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Moody’s Paints Bullish Picture of Indian Steel Sector

Moody’s Investors Service has said India will be the brightest spot for the steel sector over the next 12-18 months, according to a report by the Hindu Business Line. Moody’s pointed out that India’s steel consumption was rising at least 5.5%-6% every year, tracking strong GDP growth of 7.3%-7.5%. It said rated Indian steel producers had only marginal exposure to the U.S. Moody’s has estimated that their indirect exposure may also be limited, given most of their sales were to domestic automotive and manufacturing companies. In fact, on Tuesday the ...

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Turkey scrap price rebound leaves rebar, billet in the shade

A strengthening of prices of Turkish imports of ferrous scrap has led to rebar and billet steel prices losing ground, with scrap increasing in relative strength last week, according to analysis by S&P Global Platts. Current regional long steel trends have been developing since the end of August, when scrap surged by 8% over a few days. Relative price strength indicators for the commodities had drawn close to their 30-day average expected trading values, and then scrap prices saw a spurt and left rebar and billet behind. This marked a ...

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GRAINS-Soybeans fall to near 10-year low

U.S. soybean futures fell to a near 10-year low on Tuesday as the U.S. Department of Agriculture said the harvest of U.S. crops was rapidly advancing, pressuring market sentiment already soured amid a trade war between Washington and Beijing. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade were down 0.2 percent to $8.21-3/4 a bushel by 0016 GMT, near the session low of $8.20 a bushel – the lowest since Dec. 10, 2008. On Monday, soybeans firmed 0.8 percent. * The most active corn futures ...

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Russia’s oil export duty seen rising to $137.5/T in October

Russia’s oil export duty CL-EXPDTY-RU is expected to rise to $137.5 per tonne in October from $130.0 a tonne in September, data from the finance ministry showed on Monday. The level of the duty is calculated by the finance ministry and is based on the monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices from Aug. 15 to Sept. 14. Export duty per tonne, in U.S. dollars: October September RICs Average price for 74.46 71.05 URL-NWE-E calculation (barrel) URL-E Average price (tonne) 543.5 518.7 URL-NWE-E URL-E Crude oil 137.5 130.0 ...

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S.Korea’s August coal imports down 3.0 pct y/y

South Korea’s coal imports fell 3.0 percent to 11.0 million tonnes in August compared with a year earlier, according to customs data released on Saturday. Total coal imports are composed of steam coal for power generation and coking coal for steel production. Details of total imports in August are as follows: (in tonnes/ in $/T) August 2018 August 2017 Australia 3,289,112/ $123.07 4,061,577/ $103.87 Indonesia 2,807,490/ $ 71.97 2,783,174/ $ 60.75 Russia 2,755,723/ $107.53 2,355,650/ $ 81.80 Canada 961,188/ $151.90 741,723/ $108.41 South Africa 581,795/ $100.13 488,123/ $ 83.65 Colombia ...

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As Trump Touts Steel Revival, Investors Still Await Payoff

A lot of investors seem to have lost the memo on the revival of the American steel industry. U.S. President Donald Trump took to Twitter to boast about new plants amid robust demand. While he’s right that the industry is thriving, it’s also worth noting that gains in steel stocks since the U.S. announced import tariffs on the metal have trailed the broader market. Our Steel Industry is the talk of the World. It has been given new life, and is thriving. Billions of Dollars is being spent on new ...

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U.S. willing to exempt Indian steel, aluminium exports from high tariff with riders – ET NOW TV channel

The United States is willing to grant a conditional waiver to Indian steel and aluminium products from higher import tariff, television channel ET NOW said on Tuesday citing sources. India has written to the U.S. government seeking exemption from the 25 percent levy on steel and 10 percent on aluminium as exports of the two products from India did not pose a security threat to America, Reuters reported in March. In response to Washington’s refusal to exempt it from its new steel and aluminium tariffs, New Delhi decided in June ...

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Chinese iron ore and steelmaking prices September 18 2018

China’s futures market remained stable amid fluctuation.

