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Thermal coal prices set for recovery this year as oversupply tightens

Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian countries grows and oversupply tightens due to financing constraints for new capacity. Investors widely anticipate the slow demise of coal use due to policies encouraging cleaner natural gas and renewable energy generation, as well as public pressure on companies to fight climate change and increasing divestment from coal assets. However, the shorter-term outlook is for a resurgence in prices as oversupply is reduced. “As 2020 ...

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China’s steel consumption to increase 2% on year in 2020: CISA

China’s finished steel consumption will increase 2% on the year to 889.8 million mt in 2020, driven by demand from construction sector, according to China Iron & Steel Association estimates released last week. The total steel consumption rose by 6% on the year in 2019 to 875.3 million mt, according to CISA. Steel market sources considered a further 2% rise in steel demand in 2020 as decent growth, considering domestic steel demand in 2019 had been strong enough to absorb most of China’s incremental steel production. CISA warned that China’s ...

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The PORT OF KIEL concludes the last year with good results

The PORT OF KIEL achieved a sound result last year. Underpinned by a strong cruise season the number of passengers rose by 8.4 to nearly 2.4 million travellers. The cargo sector achieved an increase of 1.9 % to 6.8 million tons handled on the terminals operated by the PORT OF KIEL. In addition, there is the bulk cargo business at independent facilities so that all in all the 7 million ton mark could be affirmed despite the decommissioning of the local coal power station. Dr Dirk Claus, Managing Director at ...

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China iron ore extends rally in thin pre-holiday trade

Iron ore futures in China closed higher on Monday as supply concerns and improved outlook for steel demand boosted prices, though trading was light ahead of the week-long Lunar New Year break. The Dalian Commodity Exchange’s most-traded iron ore contract, expiring in May, ended 0.5% higher at 670 yuan ($97.82) a tonne. Supply issues have also pushed spot prices higher, with the benchmark 62% iron-content ore settling at $96.70 a tonne on Friday, the strongest since Sept. 17 last year, data from SteelHome consultancy showed. SH-CCN-IRNOR62 Imported iron ore stocked ...

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China rebar inventories extended rise amid thin trades

Inventories of construction steel rebar in China have increased for seven straight weeks as construction demand dwindled two weeks prior to the Chinese New Year holiday, even as rebar production shrank to the lowest level this year amid falling profits. Transactions in the spot rebar market were close to stagnant as traders exited the market for holidays. There were only a few traders that continued their winter stockpiling. This saw social inventories of rebar accelerating the increase last week. The buildup in rebar stocks at steel mills was faster than ...

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Reading the tea leaves: China and commodities in 2020

China’s voracious demand for commodities and energy continued unabated in 2019 despite a slowing economy and uncertain external environment. But what will be on the agenda in 2020 as the economy, environment and energy security come into greater focus? Here are are some key trends to watch over the coming year and what they mean for commodities. Slower growth The recent signing of the first phase of a trade deal between China and the US may herald a truce between the world’s two largest economies and give markets something to ...

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Monetary policies: potential impact on the oil market

In 2019, many central banks in both developed economies and emerging markets reversed the trends of their monetary policies to be more accommodative. The market turmoil experienced at the end of 2018 and the uncertainties related to the trade dispute between China and the US resulted in some deceleration in economic activities and hence called for more supportive monetary policies. The US Federal Reserve cut its main policy rate by 0.75 percentage points (pp) in 2H19. This was in sharp contrast to Fed policymakers’ expectations of a 0.5 pp rise ...

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Spot premiums for March-loading Russian ESPO crude fall on weak China demand – sources

Spot premiums for Russian ESPO crude loading in March fell by about $1 a barrel from the previous month as China’s demand slowed ahead of Lunar New Year celebration, trade sources said. Russian producers Surgutneftegaz and Paramount Energy sold several cargoes via tenders late last week at premiums between $6 and $6.50 a barrel to Dubai quotes, they said on Monday. More ESPO cargoes will be sold via tenders from Rosneft and Surgutneftegaz later on Monday. Chinese refiners typically slow down crude purchases before the Lunar New Year while refining ...

