PHOTO: REUTERS
BEIJING - China is set to import a record volume of US ethane in April as petrochemical producers seek alternative feedstocks for their operations after the war in the Middle East choked off crucial supplies.
Shipments of US ethane are expected to rise to an all-time high of 800,000 tonnes in April, according to Chinese consultant JLC, which would be around 60 per cent higher than the monthly average. Some companies can switch to using ethane, helping them offset disruptions to the supply of naphtha and liquefied petroleum gas (LPG) from the Middle East after the effective closure of the Strait of Hormuz.
Ethane is a natural gas liquid primarily used to produce ethylene, a building block for plastics, and China depends almost entirely on the United States for supply. The product became a political flashpoint between Beijing and Washington in 2025 after the US tightened export controls during a bitter trade war.
US ethane has become the preferred alternative for China’s ethylene makers due to stable supply and lower cost, said JLC analyst Shi Linlin. Profits to produce ethylene from ethane were tenfold that of naphtha as of April 15, which has been inflated by crude-linked pricing, JLC said.
A ramp-up of downstream production capacity has also lead to a pick-up in demand for the gas. A new ethane unit developed by Wanhua Chemical Group and a multi-feed cracker unit by Sinopec Ineos (Tianjin) Petrochemical, have both supported higher imports in 2026, Ms Shi added.
In February, more than 50 per cent of China’s naphtha imports and over 40 per cent of its LPG purchases originated from Persian Gulf nations, according to Chinese government data. The war started at the end of that month.
The International Energy Agency said last week that “petrochemical feedstocks display the most immediate effects of the war by far”, and that supply chains to Asia have been thrown into “disarray.” Japan has been forced to scramble for naphtha, tapping a range of suppliers including from the US and Africa.
China’s ethane-buying spree comes ahead of US President Donald Trump’s planned visit to Beijing in mid‑May, and US energy is expected to be part of the agenda. It could feature prominently if the Iran war continues to drag on. BLOOMBERG
https://www.straitstimes.com/business/economy/iran-war-deepens-chinas-dependence-on-us-for-niche-gas
Beijing | China has sent a group of warships to hold drills in the western Pacific Ocean, a move that comes as Japan for the first time joins massive exercises with the US and the Philippines, highlighting growing tensions between Tokyo and Beijing.
The Chinese navy dispatched a naval task group led by the Type 052D destroyer Baotou to transit between Japan’s Amami Oshima and Yokoate islands and conduct training in the western Pacific, according to a statement from the People’s Liberation Army Eastern Theatre Command.
Japan army Major General Toshikatsu Musha talks with a US Marine after the opening ceremonies of joint military exercises in Quezon City, Philippines. AP
The Chinese drills also come days after it criticised Tokyo for sending a warship through the Taiwan Strait.
They are designed to test the forces’ far-seas operational capabilities, according to the statement, which characterised the operation as a routine training exercise that is not directed at any specific country or target.
The training plan illustrates how China’s navy is becoming more active west of the so-called First Island Chain, which extends from Japan through Taiwan and south to the Philippines.
In June last year, Japan said it had observed two Chinese aircraft carriers and supporting warships operating simultaneously near remote Japanese islands in the Pacific Ocean for the first time.
While Japan regularly reports seeing Chinese warships passing by its south-western islands, this is the first time that China has announced that naval ships will transit the Yokoate Waterway, which is closer to the Japanese mainland than the more commonly used Miyako Strait for access to the Pacific Ocean.
China’s latest exercise comes as the US, the Philippines and other nations, including Japan, start major joint drills in the Philippines called Balikatan.
This marks Japan’s first participation in the Balikatan combat drills.
Tension between Japan and China remains high. On Friday, China criticised the presence of a Japanese Self-Defence Forces vessel in the Taiwan Strait.
At a regular press briefing, Foreign Ministry spokesperson Guo Jiakun described the move as “provocative” and said that Beijing has lodged an official protest with Tokyo.
