East Asia

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...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Their leaders said that?South?Korea? and Japan?have agreed to expand their cooperation in the areas of LNG and crude oil supplies, including stockpiling, and swapping petroleum products. After a meeting held in Lee Jae Myung's hometown, Andong, the President and Prime Minister said they would intensify coordination to stabilize?energy supply and expand their cooperation with other Asian countries as disruptions in supply due to war in the Gulf are straining their import-dependent economy. In a joint press statement, Lee stated that "recent instability in energy markets and supply chains stemming from Middle East situation has further highlighted the need for closer...

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...

The Offshore Alliance said that the union grouping has served a 'notice of strike' at Inpex’s Ichthys facility in northern Australia, effective May 27. This could further tighten global energy supply. In May, 326 out of 346 unionized workers at the 9,3 million-metric-ton-a year facility near Darwin voted to strike over pay and conditions. Lawyers 'for the Offshore Alliance', a grouping of Maritime Union of Australia & the Australian Workers Union served the Japanese company with an intent to strike from May 27 through June 10. They said that months of talks had not made any progress. In a statement,...

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...

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,"...

Copper prices eased on Thursday due to concerns over the'slow progress of the U.S. in negotiating a peace agreement with Iran and a possible 'weaker demand for metals from a prolonged war. The benchmark three-month copper price on the London Metal Exchange fell 1.3%, to $13,480 per metric ton during the official open-outcry trade after rising by 1.8% the previous session. LME copper is up 8% for the year, but it has fallen from its high of $14,196.50 last week. Ewa Mnthey, commodities strategist at ING, said: "For the moment, geopolitics are setting the tone. But without a clear catalyst...

Japan's Nikkei stock average rose by the most in two weeks Thursday, thanks to renewed interest?in technology stocks?and the easing of geopolitical tensions?related?to the Iran War. The Nikkei Index benchmark rose by 3.14%, closing at 61.684.14, the highest one-day gain since May 7. The Topix index, which is a broader measure of the Nikkei 225 Index, rose 1.64% to 3,5853.81. The Nikkei mirrors Wall Street gains ahead of earnings forecast by AI powerhouse Nvidia. The oil prices fell sharply overnight, after U.S. president Donald Trump said that negotiations to end war in Iran are in their final stages. This eased...

Arafura Rare Earths announced on Thursday that it has approved the development of its $1.6 billion Nolans Project in the 'Australian Northern Territory', which will 'become 'the third-largest rare earths operations of the country by the end of this decade. The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines. Arafura has secured financing commitments with the export credit agencies in the United States, Canada and Germany, as well as global trading houses and manufacturers. This is because Western...

The Nikkei 225 index rose more than 3.5% Thursday, the biggest gain in two-weeks, thanks to renewed interest in 'technology stocks' and a easing of geopolitical tensions related to?the Iran War. If the current momentum continues, the benchmark Nikkei Index will be on track for its biggest daily gain since May 7 if it maintains this pace. The Topix index rose 2.21% to 3,875.34. The Nikkei was up ahead of Wall Street's gains before earnings from AI bellwether Nvidia. Nvidia forecasted sales that exceeded market expectations. Oil prices fell sharply overnight after U.S. president Donald Trump announced that negotiations to...

Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However,...