East Asia

The physical oil market is still in a state of turmoil despite a planned two-week stopfire between Iran and the United States. Brent crude oil contracts plunged as much as 16% in the early Asian trade on Wednesday, after finishing at $109.27 on Monday. The sharp drop in prices reflects relief that President Donald Trump's alarming threats against Iran civilisation to be wiped out have been postponed. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz if negotiations are successful. There is a rule...

Three trade sources reported that independent Chinese refiners, with new import quotas issued by Beijing, began'seeking immediate cargoes of Iranian oil after the oil price slumped on Wednesday. Brent crude futures fell below $100 per barrel on Wednesday, the lowest since March 11 after a?U.S. President Donald Trump announced that he agreed to a ceasefire of two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. Since the U.S. - Iran conflict erupted in late February, the Chinese refiners - known as teapots - have largely stayed out of the fray. This has caused...

Iran and Israel exchanged attacks on Tuesday, as Tehran defiantly refused to reopen Strait of Hormuz or accept a ceasefire agreement on the eve of the deadline set by U.S. president Donald Trump for Tehran to comply with his demands. According to a source familiar with the plan, Iran rejected the U.S. proposal that was mediated by Pakistan. The plan called for an "immediate" ceasefire, the lifting of the effective blockade in the Strait of Hormuz, and then talks about a wider peace settlement to be held within 15 to 20 working days. IRNA, the official news agency, reported that...

In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect...

The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait....

Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with...

The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests...

Asian governments spend billions in subsidies to protect consumers from rising oil prices due to the U.S. - Israeli war against Iran. Here are some steps that governments in Asia have taken to reduce the amount of oil coming from the Middle East. The Japanese government is 'using 800 billion yen (5.02 billion dollars) from reserve funds to finance subsides aimed at maintaining gasoline prices at around 170 yen per litre. This would cost up to 300 billion yen a month. SOUTH KOREAN In late March, the South Korean?budget?ministry proposed a supplementary budget of $26.2 trillion won to help low-income...

Sources familiar with the issue said that China's state planner had told independent refiners to not reduce their?run rates? below the average of the past two years. This was done to protect domestic fuel supplies. This move is in line with what smaller refiners were expected to do following a sharp rise?in oil due to U.S. Israel's war against?Iran and a persistently low domestic fuel demand. Sources said that the National Development and Reform Commission (NDRC)?sent the message to independent refiners? this week at a meeting?. The NDRC didn't immediately respond to a faxed comment request. Sources added that if...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

PetroChina supplied a rare shipment of nearly?2million barrels of crude from its storage facility in China to the refinery it owns half of, located in Singapore. The?firm is attempting to fill'shortfalls caused by the iran war. According to tanker trackers Vortexa & Kpler the tanker New Merit delivered 1.8 million barrels in crude oil to Dalian, northeast China, in mid-March. It then transported it to Singapore Jurong Island, where PetroChina & U.S. giant Chevron run a joint venture refinery. Sources declined to name themselves as they were not authorized to speak to the media. China exports crude oil very rarely....

Orlen, the Polish state-owned refiner, announced on Wednesday that it had signed a preliminary agreement with Grupa Azoty (the Polish state-controlled chemical group) under which it would acquire 'all remaining shares in Grupa azoty polyolefins. The transaction involves the purchase of GAP shares and the provision of financing by Orlen to complete GAP’s restructuring. It has a value of $1.35 billion ($364.23 millions). The transaction was in line with expectations. Orlen had been viewed as the "natural candidate" to take over the Polyolefins Project and stabilize it. Erste Group analyst Cezary Bernatek wrote in a client note. He added, "We'd...

Copper prices soared to a record high of three weeks on Wednesday, after the?U.S. President Donald Trump has agreed to a?ceasefire? with Iran for two weeks, which will ease fears of an economic slowdown in the world as a result of the Middle East conflict. In open-outcry trading, the benchmark three-month copper price on?the London Metal Exchange rose 2.7% to $12650 per metric ton. It had previously risen as high as 3.6%, to $12,755.50. This was its highest level since March 18. In March, copper prices fell 7.6% due to economic concerns sparked by war in Iran. Trump stated that...

The price of iron ore futures fell on Wednesday, as major suppliers increased shipments and the U.S. President Donald Trump has agreed to a two-week halt in hostilities with Iran. Iron ore, the most traded contract at China's Dalian Commodity Exchange closed daytime trading 1.44% lower than its previous closing price of 789 yuan (US$115.60) per metric ton. The price of iron ore fell to its lowest level since March 11, at 785.5 Yuan, earlier in the session. Benchmark May Iron Ore traded on the Singapore Exchange fell 0.97% to $105.65 per?ton at 0749 GMT, after reaching its lowest level...

Iron ore futures fell on Wednesday as shipments of the key ingredient in steelmaking from major suppliers surged, and U.S. president Donald Trump agreed to an?two-week ceasefire? with Iran. As of 0212 GMT, the most traded?iron ore?contract at China's Dalian Commodity Exchange dropped 1.12% to 791.5 Yuan ($115.87), a metric tonne. The price fell to its lowest level since March 12, at 789.5 Yuan, earlier in the day. As of 0202 GMT, the benchmark May 'iron ore was trading at $105.75 per ton on the Singapore Exchange. As of April 7, iron ore shipments from Australia and Brazil, two major...

