South Korea

Traders said that Asia's refiners bought more Kazakhstan CPC blend crude in August than they did in July, after the fall of European demand lowered prices. This likely capped Asia's demand for light-sour grades like Abu Dhabi Murban. A London-based trader stated that the CPC Blend crude discount was increased by $1 per barrel in August's second half due to a softer demand for crude from refiners along the Mediterranean. This difference allowed traders to profit from the lower price. Sources said that the prices for CPC crude oil for delivery to North Asia were about $3.50 a barrel to...

In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged...

Orsted, world's largest offshore wind developer will increase its investment in Taiwan and South Korea, where it already has projects. Instead of expanding into new markets in Asia a senior official at the company said on Monday. The Danish company has lost around 80% of the value of its stock market since its peak in 2021 due to rising costs, disruptions in supply chains and a loss of investor trust in offshore wind. Per Mejnert Kristensen is Orsted's Asia-Pacific President. He spoke on the sidelines at the Energy Asia2025 conference. Orsted, which is the largest offshore developer in terms of...

The atomic energy agency of Kazakhstan announced on Saturday that Rosatom, Russia's nuclear state corporation, has been selected to lead a consortium for the construction of the first nuclear plant in Kazakhstan. The state-owned China National Nuclear Corporation as well as French or South Korean companies also submitted proposals. Kazakh Atomic Energy Agency, which was established in March this year, has said that it has reviewed and evaluated various reactor technologies based on criteria such as nuclear plant safety, training of personnel, and other factors. It said that "the agency determined that the most advantageous and optimal proposals for construction...

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

As part of a broader tax reform bill, Republicans in the U.S. House of Representatives proposed Monday to kill the electric vehicle credit and repeal fuel efficiency regulations designed to encourage automakers to build more zero-emission cars. The proposal is scheduled for a House Ways and Means Committee Hearing on Tuesday. It would repeal the $7,500 tax credit for new vehicles and the $4,000 credit for used vehicles on December 31, but it would keep the credit for new cars for an extra year for automakers who haven't sold 200,000 electric cars. Genevieve Cullen - the president of the Electric...

Two people who are familiar with the process said that LNG Canada had completed cooling down its Kitimat liquefied gas plant and was preparing to produce the first LNG at the plant in June. To ensure the production of super-cooled gas, cooling an LNG plant is essential. It's also a crucial step before starting operations. LNG Canada will be the first LNG export facility in Canada. It is expected to export 14 million metric tons per year (MTPA). LNG Canada confirmed on Saturday that the Maran Gas Roxana left the plant after delivering a shipment to the plant on April...

SK Innovation Co Ltd, the owner of South Korea’s largest oil refiner SK Energy swung into an unexpected operating loss during the first quarter due to lower oil prices. However, the company forecasts a recovery in the refining margins for the second quarter. The company reported an operating loss for the third quarter ended March 31 of 45 billion won (32 million dollars), a sharp drop from the 625 billion won profits it recorded a year earlier. According to LSEG SmartEstimate, analysts had estimated a profit of 393 billion won. "Operating Income declined despite improving earnings from the Battery Business,...

The manufacturers and developers of U.S. Energy Storage Projects said that their industry would invest $100 billion in this decade to create an entirely domestic battery supply chain. However, they warned that the goal is contingent upon Washington's support. The American Clean Power Association is a trade association that represents energy storage firms. Its members aim to reduce the sector's dependence on China, who currently supplies most of the U.S. battery supply. The storage projects are therefore likely to be severely affected by the decision of President Donald Trump to impose 145% tariffs on Chinese imports. The industry wants a...

S-Oil, a South Korean company majority-owned by Saudi Aramco and with refining and chemical units, suffered losses in the first-quarter. It expects that margins will be affected by U.S. trade negotiations and volatility on the market during the second-quarter. S-Oil announced a loss of 14.5 billion won (14.93 millions) for the first quarter of 2025 compared to a profit of 454.1 million won a year ago, in a Monday statement. The first-quarter revenue of the company fell by 3.4% on an annual basis to 8.99 trillion won. S-Oil reported that its refining division had an operating loss in the quarter...

Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said:...

The British government will impose trade limits on steel that are more restrictive than anticipated, restricting imports from Vietnam and South Korea, as well as Algeria, to protect its domestic supply against the effects of a trade war. Britain is trying to protect its domestic steel industry from an oversupply in the global market. It has taken a number of measures to help it. These include negotiating the removal U.S. Tariffs, which are yet to take full effect, and taking control of British Steel, to stop it from closing down. The global trade upheaval caused by Trump's tariffs, and the...

