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Vale uses Dalian iron ore price to ink spot supply deal with China steelmaker

Brazilian miner Vale SA has signed a physical iron ore spot deal to supply a Chinese steel firm using the Dalian Commodity Exchange (DCE) iron ore price, the bourse said in a statement. The deal comes as China aims to play a more muscular role in pricing for the steel-making ingredient, as well as in global derivatives markets, and is the first time an international miner has used a Chinese mainland iron ore futures price for a spot physical trade. Under terms of the deal, known as a ‘basis trading’ ...

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China records stable coal production in Jan-Oct

China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed. The country produced 3.06 billion tonnes of raw coal during the January-October period, up 4.5 percent year on year, data from the National Bureau of Statistics (NBS) showed. Around 320 million tonnes of raw coal was produced last month, up 4.4 percent year on year, flat with the rate in September, NBS data showed. The country imported 280 million tonnes of coal in the first 10 months, up 9.6 percent ...

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Venezuela Is Secretly Exporting Millions of Barrels of Oil

The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France, according to its last GPS signal. Instead, it’s currently thousands of miles away in Venezuela where, under contract for the Russian state-oil giant Rosneft Oil Co PJSC, it loaded 2 million barrels of oil, according to data compiled by Bloomberg and shipping reports. How’s that possible? Because the ship’s transponders were turned off before it slipped into Venezuelan waters, the data shows. The practice of oil tankers turning off ...

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Egypt aims to increase oil exports revenues to $8.5bn in FY 2019/20

The Ministry of Petroleum aims to increase the revenues of Egypt’s oil exports by the end of the current fiscal year (FY) to $8.5bn compared to $7.7bn FY 2018/19. Senior government sources told Daily News Egypt that the total quantities targeted for exports of crude oil, gas, petroleum products, and petrochemicals amount to 17.7m tonnes. They added that the value of exports includes the foreign partner’s share of crude oil by calculating the average price of the Gulf of Suez crude oil at $55 per barrel due to the lower ...

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Azerbaijan’s oil, gas exports revealed

Azerbaijan’s declared oil exports amounted to 26.85 million tons worth $12.96 billion in January-October 2019, the State Customs Committee has told local media. In the same period of 2018, the declared oil export from Azerbaijan amounted to 24.2 million tons worth $12.9 billion. Thus, over the reporting period of 2019, oil export increased in quantitative terms by 11 percent, while in value terms by 0.3 percent. The Committee’s data says the export of gas volumes declared by customs from Azerbaijan for indicated period of 2019 made up 9.6 billion cubic ...

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India’s palm oil imports jump 8% as Malaysian shipments surge – trade body

India’s palm oil imports climbed 8% in the marketing year ended Oct. 31 compared with the same period a year earlier as buying of refined palm oil from Malaysia surged after New Delhi reduced import tax on the oil, a leading trade body said. The higher palm oil purchases, hitting 9.4 million tonnes, lifted India’s total vegetable oil imports by 3.5% for the 12 months to 15.5 million tonnes, the Solvent Extractors’ Association (SEA) said in a statement. New Delhi’s refined palm oil imports in the 2018/19 marketing year jumped ...

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Corn exports from Brazil start November on strong note

Corn exports from Brazil started November on a strong note, data from a private shipping company and Brazil’s trade department showed. Brazil exported 1.26 million mt of corn during the first six working days of November compared with 3.65 million mt exported in the whole of November last year. Although the pace of corn exports eased in the first week of November compared to previous months, daily average exports this month has been 209,700 mt from 182,300 mt in November 2018. During July-October, corn exports each month were either close ...

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Brazil’s 2019-20 soybean planting reaches 71%, up 13 points on week: ARC Mercosul

Brazilian soybean planting for the 2019-20 crop year (September-August) was 70.9% complete as of Friday, up 13 percentage points week on week, agricultural consultancy ARC Mercosul said Friday, as the primary soy producing states received sufficient rainfall in recent weeks. However, the rate of soy planting is 12 percentage points lower on the year and 2 points below the five-year average, ARC said. According to the US Department of Agriculture, the soybean planted area in Brazil for 2019-20 is projected at 37 million hectares, up 2% year on year, while ...

