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Industry expects China to announce 2%-3% reduction in 2022 crude steel output

China is likely to announce a 20 million-30 million mt, or 2-3% year on year, decline in its steel output cut target for 2022 in July, according to industry sources. The steel output cuts at this level may not provide much upside momentum to the Chinese steel market, as annual steel demand, undermined by debt-strapped property sector, may drop even faster. Some sources expect Chinese steel prices to continue to fluctuate in the second half of the year but in a narrower range than in H1. China’s annual steel demand ...

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Russian wheat prices down as new crop arrives, export tax falls

Russian wheat export prices fell last week due to pressure from the new crop, which farmers have just started harvesting, a reduced export tax and a decline in Chicago prices, analysts said on Monday. Sanctions-hit Russia reduced its grain exports taxes sharply last week to support shipments in the July-June marketing season. Prices for the new wheat crop with 12.5% protein content and for supply from Black Sea ports fell by $25 to $375 per tonne free on board (FOB) at the end of last week, the IKAR agriculture consultancy ...

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Russia reduces sunflower oil export tax sharply to support exports

Sanctions-hit Russia has reduced its sunflower oil export tax sharply after changing the formula it uses for calculating it to support shipments while its rouble currency hovers near multi-year highs, the agriculture ministry said on Saturday. The sunflower oil export tax is set at 8,408.7 roubles ($163.3 at the current rate) per tonne for July, the ministry said in a note. The tax for July was previously set in U.S. dollars, at $560.1 per tonne. The sharp reduction happened after the Russian government set the base price for the tax ...

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Experts: Global disruptions on grain security to be limited

China’s grain security will not be disrupted by the impact of the Russia-Ukraine conflict and soaring prices of many agricultural products across the world this year, as its self-sufficiency in staple grain production remains high amid growing external problems, said experts and business leaders. Despite global food and agriculture sectors facing uncertainty over crop yields and global trade flows, in the context of climate challenges, COVID-19-related turmoil and logistics challenges, experts and business leaders said China, backed by its 1.8 billion mu (120 million hectares) of arable land, new farming ...

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Gazprom says exports of gas to Europe via Ukraine at 42.1 mcm

Russian gas producer Gazprom said its supply of gas to Europe through Ukraine via the Sudzha entry point was seen at 42.1 million cubic meters (mcm) on Monday, unchanged from Sunday. An application to supply gas via the Sokhranovka entry point had again been rejected by Ukraine, Gazprom said. Source: Reuters (Editing by Louise Heavens)

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Guinea halts Simandou iron ore project work again

Guinea’s mines minister has ordered all work related to the Simandou iron ore mine project halted after the two companies involved missed an extended deadline to agree on a joint venture, a letter seen by Reuters showed on Monday. Rio Tinto RIO.L and Chinese-backed consortium Winning Consortium Simandou (WCS) had showed a “lack of willingness” to work on a partnership, Mines Minister Moussa Magassouba said in the letter, which was dated July 3. “Despite the significant concessions the Guinean State has been kind enough to make, it is clear the ...

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Adani Enterprises lowest bidder in Coal India’s import tender: Report

Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report in The Economic Times said. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes of coal on a freight-on-road (FOR) basis, the report added. Behind Adani were Mohit Minerals and Chettinad Logistics, who quoted Rs 4,182 crore, and Rs 4,222 crore, respectively, the report said. The bids opened on Friday. Between January and June, Gautam Adani-led Adani Enterprises bagged multiple ...

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Pakistan seeks Qatar gas on deferred payment

Amid severe energy crunch and unprecedentedly expensive fuel imports, Pakistan is seeking more gas imports on deferred payments from Qatar, which is irritated by roadblocks to its infrastructure investment plans, particularly in import terminals. Authorities in Islamabad are engaging with Qatar at different levels to ramp up Liquefied Natural Gas (LNG) supplies to Pakistan to make up for shortage of four to five cargoes (about 400-500 million cubic feet of gas per day) every month. At almost every engagement, the other side wants to hear an update on the removal ...

