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Dubai Maritime City Authority in Posidonia 2018 to promote role of maritime sector as vital economic contributor

With a rapidly increasing contribution of the maritime sector to Dubai’s economy and with continuing success in becoming one of the most competitive maritime centers in the world, Dubai Maritime City Authority (DMCA) is cruising full speed ahead to another dynamic presence at Posidonia 2018, the world’s most prestigious shipping event, taking place from June 4 to 8 at the Athens Metropolitan Expo. The maritime industry significantly improved its contributions to the Emirate of Dubai’s GDP, reflecting the increasing contribution of the sector to the local economy, which grew at ...

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China grants 3.67 mln T of fuel export quotas -traders

China has issued an additional 3.67 million tonnes of refined fuel export quotas to some state-run firms, two traders with direct knowledge of the matter said, taking the total export quota for 2018 to 43 million tonnes, level with 2017. The quotas, awarded under a so-called tolling scheme, were granted to top state refiners China Petroleum & Chemical Corp (Sinopec), China National Petroleum Corp (CNPC) and Sinochem Corp, the traders said. Earlier this month, the country issued 19.33 million tonnes of fuel export quotas under the general trade category to ...

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China steel, iron ore futures snap losing streaks

Chinese steel and iron ore futures closed higher for the first time in seven sessions on Thursday on expectation that the recent sell-off has reached its limit. The most-traded steel rebar contract, for October delivery, on the Shanghai Futures Exchange recovered from an early fall to close 1.2 percent higher at 3,583 yuan ($561.19) a tonne. Iron ore futures on the Dalian Commodity Exchange rose 1.1 percent to 459.5 yuan a tonne. Rebar fell in five of the previous six sessions and was unchanged on May 17, amid lukewarm demand ...

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India raises import duty on wheat to 30% amid record domestic crop forecast

India’s import duty on wheat was raised to 30% from 20% earlier, according to a customs notice posted on the Central Board of Excise and Customs’ website. The moves comes on the back of a record domestic wheat production forecast of 98.61 million mt for the 2017-18 marketing year, up 100,000 mt from the year before, in the government’s latest estimate released May 16. The world’s second-largest wheat producer had already raised the import duty to 20% from 10% in November 2017 on expectations of higher local output. Sources said ...

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CISA wants iron ore prices based on many indexes

The pricing mechanism for iron ore should be based on several price indexes and not be the monopoly of any of them, said China iron and steel association Cisa secretary-general Liu Zhenjiang. There are many indexes that should be major price references, Liu said in his keynote speech at the SGX iron ore conference in Singapore today. Depending on one index is not a good practice and use of multiple indexes would be more fair and transparent, he added. Cisa has been in negotiation with the four large global mining ...

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U.S. Power Payout Sends Surprise Boost to Coal, Nuclear Plants

Embattled coal and nuclear power-plant operators stand to get a lot more money to provide capacity to the biggest U.S. electricity grid — if they can hold on for another three years. Generators are going to make $140 a megawatt-day for the year starting in June 2021, 83 percent more than the prior year, according to the results Wednesday of an auction by PJM Interconnection LLC. It was the first increase in three years and 19 percent more than the highest analyst estimate compiled by Bloomberg. They ranged from $75 ...

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China iron ore: Steel weighs on sentiment

Seaborne prices fell today as slower steel sales pushed iron ore buyers to the sidelines. The Argus ICX 62pc seaborne fines price fell by 75¢/dry metric tonne to $63.55/dmt. Construction is slowing ahead of the start of the rainy season in south China, cutting demand for steel and iron ore. Mills in Shandong province are bracing for steelmaking and sintering restrictions from 1-15 June during the Shanghai Co-operation Organisation heads of states meeting in Qingdao. Most mills have sufficiently stocked up on iron ore for the restriction period. Source:

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Brazil’s agriculture sector bearing big brunt of fuel hikes -study

Brazil’s agriculture sector is one of the hardest hit by a hike in diesel prices that has provoked a nationwide trucker strike, according to an analysis from a leading university. The University of Sao Paulo’s College of Agriculture (Esalq) said that as compared to early 2017, farmers are now paying up to 9.05 reais ($2.50) more per tonne to move grains from fields in Mato Grosso state to Latin America’s largest port at Santos. Brazil is a key global supplier of grains, meat, coffee and sugar — most of which ...

