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China’s imports of Australian coal rise to nearly 4-year high in April

China’s coal imports from Australia rose in April to their highest since July 2020, Reuters records and customs data showed on Monday, because of improving trade relations and better price and quality. The country imported 7.19 million metric tons of Australian coal last month, according to data from the General Administration of Customs. That represents a 25% increase from the same month of 2019, before a years-long unofficial ban on Australian coal imports. Australian coal exports to China have been recovering since February 2023, when China ended the ban in ...

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Greek LNG demand, prices rise amid on upcoming TurkStream maintenance

Greece has started to see an uptick in LNG demand and prices in mid-May on upcoming maintenance at the TurkStream pipeline and ongoing trade passage restrictions through the Suez Canal. Greece has imported a total of 70,000 mt of LNG in May so far, according to May 17 S&P Global Commodity Insights data, down 29% on the year. However, imports have seen an uptick from April, when the country did not import any LNG. Another cargo is expected to arrive at Greece’s Revithoussa terminal around May 26 on the LNG ...

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Asia Fuel Oil-VLSFO cash differential gains; Chinese imports rise

Asia’s low-sulphur fuel oil (VLSFO) market gained on Monday amid a flurry of deals at the trading window and upbeat import data from China. Cash premiums for VLSFO were up about $1 at $8 a metric ton. Premiums for high-sulphur fuel oil (HSFO) remained little changed as trading was scanty. Cash differential for 180-cst HSFO was pegged at a premium of $8.85 a ton, while the premium for 380-cst traded at $7.43 per ton. China’s imports of fuel oil rose 10% in April from a year earlier to 2.93 million ...

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Recent frosts across Ukraine may cut grain, oilseeds crops, analysts say

Recent severe frosts across Ukraine’s northern and eastern regions could reduce this year’s grain and oilseed harvest, analyst APK-Inform said on Monday. The consultancy quoted agricultural scientists as saying that the air temperature early in May decreased to minus 2 Celsius degrees (28.4 Fahrenheit) and to minus 9 Celsius (15.8 Fahrenheit) in some areas. Frosts have damaged crops of wheat, barley, rapeseed and peas, they said, adding that 20% to 30% of the yield could be lost. The ministry, which forecast the 2024 combined oilseed and grain harvest at 74 ...

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Wheat rebounds on Black Sea crop concerns, soy also up

Chicago wheat prices rose on Monday, rebounding from losses late last week, with the market buoyed by concerns about crops in several key exporting countries including Russia and Ukraine. Soybean futures were higher withcrop losses in Brazil following rains and heavy flooding continuing to provide support while corn also firmed. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 added 2.8% to $6.69-3/4 a bushel by 1048 GMT, climbing back up towards last week’s 10-month high of $6.97. The 2024 harvest in Russia – the world’s biggest ...

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Niger’s maiden crude cargo set to load from Benin’s Seme

Niger’s maiden crude cargo is set to load at Benin’s Seme port, according to sources and shipping data, turning the landlocked African country into an oil exporter less than a year after a military coup. Data from S&P Global Commodities at Sea showed the Front Cascade, a 1 million barrel capacity Suezmax, sitting just outside the Seme terminal in preparation to dock, as of 1330 GMT. Its destination was listed as a single point mooring registered to the West African Oil Pipeline (Niger & Benin) Company (WAPCO), a subsidiary of ...

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Angola to export 36 oil cargoes in July

Angola plans to load 36 crude oil cargoes in July, including a deferred cargo from the preceding month, according to a preliminary programme supplied by a trade source. That compares with 36 cargoes scheduled in the June programme. Source: Reuters (Reporting by Natalie Grover in London; Editing by Alison Williams)

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Philippines ethanol imports projected at multiyear high: USDA

The Philippines is set to witness a significant surge in fuel ethanol imports to meet skyrocketing domestic demand, the latest annual biofuels report by the US Department of Agriculture showed May 15, with overall import volume anticipated to reach almost a decade high of 475 million liters in 2024. Fuel ethanol inflows are expected to hit 208 million liters, a 14% increase on the year. According to the report, biofuels consumption driven by economic growth led the increase in imports. The fuel forecasts indicated an 8% rise in fuel ethanol ...

