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Considerable transport problems’ cut Australian wheat export hopes

“Considerable transport problems”, prompted by a scramble to exploit strong demand for pulses and canola, will deny Australia a record in wheat exports this season, and prompt a far bigger drop in 2017-18 than has been forecast. The US Department of Agriculture’s Canberra bureau cut its forecast for Australian wheat exports for 2016-17, on a July-to-June basis, to 22.0m tonnes, below expectations from other commentators – including the USDA itself. And the bureau pegged wheat shipments next year from Australia, the southern hemisphere’s largest exporter, at 18.0m tonnes – 2.9m ...

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S. Korean buyers seek more Brent-linked crude to replace Mideast oil

Oil buyers in South Korea are expected to take advantage of relatively cheap Brent against Dubai and step up purchases of low-sulphur crude in early third quarter, reducing demand for the Middle East oil, four refining sources said on Friday. Refiners in the world’s fifth largest crude oil importer are seeking crude from the North Sea and Africa, they said, which could help reduce surplus oil in Europe that was accumulated during the peak refinery maintenance season. “We are actively looking at Brent-related crude grades,” said Kim Woo-kyung, a spokeswoman ...

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Trump’s Infrastructure Plan a Boon for Iron Ore, Cormann Says

U.S. President Donald Trump’s plan to upgrade the nation’s roads, ports and bridges will drive demand for steel and support iron ore prices, Australia’s Finance Minister Mathias Cormann said. “The U.S. and the Trump administration has put out a very ambitious infrastructure investment program” and the steel will have to come from somewhere, Cormann said in an interview in Washington. “So global demand for steel, we believe, will continue to require significant exports of Australian iron ore.” The price of iron ore has slumped almost 30 percent since Chinese Premier ...

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Japan steelmakers scramble for coking coal to make up Debbie losses

Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said. Still, the Japanese buyers are paying nearly double the $150 a tonnes price that they were discussing with sellers for second-quarter supply before the supply disruption. The supply talks are now on hold and prices will likely stay high until full volumes start flowing again. In 2016, Japan bought about 71 percent of the 59.9 million tonnes ...

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Goldman Sees China Reviving Metals Bogged Down by Global Angst

After a rough ride over the past month, metals could be on the verge of a recovery. And it’s thanks to China, according to Goldman Sachs. The upside will stem from a reduction in overcapacity, strong Chinese property sales — a key driver of the increase in metals demand last year — and a rebound in the country’s fixed-asset investment, Goldman analysts including Max Layton wrote in an April 20 note. They put the recent selloff down to bearishness over the global outlook. Stalled policy stimulus in the U.S., tightening ...

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Some Nigerian programmes emerge, June Angolan offered

June loading Angolan cargoes have started trading, while a flurry of tenders due to close next week absorbed traders’ attention. Trade was quiet on the Nigerian front following the release of May official selling prices and still missing June loading programmes for major grades such as Qua Iboe. ANGOLA * State firm Sonangol has already sold a cargo of Dalia, its only spot cargo in June. Buyer details did not emerge. * Total and Statoil were offering June loading Pazflor at around dated Brent minus 50 cents a barrel. * ...

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Is China too tough a steel beast for Trump to tame?

U.S. President Donald Trump’s first shot across China’s bow over its steel exports, escalating a years-long brawl over trade between the world’s top two economies, may not pull up Beijing. China exported 620,000 tonnes of steel direct to the United States last year, a fraction of the 800 million tonnes it produces each year, equal to about half of world output. Repeated allegations that the world’s top steelmaker is dumping excess output on world markets may hit harder closer to home – in Japan and South Korea where steel sectors ...

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In China, U.S. Steel Move Is Seen as Self-Destructive

As the White House threatened new U.S. barriers to steel imports, officials and experts from the world’s biggest steel-exporting nation, China, said the real loser might be America itself. The U.S., these people say, has high steel costs because rising American tariffs have failed to stem an erosion of domestic competitiveness, and not directly due to a flood of Chinese exports. “Why would one or two million metric tons of Chinese exports matter that much to a country that imports 100 million tons a year?” said Chi Jingdong, deputy secretary-general ...

