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Germany’s Jan-July gas imports up 20 pct, costs up 37 pct

Germany imported 20.3 percent more natural gas in January through July compared with a year earlier, while higher crude oil prices – to which the contracts are linked – meant that costs rose by 37 percent, official data showed. The January-July gas import bill was 12.6 billion euros ($15.10 billion) on volume of 2,688,462 terajoules (TJ)*, data from trade statistics office BAFA showed. Germany mainly imports gas from Russia, Norway, the Netherlands, Britain and Denmark. BAFA no longer provides a breakdown of supply from each country, but Russia is the ...

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Taiwan Formosa buys Dec 2017-Dec 2018 naphtha flat to price formula

Taiwan’s Formosa Petrochemical Corp has agreed to buy 1 million tonnes of naphtha for December 2017 to December 2018 delivery flat to its own price formula, on a cost-and-freight (C&F) basis, traders familiar with the matter said on Wednesday. This was sharply higher from $8 a tonne discount to Japan quotes on a C&F basis it paid last year for open-specification naphtha delivering between January and December 2017 to Mailiao. Formosa’s own price formula is based on OPIS price assessments, a recent switch in the way it prices naphtha. “Supplies are not as abundant ...

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Steel exports up by 16 pct in Jan-Jul 2017 YoY; imports fell by 18 pct – TCUD

According to the Turkish Iron and Steel Producers’ Association (TCUD), in the first seven months of 2017, Turkish steel exports increased by 16 pct to 11.2 mln tons as compared to similar period last year, but steel imports dropped by 18.1 pct despite an increase of more than 15 pct in July. In July 2017, Turkish steel exports increased by 4.5 pct YoY to 1.25 mln tons. Flat products exports continued to increase significantly by 111.6 pct to 341,000 tons. Billet exports also grew by 181.1 pct to 35,700 tons ...

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Ghana: Wheat import increases by 160%

Ghana imports on the average 55,000 metric tonnes of wheat flour annually for local consumption. Ministry of Food and Agriculture data shows that since 2004, there has been 160 percent increase in the volume of the commodity imported annually. The foreign exchange requirements for wheat grain and wheat flour imports have ranged between US$118 and US$214 million between 2007 and 2013, according to the Food and Agricultural Organisation (FAO). Should a 10% wheat substitution in the flour composition be considered, this would translate into between US$11 and 21 million of ...

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Australia watchdog takes aim at LNG exporters

Australia’s competition watchdog said on Wednesday the country’s east coast gas exporters have not done enough to shore up local supply, in a warning shot ahead of a decision by the government on whether to curb LNG exports in 2018. The comments by Australian Competition and Consumer Commission Chairman Rod Sims hint at what the watchdog may recommend to the government, which is due to decide by Nov. 1 whether to limit LNG exports, based on reports from the commission and the Australian Energy Market Operator. “The gas supply outlook ...

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Iran sees oil exports rising as joint fields get a boost

Iran’s oil exports, currently more than 2.6 million barrels per day (bpd) including gas condensate, will increase in the second half of the year amid a rise in production capacity, a senior official says. “At present, the country’s crude oil production is more than 3.8 million barrels per day, which according to plans will rise to 4.96 million by the end of the year (in March 20, 2018),” Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said. Further increases in production capacities will occur in the coming ...

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September Basrah Light imports at LOOP rebound from August hiatus: In the LOOP

The Louisiana Offshore Oil Port has received a flurry of Iraqi crude imports in the past few weeks, with more expected, which could be behind a recent 30% jump in open interest on the CME’s LOOP Sour futures contract. In the initial two weeks of September, LOOP has received 2.135 million barrels of Iraqi Basrah Light in three imports, according to Platts Analytics and the latest US Customs data available. Marathon was the consignee for 550,000 barrels of 28.4 API Basrah Light, which arrived September 5 on the tanker Dilong ...

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Qatargas to sell annual 1.5 mln tonnes of LNG to Turkey’s Botas

State-run Qatargas, the world’s largest producer of liquefied natural gas (LNG), has signed a medium-term sales and purchase agreement with Turkey’s Botas to deliver 1.5 million tonnes of LNG each year for three years, it said on Wednesday. Qatargas said it would supply the LNG from Qatargas 2 to either the Egegaz LNG Terminal, the Marmara LNG Terminal or the Etki LNG terminal in Turkey. “We are very pleased to announce this new agreement with Botas, which will further strengthen our relationship with our friends in Turkey,” said Qatargas Chairman ...

