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Sources say that Saudi crude exports from China to China reached a record low in June due to high prices.
Trade sources said that Saudi Arabian crude oil exports to China are set to drop further in June as buyers reduce nominations due to high 'prices' linked to the U.S./Iran conflict. They said that Saudi Aramco, the state oil giant, will be shipping about 10 million barrels (333,333 barrels) of oil per day to its Chinese customers next month. This would be a "record low" according to Kpler & Co., and compares with the?average of 1.39 million bpd shipped by the Kingdom to China between?2025 and?2025. According to sources who weren't authorized to speak to the media, major Chinese refiners such as Sinopec and Sinochem, have reduced their lifting in June. Saudi?Aramco, and the other companies, did not respond immediately to a comment request. Saudi Arabia set its official selling price for June Arab Light crude to Asia last week at $15.50 per barrel. This is down from the previous month's record of $19.50. Sources said that the reduction was less than what some Chinese buyers wanted, and kept Saudi crude at a high price. Chinese?state owned oil majors lowered their operation rates by a further 5% in?April compared to the previous month, as the?oil supply from the Strait of?Hormuz remained largely closed. Since the war broke out in February, Saudi Arabia's crude exports have plummeted. It has since rerouted its oil exports via the East-West Pipeline to the Red Sea Port of Yanbu. (Reporting and editing by Bernadettebaum in Singapore, Siyi Liu)
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Iron ore prices rise for the sixth consecutive day, thanks to positive Chinese data
Iron ore futures rose for the?sixth session on Monday, thanks to a number of?upbeat data coming from China, the world's largest steel consumer. Lower steel exports are expected to help balance?steel?prices and steel -mill margins, while lower inventories and iron ore shipments year-on-year have helped support prices. The September contract for iron ore on China's Dalian Commodity Exchange was 0.73% higher, at 822.5 Yuan ($121.04) per metric ton. As of 0725 GMT, the benchmark June iron ore traded on Singapore Exchange was $111.4 per ton?an increase of 0.88%. Customs data released on Saturday showed that China's exports of steel fell by 9% from the same period last year. Shipments that had prompted complaints from trading partners also recorded their lowest level since 2023. China exported 9.5 million tons of steel in April, up by 4% compared to March but still down on the record pace set last year. Steel prices and steel mill margins are pushed up by lower steel exports. Imports of iron ore in April were down 0.8% compared to the previous month, as steel margins shrank. This slowed the demand for this key ingredient. Last month, the world's biggest iron ore consumer imported 103.9 million tonnes. This is down from 104.74 millions tons in March and 103.14 in 2025. According to data from consultancy Mysteel, in April the average daily hot-metal output, which is a measure of iron ore demand, increased by 4.6%. Portside inventory Steelhome's data showed that iron ore inventories in major Chinese ports fell by 0.79% week-on-week, according to Friday's data. According to Steelhome's data on Friday, the iron ore stock at major Chinese port?decreased by 0.79% from week-to-week. Coking coal and coke are now included in the DCE. The Shanghai Futures Exchange steel benchmarks mostly rose. Rebar rose 0.34%; hot-rolled coils hardened 0.34%; and wire rod increased 1.56%. Stainless steel, meanwhile, fell by 0.56%.
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Ambani’s Reliance Jio : Businesses and investors of IPO-bound company
Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like Bharti Airtel, Vodafone Idea, and others. Ambani’s usual strategy of offering ultra low prices to attract consumers was followed by this move. It increased its customer base, and many Indians were able to access platforms like YouTube and Facebook for their first time. Jio claims to have a 60% share in India's data traffic. Reliance Jio Platforms, a telecom company, has expanded beyond telecom to include AI, cloud, enterprise network services and app development. Nvidia and Reliance announced a partnership in 2023 to develop cloud infrastructure, language models, and AI. THE LEADERSHIP Mukesh Ambani is chairman of Jio Platforms, the largest platform in Asia. Akash, Anant, and Isha Ambani are his three children who serve on the board. Akash Ambani is his older son and chairman of Reliance Jio Infocomm, the company's flagship unit. Reliance Industries owns?66.43% of Jio Platforms. Kiran Thomas is the CEO of Jio Platforms. KEY FINANCIALS AND VALUATION Reliance Jio Platforms operating revenues in the last financial period ending March 2025 were $13,65 billion. 90% of the revenue came from the telecom sector, which has grown by 13% annually since 2020-21. Reliance Jio Platforms reported a profit of $2.8 billion after taxes for the year. Jefferies, an investment bank, estimated Reliance Jio’s valuation at $180 billion in November. In January, sources said that the IPO's value could be as high as $4 billion. However, final numbers won't be determined until later. MARQUEE INVESTORS Jio Platforms will raise more than $20 billion in 2020 from 13 investors around the world, for an equity stake of approximately 33%, with a valuation ranging between $57 billion and $65 billion. Ambani wanted to turn Jio Platforms into a centerpiece of his technology ambitions. Global names like Meta Platforms Alphabet, and KKR all invested in the company. General Atlantic, Silver Lake, and Abu Dhabi Investment Authority are also investors. Meta holds a 9.9% stake, while Google owns a 7.7% stake. The?IPO Journey Investors have lost interest in new listings after the conflict broke out in West Asia. The filing was originally scheduled for March. The IPO was originally expected to be a simple offer-for sale where 'foreign investors' would sell some of their holdings. However, it is now planned as a fundraiser, aiming 'to issue shares worth 2,5% of the size of the company. The IPO of the company has been delayed for a long time. Ambani had said that Jio would be "moving towards" an IPO within five years in 2019. However, the plans were later delayed to 2025. The company has appointed 17 banks to manage their offering.
