Four dead in suspected gas explosion at Taiwan mall

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• Four dead in suspected gas explosion at Taiwan mall

  The fire department reported that a suspected gas explosion occurred at a department shop in central Taiwanese Taichung on Thursday. At least four people were killed and 24 injured. In a press release, the department stated that the blast took place on the 12th-floor of the building where construction was underway, and the damage began at the 9th-floor. It was reported that the food court on the 12th-floor of the Taichung Shin Kong Mitsukoshi Department Store had been closed due to construction work. According to the health ministry, one of the injured is in intensive care at the hospital. Taiwan's President Lai Ching Te, in a Facebook post, demanded a rapid investigation into the cause. (Reporting and editing by Jacqueline Wong; Kim Coghill, Michael Perry, and Jacqueline Wong)

• Karnataka State in India receives investment proposals totaling $115 billion.

  A government spokesperson announced that Karnataka, a state in southern India, had received investment proposals totaling nearly 10 trillion rupees (115.31 billion dollars) as the country attempts to boost its manufacturing sector and create jobs in an economy slowing down. At the Invest Karnataka event held on Tuesday, a spokesperson stated that the proposed investments would be focused on renewable energy, automobiles, steel, semiconductors, and other areas. Not all of the proposals have been approved and the government does not provide a timetable for these investments. New Indian Express reported last week that the state government plans to implement 70% of the proposals. This is up from the 40% to 50% it had planned for the 2022 event, according to a state official. Some of the companies that have made investments include India's Mahindra and Mahindra and JSW Group as well as Germany's Bosch, Japan's Toyota Motor and Taiwan's Foxconn. Karnataka is India's largest contributor to the economy, and includes the IT hub Bengaluru. It is also a major exporter for software, IT services, and manufactured goods. These commitments come as New Delhi tries to reduce imports and boost its domestic manufacturing, while also taking advantage of Sino-U.S. trade tensions which have prompted companies like Apple to divert their manufacturing away from China. The Indian Defence Minister Rajnath Singh, who inaugurated the event, said that India's strong economy and consumption makes it an attractive investment destination. Recent moves, such as a reduction in personal income taxes, are expected to drive demand. Sajjan Jindal, chairman and managing director of the JSW Group - whose businesses span industries such as cement, steel and paints - said that it will invest 13 billion rupees (1.2 trillion Indian Rupees) in expanding its operations within the state. Anand Mahindra, the chairman of Mahindra who spoke at the event, said that the company, which has a large presence in Karnataka already, will invest close to 400 billion Indian Rupees ($4.61 billion) in the state over the next couple of years.

• Sources say that the price of Saudi crude oil to China will fall in March, after prices reached a two-year high.

  Trade sources reported on Tuesday that Saudi Arabia's crude supply to China will decline in March compared to the previous month after the kingdom raised its prices to their highest level in over two years. A tally of Saudi Aramco's allocations to Chinese refiners revealed that the company will ship around 41 million barrels in March. This is down from 43.5 million barrels in February. This is the second consecutive month that Aramco has seen its allocation to China drop. The sources stated that Sinopec, a joint venture between Aramco and the Chinese state-owned company, and Aramco’s joint venture Fujian Refinery, will lift less crude in March while Aramco will increase their supply to PetroChina, and private refiner Shenghong Petrochemical. Aramco increased the crude oil prices by a large amount for March deliveries to Asia and other parts around the world. The official selling price of flagship Arab Light crude was raised by $2.40 per barrel to $3.90 above the benchmark Oman/Dubai average. This is the highest it has been since December 2022. The latest U.S. energy sanctions, which targeted Russian energy traders in general, disrupted Russian supplies and increased shipping costs. OPEC+ is expected to continue production cuts during the first quarter of this year and gradually increase output from April onwards, according to delegates at the group's last-week meeting. Reporting by Siyi Liu in Singapore and Florence Tan; editing by Tom Hogue & Jamie Freed

• The Eurozone industry shrinks faster in December than expected

  The euro zone's industrial production declined more than expected in the month of December, showing that the two-year slump is still far from over, even though some figures on sentiment and orders have indicated a bottoming out. Eurostat data showed that the output of the 20 countries sharing the euro fell by 1.1% from December to the previous month. This was below expectations of a 0.6% decline, as Germany, the industrial powerhouse, shrank by 2,9%, and Italy by 3,1%. The industry has been a drag for Europe since years, as high energy prices, weak Chinese demand, increased global competition and old-fashioned car models are all factors that have a negative impact on orders. The production of capital goods dropped by 8.0%, which was a huge drop compared to the previous year. Even though some indicators point to a stabilisation of the industry, the new U.S. steel and aluminum tariffs, compounded with the threat of additional trade barriers are likely to have a negative impact on the sector. Some economists worry that tariffs on China will also be a drag for Europe because Chinese products are likely to search out new markets, and may crowd out local items. Comparing November to December, the output of capital goods fell by 2.6%, while that of intermediate goods was down by 1.9%. This decline in output has been partially offset by an increase in output for consumer goods. The growth of the euro zone has stagnated for most of the last year, as consumers save their surplus cash. This is partly due to the worrying news about the health of the industry, which is a major employer.