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Singapore Exchange’s dominance of seaborne iron ore derivatives market grows stronger

Singapore’s position as the dominant market for derivatives products linked to the price of seaborne iron ore has grown even stronger. Investors hoping to dabble in the iron ore market can look to the Singapore Exchange’s new SGX Iron Ore Futures Indices, unveiled on Monday (Sept 18). In a statement, the SGX said this is the first series of SGX commodity-based indices to be used as benchmark for tradable products. They will be licensed to Daishin Securities, a Korea-based securities and investment firm. Comprising two total return indices, the iron ...

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India’s Bharat Oman Refineries buys first U.S. crude for Nov arrival – sources

India’s Bharat Oman Refineries Ltd (BORL) has bought, via tender, its first crude cargo from the United States, which will be delivered in November, two trade sources said. Trafigura will deliver 1 million barrels of Mars crude from the U.S. Gulf of Mexico to BORL on Nov. 16 to 25, they said. BORL is likely the third Indian oil refiner, after Indian Oil Corp and Bharat Petroleum Corp, to import U.S. crude. Hindustan Petroleum Corp has also said it plans to buy U.S. crude in the next few months. Source: ...

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Iran plans to trim condensate exports to Asia in Oct – sources

The National Iranian Oil Co has informed buyers in Asia that it could reduce condensate exports in October because of maintenance at the South Pars gas field, six industry sources said on Tuesday. NIOC could trim exports by at least 1 million barrels that month, one of the sources said. The company typically exports about 15 million barrels of South Pars condensate each month. The drop in Iranian condensate exports in October comes as China’s Unipec is about to resume cargo liftings from Iran in October, a second source said. ...

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Export Summary-Egypt seeks wheat; United States sells soybeans

Snapshot of the global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the end of business on Monday: WHEAT TENDER: Egypt’s General Authority for Supply Commodities (GASC) set a tender to buy an unspecified amount of wheat from global suppliers for shipment from Oct. 21-31. Results were expected on Tuesday. SOYBEAN SALE: The U.S. Department of Agriculture said private exporters sold 261,000 tonnes of U.S. soybeans to China and another 126,000 tonnes to unknown destinations, all for delivery during the 2017/18 marketing year that ...

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Australia: Treasurer confident of strong coal exports

Treasurer Scott Morrison says there are some ‘practical issues’ with Australian coal exports to China, but he doesn’t expect any major impact. Coal is Australia’s second largest export to China, worth about $8 billion a year. Chinese authorities are insisting on their own authorities testing imported coal, and some smaller ports have extended custom clearance times or even reportedly halted imports. Industry sources have suggested the Chinese government is trying to boost the cost of imported coal in a bid to make domestic coal more competitive. Mr Morrison, who has ...

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Dispute over wheat cargoes seized in Egypt seen dragging on

Two wheat cargoes rejected by Egypt’s agriculture quarantine service at the port of Safaga for containing poppy seeds would probably have to be moved for sieving, a source familiar with the matter said, dashing hopes of a quick end to the dispute. Grain markets have been on tenterhooks over the fate of the cargoes from France and Romania, fearing fresh disruptions to supplies to the world’s biggest wheat importer after another trade row last year. The agriculture minister said on Wednesday the poppy seed variety found in the cargoes from ...

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ESCO Rides Rising Tide of Iranian Steel Exports

The Iranian steel industry’s effective push toward exports has helped Esfahan Steel Company bolster its presence overseas, the company’s head of sales and marketing announced. Ehsan Dashtianeh also said the growth in exports was mostly due to shrinking Chinese steelmaking capacities, rising raw material costs, China’s new environmental policies shutting down pollutant plants and the subsequent drop in the industrial giant’s exports and low global inventories. Iran exported 6.69 million tons of steel worth $2.69 billion in the last fiscal year (ended March 20, 2017), up 49% and 0.3% in ...

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