Japan has not confirmed the Taiwan Strait transit. It was the fourth such passage by a Japanese warship since 2024, according to domestic media. That year, Japan sailed a vessel through the waterway for the first time since re-establishing its armed forces after World War II.
Beijing continues to pressure Tokyo over comments on Taiwan by Japanese Prime Minister Sanae Takaichi last year, when she suggested Tokyo could deploy its military if China uses force to try and seize Taiwan. Takaichi has refused to withdraw her comments on the island democracy, which China claims as its own territory.
Since then, Beijing has unveiled a series of punitive actions targeting Japan’s import of dual-use items for military purposes, as well as tourism. Tokyo so far hasn’t directly retaliated against the moves.
The excursion also comes after the PLA Eastern Theatre Command announced on Saturday it conducted joint naval and air readiness patrols aimed at testing joint naval and air capabilities in the East China Sea.
The Type 052 is a third-generation destroyer of the PLA Navy, forming the majority of its destroyer fleet. Baotou was noted by the state broadcaster as a newer vessel that has comprehensive anti-submarine and air defence capabilities.
Tue, 21st Apr 2026 08:11
(Sharecast News) - Crest Nicholson downgraded its full-year outlook on Tuesday and said it was seeking temporary banking covenant relaxation with its lenders as it cited economic uncertainty and the ongoing conflict in the Middle East.
The housebuilder noted that since its annual general meeting on 25 March, macroeconomic uncertainty has increased, with the ongoing conflict in the Middle East likely leading to a more prolonged higher interest rate environment, renewed cost pressures and a deterioration in consumer confidence.
As a result, it now expects sales of between 1,400 and 1,500 units for the year, down from previous expectations of 1,550 to 1,700.
It also expects a reduced number of land sales, with revenue of about £40m, down from previous guidance of £75m to £100m. Under its revised forecasting assumptions, Crest Nicholson does not expect to make a material level of profit on disposals in the remainder of the financial year.
The company now expects to achieve an EBIT for the financial year of around £5m to £15m, with interest costs of circa £15m and a revised year end net debt position of £100m to £120m.
Crest Nicholson said that given the difficult backdrop, it has decided to prioritise cash and balance sheet strength. It is targeting a faster reduction of its finished plots inventory, particularly on completed apartment schemes and further tightening of work in progress (WIP) controls across its developments.
It also said that given lower expected profitability, it is in the early stages of seeking temporary banking covenant relaxation and that talks with its lenders have begun.
Chief executive Martyn Clark said: "We remain committed to our strategy of positioning Crest Nicholson as a leading player in the mid-premium housing market and continue to make good progress on our Project Elevate transformation initiatives.
"However, it is increasingly clear that the current macroeconomic uncertainty is contributing to the prospect of a more prolonged higher interest rate environment, renewed cost pressures and a deterioration in consumer confidence. Therefore, in the near term the right and prudent course of action is to adapt quickly to the challenges presented by the current trading environment and focus on prioritising cash generation and optimising our balance sheet position.
"We are doing what needs to be done to navigate this uncertainty to best position the business to deliver the attractive medium-term opportunity."
At 0808 BST, the shares were down 25% at 81p.
https://www.lse.co.uk/news/crest-nicholson-cuts-fy-outlook-shares-tank-yk8w3afghqwamqe.html
What happened: Cleveland-Cliffs (CLF) stock fell as much as 11% on Monday before paring losses to 3%.
What’s moving the stock: Shares fell after the company disclosed an unexpected $80 million energy cost in the first quarter, driven by the extreme cold snap that sent arctic temperatures sweeping across the US.
CEO Lourenco Goncalves said the company typically locks in natural gas prices three days before each month begins. For February, that date happened to coincide with the peak of January pricing, Goncalves said.
Even as gas prices have fallen since January, that drop has been partially offset by increased expenses elsewhere, Goncalves said. He cited the rising cost of fuel, which has jumped as the war in Iran has snarled global energy markets.
