Commodities News and Headlines
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Every morning
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The Biden administration imposed countervailing duties on phosphate fertilizer imports, effectively creating a hidden tax on U.S. farmers. Because the United States relies on overseas sources for roughly 80 % of its phosphate, the tariffs raise input costs and squeeze farm margins. Geopolitical tensions in the Strait of Hormuz further amplify fertilizer price volatility, threatening food‑price stability. The Trump administration now has an opportunity to let the duties expire, restoring competition and lowering costs for agriculture and consumers.
Toray Industries announced a temporary surcharge on select products to offset sharply higher crude oil, naphtha and other petrochemical raw material costs driven by escalating Middle East tensions. The price adjustment targets performance chemicals, carbon‑fibre composites, fibres and textiles, with...
Oil prices slipped after President Trump reiterated his willingness to end the Iran conflict without tying it to the reopening of the Strait of Hormuz. Iranian officials responded with cautious optimism, saying they are ready to end hostilities but demand...
Indonesia is preparing a progressive export levy on processed nickel products such as nickel pig iron and ferronickel. The tax starts at about 2% when LME prices sit between $15,000‑$16,000 per ton and can rise to roughly 10% as prices...
Kenyan Matatu Owners Association urged the government to reinstate fuel subsidies if global price shocks raise local fuel costs. The association warned that higher fuel prices would be passed to commuters, straining household budgets and sector profitability. MOA President Albert...
The Persian Gulf oil embargo has driven global oil prices to record highs, pushing diesel to roughly $5.50 per gallon and inflating a full tanker truckload to about $50,000. This surge threatens the cost structure of small Alaskan placer‑gold miners,...
Wood Mackenzie projects Guinea’s Simandou mine to become the leading driver of seaborne iron‑ore supply growth, targeting about 16 million tonnes of exports in 2026 with a phased ramp‑up thereafter. After two decades of delay, the project entered execution following Guinea’s...
Oil prices have surged since Iran’s conflict closed the Strait of Hormuz, but analysts warn the rally may be just the beginning. Strategic petroleum reserves and inventory drawdowns have temporarily softened the shock, yet significant volumes of oil remain stranded...
Malaysia’s Energy Commission warned that electricity generation costs will rise as global fuel markets tighten, especially after the Middle‑East crisis. About 80% of natural‑gas pricing for power is fixed domestically, but the remaining 20% is imported and linked to the...
Oil prices slipped below $100 per barrel after President Trump signaled a possible end to the Iran conflict, prompting Brent and WTI to trade under the psychological $100 mark. U.S. crude inventories unexpectedly rose 10.3 million barrels, while the API data...
Oil prices plunged on Wednesday, with Brent June futures slipping 4.35% to $99.45 per barrel and U.S. WTI falling 3.99% to $97.34. The decline came despite signals that the U.S.-Iran conflict could be winding down, as investors reacted to lingering...
Global jet‑fuel prices have surged, with the International Air Transport Association reporting an average of $195.19 per barrel and the U.S. Argus index exceeding $4.60 per gallon—more than double pre‑conflict levels. The spike is forcing airlines to trim capacity, with...
Malaysia’s food prices could surge as much as 50% after an energy shock tied to the Iran war drives fuel costs higher. Traders report raw ingredient prices already up 20‑30% before the fuel jump, forcing hawkers and restaurants to consider...
Indian Oil Corp (IOCL) rolled back an initially announced 100% hike in aviation turbine fuel (ATF) for domestic airlines, setting the price at ₹1,04,927 per kilolitre (≈ $1,260), about an 8.5% rise from March. The ministry limited the increase to a...
The war in the Middle East has pushed Brent crude above $100 a barrel, threatening diesel‑dependent Pacific economies. Fiji could see its imported fuel bill jump $670 million by 2025—about three times its annual healthcare budget—while Vanuatu faces a potential $120 million...
Singapore’s Energy Market Authority will raise household electricity tariffs by 2.1% to S$0.56 /kWh (about $0.41) and the overall tariff by 2.0% to S$0.52 /kWh (≈$0.38) from 1 April to 30 June 2026. The average monthly bill for a four‑room HDB flat rises S$1.80 (≈$1.33)...
