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China April coal output down 2.9% yoy – stats bureau

China produced 371.67 million metric tons of coal in April, down 2.9%from the year before, the statistics bureau said on Friday. China’s coal production during the first four months of the year was 1.48 billion tons, a decrease of 3.5%on the year, the data showed. Source: Reuters (Reporting by Colleen Howe; Editing by Christian Schmollinger)

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Chile’s Cochilco raises 2024, 2025 copper price estimates

The Chilean Copper Commission (Cochilco) on Thursday raised its average copper price estimates for both this year and next. Cochilco now sees average copper prices this year at $4.30 a pound, from $3.85 a pound before. For next year, Cochilco estimates average copper prices around $4.25 a pound, up from $3.90 a pound before. “Although the high price of copper discourages manufacturers from stocking up inventory, demand remains strong,” Cochilco said in a report. The commission said that from the beginning of March, the value of the red metal has ...

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Argentina sees 2024/25 wheat planting area at 6.15 mln hectares

Argentina’s government on Thursday pegged the planting area for the upcoming 2024/25 wheat crop at 6.15 million hectares, above the 5.9 million hectares planted in the previous cycle. Factors such as economic conditions, soil humidity and the high probability of the occurrence of the weather phenomenon known as La Nina could affect planting area, the government said in a monthly report. Argentina is a key wheat exporter and harvested 15.9 million metric tons in the 2023/24 season, according to official data. Soil moisture “ranges from adequate to optimal in most ...

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US natgas prices up 3% to 16-week high on rising LNG feedgas

U.S. natural gas futures climbed about 3% to a 16-week high on Friday with an increase in the amount of feedgas to liquefied natural gas (LNG) export plants with the expected return of Freeport LNG’s export plant in Texas to full service after a brief reduction. Keeping that price increase in check has been the tremendous surplus of gas in storage. Analysts forecast gas stockpiles were about 29% above normal levels for this time of year. Front-month gas futures NGc1 for June delivery on the New York Mercantile Exchange rose ...

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Asia Naphtha/Gasoline-Naphtha margin rises, ARA stocks fall

Asia’s naphtha refining profit margin gained on Friday after Ukrainian drone attacks set fire to a Russian oil refinery at Tuapse on the Black sea. The crack rose by about $7 to %56.73 per metric ton over Brent crude in a backwardation of $8.50 per ton. The price for first-half July naphtha rose by $11 to $683.50 a ton. The fire at the Tuapse refinery was extinguished, Russian authorities said. The extent of damage was not clear. The refinery had undergone several months of repairs, completed only at the end ...

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ECB’s De Guindos sees inflation moving towards 2% goal in 2025

Euro zone price pressures continue to ease, giving European Central Bank policymakers increased confidence inflation will ease back to target next year, ECB Vice-President Luis de Guindos said on Friday. “Headline inflation is there at 2.4%, core inflation below 3%. We believe that in the coming months inflation will fluctuate around these values,” De Guindos told a financial event. “In the medium term, in the year 2025, we will be moving in a stable way towards our price stability objective which is 2%,” he added. The ECB has all but ...

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Fed remains cautious on cuts even as data improves

Data this week offered the U.S. Federal Reserve good news on two fronts but policymakers haven’t openly shifted views yet about the timing of rate cuts investors are convinced will start this year. Comments from Fed officials including the vice chair of the rate-setting Federal Open Market Committee, New York Fed President John Williams, acknowledged the positive turn this week when U.S. government agencies reported that consumer prices rose more slowly than expected in April, and that retail spending had not increased at all during the month in a possible ...

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China April new home prices fall at fastest monthly pace in over nine years

China’s new home prices fell at the fastest monthly pace in over nine years in April, as intensified efforts by authorities to prop up the ailing property sector show few signs of paying off. Prices were down 0.6% month-on-month in April, deeper than a 0.3% fall in March, the fastest pace since November 2014, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Friday.Prices have fallen for a tenth consecutive month, the data showed. In annual terms, new home prices fell at the deepest pace ...

