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India to surpass China as largest importer of coking coal by 2025

Fitch Solutions maintains its forecast for an average coking coal price of $195/t for this year, stating that prices will remain elevated, with strong demand from China’s steel sector, as US–China relations continue to deteriorate and the probability rises of further economic support from the Chinese government towards domestic industries. On the supply side, the consultancy company expects production misses from Australia to keep the coking coal market tight in the coming quarters as large diversified miners lose their appetite for mining coal. “Although we are more positive on coking ...

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China’s Guangdong Energy, Shenzhen Energy receive first LNG cargo at Dapeng terminal

Chinese state-owned power utilities Guangdong Energy Group and Shenzhen Energy Group received their first jointly purchased LNG cargo at the Dapeng LNG terminal in Shenzhen city on Wednesday, Guangdong Energy said in a statement on its website Thursday. The delivery of the 65,000 mt LNG cargo at the CNOOC-operated Dapeng LNG terminal in southern Guangdong province reflects China’s plans to introduce market reforms in the gas sector including the liberalization of the gas market and opening up of infrastructure access for smaller downstream users. Guangdong Energy and Shenzhen Energy expect ...

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Pacific coal prices fall amid sluggish China demand

Asia-Pacific coal prices softened further this week as subdued Chinese demand, in part due to a weakening yuan, put pressure on the market, participants said on Thursday. The benchmark Global Coal Newcastle index was assessed last down nearly 3% on the week at USD 80.65/t. It reached its lowest level since early May on Tuesday of USD 80.13/t. “I see more bearish drivers developing in the Pacific,” said a coal analyst with a Europe-based energy firm. “The yuan is very weak, driven by the US-China trade war, which is keeping ...

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Chinese steel futures slip on oversupply concerns

Chinese steel futures edged down on Friday due to worries about oversupply amid an increase in utilisation rates at mills but they still posted a weekly gain, while iron ore held just below a record high. Steelmakers in China have been ramping up output to cash in on firm profit-margins despite heightened environmental measures in major steel-producing hubs. Utilisation rates at steel mills have risen 2.07 percentage points in the week to May 24 from 71.13% the week before, data compiled by consultancy Mysteel showed. Those were the highest levels ...

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Japan’s Cosmo Oil to halt supply of 1.0% sulfur A-fuel oil as early as September

Japan’s third largest refiner Cosmo Oil will halt the supply of 1.0% sulfur A-fuel oil in the domestic rack and waterborne markets from as early as September, when it starts to supply bunker fuels that comply with the International Maritime Organization’s sulfur limit rule, a company official told S&P Global Platts. The company official with parent Cosmo Energy Holdings, however, declined to elaborate on the matter. Cosmo Oil holds about a 13% share of A-fuel oil supply in Japan. However, market participants said that Cosmo Oil’s move is related to ...

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Russia’s 2019/20 wheat exports to decline by 1mn T: ministry

Russia, the world’s largest wheat exporter, plans to cut wheat exports in the new 2019/20 marketing season starting July 1 by 1 million tonnes due to higher domestic demand, Deputy Agriculture Minister Oksana Lut said on Thursday. Russia will be able to export 45 million tonnes of grains in the 2019/20 season, including 36 million tonnes of wheat, Lut told a gathering of Russian grain exporters. Russia is expected to export 44 million tonnes of grains, including 37 million tonnes of wheat, in the current 2018/19 season, she added. “Wheat ...

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Japan steps up imports from Ecuador to replace Iranian crude

Some Japanese refiners have stepped up imports of crude from Ecuador because of the need to replace Iranian oil, with a fully-laden VLCC arriving in Tokyo Bay in the coming days. Japanese refiner Showa Shell will receive the Ecuadorian oil cargo on the VLCC Yuan Hua Hu around Sunday at its 70,000 b/d Keihin refinery in Kawasaki, Tokyo Bay, industry sources said Friday. A spokesman for Idemitsu-Showa Shell declined to comment. This will be Japan’s second intake of Ecuadorian crude oil in May, taking the total volume to about 2.7 ...

