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Shanghai rebar posts biggest weekly jump since June on output curbs

Shanghai rebar futures recovered from early falls on Friday, extending gains into a third session and marking their biggest weekly jump in seven on concerns about lean supply. The top Chinese steelmaking city of Tangshan ordered steel mills, coke producers and utilities to cut output further from July 20 until Aug. 31, in addition to the 10 percent-15 percent cuts imposed from March to November. Tangshan did not instruct factories on how much output should be reduced, but the market expects sintering production, a process where iron ore is heated ...

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S&P Global Platts China Steel Sentiment Index stable in July: steel production seen rising, export outlook recovers

Chinese steel market sentiment is generally unchanged in July from the month before, with domestic orders expected to remain stable, though the outlook for export orders has improved, according to the latest S&P Global Platts China Steel Sentiment Index or CSSI, which showed a headline reading of 27.45 out of a possible 100 points. The headline CSSI, which measures the combined outlook for new domestic and export steel orders, fell by 1.79 points from 27.45 in June. It was the third consecutive month the index has been below the 50 ...

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German coal imports could fall 12 percent in 2018, trumped by green power

Germany’s hard coal imports may fall for the third year in a row this year and by 12 percent from 2017 levels, importers group VDKi forecast this week, citing competition from renewable energy. The group forecasts imports of 45 million tonnes in 2018. Total imports of 51.2 million tonnes in 2017 were already down 10.2 percent from a year earlier, and well below a full-year prediction for 2017 of 54.6 million made by VDKi a year ago. The fall came due to preferential access to networks for weather-driven solar and ...

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No End in Sight for Commodity Crash With Charts Sending Bear Signals

What’s next for commodities after a recent price collapse? It looks like more bad news, if the chart watchers are right. The Bloomberg Commodity Index has tumbled about 10 percent from a high in May amid mounting concerns that a trade war could derail global growth, curbing demand for everything from aluminum to soybeans. Even gold, a traditional haven asset, failed to catch a bid as the dollar strengthened and the Federal Reserve signaled more increases in borrowing costs this year, curbing the investment appeal of the non-interest-bearing metal. The ...

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UK Forties crude set for disruption on Total workers’ strike

The UK’s Forties crude flows look set for disruption as the Unite trade union prepares for a series of strikes starting next week at Total’s North Sea platforms. Talks aimed at averting the strike over pay and offshore shift patterns were deadlocked ahead of the first in a series of 24- and 12-hour strikes starting Monday, Unite said. The threatened strike comes as Norwegian union SAFE called off a strike at offshore drilling installations Thursday that had raised North Sea supply concerns. “The latest position is there [is] no movement ...

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S.Korea LNG imports set to ease from record as power firms guzzle less gas

South Korean imports of liquefied natural gas are set to ease from record levels racked up in the first-half of the year, with appetite for the fuel from utilities seen fading as a raft of nuclear power stations come back online. The country’s imports of the commodity jumped nearly 16 percent year-on-year to a record 22.7 million tonnes in the first six months of 2018, according to customs data in mid-July, boosted by demand from power firms as around half the nation’s 24 nuclear plants were shut for maintenance. But ...

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Indonesia 2018 unblended biodiesel exports forecast at 800,000 kl -industry assoc

Indonesia’s unblended biodiesel exports are estimated to reach 800,000 kilolitres (kl) in 2018, Paulus Tjakrawan, vice chairman of the Indonesia Biofuel Producers Association said. Unblended biodiesel exports were at between 300,000 and 400,000 kl in the first six months of 2018, Tjakrawan told reporters on Friday. That compares with virtually no exports of biodiesel from Indonesia in 2017. The increase was “because Europe has started to open up and China has started to enter (the market),” Tjakrawan said. Source: Reuters (Reporting by Bernadette Christina Munthe; Writing by Fergus Jensen; Editing ...

