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China's crude imports are at their highest level since August 2023 due to Iranian surge
Data released on Monday showed that China's crude imports rose sharply in March compared to the previous two month and nearly 5% compared to a year ago. This was due to an increase in Iranian oil as well as a rise in Russian oil deliveries. According to records of customs, March imports totaled 51.41 millions metric tons. This is equivalent to 12.1 million barrels per a day. It was the highest level since August 2023. This is an increase from 11,55 million bpd, in March 2024, and 10,38 million bpd during the period of January-February. In March, independent refiners stocked up on Iranian crude oil in anticipation of future U.S. supply restrictions. Emma Li, a tanker analyst at Vortexa said that her company's tanker tracker showed China's seaborne oil imports had rebounded to 10,6 million bpd. This was the highest level since October 2023. The increase is largely due to record Iranian crude arrivals in the Shandong area. The overall Russian oil delivery rebounded, despite the toughest sanctions ever imposed by Washington on Moscow's oil imports, announced in January. Non-sanctioned oil tankers took advantage of the surging freight rate to join the transport. In order to compensate for the reduction in purchases of Russian oil by state refiners since March, they have increased their purchases of alternative supplies, mainly from the Middle East and West Africa. The data revealed that crude oil imports for the entire first quarter were 135,25 million tons or 10,97 million bpd. This was 1.5% less than a year earlier.
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China's coal imports in March fell by 6%, as prices at home hit a four-year low
China's imports of coal fell by 6% in March due to high inventories and low domestic demand. Spot prices have fallen to four-year lowest levels. According to the General Administration of Customs, imports were down 38.73 million tons from March 2024 (41.38 million). According to the Bohai-Rim Bay Thermal Coal Price Index, China's domestic coal price with a heat content of 5,500 kilocalories/kilogram was 676 Yuan ($92.70), the lowest price since March 2021. China's coal exports to the United States in January and February were at a record level of 76.12 millions metric tons. This was an increase of 2% over the previous year. It was not surprising that coal imports in March fell, and it is expected to continue to fall for several months because of the shrinking profits from imports and high port stocks. China releases data for both the first and second months of the calendar year together to reduce the impact of Lunar New Year which can fall in either month. The data revealed that coal imports for the first quarter of 2025 were 114.85 metric tons. This was down 0.9% compared to 115.89 metric tons one year ago. (Reporting and editing by Tom Hogue, Edwina Gibbs and Colleen Waye)
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Trump is determined to keep US Steel in US control
U.S. president Donald Trump said on Sunday that he does not believe a foreign company can control U.S. Steel. He repeated comments he made last week, which dimmed the hopes of the $15 billion offer by Japan's Nippon Steel for the U.S. steel firm. Trump said Wednesday that he didn't want U.S. Steel to "go to Japan", sending its shares down by 7%. Later, the two companies said that they were working with the Trump Administration to "secure an important investment." Trump spoke to reporters on Air Force One, as he flew back from Florida to Washington. Trump and Japanese Premier Shigeru Ishiba talked about the deal in their February meeting, said the latter on Monday at a Tokyo parliament session. Ishiba stated that "the difference between acquisitions and investments must be carefully examined under the U.S. laws, but there must certainly be a point at which it (U.S. Steel), remains an American company and where Japanese interest can be realized." Since its announcement in December 2023 the original Nippon-U.S. Steel deal has been a source of controversy. Last year, both former president Joe Biden, and Trump, argued that U.S. Steel must remain American owned. They were trying to win voters in Pennsylvania, a swing state where the company has its headquarters, during an election hotly contested. Biden blocked the deal in January 2025 on grounds of national security. The parties sued Biden, claiming that he had harmed the national security review process by publicly opposing the deal to win reelection. (Reporting and editing by Tom Hogue, Saad Saeed and Saad Sayeed; Additional reporting by Kantaro Kommiya in Tokyo. Writing by Andrea Shalal, Katya Glubkova and Andrea Shalal.
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China's March iron ore imports fall to a 20-month low and miss expectations
China's imports of iron ore in March were down slightly from the previous month, and reached a 20-month-low. This was contrary to analysts' expectations for a monthly increase as supply disruptions caused by weather eased. According to data, the world's biggest iron ore consumer imported 93.97 millions metric tons of this key ingredient for steelmaking last month. This was down 0.25% compared to the 94.21 millions tons of imports that were made in February, when cyclones disrupted supplies in Australia's major supplier. It was also down 6.7% compared to 100.72 millions tons of imports for the same period in 2024. The volume of March was significantly below the analyst's forecast of over 100 million tonnes due to a spillover effect of the February Cyclones on shipments in early march. Imports of iron ore in the first quarter 2025 were down 7.8% on the previous year, to 285.31 millions tons. Imports were lower than expected last month, resulting in a 2.6% decline in portside inventories Seaborne iron ore price Steelhome data showed that the number of people who are using smartphones has increased by 2.5%. Analysts expect iron ore imports to be between 100 and 106 millions tons in April, as miners continue to speed up shipments to meet their annual targets.
