Home / Commodities

Commodities

Germany’s Jan-Aug oil imports fall 7.1%, bill rises 32.9%

German crude oil import volumes fell 7.1% in the first eight months of 2021 year-on-year as the COVID-19 pandemic and related lockdowns hit industry, but the bill was up by a third due to higher prices, official data showed on Wednesday. Oil volumes in January through August fell to 51.9 million tonnes from 55.8 million in the same months of 2020, statistics from the BAFA foreign trade office showed. Russia accounted for 34% of Germany’s oil imports in the period, followed by 18.9% from the British and Norwegian North Sea, ...

Read More »

Financial investors trim net long position in euronext wheat

Non-commercial market participants lowered their net long position in Euronext’s milling wheat futures and options in the week to Oct. 15, data published by Euronext on Wednesday showed. Non-commercial participants, which include investment funds and financial institutions, cut their net long position to 153,690 contracts from 154,958 a week earlier, the data showed. Commercial participants increased their net short position to 174,723 contracts from 167,982 a week earlier. Commercials’ short positions accounted for 68.1% of the total short position, while commercial long positions accounted for 41.8% of total long positions. ...

Read More »

Australia’s South32 says Q1 met coal output drops 15%, sees prices rising

Australian diversified miner South32 Ltd S32.AX said on Thursday higher metallurgical coal prices would help offset a 15% drop in first-quarter production of the steelmaking material. A power crunch, environmental curbs and a debt crisis gripping China’s property market has clouded the outlook for the steelmaking material, sending prices higher. However, supply outside China has so far remained inelastic to the sharp price increases. “While the lower total volumes are expected to adversely impact Operating unit costs, realised prices will benefit due to fewer sales of the lower-priced product and ...

Read More »

EU coil prices decline as buyers hold back

A shortage of semiconductors and other components is negatively affecting the vehicle manufacturing industry. Carmakers are decreasing production or temporarily suspending their operations. Consequently, orders on the steel mills are reduced. This is resulting in a shortening of delivery lead times and increased volumes of material being made available to the rest of the market. As spot availability improves and prices fall, steel buyers are delaying their order placement. Many distributors are switching to ‘back-to-back’ deals in an attempt to minimise risk. Moreover, service centres are cutting their resale values ...

Read More »

Jordan makes no purchase in 120,000 tonne barley tender, traders say

Jordan’s state grain buyer made no purchase in an international tender for 120,000 tonnes of animal feed barley which closed on Thursday, European traders said. Two trading houses participated: Viterra and Australian Grain Export, they said. A new tender is expected to be issued closing next week. Source: Reuters (Reporting by Michael Hogan)

Read More »

China coal futures slump as gov’t signals intervention to ease power crisis

China’s thermal coal futures fell the maximum permitted 11% on Thursday, extending losses since Tuesday when Beijing signalled it might intervene to cool surging prices that have led to a power crunch across much of the country. China is pushing miners to ramp up coal production and is increasing imports so that power stations can rebuild stockpiles before the winter heating season, but analysts say shortages are likely to persist for at least another few months. The state planner, the National Development and Reform Commission (NDRC), said on Tuesday it ...

Read More »

Russian trader Demetra supplies 60,000T of wheat to Algeria

Demetra, one of the largest grain traders in Russia, has supplied 60,000 tonnes of wheat to Algeria, it said in a statement on Wednesday. It was the first major supply from Russia to Algeria since 2016. It was also to this destination for Demetra, controlled by Russia’s second largest bank VTB. Two vessels were sent from Russia’s Black Sea port of Taman to two ports in Algeria in September, and the cargo has already been accepted by the buyer, Demetra said. Algeria was one of the few major wheat importers ...

Read More »

China’s corn imports in September remain strong amid recovery in hog prices

China posted strong corn imports for September while November hog futures on the Dalian Exchange have posted a 23.3% increase since end-September to date. China imported 3.53 million mt corn in September, up 227% year on year, according to the country’s customs data. The US was the top exporter to China at 3.34 million mt in September. China’s total imports from January to September was at 25 million mt, up 274.5% year on year, the data showed. Market sources expect imports to be in the 28 million-30 million mt range ...

