would work to lift them. The following are?key facts: Why is this an escalation? Hengli operates in Dalian in the north-east a refining facility that can process 400,000 barrels per day. This makes it the biggest Chinese refiner sanctioned by the United...

Sinopec, a Chinese company, said that its refinery and petrochemical utilization rates fell in the first quarter due to the U.S./Israeli war on Iran which disrupted the feedstock supply. However its chemical exports will grow strongly this year. Sinopec is the world's largest refiner by capacity. The company announced that it had cut refinery utilisation by 7.6 percentages points annually between January and the end of March, to an average of around 83%. A company executive said that the ethylene usage rate was 89% for the first quarter of this year, which is 1.5 percentage points less than it was...

Contemporary?Amperex Tech Co (CATL), the world's biggest EV battery manufacturer, launched a $5 billion share sale on Monday in Hong Kong. The company is looking to capitalize on its shares which are nearing record highs. According to a termsheet seen by, CATL will be?offering HK$628.20 - HK$651.80 for new H shares, a discount ranging from 3.5% - 7.0% on Monday's closing price HK$675.50. The fundraising is part of CATL's efforts to lock in capital as its share price continues to rise. It also faces an EV market in China that is fiercely competitive and where it has been difficult for...

The shares of 'Hengli petrochemical' fell by as much as 10 percent on Monday after the U.S. last week imposed sanctions against the firm. It is one of China’s largest independent refiners. They were sanctioned for allegedly purchasing Iranian oil. Treasury Department announced on Friday that the refiner was one of Iran's biggest customers for crude oil and petroleum-based products. In a?Sunday statement, the company denied any business with Iran. The Trump administration already imposed sanctions on a number of?other independent refining companies, including Hebei Xinhai Chemical Group and Shandong Shouguang Luqing Petrochemical. Some independent refiners have been deterred from...

Trump Administration announced on Friday that it had imposed sanctions on an independent "teapot refinery" in China for?buying billions worth of Iranian crude oil while Washington and Tehran are struggling to restart peace negotiations. Treasury Department targeted Hengli Petrochemical Refinery Co., which they said was one of Iran's biggest customers for crude oil and petroleum. The Office of Foreign Assets Control of the Treasury Department said that it had also imposed sanctions against about 40 shipping firms and vessels operating as part of Iran’s shadow fleet. Last year, the Trump administration imposed sanctions against teapots Hebei Xinhai Chemical Group and...

Next week, investors will be focusing on three major issues: the war in Iran and the interest rate path. Five of the "Magnificent Seven" U.S. technology giants are reporting their earnings. Four of the top central banks in the world meet to discuss how long they will be able to'realistically' look past the rise in energy prices caused by the blockage of the Strait of Hormuz. Marc Jones, Dhara Ranasinghe and Lewis Krauskopf in New York will give you all the information about this week's financial markets. Rae Wee is in Singapore. 1/CORRIDOR POWER The next week will be dominated...

A 'Indian court extended Friday the pre-trial detention of an aviation regulator and a 'Reliance Industries executive?until May 6, in connection with a bribery probe relating to drone import approvals. India's top criminal agency announced on Sunday that it had arrested Mudavath devula, deputy director general of Directorate General of Civil Aviation and Bharat mathur, senior vice president of Reliance, for accepting a $16,000 bribe in order to clear drone import requests by Asteria aerospace, an?unit of billionaire Mukesh ambani-led Reliance. The agency didn't disclose the source of the imports. Two men dressed in formal shirts appeared briefly at a...

The majority of Gulf stock markets fell on early Thursday trading in response to the stalled talks between Iran and the 'States. Both sides are still imposing restrictions on trade through the Strait of Hormuz. Iran seized two vessels in the Strait of Hormuz on Wednesday. This increased its control over this key shipping route, just one day after Donald Trump announced that he would suspend all attacks indefinitely. There was no indication, however, that peace talks were to resume. Mohammad Baqer Qalibaf, the top negotiator said that a complete ceasefire could only be achieved if there was an end...

Three people familiar with the matter said that Exxon Mobil, a U.S. energy giant, is "considering" selling its 'gas stations' in Hong Kong. The deal is expected to be worth a few hundred millions dollars. The company has hired a financial advisor and had discussions with a few bidders. Exxon didn't immediately respond to our request for comment. Bloomberg reported the first on the sale of the assets. According to people familiar with this matter, Exxon could seek a value between $500 million and $600 million. Oil and gas producer Esso offers a wide range of products?and services in Hong...

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

Former Russian President?Dmitry Medvedev's warning has crystallised Gulf state fears that reopening of the Strait of Hormuz could be all the Iran-U.S. negotiations can achieve and fall short of a?broader deescalation? they consider vital. Analysts and officials expect that the next round, which is due to take place in Islamabad on November 30, will be more focused on the uranium enrichment limit and the way Iran can exert influence over the Strait of Hormuz, the most important oil shipping route on the planet. Gulf?officials warn that the approach could entrench Iran's grip over Middle East energy by managing its leverage...

