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Chinese iron ore and steelmaking prices January 03 2018

Morning offers of spot resources grew by RMB5-10/tonne today.

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Shipping Corporation of India Ltd announces Sale of vessel M.T. AK Azad

Shipping Corporation of India Ltd has announced the Sale of vessel M.T. AK Azad for further trading on “as is where is” basis. Shares of SHIPPING CORPORATION OF INDIA LTD. was last trading in BSE at Rs.94.7 as compared to the previous close of Rs. 94.35. The total number of shares traded during the day was 167066 in over 1035 trades. The stock hit an intraday high of Rs. 96.45 and intraday low of 94.5. The net turnover during the day was Rs. 15932745. Source: Equity Bulls

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Iran, Oman inaugurate Khorramshahr-Sohar shipping line

Omani ambassador to Iran said on Saturday that the inauguration of the shipping line between Iran’s Khorramshahr Port and Oman’s Sohar Port will increase the trade volume between the two countries. At the opening ceremony of the shipping line between the two countries, Omani ambassador Saud bin Ahmad Khalid al-Barwani told reporters that opening of Khorramshahr-Sohar shipping line will pave the way for more economic cooperation between the two countries of Iran and Oman, adding “Oman is willing to start more shipping lines with other Iranian ports.” Al-Barwani added “a ...

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Nigeria to boost maritime security: official

Nigeria is set to acquire strategic maritime safety and security assets, including vessels, a top official with the Nigerian Maritime Administration and Safety Agency (NIMASA) said. The move is also in line with the total spectrum of maritime security strategy, Dakuku Peterside, the agency’s director general told reporters in Lagos, noting that this is in line with the recent approval by the Federal Executive Council (FEC) in Abuja, Nigeria’s capital. Peterside announced the establishment of a Command and Control Center as part of the maritime security strategic initiative. “The four ...

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Vietnam loses $2.4 billion as deep-water port has insufficient infrastructure

Ho Kim Lan, secretary general of the Vietnam Port Association (VPA), said 80 percent of container imports and exports still have to go through small ports and vessels. “It is just like the story about a man who drives his private car and another man who travels on the bus. It is less costly to travel on a bus. If goods can be shipped with large vessels, goods owners can save $200-300 per container compared with small vessels,” he said. With the current import/export turnover, Vietnamese goods owners bear a ...

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Iran’s Oil Exports Near 1 Billion Barrels in 2017

Iran’s export of crude oil and gas condensate amounted to nearly 1 billion barrels in 2017 in a year that OPEC and other producers stepped up efforts to keep a lid on supplies and drain bloated inventories. The country shipped around 777 million barrels of crude oil and 180 million barrels of condensate last year, averaging 2.62 million barrels a day, Oil Ministry’s news portal Shana reported on Monday. That breaks down to 2.1 million bpd of crude and 490,000 bpd of condensate. Condensate is an ultra light grade of ...

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Brazil imports of refined products to hit at least 17-year high in 2017

Brazil will import more refined oil products this year than any other since records began in 2000, as state-controlled oil giant Petroleo Brasileiro loses market share to private firms. In the first 11 months of the year, Brazil imported nearly 207 million barrels of refined products, 25 percent above the same period in 2016 and up from any other full year on record, according to oil regulator ANP. The world’s most indebted oil company lost market share to rivals following a shift last year to a policy of following international ...

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Ukraine’s grain exports projected to decline for first time in 5 years

Ukraine’s grain exports will decline for the first time in five years in the current marketing year, a senior government official said on Friday, citing the latest official forecast. Maksym Martynyuk, the country’s First Deputy Minister of Agrarian Policy and Food, said that Ukraine is projected to supply abroad 41 million tons of cereals during the 2017-2018 marketing year, which runs between July 1, 2017 and June 30, 2018, compared with 43.8 million tons in the previous marketing year. The main factor behind the decline is the logistic issues, especially ...

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Coal India may miss output target

Despite state-owned Coal India raising its daily average output to touch 1.8 million tonnes (mt), which is likely to scale up further to 2 mt shortly, the coal behemoth is likely to miss its annual production target of 600 mt for 2017-18. Analysts said at its best, Coal India would during December-March be able to mine 240 mt of coal, which would take the total production to around 570 mt, 5 per cent short of the target. “It is most likely that there is going to be a 25-30 mt ...

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Indonesia backpedals on coal production cap

It is unlikely that Indonesia will set a cap on coal production in the near future due to uncontrollable coal mining activities in the country, according to an official. The government initially planned to reduce domestic coal production from 419 million tons in 2016 to 413 million tons this year. The figure was expected to fall to 406 million tons next year, before hovering at only 400 million tons a year starting in 2019. However, as of Wednesday, this year’s coal production had reached 477 million tons, already surpassing last ...

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As Oil Rises, Shale Drillers With Few or No Hedges Stand to Gain

As the price of oil rises, heavily-hedged shale drillers may find it harder to meet investor demands for payback, boosting the value of producers that haven’t locked in returns for future production. When West Texas Intermediate breached $60 a barrel, it was good news generally for U.S. shale producers. But the higher the price, the less gain will come to companies that hedged their production as crude held below $55 for 10 months of the year. At least 60 percent of next year’s crude output has been hedged, more than ...

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America better at finding natural gas than using it

America is great at finding natural gas, but not so good at using it. A boom in production has made the country a net exporter of the fuel. But consumers are on pace to have used less electricity generated from gas in 2017 than they did a year earlier. Shale’s promises of “energy independence” are bumping up against policy and infrastructure obstacles. The amount of natural gas produced each year in the United States has gone up roughly 50 percent in a decade, but it has a shrinking role in ...

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Expectations on OPEC’s Success to Curb Oil Output in 2018

OPEC and Russia’s efforts to curb oil output, combined with forecasts for strong global demand growth, are expected to keep crude prices close to $60 a barrel in 2018, a Reuters poll of analysts showed. The survey of 32 economists and analysts forecast Brent crude LCOc1 would average $59.88 a barrel in 2018, up from the $58.84 forecast in the previous monthly poll. Oil prices, which hit 2-1/2 year highs this week, have rallied by more than 30 percent since the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC ...

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2017 oil’s most bullish year, thanks to OPEC

Oil bulls are charging into the new year with unprecedented vigour, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in December. “At least through the first half of 2018, they’ll stay pretty bullish,” said Ashley Petersen, lead oil-market strategist at Stratas Advisors in New York. “June will be a real turning point because that’s when ...

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Q&A-What is a gas trading hub, and how are they established?

China plans to launch a natural gas trading hub in Chongqing in early 2018, aiming to create an Asian gas benchmark as a government push to move the country away from coal sparks a surge in consumption of the cleaner-burning fuel. But developing gas trading hubs and price benchmarks is difficult and takes time, and many contenders fail to become established for lack of critical components. Below are the typical hallmarks and requirements of gas trading hubs and benchmarks. WHAT IS A GAS HUB? Natural gas hubs tend to be ...

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