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Ukraine grain stocks at 18.2 mln T as of Feb. 1

Ukraine’s grain stocks totalled 18.2 million tonnes as of Feb. 1, 3.5 million tonnes less than by the same date in 2020, the APK-Inform consultancy said on Tuesday, citing data from the State Statistics Service. Stocks at large and medium-sized agricultural companies included 5.1 million tonnes of wheat. The data does not include grain stored at hundreds of small Ukrainian farms. Ukraine’s 2020 grain harvest fell to 65.4 million tonnes from a record 75 million in 2019 due to poor weather. Source: Reuters (Reporting by Pavel Polityuk; editing by Jason ...

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Shanghai rebar futures trade in narrow range as market awaits demand recovery

Chinese steel rebar futures moved in a tight range on Wednesday, but hovered around a more than 10-year high, as the market awaited a rebound in downstream demand. “Unlike the manufacturing sector that had returned to work, construction normally restarts after the Lantern Festival,” said Wang Yingwu, chief analyst with Huatai Futures in Beijing, adding that construction demand will peak in April. The most active construction rebar on the Shanghai Futures Exchange, for May delivery, closed up 0.8% at 4,618 yuan ($714.99) per tonne. Hot rolled coil futures, used in ...

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Brazil’s Vale bullish on conditions in China

Brazilian mining company Vale SA said it will continue investing in China and further expand its presence in the country, which has been witnessing an ever increasing share of the global mining giant’s total sales. Vale supplied 192 million tonnes of iron ore and pellets to China in 2020, accounting for 67% of the company’s total sales and surpassing the 61% in the same period of 2019, according to Tracy Xie, president of Vale China. “China has been the largest market for Vale since 2006 and has become more and ...

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Recovery hopes buoy global commodity prices

The recent rally in world bulk commodity markets reflects the positive view of investors, as some bet a strong global economic recovery is around the corner with the massive rollout of coronavirus vaccines and an ultra-loose monetary environment. Some industry observers worry that the robust economic recovery of China – also the world’s largest consumer of global bulk commodities – in the first quarter could slow as rising material prices erode Chinese manufacturers’ profit margins. But it all depends on how fast global economies gain steam, so the impact on ...

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Brazil steelmaker CSN plans to raise prices by 25% in Q2

Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) CSNA3.SA said on Tuesday that it expects to raise its prices by an average of 25% in the second quarter as it moves to shrink itsdebt. CSN Chief Executive Benjamin Steinbruch said in a call to analysts that believes the steelmaker’s debt rating could be upgraded in “weeks” as the company plans to reach its deleveraging goal in 45 days. Sales director Luis Martinez said CSN will probably start raising prices for hot and cold laminated products in March and he sees their sales ...

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China: Low-carbon steel becomes top priority

As China pursues cleaner, low-carbon and more efficient steel sector development, analysts expect multinational companies will carry out deeper and higher-quality cooperation in the Chinese market this year despite the impact of the COVID-19 pandemic. “China has led the global demand recovery in 2020, while overseas demand was hurt by COVID-19,” said Zhu Yi, a senior analyst for metals and mining at Bloomberg Intelligence. “Exports from China could increase this year as overseas demand recovers, thus boosting China’s output of metals and imports of raw materials from overseas miners such ...

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FEATURE: Tariffs, trade policy pose biggest variable for North American aluminum market in 2021: poll

US tariffs and trade policy represent the most influential factors affecting the North American aluminum market this year, industry respondents said in an S&P Global Platts poll. Out of 47 poll respondents, an 83% majority chose tariffs and trade policy as potentially offering either the greatest risks or opportunities for the domestic aluminum industry in 2021. Regarding other factors that may have the biggest impact, 8.5% pointed to changing consumer preferences, 6.4% to emerging technologies, and 2.1% to regulatory issues. The US’ 10% tariff on aluminum imports, now enforced under ...