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Gold prices drop from record highs after Trump's tariff exemptions
On Monday, gold prices fell from the record high they reached earlier in session. Trade tensions eased as President Donald Trump of the United States exempted computers and smartphones from "reciprocal tariffs" by his country. As of 0329 GMT, spot gold was down by 0.1%, at $3,232.45 per ounce. Bullion reached a record-high of $3,245.42 during the day. U.S. Gold Futures edged up 0.1% to $3,248.20. The softer dollar has helped gold but the news about tech tariff exemptions increased risk appetite, which led to a decrease in demand for safe havens. "This has led to gold lacking a clear direction," said KCM Trade's chief market analyst Tim Waterer. The White House announced Friday the exclusions to steep reciprocal tariffs. Trump reaffirmed on Sunday his administration's message that exclusions of smartphones and computers will only be temporary. Waterer stated that "ongoing trade and tariff dramas are creating higher volatility and increased uncertainty in financial markets. In such an environment, the gold price may be looking to make a move towards $3,300 if dollar weakness continues in the short term." Gold that does not yield is traditionally seen as a hedge to inflation and economic uncertainty. The price of gold soared to $3,200 per ounce for the first ever time on Friday as the intensifying U.S. China trade tensions roiled global markets. Goldman Sachs raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, citing stronger-than-expected central bank demand and boosted ETF inflows. By the end of 2025, traders expect to see a reduction of around 80 basis points. Bullion thrives in an environment with low interest rates. Analysts said that the price premium of gold in China, the top consumer, increased last week as consumers and investors sought refuge from the country’s escalating war with the United States. Spot silver fell over 1%, to $31.91 per ounce. Platinum rose 0.6% to $948.45. Palladium increased 0.8% to $822.98.
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LME copper reaches over a one-week high due to a softer dollar and easing of trade war concerns
The copper price in London reached a record high of more than a week on Monday as a weaker dollar and the easing of fears about a possible trade war between China and the United States boosted market sentiment. As of 0213 GMT, the benchmark three-month copper price on London Metal Exchange was up 0.5% to $9,199 per metric tonne. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 1.9%, to 76190 yuan per ton ($10,434.84). The dollar index dropped 0.6% versus its competitors. The dollar is weaker, making commodities priced in greenbacks cheaper for buyers of other currencies. The White House announced Friday the exclusions to steep reciprocal tariffs. On Sunday, however, U.S. president Donald Trump reiterated his administration's message that the exclusions of smartphones and computers in his reciprocal tariffs against China would be temporary. Beijing raised its tariffs against U.S. goods to 145% last week in response to Trump's decision. According to the state media, Premier Li Qiang said last week that China must implement proactive macroeconomic policy and implement them in a timely fashion as "external pressures" have placed pressures on China's stabilisation. Investors eagerly await additional stimulus measures by China to reduce the impact of Trump’s tariffs. SHFE aluminium increased by 0.5% at 19,715 Yuan per ton. Zinc rose 0.4% at 22,440 Yuan. Lead gained 0.7%, reaching 16,895 Yuan. Nickel was up 1.6%, at 122860 Yuan. Tin advanced 2.6%, to 260640 Yuan. LME aluminium rose by 0.5%, to $2.407.5 per ton. Lead rose by 0.2%, to $1.917.5. Tin was up 1.7%, at $31,750. Zinc rose 0.2%, to $2.657. Nickel rose 0.7%, to $15,170. $1 = 7.3015 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich in Bengaluru)
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Sharaa makes second trip to UAE as Syria's leader
On Sunday, Ahmed al-Sharaa, the president of Syria, will make his second trip to the United Arab Emirates as president. The islamist leaders are trying to assure foreign partners that their country will have a democratic political system. Sharaa is accompanied by Assad al Shibani, the UAE's foreign minister who visited earlier this year. The SANA news agency, which does not give any details, reported that they are expected to discuss topics of mutual interest. In February, Sharaa made his first trip abroad since taking office as president in January. His visit to the UAE coincides with the new Syrian leadership's efforts to strengthen relations with Arab and Western leaders After the Fall Bashar al-Assad was killed by Hayat Tahrir al-Sham, a Sunni Islamist organization led by Sharaa. Abu Dhabi is a staunch opponent of islamist groups in the region. This includes Egypt, Sudan, and Libya. It Previously said After the fall of Assad, extremism and terrorism became a major issue in Syria. The West closely monitors Syria's leaders to ensure that they create a government inclusive of all, with effective institutions. They also want to make sure the country is not shattered by civil war. After 14 years of conflict, the United States and Europe imposed a wide range of sanctions on Assad. Menna alaa Eldin and Jaidaa taha, Menna alaa Eldin's writing and Giles Elgood's editing.