• IEA: Russian oil production unaffected so far by US sanctions

  The International Energy Agency (IEA), in its latest report on the oil market, said that Russian oil exports may be maintained if workarounds are found to the new U.S. sanction package, following a slight increase in Russian crude production last month. The IEA reported that Russian crude oil production increased by 100,000 barrels per month (bpd), to 9,2 million bpd last month, despite the fact that its energy sector had been hit with extensive sanctions on January 10th. The IEA stated that oil markets had shown resilience and adaptability to major challenges in the past, and it is not likely to change this time. The Paris-based agency said in its previous monthly report that Washington's new sanctions package could disrupt Russian oil supply chain, but held off on changing its forecasts until it was clear what impact they would have. The IEA said that the sanctions announcement pushed oil prices up $8 to five-month-highs by mid-January. However, those gains were almost reversed at the end of January due to growing concerns about the global economy, and the possible impact of emerging trade wars. The IEA continues to forecast that non-OPEC+ supply will grow faster than global demand. The IEA predicts that non-OPEC+ oil production will increase by 1.4m bpd in this year. This is compared to a forecast for demand growth of 1.1m bpd, which was slightly higher than the previous forecast. The IEA stated that China is still the main driver of global oil demand. Its petrochemical industry will be affected by the slowdown in China's demand for conventional transportation fuels. In a sign that structural changes are reshaping Chinese demand for oil, the use of three of the most important fuels, gasoline, jet/kerosene, and gasoil, has declined slightly in 2024. Reporting by Robert Harvey in London and Alex Lawler Editing by David Goodman & Aidan Lewis

• China's Iron and Steel Association warns that US steel tariffs could spark a global trade war.

  China Central Television reported that the Iron and Steel Association of China said that the 25% increase in tariffs on all steel and aluminium exports to the United States will have a negative impact on the supply chains of the global industry for steel, including China. U.S. president Donald Trump raised tariffs on imports of steel and aluminum on Monday by a substantial 25%, "without any exceptions or exclusions". He hopes this will help the struggling American industry but it also threatens to spark a multi-fronted trade war. The impact of the United States on China's exports of steel is minimal in the short-term. In the long term, however, the United States could force other countries to follow their lead, thereby reducing China's competitiveness in steel exports," said the association. Last year, China exported 508,000 tons of steel net to the United States. This represents 1.8% of American steel imports. Zhang Longqiang is the deputy secretary-general for the China Iron and Steel Association. He said the association was against the tariff increase and that it did not promote "healthy and fair market competition and trade." He said that the tariff increase would have a negative impact on the global steel industry's industrial chain, and its supply chain, including China. Washington claims that although China only exports a small amount of steel to the United States it is the source of most of the excess steel production in the world. The report says that China's subsidised steel production forces other countries to increase their exports, and this leads to the transshipment of Chinese metal through other countries and into the United States in order to avoid tariffs and trade restrictions. Reporting by Farah master and the Beijing Newsroom; Editing and rewriting by Muralikumar Aantharaman and Emelia Matarise

• Steel tariffs and tax concerns overshadow supply problems as iron ore prices decline

  Iron ore futures in Dalian ended a two-day rally on Thursday as fears over U.S. Steel Tariffs and possible India taxes trumped supply problems from Western Australia. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 1.52% lower at 808 yuan (US$110.87) per metric ton. After reaching its highest level in almost four months, the benchmark March iron ore traded on the Singapore Exchange dropped 1.59% to $106.1 per ton. Investors are concerned about a potential domino effect caused by Trump's new tariffs, said Zhuo Guqiu. Analyst at Jinrui Futures. H.D. Steel Minister H.D. Kumaraswamy said that India could implement a temporary tariff of 15-25% on Chinese steel in six months due to the "serious threat" posed by cheap imports following Trump's new tariffs. Kumaraswamy stated. This was after U.S. president Donald Trump's steep duties on steel and aluminum imports. Industry insiders warned that this could cause imports to surge as exporters ship to India. Trump said that he would also impose reciprocal duties as early as Wednesday night, increasing fears of an expanding global trade war. Hexun Futures, a Chinese consultancy, said that trade frictions could disrupt the iron ore markets as increased tariffs might aggravate export concerns. Storms affected Australian shipments, tightening supply, Hexun added. Port Hedland closed on Wednesday and the ports of Dampier, Varanus Island, and Varanus Island on Thursday. Coking coal and coke, which are both steelmaking ingredients, have also lost ground. They fell by 1.96% apiece and 1.63% respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell nearly 0.5%. Hot-rolled coil dropped 0.32%. Wire rod lost 0.4%. Stainless steel rose 0.61%. $1 = 7.2876 Chinese Yuan (Reporting and editing by Amy Lv, Michele Pek and Subhranshu sahu; Sumana nandy and Subhranshu sahu)

