Asia

Sources said that stocks of BHP's iron ore have piled up in major Chinese ports at the highest level in three months. Trade has stalled because the miner is still in negotiations with China's government-run buyer to secure a new contract. Sources claim that China Mineral Resources Group (CMRG), a subsidiary of BHP, told steel mills last month to stop buying BHP's Jimblebar Fines. Two sources said that inventories of Jimblebar Fines in some Chinese ports had risen to around 2.6 millions metric tons by October 14. This was the highest level seen since July. They also added that the...

Calculations based on trader data showed that the price of Russia's Urals Crude at Baltic ports dropped below the EU price cap of $47.60 a barrel on Wednesday, for the first time. This was due to a five-month high in Brent benchmark prices, and increased freight costs. According to calculations, the price of Urals free-onboard at the port Primorsk dropped to $47.40 a barrel on Wednesday. In July, the European Union approved its 18th package against Russia. This included measures that were designed to deal further blows with the Russian oil industry and energy sector. The EU's MOVING Price Cap...

Despite Western sanctions against the project and the ships, data from LSEG and market sources showed that several tankers were delivering cargoes of gas condensate from Russia's Arctic LNG 2 to China. Gas condensate, a by-product of the liquefied gas industry, is used as a feedstock by refineries for naphtha production, diesel production, jet fuel and other petrochemicals. It can also be mixed with crude oil to make it less viscous. Before the U.S., EU and Russian sanctions were imposed over Moscow's conflict in Ukraine, Arctic LNG 2 was set to be one of Russia's biggest LNG plants. According to...

On Thursday, thousands of mourners briefly invaded Nairobi's airport, disrupting a funeral ceremony for veteran opposition leader Raila Odinga. Crowds also flooded nearby roads, and tried to break into parliament. Odinga died in India, where he was receiving medical care, on Wednesday, aged 80. He had been a prominent figure in Kenyan politics for decades. Odinga supporters had taken to the streets to pay their respects. President William Ruto, along with other officials, went to the airport in order to receive Odinga's body. As the coffin was removed from the plane cargo, mourners - some on motorcycles – overran the...

Three market sources reported that the Black Sea port in Russia, Novorossiisk, has reached its export capacity limit. This leaves traders scrambling to find a new route for crude oil, which it is unable to refine at home and can only produce because of increased OPEC+ quotas. Organization of the Petroleum Exporting Countries (OPEC) and its allies have been easing up on output restrictions. In addition, Russia's refining facilities carried out record amounts of maintenance in August, and September. This was partly due to damage caused by Ukrainian drones. As a result, its ability to process crude oil domestically has...

The supertanker rates have risen this week, and they are likely to remain high due to the U.S. and China titling-for-tat increases in port fees as well as concerns over the impact of U.S. sanction on a Chinese major crude oil terminal. According to traders, the Chinese port fees announced Friday would increase shipping costs by more than $7 per barrel for a Very Large Crude Carrier that is linked to the United States. This would amount to around $15 million, which would discourage anyone from chartering vessels linked to the United States. The VLCC spot rates for the Middle...

The supertanker rates have risen this week, and they are likely to remain high due to the U.S. and China titling-for-titling increases in port fees as well as concerns over the impact of U.S. sanction on a major Chinese crude terminal. According to traders, the Chinese port fees announced Friday would increase shipping costs by more than $7 per barrel for a Very Large Crude Carrier that is linked to the United States. This would amount to around $15 million, which would discourage anyone from chartering vessels linked to the United States. The VLCC spot rates for the Middle East-China...

According to trading sources, at least five crude oil tankers have been diverted from a major eastern Chinese port after the U.S. imposed a ban on an import terminal on Friday. U.S. sanctions disrupted plans by the country's refining companies to unload cargoes in the port of Lanshan, the hub for refinery activity in Shandong Province. The diverting of the ships could also lead to congestion in alternative ports. This is especially true at Zhoushan located further south, off the coast Zhejiang Province, where multiple ships have been redirected. The U.S. sanctioned the Rizhao-Shihua Crude oil Terminal in Lanshan on...

The Chinese Commerce Ministry announced on Tuesday that China had taken countermeasures to protect five subsidiaries of the South Korean shipbuilding company Hanwha Ocean with ties to the United States. The ministry issued a statement saying that it is against the law for individuals and organisations in China to engage in transactions, collaborations or activities related to these entities. The statement stated that "Hanwha Ocean’s U.S. related subsidiaries have assisted and backed the U.S. Government's relevant investigation activities, thus jeopardizing China's sovereignty and security as well as its development interests." Hanwha didn't immediately respond to an inquiry for comment. China...

U.S. president Donald Trump targeted China, the top economic rival with a cascade tariff order on billions in imported goods. The orders were aimed at narrowing an enormous trade deficit, bringing manufacturing back and crippling fentanyl traffic. The reverse chronological timeline below shows the U.S. - China trade war in this year. China starts collecting port fees for vessels with a U.S. connection on October 14. Ships built in China are exempted. On the same date, the U.S. will also implement an additional port fee for Chinese ships. Beijing claims it informed Washington about its new rare earths control measures...

China officially began collecting special port charges from U.S. owned, operated, flagged, or built vessels on Tuesday, but state broadcaster CCTV said that Chinese-built vessels would be exempted. CCTV published details that clarified the exemptions. These included ships constructed by China, ships which are empty and enter Chinese shipyards to be repaired, as well as other ships deemed exempt from payment. China's Transport Ministry announced last week it would begin charging new port fees to ships with ties to China on the same date as the U.S. After the announcement, U.S. president Donald Trump announced that he would raise tariffs...