What else you should know: Goncalves also said Monday that due to a run-up in steel prices and healthy demand from the US automotive sector, Cleveland-Cliffs is “no longer in a hurry” to close a long-planned deal with South Korea’s POSCO Holdings (PKX).
“Our situation is getting better, and that’s changing our perception of how this deal should be taken care of,” Goncalves said on Monday. “We are no longer in a hurry.”
The deal was expected to be finalized in the fourth quarter of 2025 or the first quarter of 2026.
Higher energy costs and a delayed deal overshadowed a smaller-than-expected profit loss in the first quarter. Cleveland-Cliffs reported a loss per share of $0.42, compared to Wall Street estimates for a loss of $0.44 per share, according to S&P Global Market Intelligence. Revenue of $4.92 billion surpassed expectations for $4.79 billion.
ISLAMABAD: In a new development, authorities in the Petroleum Division have been informed that the import of four LNG cargoes from Qatar has been halted due to Iran’s renewed closure of the Strait of Hormuz.
This situation is likely to prolong power outages across the country until RLNG becomes available.
Pakistan State Oil (PSO), which was arranging the import of four LNG cargoes stranded in the strait under two agreements with QatarEnergy, has communicated via email to the Petroleum Division that the imports have been suspended until the situation caused by the closure of Strait of Hormuz stabilises.
Earlier, Pakistan had requested Qatar to provide four cargoes out of the 8-10 that were loaded and stranded due to the ongoing conflict, to be delivered once Iran reopened the Strait of Hormuz. However, Tehran closed the strait again after determining that the US naval blockade had not ended and was instead continuing what it described as acts of piracy.
Federal Minister Ali Pervaiz Malik, speaking to The News two days ago, stated that QatarEnergy currently has 8-10 loaded LNG vessels available and Pakistan is seeking to secure as much volume as possible from these cargoes in the short term. He added that once QatarEnergy lifts its force majeure conditions, Pakistan is expected to resume a more regular schedule of LNG imports.
Following an attack on a Qatar LNG facility, QatarEnergy declared force majeure on March 4. Since then, Pakistan has been deprived of imported gas supplies. The Power Division currently requires 400mmcfd (million cubic feet per day) of gas for electricity generation to bridge the gap and eliminate loadshedding.
However, power outages have somewhat decreased due to increased hydropower generation, supported by water releases from Tarbela Dam of up to 30,000 cusecs per day. Currently, the Power Division is receiving about 90mmcfd of gas, with a promise to increase this to 160mmcfd in May if RLNG supplies remain unavailable. Gas supply to the CNG sector in May is expected to be cut off and diverted to the power sector. The domestic sector would be provided gas on cooking times only.
Kuwait has formally shifted the Strait of Hormuz disruption from market anxiety to contractual reality, declaring force majeure on crude oil and refined product shipments.
State-run Kuwait Petroleum Corp. notified customers on Friday, according to a document obtained by Bloomberg News, though the notice does not mean all supplies stop immediately.
A force majeure declaration gives a supplier legal cover to miss or delay deliveries when events outside its control block performance. In this case, Kuwait is signaling that tanker access, not just upstream production, has become the binding constraint. Bloomberg reported that some supply may still continue, but only where logistics remain workable.
That notice lands into a market already dealing with a much broader physical bottleneck. Reuters reported that roughly 13 million barrels of oil remain trapped and about 260 tankers stuck in or around the Gulf would be first in line to move once traffic normalizes. Restoring pre-war energy flows will be far slower than any headline about a reopening suggests, because storage, vessel sequencing, field restart timing, and damaged infrastructure all stand between policy statements and actual cargo movement.
The Strait of Hormuz normally carries about one-fifth of the world’s oil and LNG supplies and serves as the only sea exit for fuels exported by Kuwait, Saudi Arabia, Iraq, Iran, and much of the UAE’s Gulf production.
