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September US scrap buy continues down $30 on shred, $40 on prime

Steel mills in the Chicago, Detroit, and Cleveland areas entered the US scrap market Friday, offering $30/lt down on shred grades for September material, after a Detroit area mill offered down $30/lt from August on shred and plate and structural grades, and down $40/lt for prime grades. Buying was heard to be moving slowly and is expected by many to last into early next week. “Everyone’s being a bit cagey,” said one dealer. “I’d say over half of the buying [for September] will occur on Monday.” He said in the ...

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China’s August exports unexpectedly shrink as U.S. shipments slump

China’s exports unexpectedly fell in August as shipments to the United States slowed sharply, pointing to further weakness in the world’s second-largest economy and underlining a pressing need for more stimulus as the Sino-U.S. trade war escalates. Beijing is widely expected to announce more support measures in coming weeks to avert the risk of a sharper economic slowdown as the United States ratchets up trade pressure, including the first cuts in some key lending rates in four years. On Friday, the central bank cut banks’ reserve requirements for a seventh ...

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Eurogroup head warns new Italy government over 2020 budget

Italy’s new government should not challenge European Union fiscal rules when it submits its draft 2020 budget to Brussels next month, the head of the euro zone finance ministers, Mario Centeno, said. A new coalition comprising the anti-establishment 5-Star Movement and the centre-left Democratic Party (PD) has put a more expansionary 2020 budget at the top of its agenda to head off recession risks. It has also pledged not to endanger public finances in order to preserve markets’ favour and rebuild relations with Brussels, damaged by frequent clashes over fiscal ...

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The Trump Tariffs Will Soon Eliminate Economic Gains From Deregulation

The Trump administration argues that its deregulation efforts have boosted the U.S. economy. However, new research shows the tariffs Donald Trump has imposed on steel and various imports from China will soon overwhelm the economic benefits from the administration’s regulatory policies. “President Donald Trump’s tariff policy has reduced the economic benefits of the Trump administration’s deregulation efforts by 29% and the additional anticipated tariffs on Chinese imports will eliminate all remaining economic gains from the administration’s deregulation actions,” according to a new National Foundation for American Policy (NFAP) analysis of ...

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Brexit chaos: All of your biggest questions, answered

In less than two months, the United Kingdom is slated to leave the European Union — with or without a deal in place. But on Tuesday, the politically precarious situation came to a head, when Prime Minister Boris Johnson’s enemies seized control of Parliament, leaving the future of Brexit unclear. Here are answers to some of the most commonly asked questions about Brexit. What is Brexit really about? In a referendum held on June 23, 2016, a 52 percent majority of United Kingdom voters decided to leave the European Union, ...

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New team to ensure efficiency at Mombasa port

An inter-ministerial team will be deployed to Mombasa port to improve efficiency, acting Finance CS Ukur Yatani said on Friday. Yatani said members of the team will be from the National Treasury, Interior, Transport and Trade ministries. “This team will be looking at all aspects of trade facilitation and how to improve efficiency. It will deal with issues of work permits, security and all the inter-agencies working at the port,” he said during a tour of the port and the Coast Kenya Revenue Authority headquarters. The CS said Kenya Bureau ...

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VO Chidambaranar Port registers record 30.93% growth in August 2019

VO Chidambaranar Port handled 34.29 lakh tonnes of cargo during August 2019, a record 30.93 percent growth, compared to the same period in 2018. So far, from April to August 2019, the Port has handled 15.15 million tonnes, accounting a growth of 7.29 percent compared to the corresponding period last year. This progress has placed VO Chidambaranar Port at the third position in terms of growth among the major ports of India. The Port handled 3,53,306 TEUs of containers with a growth of 13.16 percent compared to the same period ...

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Call for protest against Major Port Authority Bill

The two-day working committee meeting of Water Transport Workers’ Federation of India (WTWFI) concluded here on Friday with a decision to hold daylong dharna in front of administrative offices of all the major ports on September 25 along with other sister federations to ask the Union government to desist from replacing Major Port Trusts Act, 1963, with Major Port Authority Bill, 2019. The Bill was the first step by the BJP-led NDA government to privatise the major ports in the country, alleged federation general secretary T. Narendra Rao. He said ...

