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China’s teapot refiners set to slow crude imports as tanks overflow

As OPEC extends production cuts in a bid to tighten the oil market, China’s independent refiners – awash with crude and facing disappointing local demand – are poised to slow purchases of oil for at least the next two months. The move by China’s so-called “teapots”, a key driver of the country’s crude appetite, will stir concerns about demand in the world’s top oil buyer, which fell from a peak of 9.2 million barrels per day (bpd) in March to 8.4 million bpd in April. Independent refiners, mainly based in ...

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Russian Wheat Export to Reach Historic High in 2016-2017 – Agricultural Ministry

Russia is expected to export some 34-35 million metric tons of grain this season between July 1, 2016 and June 30, 2017, including 27 million of metric tons of wheat, which would set a historic record, Deputy Agriculture Minister Jambulat Khatuov said Friday. “According to preliminary estimates, grain exports in this season will be 34-35 million metric tons, including 27 million metric tons of wheat,” Khatuov said. The minister added that last season, grain exports reached over 33.9 million metric tons, with a little over 25 million metric tons of ...

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Early heat wave arrests slide in China’s coal prices

Forecasts for an unseasonable heat wave in many parts of China before the peak summer season have halted a decline in coal prices as utilities look to produce more power to meet demand for airconditioning. Many of China’s major cities in north, central and southern regions are set for a warmer than usual June, forecasts from China’s Meteorological Administration show, with Beijing set to hit 35.6 degrees Celsius (96°F) on Sunday. Demand for thermal coal, which accounts for about two-thirds of China’s total power generation, has also been boosted by ...

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Record Australian grain exports flood market, but Black Sea challenge ahead

Australia’s grain exports have shot to record volumes this year as bumper crops push down prices, but levels may fade towards year-end as rival shipments step up from the Black Sea region. Wheat, canola and barley exports have been over 60 percent higher than normal over the first five months of 2017, at 17.2 million tonnes, according to Thomson Reuters Eikon data. That flood of grain from Australia, the world’s fourth largest wheat exporter, and other suppliers is dragging on global prices that are trading close to last September’s 10-year ...

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S Korean scrap bookings begin to draw some attention from buyers

South Korea-origin scrap has begun to draw some attention from buyers in East Asia, mainly Vietnam and Taiwan. Along with the recent emergence of several bookings for China-origin scrap, South Korea-origin scrap is expected to be another addition to the market. Some bookings by Seoul-based scrap exporter GMR Materials have been heard done recently. Around May 24, Japan’s leading mill Tokyo Steel concluded a booking for around 3,000 mt of Japanese H2-equivalent materials at $241/mt CFR Futajima, Japan, a source close to the company confirmed. Earlier this week, GMR sold ...

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LNG import doubles as gas output static

As Pakistan’s gas production remains stuck at the same level for several years, the current government has started banking on energy imports to bridge the widening shortfall. To lay the groundwork and streamline imported gas supplies, the public gas utilities have poured billions of rupees into building a new network of pipelines to reach more consumers. At present, Pakistan has an extensive gas pipeline network spread over 12,202 km for transmission and 119,736 km for distribution of gas to cater to needs of more than 8.4 million consumers across the ...

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Adani coal royalties back on Australia state cabinet agenda

A final investment decision by India’s Adani Enterprises to develop its Carmichael coal mine project in Australia could be back on track as early as next week, pending sign-off of a government royalty arrangement. Queensland state Premier Annastacia Palaszczuk, a proponent of the project, said on Friday that how much Adani will pay in royalties will be discussed at a cabinet meeting of the centre-left government on Monday. “I’m not going into those details, they’ll be matters before cabinet on Monday,” Palaszczuk told reporters. Adani said this week its board ...