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Paris wheat rangebound, German market extends export rally

Euronext wheat futures were little changed on Friday as traders weighed up renewed competition from Russian wheat in Egypt against a lack of selling by farmers. Physical premiums in Germany rose again as a recent run of export sales drove buying. Benchmark December milling wheat on the Paris-based Euronext exchange was down 0.25 euro at 177.25 euros ($195.33) a tonne by 1458 GMT. Healthy demand in recent weeks amid an unusually slow start to Russia’s export campaign had boosted export sentiment in France and elsewhere in western Europe. However, a ...

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Argentinian corn planting totals 44.3% of forecast area for 2019-20: report

Corn planting in Argentina totaled 2.8 million hectares, or 44.3% of the projected area of 6.4 million hectares (15.8 million acres) as of Wednesday for the 2019-20 season, according to a report published by the Buenos Aires Grain Exchange. Corn sowing was at 2.1 million ha during the same period last year, the exchange report showed. For the 2018-19 season, corn acreage in Argentina was estimated at 6.3 million ha. In Argentina, early corn is normally planted in September-October and harvested in April-May, while the second corn crop is usually ...

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Coal mine auctions close with significant variation across winning bid prices

The auction of coal mines under the eighth, ninth and tenth round has come to a close with winning bid prices reflecting the significant variation. The highest winning bid amount from among all mines bid out, at ₹1,674 per tonne, has been quoted for the Jamkhani coal mine in Odisha by Vedanta Limited. Prakash Industries’s winning bid, at ₹1,100 per tonne, for the Bhaskarpara coal mine in Gujarat has got the second-highest winning bid amount. There is a steep fall from these two exceptionally sought after mines with the winning ...

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U.S. Coal Giant Is ‘Unglued’ as $800 Million Takeover Sours

U.S. miner Contura Energy Inc.’s $800 million bet on international coal markets is souring. In November 2018, when Contura bought Alpha Natural Resources and became America’s biggest supplier of metallurgical coal, global prices for the fuel were climbing — bolstered by demand, particularly in China. Since then, trade tensions have escalated, curbing purchases of both steel and the coal used to make it. On Thursday, the miner reported $40 million in third-quarter earnings, less than half of what analysts estimated, and suspended share buybacks. The stock plunged by the most ...

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Chicago crop futures suffer weekly losses while U.S. farmers urge trade disputes settlement

Chicago Board of Trade (CBOT) agricultural futures ended this past trading week with sharp losses, and U.S. farmers are calling for permanent solutions to trade disputes instead of only assistance payments from Washington. The most active corn contract for December delivery was down 6 cents, or 1.59 percent, during the trading that ended on November 15, to close at 3.7125 dollars per bushel. December wheat was down 7.5 cents, or 1.47 percent, to settle at 5.0275 dollars per bushel. January soybeans were down 12.75 cents, or 1.37 percent, to close ...

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Commodities worth $738m traded at IME in a week

During weekdays ended on November 14, while 713,476 tons of commodities worth over $738 million were traded at Iran Mercantile Exchange (IME), the trading volume and value experienced a growth of 19 percent and 18 percent, respectively. According to the report from IME International Affairs and Public Relations Department, last week, on the domestic and export metal and mineral trading floor of IME, 283,973 tons of various products worth close to $366 million were traded. On this trading floor, 267,723 tons of steel, 3,430 tons of copper, 5,600 tons of ...

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Despite cost and steel downturn, time is right for ArcelorMittal to enter India

ArcelorMittal is the largest steel producer in the world. In 2018, its total steel output was 92.5 million tonnes (mt), based on installed capacity of 112mt. It has a global market share of about 5% and it is the largest producer of steel in Europe, the Americas and Africa and is the fifth-largest steel producer in the Commonwealth of Independent States (CIS) region. On Friday, the Supreme Court cleared the deck for ArcelorMittal to enter India by buying out a stressed steel mill with 10 mt of capacity. The Essar ...

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