East Asia

Investors closely watched the 'high-stakes' meeting between U.S. president Donald Trump and China’s Xi Jinping, hoping to see any hints of a breakthrough relating to the iran war. Trump will encourage China to persuade Iran to reach a settlement with Washington in order to end the war. Analysts doubt that Xi would be willing to pressure Tehran or to end its support for the military given Iran's importance to Beijing as a counterweight to U.S. As efforts to resolve the conflict continue to stall,?governments have been forced to implement relief measures to help consumers. Xi stated that trade talks 'with...

Bipartisan 'groups of U.S. Senators on Monday urged Donald Trump to stick to the trade remedies proposed by his administration for rebuilding U.S. -shipbuilding, and not make concessions to Chinese Xi Jinping when he meets with him. In a letter to Trump, Democratic Senators Tammy Baldwin and Mark Kelly from Wisconsin, along with Republicans Tim Scott and Todd Young from Indiana, said that China's decades long effort to "decimate American Shipbuilding" required the fullest use of U.S. Trade Measures. Trump and Xi met in South Korea last October. They agreed to halt tit for tat fees?on the other ship for...

A witness at Incheon Airport said that Chinese Vice Premier He Lifeng arrived in South Korea on Tuesday to hold trade talks with an American delegation before a summit between leaders of the largest economies this week. Li Chenggang was also a member of the delegation. He is China's chief trade negotiator. He Lifeng will meet U.S. Treasury Sec. Scott Bessent for talks on Wednesday, ahead of the upcoming meeting between U.S. president Donald Trump & Chinese President Xi Jinping scheduled from Thursday through Friday in Beijing. Koo Yun Cheol, South Korean Finance Minister, told a briefing that Bessent will...

Bipartisan senators from the United States urged President Donald Trump on 'Monday to stick to the trade remedies proposed by his Administration to rebuild U.S. Shipbuilding and to not 'offer concessions to Chinese President Xi -Jinping. In a letter to President Trump, Democratic Senators Tammy Baldwin from Wisconsin and Mark Kelly from Arizona as well Republicans Tim Scott and Todd Young sent on Monday said that China's efforts to "decimate American Shipbuilding" over the past decades demanded that U.S. Trade measures be used to their maximum extent. Trump and Xi met in South Korea, in October. They agreed to pause...

The National Highway Traffic Safety Administration announced Friday that it is launching an investigation into a number of crashes involving Avride’s autonomous vehicles. These crashes raised concerns about the?performance?of these vehicles. NHTSA said that the behavior of vehicles may be indicative of excessive assertiveness or insufficient capabilities, which "may also constitute violations of traffic safety". Several of the crashes caused property damage, and there was one minor injury. NHTSA stated that the vehicles failed to avoid vehicles or objects on the road and had performed lane changes. NHTSA stated that Avride operated?some of their AVs on Uber’s platform and offers...

Caixin, the Chinese media outlet, reported that a Chinese-owned oil product tanker was attacked on Monday near the 'Strait of Hormuz. President Donald Trump launched a U.S. Plan to assist stranded ships, but then suspended it one day later. Caixin reported on Thursday that this was the first attack on a Chinese oil-tanker. Since the Iran conflict began, traffic through this vital strait has virtually stopped. It is through which 20 percent of the world’s oil and gas supplies pass. Caixin reported that the deck of a?unnamed ship caught fire. The ship's marking was "CHINA OWNER & CREW". The crew...

According to shipping data and industry sources, the United Arab Emirates, along with buyers, have recently sailed several oil tankers through the Strait of Hormuz to transport the oil that has been bottled up by the Middle East conflict in the Gulf. These volumes are only a fraction of what the UAE used to export before the U.S./Israeli war against Iran, but they demonstrate the risk that the buyer and producer are willing to accept to increase oil sales. Saudi Arabia, Kuwait and Iraq have all stopped selling oil, or cut prices dramatically to attract buyers who are not interested....

AirAsia, a Malaysian budget carrier, has ordered 150 A220-300 jets designed in Canada from Airbus. This is the largest single-firm order for the jetliner ever. The companies announced this at an event held in Quebec on Tuesday. Airbus' commercial aviation CEO Lars Wagner stated that AirAsia was the "launch customer", of the new 160-seat configuration. AirAsia's CEO Tony Fernandes stated that his airline would "buy" 150 more aircraft if Airbus made a stretched version the A220 jet. The announcement confirms previous reports about a deal to purchase 150 A220-300?jets. Fernandes stated that the order is worth $19 billion. This is...

