Home / Commodities

Commodities

China’s US coal imports jump 748% in Q4’20 amid Australian trade dispute

China emerged as one of the top importers of U.S. coal in the fourth quarter of 2020 as the country banned Australian coal from entering its territories amid diplomatic tensions. U.S. coal exports in the three-month period totaled 17.4 million tonnes, down 7.3% year over year but 25.1% higher quarter over quarter, according to data compiled by S&P Global Market Intelligence. China had the highest gain in coal imports from the U.S. among the top destinations in the fourth quarter of 2020. The Asian country imported 1.0 Mt of coal ...

Read More »

China’s state-run refineries, modern integrated plants embrace new Iraqi Basrah Medium crude

China is poised to receive about 21 million barrels of the new Iraqi crude grade Basrah Medium by mid March, with most of these shipments expected to be processed by the country’s integrated refining complexes and newly built plants, according to latest shipping data and refining industry sources with close knowledge of the matter. In January, Iraq’s State Oil Marketing Organization introduced the new Basrah Medium grade to split Basrah Light into two crudes to support the stability of its crude export streams. Having a gravity of around 27.9 API ...

Read More »

China likely to remain unaffected by Brazilian soybean harvest delay

China has ample stocks of soybeans to crush in coming weeks and will likely be unaffected by a delay in the Brazilian harvest, market sources said Feb. 24. According to Beijing-based agricultural consultancy CCOBN, China’s soybean stocks were estimated at 5.78 million mt as of Feb. 19, up 8% year on year. Indeed, global soybean prices were expected to come under pressure in coming days as China had sufficient volumes, analysts said. The world’s largest soybeans purchaser’s inventory was boosted by its spree buying US-origin beans between December and February. ...

Read More »

Steel price may set record high as demand surges

As production picks up after the Spring Festival holidays, Chinese factories are confronting soaring steel prices, with some key items such as rebar jumping 6.62 percent from the last trading day before the Spring Festival to the fourth working day after the holiday, according to an industry research group. Experts said that China’s ongoing work resumption could drive steel prices above record highs this year, the beginning of the country’s 14th Five-Year Plan (2021-25). Domestic iron ore futures hit a life-of-contract high of 1,180 yuan ($182) per ton on Monday, ...

Read More »

Central European buyers adopt ‘wait and see’ positions

The steel markets in Poland and the Czech Republic are under review, as buyers assess the current dynamics in supply and demand. The mills, both locally and globally, are processing a substantial backlog of orders. Sales volumes to customers have reduced due to the harsh winter weather. This has prompted a period of contemplation for supply chain participants as they try to anticipate the direction of steel prices in the coming months. In Poland, end-user demand is expected to pick up. Steelmakers, particularly those in Europe, will remain under pressure ...

Read More »

Ukraine grain stocks at 18.2 mln T as of Feb. 1

Ukraine’s grain stocks totalled 18.2 million tonnes as of Feb. 1, 3.5 million tonnes less than by the same date in 2020, the APK-Inform consultancy said on Tuesday, citing data from the State Statistics Service. Stocks at large and medium-sized agricultural companies included 5.1 million tonnes of wheat. The data does not include grain stored at hundreds of small Ukrainian farms. Ukraine’s 2020 grain harvest fell to 65.4 million tonnes from a record 75 million in 2019 due to poor weather. Source: Reuters (Reporting by Pavel Polityuk; editing by Jason ...

Read More »

‘Perfect trips’ – Venezuela ships jet fuel to Iran in exchange for gasoline, sources say

Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters. Iran has ramped up assistance to Venezuela since last year as the United States tightened sanctions on both countries, hitting oil exports by state-run firms Petroleos de Venezuela and National Iranian oil Company (NIOC). Iran has sent flotillas of state-operated tankers carrying gasoline and feedstock for motor fuel to Venezuela, ...

Read More »

Asian buyers stay cool as US LNG hit by the deep freeze

The Asian LNG buyers’ club is conservative by nature. A flicker of geopolitical risk, supply disruption or price volatility can cause sleepless nights from Tokyo to Singapore as the region’s buyers assess the potential impact. So, when freezing conditions hit the southern US last week, resulting in feedgas into LNG plants collapsing from above 10 bcfd to just below 2 bcfd, and with some Texas price markers soaring north of US$400/mmbtu, anxiety levels should have been rising. But Asian buyers barely blinked, with Northeast Asia spot prices, which had been ...