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US Energy Secretary: Saudi Arabia and US on a 'pathway to civil nuclear deal'
Chris Wright, the U.S. Secretary of Energy, told reporters on Sunday in Riyadh that the United States and Saudi Arabia would sign a preliminary cooperation agreement regarding the kingdom's plans to develop a nuclear civil industry. Wright, who met earlier with Saudi Energy Minister, Prince Abdulaziz bin Salman, said Riyadh was on "a path" to reach an agreement for Riyadh to collaborate on developing a Saudi nuclear civil programme. Wright, who was on his first trip to Saudi Arabia as secretary, as part of a tour of the Gulf energy producing states, stated that a more detailed memorandum about the energy cooperation between Riyadh, and Washington, would be released later this year. He said that a 123 agreement would be necessary for a U.S. nuclear partnership. "There are many ways to structure an agreement so as to achieve both Saudi and American goals." The 123 agreement is a reference to Section 123 in the U.S. Atomic Energy Act from 1954. It allows the U.S. Government and American companies to collaborate with entities within the Kingdom to develop a nuclear civil industry. Wright stated that the Saudi authorities had not accepted the requirements of the act. The act specifies nine criteria for non-proliferation that a state has to meet in order to prevent it from developing nuclear weapons or transferring sensitive materials to other states. The discussions were hampered by the fact that Saudi Arabia refused to sign an agreement that would have ruled out the possibility of uranium enrichment or the reprocessing of spent fuel, both possible paths to a nuclear bomb. Saudi Crown Prince Mohammed bin Salman said for years that if Iran were to develop a nuclear weapon then Saudi Arabia would also follow suit. This stance has caused deep concern amongst arms control advocates as well as some U.S. legislators over a potential U.S.-Saudi nuclear civil deal. Wright didn't mention an agreement with the Kingdom that the former administration of U.S. President Joe Biden was seeking, including a civil nuclear deal and security guarantees. The hope was to lead to a normalisation of the relations between Saudi Arabian and Israel. Saudi Arabia's Vision 2030 reform program, which is led by the crown prince, aims to reduce emissions and generate renewable energy. Some of the energy will come from nuclear power. Reporting by Pesha Magd; Writing by Andrew Mills, Editing by David Goodman & David Evans
Trump's latest tariffs are set to escalate the global trade war
On Wednesday, President Donald Trump was set to implement his "reciprocal tariffs" on dozens countries, including 104% on Chinese products. This would intensify the global trade war, even as Trump prepared for negotiations with certain nations.
Trump's punishing trade tariffs have shaken the global trading order, which has been in place for decades. They have also sparked fears of a recession and sent stocks around the world sharply down.
Tuesday, the S&P 500 closed below 5,000 points for the first time since nearly a full year. It is now approaching a bear market defined as 20% lower than its recent high.
According to LSEG, S&P 500 companies lost $5.8 trillion since Trump announced the tariffs on Wednesday. This is the largest four-day decline since the benchmark was created in the 1950s.
After a short respite on Tuesday, the sell-off in Asian markets resumed. Japan's Nikkei was down more than 3% while South Korea's won fell to its lowest level in 16 years. U.S. Stock Futures also indicated a fifth consecutive day of losses for Wall Street.
Trump has given investors mixed signals on whether tariffs will be in place for the long-term. He describes them as "permanent", but boasts that he is pressuring other leaders into asking for negotiations.
He said, "There are a lot more countries that want to do deals" at an event held by the White House on Tuesday afternoon. At a subsequent event, he said that he also expected China to pursue a deal.
Trump's administration is scheduled to meet with South Korea and Japan - two of its closest allies and trading partners - and Italian Prime Minister Giorgia Melons will be visiting next week.
Stock markets in the United States had been boosted by the prospect of deals made with other countries earlier on Tuesday. However, the gains had been wiped out by the close of trading.
Trump almost doubled the duties on Chinese imports which were set at 54% last Friday, as a response to counter-tariffs announced by Beijing last week. China has promised to fight blackmail, which it sees as a threat.
As a result, economists warn that U.S. consumer prices will likely increase on everything from wine to sneakers.
Goods already in transit at midnight on Wednesday will not be subject to the new tariffs if they reach the U.S. before May 27.
A new Ipsos survey found that nearly three quarters of Americans believe the price of everyday products will rise over the next six-month period.
Trump's previous 10% tariffs across the board on all imports began on Saturday. The latest round of tariffs, which went into effect at 12:01 am ET (0401 GMT), is aimed at countries that "rip off" the U.S. ET (0401 GMT) are targeted at countries who, according to Trump, "rip off" the U.S.
This list includes some of the closest allies of the United States, such as the European Union which was hit by a 20% tax. Vietnam, who benefited from a shift in U.S. supply chain away from China, during Trump's first term trade war with Beijing faces a tariff of 46%.
Trump said that the tariffs were a response to the barriers placed on U.S. products which have hindered American businesses. He also accused Japan and other countries of devaluing currencies in order to gain an advantage in trade, which Tokyo denies.
The Japanese finance minister said on Wednesday that trade negotiations with Washington may include the foreign exchange rate.
Trump has indicated that he might not be done with tariffs.
In remarks made to Republican legislators on Tuesday evening he said that he would announce soon "major" duties on pharmaceutical imports. This is one of the few categories of goods which have been exempted.
(source: Reuters)