East Asia

Business leaders and senior officials say that as Peru prepares to hold its first round of presidential elections on Sunday, Washington will make its most aggressive push in recent years to bolster its influence in this major?copper-producing country, which has been a strategic partner for China. The outreach by the newly appointed U.S. Ambassador Bernie Navarro marks a?shift after a decade when China overtook United?States, especially in mining and infrastructure. Washington could use the upcoming elections - in which over 30 candidates vie for the presidency with no clear frontrunners - to rebuild relations as it seeks access to vital...

On Thursday, Panamanian President Jose 'Raul Mulino sought to?calm tensions with China. He struck a?conciliatory note a day after he had called on the Asian superpower to increase inspections of Panama flagged vessels in a titt-for-tat reaction to China losing its concessions at Panamanian ports. Mulino, on a recent visit to the Balboa Port?on Pacific side of Panama Canal said: "We don't want a dispute with China." "I hope that the situation will de-escalate... that we can return to normality, both in our political relationship as well as in our understanding that the problem is one that will be solved."...

Vale, the Brazilian miner, has signed a 25-year charter deal with the 'China's Shandong Shipping Corporation. The agreement will see the construction of the first two transoceanic vessels powered by ethanol. Both vessels, with a combined capacity of up to 325,000 metric tonnes of iron ore each, will be delivered in 2029. Rodrigo Bermelho said that the ships will be equipped with rotors sails for harnessing wind energy, and engines that are more energy efficient, among other improvements. He said that decarbonization was an irreversible trend. "It's at the core of Vale's strategic plan, not just in maritime transport, but...

The Islamic Revolutionary Guard Corps of Iran (IRGC) has warned ships not to cross the Strait of Hormuz through Iranian territorial waters, as Thursday's traffic was well below normal levels. Mitsui O.S.K. Lines, one if Japan's three largest shipping companies, is caught up in the confusion, as firms try and work out the impact of a two-week ceasefire between Iran and the U.S. In an interview with Jotaro Tamura on Thursday, the President and CEO said that it was necessary to confirm whether or not safety risks were low enough. Three tankers were recently rescued from the Strait of Gibraltar...

For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it...

Panama's top diplomatic official said on Wednesday that a.rise in inspections and.detentions of Panama flagged vessels in China was.caused by a Panama court decision.against Hong Kong based CK.Hutchison.and urged China to respect Panama's sovereign affairs. Panama's Supreme Court invalidated in January the legal framework that supported conglomerate CK Hutchison’s right to operate two key terminals close to the Panama Canal via its Panama unit, leading the Panama government cancel the cancellation of concessions. At a?conference in Asuncion, the capital of Paraguay, Panamanian foreign minister Javier Martinez-Acha expressed his hope that the increase in ship detentions seen in March will return...

The Canadian finance minister stated on Friday that he had discussed supply chain integrity with his counterparts in China during a meeting aimed at boosting trade. Ottawa is under scrutiny from the United States over its labour laws. The Finance Minister Francois Philippe Champagne told reporters the meeting was primarily focused on the financial sector, but also included trade in energy and pork. Canada is working to increase its overall exports to China by 50% by 2030. Champagne stated that "Canada places a high priority on the 'integrity of supply chains' and that our trade should be conducted according to...

Three market sources have confirmed that Russian energy company Novatek suspended 'gas condensate export loadings and naphtha processing at its Ust-Luga facility following drone attacks which caused a fire at the facility. Novatek's cuts to naphtha exports will have an impact on Asian markets. They already experienced a feedstock shortage last March when the U.S./Iran conflict disrupted Middle East fuel shipments. These attacks were one of the most intense drone strikes in Russia's western energy corridor. The Baltic ports Primorsk, Ust-Luga, and the surrounding area were repeatedly targeted by drone strikes. Explosions tore through terminal infrastructure and ignited storage tanks,...

Sources said on Friday that China will ease the ban on BHP's Jimblebar Fines, an iron-ore product, until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore purchaser) told domestic steelmills they could take "delivery of Jimblebar fins already at port for around a week," said three sources who were familiar with the matter, but on condition of anonymity because of the sensitive nature of the issue. Steelmakers and traders are excluded from the exception. CMRG?barred? steelmakers and traders? from purchasing Jimblebar?fines in September and...