DHT Holdings, the operator of oil tankers in China, said that their fleet is not subject to China's special port fees aimed at vessels with ties to the United States. China has begun charging fees to U.S. vessels that visit its port, starting October 14. This is a response to the U.S. fees charged by China-linked vessels. China has targeted U.S. flagged, built and operated ships as well as companies where 25% or more of the shares or board positions are held by U.S. investment funds. DHT stated that "each vessel is owned directly by a foreign entity, built in...

Wall Street fell on Thursday as signs of weakness among regional banks frightened investors who were already on edge due to the U.S. - China trade tensions. Zions Bancorporation shares fell after the regional lender disclosed an unexpected loss in two loans made to its California division. This added to investor anxiety about hidden credit pressure as lenders navigate economic uncertainty while interest rates are still relatively high. Western Alliance's slump also fueled concerns about regional banks after it announced it had initiated a lawsuit for fraud against one of their borrowers. Investors were watching the S&P 500, which recently...

Silver, which flooded the United States in the early part of this year because of fears about tariffs on imports, is likely to return to London's physical market where shortages of metal have driven the spot price over U.S. Futures. Silver was shipped to the United States by traders who wanted to avoid possible tariffs. This is because it was included on a list of critical minerals for the United States in September. The move is part of an effort to secure domestic supply chain for key metals. Silver spot was around $50.10 an ounce Friday after reaching a record...

Transnet's CEO announced on Thursday that a South African court had ordered China's CRRC E-Loco, which has been in a long-running dispute with Transnet, to release locomotive parts it had refused to provide. This decision is a boost to the plans of Transnet to improve its performance. Both parties are involved in a legal battle after Transnet halted 1,064 locomotives supplied by four original equipment manufacturers, including CRRC E-Loco. Transnet claimed that contracts for 2014 worth $54.4 billion rand (3.18 billion dollars) were illegally awarded by previous company leadership. Transnet reported that in 2023 161 locomotives provided by CRRC E-Loco...

IKEA acquired U.S. logistic technology firm Locus on Tuesday. The Swedish furniture retailer claimed that the deal would improve its delivery to customers, as it expands online sales. This acquisition is part of a $2.2billion push by Ingka Group - the largest global IKEA franchisee - in the U.S., where it is competing with Wayfair and Walmart, and also has to contend with increased tariffs on imported goods that increase its costs. IKEA refused to reveal the value of the transaction. Locus' most recent funding round, in 2021 was reported to have valued the company at $300 million. IKEA claimed...

A major Australian pension fund, Aware Super, has said that it will continue to invest in U.S. real estate, as they are confident of the long-term economic fundamentals, and that domestic consumption levels, won't be affected by current political volatility. One of Australia's largest pension funds (A$190 billion, or 125 billion dollars) announced this week it will be embarking on an $1.3 billion venture to purchase a U.S. Industrial Property Fund that owns three Los Angeles logistics sites. Superannuation funds, Australia's compulsory retirement saving scheme worth A$4.1 trillion (US$2.7 trillion), are turning more and more to international investments for higher...

The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, down 16% on last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump. Trump's punishing Tariffs,...

The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, a drop of 16% compared to last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump....

Howard Lutnick, the Commerce Secretary announced Monday that the United States and Kazakhstan had reached an agreement on locomotives worth $4 billion. Lutnick, in a blog post on X, said that the deal was reached after a phone call between President Donald Trump of the United States and Kazakh president Kassym Jomart Tokayev. Lutnick stated that "these locomotives will provide connectivity in Europe and Asia, connecting The Middle Corridor with American technology as its core." He didn't mention the U.S. firms involved or their role in manufacturing the locomotives. Trump imposed a 25% tariff on the central Asian nation, which...

Three sources with knowledge of the matter have confirmed that Mercuria plans to remove almost 100,000 metric tonnes of aluminum from the London Metal Exchange's warehouses. This could result in a reduction in the dominant position held by the commodity trader. Since May, Mercuria, a Swiss company, has held over 90% of all aluminium warrants (title documents conferring ownership) 0#LMEWHL>. LME data shows that as of September 4, LME's holdings of aluminium on or available warrant totaled more than 426,000 tonnes . Aluminium is not illegal in the United States. Mercuria announced on September 5 and 8 that it would...

Farmers and industry officials in Indian Kashmir say that apple growers are facing huge losses as floods and road closures disrupted the peak harvest period, leaving growers and trucks in uncertainty. Landslides have closed the National Highway linking Jammu to Srinagar since August 26, a vital route for transporting apples out of this region. Heavy rains caused sudden flooding that led to the deaths of dozens by mid-August. The Kashmir Valley Fruit Growers and Dealers Union chairman, Bashir Ahmad Basheer said that if the situation continues, our entire sector will suffer and collapse. He added that the disruptions in traffic...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued...

Israel's military confirmed that a missile fired from Yemen at Israel on Thursday fell in an area open outside Israeli territory. No sirens were activated. This was the third launch of this kind within 24 hours. Yemen's Iran supported Houthis have recently increased attacks and launched missiles in response to Israeli attacks against Yemen. The Houthis launched missiles and drones towards Israel from thousands of kilometers away, calling it an act of solidarity with Palestinians. The majority of missiles or drones that were launched either missed their targets or were intercepted. Israel has responded by bombing areas in Yemen controlled...