Home / Commodities

Commodities

MMi Daily Iron Ore Index Report September 23 2019

Production cuts which were enacted at Tangshan, Tianjin, handan, wu’an, Shandong and Henan before the last week of the National Day holiday

Read More »

India’s coal import declines about 4% to 19 million tonnes in July

India’s coal import declined by 3.7 per cent to 18.93 million tonnes (MT) in July this year from 19.67 MT in the same month a year ago. Of the total coal imports in July 2019, non-coking coal shipment was at 12.66 MT, coking coal’s was at 4.17 MT, among others, according to a provisional compilation by mjunction services based on monitoring of vessels’ positions and data received from shipping companies. “Against a modest increase in import in June, volumes during July dropped because of softer demand for power during monsoon ...

Read More »

Qatargas delivers first Q-Flex LNG cargo to Petrobangla

Qatargas Operating Company Limited (Qatargas) has delivered the first cargo of liquefied natural gas (LNG) on a Q-Flex vessel to the Floating Storage and Regasification Unit (FSRU) named ‘EXCELLENCE’ and known as Moheshkali LNG Terminal (MLNG), located offshore Bangladesh. The cargo, aboard Qatargas-chartered ‘Al Thumama’, was loaded at Ras Laffan on 4th September and delivered to MLNG on 20th September 2019. This is the first commercial open water ship-to-ship transfer involving a Q-Flex vessel. MLNG is a project jointly developed by Excelerate Energy and the Bangladesh Oil, Gas and Mineral ...

Read More »

Analysis: Surging HRC, rebar output indicates ‘irrational’ Chinese steel production: sources

China’s robust production of rebar and hot-rolled coil this year, despite weaker steel demand and prices, is an indication that overall output has become “irrational”, market sources said. China’s rebar and HRC output in August were 17.1% and 9.7% higher year on year, respectively, according to the National Bureau of Statistics data. Over January-August, rebar and HRC output increased 20.5% and 10.6% year on year to 164 million mt and 101 million mt, respectively. Some steel market sources said an oversupply situation had resurfaced, not because of demand, but because ...

Read More »

China records slower growth in coal production

The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed. Around 320 million tonnes of raw coal was produced last month, up 5 percent year on year, compared with the 12.2-percent rise in July, according to the NBS. The country imported 32.95 million tonnes of coal in August, up 14.9 percent year on year, a faster growth than the 13.4-percent increase in July. In the first eight months of the year, the country produced 2.41 billion tonnes of raw coal, ...

Read More »

Falling Raw Material Costs Add to The Negative Trend in Northern European Steel Prices

Northern European suppliers of flat steel products report sluggish activity, since the end of the summer vacation period. Carmaking, in Western Europe, continues to be depressed, while other manufacturing sectors show little sign of picking up. Few third country offers are attractive, with local prices at the current low levels. A substantial quantity of imported material is already available, at European ports. Hot Rolled Coil Purchasing activity failed to pick up, in Denmark, following the summer holiday period. Prices are under downward pressure despite the regional mills’ proposed increases. Customers, ...

Read More »

China traders cut back Iran iron ore purchases ahead of tariff hike

China has taken fewer shipments of iron ore from Iran over August and September, according to Refinitiv Eikon data, as additional export tariffs due to be imposed by Tehran have dampened risk appetites in the world’s biggest steelmaker. Iran’s deputy minister of industries said earlier this month that exports of all steelmaking raw materials will be slapped with a 25% tariff to meet demand in domestic steel industry, according to Iranian state-backed media Press TV on Sept. 9. The tariffs, which will cover various products from Iran’s iron mills, including ...

Read More »

Iron Ore Bulls Suffer Bad Week at the Office as Prices Turn Tail

Iron ore bulls have been on the receiving end of a thumping this week as the commodity’s wild ride goes on. Prices have lost more than 6% as investors weigh demand ahead of a week-long holiday in China, the intensity of looming winter restrictions on mills, and recovering mine supplies. Futures in Singapore have declined four of five days this week and have dropped back into the $80s a ton, although gains on Friday pared some losses. In China, the most-active contract is also headed for a weekly loss. Mainland ...

