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Indian Oil Corp studies renewed Venezuelan crude purchases

Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member’s economy has collapsed since crude prices plummeted in 2014 , forcing it to delay payments for oil services and fuel supplies. Venezuela depends on oil for more than 90 percent of its export revenues. Venezuela’s national oil company PDVSA has missed debt payments to ONGC Videsh, the foreign investment arm of ...

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In shadow of OPEC’s noisy oil cuts, Asia’s miners quietly tightened coal supplies

Australian and Indonesian miners have quietly done in the last two years what OPEC has been shouting about: tighten coal markets and prop up prices. The informal coal output reductions, unlike the official cuts in place since January led by the Organization of the Petroleum Exporting Countries (OPEC), are culminating right as Asia enters the Northern Hemisphere winter when heating demand peaks in January. Additionally, there are warnings a La Nina pattern that typically brings colder-than-normal weather to the Northern Hemisphere might occur. In 2015, at the peak of the ...

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One Country, Two Systems Roils China’s Mills as Curbs Bite

One country, two systems has come to the world’s largest steel industry. As China’s great environmental cleanup takes effect during the winter months, the stringent curbs being implemented across the north are hurting mills’ output, while giving free rein to producers in the south. “Southern steel mills unaffected by the output restrictions are generally running at full speed,” brokerage Nanhua Futures Co. said in a note. “They’re seeing better demand for their products as order volumes spike. Inventories are rapidly shrinking.” Mills, miners and investors have been tracking China’s bid ...

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Chinese iron ore and steelmaking prices November 23 2017

Morning offers of traders basically held steady today compared with that of yesterday.

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Iran pushes to retain Asia oil buyers as possible U.S. sanctions loom

Iran is pushing to retain customers for its oil in Asia, hoping that price reductions will boost the appeal of its crude compared with other Middle Eastern supply even as the potential threat of further U.S. sanctions on the country looms. The National Iranian Oil Company has in the last few weeks offered spot cargoes, ranging from light to heavy grades, to its term buyers in Asia, after setting December prices at the lowest in years against comparable Saudi grades, three sources with knowledge of the matter said. The sources ...

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China iron ore rises with steel; coking coal hits two-month high

Chinese steel futures rose for a third straight session on Wednesday, supported by leaner supply and expectations that consumption in the world’s top user would recover when production cuts are lifted after winter. Prices of steelmaking raw materials iron ore and coking coal also advanced, with coking coal hitting a two-month peak. The most-active rebar contract for May delivery on the Shanghai Futures Exchange was up 1.7 percent at 3,796 yuan ($573) a ton by the midday break, after earlier touching a one-week high of 3,821 yuan. Steel mills across ...

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WorldSteel Association: October 2017 crude steel production up by 5.9%

World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 145.3 million tonnes (Mt) in October 2017, a 5.9% increase compared to October 2016. China’s crude steel production for October 2017 was 72.4 Mt, an increase of 6.1% compared to October 2016. Japan produced 9.0 Mt of crude steel in October 2017, a decrease of -1.0% compared to October 2016. India produced 8.6 Mt of crude steel in October 2017, an increase of 5.3% compared to October 2016. In the EU, Italy’s crude steel ...

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Agencies aim to keep coal prices down, says official

Relevant government departments will continue to adopt comprehensive measures to keep coal prices down, said Lian Weilang, deputy director of the National Development and Reform Commission, pointing out that the current market price of coal is still relatively high, Yicai.com reported. Lian emphasized that coal companies cannot expect continuously high prices for coal, which are not conducive to cutting back on outdated and costly production capacities and not beneficial for the gradual reduction in use by society. Meanwhile, it will do harm to the coordinated development of upstream and downstream ...

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Gas substitution to support Middle East oil exports in 2018, research shows

Plans to substitute oil for gas in regional domestic markets may help support Middle East oil exports in 2018 despite an anticipated extension of OPEC cuts, according to a new outlook from BMI Research. So far in 2017, Saudi Arabia – the largest traditional direct crude burn market – has recorded the lowest use of crude oil in power generation for the last five years. According to BMI, progress with upcoming gas projects will further erode the need to burn crude domestically in the near future. The substitution of oil ...

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As energy revenue falls, Algeria struggles to cut import bill

Algeria is trying to cope with falling revenue from oil and gas by cutting imports, which deplete its shrinking supply of the hard currency needed to pay for products made abroad. It’s not having much luck. The key to its effort is requiring licenses to import a wide range of products. But the system for granting licenses is tangled in red tape, and by curbing imports of raw materials, it’s hobbling local production, business people say. “There are good signals from the government, but on the ground, there is no ...

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Vale Moçambique extracts 10 million tonnes of coal between January and October

Vale Moçambique from January to October of this year has extracted about 10 million tonnes of coal from its mine in Moatize, in Mozambique’s Tete province, almost doubling the amount of 5.9 million tonnes extracted in the same period of 2016, said the subsidiary of Brazilian group Vale. Rogério Sendela, one of the directors of Vale Moçambique, told Mozambican journalists that the target for this year was a total of 13 million tonnes of metallurgical and thermal coal, which is an increase of 120% compared to the quantity extracted in ...

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US Imposes Anti-Dumping Duties on Steel From Russia, Belarus

The Commerce Department said in a statement, that the US would impose anti-dumping duties of up to 756.9 percent on imports of steel wire rod from Russia, Belarus and the United Arab Emirates after determining that the goods were being sold in the United States at less than fair value. “The Commerce Department determined that exporters from Belarus, Russia, and the UAE sold wire rod in the United States at 84.10 – 756.93 percent less than fair value,” the statement said on Tuesday. “Commerce will instruct US Customs and Border ...

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GRAINS-Wheat ticks up on short-covering, U.S. crop rating

Chicago wheat prices climbed for a second session on Wednesday, with short-covering by investors and a decline in the U.S. winter crop condition underpinning the market. The Chicago Board of Trade most-active wheat contract was up 0.2 percent at $4.42 a bushel by 0325 GMT, corn slipped 0.3 percent to $3.44 a bushel and soybeans eased 0.1 percent to $9.88-1/4 a bushel. “The wheat market has already made lows but that doesn’t mean prices should rally,” said an India-based agricultural commodities analyst. “There has been some discussion about dryness in ...

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GSPC seeks second-half December LNG cargo via tender-trade

The Gujarat State Petroleum Corp launched a tender on Wednesday to buy a liquefied natural gas (LNG) cargo for delivery in the second half of December, trade sources said. Bids must be submitted on or before Nov. 23 and an award is to be made on Nov. 24, they said. Source: Reuters (Reporting by Oleg Vukmanovic, editing by Louise Heavens)

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Poland’s PGNiG signs first mid-term deal for LNG supplies from U.S.

Poland’s dominant gas firm PGNiG has signed its first mid-term deal for liquefied natural gas (LNG) deliveries from the United States, as part of a wider plan to cut its reliance on Russian supplies, it said. State-run PGNiG said that as part of the deal, signed with Centrica LNG Co. Ltd, it will receive nine LNG shipments in 2018-2022. The company has not revealed the volumes and prices agreed under the contract. The shipments will come from the Sabine Pass LNG export terminal in Louisiana in the United States and ...

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