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China's refined copper imports to increase in Q2 due to demand
Analysts and traders predict that China's imports will increase in the second quarter of this year due to a strong demand for refined copper, as well as a possible decrease in domestic production resulting from smelter repairs. Analysts said that the demand for copper in the 'world's largest consumer of metal used in powerlines and wiring in electric cars has increased due to increasing grid investment and growing EV purchases. The price of benchmarks may be supported by higher Chinese imports. On Friday, they reached their highest level since January 29 when?they hit an all-time record of $14,527.50. State media reported that Chinese power grid investment from January to march rose 37% compared to a year earlier. The Iran War also fueled a surge in?interest for electric vehicles in China as well as the region. The domestic refined copper supply will likely drop in the second quarter. Analysts at Shanghai Metals Market wrote a Friday note stating that smelter maintenance is expected to reduce refined metal production this quarter. Nicholas Snowdon of Mercuria's metals and mining department said at the LME Week conference in Hong Kong last week that "China returned from Lunar New Year" with a robust, less-price-sensitive demand. This drove the fastest and largest drawdown in domestic inventories. The?resurgent' demand is driven by the strong demand in the electrification sector, and on the grid especially. The Shanghai Futures Exchange announced copper stockpiles on Friday. The?fell 5.6% compared to last week, to 181,333 tons. This is the lowest level since January. Imports are increasing. Customs data released a few days ago showed that China's imports of refined copper rose by 9% in April from March to 452,000 tons. This is the highest level since September. Li Ye, Eagle Metal's deputy general manager, told the LME Week conference last week that "downstream orders" had increased since March. He also said imports in the month of April were up by a triple-digit percentage compared to March. She said that the volume of the last month alone was higher than in the previous three months.
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Russell: The impact of the closure on Chinese EVs is not limited to oil, but also extends beyond it.
The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz, as their batteries are made from sulphuric acids. This is a component used in the extraction of nickel and lithium. The high-pressure acid-leach method is essential for the extraction of battery-grade Nickel from ore in mines in Indonesia, which is the world's largest producer of metal. Copper is produced in Australia from lithium, which is extracted from hard rock. Before the U.S.-Israeli attack on Iran on February 28, about half of the world's seaborne sulphur passed through the Strait of Hormuz and mainly went to Asia. The main suppliers of sulphuric acids are Middle East countries like the United Arab Emirates, Saudi Arabia, and Kuwait. Bulk carriers usually transport sulphur, and volumes through the Strait of Hormuz has collapsed since the beginning of the Iran Conflict. According to commodity analysts Kpler, only 30,000 metric tonnes made it out of the Strait in April compared to 180,000 tons in march. Kpler reported that this was a decrease from the average of 1.27?tons per month during the three months before the beginning of the conflict. Delivered prices to Asia have risen by 50% since the beginning of the war, reaching $880 per ton. Sulphur prices are rising, which will increase costs for nickel, lithium, and copper miners. But the greater concern is a possible supply shortage. The risk is that some miners may have to cut back production if they cannot obtain enough sulphuric acids. RISE IN CONCERN The sulphuric-acid supply is becoming increasingly difficult to secure on a long-term basis, according to several mining executives from Indonesian and Australian companies that attended the Asian Battery Raw Materials Conference held in Hanoi last month. China's EV makers and battery manufacturers are vulnerable to any disruption in the supply of lithium, as well as nickel produced by HPAL. Alternatives to sulphuric acids are available, but are not suitable for producing battery-grade Nickel. For copper and lithium, they require more energy to produce smaller volumes. Although the processing of metals has not reached a crisis, it will be closer to one as the Strait of Hormuz remains effectively closed. This raises the issue of what Beijing will do if a serious threat is made to its EV industry and battery industry. The logical step would be to increase pressure on both Iran, its ally, and Donald Trump in the United States to reach an accord that at least reopens all traffic through the Strait of Hormuz. Other impacts, other than crude oil and LNG, are already felt. Before the Iran war, about 8% of the global aluminium supply passed through the Strait of Hormuz. This has now largely stopped. Kpler data shows that 20,000 tonnes of lightweight metal left the Strait of Hormuz in April. This is down from the average of 1,26 million tons during the three months before the beginning of the war. Diet Coke is now in short supply due to the tightening of aluminium supplies in India. This is a 'inconvenience' for Diet Coke consumers, but it also shows how shortages can occur in unexpected places, disrupting supply chains and leading to higher prices. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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ABB invests $200 million to produce medium voltage equipment in Europe
ABB, the Swiss engineering group, announced on Monday that it would invest $200 million in Europe to increase production of medium voltage grid equipment to meet growing power demands from data centres, electric cars, and industry. ABB stated that the investment will increase production capacity of distribution equipment used to supply power networks for factories, hospitals, and large buildings. The three-year program includes $100 million towards a new factory at Dalmine in northern Italy and another $100 millions to expand factories in Bulgaria, Finland?Germany?, Norway?and Poland? ABB will be able to increase its European production capacity of?medium voltage products by 50% to 300% depending on product lines, and this investment is expected create approximately?800 new jobs. ABB Distribution Solutions head Adrian Guggisberg told the company that it was responding to a huge increase in demand by utilities and grid operators. ABB supplies many of Europe’s largest utilities, including Germany’s E.ON and France’s Enedis (part of EDF). Guggisberg stated that the demand for electrification was increasing. He said that the changes reflected included the construction of data centres for?supporting artificial intelligence?, the increased use of electric cars and?heat pump?, as well as the decarbonisation in industry. Guggisberg said that there was a greater demand for heating, cooling and onshoring. By 2030, electricity is expected to represent nearly 30% of the final energy consumption. This compares with a current usage of?about 20%. According to the International Energy Agency, electricity demand is growing faster than total energy consumption. Guggisberg stated that this increased the demand for medium voltage equipment. (Reporting and editing by Dave Graham).
