Cyclone Veronica in Western Australia seen to impact iron ore, crude oil loadings
Port facilities at Port Hedland and Dampier remain on high alert, with Cyclone Veronica moving through Western Australia. Crude oil loadings from the region’s ports could face delays, while the shipment of over 10 million mt of iron ore is expected to be disrupted.
In LNG, Platts JKM hit a 34-month low amid high supply and scarce North Asian demand. The Indian spot market is likely the only steady demand center in the global LNG market.
In petrochemicals, the fatal blast at Yancheng Jiangsu chemical plant is likely to spur safety checks across China and could push up the prices for some petrochemical products.
And in coal, seaborne demand for Indonesian mid-CV coal tapers off as Indian buyers turn to South African thermal coal as a cheaper alternative. High thermal coal stockpiles at northern China ports have dampened Chinese seaborne demand as well.
Source: S&P Global Platts