Home / Author Archives: hellenicshippingnews. (page 1669)

Author Archives: hellenicshippingnews.

India to surge past US in steel use in 2019, rank next only to China: study

India will outstrip the United States to become the second largest steel consuming nation in the world in calendar 2019 after China. China, the largest market for steel, will ace the rankings with an estimated consumption of 843.3 million tonnes in 2019. In 2020 too, India will pip US to finish as the second largest user of steel, according to World Steel Association (WSA). The usage of finished steel products in India is pegged at 102.8 million tonnes in 2019, rising to 110.2 million tonnes (mt) in 2020. The country’s ...

Read More »

Soybeans recover from 5-month low, supply pressure caps gains

Chicago soybean futures edged higher on Wednesday as bargain buying lifted the market after rising South American production and slowing Chinese demand pushed the market to a five-month low in the previous session. Wheat lost ground as expectations of a bumper crop across much of the northern hemisphere weighed on prices. The most-active soybean contract on the Chicago Board of Trade was up 0.3 percent at $8.64-1/4 a bushel by 0335 GMT. The market slumped on Tuesday to its lowest since Nov. 27 at $8.60-3/4 a bushel. Wheat lost 0.2 ...

Read More »

Column: Funds set new bearish benchmark across CBOT grains and oilseeds

Speculators reached record levels of bearishness in Chicago-traded grain and oilseeds last week as global supplies continue to expand in the absence of any serious threats to crops on the horizon. Commodity funds were net sellers across the board last week and they have not changed their minds in the days since. Traditionally, investors are unlikely to turn too pessimistic on grains and oilseeds heading into U.S. corn and soybean growing season. But the extreme short position holds much lower risk than usual for commodity funds, particularly in corn, because ...

Read More »

Japan’s FY 2018 steel output slips 2% on year to 102.89 mil mt

Japan’s crude steel output in fiscal 2018, which ended March 2019, fell 1.9% year on year to 102.89 million mt, reflecting two consecutive years of decline, according to the latest data released by the Japan Iron & Steel Federation. Within the fiscal 2018 total, production by converter was down 3% year on year at 76.85 million mt, while those by electric furnaces rose 1.8% year on year to 26.04 million mt. A JISF official said the drop in total was because of natural disasters which had hit Japan in the ...

Read More »

Shanghai crude oil futures close higher

Crude oil futures closed higher Wednesday on the Shanghai International Energy Exchange. The most active crude oil contract for June delivery was up 3.5 yuan (about 52 U.S. cents) to close at 497.0 yuan a barrel. On Wednesday, the total trading volume for seven listed crude oil futures contracts on the exchange was 251,110 lots, with a turnover of 125.0 billion yuan. China launched the crude oil futures trading, which is open to overseas investment, on March 26 last year. Source: Xinhua

Read More »

Iran sanctions decision rewards hedge fund oil bulls: Kemp

Hedge fund managers added even more bullish long positions in crude oil and gasoline last week as traders bet prices will continue rising despite a sluggish economy and political sensitivity around escalating motoring costs. The Trump administration’s decision to toughen sanctions on Iran’s oil exports has rewarded fund managers who have been increasingly confident that the oil market will tighten significantly this year, lifting prices. Even before the latest sanctions announcement, hedge funds and other money managers increased their net long position in the six most important petroleum futures and ...

Read More »

How Trump’s Stifling of Iran Waivers Affects the OPEC+ Oil Cuts

The U.S. is ending waivers that let countries buy Iranian crude without running afoul of sanctions, threatening to squeeze oil supplies in an already tight market. The decision may also jeopardize the deal that OPEC and allied suppliers including Russia reached to limit output until the end of June to buttress crude and avert a glut. The producers are to meet next month to assess the market and again in June to decide whether to extend cuts. 1. What happened? Washington said it won’t renew exemptions from U.S. sanctions for ...

Read More »

India to get extra oil from major producers to make up for Iran oil loss: minister

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, India’s Petroleum and Natural Gas Minister Dharmendra Pradhan said. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran’s eight biggest buyers, most of them in Asia, to continue to import limited volumes. Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to ...

Read More »

Weak first quarter seen for U.S. refiners, but brighter summer expected

U.S. independent refiners are expected to roll out lower than expected first-quarter profits after a spate of outages, weak gasoline margins and a surge in the price of Canadian oil, according to analysts. Major independent refiners cut production dramatically during the quarter, with some electing to undergo maintenance rather than produce barrels at a time when gasoline margins slumped. Several major U.S. refiners, including Valero Energy Corp, HollyFrontier Corp, and Marathon Petroleum Corp, are all expected to fall short of consensus estimates when they report results, according to Refinitiv Eikon’s ...

Read More »

Refinery margin tracker: US poised to be net exporter of gasoline this summer

US refining margins trended higher last week, pulled up by refinery outages and lower gasoline stocks on the cusp of the summer driving season, an analysis by S&P Global Platts showed. In its most recent Summer Fuels Outlook, the EIA forecasts the US to be a net exporter of about 90,000 b/d of gasoline during the 2019 summer driving season. If this materializes as predicted, it would be the first time the US was a net gasoline exporter for a whole summer since 1960, the agency said. However, most recent ...

Read More »

Euro heads towards one-month low as sentiment sours

The euro fell towards a one-month low on Wednesday as the contrast between solid economic data in the United States and souring confidence measures in the euro zone kept the dollar supported near 22-month highs. Australia’s dollar was the biggest mover among the major currencies, dropping one percent after weaker-than-expected inflation numbers heightened the prospect of an interest rate cut. Deteriorating German business morale, after a business climate index for April came in below forecasts, was the latest signal that economic performance in the euro zone is relatively weak. The ...

Read More »

U.S. may follow China with first quarter GDP upside surprise

A temporary government shutdown with no end in sight, rising trade conflicts and a global growth slowdown: the first quarter outlook for the U.S. economy did not look promising at the turn of the year. But Friday’s gross domestic product data for the first three months of 2019 could strengthen the case that while the current period of global expansion is in its late stages, some of the biggest contributors have yet to run out of steam. After China’s economy defied expectations that it would slow further in January-March, U.S. ...

Read More »

Trade war reflects US fear of China’s state-led economic model, says member of Beijing’s political elite

The trade war launched by the United States reflects a fear of China’s state-led economic model, according to a member of Beijing’s political elite, reflecting confidence among the ruling class over the country’s political economy system that must be maintained and cherished. Kong Dan, the former chairman of the state-owned Citic Group and Everbright Bank, believes China’s principal advantage is its “government plus market” that has been proved successful over the last four decades. And instead of weakening the state-led system, China has to cherish its model and make good ...

Read More »

Baltic Dry Index climbs to 850, up 29 points

Today, Wednesday, April 24 2019, the Baltic Dry Index climbed by 29 points, reaching 850 points.

Read More »

MMi Daily Iron Ore Index Report April 24 2019

China’s DCE iron ore futures market moved lower today, along with physical iron ore port stock quotes.

Read More »

Recent Videos

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