The price of aluminium rose on Tuesday, and the key spread for the metal on the London Metal Exchange also increased. This is due to the prolonged repairs that a smelter located in the United Arab Emirates has been facing since an Iranian attack late last month. In official open-outcry trade, the three-month contract for aluminium on London Metal Exchange (LME), gained 1.1% and reached $3,507 per metric ton. Emirates Global Aluminium announced on Friday that it could take up to one year to fully restore production at its Al Taweelah Smelter. The smelter produced 1.6 millions tons of cast...

Data from the 'People's Bank of China (PBOC),' showed on 'Tuesday that China's central banks stayed on 'course' on gold purchases for a 17th month in a row. Gold holdings in the country rose from 74.22 to 74.38 millions fine troy-ounces at the end of the month. PBOC data showed that the value of gold reserves fell to $342.76billion at the end last month. This is down from $387.59billion a month before. The value of China's gold reserves fell for the first time since May 2025. This was due to the steepest monthly decline in gold prices since 2008. Spot...

Iron ore futures declined on Tuesday, as a result of?rising inventories?and fresh anti-dumping actions on Chinese finished steel products. However, hopes for a?stronger?demand after Beijing announced accelerated energy-related construction helped to limit losses. The May contract for the most traded iron ore on China's Dalian Commodity Exchange fell 0.44%, to 797.5 Yuan ($116.04), per metric ton. As of 0715 GMT, the benchmark May iron ore price on the Singapore Exchange had fallen by 0.22% to $106.4 per ton. Steelhome data shows that iron ore stocks at major Chinese ports have increased by?0.65% in the past week, despite a rise in...

After a long weekend of holidays, trading resumed on Tuesday in the 'top buyer China. Investors were awaiting clarity on the prospects for a resolution of the 'Iran War. Demand expectations were also a factor in the price rise, following Beijing's call to accelerate energy-related projects. By 0243 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.5% to $805 yuan (US$117.03) per metric ton. The benchmark May ore traded on the Singapore Exchange rose 0.25% to $106.9 per ton. Iran on Monday said it wanted to?a permanent end to the conflict with the U.S.,...

Aluminum fell on Friday as the stronger U.S. Dollar and growing fears of an?economic recession due to?a??prolonged Iran War?outweighed supply concerns that helped the metal record its largest weekly gain in a single month. The Shanghai Futures Exchange's most traded aluminium closed the daytime trading down 0.78%, at 24,660 Yuan ($3,585.92), per metric ton. The contract gained 3% on a weekly basis. London Metal Exchange (LME), is closed Friday and Monday in observance of the Easter holiday. Dollar strengthened after U.S. president Donald Trump's speech about Iran. The speech dampened expectations for a quick end to the conflict, reigniting concerns...

Iron ore prices continued to fall on Friday for a second consecutive session. They were also set 'for a second week of declines,' mainly due to the high portside stock levels in a major consumer, China. However, signs of improved demand helped limit this drop. The iron ore contract most traded on China's Dalian Commodity Exchange closed the daytime trading down 0.5% to 799.5 Yuan ($116.26), posting a week-long fall of 1.5%. As of 0700 GMT the benchmark May iron ore traded on the Singapore Exchange was 0.92% lower, at $105.4 per ton. This represents a 1.7% drop so far...

Iron ore prices continued to fall on Friday for the second consecutive?session. They were also on course for a second weekly drop, due to elevated portside stock levels?in China, their largest consumer. However, signs of improving?demand?helped limit the decline. The most traded iron ore contract at China's Dalian Commodity Exchange has fallen 0.81%, to 797 Yuan ($115.85), a metric tonne, and lost 1.8% this week. As of 0107 GMT the benchmark May iron ore price on the Singapore Exchange was 1.16% lower, at $105.15 per ton. This represents a 2% decline so far this week. Analysts said that the trade...

Aluminum prices fell on Friday as a stronger currency and mounting fears of an economic recession - after fading hopes for a quick 'end' to the Iran War - outweighed supply concerns that kept the metals on course for a week gain. As of 0152 GMT, the most traded aluminium at the Shanghai Futures Exchange fell 0.66% to 24,690 yuan (US$3,586.94). This week it has gained 3.2%, which is the largest weekly gain for a month. The London 'Metal Exchange (LME), which is closed for Easter on Friday and Monday, will remain closed. The dollar increased after U.S. president Donald...

Copper prices fell on Thursday for the first time in five sessions, as investors grew more concerned about economic growth following Donald Trump's promise to continue a flurry of strikes on Iran. Open outcry official activity on the London Metal Exchange showed that benchmark three-month copper was down 1.6% to $12,235.50 a metric tonne. The metal is considered to be a bellwether of the global economy and was expected to finish the Easter holiday-shortened weekend up 0.4%, after a run of four consecutive daily gains. "Copper is trading like a risk asset that's sensitive to macroeconomics, moving in line with...