Sources said that China will lift a ban on BHP's Jimblebar Fines, an Iron Ore?product until the next week, only a day after Beijing increased restrictions against its third largest supplier. China Mineral Resources Group (the state-run buyer of iron ore) told domestic steelmills they could take delivery of Jimblebar fins already in ports for about a week. Three sources familiar with the situation, who spoke on condition of anonymity because the issue was sensitive, confirmed this. Steelmakers are the only ones who will be affected by this exception, and not traders. CMRG banned steelmakers and traders from buying Jimblebar...

Russian ESPO blend crude loaded from Kozmino in April and 'early May' has surged at a premium to Brent in Chinese and Indian port, traders reported on Friday. This is due to supply shortages caused mainly by the Iran -war and a softerening of america sanctions. The easing of?U.S. sanctions and the supply'shortages caused by the Iran -war' have fueled demand. After the United States allowed Indians, who were affected by a reduced Middle East oil supply, to buy Russian crude, prices for Russian crude jumped in comparison to Brent. Four sources said that the 30-day waiver granted to Indian...

Analysts at GMK Center - Consultancy reported on Thursday that the?exports of iron ore from Ukraine in January and February fell by nearly?41% compared to last year, totaling 3.3 million metric??tons. GMK Center expects Ukraine's exports of iron ore to decline by 5% in this year, to 29 million tons. After grain, iron ore is the second-largest export of Ukraine. GMK stated in a'report' that the decline of exports is likely primarily attributed to internal production constraints versus external market conditions. GMK Center stated that the main cause of the shutdowns was the disruptions in power supply following the attacks...

The International Energy Agency reported that Russia's revenue from crude oil and re-fined?products increased in March. They had fallen to their lowest level since the start of the Ukraine conflict in 2022 in February, when prices spiked because of the Iran war. The commodity revenues of Russia are vital to the state budget. They also help support increasing military expenditures. The Paris-based International Energy Agency (IEA)?said that Russia's crude exports increased by 270,000 barrels a day last month, from February, to 4.6 millions bpd. This was mainly due to higher seaborne shipments because the Druzhba Pipeline remained offline. Following the...

Commodities supercycles have the power to reshape market trends for many years, even decades. We appear to be back in one, as the Iran War has amplified a number of long-term bullish tendencies. Many investors are now asking how to engage in the supercycle, rather than whether they should. Oil recorded its biggest monthly gain ever following the U.S. and Israeli strike on Iran in February. Add to that the substantial gains in copper and gold since mid-2025, and the race to find energy, metals, and minerals to fuel the artificial-intelligence arms race. A commodities supercycle is underway. Commodities supercycles...

Saudi Arabian crude oil sales to China will reach a new record low in?May as the U.S./Iran conflict increases prices and disrupts shipping. Saudi 'Aramco will ship approximately 20 million barrels to its Chinese customers for the month of May. This is equivalent to 645,161 barrels a day. Kpler data and Kpler's analysis show that this would be the lowest level ever recorded and less than half the 45 million barrels shipped by the Kingdom to China every month between January and February. According to sources who weren't authorised to speak with the media, major Chinese refiners Rongsheng Petrochemical and?Sinopec...

Oil prices jumped over $100 a barrel Monday as the U.S. Navy?prepared a?blockade of the Strait?of Hormuz which could restrict Iranian oil?shipments?after?the U.S. Brent crude futures were up $7.60 or 7.98% to $102.80 per barrel at 2310 GMT, after closing 0.75% lower Friday. U.S. West Texas Intermediate reached $104.88 per barrel, an increase of $8.31 or 8.61% after a loss of 1.33% in the previous session. The market has returned to its pre-ceasefire conditions, with the exception that the U.S. is blocking the remaining Iranian-linked flows of up to 2,000,000 barrels of oil per day through the Strait of?Hormuz, said...