Aluminum?prices rose on Friday as a result of fears that supply would be limited due to the ongoing standoff between Iran and the U.S., which has impacted shipments from the Gulf, where there are large smelters. Iran warned on Thursday that it would respond to any new attacks by the United States with "long, painful strikes". In official open-outcry trade, benchmark three-month aluminum on the London Metal Exchange increased 1.4% to $3.522 per metric ton, ending five sessions of losses. Metal used for construction, transportation and packaging reached $3,672 per?ton, its highest level in four years on April 16. This...

The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's...

China has exported large quantities of a rare earth used in chip-making and aerospace to the United States. Customs data showed that in March, tight controls, which caused shortages and record-high prices, could be loosening. The 60-ton shipment is 50 percent larger than the total yttrium shipped to the U.S. from China since April, when China implemented export controls on several rare earths at the height of the trade war. While rare earth exports were mostly resumed following a 'trade truce' late last year, the yttrium shipment was largely stuck. This caused shortages and production stops for aerospace and semiconductor...

The demand for gold in India slowed this week due to volatile global prices and the weaker rupee. Meanwhile, premiums from China rose as they stocked up ahead of May Day. Indian dealers quoted discounts This week, premiums up to $9 per ounce, including 6% import duties and 3% sales taxes, are down to as low as $5, compared to the $15 premium last week. Chanda Venkatesh is the managing director of CapsGold, a bullion dealer based in Hyderabad. She said that after Akshaya Tritiya, jewellers have seen a drop in footfall and retail demand. On Thursday, domestic gold prices...

The London Metal Exchange's Asia Week conference, which takes place next week in Hong Kong, will be dominated by geopolitics. The U.S. and Israeli war against Iran has caused a shock to the energy market, which is affecting the outlook for demand of most metals. The blockade of the Strait of Hormuz?has?trapped?large quantities of aluminium, sulphur and sulphuric acids that are used to produce copper and nickel. In the meantime, governments in Indonesia and Guinea tighten their grip on production through export quotas as well as tax changes. This is a new type of resource nationalism. Here is a summary...

Dalian iron-ore futures rose on Thursday for the second session in a row, as positive factory activity data from China boosted demand prospects. As of 0222 GMT, the most-traded contract for?September Iron Ore? on China's Dalian Commodity Exchange was?0.51% higher. It stood at 787.5 Yuan ($115.15), per metric ton. The contract is up 0.19% this week. From May 1 to 5, the markets in China will be closed for holiday. The benchmark June Iron Ore at the Singapore Exchange is?0.06% less expensive, $106.35 per ton. The contract is up 0.37% this week. An official survey revealed that China's factory activity...

Prices rose for the first day in five on Wednesday, as Chinese demand and worries about disruptions to sulphuric and diesel supplies boosted prices. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.3% to $13,072 per metric tonne. SP Angel analyst John Meyer stated that prices are being supported by the concerns about the shortages of sulphuric acids, which is used in the production of around 20% of the world's copper due to the ongoing conflict. Meyer stated that "China banned exports of acid?and copper miner in Chile gets a certain quantity of their...

?Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a 8.6% annual drop in its first-quarter net profit? on Wednesday.?Hit by higher costs relating to?feedstocks and sluggish domestic demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 million Yuan in the same period last year. Steel prices fell 4.4% while iron ore rose 3.2% in the first three months of this year, reducing margins, according to Baosteel. Baosteel is a state-owned subsidiary...

Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China...

Iron ore prices rose on Wednesday, as the central bank of China announced a plan to expand its loan program. However, declining crude steel use and increasing ores supply were weighing on prices. As of 0239 GMT, the?most-traded contract for September iron ore on China's Dalian Commodity Exchange was 0.45% higher. It stood at 784 Yuan ($114.66), per metric ton. The benchmark June Iron Ore at the Singapore Exchange rose 0.3% to $106.1 per ton. Sources said that the?People's Bank of China asked banks to increase loan issuance in April and to ensure?the outstanding balances of loans show positive growth...

Zhejiang Huayou Cobalt announced on Tuesday that the?Indonesian?unit will temporarily stop some production lines starting May?1, cutting about half of the plant's?output. This is after rising sulphur costs increased costs at one its key battery nickel projects. In a press release, the Chinese nickel and copper maker stated that production at the Huafei Nickel Cobalt facility would be cut due to higher sulphur prices as well as the maintenance needed after a period of high-capacity production. The company did not specify how long the interruption would last. The spot price of sulphur for Indonesia has risen to $800 per metric...

Official data released on Tuesday showed that Guinea's bauxite production grew by 25% in the first quarter of 2026. This was largely due to Chinese demand. The government is planning export restrictions to protect smaller producers and boost prices. Guinea is the largest exporter in the world of bauxite - a major feedstock for aluminum - and has experienced a strong growth rate. In 2025, Guinea's bauxite output reached 183 million tons. Mines Minister Bouna Sylla told ? In March, Mines Minister Bouna Sylla told? Guinea exports more than 70% of its bauxite to China. This makes the West African...