For Kuwait, the shipping problem sits on top of an already constrained production backdrop. The Middle East state begun precautionary output and refining cuts in March as the regional conflict disrupted exports, with crude production in February running around 2.6 million barrels per day.
Brent crude rose 4.8% to $94.75 a barrel on Monday, while WTI gained 5.7% to $88.61, as fears grew that the U.S.-Iran ceasefire could unravel and Hormuz traffic remained disrupted. Reuters also reported that oil production remains down by 10 million to 11 million barrels per day, while physical markets continue to face high freight costs and sharply reduced vessel movements through the strait.
The United States is “highly unlikely” to extend the U.S.-Iran ceasefire that expires in the coming hours, U.S. President Donald Trump told Bloomberg News in a telephone interview late on Monday.
The truce announced on April 7 expires on “Wednesday evening Washington time,” according to President Trump, a day later than many analysts had assumed – Tuesday— as the end of the two-week ceasefire.
At any rate, President Trump said it was “highly unlikely that I’d extend it”, referring to the ceasefire, if no deal is reached before then.
“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world,” the President told Bloomberg News.
The U.S. will keep the naval blockade outside the Strait of Hormuz, President Trump said.
“The Iranians desperately want it opened. I’m not opening it until a deal is signed,” he noted.
Following a brief opening for a few hours on Friday, the Strait of Hormuz was closed again on Saturday after Iran linked the opening of the vital oil shipping lane to the lifting of the U.S. naval blockade outside the Strait of Hormuz.
Iran’s First Vice President, Mohammad-Reza Aref, early on Monday, warned that security at the Strait of Hormuz comes at a cost.
“The security of the Strait of Hormuz is not free. One cannot restrict Iran’s oil exports while expecting free security for others,” Aref wrote in a post on X.
“The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” the senior Iranian official said.
Early on Tuesday, as the two-week ceasefire is approaching its end, oil prices were slightly lower in Asian trade as the market appeared cautiously optimistic that U.S.-Iran negotiations would resume on Tuesday or Wednesday, per President Trump’s most recent comments on the status of potential talks.
The oil price action in early morning trading today reflects hopes of progress in scheduled peace talks between the US and Iran, “Too much hope, perhaps,” ING's commodities strategists Warren Patterson and Ewa Manthey said in a note on Tuesday.
Canadian gold miner Agnico Eagle Mines Ltd. AEM-T is bulking up considerably in northern Finland by unveiling three acquisitions worth roughly $3.8-billion.
Toronto-based Agnico on Monday announced it has reached agreements to buy Rupert Resources Ltd. RUP-T for up to $2.9-billion in stock and cash, Aurion Resources Ltd. AU-X for $481-million in cash, and B2Gold Corp.’s BTO-T 70-per-cent stake in Fingold Ventures Ltd. for US$325-million.
By buying all three, Agnico will consolidate its presence in Lapland. The company’s Kittilä mine has been in operation since 2009 and is one of the biggest gold operations in Europe. Kittilä is located 150 kilometres north of the Arctic Circle. Last year the site produced more than 217,00 ounces of gold.
Agnico said in a statement on Monday that the acquisitions should “substantially enhance the scale, growth and longevity” of its Finnish platform, giving it the potential to eventually produce about half a million ounces of gold from “one of the most geologically prospective and politically stable regions in the world.”
Toronto-based Rupert’s shareholders are set to receive a mix of Agnico shares and up to $3 in cash payable over 10 years for each of their securities. The cash portion will be paid out depending on the company’s minerals projects hitting certain milestones. The offer equates to a 67-per-cent premium to Rupert’s closing price on Friday.
Rupert’s flagship project is Ikkari in northern Finland. Production at the site is targeted for 2030, and the mine is expected to have a 20-year life. Ikkari is located 50 kilometres from Agnico’s Kittila operation. By integrating both sites, Agnico expects to save up to $500-million in operating and development costs.
