Category archives: News

Morning Oil Report 29/12/20

Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 0410 GMT and U.S. West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.   Many participants of the oil market have noted the choppiness of the oil price as we head into the finale of 2020, …

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DCE corrects on lower steel prices

Iron ore futures went down to correction phrase, after opening high in the morning session only to close lower at the afternoon session. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) dipped slightly by 0.73% or RMB 7.50 to RMB 1,025.50/mt on Monday. Similarly, the steel rebar contract on the Shanghai …

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Capesize rates hike amid slow trading

Capesize freight rates managed to rise toward year-end, even though shipping demand slowed ahead of the holidays season. The Capesize 5 time charter average then hiked up by $224 day-on-day to $16,633 on Dec 24, despite slow trading day with only several trades being transacted in tight range. The Baltic Dry Index (BDI) was almost …

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More iron ore price corrections after stricter trading measures

A total of 770,000 mt of iron ores was traded for the week ended Dec 24, less 7.23% on-week as compared to the trade volume of 770,000 mt recorded last week. Benchmark iron ore prices peaked above $175/mt since the start of the week, but soon dropped as Dalian Commodity Exchange (DCE) imposed stricter measures …

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