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Argentina to expand tax-free diesel imports for power sector as demand rises

Argentina said Aug. 8 it has authorized Cammesa, operator of the wholesale power network, to increase the amount of diesel supplies it can import under a tax-free scheme this year to 25.2 million barrels from 15.7 million barrels as diesel demand for electricity generation grows faster than previously expected. The increase in the importable amount is designed to meet “peaks in demand” for diesel as a power fuel that can’t be met with local supplies of diesel or natural gas, the government said in a presidential decree. This is the ...

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Indian Government may phase out export duty on steel, flat products may come first: Sources

Steelmakers in the country expect some relief soon as the government is likely to roll back export duty on some steel products, if not all. Senior industry executives told Moneycontrol that the government is likely to withdraw the export duty on steel in phases. The government is believed to be considering rolling back export duty on flat products first, while the export duty on building construction steel like Rebars, wire roads, and roofing sheets would continue. Flat steel products include the likes of the hot rolled coil (HRC), cold rolled ...

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Brazil fertilizer import bonanza exposes logistical gaps

Brazil’s plan to boost internal fertilizer supplies cannot succeed without infrastructure investments, a government official told Reuters on Monday after a strong importing season exposed domestic logistical woes. Brazil announced its plan in April to reduce reliance on imports after Russia’s invasion of Ukraine in February. But after buying record volumes of fertilizer in the first seven months of the year, the state of certain Brazilian ports was almost a revelation to the government. “We discovered that the problem was not in shipping schedules, nor was it related to port ...

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Potential curb on Australian LNG exports is another blow to Asia-Pacific gas markets

The Asia-Pacific gas market has suffered another blow after major natural gas producer Australia signaled it could potentially cut down liquified natural gas exports as the region battles tight gas supplies, high prices and competition from gas-short European buyers. Australia is looking to trim its overseas sales in favor of domestic consumption ahead of a projected shortfall in local supplies next year As energy protectionism takes hold globally, last week, the Australian Competition and Consumer Commission called on Canberra to protect domestic gas supplies and curb LNG — cooled natural ...

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U.S. sour crude cargo sails to Germany as Russia sanctions bite

A tanker of U.S. sour crude was delivered at Germany’s port of Rostock last week for the first time ever, according to sources, analysts and vessel tracking data, as local refiners test alternatives to Russian oil. The European Union plans an almost-complete embargo of Russian barrels by year-end, and is trying to wean itself off Russian crude imports, which have fed inland refineries in Germany, Poland and other central European nations via pipeline. Refiners plan to replace Russian oil with seaborne Norwegian, Saudi Arabian, British and U.S. crude grades. Russia ...

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China July copper imports rise on-year as price slump spurs buying

China’s imports of copper rose 9.3 per cent from a year earlier, customs data on Sunday (Aug 7) showed, as a sharp drop in the price of the metal triggered buying appetite amid falling domestic inventories. Unwrought copper and copper product imports into China, including anode, refined, alloy and semi-finished copper products, totalled 463,693.8 tonnes in July, compared with 424,280.3 tonnes a year earlier. July’s copper imports, however, were down 13.8 per cent from the previous month’s 537,698 tonnes. Copper prices, often seen as an economic bellwether, plunged by one-third ...

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July crude imports rise 1% from June’s 47-month low to 8.8 mil b/d

China’s crude oil imports remained weak, as expected, in July, edging up a mere 0.9% to 8.83 million b/d from the 47-month low in June amid destocking activity and slow domestic demand recovery, data from the General Administration of Customs showed Aug. 7. The increase in inflows in July was contributed by independent refineries which lifted their crude imports by 25.4% to 3.16 million b/d, from 2.52 million b/d in June, according to S&P Global Commodity Insights data. Meanwhile, their state-owned peers are more likely to continue reducing spot purchases ...

