Russia’s move to temporarily ban diesel exports to ease surging domestic fuel prices could see more barrels moving from the Persian Gulf to the West, with market participants expecting tight supply conditions in Asia to exacerbate in Q4 if the ban is not lifted. The ban which comes into effect Sept. 21, is expected to remove around 1 million b/d of diesel from the global market or around 3.4% of global demand, and gasoline exports of around 150,000 b/d, S&P Global Commodity Insights reported earlier. The curb on Russian diesel ...

The Russian government has approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels as well as diesel with high content of sulphur, a government document showed on Monday. It also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft TRNF_p.MM before the initial ban had been announced last week. The ban on all types of gasoline and high-quality diesel remains in place. Russia announced on Thursday that it had temporarily banned exports ...

India’s finished steel imports from China touched a five-year high in the first five months of the fiscal year that began in April, according to provisional government data reviewed by Reuters. During April-August, China was the second-biggest steel exporter to India, selling 0.8 million metric tons, up 69% from a year earlier. China, the world’s top steel producer, exported mostly cold- rolled coil or sheets to India. The steel industry has sought government intervention through safeguards against Chinese imports, a senior executive said, adding “urgent steps” were needed to curb ...

Robust steel exports from China have emerged as a major driver supporting steel production at a time when demand activity from the country’s largest steel consumer — the property sector — has remained muted for the most part of this year. Besides exports, a decent demand push from China’s infrastructure and manufacturing sectors has also contributed in keeping steel production at elevated levels in the country, market sources said. Strong exports support production During January-August, China’s net exports of semi-finished and finished steel totaled 651.88 million mt, up 19.84 million ...

Iron ore futures fell on Monday, as traders were worried about weaker-than-expected steel consumption in the peak construction season and possible steel output curbs during winter in top consumer China, and as pre-holiday restocking came to an end. The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) ended daytime trading 2.03% lower at 844.5 yuan ($115.55) a metric ton, the weakest since Sept. 11. The benchmark October iron ore on the Singapore Exchange was down 4.23% at $116.05 a ton, as of 0704 GMT, also the lowest since ...

Crude steel production by region Africa produced 1.5 Mt in August 2023, up 16.1% on August 2022. Asia and Oceania produced 115.7 Mt, up 3.5%. The EU (27) produced 9.1 Mt, down 4.4%. Europe, Other produced 3.4 Mt, down 3.2%. The Middle East produced 2.8 Mt, down 16.0%. North America produced 9.2 Mt, down 2.6%. Russia & other CIS + Ukraine produced 7.5 Mt, up 10.7%. South America produced 3.4 Mt, down 8.1%. The 63 countries included in this table accounted for approximately 97% of total world crude steel production ...

Market sentiments faced a setback as the Federal Reserve reaffirmed its commitment to a “higher for longer” interest rate policy in its September policy meeting. Various central banks made different monetary policy decisions during the week, but a common theme was the possibility of more extended periods of elevated interest rates. The Federal Open Market Committee (FOMC) statement and quarterly projections were perceived as hawkish, with 12 out of 19 officials favouring another rate hike in 2023, despite maintaining the target range of 5.25 percent to 5.5 percent. The Bank ...

Expert panellists from across the steel sector debated the future of the base plus alloy surcharge pricing model, and the potential for streamlined digital sales, when they joined MEPS senior consultant Kaye Ayub on stage at the NEC Birmingham. Alloy surcharges – calculated on the market price fluctuations of the raw alloying elements, including chromium, titanium, molybdenum and nickel – have come under increasing scrutiny since the LME’s nickel trading meltdown in March 2022. Monthly insight into the stainless steel prices and market trends can be accessed via MEPS International’s ...

Brokerage house Kotak Institutional Equities expects short-term margin gains for steel companies in the second quarter of FY24 on the back of lower raw material costs. It, however, cautioned a rise in cost of coking coal will hit the margins from the end of third quarter this fiscal, which calls for a further hike in steel prices to maintain profitability. During the quarter, domestic HRC and rebar prices surged 4 percent and 10 percent, driven by increased demand in construction and infrastructure. Despite stable Chinese export offers, domestic steel prices ...

Indonesia’s coal production is expected to start declining in 2030, Bambang Suswantono, acting director general of mineral and coal at the Ministry of Energy and Ministerial Resources told a conference on Monday. Indonesia is targeting record coal production and exports this year. Source: Reuters (Reporting by Sudarshan Varadhan; Writing by Florence Tan; Editing by Tom Hogue)

Iranian state-owned animal feed importer SLAL has issued international tenders to purchase up to 180,000 tonnes of animal feed corn and 120,000 tons of soymeal, European traders said on Monday. The deadline for submission of price offers in the tenders is Tuesday, Sept. 26, they said. The soymeal can be sourced from Brazil, Argentina or India. The corn can be sourced from Brazil, Europe, Russia, Ukraine or elsewhere in the Black Sea region. Both tenders seek shipment in November and December. Payment problems for Iranian businesses because of Western sanctions ...

Tunisia’s state grains agency has issued an international tender to purchase 100,000 metric tons of soft milling wheat and 50,000 metric tons of animal feed barley, European traders said on Monday. The origin was optional. The deadline for submission of price offers in the tender is Tuesday, Sept. 26. The wheat is sought in four 25,000 ton consignments for shipment between Oct. 5 and Nov. 15, depending on the origin the seller supplies. The barley is sought in two 25,000 ton consignments for shipment between Oct. 5 and Nov. 5 ...

Bangladesh’s state grains buyer has issued an international tender to purchase 50,000 metric tons of milling wheat, European traders said on Monday. The deadline for submission of price offers is Oct. 11, they said. Price offers in the tender are sought on CIF liner out terms. These terms include ship unloading costs for the seller. Shipment is sought 40 days after the date of contract signing. The wheat can be sourced from any worldwide origins except Israel and is sought for shipment to two ports, Chattogram and Mongla. Source: Reuters ...

Egypt is in talks with UAE-based Abu Dhabi Commercial Bank (ADBC) for the potential financing of its wheat purchases, Supply Minister Ali Moselhy said on Sunday. Reuters reported last week that the country was in early talks with an Abu Dhabi-based bank for a loan facility for wheat purchases from Kazakhstan. Source: Reuters (Reporting by Sarah El Safty, Writing by Adam Makary; Editing by Sharon Singleton)

Brazil’s 2023/24 soybean planting has reached as of last Thursday 1.9% of the expected area, agribusiness consultancy AgRural said on Monday, above the 1.5% seen at the same period a year ago and the quickestpace in five years. Sowing was up 1.3 percentage point from the previous week driven by Parana state in southern Brazil, where farmers took advantage of early September rains to advance in planting, AgRural said in a statement. Work in the fields has slowed in the last few days as the region grapples with a heatwave ...