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China iron ore imports dip in April on shipping disruptions

China’s iron ore imports fell 3.5% in April from a month earlier, official customs data showed on Friday, as shipments to the world’s top iron ore consumer from major suppliers were disrupted by inclement weather. Arrival volumes of the steelmaking ingredient stood at 98.57 million tonnes last month, according to data from the General Administration of Customs. That compared with imports of 102.11 million tonnes in March and 95.71 million tonnes in April 2020. “Shipments from Australia declined recently due to a cyclone in early April,” Tang Binghua, analyst with ...

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Asian Development Bank to end coal, oil and gas financing -draft statement

The Asian Development Bank will no longer finance coal mining or oil and natural gas activities, it announced in a draft policy statement on Friday, a move welcomed by environmental groups, which said it was a decade overdue. The multilateral development bank, which focuses on eradicating poverty in Asia, provided no timeline for its commitment. It also laid out conditions under which fossil fuel projects would continue to receive funding, such as where no other cost-effective technology was available. Yongping Zhai, head of the ADB’s energy sector, said the draft ...

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China commodity imports rise in April on year

China’s imports of major commodities mostly rose in April from a year ago, data from the General Administration of Customs showed on Tuesday, as the world’s second-biggest economy continued its post-COVID-19 gains. China’s overall imports rose 43.1% from a year earlier, the fastest gain since January 2011. Below are comments from analysts on the commodities data. KEY POINTS: *Crude oil: April imports were at 40.36 million tonnes, down 0.2% yoy *Iron ore: April imports were at 98.57 million tonnes, up 3.0% yoy *Copper: April imports were at 484,890 tonnes, up ...

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German steel pricing sentiment bullish, market hopeful of production increase: Platts survey

German steel market participants aregearing up for further price increases in May following the latest round of hikes from market-leading mill ArcelorMittal on April 29 to Eur1,020/mt delivered across Europe for hot-rolled coil, with additional price increases expected this week at Eur1,050/mt ex-works Ruhr, data from the monthly steel sentiment survey by S&P Global Platts showed May 6. In the survey conducted among German producers, distributors, traders and end-buyers at the start of May, the index for steel price development stood at 96, indicating a notable expansion — an index ...

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French soft wheat crop rating slips again

The condition of French soft wheat declined for a fourth consecutive week but remained well above the level a year earlier, data from farm office FranceAgriMer showed on Friday, as crops emerged from a chilly, dry April. An estimated 79% of French soft wheat was in good or excellent condition in the week to May 3, down from 81% a week earlier, FranceAgriMer said in a cereal crop report. The drop was less than the four-point decline in the previous week, suggesting last week’s return of rain in parts of ...

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S Korea may seek more naphtha as polypropylene, medical device needs surge

South Korea’s major petrochemical makers have stepped up efforts to boost production of polypropylene as base material demand for medical device manufacturing surged following the rollout of vaccination programs across Asia, opening the door for the country to import more petrochemical feedstock naphtha. South Korea’s demand for polypropylene and polyethylene, which are essential for making general medical devices including mask filters, plastic disposable syringes and hypodermic needles, as well as protective medical suits and gears, jumped by more than 34% in the first-quarter from a year earlier, according to downstream ...

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Bangladesh gets offers in 50,000 tonne wheat tender – traders

Bangladesh’s state grains buyer received a lowest offer of $324.90 a tonne CIF liner out in an international tender on Thursday to purchase and import 50,000 tonnes of wheat, traders said. No purchase has yet been made and the offers are still being considered, they added. The south Asian nation is importing rice and wheat to shore up depleted reserves after repeated floods last year damaged its crops, sending domestic prices to record highs. The offer was submitted by trading house Soubhik Exports for Indian-origin wheat, traders said. This was ...

