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Unable to Buy Iran Oil, New Turkish Refinery Turns to Russia

Azerbaijan’s state oil company is turning to Russia to supply a new $6.3 billion refinery it built in Turkey because shipments from one of its preferred suppliers — Iran — are off the table due to U.S. sanctions. The Star Refinery in Aliaga on the Aegean coast agreed to buy an initial 1 million tons of Urals crude — about one tenth of the plant’s annual processing — from Russia’s Rosneft PJSC, Mesut Ilter, the facility’s chief executive officer, said in an interview. “If there were no restrictions, we would ...

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Indonesia exports 82.2 LNG cargoes from Bontang, Tangguh in Jan-June -SKK Migas

Indonesia has exported 82.2 standard cargoes of liquefied natural gas (LNG) from Bontang and Tangguh plants during January-June 2019, according to upstream oil and gas regulator SKK Migas’ senior official Arief Setiawan Handoko. The country produced 57.2 standard cargoes of LNG in Bontang LNG Plant from January-June 2019, compared to 78.3 standard LNG cargoes during the first six months of 2018. From Tangguh LNG plant, it produced 56.8 standard cargoes from January-June 2019, compared to 60.8 standard LNG cargoes during the first six months of 2018. Indonesia’s overall domestic use ...

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China iron ore falls as port stocks hit over 1-month high

Benchmark Dalian iron ore futures fell 1.6% in a largely sluggish trade on Monday, pressured by weak demand for the steelmaking material and rising port inventory across China. The most-actively traded iron ore contract on the Dalian Commodity Exchange (DCE), for September delivery, ended at 885 yuan ($128.67) a tonne. Port stocks of seaborne iron ore across China stood at 118.35 million tonnes, as of July 19, rebounding from a two-and-a-half-year low of 115.25 million tonnes, as of June 28, data tracked by SteelHome consultancy showed. The latest weekly figure ...

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China Taiyuan coal transaction price index down 0.27 pct

China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week. The index, released by China Taiyuan Coal Transaction Center (CTCTC) based in Shanxi, a coal-rich province, reflects the coal price levels and changes in the main production areas of China. It is published every Monday. Analysts said that the increasing power generation of hydropower stations in southern China had suppressed the demand for thermal power, resulting in the overall low daily coal consumption of downstream thermal power plants and weak demand for coal ...

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Jordan Silos company tenders to buy 25,000 tonnes wheat – trade

Jordan’s state-owned Silos and Supply General Company has issued an international tender to buy 25,000 tonnes of milling wheat, European traders said on Monday. The tender deadline is July 30. Shipment is sought in the first half of September. The company’s tenders are separate from those issued by Jordan’s trade ministry, Jordan’s main state grains buyer. The ministry has issued another tender for 120,000 tonnes of wheat closing on Tuesday. Source: Reuters (Reporting by Michael Hogan)

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China to impose anti-dumping tax on stainless steel from Indonesia, EU, Japan, South Korea

China said on Monday it will impose anti-dumping duties on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia. Anti-dumping tariffs of 18.1% to 103.1% will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the EU and the three Asian nations, effective July 23, China’s Ministry of Commerce said in a statement. The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel (000825.SZ). “The investigation agency has made a ...

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Commodities worth $642m traded at IME in a week

During weekdays ending up to July 18, while 589,761 million tons (MT) of commodities worth over $642 million were traded at Iran Mercantile Exchange (IME), the trading volume and value experienced a growth of 46 percent and 37 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, 247,558 MT of various products worth close to $284 million were traded. On this trading floor, 233,456 MT of steel, 1,570 MT of copper, ...

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China steel mill boss detained for pollution offences: state media

The boss of a steel mill in the city of Tangshan in Hebei province has been detained after his plant was found to have violated anti-smog restrictions, state media reported on Monday. The Tangyin Steel Plant, owned by the Tangshan Iron and Steel Group, had failed to carry out a mandatory 50% production cut, imposed by the local government, the Futures Daily newspaper reported. The paper said all three of its blast furnaces were still in full operation when the plant was visited by inspectors on July 19, and its ...