Read More »

Saudi Aramco books European naphtha for Asia after attacks

Saudi Aramco has booked at least 120,000 tonnes of naphtha for September loading from Europe in a rare move as it seeks to plug a supply gap following attacks on its oil facilities on Saturday, industry sources said. Data from Refinitiv Oil Research shows Aramco chartered the vessel British Resolution to transport 80,000 tonnes of naphtha from Tuapse, Russia, on Sept. 17 followed by the STI Exceed to take 60,000 tonnes from Eleusis, Greece, on Sept. 24. These are the first European cargoes sent by Aramco to Asia since February, ...

Read More »

S Africa coal price must surge 20% to spur exports

South African thermal coal exports via the Richards Bay export hub will continue to languish at around 73m tonnes/year unless benchmark export prices rise at least 20% from current levels, the CEO of miner Canyon Coal said. Shipments from Richards Bay Coal Terminal (RBCT) – which account for more than 90% of the country’s exports – will likely total 73m tonnes this year, compared with 73.5m tonnes in 2018 and 76.5m tonnes in 2017, said Vuslat Bayoglu, at a Coaltrans conference in Johannesburg. Since 2013, RBCT loadings have averaged just ...

Read More »

Turkish steel exports to EU to reach quota levels soon, sending shivers into Asian markets

More pressure mounted on Turkey’s steel export sector, with the EU’s steel quota against Turkish origin shipments currently standing at a balance of just 20,672 mt from the yearly 301,538 mt total that was given, figures from the European Commission showed. The validity of the quota currently stands for the period of July 1, 2019 to June 30, 2020, according to the EC. It is also expected to be retroactively reduced to 295,794 mt on October 1 by the EC, following a quota review process. Amid an already bearish steel ...

Read More »

German crude oil imports hit lowest level since 1992: data

The quantity of crude oil imported by Germany in 2018 declined by more than 5 million tons compared to 2017 and hit the lowest level since 1992, the Federal Statistical Office (Destatis) revealed. With 84.8 million tons, Germany’s crude oil imports in 2018 were far below the 30-year record set in 2005 with 114.5 million tons, according to Destatis. Russia was the most important oil supplier for Germany in 2018 with around 29.2 million tons, Destatis noted. In 2018, Germany received more than a third of its crude oil from ...

Read More »

Pakistan: Oil imports plummet by over 26pc to $1.93 billion

Pakistan’s oil imports have reduced by over 26 percent that helped to decrease the overall imports by a one-fifth in first couple of months of the current fiscal year. The country’s had spent $1.935 billion on importing oil in July and August period of the year 2019-2020 as compared to $2.642 billion in the corresponding period of the previous year, according to the trade figures released by the Pakistan Bureau of Statistics (PBS). The massive reduction in oil imports had helped in reducing overall imports of the country. Pakistan’s imports ...

Read More »

Pradhan urges NMDC to step up iron ore output, expedite steel plant

Union Minister of Petroleum & Natural Gas and Minister of Steel Dharmendra Pradhan today called on the state-owned mining major NMDC to step up iron ore mining and expedite the Nagarnar Steel Plant. Following a review meeting of the NMDC performance here with the NMDC Board and its management, the Steel Minister said that increased production will help keep in check iron ore prices in the country. The Minister of State for Home Affairs G Kishan Reddy was also present at the meeting. Pradhan said NMDC should focus on increasing ...

Read More »

EU wheat consolidates after 1-month high as export prospects weighed

Euronext wheat futures were little changed on Friday, holding close to a one-month high touched a day earlier, as traders assessed export prospects of a flurry of tenders this week by importing countries. Activity was thin with some French traders away at a grain industry gathering near Paris while market participants from across Europe were also attending a Baltic grain event in Copenhagen. December milling wheat on the Paris-based Euronext exchange was 0.25 euro, or 0.2%, lower at 171.50 euros a tonne at 1441 GMT. The contract remained below Thursday’s ...

Read More »

Recent Videos

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