China's power crunch may lead to higher US prices.
Key points from the article:
Chinese demand for oil and steel has pushed prices up in those markets. Now it is affecting commodities such as cotton and food products. That's being passed on to developed markets, like the US," the report said.
The surging demand is not only about oil and steel. China's appetite for energy resources, which aims to cure the ongoing power shortage, will likely push up prices of energy resources abroad.
China has shocked Asian energy markets by suspending diesel exports to ensure domestic supplies are adequate as demand for the fuel rises.
The decision in mid-May means a significant tightening of diesel supplies across Asia as China is a big exporter to Singapore and Vietnam.