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European steel coil market set for Q1 price boost from tight supply

The European steel coil market was set to see higher prices early in 2021, with EU mills sold out until the second quarter and lead times extending as far out as May, industry sources said. Hot-rolled coil, cold-rolled coil and hot-dipped galvanized products have become difficult to acquire, with buyers who once relied primarily on imported material now seeking orders from domestic sellers. “Customers just follow whatever [price] is available. There is a lot of interest from people who do not [normally] buy from us, or who have not bought ...

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Weather, labour crunch set to dent global crude palm oil output, says analyst

Weather disruption and labour shortages mean global palm oil production is unlikely to stay on trend to hit growth projections of more than 6 million tonnes this year, a leading sector analyst told a virtual conference. “If you plot long-run growth in crude palm oil output, if it regains its trend, production will rise by nearly 1 million tonnes in Malaysia, 4.5 million tonnes in Indonesia,” James Fry said. “The trends imply those increases but the affects of rain, labour issues means you won’t get there,” he added. Fry is ...

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Funds pile in to CBOT corn, pushing bullishness to eight-year high

Chicago-traded corn futures have recently been on an unprecedented run partially due to supply concerns in South America, and speculators and other traders have further inflated their already very bullish bets in the process. The most-active CBOT corn contract surged 14% in the second half of December, something not seen in more than three decades. Corn neared $5 per bushel on Monday before ending a tick lower as investors took profits. In the week ended Dec. 29, money managers boosted their net long in CBOT corn futures and options to ...

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GRAINS-Corn tops $5 for first time since 2014 on dryness in Argentina

U.S. soybean and corn futures climbed to fresh 6-1/2 year highs on Wednesday, as worries about dry weather hurting Argentine crops attracted speculative buyers, analysts said. Wheat futures fell on a lack of fresh supportive news and an upturn in the dollar, which tends to make U.S. grains less competitive globally. Chicago Board of Trade March soybeans closed 14-1/2 cents higher at $13.61-1/2 per bushel after earlier reaching$13.78-1/4, the highest price on a continuous chart of the most-active contract since June 2014. CBOT March corn added 3-1/4 cents to $4.95 ...

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Russia’s coal output down 5.1% in December, down 9.2% for the year

Coal production in Russia in December 2020 decreased by 5.1% compared to the same month in 2019 to 35.56 mln tonnes, according to statistics released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK). At the end of 2020, coal production decreased by 9.2% in annual terms and amounted to 401.367 mln tonnes. Supplies of Russian coal to the domestic market in the reporting month decreased by 9.7% to 16.54 mln tonnes, and according to the results of the year decreased by 8.6% to 165.424 mln tonnes. At ...

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Bumpy ride ahead for US refiners

US refinery margins are expected to rise in the second half of 2021 as demand recovers and inventories tighten, but the road ahead likely will not be smooth as some capacity will be shut in. “The recent resurgence of COVID cases spurring increased restrictions reminds us that the recovery will be bumpy,” Morgan Stanley analysts said in a Dec. 15 research note. “After a challenging two years for refiners, investor debate is increasingly shifting to the impact of announced permanent refinery closures and what this means for global balances and ...

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Oil Prices Rise On ‘Surprise’ Saudi Production Cut, But Can The Rally Last?

Saudi Arabia surprised the oil market today when, after a day of tense negotiations with Russia and other oil producers, it announced that it will cut 1 million barrels per day of oil of its own production in the months of February and March. Other OPEC+ producers will continue at current rates, except for Russia and Kazakhstan, which will increase production slightly. The decision looks an awful lot like the kingdom returning to its role as OPEC’s “swing producer.” In this scenario, other countries in the cartel increase their production ...