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Japan Q3 aluminium premium drops 14% to $148/T amid weak demand -sources

The premium for aluminium shipments to Japanese buyers for July to September was set at $148 a tonne, down 14% from the previous quarter, to reflect weak demand for automobiles and rising local inventory, five sources directly involved in pricing talks said. The figure is lower than the $172 a tonne paid in the April-June quarter and marks a third consecutive quarterly drop. It is also below initial offers made by producers of $172-$177. Japan is Asia’s biggest importer of the light metal and the premiums for primary metal shipments ...

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Palm oil hits over 9-month low as Indonesia mulls larger exports

Malaysian palm oil futures plummeted on Monday after top palm oil producer Indonesia said it was considering a larger export quota to reduce high domestic inventories amid concerns of rising stocks in Malaysia. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 7.65% to close at 4,348 ringgit ($985.72) per tonne, after Friday’s 4% decline. It fell as much as 9.98%, touching its lowest level since Sept. 22, before regaining some losses. Indonesia proposed raising palm oil export quotas and is considering increasing mandatory ...

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Iraq exports 101 mln barrels of crude oil in June

Iraq exported 101.19 million barrels of crude oil in June, bringing in revenues worth 11.5 billion U.S. dollars, said the Iraqi Oil Ministry on Friday. The average price for crude oil in June was 113.7 dollars per barrel, according to a ministry statement, citing statistics from the State Organization for Marketing of Oil. A total of 97.98 million barrels were exported from oil fields in central and southern Iraq via the Port of Basra, while about 2.91 million barrels from the northern province of Kirkuk via the Turkish port of ...

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Australia forecasts record mining, energy export sales for 2023

Australia’s mining and energy export revenues are forecast to climb 3% to a record A$419 billion ($286 billion) in the year to June 2023, buoyed by surging coal and gas prices in the wake of Russia’s invasion of Ukraine, the government said on Monday. Sanctions on Russia for what Moscow calls a “special military operation” to disarm Ukraine have sent prices for liquefied natural gas (LNG) and coal to all-time highs, underpinning record revenue for Australia’s second- and third-largest exports. “The outlook is for the prices of energy commodities to ...

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EU should buy Ukrainian grain for countries in need, French group says

The European Union could buy several million tonnes of Ukrainian grain and channel it to vulnerable countries as food aid, the head of French industry group Intercereales said. Russia’s invasion has disrupted Ukraine’s massive agricultural exports, raising the risk of a global food crisis. Diplomats have been trying to negotiate a sea corridor from Ukraine’s Black Sea ports, while also looking at how to develop alternative export routes before Ukraine’s new harvest arrives. In France, the government has been in talks with industry representatives including Intercereales to propose solutions. President ...

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Copper sinks to 17-month low as slowdown fears mount

Copper prices dropped to a fresh 17-month low on Monday as renewed lockdowns in top consumer China and the prospects of aggressive rate hikes stoked fears of global economic slowdown, denting demand for metals. Three-month copper on the London Metal Exchange was down 1.4% at $7,938 a tonne, as of 0717 GMT, after hitting its lowest since early-February 2021 at $7,918 earlier in the session. The most-traded August copper contract in Shanghai ended daytime trading down 3.1% to 60,660 yuan a tonne. “Softening demand and concerns over a growth slowdown ...

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U.S. forms ‘friendly’ coalition to secure critical minerals

A metallic NATO is starting to take shape, though no-one is calling it that just yet. The Minerals Security Partnership (MSP) is in theory open to all countries that are committed to “responsible critical mineral supply chains to support economic prosperity and climate objectives”. But the coalition assembled by the United States is one of like-minded countries such as Australia, Canada, the United Kingdom, France and Germany with an Asian axis in the form of Japan and South Korea. It is defined as much as anything by who is not ...

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