The Australian manganese manufacturer Element 25 announced on Tuesday that the Northern Australia Infrastructure Facility has agreed to provide an advanced debt facility up to A$50m ($32.57m) for its Western Australia project. Early trading saw shares of the producer jump as high as 10.3%, to A$0.215. Manganese, a metal in high demand by the electric vehicle industry, is being funded. General Motors, along with its battery partner LG Energy Solution, announced last month that they plan to begin commercial production in the United States of lithium manganese rich (LMR) batteries chemistry starting in 2028. GM says the chemistry will be...

Donald Trump, the U.S. president, warned on Thursday that he could soon increase auto tariffs. He argued that this would encourage automakers to accelerate U.S. investment. Trump told a White House audience that he might increase the tariffs in the near future. "The higher the tariff, the more likely they are to build a factory here." The White House has been pressed by automakers to lower the 25% tariffs Trump placed on automobiles. Detroit Three automakers criticised a deal which would reduce tariffs on British cars but not those produced in Canada or Mexico. Trump cited a number of recent...

A person who attended an investor call for Hyundai Motor said that the company has a stockpile of rare earths which can last up to a year. It does not anticipate any short-term impacts from disruptions in global supply chains caused by China’s export restrictions. China's decision to limit exports of rare earths, magnets, and other materials in April has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors. Hyundai, along with Kia Corp., the third largest automaker in the world, is better positioned than most competitors to withstand the restrictions that have already affected production and...

Australian Strategic Materials reported on Friday that customers are increasingly interested in rare earth alloys and metals produced at its South Korean critical metals facility, as a result of China's restrictions on exports. The Korean Metals Plant of critical metals is one of only a few plants outside of China that can produce rare earth alloys and metals commercially. The shares of the company jumped up to 29.1%, to A$0.655. This was a new high for more than 3 weeks. However, they then pared some gains. The benchmark index for the broader market edged down by 0.1%. ASM said that...

Three sources confirmed that China has implemented a tracking system in its rare earth magnet industry, as export restrictions are beginning to isolate customers from around the globe. Two sources briefed on the issue and two others familiar with it said that the national tracking system went into effect this week and requires producers to provide extra information online, including trading volume and client names. China, the world's biggest rare earth magnet exporter and supplier, in April, placed export restrictions on several magnets and seven medium-to-heavy rare earth elements. Exporters were required to obtain licenses. The delays in getting approvals...

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...

India's steel imports in April fell by 11.3% on an annual basis to 0.5 millions metric tons, following a drop in shipments to India from China and Japan. India, which is the second largest crude steel producer in the world, imposed in April a temporary tariff of 12% on certain steel imports. This was locally known as "a safeguard duty" to stop a rush of cheap shipments, primarily from China. The shipments of finished steel from China in April fell by 26.5% to 0.1 metric tons. The data revealed that imports from Japan fell to 85,600 tons, a 60% drop...

POSCO Future M is a South Korean manufacturer of chemical and battery materials. On Tuesday, it announced that it would be issuing new shares in order to raise approximately 1.1 trillion won (775 million dollars) for its expansion both at home and abroad. This includes its joint venture with General Motors Canada. The plan states that the company will continue to invest in the future despite "political risk" in Korea and in the United States. It also says that tariffs in the United States and possible cuts in federal subsidies for electric vehicles under the Trump Administration could slow down...

Officials have confirmed that more than a dozen senior business leaders, including CEOs, will visit the White House this Wednesday to highlight U.S. investment. A White House official confirmed a Bloomberg News article that President Donald Trump will promote investments in the United States for his first 100-days in office. These include defense, technology, healthcare, consumer products, and investment funds. Trump has tried to promote new investments in spite of concerns from major U.S. companies about new tariffs. Airline companies, automakers, and retailers are concerned about the impact that tariffs will have on U.S. sales and manufacturing. Some large companies...

In an interview published Friday, U.S. president Donald Trump claimed that tariff negotiations with China were underway, but Beijing denied there were any talks taking place. This is the latest of a series conflicting signals about what progress has been made in de-escalating a trade battle threatening to sap growth globally. Trump told TIME that there were talks and that Chinese President Xi Jinping called him. He repeated this assertion to reporters on his way out of the White House to Rome, where he would attend the funeral for Pope Francis. China responded in a statement from its foreign ministry...