Over LNG 10 cargoes have been diverted from a heading to Asia instead to Europe so far in 2025, driven by premium prices in Europe that could cause further cargoes to be redirected, according to traders. ICIS data has so far recorded five US LNG cargoes switching direction towards European markets, and one to Turkey, while on the water in the past two weeks, with several more deals meaning more are expected to come. Others may have made the decision to switch to Europe at the point of loading and ...

Russia’s crude oil and oil products exports fell 350,000 barrels per day last year, though revenue from its exports rose 2% or $3.8 billion, the International Energy Agency said on Wednesday. In a monthly report in which the IEA also said the latest round of U.S. sanctions against Russian oil could significantly disrupt its supply chains this year, it reported that Russia’s crude oil and oil products export revenues hit $192 billion in 2024. Crude export revenues gained $4.5 billion, while products revenue fell $0.8 billion, it said. The agency ...

Prices of iron ore futures climbed to a four-week high on Thursday, supported by reduced shipments from a major producer and growing expectations of further rate cuts by the Federal Reserve following cooler-than-expected U.S. inflation data. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 1.92% higher at 797 yuan ($108.71) a metric ton, its highest since Dec. 18, 2024. The benchmark February iron ore (SZZFG5) on the Singapore Exchange climbed 1.87% to $102.45 a ton by 0722 GMT, the highest since Dec. 19. ...

Ukraine’s imports of thermal coal, including anthracite, increased by 172% year on year to about 1.81 million mt in 2024, the state customs service reported Jan. 15. Ukraine imported 667,000 mt of coal in 2023, compared with 4.63 million mt imported in 2022 and 19.56 million mt in 2021. If measured by value, coal imports in 2024 soared by 117% to $402.2 million. Ukraine imported coal primarily from Poland, totaling 403,800 mt, followed by the US, with 365,700 mt; Australia, with 345,400 mt; the Czech Republic, with 276,700 mt; Colombia, ...

Copper prices touched a five-week high on Thursday after the dollar’s rally paused and investors had renewed hope that China would take more action to boost its sluggish economy. Three-month copper HG1! on the London Metal Exchange (LME) rose 0.8% to $9,240 a metric ton in official open-outcry trading after hitting $9,271, the strongest since Dec. 11. China’s state media reported that the country’s central bank may cut banks’ reserve requirement ratio (RRR) before the Spring Festival at the end of this month, helping to boost the Chinese stock market. ...

Aluminium gets a short boost LME aluminium prices touched their highest in nearly a month this Wednesday, topping $2,600/t following the news that the European Union is considering more sanctions on Russian aluminium products. Prices later gave up the gains. The draft measures would be part of the EU’s 16th package of sanctions, marking the third anniversary of the war. Restrictions on aluminium would be gradual, with a timeframe and scope still to be determined, according to reports. The draft proposals are still being discussed between member states and could ...

Malaysian palm oil futures fell for a third straight session on Thursday and ended at their lowest closing price in more than three months, dragged down by weakness in rival vegetable oils and muted demand. The benchmark palm oil contract FCPO1! for April delivery on the Bursa Malaysia Derivatives Exchange lost 86 ringgit, or 2.01%, to 4,182 ringgit ($929.33) a metric ton at closing. “Today’s crude palm oil drop is tracking Dalian performance due to festivity season ending soon,” a Kuala Lumpur-based trader said, adding that weak demand pressured the ...

Chile, the world’s No. 1 copper producer, will boost its output of the red metal to 5.54 million metric tons in 2034, representing a 5.6% increase from 2023, state-run copper commission Cochilco said on Wednesday. The Latin American nation produced 23.6% of the world’s copper in 2024, Cochilco said. That should only increase, with Chile’s hold over the industry representing a 27.3% share by 2034, it added. Source: Reuters

Copper producer Codelco pushed hard at the end of last year to lift annual output slightly from a 25-year-low in 2023, but union workers and analysts said the tactics used were unsustainable as the company strives for annual production of 1.7 million metric tons by the end of the decade. An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023. In its second-half push, workers ...

Copper output in Peru dipped in November as production from the Antamina mine slid, according to data from the Andean nation’s energy and mines ministry published on Wednesday. Peru is the world’s third-largest miner of the key industrial metal. Overall, national copper production fell 4.6% in November compared to the year-ago month to settle at 241,883 metric tons, a report from the ministry showed. That brought output last year through November to 2.47 million tons, slipping 1.1% compared to the same period in 2023. The November output was hit by ...

US ferrous scrap imports from Mexico rose to the highest monthly level on record in November 2024 even as overall scrap imports fell, according to S&P Global Market Intelligence Global Trade Atlas data Jan. 15. The US imported 267,795 mt of ferrous scrap in November, little changed from the same month a year earlier but down 15% from October. Imports from Mexico in November were 50,728 mt, the highest monthly total on record, according to US Customs data going back to 1990, topping the previous record set in August. US ...

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 132,888 metric tons of food-quality wheat from the U.S., Canada and Australia in a regular tender that closed on Thursday. Japan, the world’s sixth-biggest wheat importer, maintains a tight grip on imports of the country’s second-most important staple after rice, and buys a majority of the grain for milling through tenders typically issued three times a month. Source: Reuters

The Alberta government will oppose any move to ban oil and gas exports from the province to the US, even as Ottawa keeps all options open for a “robust” response to the likelihood of a 25% tariff being imposed by the new US administration on all Canadian goods, the nation’s top politicians and policymakers said Jan. 15. The Canadian Prime Minister Justin Trudeau chaired a meeting of provincial and territorial premiers in Ottawa Jan. 15 to arrive at a common strategy to deal with the impacts of the planned tariff. ...

Today, iron ore futures fluctuated upward. The most-traded I2505 contract finally closed at 797 yuan/mt,

Russia’s crude oil and oil products exports fell 350,000 barrels per day last year, though revenue from its exports rose 2% or $3.8 billion, the International Energy Agency said on Wednesday. In a monthly report in which the IEA also said the latest round of U.S. sanctions against Russian oil could significantly disrupt its supply chains this year, it reported that Russia’s crude oil and oil products export revenues hit $192 billion in 2024. Crude export revenues gained $4.5 billion, while products revenue fell $0.8 billion, it said. The agency ...