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Europe, Asia gas buyers switching to long-term supplies to beat volatile prices

Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, industry executives said, in moves that will reverse the last decade’s trend of increasing spot purchases. Fears of disruptions in Russian gas to Europe and low inventories led the continent to import record volumes of spot liquefied natural gas (LNG), driving prices to all-time highs earlier this year and sparking energy security concerns among buyers globally. Years of low investments mean new supplies are scarce while Russian ...

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U.S. wheat falls on Russian corridor, corn also lower

U.S. wheat futures fell on Wednesday following reports that Russia was ready to provide humanitarian corridors for food shipments, while corn hovered near a six-week low as U.S. planting picked up and China allowed Brazilian corn imports. Soybeans edged lower. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 2.8% at $11.22 a bushel by 1023 GMT. Russia is ready to set up a humanitarian corridor for vessels carrying food to leave Ukraine in return for the lifting of some sanctions, the Interfax news agency ...

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BRAZIL CORN WATCH: Frost damage limited, dryness concerns remain

The damage to the 2021-22 second corn crop following the frost last week is likely to be limited in the key growing regions of Brazil, according to local reports. In the extreme west of Parana, the second-largest producer of corn, frosts were occasional and weaker and no significant damage to the cereal crop was seen, Brazil’s national agricultural agency Conab said May 23. Meanwhile, dry weather conditions and lack of adequate rainfall continue to be a cause of concern in Brazil. “Dry weather prevailed across the safrinha corn areas in ...

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Shanghai steel futures range-bound as COVID lockdowns offset stimulus measures

Chinese steel futures flitted in a tight range on Wednesday, as COVID-19 lockdowns continue to dampen market demand despite a raft of recent stimulus measures to prop up an ailing real-estate market and the world’s second-largest economy. Regulators have pledged to keep credit growth stable in the property sector, and said would broaden tax credit rebates, postpone loan payments, and roll out more investment projects to help the economy hit by the pandemic outbreaks. “However, we noticed the new round of COVID outbreak since March had led to intensifying prevention ...

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World Steel Association: April 2022 crude steel production Down 5.4%

Crude steel production by region Africa produced 1.2 Mt in April 2022, down 5.4% on April 2021. Asia and Oceania produced 121.4 Mt, down 4.0%. The EU (27) produced 12.3 Mt, down 5.4%. Europe, Other produced 4.2 Mt. up 0.5%. The Middle East produced 3.3 Mt, down 14.5%, North America produced 9.4 Mt, down 5.1%. Russia & other CIS + Ukraine produced 7.3 Mt, down 18.4%. South America produced 3.6 Mt, down 4.8%. The 64 countries included in this table accounted for approximately 98% of total world crude steel production ...

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Leading judicial expert Sir Nigel Teare is elected new chairman of the Association of Average Adjusters

Distinguished former High Court judge Sir Nigel Teare has been elected to serve as chairman of the Association of Average Adjusters for the year 2022/2023. He was nominated to succeed Michiel Starmans of Amsterdam-based Spliethoff Group as chairman at the annual general meeting in London of Fellows of the Association on May 11, 2022. Sir Nigel retired from the High Court of England and Wales in 2020 and is now an arbitrator. Mr Starmans said that Sir Nigel was the ideal candidate for the chairmanship as a recently retired senior ...

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Kazakhstan to increase minerals extraction tax on key metals

Kazakhstan, a major metals producer, plans to increase the minerals extraction tax rate by 50 per cent for exchange-traded metals and by 30 per cent for other commodities such as iron ore and chrome, Economy Minister Alibek Kuantyrov said on Wednesday. The Central Asian nation is a major exporter of copper and zinc, and also produces iron ore, alumina, chrome, gold, silver and other metals in significant quantities. Kuantyrov presented the tax increases, which also includes provisions for higher taxes on cryptocurrency mining and tobacco products, in parliament whose lower ...