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Colombian coal exports drop 65.1% on week: Kpler

Colombia exported roughly 598,272 mt of coal on 12 coal carriers in the week ended May 5, down 65.1% from 22 ships carrying 1.71 million mt the previous week, according to commodities data provider Kpler. More than 53%, or 317,365 mt, are headed to Panama, while 148,600 mt and 86,345 mt were shipped to Israel and Chile, respectively, according to the data. In the week ended April 28, the top export destinations were Turkey, at 260,018 mt; Brazil, at 205,249 mt; Chile, at 199,179 mt; and the Netherlands, at 186,498 ...

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London copper hits record high on recovery hopes, supply worries

London copper prices hit a record high on Friday, boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major economies recover from the COVID-19 pandemic. Three-month copper on the London Metal Exchange rose 1.4% to hit an all-time high of $10,232 a tonne at 0202 GMT. The contract has risen more than 30% since the beginning of the year. The most-traded June copper contract on the Shanghai Futures Exchange climbed as much as 2.3% to 74,630 yuan ($11,552.99) a tonne, its highest since ...

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VEGOILS-Palm set for best week in two decades on edible oil supply worries

Malaysian palm oil futures climbed 3% on Friday, putting them on course for their sharpest weekly gain in nearly two decades, as agricultural markets rally on global edible oil supply concerns. The benchmark palm oil contract for July delivery FCPOc3 on the Bursa Malaysia Derivatives Exchange rose 133 ringgit, or 3.16%, to 4,348 ringgit ($1,057.01) a tonne, as of 0305 GMT, its highest since March 4, 2008. The futures contract was set for a 12.5% rise for the week, its biggest since July 2001. The contract for May delivery was ...

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China’s April oil imports fall 0.2% y/y as refining margins narrow

China’s crude oil imports in April fell 0.2% from a year earlier as refiners curbed production to relieve a squeeze in profit margins brought about by rising crude oil prices and bulging inventories. The world’s biggest crude oil buyer brought in 40.36 million tonnes of crude oil in April, or 9.82 million barrels per day (bpd), data from the General Administration of Customs showed on Friday. That was the lowest since December and was down from 11.69 million bpd of imports in March. As crude oil prices hovered above $60 ...

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Maybank to stop coal financing

Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda. Currently, coal financing makes up 0.2% of the bank’s total portfolio. Group president and chief executive officer Datuk Abdul Farid Alias said the bank aims to transition together with its borrowers to achieve sustainable renewable energy mix in the medium and long term. “There’s no new coal financing going forward for Maybank,” he told reporters after the bank’s 61th annual general meeting here today. He said No Deforestation, No New Peat, and No Exploitation ...

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China to strictly manage steel smelting in effort to achieve carbon neutrality goal

The National Development and Reform Commission (NDRC) released an official report on Thursday targeting steel smelting projects in an effort to push the steel industry to achieve carbon neutrality and promote green, low-carbon and high-quality development. The construction of steel smelting projects must meet the requirements of advanced technology and equipment as well as leading indicators in the steel industry to achieve green and intelligent development, according to the NDRC’s report, adding that pollutant emissions should meet the strict requirements. This move aims to upgrade China’s steel industry and reduce ...

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Iron-ore prices hit record high with appetite for steel ‘far beyond expectations’

Iron ore logged its highest price on record Thursday, buoyed by insatiable demand for steel in China. The benchmark S&P Global Platts IODEX, the spot price of 62% iron- fines delivered to China, was assessed at a record high of $202.65 per dry metric ton on Thursday. It trades up by about 27% from the Dec. 31 price, according to data from S&P Global Platts. “Appetite for steel has been far beyond expectations as China returned to work [Thursday], helping iron ore fly past this historic milestone,” said Julien Hall, ...

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Ukraine grain exports down 23.6% so far in 2020/21 season

Ukrainian grain exports have fallen by 23.6% to 39.24 million tonnes so far in the July 2020 to June 2021 season, agriculture ministry data showed on Friday. The exports included 15.14 million tonnes of wheat, 19.36 million tonnes of corn and 4.12 million tonnes of barley, the data showed. Traders have used about 86.5% of the total wheat export quota of 17.5 million tonnes, which was imposed for the whole 2020/21 July-June season. The ministry has said that wheat exports are unlikely to reach the full quota this season. Ukraine ...

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