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Commodities

Commodities
Commodity market action from around the world with a focus on the commodities that matter most to investors in Hong Kong and China.
A billboard with a slogan about the Strait of Hormuz on a building in Tehran, Iran. Photo: Reuters
China energy security

US officials claim China is ‘hoarding’ oil. What does the data say?

While US Treasury Secretary Scott Bessent said China is stockpiling crude amid the Iran war, the numbers suggest Beijing is facing a supply crunch.

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Banking & finance

Editorial | Hong Kong has a gilt-edged opportunity to shine as gold trading hub

China-Latin America relations

China and the US want rare earths. Brazil will share – on one condition

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US, Israel war on Iran

Asia’s energy supply at breaking point as US blockades Hormuz

Nearly 90 per cent of the region’s crude oil is now at risk as stalled peace talks and a naval stand-off raise the spectre of stagflation.

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A liquefied natural gas tanker is seen at a port in Yokohama, Japan’s Kanagawa prefecture, on April 8. Photo: AFP
China energy security

China turns to central Asia as US blockade in Hormuz chokes global energy flows

Chinese vice-premier to visit major gas field in Turkmenistan as Beijing aims to shore up energy security and diversify away from volatile maritime routes.

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China trade

‘Cancelling orders’ in China: Hormuz oil crisis hits transport and manufacturing

Analysts and industry insiders say higher costs are squeezing margins, with some of China’s wary industrial heartland compelled to make day-to-day purchases.

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Hong Kong economy

Editorial | Hong Kong’s rare, speedy response to fuel price surge shows preparedness

The short-term diesel subsidies and toll cuts included in the government package are expected to cost HK$1.96 billion.

A school bus picks up pupils outside a primary school in Wan Chai, Hong Kong, on April 9. Rising oil prices have driven up operating costs in the transport sector. Photo: Jelly Tse
China inflation

China’s factory-gate prices rise for first time in 3 years as Iran war bites

The producer price index rose by 0.5 per cent in March, the first increase since 2022, as soaring global commodity prices affected Chinese firms.

US, Israel war on Iran

Yuan tokens and oil-linked fees? China experts propose ‘innovative’ Hormuz tolls

Analysts warn Trump’s ‘joint venture’ plan with Iran could formalise grey zone, while Beijing balances roles as mediator, energy importer.

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China trade

China enforces new supply chain security rules as Iran war shakes markets

The new regulation makes protecting China’s supply chains a national security issue – and allows Beijing to punish any entities that threaten them.

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China is taking steps to shore up its supply chains amid rising global uncertainty unleashed by the US-Israel war on Iran. Photo: AP
Singapore

Singapore set to be hit by global energy crisis as it unveils countermeasures

Among the measures, the government announced an increase of US$155 to a cost-of-living cash payment to eligible Singaporeans.

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Storage tanks and oil refineries in Jurong Island, Singapore. Photo: Reuters
US Federal Reserve

Gold may reverse course once Iran war ends, Fed adopts policy easing

Gold has been on a wild ride this year, surging as much as 25 per cent before the war in Iran wiped out almost all the gains.

US, Israel war on Iran

Macroscope | Why dollar and gold prices are looking abnormal amid Iran war

Two apparent anomalies stand out in recent market movements – the rising dollar and falling gold prices.

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US, Israel war on Iran

Helium supply shock threatens Asian chipmakers as economic slowdown fears mount

Iranian attacks on Qatar’s LNG facilities are curbing the supply of helium, a crucial gas used in chipmaking.

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Samsung Electronics’ products displayed at an exhibition hall for the Apec summit in Gyeongju, South Korea in October. Photo: AP
Indonesia

Indonesia rebalances energy policy as Iran war spurs new projects

As oil prices surge, Indonesia aims to reduce its reliance on fossil fuels and intensify the use of crude palm oil for diesel blending.

Japanese Prime Minister Sanae Takaichi meets Indonesian President Prabowo Subianto in Tokyo on Tuesday. Prabowo has invited Japan to develop Indonesia’s nuclear and renewable energy. Photo: Kyodo
United States

US crude tops US$110, Wall Street falls after Trump vows more Iran attacks

Crude prices had been inching back towards US$100 per barrel before Trump’s Wednesday address in which he promised more strikes on Iran.

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War and conflict

Opinion | Iran war is changing East Asia’s energy and strategic plays

States like China and Russia that can provide energy, industrial inputs, strategic reassurance or room for manoeuvre are gaining weight.

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US, Israel war on Iran

Trump’s ex-China mineral-alliance plan faces cost surge amid Iran war oil shock

Analysts say Middle East turmoil is elevating commodity input costs, affecting processing efforts and prompting push for ‘friendshoring’ to secure resources.

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US President Donald Trump, seen here at the White House on Wednesday, said attacks on Iran could continue for the next two to three weeks. Photo: AP
China-Latin America relations

Brazil exporters bypass local banks to tap China’s US$1 trillion Sinosure fund

As Brazilian interest rates price out local lenders, Sinosure is quietly reshaping how Chinese goods reach the market.

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Japan

Japan, France to draw road map for supply of critical minerals

It aims to lower their high dependency on China, which mines about 70 per cent of the world’s supply and refines some 90 per cent.

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China energy security

Australia and Japan face jet fuel supply crunch as China cuts exports

Both Australia and Japan are heavily reliant on Chinese jet fuel, but shipments have plunged in recent weeks amid the Iran war.

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Qantas is already raising airfares as Australia faces a jet fuel supply crunch amid the US-Israel war on Iran. Photo: AFP
US, Israel war on Iran

Video | Seoul residents hoard bin bags as oil shock deepens

Fears over supply disruptions tied to the Iran war have sent sales of Seoul’s mandatory trash bags soaring, prompting shops to ration sales.

Government-regulated waste bags are seen at a home in Goyang on March 30, 2026. South Korea’s energy minister sought on March 30 to ease fears over shortages of plastic rubbish bags after sales in Seoul jumped nearly fivefold due to energy supply concerns sparked by the Middle East war. (Photo by Jung Yeon-je / AFP)
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US, Israel war on Iran

Why spike in fertiliser prices could boost China’s political clout

Beijing could see its regional leverage grow as the Iran war hits supply, though weaponisation of exports is unlikely, analysts say.

China inflation

China has ‘room’ for imported inflation, but economic risks rising: PBOC adviser

As US-Israel war with Iran sends prices up, a monetary expert says impact on China depends on conflict’s severity, while higher energy costs are worrying.

Semiconductors

South Korea turns to Russia for naphtha as Asia’s chip industry feels squeeze

South Korea’s return to Russian naphtha – vital for semiconductor manufacturing – highlights Asia’s fragile supply chain amid Iran conflict.

South Korea relies on imports for about 45 per cent of its naphtha demand. Photo: Shutterstock
Japan

Japan’s PM will mull top-level talks with Iran at ‘appropriate’ time

Stability in the Middle East is vital for Japan, which relies on the region for over 90 per cent of its crude oil imports.

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Japanese Prime Minister Sanae Takaichi ‘s comments come as prospects for a US-Iran meeting mediated by Pakistan remain uncertain. Photo: AFP
US, Israel war on Iran

How the Hormuz attacks stoke oil-shock fears and memories of 1970s stagflation

A timeline of past oil shocks is seen offering ‘clear lessons’ for today’s Strait of Hormuz crisis, with an eye on ripple effects and contingency tools.

Australia

Australia’s Karratha LNG plant closed after cyclone amid fuel shortages

The plant’s co-owner Chevron said it suffered outages at its Gorgon and Wheatstone gas plants, which supply more than five per cent of the world’s liquefied natural gas.

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