• Asia replaces Russian crude oil quickly: Russell

  Asia's crude markets are quickly adjusting to the new sanctions imposed against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months. According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February. India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd. In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount. LSEG expects India's imports to Russian oil to reach a record high in three months, at least 1,71 million bpd. This figure may increase by the end February as more cargoes will be assessed. After Western sanctions deprived Europe of its customers, the South Asian nation has become the largest buyer of Russian crude. India was allowed to purchase Russian oil at discounted prices as the United States, and other Western countries, tried to keep Russian crude on the global market. However sanctions were imposed after the February 2022 invasion by Ukraine to cut off the revenue flowing to Moscow. Last month, former president Joe Biden imposed restrictions on Russia's shadow tanker fleet in order to prevent the vessels from delivering crude oil. The Indian refiners were scrambling to purchase as much Russian crude before the new measures took effect, resulting in an increase in arrivals in February before a possible decline in March. Chinese refiners have cut back more quickly on Russian crude. Imports of seaborne crude in February are expected to be around 500,000 barrels per day, down from an average of 1.05 million barrels per day over the previous three months. According to LSEG's estimates, China's crude imports are expected to total 10.35 million bpd for February, which is roughly the same as January's 10,10 million bpd but lower than 11.16 million bpd from February 2024. China has replaced Russian crude oil with cargoes of other suppliers. So far, it appears to have mostly turned to Angola or Brazil. Switching suppliers is a good way to save money. The imports of Angolan crude oil in Asia are expected to jump to 1.13m bpd by February, up from 670,000 bpd last month. Brazil's exports are also set to increase to 1.05m bpd. China's decision, as part of its response to the new president Donald Trump's 10% tariff on all Chinese imports, to levy 10% on crude oil imports from the United States has made the situation even more complicated. It will take several more months before the tariffs on U.S. crude oil are applied to actual imports. This is because there are many delays between when cargoes arrive and when they're delivered. Kpler, a commodity analyst firm, estimates that China's imports from the U.S. of crude oil will increase significantly in March and April. Arrivals for March are currently estimated at 339,000 barrels per day and those for April to be 461,000. These cargoes have already been placed on the water, or arranged. China's imports of crude oil from the United States are likely to fall in May, but India could pick up the slack. These are the views of the columnist, an author for.

• Aluminium prices rise as traders evaluate trade war risks

  Aluminum prices fluctuated on Thursday, as traders assessed the risks of a trade war after President Donald Trump imposed 25% tariffs on imports of steel and aluminum. As of 0405 GMT, the price for three-month aluminium at the London Metal Exchange was $2,624 per metric ton. Don Farrell, Australia's Trade Minister, said that the U.S. had approved the increase in aluminium supplies by Australia. Australia, the sixth largest aluminium producer in the world, contributed 1% to the U.S. steel imports and 2% to its aluminum imports. The copper price also traded within a narrow range. The LME benchmark copper edged up by 0.2% to $9470 per metric ton. Many traders believe that Trump is targeting copper as well, following his announcement of 25% tariffs for aluminium and steel. ANZ Research noted that signs of tightness also boosted the sentiment. Trump has not yet imposed tariffs on the copper but he threatened them last week, without giving any further details. The treatment charges, the fees that miners pay to smelters in order to convert raw materials into metal, have declined. This indicates a lack of material. Fastmarkets' copper TC/RC index (treatment charge/refining fee) has been at record lows for the past few weeks. On Wednesday, it was minus $12.50 per ton and minus 0.25 cents per lb. This compares with a TC that was about plus $20 one year ago. Lead increased 0.1% at $1,975, zinc rose 0.1% at $2,864 and nickel fell 0.1% from $15,405. Aluminium contract at the Shanghai Futures Exchange was down by 0.2%, to 20,540 Yuan ($2,818.45). The SHFE copper price rose by 0.8%, to 77.370 yuan. Nickel was down by 0.2%, to 124.120 yuan. Zinc was up by 0.4%, to 23,745 Yuan. Lead was up 0.2%, to 17,125 Yuan. Tin was also up 0.1%, to 257.340 Yuan. $1 = 7.2877 Chinese Yuan Renminbi (Reporting and editing by Sherry J. Phillips).