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INDIA BONDS - India bonds mirror US debt loss as stalled US/Iran talks lifts oil
Indian government bonds fell early on 'Monday', following U.S. Treasuries. Traders reduced their positions due to?concerns about broader economic risks, after recent U.S. - Iran peace talks failed?and pushed oil prices up. At 10:15 am IST, the benchmark 6.48%?bond?yield for 2035 was 6.2 basis points higher at 7.0437% compared to Friday's closing. The yield of the new 10-year bond, 6.94% 2036, was up 5.2 basis points at 6.9920%. The sudden rejection by President Donald Trump of Iran's response to the U.S. Peace proposal has lifted oil prices on Monday. This is raising fears that this 10-week conflict will continue and paralyze shipping through the Strait of Hormuz. Brent crude futures rose by 3.21% in Asian trading to $104.54 per barrel. They have been above $100 over the past three weeks. India's heavy dependence on crude oil imports - about one-fourth of its total import bill - could cause inflation, harm growth and increase the current account deficit. India's state-controlled?refining industry has kept fuel prices stable despite rising crude costs. The sector lost about 100 Indian Rupees ($1.05) per litre of diesel and 20 rupees for gasoline. A trader with an asset manager stated that if oil prices continue to rise, the government may be forced to raise oil company prices. The traders have also become more cautious since Prime Minister Narendra modi suggested that people return to the office from home or online meetings. He said this would help India use less petrol. Separately the market is waiting for the April inflation report, due on Tuesday. It's likely to have moved closer to the central banks 4% target, from the 3.40% it was in March, according a survey of economists. Economists said that a rise in LPG prices would likely have impacted April's consumer prices. India's overnight swap rates increased as inflation fears grew and rate-hike betting increased. The two-year swap rate increased 10 bps, to 6.23%. The five-year OIS was up 9 bps at 6.6475%.
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Ambani's Jio Platforms IPO pivots to pure fundraising, no investor exits, sources say
Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings of the IPO. The IPO had been originally planned as an offer for sale, which meant that no new fundraising was planned and existing investors were only to exit when the company went public. The Economic Times was the first to report 'the company’s plans to pivot and raise fresh funds with a new offering on Monday. The listing is a key part of Ambani’s long-term plan to transform Reliance into a "everything" company, encompassing consumer, retail and technology. Jio Platforms didn't respond to our request for comment.
Diplomats say that India and Peru are likely to have talks in June on a free trade agreement.
A senior Peruvian diplomat said that India and Peru would likely 'hold the next round' of talks on a proposed free-trade pact in the coming month. He added that the deal could be signed before the end of this year.
Javier Paulinich said that the Peruvian ambassador to India will resume negotiations in principle on June 1.
Paulinich stated that Peru, as the third largest copper producer in the world, is also negotiating with India a chapter about critical minerals.
India's Ministry of Commerce and Industry has not responded to an email request for comment.
Paulinich stated that India's Hindalco Industries also wanted to purchase copper from Peru.
He said, "I believe they are trying to bargain."
Hindalco did ?not immediately respond ?to a email seeking comments.
Peru will produce about 2.7 millions metric tons copper by 2024, and the sector is expected to attract $4.96 billion of foreign investment.
India, the fastest-growing major economic power in the world, has "urged" its mining companies, to invest abroad to secure copper supply chain and manage any disruptions.
Official estimates suggest that India, which is the world's second largest?importer?of refined copper by 2047, will have to import 91%-97% of its copper concentrat requirements?from abroad.
India's copper exports increased 4% in the fiscal year ending March 2025 to 1.2 millions metric tons. The government said that demand is expected to rise to between?3 and 3.3 million tonnes by 2030, and between 8.9 and 9.8 million tones by 2047. Reporting by Neha Anantharaman; Editing Muralikumar Aantharaman
(source: Reuters)