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SOYBEANS UP FOR FOURTH SESSION ON SUPPLY WOES, WHEAT AT 1-MTH TOP

Chicago soybean futures rose for a fourth consecutive session on Wednesday, trading close to their highest in more than five weeks, with shipping delays in the world’s largest exporter Brazil supporting prices. Wheat rose 0.5% as concerns about potential crop losses in a key U.S. growing region pushed prices to a more than one-month high. “There are some short-tem supply constraints,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne. “We have to look at other commodities such as oil as well. If oil prices keep going higher, ...

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China vows to further ensure grain security

Chinese authorities on Monday reaffirmed the country’s focus on ensuring grain security and protecting germplasm resources after unveiling an annual rural policy plan to facilitate agricultural modernization and advance rural vitalization. “China’s grain security is fully guaranteed,” Minister of Agriculture and Rural Affairs Tang Renjian told a press conference, citing sufficient grain inventories and sound production and sales. Acknowledging the country’s agricultural achievements in withstanding a significant test last year amid the COVID-19 epidemic, Tang called for continuing to enhance grain output and ensure grain security. The minister’s remarks came ...

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Funds’ bullish CBOT grains views tracking anomalous 2011 strength

Speculators’ unusually bullish bets combined across Chicago-traded grains and oilseeds have been largely unchanged since late December based on thinning stockpiles and strong demand, especially for soybeans and corn. That trend compares well with the same period in early 2011 and is near the historical max, but funds had slowly reduced bullishness into March and April of that year. However, speculators did not turn net bearish on grains and oilseeds until July 2013, a bullish streak that started in March 2009. Within the last five years, funds have held a ...

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Are we on the cusp of another mining super-cycle?

As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activity. Governments around the world closed their economies as the only tool available to limit the unfettered spread of the virus. And so it came to pass that in April 2020 demand for mined commodities slowed to a virtual standstill and prices slumped. But is a new super-cycle – or even a super-charged super-cycle – now ahead? An upward climb, with some bumps in the road Since ...

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Steel demand at an all-time high in January

India’s domestic steel consumption rose 9% y-o-y (3% m-o-m) to 9.97 mt in January, the highest-ever monthly consumption. Declining exports and rising imports further indicated a strong rebound in domestic demand. Domestic crude steel production rose 7% y-o-y (2% m-o-m) to 9.98 mt in the month. Strong domestic demand and low finished steel inventory is expected to support domestic steel prices, Motilal Oswal has said. Source: Financial Express

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Philippines says 2020 nickel output up 3%, warns outlook uncertain

Philippine nickel output rose 3% last year even as the COVID-19 pandemic hampered some projects, government data showed, but the Mines and Geosciences Bureau warned that the outlook for its minerals industry this year remained uncertain. Nickel output in the world’s biggest exporter of the material to top metal consumer China totalled 333,962 tonnes last year compared with 323,325 tonnes in 2019, government data showed. Only 18 of the 30 nickel mines in the Southeast Asian country reported output last year. “The outlook for 2021 for the minerals industry remains ...

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Govt starts probe to review anti-dumping duty on steel items from China

The commerce ministry’s investigation arm DGTR has initiated a probe to review the need for continuing imposition of anti-dumping duty on certain types of steel products imported from China following complaints from domestic industry, according to a notification. ISMT Ltd and Jindal Saw Ltd have filed an application before the Directorate General of Trade Remedies (DGTR) for sunset review of anti-dumping duty imposed on imports of ‘seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel from China. The applicants have alleged that dumping of these products from ...

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China iron ore futures retreat as Tangshan city sounds pollution alert

Chinese iron ore futures dropped as much as 3.5% on Tuesday after top steel-producing city Tangshan issued a second-level pollution alert forcing mills to curb production. Output at steel mills and coking plants in Tangshan will be limited from Feb. 23 in response to expected heavy pollution, while production at hot rolled and cold rolled producers will be suspended, the local government said in a statement. The most-traded iron ore futures on the Dalian Commodity Exchange, for May delivery, closed down 2.9% at 1,107 yuan ($171.34) a tonne. It fell ...

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