Daily Ferrous Physical Review Oct 29th

Ferrous Market –    Ganggu construction steel mills production 5.2976 million tonnes, down 22,000 tonnes w-o-w(last down 98,800 tonnes). Mills inventory 4.13 million tonnes, down 211,500 tonnes w-o-w(last down 215,800 tonnes). Circulation 9.36 million tonnes, down 703,300 tonnes w-o-w(last week down 552,800 tonnes). –    MySteel Rebar Inventory: Rebar production 3.63 million tonnes, up 1.29% w-o-w. Mills …

Oil Through the Looking Glass 28/10/20

*Oil in Reverse as Rise in U.S. Crude Stocks Fans Oversupply Fears* Oil gave up Tuesday’s gains as oversupply hangs over the market given the data from the API that was released showed a 4.6 million barrel crude build, on top of weakening demand from Europe and the US due to rising cases of the …

Tanker News Update 28/10/20

*Libya’s return to greatness* At the end of last week, news broke out that Libya has signed a countrywide ceasefire. The UN-backed this deal overseeing the signing of an agreement for two rival groups to sign the cease-fire on October 23rd.  This end to major conflict within the country along with the lifting of the …

Ferts In Focus 28/10/20

*RCF drags tender to a close* RCF finally issued LOIs for its record 2.184mn tonne purchase of urea on Friday, after delaying twice during the week. As noted by Profercy, the tender also saw “the largest ever urea purchasing award to a single company, Ameropa, in India and worldwide, for 860,000mt”. Inclusive of RCF’s purchase, …

DCE rallies on optimism and better buying interests

Iron ore futures continued the bullish run amid better buying activities and market optimism over China’s economic plan to chart future growth. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange surged by 2.41% day-on-day to RMB 785 on Wedensday. The steel rebar contract on the Shanghai Futures Exchange also rallied …

Capesize rates rebound on better physical fixtures

Capesize freight rates rebounded on better fixtures in the physical market that supported an uptick in the paper market. The Capesize 5 time charter average then rose by $302 day-on-day to $18,606 on Tuesday, due to improving market sentiment on the physical market. The Baltic Dry Index (BDI) followed the minor uptick in Capesize and …