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Soybeans slide to over 6-week low, face 3rd weekly fall

Chicago soybean futures dropped to a more than six-week low on Friday and were poised for a third weekly fall as a deep fall in crude oil prices and plentiful world supplies put pressure on the oilseed. Corn and wheat were also set for weekly drop after rising marginally last week. The Chicago Board Of Trade most-active soybean contract has declined 1.8 percent so far this week, the biggest weekly loss in two months. Soybeans hit a low of $9.36 a bushel on Friday, the weakest since April 11. Corn ...

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Palm oil prices seen to remain bearish for rest of 2017: Rabobank

Front month crude palm oilprices are forecast to remain bearish for the rest of 2017, Rabobank said an palm oil market update. Despite the upward price correction in CPO markets earlier in May, Rabobank kept its price forecast for the April-June quarter unchanged at MR2,500/mt, or $584.73/mt, from its April forecast. The recent uptick in prices on Bursa Malaysia reflected increased palm oil demand ahead of Ramadan and inventory re-stocking in several destination markets, Rabobank said in the note. Malaysian palm oil exports over May 1-15 rose 7% from the ...

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Japan buys 117,800 tonnes of food wheat via tender

Japan’s Ministry of Agriculture bought a total of 117,800 tonnes of food quality wheat from the United States and Australia in a regular tender that closed late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second-most important staple after rice, and buys majority of the grain for milling via tenders typically issued thrice a month. Details are as follows (in tonnes): COUNTRY TYPE Quantity U.S. Western White 23,260* Hard Red Winter (semi hard) 21,250* Dark Northern Spring 35,420* (protein minimum 14.0 ...

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US soybean oil exports fall on week: USDA

US soybean oil net export sales fell 4,922 mt to 9,993 mt, in the week ending May 18, decreasing from 14,915 mt the prior week, US Department of Agriculture data showed Thursday. Weekly physical exports for soybean oil also fell, decreasing by 25,474 mt to 14,573 mt. The top countries to which the US sold current marketing year soybean oil last week were Mexico at 3,261 mt, Colombia at 3,000 mt and El Salvador at 1,900 mt. There were 335 mt of cancellations the United Kingdom as well. The top ...

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Kurdistan oil exports not subject to OPEC reduction agreement

Kurdistan Region oil exports are not subject to OPEC’s renewed reduction targets, Iraq’s oil minister stated, adding, however, that he hopes they will be included. He said he will visit the Region to discuss the matter with the Kurdistan government, with whom, he said, Baghdad has good relations. “Our relations with the Kurdistan Region are very good. We have coordination with each other. There might be misunderstanding and lack of clarity with respect to some issues. Nevertheless, we continued relations, but we should be more accurate,” Minister Jabbar al-Luaibi told ...

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Russia’s Rusal seeks to roll over Q3 Japan aluminum premium from Q2

Russian aluminum producer Rusal has asked Japanese buyers for a rollover in the third-quarter contract premium from the second quarter’s level of $128/mt plus London Metal Exchange cash CIF Japan, several Japanese buyers said Friday. Rusal Japan has sent an email to Japanese buyers late Thursday, the buyers said. Rusal Japan could not be reached for confirmation. A Japanese trader and a Japanese consumer said they were waiting for offers from other producers Rio Tinto Japan, South32 and Alcoa for Q3 before placing their counterbids. The buyers said the Asian ...

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Iron ore heads for third weekly fall in four as futures stretch losses

Spot iron ore prices were on course to post their third weekly fall in four, still pressured by plentiful supply in top consumer China and a retreat in Chinese steel prices. Spot iron ore has largely tracked losses in Chinese steel futures which dropped for a fourth consecutive session on Friday and were also headed for a third weekly fall in four. Iron ore for delivery to China’s Qingdao port slipped 0.5 percent to $60.24 a tonne on Thursday, according to Metal Bulletin, and has fallen 3.9 percent so far ...

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Nigeria LNG launches three-cargo sell tender – trade sources

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said. Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said. Source: Reuters (Reporting by Oleg Vukmanovic; editing by David Clarke)

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