Home / Commodities / Commodity News

Commodity News

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

U.S. Steel tug of war: Fundamental upgrade versus technical ‘death cross’

U.S. Steel Corp.’s stock rallied Wednesday after an astute Credit Suisse analyst turned bullish on the steelmaker, but can that trump the looming “death cross” technical pattern that suggests further losses over the longer term? Analyst Curt Woodworth raised his rating on U.S. Steel X, +0.46% to outperform from neutral, citing the belief that steel prices have neared an inflection point, with trade policy providing a tailwind, and given attractive valuations. He raised his stock price target to $29, which was 39% above current levels, from $25. Woodworth expects hot-rolled ...

Read More »

Cold Rolled Coil Prices Weaken in Northern Europe

Market participants, in Denmark, report that local demand is a little weaker than in neighbouring Sweden and Germany. Cold rolled coil values softened, slightly, in May, according to MEPS. Consumption is at a high level, in Sweden. However, prices are believed to have peaked, for now. Purchase volumes are satisfactory, in Finland. The price trend is thought to have reached the top of the current cycle but MEPS has no reports of reductions, as yet. Sales tonnages are high, in the Netherlands. Offers from China are competitive, even after the ...

Read More »

Indonesia’s revenue needs override coal curbs as oil take drops

Indonesia will miss coal production targets as the government needs to lean on revenue from the fuel to make up shortfalls from its take from oil and gas output, ensuring the country keeps its top coal exporter status, officials said. Southeast Asia’s largest economy will need to boost coal shipments as revenues from the sector are critical for the government. This will undermine planned coal production curbs seen as crucial to Indonesia’s policy of using the fuel as the backbone of its electric power development plans. Indonesia is targeting a ...

Read More »

Is Moody’s China downgrade indicating a bigger crisis in commodities?

While the rating revision has its own implications albeit marginally on currency and interest rates at which the China can raise funds, what demands attention is the rationale for the downgrade and concerns that the global rating agency has highlighted. Is Moody’s China downgrade indicating a bigger crisis in commodities? Moody’s downgraded China’s long-term local currency and foreign currency issuer ratings to A1 from Aa3 with a cautious undertone that didn’t quite come as a surprise for the market. While the rating revision has its own implications albeit marginally on ...

Read More »

Latin America: Figures of the first quarter reflect a recovery in process

Latin America and the Caribbean during the first quarter of the year shows a positive balance in consumption and production. The finished steel consumption grew 7%, meanwhile the crude and finished steel production increase 12% and 3%, respectively, versus January-March 2016. For its part , the regional steel imports represents 34% of Latin-American consumption, two points higher than the same months of 2016 (32%). However, the trade balance of the region remains negative, increasing in 19% it deficit vs January-March 2016. Production Crude steel. During January-March 2017, the region produced ...

Read More »

U.S. corn yield limited if conditions land below 70 pct -Braun

Corn market participants often dismiss U.S. crop condition scores as meaningless, especially this early in the season. While they are still highly subject to change, the initial rating sets the tone for the growing season and can even cap yield potential – but do not expect a change to production outlooks just yet. On Tuesday at 2 p.m. EDT (1800 GMT), the U.S. Department of Agriculture will issue the initial condition ratings of the domestic corn crop in its weekly crop progress report. The corn market typically focuses on the ...

Read More »

China iron ore extends losses to third day, seen falling further

Chinese iron ore futures slumped four percent on Thursday, falling for a third day in a row, amid persistent worries over demand, with stockpiles mounting around the country’s ports. Those demand concerns were amplified on Wednesday by Moody’s downgrade of China’s credit ratings, potentially limiting Beijing’s capacity to spur economic growth. The most-active iron ore contract, for September delivery, on the Dalian Commodity Exchange closed down 4 percent at 448 yuan ($65) a tonne. The steelmaking commodity slid 7 percent on Wednesday, its sharpest fall in more than two weeks, ...

Read More »

Large Japanese steelmaker considering coking coal index usage for Q2: sources

A large Japanese steelmaker is considering index usage to settle the second-quarter benchmark negotiations after hitting a deadlock late in the quarter, three sources told S&P Global Platts Wednesday, marking a possible landmark evolution in the structure of the seaborne metallurgical coal market from long-term to shorter-term pricing. Should this occur, and if it is followed by other market players, this would mean that the whole ferrous raw materials complex would have shifted to a large indexation path. Met coal is the last remaining raw material adopting a quarterly price ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping