Home / Commodities (page 2)

Commodities

S. Korea’s MFG tenders for up to 140,000 tonnes corn -traders

South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 140,000 tonnes of animal feed corn, European traders said on Tuesday. The deadline for submission of price offers in the tender is believed to be Wednesday, July 6. The corn is sought in two consignments of between 55,000 to 70,000 tonnes with the seller free to decide the volume offered in this range, they said. The first consignment is sought for arrival in South Korea around Oct. 27. Shipment was sought between Sept. 3 and ...

Read More »

Copper extends fall to 4th day on economic slowdown worries

Copper prices extended a decline on Tuesday to a 17-month low as a cocktail of factors from aggressive interest rates, a spike in COVID-19 cases in China, potential recession and rising inventories weighed on investor sentiment. Three-month copper on the London Metal Exchange dropped 1.5% to $7,888 a tonne, as of 0719 GMT, its lowest since February 2021 and down for a fourth straight session. The most-traded August copper contract in Shanghai ended daytime trading down 1.9% to 60,110 yuan ($8,975.66) a tonne by the midday trade. “There was a ...

Read More »

SMM Analysis: Ferrous Metals Market to Remain Stuck in Downward Spiral

Ferrous metals prices took a nosedive across the board at the opening of today’s daytime session. As of noon, iron ore futures closed at 5.5% at 722 yuan/mt, rebar futures closed down 3.11% at 4,181 yuan/mt, while HRC closed down 3.4% at 4,202 yuan/mt. Ferrous metals market saw a brief rally last week, but fell again at the beginning of this week. Covid-19 infections in Anhui, Jiangsu and other places of China increased over this past weekend. A major property developer defaulted, weighing on market sentiment. In terms of fundamentals, ...

Read More »

MMi Daily Iron Ore Index Report July 05 2022

DCE iron ore was was shocked and continued downward all the day.The main contract closed at 742.5,increased of 1.37 %. Traders are

Read More »

India: No coal import curbs for now

The government has decided to put its import substitution plan for coal on the back-burner till domestic production of the fuel touches a 1-billion-tonne mark. The move is in view of the surge in demand for the fuel amid fast-increasing electricity consumption in an economy struggling to come out of a slump. India’s coal production stood at 777 million tonne (MT) in FY22, up 8.6% on year. State-run Coal India made up for 80% of the domestic output even in the last financial year. A series of steps taken by ...

Read More »

Pakistan ponders Russian crude imports, seeks input from refiners

The Pakistani government has asked its refineries to provide feedback on importing attractively-priced Russian crude in an effort to soften the blow from a ballooning import bill, joining a list of Asian countries which are keeping their options open to buy from the non-OPEC supplier. The government has written a letter to Pak Arab Refinery, National Refinery, Pakistan Refinery, and Cnergyico, formerly Byco Refinery, to submit their detailed reports on whether the refiners can import crude oil from Russia, according to a government document seen by S&P Global Commodity Insights. ...

Read More »

Palm oil drops for third day on concern of larger Indonesian exports

Malaysian palm oil futures fell on Tuesday for a third straight session on concerns that Indonesia’s plan to increase export quota would hurt demand. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange fell 1.13% to 4,301 ringgit ($973.96) per tonne during early trade. It extended a 7.6% loses posted on Monday. FUNDAMENTALS * Indonesia proposed raising palm oil export quotas and is considering increasing mandatory levels of biodiesel in fuel mixes to prop prices for farmers at a time when domestic palm oil ...

Read More »

Copper TC/RCs face further pressure in Q3 from tight clean concentrate supply, higher demand

This report is part of the S&P Global Commodity Insights’ Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper, alumina, and steel and scrap. We also explore what the next few months could bring, from supply and demand shifts, to new arbitrages, and to quality spread fluctuations. Asian demand for copper concentrates will likely be supported in the third quarter by healthy margins and an increase in smelter production capacity in China, while clean copper concentrate output ...