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Iran says tanker incidents have not impacted its oil exports – SHANA

Iran’s oil minister, Bijan Zanganeh, said on Sunday that the country’s oil exports had not been impacted so far by the recent tanker incidents in the Gulf. “Oil tankers and export of oil is one of the issues in which we have limitations and the U.S. and its allies have caused restrictions for us and we have to be sensitive,” the Iranian oil ministry’s SHANA news agency quoted him as saying. Britain has called Iran’s capture of the Stena Impero in the Gulf on Friday a “hostile act” and rejected ...

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German coal imports could fall 10% in 2019 in face of rising renewable power

Germany’s hard coal imports may fall for the fourth year in a row this year and by around 10% from 2018 levels, importers’ group VDKi forecast, citing competition from renewable energy and slack demand from steelmakers. Germany’s position as Europe’s biggest coal importer has an influence on global coal trade flows and prices at landing ports. VDKi forecast imports of between 39 million and 43 million tonnes in 2019 compared with 46.7 million in 2018, revising a January forecast for higher volumes this year, which had been based on the ...

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Brazil’s corn exports jump on early harvest, bumper crop, competitive prices

Brazil, the world’s second largest corn producer and exporter after the US, is stepping up its exports rapidly this year amid a bumper domestic crop and expectation of a fall in the US corn production. The South American nation exported 2.4 million mt of corn in May-June this year, which is significantly higher than an average export of 343,415 mt during the same period over the last six years, according to the official data. Corn exports from Brazil are usually the lowest in May-June period. However, the amount of corn ...

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Tight global supply puts low grade Indian iron-ore fines back on international buyers’ shopping list

Tightening of supplies of iron-ore from global resource majors has triggered a spike in outward shipments of the steelmaking raw material through Indian ports and also put low grade fines back in favour with global steel mills. According to data sourced from the Indian Ports Association, outward bound iron-ore traffic, including pellets, was up 15.33% during April to June, compared with the corresponding period in the previous financial year, at 12.188-million tons. More significantly, aggregating traders based in the eastern state of Odisha point out that tightening global supplies of ...

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Surging iron ore price boosts BHP, Rio in ‘championship quarter’ for miners

In Australian rules football, the third quarter of a game is sometimes described as the ‘Premiership quarter’, a crucial period in which dominance is established or cemented en route to a victory. In the mining business, the fourth quarter of the financial year is often critical in determining whether a company generates enough profits to pay shareholders juicy dividends. Respected UBS analyst Glyn Lawcock describes it as the ‘championship quarter’. And for resources heavyweights such as BHP and Rio Tinto, it lived up to the billing this year. Quarterly reports ...

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GRAINS-Corn prices down 1.6% on favourable U.S. weather, wheat eases

Chicago corn futures slid 1.6% on Monday, falling for two out three sessions, as forecasts of cooler weather across much of the U.S. Midwest eased fears about potential yield losses. Wheat fell almost 1%, weighed down by plentiful world supplies, while soybeans gave up 0.7%. The most-active corn contract on the Chicago Board Of Trade was down 1.6% at $4.28-3/4 a bushel by 0338 GMT, having gained 1.4% in the previous session. Wheat was down 0.9% at $4.98 a bushel, having closed up 1.8% on Friday. Soybeans lost 0.7% to ...

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Russia’s Slipping Wheat Yields Cast Doubt on Crop Outlook

Russia’s wheat harvest so far shows yields have dipped below last year’s level, raising questions about current crop estimates. Yields fell 3% from a year earlier as the top wheat shipper processed wheat from 8.2 million hectares, Agriculture Ministry data show. The acreage is about 30% of total plantings, according to SovEcon. The decline, which comes after hot and dry weather in June and May, contrasts with estimates that show Russia’s crop increasing from a year earlier. SovEcon said on Thursday it’s reconsidering its outlook. “Generally, yields have been worse ...

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