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Out-of-kilter Newcastle 6,000 NAR thermal coal prices put future of Asian benchmark in question

In Asia Pacific thermal coal circles it is known as the “great decoupling” and refers to the yawning gap between spot traded prices for Newcastle 6,000 NAR thermal coal and another grade of Newcastle thermal coal, 5,500 kcal/kg NAR. That gap has blown out to an unprecedented $50/mt, from only $10/mt in early February, and the phenomenon has not gone unnoticed in wider business circles. A September 12 report in the London Financial Times headlined “Why Asia needs a new thermal coal price benchmark” discusses this dramatic price gap and ...

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Shanghai rebar rises after upbeat China housing data

Shanghai rebar steel futures edged higher on Monday after weekend data showed that China’s home prices accelerated in August at the quickest pace in almost two years, boding well for steel demand in the world’s top consumer. Signs of more and stricter production curbs in China this winter also helped buoy steel prices, but investors are keeping a close eye on new tariffs that the United States could announce on about $200 billion of Chinese imports as early as Monday. The most-traded January rebar on the Shanghai Futures Exchange closed ...

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Base Metals Drop as Trade War Angst Spurs Concern About Demand

Industrial metals started the week with more losses on concern that the escalating U.S.-China trade war will hurt prospects for demand in the biggest users. Copper, nickel and zinc dropped at least 1.3 percent in London after President Donald Trump was said to have instructed aides to proceed with tariffs on about $200 billion more in Chinese products, despite his Treasury Secretary’s attempt to restart talks. Aluminum’s losses also came as the U.S. Treasury softened the impact of sanctions on Russian supplier United Co. Rusal. Metals have been under pressure ...

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Crude oil export, transit from Russia to rise by 1 pct in Q4 – schedule

Russia aims to increase crude oil export and transit in the fourth quarter of 2018 to 63.8 million tonnes from 63.3 million tonnes planned for July-September, according to the Russian Energy Ministry’s quarterly schedule seen by Reuters. As a result, Russia plans to increase crude oil export and transit by 1 percent on a daily basis, according to Reuters’ calculations. Russia plans export and transit of 19 million tonnes of crude oil via its Baltic ports in October-December, little changed from the 19.1 million tonnes planned for July-September, the document ...

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Cheniere and Vitol Sign 15-Year LNG Sale and Purchase Agreement

Cheniere Energy, Inc. announced that its subsidiary Cheniere Marketing, LLC has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Vitol Inc. (“Vitol”). Under the SPA, Vitol has agreed to purchase approximately 0.7 million tonnes per annum of LNG from Cheniere Marketing on a free on board basis for a term of approximately 15 years beginning in 2018. The purchase price for LNG is indexed to the monthly Henry Hub price, plus a fee. “We are pleased to announce this long-term SPA with Vitol, one of ...

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Germany says gas market open as U.S. eyes LNG exports

Germany’s gas market is open to all market participants, a government spokeswoman said on Monday after a newspaper reported that U.S. firms expect to start delivering liquefied natural gas (LNG) to Germany in four years at the latest. Deputy U.S. Energy Secretary Dan Brouillette told Bild that LNG deliveries from U.S. companies would challenge Russia, which now accounts for 60 percent of German gas imports. “U.S. liquefied natural gas is coming to Germany. The question is not if, but when,” Brouillette told the mass circulation daily Bild in an interview ...

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Azerbaijan’s Jan-Aug gas exports from Shah Deniz I rise 4.4 pct y/y

Exports from the first stage of Azerbaijan’s giant Shah Deniz gas field stood at 4.990 billion cubic metres (bcm) in January-August this year, up 4.4 percent from a year earlier, the State Statistics Committee said on Monday. Gas from Shah Deniz I is exported through the South Caucasus pipeline. Export volumes from Shah Deniz I, operated by an international consortium led by BP, were 7.314 bcm in 2017. Azerbaijan’s gas exports through all pipelines totalled 15.040 bcm in January-August this year. The European Union is trying to reduce its dependence ...

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