East Asia








Energy Markets

Fossil Fuels

Refined Products

Sinopec refinery usage drops but chemical exports increase due to the Iran war

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...

Oil & Gas

Chinese EV Battery Maker CATL Launches $5 Billion Hong Kong Share Sale

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...

Fossil Fuels

Hengli Petrochemical plunges after US sanctions on Iran oil

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...

Oil & Gas Refining

US sanctions Chinese teapot refinery that bought Iranian oil

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...

Oil & Gas Refining

Take Five: Lots to talk about, lots of technology

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...

Oil & Gas Refining

Indian court extends the detention of Reliance executive and aviation official in bribery cases

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...

Fossil Fuels

The Gulf market has been affected by the stalled US-Iran Peace efforts

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...

Oil & Gas Refining

Sources: Exxon is looking to sell Hong Kong's gas stations

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...

Oil & Gas

Term sheet shows that a Sinopec unit sold CATL shares worth $770 million.

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...

Fossil Fuels

Gulf fears US-Iran discussions could cement Tehran's "golden" grip on Hormuz

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...

Oil & Gas

World Bank launches new small state strategy to tackle challenges

The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run...

Fossil Fuels

G7 Finance chiefs call for "lasting peace" in the Middle East and warn of war's damaging economic effects

The finance?chiefs of Group of Seven nations agreed on Thursday that it was urgent to reduce the cost of the Middle East 'war' to the global economy and "reaffirmed the pressing need to move towards a lasting peace," said a?statement?from France, which is holding the G7 Presidency this year. The war was one of three major topics that the finance ministers and governors of central banks of the richest democracies in the world discussed on the fringes of the spring meeting of the International Monetary Fund (IMF) and World Bank (WB), which took place in Washington. The two also discussed...

Crude Oil

Oil & Gas

ADNOC advises its clients to avoid the Hormuz Strait by loading crude oil outside of the Gulf

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

Crude Oil

Stocks rise on optimism about earnings as Fed meeting nears

The markets found their feet in Asian trading on Wednesday, as concerns about the Iran conflict, the health of the AI industry, and corporate earnings eased. Investors also focused more attention on the Federal Reserve decision due later. MSCI's broadest Asia-Pacific share index outside of Japan reversed earlier losses and rose 0.2% as gains in Hong Kong stocks stabilized the index. The Japanese markets were closed on a public holiday. S&P 500 futures rose by 0.2% while Brent crude climbed 0.2% to $111.51 a barrel, as efforts to resolve the Iran conflict reached a deadlock. Kate Moore, Chief Investment Officer...

Crude Oil

As Fed meeting approaches, stocks retreat due to concerns about Iran and AI

The markets started off with a mixed start on Wednesday, as concerns?about the Iran Conflict and the health of the AI Sector dominated the trading session ahead of the Federal Reserve decision and earnings of?tech Megacap Stocks later in the day. MSCI's broadest index of Asia-Pacific stocks outside Japan fell 0.2% for a second consecutive day, slipping from the record highs reached on Monday. This was primarily due to declines in Taiwanese chipset makers. Japanese markets were closed on a holiday. Brent crude rose by 0.4% to $111.71 a barrel, as the efforts to end Iran's conflict have hit a...

Mining

Mineral Resources

Mineral Resources

Copper prices rise for the first time in 5 days due to China's buying and disruption fears

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...

Mineral Resources

Baosteel's first-quarter profit falls 8.6% due to Iran war, which increases costs and weakens demand.

?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...

Mineral Resources

Baosteel's first quarter net profit falls 8.6% due to Iran war, which increases costs and weakens demand.

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...

Mineral Resources

Iron ore gains from China's plan to increase loan issuance

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...

Mineral Resources

Huayou, a Chinese company, has cut production at an Indonesian nickel factory as sulphur prices rise

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...

Mineral Resources

Official data shows that Guinean bauxite production has increased by 25% in the face of export restrictions.