Trading and port sources reported that Russia's crude exports increased in early April, compared to March. Calculations also showed this, despite the disruptions to loadings caused by drone attacks on energy infrastructure. In late March, Ukraine increased drone attacks against Russian oil export ports on the Baltic Sea, Black Sea, and major Russian refineries. This could lead to the state cutting its crude production due to disruptions in supply chains. Three trading sources and port sources reported that the Baltic ports of Primorsk, Ust-Luga and Novorossiisk loaded a total of about 2 million barrels of crude oil per day in...

For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper at this world-critical oil chokepoint may leave energy markets exposed and lead to higher prices for many years. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed on Tuesday to a ceasefire for two weeks, mediated by Pakistan. Tehran must halt its blockade against oil and gas traffic in the Strait. According to an Iranian official, the waterway through which a fifth (21 miles) of the world's oil and natural gas passed before the U.S./Israeli...

Even if Iran were to reopen the Strait of Hormuz, it would still take months before jet fuel supplies could'recover' due to disruptions in Middle East refining capacities. Oil dropped below $100 per barrel after U.S. president Donald Trump announced he had agreed on a ceasefire for two weeks with Iran, subject to an immediate and safe opening of the Strait of Hormuz. The Strait of Hormuz normally transports about a fifth of world oil trade. Willie Walsh (director general of IATA, the International Air Transport Association) told reporters in Singapore, that although he expects crude oil prices will fall,...

Data from LSEG/Kpler showed that an oil 'tanker' loaded with Iraqi crude was seen transiting the Strait of Hormuz near the Iranian coast a few days after Iran announced Iraq was exempted from any restrictions on transiting this vital -sea route. Kpler data shows that the Ocean Thunder loaded approximately 1 million barrels of Basrah heavy crude on March 2. It is expected to "discharge" its cargo in Pengerang, Malaysia by mid-April. Iran closed the Strait after U.S. airstrikes and Israeli strikes on Iran in late February escalated a conflict. Later, it said that vessels without U.S. and Israeli connections...

According to the Coffee Trading Academy, green coffee stocks in Japan, Europe, and the United States, the two largest coffee-consuming regions in the world, were near historic lows in February, despite the recent weakness of coffee prices. Japan's stock was 2.21 million 60 kg bags. This is a little different from January, and also from last year. It is still far below the 5-year average of 2.75 millions bags for this time of the year. CTA cited data from the European Coffee Federation to say that green coffee stocks in Europe were 6.8 million bags at the end of February....

The Finance Ministry reported that Uganda's economy grew by 8.5% in the December quarter, up from 5.4% in the same period last year. This was due to strong consumer demand, high construction activity and other sectors. In a late-night post on 'the X platform,' the ministry said that construction on a $5 billion pipeline that will help Uganda export crude oil to 'international markets has reached 80%. The 1,443 km (897 miles) long (EACOP), will begin from the oilfields in western Uganda and end at the port of Tanga, on Tanzania's Indian Ocean coastline. After a long delay, the 'east...

The International Energy Agency reported on Thursday that Russia's crude-oil?and refined products?and revenues decreased in February to reach their lowest levels?since the onset of the Ukraine conflict 2022. Russia's commodity revenue is a crucial?part of state budget proceeds, and it is?needed to support increasing military expenditures. Since the beginning of the Iran War at the end of February, Russian oil prices have increased. The Paris-based IEA reported that Russia's crude exports decreased by 410,000 barrels a day from January to 4.2 millions?barrels a day. The drop was caused by the?reduction of exports to India after 'Washington discouraged Russia from cooperating...

Multiple sources claim that Saudi Aramco asked Asian buyers to offer plans for loading crude oil at its main Gulf export terminal, Ras Tanura, and Yanbu in the Red Sea due to the disruptions caused by war in Iran. The shipping through the Strait of Hormuz, at the southern end of the Gulf, near Iran is largely stopped. This has forced producers such as Saudi Arabia to adjust export plans and production. Sources said that Aramco requested Asian buyers to submit nomination plans both for Ras Tanura and 'Yanbu' for April-loading cargoes. The Yanbu option is only available for the...