Read More »

Shanghai rebar futures trade in narrow range as market awaits demand recovery

Chinese steel rebar futures moved in a tight range on Wednesday, but hovered around a more than 10-year high, as the market awaited a rebound in downstream demand. “Unlike the manufacturing sector that had returned to work, construction normally restarts after the Lantern Festival,” said Wang Yingwu, chief analyst with Huatai Futures in Beijing, adding that construction demand will peak in April. The most active construction rebar on the Shanghai Futures Exchange, for May delivery, closed up 0.8% at 4,618 yuan ($714.99) per tonne. Hot rolled coil futures, used in ...

Read More »

Brazil’s Vale bullish on conditions in China

Brazilian mining company Vale SA said it will continue investing in China and further expand its presence in the country, which has been witnessing an ever increasing share of the global mining giant’s total sales. Vale supplied 192 million tonnes of iron ore and pellets to China in 2020, accounting for 67% of the company’s total sales and surpassing the 61% in the same period of 2019, according to Tracy Xie, president of Vale China. “China has been the largest market for Vale since 2006 and has become more and ...

Read More »

Recovery hopes buoy global commodity prices

The recent rally in world bulk commodity markets reflects the positive view of investors, as some bet a strong global economic recovery is around the corner with the massive rollout of coronavirus vaccines and an ultra-loose monetary environment. Some industry observers worry that the robust economic recovery of China – also the world’s largest consumer of global bulk commodities – in the first quarter could slow as rising material prices erode Chinese manufacturers’ profit margins. But it all depends on how fast global economies gain steam, so the impact on ...

Read More »

Saudi oil export value falls nearly 30% in December – official data

The value of Saudi Arabia’s oil exports in December dropped nearly 30%, or 19.5 billion riyals ($5.2 billion), compared with the year before, official data showed on Wednesday. The value of non-oil exports fell 7.7% in December to 18.4 billion riyals versus 20 billion riyals in December 2019. Oil’s share of total exports fell to 71.6% in December from 76.7% the year previously. China remained Saudi Arabia’s main trading partner in December, accounting for 13.5 billion riyals out of its 64.8 billion riyals of total exports. In December 2019, the ...

Read More »

Brazil steelmaker CSN plans to raise prices by 25% in Q2

Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) CSNA3.SA said on Tuesday that it expects to raise its prices by an average of 25% in the second quarter as it moves to shrink itsdebt. CSN Chief Executive Benjamin Steinbruch said in a call to analysts that believes the steelmaker’s debt rating could be upgraded in “weeks” as the company plans to reach its deleveraging goal in 45 days. Sales director Luis Martinez said CSN will probably start raising prices for hot and cold laminated products in March and he sees their sales ...

Read More »

Qatar Petroleum in deal for LNG supply to Bangladesh

Qatar Petroleum has entered into a long term Sale and Purchase Agreement (SPA) with Vitol for the supply of 1.25 million tons per annum (MTPA) of liquefied natural gas (LNG) to Vitol’s final customers in Bangladesh. Under the agreement, LNG deliveries will commence later this year, further demonstrating the State of Qatar’s continued commitment to meeting the growing needs of its customers for reliable LNG supplies. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said: “We are pleased to sign this ...

Read More »

US coal exports drop 7% YOY in Q4’20; China emerges among top importers

U.S. coal shipments to some of the country’s top importers increased significantly in the fourth quarter of 2020, with China recording a triple-digit uptick amid its escalating trade dispute with Australia. Total U.S. coal exports during the three-month period fell 7.3% year over year to 17.4 million tonnes from 18.8 Mt, according to an analysis by S&P Global Market Intelligence. Compared to the previous quarter, the U.S. shipped 25.1% more of the commodity from October through December 2020. Despite the year-on-year slowdown, the quarterly exports figure “slightly” exceeded Moody’s projection ...

Read More »

Recent Videos

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