U.S. Secretary of State Marco Rubio informed reporters on Tuesday that ten civilian sailors have died as a result of the ongoing conflict along the Strait of Hormuz. Speaking at the White House, Rubio said that the U.S. will continue to deploy assets to defend the freedom of navigation on the main thoroughfare. "They are isolated, they are starving, and they're vulnerable. At least 10 civilian sailors have died because of this," Rubio stated, without giving any additional details. Rubio said that the U.S. is taking a defensive position by enforcing their blockade against Iranian ports. He said that the...

UAE stocks fell early on Tuesday?trading after new attacks by Iran?and?the United States in?the Gulf deepened?the?fight for?the Strait?of Hormuz?a critical global energy chokepoint and shook an already fragile ceasefire. Washington wants to reopen Strait of Hormuz in order to relieve severe strains on the global energy supply after Iran largely closed the passage following the start of a 'war' with the U.S. The UAE has responded to reports of 'Iranian missile and drone attacks in the UAE including one which sparked fire at the main oil port in Fujairah. It said that the strikes were a serious escalation, and it...

Investor confidence was boosted by the opening of most major Gulf exchanges on Monday. Donald Trump, the U.S. president, said that the United States would start efforts on Monday morning to help ships stuck in the Strait of Hormuz. He did not give any details of his plan. Iran's military warned U.S. troops on Monday to avoid entering the Strait of Hormuz, after President Donald Trump announced that the United States was going to start helping free ships stranded by the U.S. and Israeli war against Iran. He did not provide any details of the plan. Trump's priority is to...

Panama President Jose Raul Mulino stated that his country has a 'positive relationship' with China despite the fact that it is caught in a dispute between China and the U.S. He also defended Panama's 'takeover' of Hong Kong-based CK Hutchison's port contracts. He spoke at a regular news conference after receiving a message he described as "high level" from the Chinese government, which acknowledged that the dispute over port contracts would be heard by an international arbitration court and was not a matter between the Panamanian or Chinese governments. The message received by China's ambassador to Panama marked a "friendlier...

According to data from traders and LSEG, the increase in oil exports and transit through Russia's western port ports was around?150,000 barrels per daily (bpd), a?9% rise, compared with April. The ongoing drone attacks on Russian refineries force Moscow to increase crude oil exports. However, traders warn that the spare capacity of the Transneft system is close to its limit. Estimates show that between May 1-15, the average exports and transit volumes of Urals and KEBCO, as well as Siberian Light, via Primorsk and Ust-Luga, were?about 2,35-2.4 million barrels per day. This is up from 2.2?million barrels per day in...

The nickel industry in Indonesia is being affected by the soaring sulfur prices due to the continuing closure of "the Strait of Hormuz". The Gulf is the main source of nickel for the world's biggest producer of battery metal. The sulfur squeeze is a new measure that the Indonesian government has introduced to try and control its nickel production. The explosive growth of the country's production will flood the global market, causing prices to plummet in 2024 and 2025. This month, the prospect of a lower Indonesian production and a corresponding change in market balance lifted London Metal Exchange nickel...

The soaring sulfur prices caused by the closure of the Strait of Hormuz are beginning to affect?Indonesia’s huge nickel sector. The Gulf is a major input to the world's biggest producer of battery metal. The sulfur squeeze is a new addition to the Indonesian government’s mix of measures to control its nickel production sector. The explosive growth of the country's production flooded the world market, and prices fell?throughout?2024-2025. This month, the prospect of lower Indonesian production and a corresponding change in market balance lifted London Metal Exchange nickel to its highest levels since two years. WAR AND POLITICS The Iran...

Three sources familiar with the plan say that Russia will increase 'ESPO Blend oil' loadings at its Far East Kozmino Port to 4.3 million metric tonne a month in May from 4.1 million metric tonne a month earlier. Calculations showed that ESPO loadings at Kozmino would increase by 1.5% per day in May compared with April. The planned amount is equal to 1,04?million barley per day. Since last summer, oil exports from Kozmino?have been increasing, and now stand at?around 1?million barrels per day, due to the increased capacity of the port and pipeline system, traders reported. Transneft, the operator of...