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Genco Shipping & Trading Issues Statement Regarding George Economou’s Withdrawal of his Nominee

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement regarding George Economou’s withdrawal of the nomination of Robert Pons for election to the Genco Board of Directors. Genco issued the following statement: We are pleased that George Economou has withdrawn from the proxy fight that he started. We note that to the very end, Economou continued to disseminate statements about Genco, our Board and our performance that we believe are inaccurate ...

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Ships queue at Freeport LNG plant in Texas as full operations resume

LNG tankers began loading at Freeport LNG in Texas this week as full operations resumed at the liquefied natural gas export plant after repairs and maintenance, data from financial firm LSEG showed. Outages at the second-largest U.S. liquefaction plant have pushed U.S. gas prices lower and raised LNG prices in Europe in the past. The plant, which has been undergoing repairs for several weeks, has resumed full operations, a Freeport LNG spokesperson confirmed. The Shinshu Maru LNG tanker was moored at Freeport LNG’s terminal on Wednesday, and Flex Vigilant departed ...

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Electramar christened in Helsinki

AtoB@C Shipping’s first plug-in hybrid vessel Electramar was christened in the city centre of Helsinki on May 15th with a traditional ceremony celebrated by clients, stakeholders and employees. Following the old maritime tradition, a bottle of sparkling wine was crushed against the vessel’s bow to bring good luck and safe travels to the vessel and its crew. The vessel’s godmother is Paula Ojala, Chartering Manager at the global steel company SSAB, a long-term client of both AtoB@C Shipping and ESL Shipping. “The cooperation between SSAB, ESL Shipping and AtoB@C Shipping ...

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US studying if other bridges at risk after Baltimore collapse

The U.S. Coast Guard said it is evaluating whether other bridges nationwide are at risk after a cargo ship crashed into the Francis Scott Key Bridge in Baltimore in March, killing six people and destroying the Patapsco River crossing. Coast Guard Vice Admiral Peter Gautier said at a U.S. House hearing on Wednesday that the “size and complexity of ships has grown over the years, placing greater demands on our marine transportation infrastructure that may not have kept pace with the increased risks that these vessels pose.” Gautier is convening ...

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The Port of Bilbao and the ports of the Great Lakes and the St. Lawrence Seaway sign an agreement to improve mutual collaboration

Representatives of the Port Authority of Bilbao and a delegation from the ports of the Great Lakes and the St. Lawrence Seaway (USA) have signed a Memorandum of Collaboration (MoC) to improve and increase mutual cooperation, explore the development of trade relations between the two regions and pool knowledge and know-how, particularly in areas such as sustainability, connectivity and innovation. The signatories to the agreement were Andima Ormaetxe, Operations, Commercial, Logistics and Strategy Director of the Port Authority of Bilbao, and Adam Tindall-Schlicht, Administrator of the Great Lakes St. Lawrence ...

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Caspian Pipeline Consortium’s Jan-Apr oil exports up 4%, sources say

Caspian Pipeline Consortium, which exports Kazakhstan’s oil from the Black Sea, increased oil supplies in January-April by 4% from the same period a year earlier to 22.715 million metric tons (1.44 million barrels per day), two industry sources said on Monday. In April alone exports fell to 5.520 million tons from 5.831 million tons in March, the sources said. CPC does not comment on its operational data. In 2023 CPC raised exports by 8% from 2022 to 63.474 million tons. It expects a further increase this year, to more than ...

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LME aluminium stocks climb, traders look to take delivery for Europe

Aluminium inventories in warehouses registered by the London Metal Exchange (LME) extended their rise above a million metric tons to the highest since October 2021, most of it delivered to Port Klang in Malaysia, data showed on Thursday. At the same time, parties gave notice to the LME they wanted to remove large amounts of aluminium from the Malaysian port, which traders said was due to demand for the metal used in the power, construction and transport industries. Sources told Reuters last week that the large recent build-up of aluminium ...

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