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Saudi Arabia crude exports rebound in July from historic lows

Saudi Arabia’s crude oil exports rebounded in July to 5.73 million barrels per day (bpd) from a record low in June, official data showed. At 4.98 million bpd, crude exports in June were the weakest on record, according to data from the Joint Organizations Data Initiative (JODI) stretching back to 2002. Output from the Organization of the Petroleum Exporting Countries (OPEC) rose by more than 1 million bpd in July as Saudi Arabia and other Gulf members ended voluntary supply cuts, on top of an OPEC-led deal to curb production. ...

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JSPL expects to produce 19% more steel this year as demand surges

JSPL is likely to export 2.5 million tonnes of steel in 2020/21, up from 300,000 tonnes the previous year, thanks to higher orders from the world’s top consumers such as China and Vietnam NEW DELHI : Jindal Steel and Power Ltd (JSPL), one of India’s top steel makers, expects to produce a record 7.5 million tonnes of the alloy this fiscal year, betting on buoyant overseas and domestic demand, a top company official said on Thursday. JSPL aims to produce 19% more steel in the year to March 2021, as ...

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Iron ore rebounds as China port stockpile growth slows

Iron ore futures snapped three sessions of losses on Friday after industry data showed that the pace of increase in portside inventory of the steelmaking ingredient in China slowed this week, but benchmark contracts posted weekly losses. The most-traded January 2021 contract of iron ore on the Dalian Commodity Exchange closed 1.6% higher at 803 yuan ($118.90) a tonne. However, it fell 3.6% from last week, the sharpest weekly drop in nearly seven months. Iron ore on the Singapore Exchange rose 2.5% to $120.66 a tonne by 0718 GMT, but ...

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Weekly US coal production falls to seven-week low, all basins dip: EIA

Weekly US coal production fell to a seven-week low 10.34 million st in the week ended Sept. 12, down 3.3% from a week earlier and 26.4% lower than the year-ago week, according to a Sept. 17 US Energy Information Administration report. It was the third straight week and only the fourth time in the last 22 weeks that all four major basins saw weekly declines. The total for Week 37 was the lowest total for the corresponding week in the last 10 years, and was also 31.5% lower than the ...

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Coal India, its subsidiaries spend Rs 1,978 cr on CSR from FY17 to FY20

Coal India Ltd (CIL) and its subsidiaries have collectively spent Rs 489.67 crore, Rs 483.78 crore, Rs 416.47 crore, Rs 587.84 crore in financial year 2016-17, 2017-18, 2018-19 and 2019-20 respectively. State-owned CIL and its subsidiaries have spent a total amount of Rs 1,977.76 crore on Corporate Social Responsibility (CSR) during the last four financial years, according to official data. Coal India Ltd (CIL) and its subsidiaries have collectively spent Rs 489.67 crore, Rs 483.78 crore, Rs 416.47 crore, Rs 587.84 crore in financial year 2016-17, 2017-18, 2018-19 and 2019-20 ...

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China Hongqiao kicks off aluminium production in Yunnan

The world’s top private-sector aluminium producer China Hongqiao Group Ltd 1378.HK has started first phase production at a greener aluminium plant in the southwestern province of Yunnan, cutting its reliance on coal-fired power, a Hongqiao affiliate said on Thursday. Hongqiao’s smelting capacity is currently located in the city of Binzhou in Shandong and relies on coal-fired power for the electricity-intensive smelting process. The move to Yunnan allows it to swap coal for cleaner hydropower. The project, led by Shandong Weiqiao Pioneering Group, is located at Wenshan prefecture and has an ...

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Jordan issues new tender to buy 120,000 tonnes of wheat

Jordan’s state grain buyer, the trade ministry, is tendering to buy 120,000 tonnes of milling wheat sourced from optional origins, European traders said on Thursday. The tender closes on Sept. 23. Shipment is sought in a series of possible combinations in 60,000 tonne consignments. Possible shipment combinations in 2020 are Dec. 1-15 and Dec. 16-31. In 2021 shipment can be Jan. 1-15 and Jan. 16-31. In its previous tender on Wednesday, Jordan bought 120,000 tonnes. Source: Reuters (Reporting by Michael Hogan Editing by David Goodman )

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Copper hits two-year peak on speculative buying and China hopes

Copper touched its highest in more than two years on Friday as speculators extended their buying spree on a recovery in top metals consumer China while the dollar weakened. Benchmark copper on the London Metal Exchange (LME) hit $6,850 a tonne, its highest since June 2018, before paring gains to $6,837 by 1615 GMT for a rise of 0.8%. Copper has surged by 55% since hitting 45-month lows in March and this marks the sixth consecutive week of weekly gains. “It’s just phenomenal, the strong market we’re seeing right now. ...