Australia’s east‑coast gas market is projected to face tight supply conditions during the winter months of Q3 2026, according to the ACCC’s interim gas inquiry report. The balance could swing between a 12 PJ shortfall and a 3 PJ surplus, largely dependent on...
Thai food exports are projected to fall 7.3% year‑on‑year to 1.4 trillion baht (about $39 billion), potentially hitting a five‑year low. The first quarter is expected to plunge 11.5% to 306 billion baht ($8.6 billion) as Middle‑East conflicts disrupt Gulf shipments and re‑exports via...
Crude oil futures ended March with a modest daily decline but posted robust monthly gains, driven by heightened geopolitical tension. The ongoing war in the Middle East and the effective closure of the Strait of Hormuz have constrained supply and...
On March 31, 2026, global crude oil prices edged higher, with Brent crude closing near $85 per barrel and U.S. West Texas Intermediate (WTI) around $80. The rise reflected OPEC+’s decision to extend voluntary output cuts and a modest draw...
Chile reported its lowest monthly copper output in almost nine years, producing 378,554 metric tons in February 2026 – an 8.5% decline from January and 4.8% lower than a year earlier. The drop marks the smallest monthly figure since a...
May natural‑gas futures slipped slightly, closing at $2.884 per million British thermal units after peaking at $2.977 on Tuesday. Analysts attribute the dip to record U.S. production and a seasonal warming trend. Demand estimates show residential and commercial consumption at...
Energy Intelligence’s March 31 roundup highlights a resurgence of LNG development, with Polar LNG unveiling a near‑shore liquefaction plant on Alaska’s North Slope—an idea dismissed in 2018. Egypt is accelerating upstream gas projects to relieve a regional supply crunch, while...
USDA forecasts sorghum planting at 6.12 million acres for 2026, an 8 % decline from 2025. The drop reflects drought impacts in the Plains, with Kansas acreage cut by 10 % and Texas also seeing reductions. Conversely, South Dakota’s sorghum area jumps 53 %...
New York Harbor briefly became a net diesel exporter as traders shifted ultra‑low sulfur diesel (ULSD) shipments to Europe. A sharp rise in northwest European jet fuel prices created a price arbitrage window, flipping the usual discount relationship between European...
The USDA projects 50.113 million acres of hay will be harvested in 2026, a 1% increase over 2025, suggesting a modest boost in national supply. State‑level data reveal mixed trends: Iowa, Missouri, and Wisconsin expand acreage, while Illinois, Indiana, Kansas, Nebraska...
Gold surged 2.6% on Tuesday, pushing COMEX June futures to $4,676.40 an ounce, while silver jumped 6.3% to $75.30. The rally followed Wall Street Journal reports that President Donald Trump is considering a diplomatic path to end the Gulf conflict...
U.S. on‑highway diesel rose 3 cents to $5.401 per gallon and gasoline increased 3 cents to $3.990, according to the EIA’s March 31 report. The West Coast saw the steepest diesel jump, up 29 cents, while the Gulf Coast posted modest declines. AAA’s independent...
Singapore’s Energy Market Authority warned that electricity and town‑gas tariffs will likely rise sharper in coming quarters as global energy costs surge amid the Gulf conflict. SP Group lifted household electricity rates by 2.1% – an increase of S$0.0056/kWh (≈ $0.0041/kWh)...
GlobalData projects Australia’s iron ore output to reach about 1.1 billion tonnes by 2035, signalling a shift from rapid expansion to asset replacement. Mature Pilbara mines, tighter margins and decarbonisation pressures are driving a focus on higher‑grade ore and new processing...
Australia’s iron‑ore industry, long the engine of global steel supply, is moving from rapid expansion to a constrained, replacement‑focused phase. GlobalData projects output modestly climbing to about 1.1 billion tonnes by 2035, driven more by asset renewal than new capacity. Ageing...
GlobalData’s 2035 outlook predicts Australia’s iron‑ore output will climb modestly to about 1.1 billion tonnes, signaling a shift from rapid expansion to asset replacement. Aging Pilbara mines and tighter margins are prompting producers to focus on higher‑grade ore as steelmakers pursue...
Swiss analytics firm Pexapark reports that recent LNG strikes in the Middle East are pushing up long‑term power purchase agreement (PPA) valuations across Europe. The conflict creates a structural supply‑side risk that tightens medium‑term fundamentals, especially in markets with limited...
Fastmarkets has extended its proposal to discontinue eight price assessments for welded and seamless tube and pipe products in Europe and India. The move follows a period of subdued market activity and limited data availability, prompting the firm to retire...
The Indian government allocated 23 lakh tonnes of sugar for April 2026, a slight reduction from 23.5 lakh tonnes a year earlier and below the 25 lakh tonnes set in April 2024. Demand for the 2025‑26 season’s first seven months is projected at...
Rising diesel costs, up 44% since the Iran war began, are prompting fresh‑food distributors to tack fuel surcharges onto perishable items such as fruit and Chilean salmon. The added fees are inflating prices for supermarkets, restaurants, hospitals and schools just...
Multipurpose vessel (MPV) operators are confronting a deepening bunker fuel shortage as the Middle East conflict disrupts supply chains across key hubs, including the Middle East, Asia and South Africa. Prices for low‑sulfur marine gas oil (LSMGO) and very low...
Guinea is abandoning blanket bauxite export caps and will enforce production levels that match each project's original feasibility study commitments. The regime also ties export permissions to value‑addition pledges, such as alumina refining and railway investments. As the world’s top...
Abu Dhabi National Oil Company (ADNOc) raised its April official selling price for sulphur destined for the Indian subcontinent to $600 per tonne, a $70 increase from March. The ongoing closure of the Strait of Hormuz has cut roughly half...
South Africa’s government announced a temporary one‑month cut to the general fuel levy of R3 per litre (about $0.16) to cushion the shock from the Iran‑Israel conflict that has driven Brent crude up 55% in March. Despite the relief, diesel...
European road freight operators are feeling a sharp rise in fuel costs tied to the Middle East conflict, which now represents up to 30% of their operating expenses. The International Road Transport Union warns this is a structural shift, not...
Russian Urals crude premiums in Asia climbed to about $8 per barrel versus Brent, up from $5 a week earlier. However, Ukrainian drone attacks have forced the closure of roughly 40% of Russia’s oil‑export capacity, including the 700,000‑bpd Ust‑Luga port....
Crude oil markets remain firm as geopolitical tensions around Iran and the Strait of Hormuz embed a risk premium. OPEC+ announced a modest production increase of 206,000 barrels per day for April, while earlier pauses remain in effect. WTI and...
Fastmarkets hosted a webinar analyzing South Asia’s edible‑oil market, highlighting India’s structural reliance on imports despite rising domestic production. Geopolitical tensions in the Middle East are inflating freight and fertilizer costs, pushing food price inflation higher. Forecasts show Indian palm‑oil...
Poland’s consumer price index rose to 3.0% year‑on‑year in March, up from 2.1% in February, driven almost entirely by a 15.4% jump in fuel prices. The surge added roughly 0.8 percentage points to headline inflation, while core inflation remained steady...
AleaSoft Energy Forecasting reported that weekly average electricity prices fell across most major European markets, with the average dipping below €90 ($103) per MWh in seven countries. Record‑low prices of €0.18/MWh ($0.21) were logged in Portugal and Spain, the latter...
Ukraine’s new‑crop grain prices are trading virtually level with, or even above, old‑crop values – a rare deviation from the usual discount. New‑crop 11.5% wheat is offered at $234 /tonne FOB, just $2 below the $236 /tonne old‑crop level, while new‑crop corn...
Southeast Asian nations are confronting looming fertilizer shortages as global prices have surged sharply following the outbreak of war in Iran. The region relies on more than three‑quarters of its nitrogen‑based fertilizers passing through the Strait of Hormuz, making it...
Sharp spikes in Singapore’s fuel prices, driven by the Middle East conflict, have made RON97 petrol nearly twice as expensive as in Malaysia’s Johor Bahru (US$2.64 vs US$1.27 per litre). Singapore drivers, bound by a law requiring tanks to be...
Asian nations are scrambling for Russian crude as the U.S.-Israel war with Iran has cut roughly one‑fifth of global oil supply, especially through the Strait of Hormuz. The United States temporarily eased sanctions on Russian shipments, first for India and...
