China’s iron ore imports in 2024 rose for a second year to a record high, up 4.9% from the prior year, customs data showed on Monday, as lower prices spurred buying and demand remained resilient despite its sluggish economy. The world’s largest iron ore consumer brought in a total of about 1.24 billion metric tons last year, data from the country’s General Administration of Customs showed, versus 1.18 billion metric tons in 2023 when it posted an annual increase of 6.6%. Sign Up for the Iron Ore Digest Although steel ...

China’s crude oil imports fell 1.9% in 2024, data showed on Monday, the first annual decline in two decades outside of pandemic-induced falls, as tepid economic growth and peaking fuel demand dampened purchases. Imports totalled 553.4 million metric tons, equivalent to 11.04 million barrels per day (bpd), according to data from the General Administration of Customs. That compared with 2023’s record 11.28 million bpd. Imports in December fell to 47.84 million tons, or 11.27 million bpd, from 11.81 million bpd in November and 11.39 million bpd in December 2023. “China ...

Iron ore futures rallied to their highest in more than a week on Monday, as revived hopes of more stimulus from top consumer China boosted sentiment. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) TIO1! surrendered some earlier gains to end daytime trade 1.92% higher at 768.5 yuan ($104.82) a metric ton. It hit the highest level since Jan. 3 at 772.5 yuan a ton earlier in the session. The benchmark February iron ore (SZZFG5) on the Singapore Exchange gained 1.75% to $98.85 a ton as ...

India, the world’s third-largest oil importer and consumer, does not expect any disruption to Russian oil supply in the next two months as US-sanctioned tankers are allowed to discharge crude until March, a senior government official said on Monday. The US Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have shipped Russian oil, targeting revenue Moscow has used to fund its war with Ukraine. India will allow Russian oil cargoes booked before Jan. 10 to discharge at ports, the ...

Chicago corn and soybean futures remained around multi-month highs on Monday after the U.S. Department of Agriculture (USDA) cut its estimates of U.S. crops, indicating tighter supplies than previously thought. Wheat futures also rose on spillover support from other grains, but rises were capped by USDA forecasts of U.S. winter wheat plantings above trade expectations, weak demand and a strong U.S. dollar making U.S. exports less competitive in global markets. DXY Chicago Board of Trade most active corn ZC1! rose 0.9% to $4.74-3/4 a bushel at 1217 GMT after hitting ...

Copper prices hit one-month peaks on Monday on optimism about global growth and demand, particularly in top consumer China, which increased imports of the industrial metal last month. Benchmark copper HG1! on the London Metal Exchange (LME) traded 0.1% higher at $9,104 a metric ton in official rings after touching its highest since Dec. 12 at $9,150. China’s imports of unwrought copper and copper products hit a 13-month high in December, rising nearly 18% year on year to 559,000 metric tons, customs data showed. Another indication of stronger demand is ...

The amount of natural gas flowing to U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to fall to a one-month low on Monday, according to data from financial firm LSEG. Freeport LNG is one of the most closely watched LNG export plants in the world because the start and stop of its operations often cause massive price swings in global gas markets. U.S. gas futures NG1! turned negative due in part to the reduction at Freeport after soaring about 10% earlier in the ...

Malaysian palm oil futures closed higher on Monday, tracking strength in rival soyoil on Dalian and Chicago markets. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange rose 113 ringgit, or 2.57%, to 4,504 ringgit ($999.11) a metric ton at the close. “Today’s market is tracking external performance of Dalian and Chicago soyoil,” a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract (DBYcv1) rose 2.81%, while its palm oil contract CPO1! added 3.16%. Soyoil prices on the Chicago Board of Trade ZL1! were up ...

Following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CST (1430 GMT) on Monday. WHEAT – Up 3 to 6 cents per bushel * Wheat futures were higher on spillover support from soy and corn futures but capped by a strong dollar making U.S. exports of the grain less competitive on the global market. * Russian wheat export prices have remained almost unchanged since the beginning of the year, with trading muted by the long New Year ...

China, along with the International Maize and Wheat Improvement Center (CIMMYT), will deepen cooperation in crop breeding and production with countries in Africa and South Asia, according to a forum held in Sanya, Hainan province. At the China-CIMMYT for South-South Cooperation Forum, experts discussed collaboration in wheat science, technology promotion, and training between China, CIMMYT, and the Global South, according to the organizer. Wheat is the cornerstone of global food security, yet climate change has severely affected wheat production in low-latitude regions such as South Asia and Africa, said Hans ...

Egypt’s wheat imports jumped to their highest level in 10 years in 2024, reaching 14.2 million tons, compared to 10.8 million tons in 2023, according to an official document obtained by Asharq Business. This increase was mainly driven by the abundance of the dollar, in addition to the decline in average global wheat prices last year to $240 per ton, versus their prices in 2023, which exceeded $350 per ton. The Egyptian government’s share of imported wheat amounted to 6.2 million tons last year, an increase of 30% over 2023, ...

Canada’s total wheat exports were at 289,800 mt in the week ended on Jan. 5, down 20% from the week prior. Spring wheat outflows rose to 272,400 mt, up 41% from the 192,300 mt seen during the previous week. Meanwhile, those of durum grade dropped significantly on the week to 17,400 mt compared to the 170,600 mt exported during the previous week, Canadian Grain Commission data showed on Jan. 9. Platts, part of S&P Global Commodity Insights, assessed 13.5% CWRS wheat FOB Vancouver (30-45 days forward) at $267.31/mt on Jan. ...

India is set to finalise a preliminary agreement with Mongolia in the field of geology and exploration. This mining pact aims to secure copper and coking coal supplies that are crucial to meet growing demand in India’s power, construction and steelmaking sectors, according to a report by Reuters, citing sources. Landlocked Mongolia is rich in copper and coking coal deposits, while India is largely dependent on imports for these resources. An official said: “India’s cabinet has approved the MOU [memorandum of understanding], and both countries are expected to sign it ...

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow’s top customers, traders and analysts said. The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft SIBN and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenues Moscow has used to fund its war with Ukraine. Many of the tankers have been used to ship oil to India ...

The Philippines is encouraging importers of liquefied natural gas (LNG) to voluntarily aggregate purchases of the super-chilled fuel in efforts to lower prices and improve market efficiencies, government officials said. “If there is a voluntary effort, then we encourage the industry to aggregate their supply of importation of LNG,” said energy secretary Raphael Lotilla, speaking to reporters at a press event. He added that the government is studying options to appoint a state entity to lead aggregate buying efforts, but that non-government entities could do so as well. While the ...