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Taiwan’s CPC buys 1.5mln bbls Upper Zakum crude via tender -sources

Taiwanese refiner CPC Corp has bought 1.5 million barrels of Upper Zakum crude for November loading via a tender, trade sources said. The cargoes were purchased at premiums of between 10 and 20 cents per barrel to its official selling price (OSP), they said. CPC, which did not buy any spot sour crude last month, stepped up its purchases after ADNOC cut term supplies sharply in October and November, traders said. Source: Reuters (Reporting by Florence Tan; editing by Jason Neely)

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Algeria tells traders relaxing some bug damage rules for wheat

Algeria’s state grains agency OAIC has told traders it will relax specifications for bug (insect) damage in wheat effectively permitting Black Sea region wheat to be offered in tenders for higher protein grades, European traders said on Friday. Traders said they have received changed tender terms in a document from OAIC saying the agency will increase its tolerance level for 12.5% protein wheat to 0.5% bug (insect) damage in purchase tenders. Algeria’s bug damage standards for 11% protein wheat will remain at 0.1%, a level which Russian and other Black ...

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Battle from Below: The South African miners fighting climate change

Four nights a week, Given Zuli packs some food, meets his colleagues at the entrance of an abandoned coal mine in South Africa’s eastern Mpumalanga province, and descends into the earth for up to 12 hours, chipping away at the black rock. Zuli is one of thousands of small-scale, illegal miners across South Africa – a number believed to be on the rise as unemployment spikes in a brittle economy – who make a living selling coal collected in abandoned, derelict mine shafts. But Zuli is also part of a ...

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Petrobras says on track to raise Rio’s LNG import capacity by 50%, pending license

Brazil’s Petrobras PETR4.SA has successfully concluded tests that will allow for a 50% capacity expansion at its Rio de Janeiro liquefied natural gas (LNG) import terminal to 30 million cubic meters per day, the company said. Petroleo Brasileiro SA, as the company is formally known, said it is in the process of obtaining government permits to expand the terminal’s capacity. The terminal is used to convert the natural gas imported by Brazil by sea in a super-chilled liquefied version back to its gaseous form, a process known as regasification. Brazil ...

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US wheat export sales dip in latest week; no large demand seen from China: USDA

US wheat export sales in the week ended Sept. 10 hit the second-lowest point of the 2020-21 marketing season on the lack of big sales, while there was no large demand seen from Chinese buyers, data from the US Department of Agriculture showed Sept. 17. In recent weeks, China has been ramping up its purchases of US agricultural products, including wheat. China’s total commitments for US wheat so far this season have inching to a five-year high. China’s commitments in 2020-21 still remained higher than those of the two largest ...

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Iron ore futures close higher

Iron ore futures closed higher on Friday in daytime trading at the Dalian Commodity Exchange (DCE). The most active iron ore contract for January 2021 delivery gained 12.5 yuan (about 1.85 U.S. dollars) to close at 803 yuan per tonne. On Friday, the total trading volume of 11 listed iron ore futures contracts on the exchange was 1.55 million lots, with a turnover of 122.99 billion yuan. As the world’s largest importer of iron ore, China opened the DCE iron ore futures to international investors in May 2018. Source: Xinhua

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Russian oil exports seen flat in Q4 at 62.4mn tonnes

Exports and transit of Russian oil are expected to be broadly flat in the fourth quarter at 62.4 million tonnes, a loading schedule showed this week, in line with a global deal on output reduction. That is against the 62.8 million tonnes seen in the third quarter. The schedule showed that Urals blend exports from the Baltic Sea ports will reach 18.5 million tonnes, up from 17.8 million tonnes in the current quarter. Supplies of oil from the Black Sea port of Novorossiisk are set to rise to 7.6 million ...

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