Aurion shareholders will receive $2.60 per security, a 46-per-cent premium to Friday’s closing price. The acquisition of St. John’s-based Aurion Resources will see Agnico take ownership of several exploration projects held by the company in Lapland, including its 100-per-cent owned Risti property and its 30-per-cent stake in Fingold.
By buying B2’s stake in Fingold, Agnico will control 100 per cent of the project. Agnico plans to eventually integrate Fingold with Ikkari.
Agnico over the past five years has been a keen acquirer, buying TMAC Resources Inc. in 2021, Kirkland Lake Gold Ltd. in 2022, and Yamana Gold Inc.’s gold properties in 2023.
Great Southern Copper kicks off new drilling at Piedras Blancas Proactive uses images sourced from Shutterstock
Great Southern Copper PLC (LSE:GSCU, FRA:E9E) has started drilling at the Piedras Blancas prospect in Chile, kicking off its first drill test of a porphyry copper target at the Especularita project as it looks to vector towards a potentially higher-grade core.
The London-listed explorer said an initial three-hole scout reverse-circulation programme is underway at Piedras Blancas, on the western margin of the La Colorada lithocap.
The holes are designed to test altered rocks showing silica-sericite-pyrite and quartz-pyrite stockwork features that the company believes are consistent with the phyllic zone of a porphyry copper system.
Surface sampling has already pointed to encouraging pathfinder chemistry.
Great Southern said rock chips from the leached alteration zone returned molybdenum values of up to 49 parts per million from 13 samples, while the target area itself outcrops over more than 1 kilometre in diameter and continues beneath gravel cover to the east and south.
The company also noted there is no evidence of previous drilling at Piedras Blancas.
Chief executive Sam Garrett said the programme is aimed at getting below the oxidised surface zone to confirm the alteration at depth and help guide follow-up drilling towards the potassic, copper-richer part of any porphyry system.
The prospect sits in Chile’s coastal metallogenic belt, with Great Southern highlighting its low elevation, infrastructure access and regional setting along trend from major copper deposits including Los Pelambres, Altar and El Pachon.
Once the Piedras Blancas campaign is complete, the rig is set to move on to Artemisa and Victoria, while geophysics at Cerro Negro and La Colorada is expected to begin in May 2026.
https://uk.finance.yahoo.com/news/great-southern-copper-kicks-off-065800094.html
Aluminium production in GCC countries declined in March due to the US-Iran war, the International Aluminium Institute (IAI) said on Monday.
Output fell 6 percent last month to an average of 15,963 tonnes per day, down from 16,997 tonnes per day in February, the global trade association for the aluminum industry said in a report.
The war is having an obvious impact on the market, IAI said, adding that the London Metal Exchange prices are now at a four-year high of $3,565 per tonne as a result.
The US-Israeli war with Iran started on February 28. A tenuous ceasefire between has been in place since April 8, but Washington and Tehran have blocked transit through the Strait of Hormuz.
Most smelters are drawing down their raw-material stocks as the closure of the Strait of Hormuz cut off bauxite and alumina supplies. Three IAI members have announced production cuts following attacks on their smelters or energy infrastructure.
In early March, two of the GCC’s largest aluminium producers – the UAE’s Emirates Global Aluminum (EGA) and Aluminum Bahrain (Alba) – were hit by Iranian strikes.
EGA has said preliminary assessment indicates it will take at least 12 months to restore production at its Al Taweelah smelter, one of the world’s largest.
Alba declared force majeure on March 4 after the effective closure of the Strait of Hormuz prevented shipments to customers and disrupted inbound supplies of alumina, a key feedstock.
Force majeure is a mechanism enabling a party to terminate or suspend a contract due to an unexpected and exceptional event, without being liable for damages.
The IAI said the impact of the war will continue to worsen on aluminum production.
“Even after an orderly shutdown, restarting a potline can take weeks or months, so supply chains may need many months to normalise. For facilities that sustained damage, recovery will take longer still.”
