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Why record U.S. oil exports are poised for even more growth

U.S. refineries are producing more fuel than ever as they seek to meet rising demand – from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world’s top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. That’s a fundamental shift from the traditional U.S. role in global markets as a top importer and consumer. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth ...

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Angola LNG issues sell-tender for prompt early-August loading cargo

Angola LNG on Wednesday issued a fresh sell-tender for a single shipment loading on August 1-3, according to two market sources. The tender is calling for bids to be submitted by July 31, and will remain valid until August 2. The LNG cargo has some destination restrictions, with the project limiting cargoes shipped to the east of Suez no further than the port of Singapore, according to one market source. This would exclude all of North Asia’s terminals, including those in China, Taiwan, Japan and South Korea. Angola LNG was ...

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Algeria gas exports to reach 54 bcm in 2017 – Sonatrach chief

Algeria’s gas exports should reach 54 billion cubic metres (bcm) this year, up from 51 bcm in 2016, as the new Reggane and Touat fields come on stream, the chief of state-run energy company Sonatrach said. Sonatrach CEO Abdelmoumen Ould Kaddour told reporters on a visit to Hassi Rmel gasfield that it was going to be “very hard” to meet both growing domestic demand and export needs for clients, mainly European markets. “We do have a shortage of 50 million cubic metres per day that we need to find somewhere,” ...

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Dry weather diminishes outlook for global grain crops – IGC

The International Grains Council cut its forecasts for 2017/18 global corn, wheat and barley crops after prospects took a hit from dry weather in several countries. “Because of overly dry weather, including in North America, the EU and Australia, the outlooks for global corn, wheat and barley harvests are revised lower,” the IGC said in a monthly update, adding rains would likely be too late to reverse damage in some areas. The IGC cut its forecast for the global corn crop by 5 million tonnes to 1.02 billion tonnes, driven ...

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Iron’s Jekyll-and-Hyde Moment Shows This Rally’s `Dangerous’

Iron ore’s latest rally has run beyond fundamentals and there’s a risk of a sharp reversal as prices tumble back below $50 a metric ton next year, according to Westpac Banking Corp. Senior Economist Justin Smirk, who says the raw material has something of a split nature. “Most commodities are pretty Jekyll-and-Hyde,” Smirk said in an interview. “Iron ore does fit that trend. Hyde is meant to be angry, Jekyll is meant to lovely and nice,” he said, referring to the principal character in Robert Louis Stevenson’s 19th century classic ...

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Chinese iron ore and steelmaking prices July 28 2017

Spot market quotations show ups and downs today.

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India’s first-quarter coal imports fall 8.1 percent

India’s coal imports fell 8.1 percent to 52.70 million tonnes in the first quarter of fiscal year 2018, Coal Minister Piyush Goyal told lawmakers on Thursday, as the world’s third largest consumer of coal looks to cut dependence on imports. Coal imports fell for the second straight year in 2017 to 191 tonnes, down 6.4 percent from 2016 levels, Goyal said, as state-run Coal India Ltd ramped up production to address domestic demand. “The gap between demand and supply of coal cannot be bridged completely as there is insufficient domestic ...

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Fortescue posts record iron ore exports in Apr-June

Australian iron ore miner Fortescue Metals Group saw record exports in the April-June quarter, which lifted its full 2016-2017 fiscal year (July-June) shipments marginally above guidance, the company said in its quarterly results Thursday. Fortescue said it expected shipments to hold steady for the 2017-2018 fiscal year, with further cost reductions. The June quarter shipments came in at 44.7 million wmt, up 3% year on year from 43.4 million wmt, and up 13% from 39.6 million wmt in January-March, it said. Its direct operating costs (C1 costs) fell to $12.16/wmt ...

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China steel futures drop back on weak demand outlook

China’s steel rebar futures eased after a three-day gain, sliding nearly 2 percent due to underlying concerns about a weak demand outlook amid increasing output at mills. “When the heat wave across the country is gone, demand may not see a strong rebound despite a seasonal increase in activity,” said analysts at Orient Futures in a note. Construction work typically slows during periods of hot summer weather, picking up again when temperatures cool in the fall, before the onset of winter. The China Meteorological Administration said on Wednesday that more ...

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Goldman’s Now Bullish on Iron Ore This Year – But Not Next

Goldman Sachs Group Inc. boosted its iron ore forecasts after better-than-expected demand in China raised prices, but warned that it remains bearish on next year amid prospects for plentiful mine supplies and a worldwide glut. The three-month forecast was raised to $70 a metric ton from $55, and the year-end target increased by $5 to $60, according to a report from analysts including Yubin Fu and Max Layton received Thursday. Next year, prices are still expected to drop, it said. Iron ore has surged in recent weeks to top $70 ...

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Brazil’s Vale net income plunges on FX, asset writedowns

Brazil’s Vale SA second quarter net income slumped from the same period last year, missing estimates, crimped by a weaker currency and writedowns on the value of several assets, the world’s largest iron ore producer said on Thursday. In a securities filing, Vale said net income totaled $16 million, far below an average consensus estimate of $421 million and the $1.106 billion reached in the second quarter last year. Net profit reached $949 million when adjusted for foreign exchange impacts and one-off items, above the $784 million reached in the ...

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India: Crude import bill likely to rise 23% this fiscal, says oil ministry

India’s crude oil import bill is expected to increase 23% in the current fiscal year, according the Petroleum Planning Analysis Cell (PPAC), data and policy analysis wing of the oil ministry. “India’s crude oil import bill is expected to increase 23% from $70 billion in 2016-17 to $86 billion in 2017-18 considering Indian basket crude oil price of $55 a barrel and rupee-dollar exchange rate of 65 for the balance part of the financial year,” PPAC said in a report released on 24 July. According to PPAC, if crude prices ...

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June 2017 Quarterly Production Report Fortescue Metals Group Limited (ASX: FMG, Fortescue)

Fortescue has released its June 2017 quarterly production results, reporting shipments of 44.7 million tonnes (mt) of iron ore. Cash production costs (C1) were a record US$12.16 per wet metric tonne (wmt), a 15 per cent improvement over the June 2016 quarter and seven per cent lower than the March 2017 quarter. Guidance for FY18 has also been provided, targeting a further reduction in C1 costs to US$11-12/wmt and maintaining shipments of 170mt. During the quarter Fortescue extended its nearest term debt maturity to 2022 by refinancing US$1.5 billion of ...

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ArcelorMittal reports second quarter 2017 and half year 2017 results View analysts slides in a new window

ArcelorMittal, the world’s leading integrated steel and mining company, today announced results[1] for the three month and six month periods ended June 30, 2017. Highlights: Health and safety: LTIF rate of 0.72x in 2Q 2017; 1H 2017 LTIF of 0.78x stable YoY Operating income of $1.4 billion in 2Q 2017; 1H 2017 operating income of $3.0 billion, 38.1% higher YoY EBITDA of $2.1 billion in 2Q 2017; 1H 2017 EBITDA of $4.3 billion, 61% higher YoY Net income of $1.3 billion in 2Q 2017; 1H 2017 net income of $2.3 ...

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Egypt wheat reserves enough for 6 months after buying spree

Egypt’s strategic wheat reserves are sufficient to last for six months, a supply ministry official told Reuters following a string of large purchase tenders intended to boost stocks after a smaller local harvest than in the past few years. The world’s largest wheat importer’s strategic reserves stand at 4.6 million tonnes, supply ministry spokesman Mamdouh Ramadan said. Egypt has been buying up a lot of wheat on international markets this month, with state grain buyer GASC booking 1.25 million tonnes in July, or about 20 percent of its 6.2 million ...

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