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Vietnam forecast to face net imports of crude oil

Việt Nam’s self-sufficiency for crude oil could come to an end due to exploitation that could turn the country into a net importer of crude oil for the first time, experts warned. According to analysts from the Fitch Solutions Macro Research, crude oil production in Việt Nam would continue to drop over the coming years, averaging annual declines of 4-5 per cent over the next 10 years, as offshore reserves fell and investment in significant new projects slowed. Data from the General Statistics Office showed the country produced some 247,000 ...

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Azerbaijan to import 110,000 T of petrol in Oct due to refinery maintenance

Azerbaijan’s only oil refinery plans to import 110,000 tonnes of A-92 petrol in October while it halts production for a month for routine maintenance, state energy company SOCAR’s vice president told Reuters. The refinery, which is owned by SOCAR, will halt production from Oct 1. The company’s petrochemicals unit, Azerkhimia, will also halt production for 40 days starting Oct 1. Routine maintenance at the refinery was also conducted last year. “It’s not ruled out that purchases (of A-92 petrol) would be made from Russia and Turkmenistan, although it will depend ...

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Russia Plans to Import Polluted Oil Back From Belarus

Russia plans to take back around 1 million tons of contaminated oil from Belarus, cleaning up the Druzhba export pipeline section leading to Poland and Germany, four industry sources familiar with the plan told Reuters. The plan was discussed at talks in Warsaw on Thursday between Russian, Belarussian and European companies. Another roughly 1 million tons stuck in Poland and Germany will be left there to be dealt with by these countries, the sources said. “The Russians are open to agreeing to take back the polluted oil from the Belarus ...

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Indian steel market positive on election outcome

India’s steel industry is expected to benefit from an election win by the National Democratic Alliance, steel market participants said. Among the positive factors are increased government spending on infrastructure and housing. The alliance is led by the Bharatiya Janata Party, which prime minister Narendra Modi belongs to. The earliest impact following the election will be a pickup in local steel demand. An April report to India’s cabinet had stated that low demand due to the election was one factor that depressed the finished steel product market. “It appears from ...

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JSW Steel Q4 consolidated net profit shrinks 48 pc to Rs 1,495 cr

Sajjan Jindal-led JSW Steel Friday reported a sharp fall of 48 per cent in consolidated net profit at Rs 1,495 crore for the fourth quarter ended March 31, 2019, due to increase in expenses. The company had posted a consolidated net profit of Rs 2,879 crore in the year-ago quarter, JSW Steel said in a BSE filing. The company’s consolidated total income during January-March period was at Rs 22,421 crore as against Rs 21,381 crore a year ago. Total expenses rose to Rs 20,058 crore from Rs 17,794 crore during ...

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US total corn net export sales down 1.2% on week, but within expected range

US net export sales of corn for both old crop and new crop for the current and next marketing year totaled 625,959 mt in the week ended May 16, down 1.2% from the previous week, Department of Agriculture data showed Thursday. Of that total, 442,080 mt was for the current 2018-19 marketing year or the old crop, and 183,879 mt were for the next 2019-20 marketing year, or the new crop, the weekly export sales report data showed. Market expectations for the net export sales total were between 250,000 mt ...

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Brazil’s Vale, China’s CCCC to co-invest in steel plant

State-owned China Communications Construction Co (CCCC) and iron ore miner Vale SA have agreed to set up a steel mill in Brazil’s northern state of Pará with a $450 million investment, the state’s government said. Vale confirmed in a separate statement that it had signed a protocol of intentions to support the financial structure of the flat-rolled steel laminating venture by issuing guaranties backing the project’s funding. The venture has “the capacity to leverage the economy of dozens of mining municipalities, producers of high-quality raw material, with large stocks to ...

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US wheat net export sales fall 26% on week

US net export sales of wheat slid 26.3% on week to 393,247 mt for the week-ended May 16, Department of Agriculture data showed. Of the total net export sales, 344,852 mt was for the 2019-20 marketing year starting June, or the new crop, and 48,395 mt was for the 2018-19 marketing year, or the old crop. While net export sales for the new crop were lower by 17.8% on week, the old crop net export sales fell 57.7% in the biggest weekly drop for the marketing year. Net sales to ...

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