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EU wheat falls as US rain, Canada area outweigh Europe weather risks

Euronext wheat futures fell on Friday as crop-friendly rain in the United States, a bigger than expected area estimate in Canada and chart-based trading outweighed concerns about adverse weather in Europe. Front-month milling wheat May, the last delivery position for the 2016 harvest on Euronext, settled 0.75 euro or 0.5 percent lower at 162.50 euros a tonne, close to a contract low of 162.25 euros set earlier this month. New-crop September ended 2.25 euros lower at 168.00 euros a tonne, after touching a two-week low of 167.50 euros. “Canada weighed ...

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As SAIL struggles, private players race ahead

The ambitious modernisation and expansion plan of the public sector steel major, Steel Authority of India Ltd (SAIL), was conceived in 2006, when Sushil Kumar Roongta was the chairman. By the time Chandra Sekhar Verma took charge in 2010, the economic meltdown had sent the steel market in a tizzy, and the expansion programme had to be revisited. It was in only 2015, under current chairman Prakash Kumar Singh, that the expansion of Rourkela and Burnpur plants were dedicated to the nation. In short, the modernisation of SAIL has spanned ...

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Black Sea, East Europe to further expand wheat exports -analyst

The Black Sea region and east European countries are in coming years likely to further expand their rapid growth of wheat exports, an analyst said. An estimated 40 percent of the world wheat export trade is currently held by Russia, Ukraine, Kazakhstan and countries along the Danube river after a surge in sales in recent years, said Vito Martielli, grains and oilseeds analyst at Dutch bank Rabobank. “These countries will become even more important, they have even more scope to increase wheat production,” he said in a presentation to the ...

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Steel recovery strengthens, but geopolitical uncertainty clouds outlook

The World Steel Association (worldsteel) Friday released its Short Range Outlook (SRO) for 2017 and 2018. worldsteel forecasts that global steel demand will increase by 1.3% to 1,535.2 Mt in 2017, following growth of 1.0% in 2016. In 2018, it is forecast that global steel demand will grow by 0.9% and will reach 1,548.5 Mt. Commenting on the outlook, Mr T.V. Narendran, Chairman of the worldsteel Economics Committee said, “In 2016, steel demand recovery was stronger than expected with the upside mostly coming from China. We believe in 2017 and ...

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China iron ore jumps 7 pct as steel extends gains after selloff

Chinese iron ore futures surged 7 percent on Friday, extending hefty gains for a second session along with steel prices, after a recent selloff that market participants thought was overdone. Both commodities plunged to their lowest since January in the previous session amid worries over well-supplied markets and slow demand. The surge in Chinese futures came as shares of most Asian steelmakers rose, deflecting the first salvo of a long-anticipated anti-dumping campaign from U.S. President Donald Trump. Citing concerns about national security, Trump on Thursday launched a trade probe against ...

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Iran’s crude exports set to fall in May to 14-month low

Iran’s crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country’s tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers. Part of the drop may also be attributable to a decline in demand, as loadings bound for India are set to slump to a one-year low after a dispute over the award of a contract for a gas field and Japan’s orders fall by more than half from April. ...

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Platts report sees no major decline in India’s crude oil imports

Prime Minister Narendra Modi’s wish of a 10 per cent cut India’s oil import dependence by 2022 is unlikely to be accomplished, according to S&P Global Platts. Sambit Mohanty, Senior Editor of S&P Global Platts, said, “We don’t agree with the fact that India can sharply reduce (crude oil) imports. We still import more than 80 per cent of our crude oil needs. Given the fact that oil product demand is growing at nearly 8 to 9 per cent, we cannot see how we can substantially reduce imports of the ...

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