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India’s palm oil imports could fall to 11-yr low – dealers

India’s palm oil imports could fall 19% to the lowest level in 11-years as soyoil, now cheaper, takes more market share because of Indonesia’s curbs on palm oil exports and New Delhi’s move to allow duty-free imports of soyoil, dealers said. Lower palm oil purchases by the world’s biggest vegetable oil importer could put pressure on Malaysian palm oil prices FCPOc3 and may lift soyoil imports to record highs and support U.S. soyoil futures prices BOc1. India’s palm oil imports in the 2021/22 marketing year, ending on Oct. 31, could ...

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Latin America soybean oil prices retreat 9% from record highs

Soybean oil prices in South America have lost nearly 9% since the April 28 record high, as sluggish demand from destinations and increasing supplies from Argentina and Brazil impacted market sentiment. Both Argentinian FOB Up River and Brazilian FOB Paranagua front-month outright prices were assessed at $1,745.40/mt on May 23, down 8.6% and 8.3%, respectively from the record highs reached on April 28, according to Platts assessments from S&P Global Commodity Insights. The drop in prices was partially due to a lack of fresh demand from key importers such as ...

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Iron ore futures close higher

Iron ore futures closed higher on Wednesday in daytime trading at the Dalian Commodity Exchange (DCE). The most active iron ore contract for September 2022 delivery gained 3 yuan (about 45 U.S. cents) to close at 852 yuan per tonne. On Wednesday, the total trading volume of 12 listed iron ore futures contracts on the exchange was 749,663 lots, with a turnover of almost 62.4 billion yuan. As the world’s largest importer of iron ore, China opened the DCE iron ore futures to international investors in May 2018. Source: Xinhua

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India could cut import tax on some edible oils to tame local prices -sources

India could soon cut an import tax on crude soyoil and crude sunflower oil, trade and government sources said on Tuesday, as the world’s biggest vegetable oil importer tries to keep a lid on local prices. The reduction in the duty, known as the Agriculture Infrastructure and Development Cess (AIDC), could bring down domestic prices and help consumers and domestic refiners cushion the blow from surging food costs. The government could either cut or axe the 5% AIDC, said the sources who did not wish to be named as they ...

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India to allow tax-free import of 4 million mt sunflower, soybean oil

India has waived all taxes on an annual import of 2 million mt crude soybean oil and crude sunflower oil each, the finance ministry said May 24. The ruling comes into force from May 25 and will be effective for two years, until March 31, 2024, the ministry said in a notification. India is the world’s largest importer of vegetable oils and buys 13 million-15 million mt annually, of which sunflower and soybean oils account for nearly 35%-40%, with palm oil accounting for a major share of imports. This move ...

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Ukraine exports 28,000 T grain by trucks so far in May – APK-Inform

Ukraine exported around 28,000 tonnes of grain by truck from May 1 to 22, APK-Inform agriculture consultancy said on Tuesday, quoting official data. In peacetime, Ukraine, a major global grain grower and exporter, ships abroad up to 6 million tonnes a month of grain. Its exports fell sharply after Black Sea ports were blocked due to the Russian invasion that began on Feb. 24. APK-Inform said the exported volume included 26,300 tonnes of corn, 1,200 tonnes of wheat and some tonnage of other grains. Most of the grain was exported ...

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G7 ministers may pledge to phase out coal, decarbonise power -draft

Climate ministers from the Group of Seven economic powers will this week consider committing to phase out polluting coal-fuelled energy by 2030 and decarbonise their power sectors by 2035, according to a draft meeting communique seen by Reuters. The invasion of Ukraine by Russia, a top fossil fuel exporter, has triggered a dash among some countries to buy more non-Russian fossil fuels and burn more coal to cut reliance on Russian gas – raising fears that the energy crisis triggered by the war could undermine efforts to fight climate change. ...

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EU scrap metal export curbs would be backwards step in global decarbonization: BIR

Scrap metal export controls out of the European Union would be a step backwards in the global decarbonization drive and could also result in lower scrap arisings within the European region, speakers at the International Bureau of Recycling, or BIR, convention in Barcelona said May 23. This could fly in the face of the aim of the current revision to the European Commission’s Waste Shipments Regulation, which sets out to boost the competitiveness of scrap supplies to EU industry to facilitate decarbonization, the convention heard. “Export controls would be the ...

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