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...

Mineral Resources

Sefcovic, EU's Sefcovic, says he has discussed steel with US officials and that the discussion is moving in a positive direction

European Trade Commissioner Maros Sefcovic stated that he and U.S. Secretary of Commerce Howard Lutnick had 'agreed' to accelerate discussions about steel derivatives on a technical level. Talks have already begun. Sefcovic told reporters that, in his opinion, both sides are moving forward on the steel issue. He said that both the United States as well as the EU were facing the same problem of massive overcapacity on the global market, without mentioning China. Sefcovic told a press conference that "we are not each other's problem" after signing an agreement on critical minerals with U.S. secretary of state Marco Rubio....

Mineral Resources

US and EU Deepen Cooperation on Critical Minerals with an Eye to Broader Agreement

As part of an 'overall Western push to loosen China’s grip on materials vital to advanced manufacturing, the U.S. & European Union deepened their cooperation?on critical mineral?on Friday. U.S. Secretary Marco Rubio signed a Memorandum of Understanding with European Union Trade Commissioner Maros Sefcovic for a partnership to produce and secure critical minerals. Rubio didn't mention China, but said that the preliminary agreement reached with Brussels showed that Western allies are becoming more aware of the importance of supply chain and minerals to their economic success. China has used geo-economic pressure to 'chokehold' the processing of minerals. It has sometimes...

Mineral Resources

Copper prices fall as Iran-US standoff continues

Copper prices fell on Friday due to concerns about the continuing 'closure of Strait of Hormuz and the lack of progress made in the 'peace talks between?U.S. Iran. In official open-outcry trade, the benchmark three-month copper price?on the London Metal Exchange?slid 0.5% to $13,290 per metric ton. Israel and Lebanon extended the ceasefire by three weeks. But President Donald Trump stated that he wasn't in a hurry to reach an agreement with Iran. Ole Hansen, head commodity strategy at Saxo Bank, Copenhagen, said: "While the threat of an escalation via military conflict is reduced for the moment, the severity and...

Mineral Resources

Copper falls from multi-week peak on Middle East insecurity

The copper price fell from a?multi-week peak on Thursday due to the stalled U.S. Iran peace talks, the continued closure?of Strait of Hormuz as well as a stronger dollar. Benchmark three-month Copper on the London Metal Exchange fell 1.4% to $13,247 per metric ton during 'official open-outcry' trading after reaching its highest since February 27, at $13,481.50. No signs of a return to peace talks between Iran and the U.S. have emerged, while Iran has tightened the grip it holds on the Strait of Hormuz. This has sent oil prices over $100 per barrel. Standard Chartered's head of base-metals research,...

Mineral Resources

Zambia's Luanshya Copper Mine will restart in August following a two-decade stoppage

The mines ministry announced on Thursday that Zambia's Luanshya Copper Mine will resume production in August, after more than a decade of idleness. CNMC purchased Luanshya and now holds 80% of the company. Zambia's mining arm ZCCM IH owns 20 percent of the mine. Production had to be halted after severe flooding destroyed infrastructure. According to the Mines Ministry, as of 'March 27, approximately 87.9 millions cubic metres of water have been pumped out of the mine. This has allowed for the development of infrastructure and construction. The ministry announced in a statement that "Luanshya Mine... will resume production at...

Mineral Resources

Sources: BHP adopts new Chinese Iron Ore Price Index in agreement to end dispute

BHP Group has agreed to use a Chinese iron ore price index for one of its flagship products as part a deal with?China that ends a long-running dispute. Three sources familiar with the matter confirmed this. BHP, world's third largest iron ore supplier announced on Wednesday it had completed negotiations on a contract with China Mineral Resources Group. This ended the dispute resulting from the bans on BHP supplying the essential ingredient for steel production. The agreement was not disclosed by BHP or CMRG, the Chinese state iron ore purchaser. According to an investor, BHP executives informed them that the...