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Japan’s Kyoei Steel holds rebar prices steady for June contracts

Kyoei Steel, Japan’s largest rebar producer, announced Thursday that it would keep its rebar prices unchanged for June contracts. Osaka-based Kyoei does not reveal its list price, but current market price of base-sized rebar in Osaka was around Yen 67,000-68,000/mt ($611-620/mt), unchanged from a month ago, while in Tokyo it was around Yen 73,000-74,000/mt, up Yen 2,000/mt, sources said. Kyoei said that despite higher costs of alloy, electrodes as well as freight charges have been increasing largely, it would maintain its prices for June. The company would monitor the market ...

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China says EU anti-dumping probe into hot-rolled steel disrupts trade

China’s Ministry of Commerce said on Thursday that a European Union anti-dumping investigation into hot-rolled steel sheet piles imported from China would seriously disrupt regular steel trade between the two. Brussels earlier on Thursday said it was launching the probe after three EU manufacturers of the product, used in construction, alleged that Chinese exports have increased significantly at artificially low prices. Source: Reuters (Reporting by Tom Daly; Editing by Tom Hogue)

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Russia’s Mechel says coking coal concentrate sales down 19 pct yr/yr in Q1

Russian metals and mining group Mechel said on Thursday its first-quarter coking coal concentrate sales declined by 19 percent year-on-year to 1.61 million tonnes. Coal production edged down 2 percent to 4.97 million tonnes, while steel output declined by 6 percent from the same period a year earlier to 1.06 million tonnes. Source: Reuters (Reporting by Anastasia Lyrchikova Writing by Vladimir Soldatkin Editing by Edmund Blair)

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Vedanta Warns of Indian Aluminum Output Cuts on Coal Curbs

India’s biggest aluminum producer may be forced to reduce output if restrictions on coal supplies to the non-power sector drag on for another week, according to Vedanta Ltd.’s chief executive officer for metals business in the country. The group has just one day’s worth of coal stockpiles left at its Jharsuguda smelter in the eastern state of Odisha after a unit of state-run monopoly Coal India Ltd. stopped supplies from May 18, Samir Cairae said. Mahanadi Coalfields Ltd. last week issued orders to halt deliveries to all non-power customers following ...

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Egypt says Dubai trader failed to deliver on contracted wheat shipments

Dubai-based trader AOS, a leading supplier of wheat to Egypt, has failed to deliver two of its cargoes, Supply Minister Ali Moselhy told Reuters. Moselhy, who is also chairman of Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), said AOS had been offered two extensions for the delayed cargoes of about 120,000 tons of wheat but still failed to supply them. AOS declined to comment when contacted by Reuters. “They (AOS) have failed to deliver two cargoes, there were delays and we arranged new timings for them ...

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Japan buys 96,870 tonnes food wheat via tender

Japan’s Ministry of Agriculture bought a total of 96,870 tonnes of food-quality wheat from the United States and Canada in a regular tender that closed late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple after rice and buys the majority of the grain for milling via tenders typically issued three times a month. Details are as follows (in tonnes): COUNTRY TYPE QUANTITY U.S. Western White 15,925 * U.S. Dark Northern Spring(protein minimum 14.0 pct) 16,835 * U.S. ...

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Iraq exported 3.34mln bpd from southern ports in April- oil ministry statement

Iraq exported 3.339 million barrels per day (bpd) of crude oil from its central and southern oilfields in April, the oil ministry said on Wednesday. Iraq’s exports from the ports, managed by the central government in Baghdad, averaged 3.453 million bpd in March, up from 3.426 million bpd in February. There were no exports in April from the Kirkuk fields, located in northern Iraq and under the control of Baghdad, the oil ministry said. Kirkuk oil exports stopped in October, when Iraqi government troops backed by Shi’ite paramilitary forces dislodged ...

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