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China’s commodity imports mixed with weak crude, improving metals:

China’s imports of major commodities presented a mixed picture in July, with crude oil undeniably weak, but some signs of life in industrial metals such as copper and iron ore. The standout performer was coal, with arrivals jumping some 23.9% from the prior month, but this was likely driven by short-term factors and doesn’t alter the overall picture of a weaker trend in commodity imports so far this year. China, the world’s biggest crude buyer, imported 8.79 million barrels per day (bpd) in July, fractionally above June’s 8.72 million bpd, ...

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China’s July soybean imports slide amid poor crush margins, weaker demand

China’s soybean imports in July fell 9.1% from a year earlier, customs data showed on Sunday, as poor crushing margins and weaker consumption in the world’s largest buyer of the oilseed reduced appetite for shipments. China brought in 7.88 million tonnes of the oilseed in July, versus 8.67 million tonnes a year earlier, data from the General Administration of Customs showed on Sunday. The imports were also down 4.5% from a month ago. Soybean prices soared this year after bad weather hurt production in and exports from Brazil, China’s top ...

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Gazprom says it will ship 41.8 mcm of gas to Europe via Ukraine on Monday

Russia’s Gazprom GAZP.MM said it was shipping 41.8 million cubic metres (mcm) of gas to Europe via Ukraine on Monday, versus 41.3 mcm on Sunday. Source: Reuters (Reporting by Reuters Editing by David Goodman )

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India: Parliamentary  panel suggests phasing out of coal imports

The parliamentary standing committee on energy has said that the union ministries of power and coal should ensure optimum utilization of locally-produced coal through effective collaboration so that imports can be phased out over time. In its 26th report, the panel chaired by member of parliament Rajiv Ranjan Singh, said efforts made by both ministries led to a 56% drop in coal imports for blending in FY21, but higher international prices hit imported coal-based power plants. This led to increased demand for domestic coal, and consequently reduced domestic coal stocks ...

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More Ukrainian grain comes to market as traders seek homes for cargoes

International and local traders started to offer more Ukrainian-origin grain for sale on Friday as news of the first shipment from the country since Russia’s invasion boosted confidence in a deal to unblock exports from its sea ports. Prices were discounted, with roughly 20 million tonnes of grain from last year’s crops still stuck in the country. Diplomatic efforts have focussed on finding a way to transport around 1.5 million tonnes of grain loaded on ships or housed in port storage and millions more in silos across the country, as ...

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Brazil soybean exports down 8,87% in first half of 2022 compared to 2021

Brazil shipped 55.1 million tons of soybeans in the first half of 2022, which is 8.87% less than in the same period of 2021 (60.5 million tons), according to the National Association of Cereal Exporters. (Anec). The decline is explained by lower shipments to China (main destination, with 41.6 million tons in 2021 and 36.9 million tons in 2022) and the Netherlands (4th largest destination, with 2.5 million tons in 2021 and 1.7 million tons in 2022), respectively, 11.2% and 32.2% less compared to 2021. Anec admits that in this ...

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Pakistan seeks 72 LNG cargoes for six years as energy woes bite

In its bid to meet the country’s growing energy needs, Pakistan LNG Limited (PLL), a wholly-owned subsidiary of Government Holdings Private Limited (GHPL), has invited bids for 72 Liquefied Natural Gas (LNG) cargoes from international suppliers across a period of six years. Suppliers are asked to submit bids by September 14, while bids are invited from reputed companies to ship cargo on a Delivered Ex-Ship basis (DES) at Port Qasim, Karachi, stated PLL. “Bid documents shall be available from 10 August 2022 to 13 September 2022,” it said. The company ...

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China crude imports near 4-year low as refiners draw on stocks amid thin margins

China’s crude oil imports in July fell 9.5% from a year earlier, with daily volumes at the second lowest in four years, as refiners drew down inventories and domestic fuel demand recovered more slowly than expected. The world’s top crude buyer took in 37.33 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.79 million barrels per day (bpd). That edged up from June’s 8.72 million bpd, but was down sharply from 9.7 million bpd in July 2021. Imports for the first seven ...

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