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Argus acquires Agritel to expand in agricultural commodities

Commodity pricing agency Argus Media has acquired French consultancy Agritel to expand into agricultural markets, the companies said on Monday. They did not disclose the terms of the deal, but said in a statement that Agritel’s staff and management will remain in place. Agritel is headed by Michel Portier, who founded the firm in 2001 to offer information and risk management services for farmers and agri-business companies. It covers crops such as cereals and sugar, along with other agricultural markets, including livestock. It has expanded outside France in recent years, ...

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Iron ore futures dip as global supply worries wane

Iron ore futures slipped on Monday as rising port inventories of the steelmaking ingredient in China helped soothe worries over global supply tightness that have kept spot prices supported at above $100 a tonne for more than a month now. Iron ore on the Dalian Commodity Exchange fell as much as 0.5% to 740 yuan ($104.90) a tonne, while the Singapore Exchange’s most-active contract dropped 0.9% to $95.64. The Dalian contract gained 29% in the first half of 2020, buoyed largely in the second quarter when demand rebounded after China ...

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U.S. natural gas exports to Mexico set to rise with completion of the Wahalajara system

-Exports of natural gas by pipeline are the largest component of U.S. natural gas trade, accounting for 40% of all U.S. gross natural gas exports in 2019. EIA expects these exports to increase with the completion of the southern-most segment of the Wahalajara system, the Villa de Reyes-Aguascalientes-Guadalajara (VAG) pipeline. VAG began operations in June 2020, connecting new demand markets in Mexico to U.S. natural gas pipeline exports. The Wahalajara system is a group of new pipelines that connects the Waha hub in western Texas, a major supply hub for ...

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Coal India workers strike cuts output by 56% -official

A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a senior company official told Reuters. The world’s largest coal miner’s production fell to 573,000 tonnes per day over the three days, compared with a June average output of 1.29 million tonnes per day. Offtake by customers, such as power generators, fell nearly 62% to an average of about 536,000 tonnes per day, the official said. “The production was higher than what ...

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China Is Unlikely to Meet Purchase Targets for U.S. Energy

Economic fallout from the coronavirus pandemic has cast doubt on whether China can meet its targets to buy U.S. goods under this year’s trade deal — with energy emerging as the biggest casualty. China has made strides toward its agricultural and manufacturing targets, but it remains far behind — maybe hopelessly far — an ambitious target for purchases of oil, natural gas, refined petroleum products like propane and butane, and coal, prompting concerns from the U.S. energy industry which is encouraging the U.S. Trade Representative to increase pressure on China ...

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Russia increases steel import from Turkey

Export of steel from Turkey to Russia grew by 3.63 percent from January through May 2020 compared to the same period in 2019, having reached $29.8 million, Turkey’s Ministry of Trade told Trend . In May 2020, steel exports from Turkey to Russia decreased by 33.72 percent compared to May 2019, and stood at $5.4 million. Export of steel from Turkey to world markets dropped by 22.9 percent in the first 5 months of 2020 compared to the same period of 2019 and amounted to $4.8 billion. According to the ...

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Daily crude steel output at CISA key mills in June rose 2.7% from month ago

China’s steel production remained at record high levels in late June, on track for a new record high of monthly output. The China Iron and Steel Association (CISA) reported Saturday that crude steel output across major mills in China averaged 2.14 million mt per day in the last 10 days of June, barely changed from the record high level seen in the middle of June. Daily crude steel output for the full month of June came in at 2.13 million mt, up 2.74% from May and 4.03% from the same ...

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What does the pathway to a net-zero economy look like for miners?

Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals. Miners are obligated to deliver supply growth to satisfy demand from the necessary energy transition needed to meet these goals. At the same time, the industry needs to decarbonise. Global emissions must reach net-zero by the second half of the century to keep global temperature rises below 2°C. Emissions from metals production will need to halve over the next 20 years in order to hit this target, according to Wood Mackenzie. Under ...

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Malaysia June-end palm oil stocks seen down 4.9pct as exports hit 10-month high

Malaysia’s palm oil inventories in June likely fell about 5% from May as a recovery in demand from key importers due to the easing of coronavirus-fuelled curbs lifted exports to a 10-month high. June-end stocks in the world’s second-largest producer were seen at 1.94 million tonnes, according to the median estimate of nine planters, traders and analysts polled by Reuters. Output was seen up 8% at 1.78 million tonnes, the highest since October. Exports outpaced production as major buyers India, China and the European Union replenished stocks after months-long lockdown, ...

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Iron ore futures close higher

Iron ore futures closed higher on Monday in daytime trading at the Dalian Commodity Exchange (DCE). The most active iron ore contract for September 2020 delivery gained 6.5 yuan (92 U.S. cents) to close at 750.5 yuan per tonne. On Monday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 1.09 million lots, with a turnover of 80.5 billion yuan. As the world’s largest importer of iron ore, China opened the DCE iron ore futures to international investors in May 2018. Source: Xinhua

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Pakistan’s Energas seeks approval to start spot LNG imports

Pakistan’s Energas has sought government approval to start importing LNG cargoes from July as the country looks to buy cargoes from the spot market to plug its energy deficit, Energas CEO Anser Ahmed Khan told S&P Global Platts. “We are waiting for a final nod from the regulator, allowing our company to import LNG,” Khan said June 26. He added that this would allow Energas to place prompt LNG cargoes into the primary capacity owned by the government, which is currently unutilized, thereby reducing the government’s cash liabilities. The company ...

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Of cars and cans: US aluminum and the pandemic

The coronavirus pandemic has obliterated global metals demand as one of the main end uses, automotive applications, has seen major disruptions to the supply chain. The US metals market, in particular, saw the removal of an estimated 33,000 vehicles per day from production as all major auto producers across the country halted operations in response to government mandates and concerns over the welfare of workers. Because the transportation sector is the largest end user of aluminum, accounting for around 35% of aluminum consumption, it is easy to see why so ...

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Copper’s bull run at risk as China enters slow summer season

A stunning V-shaped recovery in the price of copper is looking stretched as top consumer China enters its summer construction slowdown and fears of supply disruptions from the coronavirus have been mostly priced into the market. Benchmark three-month copper on the London Metal Exchange leapt 21% in the second quarter – its best quarter in a decade – on a strong post-virus recovery in China, fears of supply upsets, a weaker U.S. dollar and massive global stimulus. The metal used in everything from construction to consumer goods has now recovered ...

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EU stainless steel mills fail to pass on raw material cost increases

European stainless steel prices continued to fall, despite rises in regional mills’ published alloy surcharges, in June. The majority of distributors and stockists now negotiate deals with the stainless steel producers using an ‘effective price’, rather than the traditional ‘basis plus alloy surcharge’ mechanism. Costs for stainless steel raw material ingredients are expected to rise, moderately, in the medium term. However, in the current market climate, where demand is substantially lower than pre-Covid-19 levels, European stainless steel producers are finding it increasingly difficult to pass on rises in raw material ...

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Soybeans hit 4-month high on U.S. weather outlook

U.S. soybeans rose more than 1% on Monday, as concerns about hot and dry weather in a key growing region in the United States pushed prices to a more than a four-month high. Corn rose 1.5%, recouping all the losses from the previous session, while wheat firmed nearly 1%. The most active soybean futures on the Chicago Board Of Trade hit their highest since March 5 at $9.06-3/4 a bushel and were last up 1% at $9.08-1/2 a bushel. Soybeans fell 0.3% in the previous session. Traders said soybeans were ...

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