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Gulf Coast ULSD producers likely to remain cautious in 2021

US Gulf Coast refiners cut ULSD production in 2020 as the coronavirus pandemic lockdowns cut demand for transportation fuels virtually overnight, causing stocks to build as refiners were unable to slow down runs fast enough. While a rosier demand picture is forecast for 2021, USGC refiners are likely to remain cautious and carefully monitor market conditions so as not to overwhelm green shoots of recovery emerging as the coronavirus vaccine is rolled out. By year’s end, USGC refiners were running at 80.8% of capacity, up from October’s 72.7% utilization rate, ...

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2021 Will Be A Year Of Endless Uncertainty For U.S. Oil And Gas

As the new year dawns, the U.S. oil and gas industry is relieved to be leaving 2020 in its rear view mirror. The new year of 2021 will surely treat the industry better than 2020 did, won’t it? Or will 2021 turn to 2020 and say “hold my beer” where oil and gas is concerned? It’s a great question, and the truth is that no one knows the answer right now. Still, it’s time to roll out annual predictions for the year, and all a guy can do is take ...

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Venezuela’s oil industry expected to deteriorate further

Venezuela’s oil industry will likely continue to deteriorate in 2021, with the country’s roughly 300 billion barrels of crude in reserves left largely untapped even if oil prices move higher, according to industry sources. Venezuelan President Nicolas Maduro expanded his power after his political allies won a majority of the National Assembly in a Dec. 6 election. The election has made regime change less likely, and has been condemned by several countries, most notably the U.S., which has imposed harsh sanctions against Venezuela, contributing to a near-crippling of its oil ...

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China’s economy is expected 7,9% this year, forecasts the World Bank

The global economy is expected to expand 4% in 2021, with China’s economy expected to expand by 7.9% this year, World Bank said, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. The near-term outlook remains highly uncertain, and in a downside scenario in which infections continue to rise and the rollout of a vaccine is delayed, global expansion may be limited to 1.6%. Meanwhile, in an upside scenario with successful pandemic control and a faster vaccination process, global growth could accelerate to nearly 5%. World Bank said. ...

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China faces its biggest transformation to date

China’s well-known story of spectacular growth, at around 10 per cent annually for 40 years, is coming to an end because of both domestic and global factors. In analysing China’s prospects for the next several decades, three particular challenges are striking: The shift from a labour-surplus to a labour-scarce society; the shift from investment to innovation as the primary source of growth; and the shift in China’s global position from a rising power to an established power. AN AGEING WORKFORCE Rapid ageing is probably China’s biggest domestic challenge. The population ...

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Cooperation in East Asia key to economic recovery

Cooperation between China, Japan and South Korea helps promote regional and global economic recovery and is fundamentally important to maintaining order in East Asia as the world enters a period of turbulent changes, analysts said. The three countries should continue with practical efforts to boost cooperation in fighting against the novel coronavirus and push forward trade and economic cooperation in the wake of the COVID-19 pandemic, they said. “Looking back, trilateral cooperation was carried forward despite the impact of the coronavirus which is still raging across the world. Governments in ...

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Analysis: What obstacles does China need to overcome to join CPTPP?

China said in late 2020 that it would seriously consider joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP), but the process won’t be easy given the bloc’s strict membership requirements. Beijing’s announcement last December came during the Central Economic Work Conference, a key annual event in which the Chinese authorities lay out development plans for the coming year and beyond. It echoed a November pledge by Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) leaders meeting that China is sincere in its bid to embrace global trade ...

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Revised Dangerous Goods Code – check out the amendments!

BIMCO providing information on the latest amendments made to the International Maritime Dangerous Goods (IMDG) Code for shipment of packaged goods at sea: Amendment 40-20. The IMDG Code entered into its 40th Amendment in 2020 and came into voluntary application on 1 January 2021. Amendment 40-20 ( Amdt 40-20) will run concurrently with the mandatory IMDG Code Amdt 39-18 for this year 2021. It is envisaged that it will enter into mandatory force on 1 June 2022, a delayed enforcement date from 1 January 2022. BIMCO provides a summary of ...

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