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Maersk Drilling awarded two-well contract extension for low-emission rig Maersk Integrator under Aker BP alliance

Maersk Drilling has secured a two-well contract extension from Aker BP for the ultra-harsh environment, low-emission jack-up rig Maersk Integrator. In direct continuation of the rig’s current workscope, Maersk Integrator will move to the Ivar Aasen field offshore Norway to drill two wells, with work expected to commence in October 2020. The extension has an estimated duration of 93 days and a contract value of approximately USD 25.5m, excluding a potential performance bonus. The contract includes an additional one-well option. Maersk Integrator is contracted under the terms of the alliance ...

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IMF World Economic Outlook: Tentative Stabilization, Sluggish Recovery?

In the October World Economic Outlook, we described the global economy as in a synchronized slowdown, with escalating downside risks that could further derail growth. Since then, some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit. Monetary policy has continued to support growth and buoyant financial conditions. With these developments, there are now tentative signs that global growth may be stabilizing, though at subdued levels. In this update to the World Economic Outlook, we project global growth ...

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China confident of stabilising industrial growth in 2020

China is confident of maintaining steady industrial growth this year despite big pressures on the sector, underpinned by tax cuts and broad policy support, Minister of Industry and Information Technology Wei said. The country’s industrial output topped expectations in December by growing 6.9% from a year earlier, the strongest pace in nine months, bringing full-year 2019 expansion to 5.7% – within the government’s target of 5.5-6.0%. Growth in the world’s second largest-economy cooled to a near 30-year low of 6.1% in 2019 amid a bruising trade war with the United ...

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OECD employment rate increases slightly in the third quarter of 2019

The OECD area employment rate – the share of the working-age population with jobs – increased to 68.9% in the third quarter of 2019, from 68.7% in the previous quarter. Compared to the previous quarter, the employment rate in the third quarter of 2019 was stable in the euro area (at 67.9%, following continuous increases since the fourth quarter of 2013). Within the euro area, the employment rate increased by more than 0.5 percentage point in Estonia (to 75.7%), Latvia (to 72.7%) and Portugal (to 70.8%) but declined by 0.3 ...

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Kanoo shipping launches operations in Antarctica

Kanoo shipping, a fully owned business division of Yusuf bin Ahmed Kanoo, YBA Kanoo, has launched its Antarctic operations through its office in South Africa by handling the private jet, Dassault Falcon 7X. The Seatrade Middle East & Africa Ship Agent of the year in 2018 & 2019, provides a range of services to support national bases in Antarctica, including logistics support for numerous flights and ship agency services for cargo vessels that sail to the ice shelf each year. “It is not often that a ship agent can possibly ...

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MOL Logistics (Thailand) Strengthens Total Logistics Services – Orchestrating MOL Group Logistics Business in Thailand

MOL Logistics (Japan) Co., Ltd. (MLG; President: Shuhei Togo) today announced that starting in January, its subsidiary in Thailand, MOL Logistics (Thailand) Co. Ltd. (MLG Thailand) will orchestrate the operations of its inland logistics and customs clearance business segment, developed over many years by the Thailand subsidiary company of Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda; Head Office Minato-ku, Tokyo), in a move to further strengthen its total logistics business. Since its foundation in 1993, MLG Thailand has offered logistics services with a focus mainly on international ...

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TT Club Appoints Network Partner in Qingdao, China

Fundamental to the mutual insurer’s service is its global reach. Therefore to have the first Network Partner established in China, to complement the existing Shanghai corporate office, is an important landmark for the Club. Allowing TT Club Members, its insured, to access a unique network of freight transport experts across the globe, Network Partners provide claims assistance, loss prevention and risk management advice to container lines, freight forwarders and other supply chain operators who arrange their insurance cover through TT Club. Now in Qingdao, through the appointment of Ever Faith ...

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