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Southeast Asian steel capacity expansion unsustainable: SEAISI

Aggressive expansion of steelmaking capacity in Southeast Asia, predominantly via the blast furnace-basic oxygen furnace route based with high carbon emissions, was likely to be unsustainable, Yeoh Wee Jin, secretary general of South East Asia Iron and Steel Institute, said during the SEAISI Conference & Exhibition in Da Nang, Vietnam. Southeast Asia’s steel production capacity was expected to grow 104.4 million mt to 182.5 million mt by 2029-30 if all planned additional capacity comes on stream. For the BF-BOF route, the increase in capacity will be about 73.7 million mt ...

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US steelmakers’ Q1 earnings calls examine market health

Steel mills in the United States sought to temper growth expectations for 2024 as they delivered near-term outlook reports in their quarter one earnings conference calls. Cleveland-Cliffs, Steel Dynamics and Nucor have all hosted their Q1 2024 quarterly calls in recent weeks, while US Steel issued its report due to its ongoing acquisition by Japan’s Nippon Steel. While remaining positive about the future, each company mentioned that the robust performance of the last three years (2021-2023) was extraordinary, calling on investors to adjust their expectations about the future. Shipments did ...

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US moves to make nation’s largest coal region unavailable to new mining

US officials on May 16 released a proposal to block future coal leases on public lands in the Powder River Basin, the nation’s largest coal mining region. The US Bureau of Land Management (BLM) issued a final supplemental environmental impact statement and proposed land use plan for its Buffalo Field Office in Wyoming and its Miles City Field Office in Montana, proposing to make BLM-managed coal resources in the planning offices’ regions unavailable for future leases. The BLM noted that existing leases would allow coal to be mined on federal ...

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MMi Daily Iron Ore Index Report May 20 2024

DCE iron ore futures rose largely today, the main contract closed 894.5, an increase of 1.07% throughout the day;

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US steelmakers, government investing in decarbonization but consumers reluctant to pay ‘green’ premium

US steelmakers are investing billions of dollars to move to cleaner production methods and the government has prioritized investment in decarbonizing domestic heavy industry, setting the stage for a “green steel” transformation. However, getting consumers to spend more for cleaner production remains a heavy lift, speakers at the American Iron and Steel Institute’s annual general meeting said this week. The cost of decarbonization cannot be borne by the US steel industry alone, given the investment in clean energy and technologies required of steelmakers, and a price premium for so-called “green ...

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Ferocious CME copper squeeze presages future turbulence

The copper rally turned ugly this week, morphing into a ferocious short squeeze on the U.S. contract operated by CME Group CME.O. CME cash copper HGc1 hit a record high of $5.1775 a lb, or $11,414 a metric ton, on Wednesday amid extreme tightness in near-dated time-spreads. The premium over the London Metal Exchange (LME) copper contract CMCU0 ballooned to more than $1,000 per ton, an unprecedented disconnect in Atlantic pricing. CME has raised margins to calm the market wildness. The yawning arbitrage should facilitate a re-direction of physical metal ...

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China’s April coal output falls to lowest level since Oct 2022

China’s coal production in April fell to its lowest level since Oct 2022, statistics bureau data and Reuters records showed on Friday, as weak pricing and continued close monitoring of mine safety conditions curbed output. Output was 371.67 million metric tons last month, down 2.9% from a year earlier, according to the National Bureau of Statistics. That was also down 7% from March. Domestic coal prices were likely their lowest for 2024 in April, according to the China Coal Transportation and Distribution Association (CCTD), leaving miners with little enthusiasm to ...

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