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Customs figures showed a sharp rise in outbound shipments of unwrought aluminium and aluminium products, extending the strong performance seen in April, when exports reached 598,000 metric tonnes. The increase underlined China’s role as the main buffer for a global market unsettled by production cuts, shipping delays and higher insurance costs linked to the conflict around the Gulf and the Strait of Hormuz.

The aluminium surge came as China’s wider trade machine gathered pace. Total exports rose 19.4 per cent from a year earlier in May, beating forecasts and widening the trade surplus to more than $105 billion. Imports also grew 27.4 per cent, but the headline gain masked a sharp fall in crude purchases, with volumes down about 29 per cent as refiners leaned more heavily on inventories and cut some buying amid elevated freight and geopolitical risks.

Aluminium has become one of the clearest channels through which the Middle East war is reshaping industrial supply chains. Producers in Gulf states account for a meaningful share of non-Chinese primary aluminium supply, and disruption to power-intensive smelting, port activity and shipping routes has tightened availability for consumers in Europe, Asia and North America. Prices in London climbed to a four-year high this month as traders priced in the risk of prolonged supply constraints.

Chinese exporters have benefited from the opening. Producers and traders have increased shipments of semi-finished products and other aluminium categories where overseas premiums have risen faster than domestic prices. The price gap has improved margins for exporters, even as Beijing continues to manage capacity growth in a sector long associated with heavy energy use and emissions.

The market shift is particularly important for manufacturers in transport, construction, packaging, power infrastructure and renewable energy. Aluminium is widely used in electric vehicles, aircraft parts, solar frames, building systems and high-voltage transmission equipment. A sustained shortage outside China could raise input costs for industries already dealing with expensive financing, disrupted shipping schedules and volatile energy markets.

China’s advantage rests on scale. The country dominates global aluminium production and has built deep processing capacity across provinces such as Shandong, Henan, Guangxi and Yunnan. Its producers can move quickly when export margins improve, though output remains constrained by power costs, environmental controls and the national ceiling on smelting capacity.

The export rise also carries political sensitivity. Western governments have long argued that China’s industrial policies create excess capacity and depress global prices. A fresh wave of metal exports, even if driven by war-related shortages, could sharpen trade friction at a time when the United States, Europe and other economies are expanding scrutiny of Chinese goods in sectors ranging from steel and batteries to solar components and electric vehicles.

Crude oil tells a different story. China remains the world’s largest crude importer, but May’s decline showed how refiners are adjusting to uncertainty in Gulf shipping. The Middle East supplied a large share of China’s crude last year, with Saudi Arabia, Iraq, the United Arab Emirates, Oman, Kuwait and Qatar among key reported suppliers, while Iranian barrels have continued to reach Chinese buyers through opaque trading channels.

Refiners have drawn on commercial and strategic inventories built during earlier periods of lower prices and heavy discounted buying. Weak domestic fuel margins have also reduced the incentive to import aggressively. Independent refiners in Shandong and state-run plants have faced pressure from high crude costs, capped fuel prices and softer demand growth as electric vehicles erode petrol consumption.

The fall in crude imports may help ease immediate pressure on global oil markets, but it also reflects the vulnerability of China’s energy security to maritime disruption. The Strait of Hormuz remains central to crude and liquefied natural gas flows, and any prolonged interruption would force Beijing to rely more on stockpiles, pipeline supplies from Russia and Central Asia, and alternative seaborne routes.

For commodity markets, May’s trade data showed a split picture. Metals exports are expanding where China can monetise overseas shortages, while energy imports are being managed more cautiously to reduce exposure to war-driven price spikes. Copper imports slipped from April, suggesting that parts of the manufacturing supply chain remain uneven despite the strong headline export performance.

By Nantoo Banerjee It is good that the government has finally decided to introduce the Producer Price Index (PPI) as a more reliable inflation tracker than the Wholesale Price Index (WPI). However, it may not be desirable to dump WPI entirely after a period of the next five years. Wholesale price levels remain highly valuable […]

The article Producer Price Index Is Welcome Though WPI Need Not Be Dumped appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The response came after the won slipped past psychologically important levels against the dollar, intensifying concern among policymakers over inflation, capital flows and financial stability. Finance Minister Koo Yun-cheol convened senior economic officials and signalled that Seoul would act quickly if market moves became excessive, while the Bank of Korea and financial regulators kept watch on trading patterns across currency, bond and equity markets.

The won traded around the 1,520 range against the dollar after touching levels not seen for years, reflecting a mix of domestic and external pressures. Higher energy import costs, a strong dollar, portfolio outflows and demand for overseas investments have combined to weaken the currency despite South Korea’s current account surplus and continued strength in key export sectors.

Authorities are seeking to draw a line between normal market adjustment and disorderly moves that could spill into inflation expectations or funding conditions. Their measures are focused on sharper surveillance of foreign exchange transactions, closer coordination among financial agencies and readiness to respond to speculative flows that amplify one-way bets against the currency.

Seoul has avoided announcing broad capital controls, mindful of its ambition to deepen market access and secure developed-market recognition from global index providers. Instead, officials are relying on targeted stabilisation tools, verbal intervention and coordination with major institutional investors to smooth dollar demand. The National Pension Service remains central to those efforts because of the scale of its overseas investment activity and its potential impact on dollar-won liquidity.

The currency’s slide has complicated the Bank of Korea’s policy choices. Inflation rose to 3.1 per cent in May, the highest level in more than two years, pushed up by petroleum products and international travel costs. A weaker won increases the local-currency cost of imported fuel, food and raw materials, raising the risk that price pressures remain above the central bank’s 2 per cent target for longer than expected.

Rate policy now sits at the intersection of slowing growth, currency stability and household debt risks. A rate increase could support the won and restrain inflation, but it would add pressure on consumers and businesses already facing tighter financing conditions. Holding rates steady could protect domestic demand, but might leave the currency exposed if dollar strength persists or foreign investors continue to rebalance away from won assets.

Market pressure has also been shaped by South Korea’s stock market boom and its role in global technology supply chains. The country’s chipmakers and artificial intelligence-linked companies drew heavy investor interest, but sharp gains have also encouraged profit-taking and portfolio reallocation. When offshore investors sell equities or hedge exposure, demand for dollars can rise, adding to currency volatility.

Exporters have not provided the same level of support to the won that authorities might have expected during previous cycles. Companies with large overseas revenues have been cautious about converting dollar earnings, partly because of expectations of further currency weakness and partly because global investment plans require foreign currency holdings. That has deepened the imbalance between dollar demand and supply.

South Korea’s external position remains stronger than the currency’s movement alone suggests. The economy continues to benefit from semiconductor exports, sizeable foreign reserves and a sophisticated financial system. Yet the won has become more sensitive to swings in global risk appetite, partly because households, pension funds and institutional investors have increased overseas securities purchases over the past several years.

The government’s challenge is to calm markets without appearing to defend a fixed exchange-rate level. Officials have framed their intervention as an effort to prevent excessive volatility rather than reverse market fundamentals. That distinction matters because heavy-handed action could invite criticism from trading partners and undermine Seoul’s commitment to market liberalisation.

The United States and South Korea have already discussed currency stability, with both sides describing excessive volatility in the won as undesirable. Those consultations add a diplomatic layer to Seoul’s response, especially as South Korea balances foreign exchange concerns with large investment commitments abroad and shifting trade policy under Washington’s current tariff regime.

The delegation of over 70 business and institutional leaders from Hong Kong and the Chinese Mainland is the largest and most diverse overseas mission led by the current term of the HKSAR Government so far.

Speaking to the media in Uzbekistan yesterday (June 4), Mr Lee set out the three main objectives of the visit: further explore emerging markets and lay the foundation for long-term economic and trade development; strengthen government-to-government (G2G) relationships and promote closer bilateral co-operation; and build a “hub-to-hub” model of co-operation.

He said the visit had been successful, yielding achievements in eight areas, including:

• Establishing high-level contacts and ties between the HKSAR Government and the Governments of Kazakhstan and Uzbekistan, and reaching consensus on co-operation in multiple areas;
• A total of 96 co-operation agreements and memoranda of understanding (MoUs) were reached during the visit (61 with Kazakhstan, 35 with Uzbekistan), involving specific amounts exceeding US$1.65 billion in total;
• The governments agreed to commence bilateral discussions on agreements in various areas;
• Deepening project matching and research collaboration between Hong Kong and Central Asian region in areas including finance, innovation and technology (I&T), and aviation;
• Demonstrating Hong Kong’s effective role as a platform for going global and achieving substantial results, with Hong Kong and Mainland enterprises joining forces in tapping new markets and bringing synergistic advantages into full play;
• Facilitating more convenient people-to-people exchanges by promoting direct flights, aviation and transport co-operation, and extensions to the mutual visa-free period;
• Promoting exchanges in education, talent and culture to further deepen people-to-people bonds; and
• Advancing a hub-to-hub co-operation model to open up broader room for co-operation between Hong Kong and the Central Asian region.

While in Tashkent (June 3-5), Mr Lee met with local leaders, government officials and business representatives to deepen co-operation between Hong Kong and Uzbekistan in areas including trade, investment, finance, I&T, and people-to-people exchanges.

Mr Lee held meetings with the President of Uzbekistan, Shavkat Miromonovich Mirziyoyev, his Advisor on Strategic Development, Sardor Umurzakov, the Prime Minister, Abdulla Nigmatovich Aripov, as well as the Deputy Prime Minister, Jamshid Khodjayev, to exchange views on furthering mutual co-operation.

