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Indonesia sees 2023 coal exports of 457 mln T, less than earlier cited – official

Indonesia’s coal exports are targeted at 457.3 million tonnes this year, an energy official said on Tuesday, a day after the minister said exports would reach a record of more than 500 million tonnes. The ministry’s coal director, Lana Saria, said exports would drop this year, however, despite demands from European buyers, as domestic consumption is seen rising. She said the data earlier cited by the minister had not been reconciled. She also said Indonesia is assessing the impact of China’s resumption of coal imports from Australia. “Whether China would ...

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Japan’s 2022 oil imports rises 9.7% y/y to 2.73 mln bpd – METI

Japan’s crude oil imports rose 9.7% to 2.73 million barrels per day (158.64 million kilolitres) in 2022 from a year earlier, marking a second straight year of increases, preliminary data released by the Ministry of Economy, Trade and Industry (METI) showed on Tuesday. Oil imports rose last year as fuel demand continued to recover from the pandemic-induced slump in 2020. Under METI’s data, crude oil imports represent the amount that directly enters refineries, oil stockpiling bases or oil terminals. The country’s oil imports from Russia fell 60.2% from a year ...

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Russia to ship 20,000 tonnes of oil from Kazakhstan to Germany via Druzhba pipeline in February

Russia’s Transneft said on Tuesday that oil shipments from Kazakhstan to Germany via the Druzhba pipeline, exempt from Western sanctions, will begin in February, the RIA Novosti news agency reported, citing Transneft. The company said it had agreed a contract to supply 20,000 tonnes of Kazakh oil to Germany in February. The TASS news agency also said it had supplied 500,000 tonnes of oil to Poland via the Druzhba pipeline. The European Union has pledged to stop buying Russian oil via maritime routes from Dec. 5 as part of wider ...

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Ukraine grain exports down 30.8% so far in 2022/23, ministry says

Ukraine has exported almost 26.3 million tonnes of grain so far in the 2022/23 season, down from the 37.9 million tonnes exported by the same stage of the previous season, agriculture ministry data showed. The volume included about 9.4 million tonnes of wheat, 14.9 million tonnes of corn and about 1.8 million tonnes of barley. The ministry said grain exports so far in January had reached 3.5 million tonnes as of Jan. 30, down from 5.5 million tonnes in the same period last year. After an almost six-month blockade caused ...

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Recent precipitation in U.S. Plains fails to lift shabby wheat health

Parched winter wheat in the U.S. Plains has received well above average precipitation this month and drought levels have improved since last fall, but crop health has not yet made a significant recovery. Nationally, U.S. winter wheat conditions at the end of November were nearly the worst ever for the date, and updated state reports on Monday confirm that the wheat-heavy Plains are still in need of cooperative weather going forward to avoid yield losses similar to last year. Winter wheat condition in top grower Kansas is 21% good or ...

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Composite PMI of Stainless Steel Sector in Contraction Zone in Jan due to Holiday Factor

In January, 2023, most players in the stainless steel market were closed early for Chinese New Year holiday, hence the composite PMI of the industry came in at 49.82, staying in the contraction zone. Specifically, stainless steel mills mostly carried out maintained in the second half of January affected by weak demand and high costs, and the production index was below the 50-point market and stood at 49.5. Although the market demand was poor ahead of the CNY holiday, the players were optimistic about the post-holiday market. So the signing ...

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Squeezed mining companies face growth dilemma

High costs and the prospect of shrinking earnings have made big miners nervous about expansion, even as shareholders demand investment in response to robust commodity prices, China’s reopening and the role of minerals in decarbonising the economy. Although years of cost discipline have repaired balance sheets from past over-spending, full-year results announcements in February are expected to show a fall in miners’ earnings and in shareholder payouts from the record levels reported in 2022 after disruptions lowered output and costs rose for energy, explosives and equipment. Disruptions at copper mines ...

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China’s copper costs driven up by Maike’s woes, output glitches

China’s copper buyers face higher costs for the metal this year, buyers and analysts said, after market disruptions from top importer Maike Group’s financial woes and production glitches at domestic smelters pushed local premiums to their highest in years. Copper traders around Shanghai and in industrial Guangdong province to the south say the premium that buyers pay above futures prices for domestic copper have surged since the second half of last year, potentially affecting the renewable energy and construction sectors that rely heavily on the metal. “Import supply disruptions caused ...

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Asia absorbs big rise in Russian Urals crude exports – sources

Asian markets are showing no let up in their demand for Russian oil, absorbing a big rise in seaborne exports of Urals crude this month and helping Moscow cope even as most Western buyers stay away, according to traders’ and Refinitiv Eikon data. At least 5.1 million tonnes of Urals are being shipped from Russia’s European ports of Primorsk, Ust-Luga and Novorossiysk to Asia in January, the data show. The final destinations for another 1.9 million tonnes of the grade has yet to be identified, but traders expect most of ...

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Russia bans oil exporters from adhering to Western price caps

The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. The G7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel ...

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China’s quest to keep more oil barrels at home to limit product exports in 2023

China’s much anticipated oil demand revival will likely prompt the country to keep more barrels at home this year — a trend that could lead to a slump in clean oil product exports from Asia’s biggest oil consumer toward the later part of 2023, sources told S&P Global Commodity Insights. Although Chinese refiners are holding plentiful export quotas now, analysts and industry sources said Beijing could do another U-run and put a lid on exports if domestic demand picks up. Any shortfall in cargoes from China at a time when ...

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Japan buyers agree to pay Q1 aluminium premiums of $85-$86/T, sources say

The premiums for aluminium shipments to Japanese buyers for January to March were set at $85-$86 a tonne, down 13%-14% from the previous quarter, reflecting slack demand and high stocks, six sources directly involved in pricing talks said. The figures are lower than the $99 per tonne paid in the October-December quarter and mark a fifth consecutive quarterly decline and the lowest premium since the July-September quarter of 2020. Japan is Asia’s biggest aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the ...

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Australian state to soon finalise order for miners to beef up coal supply

New South Wales is set to finalise an order by mid-February that will require all mining firms in Australia’s biggest coal exporting state to reserve as much as 10% of their output for domestic supply. A Department of Planning and Environment spokesperson said the government would issue final directions after talks with miners. “The draft revised directions allow suppliers the option to provide coal from their own production or to strike an agreement from another supplier to meet their obligations under the directions,” the spokesperson said. The updated plan, disclosed ...

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Soybeans, corn, wheat edge lower on technical selling

Chicago soybean futures inched lower on Wednesday on technical selling, even as dry weather in top producer Argentina stoked supply worries and hopes grew that demand would pick up in top buyer China after the week-long Lunar New Year holiday. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 dipped 0.1% to $15.37-1/4 a bushel, as of 0506 GMT. Wheat Wv1 was slightly down at $7.61 a bushel, while corn Cv1 lost 0.4% to $6.76-3/4 a bushel. The demand outlook has improved for soybeans, with China reopening ...

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MMi Daily Iron Ore Index Report February 01 2023

DCE iron ore futures declined by 0.69% today, the main contract closed 867.The traders’ willingness

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