The International Energy Agency reported that Russia's crude production fell by 460,000 barrels a day in April compared to the same month last year. This is despite Ukraine increasing drone attacks against energy targets. Since March, Ukraine has launched waves of drone strikes?on Russia’s largest Western oil ports. These attacks have caused massive?fires and also attacked refineries to drain the war economy in Russia. The IEA said that?Russian oil product -exports decreased in April by 340,000 bpd compared to March, reaching 2.2 million bpd. This is the lowest level recorded in the Paris-based organization's archives. The report said that Russia’s...

Two sources said that when potential financiers and providers of Venezuela's electrical industry met with government officials in Caracas, they were primarily concerned about?how to pay them for repairing the country's deteriorating grid. Sources said that the executives were hesitant as the nation tried to jumpstart the $100 billion reconstruction plan, which was pushed by Washington. Since she succeeded the deposed president?Nicolas Maduro? in January, Delcy Rod has made it a priority to ensure stable electricity. However, the cash-strapped nation has not been able to pay suppliers on time to help industries like oil and gas recover. A representative of...

A senior official revealed that the Africa Finance Corporation, the lead developer of the U.S.-backed Lobito mineral transport corridor, is in discussions with at least 10 African and foreign financiers including Citigroup to raise $3-5 billion for this project. The AFC has begun preparing for the construction of a key transport project, which will combine existing and new railway lines to link copper and cobalt mining areas with?Angola’s Atlantic port of Lobito. The project is a part of Washington’s effort to curb Chinese influence and secure access to strategic metals, minerals, and coal in Africa. AFC is currently in discussions...

Three people familiar with the matter said that JPMorgan, two Kuwaiti banks and HSBC are joining forces to form a $6 billion financing consortium for prospective buyers of a stake in Kuwait Oil?Corporation?s crude 'oil pipeline network. KPC is in discussions with potential investors about a stake sale of its crude oil pipelines, estimated at $7 billion. The U.S. and Israeli war against Iran has thrown the process into doubt. State energy company said it had suffered "severe material damage" to some of its operating units following drone attacks. The company did not say which units were affected. Two of...

The price of Urals crude in Russia's western ports fell below $100 per barrel late last week. This was a drop from the 14-year high but still at their highest level since mid-2022. Urals were trading above $100 per barrel during most of April, amid a global shortage of energy due to the Iran War. The average Urals prices on a FOB basis (free on board), however, have increased this week at Primorsk, and Novorossiisk The price of a barrel fell to about $90, following the decline in Brent oil prices. This was due to a fragile truce between Iran...

The Iran war has caused the aluminum market to focus on what's not coming through the Strait of Hormuz. There is a?equally important problem: What is not coming in. Gulf Aluminium smelters depend heavily on alumina imports, an intermediate product between bauxite and metal, for their operations. Six smelters are located in the region, but only two refineries produce alumina. Emirates Global Aluminium (EGA) Al?Taweelah, a plant of Emirates Global Aluminium, was damaged by Iranian missiles. The same reason is causing the smelter to be out of service at the site, and other smelters have reduced their capacity. As shipments...

Three trading sources have told? that spot premiums for Russia’s Far East ESPO blend crude oil delivered to China in Junehave eased due to weak refining margins. Sources said that ESPO Blend cargoes for June delivery were trading at $5 - $6 per barrel over ICE Brent, on a delivered basis, into Chinese ports. This compares to premiums of $8 per barrel in May. The premiums are dependent on the supplier and shipment conditions, but traders have noted a weaker demand. The drop in prices came despite a stronger global demand for Russian crude since early March, after the Iran...

The Iran War has caused the aluminum market to focus on what isn't?coming out of Strait of Hormuz. There is a second, equally important problem: What is not coming?in. Gulf Aluminium Smelters depend heavily on alumina imports, the intermediate between bauxite (bauxite) and metal to maintain their operations. Six smelters are located in the region, but there are only two alumina refining plants. Emirates Global Aluminium (EGA) Al Taweelah, one of them, was damaged by iranian missiles. The same reason is causing the smelter to be out of service at the site, and other smelters have reduced their capacity. As...