Mr Lee highlighted that under the “one country, two systems” principle, Hong Kong enjoys both the China advantage and the global advantage. He said that Hong Kong would continue to play its roles as a “super connector” and a “super value-adder” to further deepen co-operation and exchanges with Uzbekistan on various fronts in line with Uzbekistan’s goal of achieving high-quality development.

Earlier (June 3), Mr Lee met with the Minister of Foreign Affairs of Uzbekistan, Bakhtiyor Saidov, after which they jointly witnessed an exchange of notes between the two places on a mutual visa-free arrangement, which would allow a visa-free period of 30 days for visitors from both sides.

“Moreover, we are glad to have initialed the Air Services Agreement with Uzbekistan, and look forward to launching direct passenger flights between the two places soon,” Mr Lee said, during a high-level business dinner (June 4). The Chief Executive pointed out that Hong Kong and Uzbekistan are important trade and investment gateways to their respective regions – the Asia-Pacific and Central Asia.

“It helps that we are all believers in the Belt and Road (B&R) Initiative, a modern expression of the ancient Silk Road spirit,” Mr Lee said. “Today, China is Uzbekistan’s largest trading partner, and the two countries work closely on major infrastructure and connectivity projects that are revitalising the Silk Road. Hong Kong is a pivotal player in the B&R Initiative, thanks to our world-class professional and financial services expertise.”

The delegation also toured the IT Park Uzbekistan and the Center for Islamic Civilization before concluding its visit in Tashkent.

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The issuer is solely responsible for the content of this announcement.

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Throughout the event, the Epay booth buzzed with high-energy discussions as a steady stream of industry leaders and representatives gathered for consultations. Against the backdrop of an evolving global trade landscape, the strategic synergy and bidirectional flow between high-growth markets in Europe and the Asia-Pacific region emerged as a primary focus for many attending businesses.

On the floor, Epay’s expert team provided in-depth, tailored consultations for fintech peers, social media platforms, digital marketing agencies, and B2B trading enterprises. Addressing complex pain points such as global pan-entertainment payouts and cross-border supply chain fund flows, the team demonstrated Epay’s core global collection and payout capabilities alongside its flexible API solutions, precisely empowering businesses to expand internationally.

Furthermore, the Epay team engaged in deep-dive strategic dialogues with local commercial banks, international clearing organizations, and financial experts from various countries. Moving forward, Epay remains dedicated to expanding robust local payment networks, leveraging its forward-looking vision to power the global digital economy.

Hashtag: #EPay

The issuer is solely responsible for the content of this announcement.

About Epay

Forging Ahead, Driving Digital Growth
The curtain has fallen, but a new journey has just begun. For Epay, the conclusion of this international expedition marks the starting point for a new chapter in empowering global growth.

Standing at the forefront of the global digital economy, Epay remains committed to security as its foundation and innovation as its driving force, continuously building a compliant and rock-solid fintech infrastructure. Looking ahead, Epay will continue to dissolve geographical and financial barriers, marching alongside visionaries worldwide. We look forward to leveraging an even more forward-looking ecosystem to safeguard the global expansion of cross-border enterprises.

With past milestones honored and the future ahead, we look forward to seeing you at our next stop—ChinaJoy in Shanghai!

The yen traded near 159.92 per dollar in Asian dealings, close to the level widely viewed by traders as a possible trigger for official action. The move erased much of the currency’s rebound after Japan’s ¥11.7 trillion intervention campaign earlier this year, leaving markets alert to fresh warnings from the Ministry of Finance.

Dollar demand strengthened after renewed fighting in the Gulf raised fears of wider disruption to energy supplies and trade routes. The US currency benefited from its reserve status, while risk-sensitive currencies came under pressure. The dollar index held around 99.27, supported by geopolitical uncertainty and firm US labour indicators that have reduced expectations of near-term monetary easing by the Federal Reserve.

Japan’s authorities have intensified verbal warnings as the yen weakens. Finance Minister Satsuki Katayama has said the government is ready to respond appropriately to excessive currency moves, language that traders typically read as a signal that intervention remains on the table. Officials have also stressed coordination with the United States, a politically sensitive point because unilateral currency action can draw scrutiny from trading partners.

The yen’s slide reflects a combination of external pressure and domestic policy constraints. Japan remains heavily dependent on imported energy, much of it priced in dollars. Higher oil prices therefore worsen the trade position and add pressure to household costs, while a weaker yen raises import bills further. Brent crude climbed towards $95 a barrel as Gulf tensions fed concerns over supplies, adding another layer of strain for Japan’s economy.

Attention is now focused on Bank of Japan Governor Kazuo Ueda, whose next policy signals will be watched closely ahead of the June 15-16 policy meeting. Markets have increased bets that the central bank could raise interest rates from 0.75% to 1%, especially as imported inflation pressures build. Any move would mark a further step away from the ultra-loose policy framework that kept Japan’s rates far below those of other major economies for years.

Still, the Bank of Japan faces a difficult balance. A rate increase could support the yen and help restrain inflation expectations, but policymakers remain cautious about tightening too sharply while domestic demand stays uneven. Wage growth has improved, yet household purchasing power remains vulnerable to higher energy and food costs. A premature tightening cycle could hurt consumption just as companies pass on higher input costs.

The interest-rate gap with the United States remains central to the yen’s weakness. US policy rates are still high by comparison, keeping dollar assets attractive to global investors. Stronger US jobs data has strengthened the argument that the Federal Reserve may keep policy restrictive for longer, or even consider further tightening if inflation risks intensify. That has limited any relief for currencies trading against the dollar.

Other major currencies also softened. The euro slipped as investors assessed rising energy-driven inflation in the eurozone and the possibility of a European Central Bank rate increase at its June 11 meeting. Sterling edged lower, while the Australian and New Zealand dollars were weighed down by weaker risk appetite. Cryptocurrency markets also came under pressure as investors moved away from volatile assets.

For Japan, the 160 level carries market and political significance. Authorities intervened when the yen breached similar levels in 2024 and again used large-scale buying this year to slow the currency’s decline. The effectiveness of intervention, however, depends on whether monetary policy and global market conditions move in the same direction. Without a narrower yield gap or a broader fall in the dollar, direct yen purchases can lose impact quickly.

The offering will comprise existing ordinary shares held by the company’s current shareholders, meaning proceeds from the sale will go to the selling shareholders rather than to OMIFCO. The subscription period is expected to open this month, subject to final regulatory approvals from the Financial Services Authority, with trading targeted for July if market conditions remain supportive.

OMIFCO is 50 per cent owned by Oman state energy group OQ, while Indian Farmers Fertiliser Cooperative Limited and Krishak Bharati Cooperative Limited each hold 25 per cent. The float is expected to give investors access to one of Oman’s largest industrial exporters and a fertiliser producer with strong exposure to global urea and ammonia demand.

The company operates from Sur Industrial City, where its complex includes two ammonia trains and two urea trains. Annual nameplate capacity stands at about 1.15 million tonnes of ammonia and 1.65 million tonnes of urea, making the producer one of the largest fertiliser operators in the Gulf. The business is supported by long-term gas supply arrangements, established marketing relationships and export infrastructure, including a dedicated deep-water berth that connects the plant to overseas markets.

The IPO comes at a sensitive moment for fertiliser supply chains, with Middle East producers drawing stronger investor attention as global prices respond to disruptions in energy and shipping routes. Urea remains OMIFCO’s dominant revenue source, accounting for the bulk of sales, while ammonia provides an additional export stream and supports integrated production at the Sur complex.

OMIFCO generated revenue of $802.3 million in 2025, with an EBITDA margin of 50.6 per cent and a net profit margin of 40 per cent. Revenue for the first quarter of 2026 reached $207.4 million, while EBITDA margin stood at 50.5 per cent and profit margin at 40.4 per cent. The company has said it has maintained a net cash position for several years and has no interest-bearing debt, a profile likely to feature prominently in investor marketing.

The company expects to distribute dividends of about RO71.2 million, equivalent to roughly $185 million, for the 2026 financial year. The payout is planned in two equal instalments, scheduled for September 2026 and April 2027. For the following two financial years, dividend guidance is expected to be linked to either 90 per cent of net profit or a minimum annual compounded increase from the 2026 dividend base, whichever is higher.

The planned sale follows a series of listings and privatisation moves aimed at expanding the depth of Oman’s capital market. OQ Exploration and Production’s 2024 listing was one of the largest offerings in the region that year, while Asyad Shipping also formed part of the state-linked pipeline of public market transactions. OMIFCO’s proposed listing would extend that momentum into industrial manufacturing and food-security-linked exports.

Bank Muscat and Société Générale have been appointed joint global coordinators for the offering, with Bank Muscat also acting as issue manager. Arqaam Capital and United Securities are serving as joint bookrunners. The final structure, allocations and investor eligibility terms will be detailed in the prospectus after approval by the Financial Services Authority.

The offering is expected to include tranches for institutional and retail investors, with participation governed by Oman’s regulations for public joint stock companies. Shares will also be offered to selected qualified investors outside the United States under applicable securities rules, broadening the potential investor base while keeping the formal listing on the Muscat Stock Exchange.

OMIFCO’s position is closely linked to demand from agriculture markets, particularly urea used in crop nutrition. India has remained a major destination for its exports, supported by long-term commercial ties with its cooperative shareholders. From 2023 to 2025, the country accounted for most exported urea volumes and a substantial share of ammonia shipments, reinforcing the company’s role in cross-border fertiliser supply.