Read More »

Shanghai stainless steel rebounds as nickel prices surge, other ferrous metals tumble

Chinese stainless steel futures snapped a three-session losing streak on Thursday, buoyed by a surge in steelmaking ingredient nickel prices, although analysts warn that downstream consumption of the metal remains sluggish. Nickel prices on the Shanghai Futures Exchange jumped as much as 8% to a record 161,600 yuan ($25,283.58) per tonne. China’s imports of nickel ore and nickel pig iron fell 1.6% and 12.3%, respectively, on a monthly basis in September, data released by the customs office on Wednesday showed. Stainless steel futures on the Shanghai bourse, for November delivery, ...

Read More »

Turkey gets offers in tender to buy 300,000 tonnes wheat, traders say

The lowest price in the first round of offers in the tender on Thursday from Turkey’s state grain board TMO to purchase 300,000 tonnes of milling wheat was $338.68 a tonne c&f, traders said. The offer was believed to have been made for 25,000 tonnes of wheat already in warehouses in Turkey by trading house Promaks. No purchase has yet been made and talks continue, traders said. The TMO traditionally goes into several rounds of negotiations in its tenders seeking lower prices than initial offers. Traders said some export houses ...

Read More »

Anglo American’s Q3 production inches 2% higher

Global miner Anglo American AAL.L said on Thursday its overall production rose by 2% in the third quarter, driven by diamonds and iron ore, while copper output fell by 6%. In the three months to September, rough diamond production rose by 28% from a year earlier as consumer demand recovered in major markets including the United States and China. Iron ore production rose by 15% on increased output from Brazil’s Minas-Rio and South Africa’s Kumba mine. Planned maintenance work at its Collahuasi mine affected copper production in Chile in the ...

Read More »

India: Coal supply improves at 61 thermal plant units with less than 4-day stock

Coal shortage at thermal power projects is still continuing as number of non-pit head projects having less than four days of coal (supercritical stock) rose to 61 on Tuesday from 58 on Monday, official data showed. According to the latest coal stock data of the Central Electricity Authority (CEA), the number of non-pit head projects having less than four days of coal was 61 on October 19 and 58 on October 18. The data showed that the number of plants with supercritical stock was 65 last week (on October 12). ...

Read More »

Egypt 2021/22 wheat imports seen at 12.4 mln tonnes

Following are selected highlights from a report issued by the U.S. Department of Agriculture’s Foreign Agricultural Service post in Cairo: “FAS Cairo (Post) forecasts Egypt’s wheat imports in marketing year (MY) 2021/22 (July – June) at 12.4 MMT (million metric tons), up from the previous marketing year estimate due to higher consumption driven by population growth. Egypt’s wheat production in MY 2021/22 is also up from the previous marketing year. Egypt’s corn production expanded significantly in response to high prices, while rice production fell sharply as the government enforced restrictions ...

Read More »

U.S. oil imports down, exports up last week: EIA

U.S. crude oil imports went down while exports increased during the week ending Oct. 15, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 169,000 barrels per day from the previous week, according to the Weekly Petroleum Status Report. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 19.5 percent more than the same four-week period last year. Meanwhile, crude oil exports averaged about 3.06 million barrels per day, up by ...

Read More »

Tohoku Electric buys six LNG cargoes from BP in short-term deal

Japan’s Tohoku Electric Power has signed a contract with BP BP.L for six cargoes of liquefied natural gas (LNG), two trading sources told Reuters, avoiding paying record high prices on the spot market for short-term supplies. The cargoes will be delivered in the first half of next year and are priced at 20% of Brent crude, the sources said, translating to about $17 per million British thermal units (mmBtu) at current prices. That is less than half the prevailing spot price in Asia of $38.50/mmBtu LNG-AS, a record high as ...

Read More »

Recent Videos

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