Myanmar

Fuel Oil

Myanmar households maimed as currency topples to record low

A fast devaluation of Myanmar's. currency is pushing up the rates of basics, consisting of food. and medication, debilitating normal households in the Southeast. Asian country wrecked by civil war and a crumbling economy. The Myanmar kyat has been extremely unpredictable in. current days, plunging to a low of 7,500 to the dollar in the. black market last week from 5,000 earlier in the month,. according to 4 forex traders. The plunge followed. reports that the Myanmar junta was printing more kyat to prop up. the currency, two traders said. Individuals are anxiously buying (Thai) baht and selling. kyat, said...

Natural Gas Utilities

Chevron hands Myanmar gas field stake to junta, Thailand's PTTEP

U.S. energy company Chevron has actually stopped the Yadana natural gas field in Myanmar, a representative stated on Monday, more than 2 years after it condemned violence and human rights abuses there and announced it would leave. Rather than being sold, Chevron's 41.1% stake in the gas field was rearranged to the staying shareholders, Thailand's PTT Expedition and Production and state-owned Myanma Oil and Gas Business (MOGE). PTTEP, operator of the gas field, said on Friday its stake in Yadana had increased to 62.96%. The withdrawal offers effect to our objective to exit Myanmar in a controlled and orderly way,...

Environment

Floods in Myanmar leave 19 dead, displace thousands

At least 19 people were eliminated in Myanmar after heavy rains triggered floods in and around the wartorn nation's capital city, with rescuers moving some of the 3,600 people displaced to much safer locations on boats, according to the nationwide fire service. Adverse weather brought on by Tropical cyclone Yagi, the greatest storm to strike Asia this year, has eliminated more than 230 individuals in Vietnam and Thailand, and flood waters from swollen rivers have flooded cities in both countries. Myanmar has actually remained in chaos since a military coup in February 2021 and violence has engulfed large parts of...

Mining

Myanmar's Wa State is looking at resuming mining

Nyi Rang, the Wa State spokesperson, said on Friday that Myanmar is considering allowing mining in the region rich in tin to resume. Nyi Rang confirmed that an announcement circulated on Chinese social media by the Wa State Industrial Minerals Management Bureau, which outlined the process for obtaining permits for mining and exploration. Nyi Rang has not provided a timeline for the restart of mining. Mines in Wa provide 70% of Myanmar's tin, which is the third largest producer on the planet and the dominant supplier to China. Wa State, unlike the majority of Myanmar which is controlled by the...

Mining

Tin production may resume in Myanmar's Wa State after a three-week slump

On Thursday, tin futures prices dropped to their lowest level in over three weeks. Analysts attributed the drop to a renewed expectation that shipments from Myanmar's Wa State could resume. The most active April contract at the Shanghai Futures Exchange ended daytime trading at 254,010 Yuan ($34.940) per metric ton after hitting the lowest price since February 5, at 253,220 Yuan per ton. The metal used in semiconductors had increased by 9.5% since the start of the year, reaching a record high of 267.900 yuan per ton on 24 February, due to declining stocks and a tight supply. Uncertainty about...

Mining

Tin prices hit 4-month peak on declining stocks, tight supplies

Prices of soldering tin reached four-month highs Tuesday due to concerns about the supply from Indonesia, a major producer. Also, stocks registered at the London Metal Exchange have been declining. The benchmark tin price on the LME rose 0.5% to $32,850 per metric tonne after reaching $33,065, which was its highest level since October 14, and has gained 14% this year. After Indonesia's January refined-tin exports fell 67% from December to 1,566 tonnes, prices of the metal have risen higher than other metals traded on the LME. A tin dealer said that the approval time for export permits is expected...

Mining

Not-so-rare earths: Sufficient supply weighs on costs of crucial minerals group

Weak demand for rare earths integrated with ample supplies are weighing on rates of the group of 17 minerals utilized in technologies from lasers to EVs, with little nearterm catalyst in sight, industry participants stated. Exports of unusual earths from China, the dominant producer, climbed 7.5% year-on-year in the first seven months of 2024, however rates still fell during that period and are hovering near their least expensive in more than 3 years. We have recently gotten a lot of deals, asking us whether we need cargoes, which makes me feel it's hard for them to discover buyers now, stated...