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Sources say that China has banned the export of fuel in March.
Four sources familiar with the matter confirmed that Beijing had ordered a 'ban' on the export of refined fuels in a bid to prevent a possible domestic fuel shortage due to the U.S./Israeli war against Iran. Sources said that the ban, issued by National Development & Reform Commission (NDRC), included shipments of aviation?fuel and gasoline. The cargoes still awaiting clearance of customs on March 11 are affected by the halt. The restriction on 'outbound flows' goes beyond the last week’s initiative by Beijing, which urged refiners to not agree to new exports or to try and cancel shipments that they had already committed. Two of the four sources cited said that the blanket ban does not include jet fuel for aviation bunkering. The NDRC didn't immediately?respond? to a comment request. Data from ship trackers and trade sources revealed that China shipped 50,000 metric tonnes of gasoline (584 500 barrels), 300 000 tons of diesel (2.23 millions barrels), and 300 000 tons of jet fuel (2.36million barrels) in March. Reporting by Trixie YAP, Chen Aizhu, and Siyi LIU; Editing and production by Jacqueline Wong & Tom Hogue
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South Korea vows to intensify crackdown on illegal auto exports to Russia
Customs officials in South Korea announced?on Thursday they will 'intensify their crackdown on illegal auto exports to Russia after discovering that a growing number of vehicles are being sent via third-country countries like China, Kazakhstan and Kyrgyzstan. Korea Customs Service reported that illegal vehicle exports to Russia from South Korea increased by more than five times to 149.2 million won ($100.78m) in the last year compared with 2024 when Seoul tightened restrictions on exports in response to Russia's invasion of Ukraine. The Korea Customs Service said that some traders reported falsely to the customs offices that the cars were exported?to neighboring countries like Kazakhstan and Kyrgyzstan?even though their final destination was Russia. Other people bought new cars disguised as used cars. They then shipped them through third countries to Russia. Customs officials confirmed that many of these vehicles were imported German premium brands. Seoul requires vehicles with engines larger than 2.0 litres have a permit for exporting to Russia since 2024. The penalty for violating the law is a maximum seven-year prison sentence or a fine up to five times the price of a vehicle. In February, it was reported that thousands of cars were being shipped from China to Russia under grey-market schemes. These schemes often circumvent Western or Asian government sanctions and the commitments made by automakers to leave the Russian market.
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Brent oil returns to $100 after Iran intensifies its attacks on Gulf shipping
Oil prices rose on Thursday as Iran intensified its attacks?on?oil?and?transport facilities in the Middle East. This sparked fears of a long-term conflict and disruptions to oil flow through the Strait of Hormuz. Brent futures were up $8.54 or 9.28% to $100.52 a bar at 0354 GMT. U.S. West Texas Intermediate crude rose $7.22 or 8.28% to $94.47. Brent crude oil hit $119.50 per barrel on Monday. It was its highest price since mid-2022. Then, it dropped when U.S. president Donald Trump announced that the Iran War could end soon. In remarks directed at the U.S., an Iranian military spokesperson said on Wednesday: "Get prepared for oil to be $200 per barrel because the price of oil depends on the regional security which you have destabilised." Analysts at ING said that there are no signs of a calming down of the situation in the Gulf, and therefore, the disruptions of oil flow through the Strait of Hormuz will continue for some time. "The only 'way to see oil?trade at lower prices on a consistent basis is to get oil flowing through Strait of Hormuz," ING stated. If we fail to act, the market's highs will still be ahead of us. Farhan al Farousi, director general of General Company for Ports said that two foreign tankers carrying Iraqi oil caught fire after being hit by unknown attackers. Initial investigation by Iraqi security officials revealed that explosive-laden boats from Iran struck the two tanksers. The International Energy Agency (IEA) has agreed to release 400 million barrels of oil, a record amount. This will help to bring down the prices which have risen after the "U.S. - Israel war against Iran" broke out. The U.S. contributes the majority of this release, 172 million barrels, from its Strategic Petroleum Reserve. The IEA's decision to release oil reserves'may only be a temporary solution. As disruptions in oil shipments across the?Strait of Hormuz, and a major production halt could lead to a long-term shortage of oil, said Tina Teng a Moomoo ANZ market strategist. The ING analysts?said that there are concerns over how quickly the 'oil can reach the market, and if it will be enough to tide the consumers over until the Strait of Hormuz oil starts flowing again. Reporting by Sam Li and Siyi Liu from Beijing and Singapore, and editing by Tom Hogue and Thomas Derpinghaus
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The rupee is under pressure following the oil rally after the Iran tanker attack