The GCC’s aluminium sector produced about 6.5 million tonnes in 2025, or 9 percent of global capacity. However, it represents around 15 percent of imports into the European Union and 20 percent into the US.
The institute said that reopening the strait is essential to allow producers to restock raw materials and export finished products that have been largely stranded at smelters.
“This is now having a knock-on impact on supply chains extending as far as Australia, which supplies alumina to some of the Gulf smelters,” the IAI said.
More than 20 percent of the world’s oil and gas supplies pass through the narrow Strait of Hormuz.
https://www.agbi.com/industry/2026/04/iran-war-weighs-on-gcc-aluminium-output-in-march/
Posted on 21 April 2026 at 7:15pm
MMG Limited (MMG) has made a strong start to 2026, delivering solid first quarter production results and safety improvements.
Safety remains MMG’s first value, with performance improving during the quarter. The Total Recordable Injury Frequency (TRIF) decreased to 1.85 per million hours worked, down from 2.08 in the fourth quarter of 2025. The Significant Events with Energy Exchange Frequency (SEEEF) improved to 0.34 per million hours worked.
Total copper production, including copper in concentrate and cathode, increased nine per cent year-on-year to 128,698 tonnes. A result underpinned by robust performances at Las Bambas and Kinsevere. Precious metals production was also impressive, with gold output increasing by 24 per cent and silver by 27 per cent compared with the prior year period. Group precious metals production totalled 32,177 ounces of gold and 2,888,861 ounces of silver. Total zinc production was 50,263 tonnes, three per cent lower than the prior year.
“MMG has started 2026 strongly, with stable production across our operations and importantly, improvement in our safety performance,” said MMG’s CEO Ivo Zhao. “We will continue to closely monitor market conditions and remain focussed on harnessing new technologies to further optimise performance and costs as the year progresses.”
Las Bambas copper production rose 6 per cent year-on-year to 101,003 tonnes. The result was driven by improved metallurgical recovery, benefiting from higher throughput and feed grade from the Ferrobamba pit. Kinsevere produced 16,820 tonnes of copper cathode, an increase of 44 per cent year-on-year, reflecting the continued ramp-up of the Roaster-Gas Cleaning-Acid Plant (RGA) and initiatives to strengthen power supply resilience. Khoemacau produced 10,660 tonnes of copper in copper concentrate, in line with the prior year.
Dugald River produced 41,104 tonnes of zinc in concentrate, broadly consistent year-on-year, despite major flood events and subsequent rail disruptions. Rosebery produced 31,347 tonnes of zinc equivalent, an eight per cent increase compared with the prior year, with standout by-product contributions more than offsetting lower zinc output resulting from reduced ore grades.
“Growing our copper production remains a key strategic priority and the Khoemacau Expansion project is a critical part of delivering on that ambition,” said Mr Zhao. “This quarter we proudly celebrated the project’s groundbreaking, with expansion activities progressing to plan.”
Khoemacau’s annual production capacity is set to increase to 130,000 tonnes of copper in copper concentrate by 2028 with the potential for 200,000 tonnes over time.
MMG’s First Quarter 2026 Production Report, including asset-by-asset production guidance and cost updates, is available on the Company’s website.
https://www.mmg.com/reports/strong-q1-production-results-deliver-a-positive-start-to-2026/
21 Apr 2026 15:11 reported by Joy Liu
Nucor Corporation, the largest steel producer in the US, raised its hot-rolled coil (HRC) consumer spot price (CSP) by US$10 per short ton yesterday (April 20), reaching US$1,055 per short ton. The prices have risen for 13 consecutive weeks, contributing to a 20.6% increase over the last six months.
Pricing at its California Steel Industries (CSI) facility also climbed by US$10, reaching US$1,105 per short ton.
Despite these price changes, lead times for HRC delivery remain steady at three to five weeks.
https://www.yieh.com/en/News/nucor-extends-hrc-price-increase-streak/160199
