Iron ore remains neutral to bullish, with limited room to the upside in the short-run since futures values are converging with DCE deliverable physical values. Macro: The signing of RECP by 15 Asian countries (Reuters) indicated industrial commodities facing more tax exemptions in next few years. It will also help to build a transparent and …
Author archives: Lee Welch
Tanker News Update 11/11/2020
A slow start to Monday (09/11) morning was pleasantly interrupted in the early afternoon with Pfizer’s announcement of a 90% efficacy Covid-19 vaccine. This small light at the end of the tunnel sent markets roaring with Oil prices making the first significant up move in a hot minute… This announcement brought some much-needed optimism, that …
Ferts in Focus 04/11/2020
UK government considers potential ban on all urea fertiliser In a bid to keep in line with targets to reduce ammonia emissions by 8% of 2005 levels by 2020, and 16% by 2030, the UK government announced on Tuesday that it is considering action on the use of nitrogen fertilisers. “A complete ban on urea use …
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, …
FIS Weekly Ferrous Report: Iron ore continues bearish run
Macro and Money Movement. Financial markets remained conservative prior to the US election which both Europe and the US registered a second round of the pandemic. Many countries’ Covid-19 infections have created single day high. From China Exchange data, equity and industrial commodity sector markets showed a correction. The agricultural commodity sector was supported. China …
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Ship Shape: The Good, The Bad, and The Ugly
As we enter the second half of October, with the darker evenings drawing in, minds will be focusing in on the end of the year and the start to another. It leaves us asking questions about where we are, what might happen and who that’s good or bad for. Or in the style of the …
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FIS Weekly Ferrous Report: Iron ore in a short-run bearish trend
Money Movement. According to China commodity exchange statistics, agricultural sector money inflow increased 14.99% in the days before Golden Week. The industrial sector increased 23.99%, the petrochemical sector contributed most, up 38.3%. The ferrous sector was up 16.88% over the same period, underperforming other industrial sectors including non-ferrous. Within the ferrous sector, iron ore money …
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Oil Through the Looking Glass 08/10/2020
* In A World with Too Much Oil, OPEC+ Sweats Its Next Move* OPEC+ is considering its next move after implementing a 3-phase plan of output cuts over the course of 2020 and into early 2021. Demand recovery is slower than expected and prices are lower than many had hoped for which has meant that …
Ferts In Focus 07/10/2020
RCF announces new purchasing tender Shortly after going to print last week, India’s RCF announced a new purchasing tender on Wednesday. The tender is for an unspecified amount of urea closing on the 9th of October for shipment by 15th November. From ICIS: There is ample availability for the RCF tender but final volumes would …
Oil Through the Looking Glass 01.10.2020
India’s Gasoline Sales Jump to Pre-Covid Levels in September, Diesel Improves Indian refiners reported sales have risen to pre-pandemic levels in September for gasoline but there has been a reported drop off in diesel sales as loosening restrictions sparked energy consumption and economic activity. Indian state refiners sold 2.2 million tonnes of gasoline, up 1.85% …