The Indian rupee will open lower?on?Thursday as crude oil prices resume their climb. This will continue to put pressure on the Asian nation's terms-of-trade and currency. The 1-month forward non-deliverable?indicates?that the rupee will likely open between 92.18 and 92.22 against the U.S. Dollar, after having settled at 92.04 Wednesday. Iraqi officials reported that Iranian explosive-laden ships had struck two fuel oil 'tankers. This fueled fears of a supply disruption resulting from the U.S./Israeli war against Iran. Brent crude rose 7.3% to $98.60 per barrel after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil?tankers. The tanker attack was overshadowed by relief that the International Energy Agency (IEA) agreed to release 400 million barrels to help control prices. ING Bank stated in a recent note that disruptions in oil flows through the 'Strait of Hormuz' are likely to continue as long as there is no sign of de-escalation. The oil price has been fluctuating wildly in the past week. It ranged from $81 to $120 per barrel, despite rapidly changing headlines about the war. After U.S. president Donald Trump announced a deescalation of the?Iran war, markets began pricing the possibility that strategic reserves could be released to cap the rally. The attack on fuel tankers has revived concerns about supply disruptions. This highlights the fragility of this relief. A currency trader at a private bank stated that "with oil swinging this way, the rupee would remain vulnerable." "It is expected that the RBI will intervene to maintain the rate of decline in the rupee, but not necessarily halt the movement." Traders said that the Reserve Bank of India (RBI) has actively intervened in the foreign exchange markets in recent sessions. They have sold dollars to reduce the pressure caused by the fluctuating oil prices. (Reporting and editing by Harikrishnan Nair; Reporting by Nimesh Vora)
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GRAINS-Chicago soyabeans track soyoil price, extend gains to third day
Chicago soybean futures rose a third time in a row on Thursday. They followed the rise of soyoil after global crude oil prices recovered. Investors also weighed 'the impact of military conflict?in 'the Middle East. Soyoil, which is used widely to make biodiesel, can benefit from higher crude oil prices. The price of corn and wheat also rose. As of 0311 GMT, the most active soybean contract traded on the Chicago Board of Trade was up 0.6% to $12.21-1/2 per bushel. Soyoil rose 0.8% to 67.68cents per pound. CBOT wheat rose?1%, to $6-1/2 per bushel. Corn gained 0.6%, to $4.63 per bushel. After Iraqi officials reported that Iranian explosive-laden ships had struck two fuel oil tanks, the price of oil shot up. This was in addition to other supply disruptions caused by the U.S. and Israeli war against Iran. Cargill has halted exports of soybeans from Brazil to China in South America after changes to Brazilian government inspections made it difficult for traders comply with the new rules, said the company on Wednesday. The company reported that the Brazilian Agriculture Ministry introduced stricter sanitary checks on soybeans bound for China in order to detect pests and weeds. This was done after a request by the Chinese government. Paulo 'Sousa, Cargill Latin America's head of Latin America, said that the move was unusual in the grain market. Paulo?Sousa, Cargill Latin America's head, said that Cargill temporarily stopped purchasing soybeans from local farmers in Brazil because the current tightening rules prevent exports to China. China is the largest buyer of Brazilian soybeans. It purchases around 80%. Brazil is the largest producer and exporter in the world of oilseed. Investors are also adjusting their positions in hopes of a breakthrough during the upcoming trade negotiations between the United States, the top soy importer in the world, and China.
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Aluminum gains continue as concerns about supply amid Mideast conflict persist
Aluminum prices continued to rise on Thursday. They were boosted by lingering fears about a tightening of global supply amid the Middle East conflict which shows no signs of abating. As of 0212 GMT, the most traded aluminium contract on the Shanghai Futures Exchange rose 1.25% to $25460 yuan per metric ton. The benchmark three-month aluminum on the London Metal Exchange rose 1.48% to $3504 per ton. This is closer to the nearly four-year-high of $3,544 that was reached earlier this week. Prices have risen as a result of supply concerns caused by the war in the Middle East. The Middle East is responsible for about 9% of the global supply of aluminium. Iran and the United States have both signaled that their war will not be over soon. Iran has warned the world to prepare for oil priced at $200 per barrel, after hitting tankers near the Strait of Hormuz and in Iraqi waters. ING analysts stated in a note that the situation is unstable and aluminium remains highly sensitive to geopolitical headlines, keeping volatility high. Commodity traders Mercuria have cancelled or earmarked delivery of nearly 100,000 tons aluminium at LME-approved storage facilities in Port 'Klang, Malaysia Monday is a holiday. The analysts at Benchmark Mineral Intelligence have raised their forecast for 2026 aluminium prices to $3,100 per ton from $2,900, as recent developments?increase the likelihood of an even more acute supply crunch. Other SHFE metals saw a 0.41% decline in copper, while nickel grew by 0.68%. Lead was flat. Tin fell 1.04%. Zinc rose 0.06%. Copper slipped 0.06% among?other LME Metals. Nickel fell 0.36%. Lead added 0.21%. Tin gained 0.39%. Zinc climbed 0.6%.