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‘India concerned over proposed EU steel safeguard duty’

India is in talks with the European Union to mitigate the impact of a safeguard duty tariff on steel imports that the EU seeks to impose. The EU’s proposed retaliatory duty comes ahead of the US imposing a 25 per cent import duty on steel imports that will be in effect from August 4. Steel Secretary, Aruna Sharma, told presspersons that India is concerned more about the European Union tariffs as India exports nearly 6 per cent of its domestic steel production to Italy. India’s steel exports to the US ...

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Battle lines drawn as EU court weighs fate of gene-edited crops

Gene editing in agriculture takes center stage next Wednesday when Europe’s highest court rules in a case that could determine the fate of the technology that is already making waves in the field of medicine. The European Union has long restricted the use of genetically modified organisms (GMOs) widely adopted around the world, but there is legal uncertainty as to whether modern gene editing of crops should fall under the same strict GMO rules. The European Court of Justice (ECJ) will rule whether the use of genetic mutation, or mutagenesis, ...

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Copper Rebounds With Industrial Metals After Yuan Erases Decline

Base metals prices won a reprieve from their recent collapse after the dollar sank against the yuan late in Friday’s Asian session. Copper in London rebounded as much as 0.8 percent from the lowest level in a year as the yuan wiped out a steep retreat amid speculation Chinese authorities were seeking to cool its decline. Zinc and nickel rose by more than 1 percent, while copper in Shanghai erased losses to end only slightly lower. Metals have sold-off over the past six weeks on concerns that an escalating trade ...

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Sasol Sees Profit Falling Up to 11% on $1.3 Billion of Charges

Sasol Ltd. said full-year profit probably fell as the world’s biggest producer of fuel from coal takes a 16 billion-rand ($1.2 billion) depreciation charge and accounts for expenses on share-based payments. Core headline earnings per share probably declined 1 percent to 11 percent in the year ended June 30 from the 38.47 rand reported 12 months earlier, the Johannesburg-based company said in a statement Friday. Profit was also hit by 1.5 billion rand of employee share-based payment expenses, it said. The stronger rand “resulted in a much lower operating profit ...

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Vedanta says India copper smelter shutdown could cost $100 million: TV

Vedanta Ltd would suffer a loss of about $100 million if its Tuticorin copper smelter in southern India continues to remain shut for a year, Chairman Anil Agarwal told television channel ET Now on Friday. The smelter has been shut since May after the Tamil Nadu state government cut power supply to the unit, following violent protests over alleged pollution resulted in the death of 13 people in police firing. Vedanta has sought a permanent injunction against the state government from interfering with the operations of its copper smelter, according ...

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PetroChina inks three-year LNG supply deal with PNG LNG

China’s state-owned PetroChina International has signed a three-year agreement for the purchase of 0.45 million mt/year of LNG from the ExxonMobil-operated Papua New Guinea LNG project, expected to begin in the coming days, Santos and Oil Search said in filings to the Australian Stock Exchange on Friday. China’s increased procurement of LNG supplies on the back of higher demand has helped soak up new and existing production capacity, supporting prices in the region. The Platts JKM for cargoes to be delivered in September was assessed at $9.279/MMBtu on Thursday. “We ...

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S.Korea’s KOMIPO seeks LNG cargo for Nov delivery – document

South Korea’s Korea Midland Power Co (KOMIPO) is seeking to buy a liquefied natural gas (LNG) cargo for delivery over Nov. 16 to 21, according to a tender document reviewed by Reuters on Friday. The tender will close on July 24. Source: Reuters (Reporting By Jane Chung; Editing by Christian Schmollinger)

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Japan resumes Canadian wheat purchases, seeks to buy 62,957 tonnes of food wheat

Japan’s agriculture ministry said on Friday it had resumed purchases of Canadian wheat after testing showed no imports that reached the country included grain containing a genetically modified trait discovered in Alberta province last summer. The Ministry of Agriculture said it was seeking to buy 62,957 tonnes of food-quality wheat from Canada in a regular tender that will close late on Tuesday, July 24. It usually issues tenders on Tuesdays. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second-most important staple after rice, ...

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