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Chabahar Port Capacity Remains Largely Untapped

Currently, only 10% of the capacity of Chabahar Port are being utilized, the deputy industries minister for commercial affairs said. “This is while Chabahar has the capacity to host vessels weighing more than 80,000 tons. The port also boasts a wide range of port equipment, including grain suction machines and giant cranes,” Hossein Modarres Khiyabani was also quoted as saying by ILNA, adding that Chabahar Port has the potential to become a major trading hub in Iran. “Plans are underway to divert ships carrying essential goods to Chabahar to give ...

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Gunvor comes out top in Pakistan LNG tender

Commodity trader Gunvor submitted the lowest bids to supply liquefied natural gas (LNG) to Pakistan for six cargo delivery slots out of the 10 cargoes sought by Pakistan LNG, a document on the Pakistani company’s website showed. DXT Commodities, Vitol, a unit of PetroChina and Socar Trading submitted the lowest bids for the remaining four delivery slots, the document showed. The prices offered ranged from 8.3% of Brent crude oil prices for a late October cargo, submitted by Vitol, to 10.9% of Brent for a late December cargo, submitted by ...

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Iraq is pumping record oil, creating a ‘fully-blown migraine’ for OPEC’s cutting plans

OPEC’s second-largest oil producer hit record production figures in August with an output of 4.88 million barrels per day (bpd), according to the latest figures from S&P Global Platts. Iraq’s highest-ever production count has contributed to what may be OPEC’s first monthly output rise of the year, throwing a wrench into the 14-member organization’s plans to limit global oil supply and keep a floor under declining crude prices. “The recent increases in Iraqi production turned what was a sort of minor headache for OPEC into a fully-blown migraine,” Dave Ernsberger, ...

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Big Oil Leads EMEA Companies’ Cash Reserves Spike To $1.2T

Corporate cash reserves of non-financial companies in the EMEA [or “Europe Middle East and Africa”] region soared past a trillion dollars in 2018, posting a double-digit percentage rise on an annualized basis. Research by Moody’s found corporate cash piles at EMEA non-financial companies to be at €1.1 trillion ($1.21 billion) at end-2018, up 15% from the previous year. The global rating agency attributed much of the rise in the regional headline figure to energy companies, many of which saw an increase in their lead with a jump to 21% share ...

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What makes OPEC to be relatively successful cartel?

OPEC is considered to have been a relatively successful cartel, Trend reports citing UK-based Capital Economics research and consulting company. “OPEC actively seeks to control oil prices by cutting production and curbing exports. Admittedly, its market power is weaker than it was during the 1970s, when it spurred a quadrupling of prices in the aftermath of the Arab-Israeli war in 1973. However, in recent years, OPEC has strengthened its market power by co-ordinating supply with non-members such as Russia. Collectively this is known as OPEC+ and it has a combined ...

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Europe gains total access to reliable Qatar LNG supplies

European customers will have total access to reliable LNG supplies from Qatar with QP booking ‘full LNG regasification capacity’ of Belgium’s Zeebrugge terminal for the next 25 years. Qatar Petroleum and its affiliates and the Belgian independent natural gas transport company Fluxys Belgium recently signed a long-term agreement for “LNG unloading services” at the Zeebrugge LNG Terminal. Under the agreement, Qatar Terminal Limited (QTL), a subsidiary of Qatar Petroleum, will subscribe to the full capacity at the terminal from the expiry of the existing long-term unloading contracts and up to ...

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Saudis Lean on Oil-Trading Contacts in Push to Become Big in LNG

The biggest oil exporter is stepping up its efforts to become a major force in natural gas. Saudi Aramco, the world’s most profitable company, is trying to break into the fledgling market for liquefied natural gas trading. To do so, the state-owned company is tapping its decades-old network of oil-trading contacts, selling its first two cargoes to longstanding crude customers in South Korea and India. Aramco is joining oil companies from Royal Dutch Shell Plc to BP Plc in increasingly focusing on liquefied natural gas, the fastest-growing fossil fuel. That ...

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