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South Korean Parliament expected to approve $350 billion US investment bill
South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday. If passed, it would create an investment corporation backed by the state with capital of 2 trillion won ($1.4billion) and a strategic investment fund. The bill identifies shipbuilding, semiconductors and pharmaceuticals as priority sectors for investment, along with energy, critical minerals, artificial intelligence, quantum computing, and energy. Additional sectors can be added via presidential decree. The principle of "commercial rationality" is a central requirement for U.S. investment. This means that they must generate enough cash flow over the course of their lifetime to cover principal and interests. If national security or the stability of supply chains is in question, exceptions can be made if approved by relevant South Korean parliament committees. A joint U.S. and South Korea committee led by the South Korean Industry Minister will assess project proposals, while a committee headed by the Finance Minister will decide if they should be 'advanced' to a U.S. committee headed up by Secretary of Commerce. This panel can also suggest projects. Uncertainties about the FX and Tariff Late in January, U.S. president Donald 'Trump' threatened to increase tariffs on South Korean products, claiming that Seoul had not yet enacted a trade framework. South Korean officials said that the trade agreement remains valid despite a U.S. Supreme Court ruling in February?that struck a large swath Trump's tariffs. Seoul officials have voiced concern about the impact that U.S. investment would have on a currency already in a weak state. They also said that projects will be based on the?conditions of foreign exchange markets as well as?commercial feasibility. South Korea is currently also included in an broader U.S. The U.S. Trade Representative said that a Section 301 investigation into excess industrial capacities could lead to new duties on major trading partners. (Reporting and editing by Ed Davies.)
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Rickea Jackson claims Falcons' James Pearce Jr. "threatened me to kill"
ESPN and TMZ reported that Los Angeles Sparks forward Rickea Jackson feared for her life when she filed for a 'temporary protection order' against her ex boyfriend, Atlanta Falcons edge runner James Pearce Jr. Pearce, who allegedly 'crash his vehicle into Jacksons' several times on February 7 in Doral, Fla. Pearce is accused of hitting a policeman with his vehicle and fleeing the scene. Pearce was eventually arrested for two counts of aggravated assault with a deadly weapons, aggravated stalking and fleeing from police officers. Jackson's statement reads in part as per two Wednesday reports: "James has repeatedly threatened me with death, James has repeatedly threatened me with harm, James is threatening to injure, James threatens to put a bag on my head, and James verbally and physically abuses me." Jackson said that Pearce had offered her money -- $75,000 to visit him or $200,000 for "to stay in a relationship" with him -- just prior to the car accident on February 7. She stated that she was willing to testify in court against him. Pearce is prohibited from contacting Jackson or getting within 500 feet her home, place of work?and 100 feet her car. The hearing for a permanent injunction will be held on April 21. ESPN reports that at least'seven' other 911 calls were made to police in months preceding the alleged incident of?Feb. According to ESPN, at least?seven other 911 calls were made in the months prior to the?Feb. 7 incident'reported Pearce as stalking or harassing a unnamed girl. Pearce was chosen by the Falcons as the 26th pick in the first round of the draft for 2025. He was voted third in the AP 'Defensive Rookie Of The Year' voting, after recording 10.5 sacks. One forced fumble. One fumble recover. Five passes defensed. Jackson, 24, is a fourth-round pick (first overall) in the 2024 first round by the Sparks. In her second season she finished ninth in the WNBA MVP voting. She averaged 14.7 points, 3.2 rebounds, and 1.7 assist in 38 games. Field Level Media
Iron ore prices rise as Hebei mills resume production; however, auto weakness limits the upside.
Iron ore futures rose on Thursday as mills in China’s steelmaking hub, Hebei, ended?regulatory controls. However, weaker auto sales and a softer outlook for car exports may limit prices.
As of 0320 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 1.15% higher. It was 794 yuan (US$115.41) per metric ton.
The benchmark iron ore for April on the Singapore Exchange was up 0.67% at $104.85 per ton.
According to a report from Shanghai Metals Market, hot metal production decreased this week as several steel mills located in Hebei province - which surrounds Beijing - were subjected to safety and environmental inspections during important government meetings held in the capital.
Next week, iron?ore demand should increase as production recovers.
Mysteel, a consultancy, said that construction companies will?buy 5.64 million tonnes of steel in march, an increase of 17% from one month to the next.
The demand for steel typically increases in March, as construction begins again with warmer weather conditions and mills ramp-up production following Lunar New Year repairs.
Mysteel said that scrap steel production, which is usually melted in electric arc furnaces, and then further processed into steel, will also rebound in March following a dip in February.
The Iran war has also dampened the outlook of car exports.
China's automotive sector has been a significant consumer of steel over the past few years, which helps to offset'some weakness' in the country's struggling real estate market.
Coking coal and coke, which are used to make steel, also rose in price, by 3.19%?and 0.67% respectively.
The benchmarks for steel on the Shanghai Futures Exchange rose. Rebar grew by 0.48%. Hot-rolled coils grew 0.4%. Wire rod grew 0.36%. Stainless steel hardened 0.35%. ($1 = 6.8798 Yuan) (Reporting and editing by Sumana Niandy; Ruth Chai)
(source: Reuters)