Read More »

Stainless Steel Futures Record Seven-Month Low, Will Expanding Production Cuts Support the Prices?

The most-traded stainless steel futures contract consolidated after a steep fall on June 24 with downward potentials. The contract dropped again after opening today, and fell to a low of 16,290 yuan/mt since December 22, 2021, and recorded a loss of 1.03% as of 14:08 Beijing time. In the spot market, the average price of spot 304/2B coil (burr edge, in Wuxi) was flat from last Friday at 17,500 yuan/mt. Looking back at the beginning of last week, the spot prices of 300-series stainless steel dropped significantly below 18,000 yuan/mt ...

Read More »

Global copper and nickel smelting slips in June, satellite data shows

Global copper smelting activity declined in June, hit by a stoppage in top producer Chile, data from satellite surveillance of metal processing plants showed on Monday. Chilean state-owned Codelco, the world’s largest copper producer, said on June 8 that it stopped its Ventanas smelter and refinery to carry out maintenance. The move in Chile along with weak activity in China and Europe weighed on global copper smelting, according to a joint statement from commodities broker Marex and SAVANT, the satellite analytics service Marex launched with Earth-i in 2019. The data ...

Read More »

Egypt’s GASC seeks wheat in private talks -traders

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), is in private negotiations with trading houses about buying wheat without issuing an international tender, traders said on Monday. Offers for an undisclosed volume of wheat will be accepted from July 4. Price offers must remain valid for 24 hours, traders said. Shipment is sought in four periods: Sept. 1-15, Sept. 16-30, Oct. 1-15 and Oct. 16-31, traders said. Offers are being sought for Romanian, Bulgarian, Russian and French wheat. GASC typically purchases wheat through international tenders, but Egypt’s ...

Read More »

China policy key for iron ore outlook

China’s covid lockdowns and recessionary risks hit iron ore Iron ore prices have fallen significantly from their year-to-date high of US$171/t seen back in March to as low as $108/t recently. China’s attempts to squash outbreaks of Covid-19 have seen fairly tough restrictions, which have not been supportive for demand. In addition, there are growing concerns over the macro-outlook. Soaring inflation is seeing central banks, particularly the US Federal Reserve having to take a more aggressive approach to monetary tightening. The concern is that the Fed will struggle to rein ...

Read More »

Australia’s commodity exports in sweet spot of Russia sanctions, China hopes

Russia’s invasion of Ukraine and hopes of significant economic stimulus in China are combining to boost Australia’s commodity exports to record levels, at least for now. Australia’s exports of natural resources are forecast at a record A$405 billion ($275.4 billion) in the 2021-22 financial year, which ended on June 30, and will likely rise to a new high of A$419 billion in 2022-23. However, the latest Resources and Energy Quarterly from the government forecaster also predicts a fairly steep drop in commodity earnings thereafter to A$338 billion in 2023-24, as ...

Read More »

Iron ore extends sell-off as China demand outlook darkens

Dalian and Singapore iron ore futures tumbled on Monday, weighed by a gloomy demand outlook for the steelmaking ingredient in China, where many steel mills are nursing losses and cutting production. The most-traded September iron ore contract on China’s Dalian Commodity Exchange ended daytime trade 5.8% lower at 719.50 yuan ($107.49) a tonne, extending losses to a third session and touching its lowest since June 23. On the Singapore Exchange, the front-month August contract was down 4.8% at $109.15 a tonne, as of 0709 GMT. Mills in top steel producer ...

Read More »

Brazil farmers harvest almost one-third of second corn

Brazilian farmers have harvested nearly a third of their second corn in center south fields, as dry weather and the higher temperatures that prevailed last week continued to favor the work, especially in top grower Mato Grosso. According to agribusiness consultancy AgRural on Monday, farmers harvested 30.7% of second corn fields so far in the season, or nearly 25 million tonnes. With second corn, which is planted after soy is harvested in the same areas, Brazil can compete with suppliers like the United States in global corn export markets during ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping