This week's ASEAN Week (April 26 – May 2, 2569) provides an update on the latest developments in Southeast Asia over the past week.
For ASEAN Week "Bank Finance" This week, from April 26th to May 2nd, 2569, we will bring you the latest news and developments in the ASEAN region, including:
- Nickel prices surged to a two-year high amid tight supply after Indonesia cut mining quotas and the war pushed up sulfur costs.
- Nickel prices surged to a two-year high due to Indonesia's quota cuts and sulfur shortages.
- The Philippines has ordered a halt to sending crew members to the Persian Gulf, fearing a labor crisis on ships in the Gulf of Hormuz.
- Why has the Strait of Malacca become a new risk point for global trade?
- "Philippine inflation" is poised to surge past 6%, the highest in three years, due to the impact from the Middle East.
- ASEAN joins hands in non-conformist trade, accelerating emergency fuel sharing plan to cope with oil crisis.
Nickel prices surged to a two-year high amid tight supply after Indonesia cut mining quotas and the war pushed up sulfur costs.
Global metals markets experienced significant volatility following the imminent shutdown of Indonesia's Weda Bay mine in May. Combined with government production quota cuts and sulfur shortages stemming from the Middle East conflict, this pushed nickel prices to their highest levels in nearly two years, reflecting severe supply tightness. Nickel, a key raw material for EV batteries, is expected to see continued price increases due to cost pressures and policy constraints.
Nickel prices surged to a two-year high due to Indonesia's quota cuts and sulfur shortages.
Nickel prices surged to $19,350 per ton, their highest in nearly two years, driven by tight supply from Indonesian mines and sulfur shortages. The Iran-Iran conflict further accelerated raw material costs and increased the risk of global mine disruptions. While other metals showed mixed movements, investors remained positive about the market outlook due to potential further production limitations.
The Philippines has ordered a halt to sending crew members to the Persian Gulf, fearing a labor crisis on ships in the Gulf of Hormuz.
The Philippines has banned the deployment of crews to the Persian Gulf, further straining crew rotations in the Strait of Hormuz amid the prolonged war. This has left many workers stranded on ships, while the IMO warns of the risk of a humanitarian crisis if manpower rotations remain in place and the situation does not improve.
Why has the Strait of Malacca become a new risk point for global trade?
Tensions in the Strait of Hormuz are spreading, putting pressure on the Strait of Malacca, a vital shipping route for over 20% of global trade. Although still operational, it faces the risk of becoming a bottleneck due to geographical limitations, congestion, and security threats. As a result, many countries are monitoring the situation and urgently seeking alternative routes to accommodate global trade.
"Philippine inflation" is poised to surge past 6%, the highest in three years, due to the impact from the Middle East.
Philippine inflation is projected to reach 5.6–6.4% in April, the highest in three years, driven by rising oil, food, and electricity prices, as well as a weakening peso. The main factor is heightened tensions in the Middle East, pushing energy costs higher, prompting the central bank to closely monitor and adjust its monetary policy.
ASEAN joins hands in non-conformist trade, accelerating emergency fuel sharing plan to cope with oil crisis.
ASEANThe government affirmed its commitment to maintaining free trade, avoiding export bans, and accelerating cooperation in fuel sharing during emergencies to address rising oil prices resulting from the Iran-Iran conflict. The goal is to maintain regional economic stability amidst inflationary pressures and energy supply uncertainties.
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