• Dalian iron ore gains on Australia's supply concerns

  Dalian iron-ore futures prices increased for the second session in a row on Thursday. This was largely due to lingering worries about weather-related disruptions of supply in Australia, a major exporter. Fears of a global trade war following President Donald Trump’s new tariffs on aluminum and steel imports have curtailed gains. By 0209 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.3% to $823 yuan (about $112) per metric ton. Port Hedland - the world's biggest iron ore export center - closed Wednesday because of tropical cyclone Zelia. Analysts at Shengda Futures wrote in a report that the hot metal production, which is typically used to gauge the demand for iron ore, has increased at a faster pace than it did the previous year. The recovery in the downstream steel demand also exceeded expectations. Prices were also supported by the expectation that steelmakers would still need iron ore after the Lunar New Year holiday to meet their production needs. The benchmark March ore price on the Singapore Exchange, however, was down 0.24% at $107.55 per ton as of 0206 GMT after reaching its highest level in almost four months on Tuesday. Analyst at Jinrui Futures, Zhuo Guqiu said that investors are concerned about the possible domino effects triggered by Trump’s latest tariff. India could tax steel imports from China by 15% to 25% in six months due to the "serious threat" that cheap imports pose to local producers after Trump's new tariffs. Coking coal and coke, which are both steelmaking ingredients, have also lost ground. They fell by 0.8% and 0.8%, respectively. The benchmark steel prices on the Shanghai Futures Exchange have been moving sideways. The benchmarks for steel on the Shanghai Futures Exchange moved sideways. ($1 = 7.3067 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)

• China's Ganfeng begins lithium production at Argentina’s Mariana Project

  The Ganfeng lithium mining company in China has started producing lithium in its Mariana project, located in northern Argentina. This is the first of many new lithium projects that are underway in South America. Ganfeng, one of the largest producers of white metal in the world is used primarily to manufacture rechargeable batteries. The Mariana plant in Salta province represents an investment of $790 million and is capable of producing 20,000 metric tonnes of lithium chloride each year. This comes from the extraction of the Llullaillaco flat salt. Ganfeng spent another $190 million on a solar park that will support the plant's needs for energy. Wang Xiaoshen is the president of Ganfeng Group. He said that other lithium projects in Argentina are progressing. Pozuelos - Pastos Grandes will begin construction in this year. The Incahuasi - Arizaro project, on the other hand, is currently in an advanced exploration phase. Ganfeng and Lithium Argentina are also co-owners of the Cauchari - Olaroz project which is currently in operation as well as the Pastos Grandes Project, which is in the feasibility phase. The administration of President Javier Milei has welcomed mining projects to attract foreign investment and offered an incentive scheme that has been praised by international miners of copper and lithium. The so-called Latin American lithium triangle includes Argentina, Chile, and Bolivia. It contains one of the largest reserves of this ultra-lightweight metal in the world. Other companies are also developing a number of lithium projects in Argentina, though some have been delayed because of low lithium prices due to oversupply as well as a slowdown of sales of electric cars. Luis Lucero, the Mining Secretary who inaugurated the project, expressed his hope that the Mariana Plant can strengthen the local economy. He said that the Mariana project was not only a source of earnings in foreign currencies, but it also created quality jobs for hundreds of families. (Reporting and writing by Eliana Razewski, Editing by Sandra Maler).

• China hawk selected for key US Commerce Dept. job

  Landon Heid was nominated by President Donald Trump for a key position in the U.S. - China tech battle. Heid served on the House of Representatives Select Committee on China. According to a U.S. Senate document, Heid is being selected to become assistant secretary of Commerce in charge of export administration. Heid was a China-hawk who set technology policy at the congressional committee. He would then help to design export controls that would keep AI chips and the equipment needed to make them, as well as other technology, from China and other nations. Heid was the driving force behind a flurry of action by the committee in order to combat what they deemed to be China's threat against U.S. National Security. The committee released a statement last month in support of an aggressive global licensing regime for artificial intelligence development. This was just before the Commerce Department issued a new rule that would tighten U.S. control over AI chip flow across the globe. The Trump administration could change the rule that is set to come into effect in May. Heid was responsible for a campaign last year that sought to limit business with BGI and other Chinese biotech companies, including WuXi Apptec and WuXi Biologics. Although proposed legislation gained momentum during the last Congress it failed to pass. The White House didn't immediately respond to an inquiry for comment. Nor did Heid. Heid will report to Jeffrey Kessler if confirmed. Kessler is a Washington-based trade lawyer who has been nominated to be the undersecretary of Commerce Department Bureau of Industry and Security. First reported that Kessler's name was being considered. Trump sent the Senate several other nominations to fill posts in Commerce. David Rader has been selected to be the Assistant Secretary of Commerce responsible for industry and analyses. According to LinkedIn, Rader is currently a senior adviser at the Department of Defense. Taylor Jordan has been nominated as Assistant Secretary for Commerce, Environmental Observation and Prediction. David Fogel is selected to be Assistant Secretary of Commerce Global Markets and Director General of the U.S. Foreign Commercial Service.