Category archives: News

Oil Through the Looking Glass 23.10.2020

*Oil Holds Near $42, Heads for Weekly Loss as Virus Cases Surge* Oil looks to post a first weekly loss in the last three as COVID looks to sweep through the northern hemisphere in a second wave, on top of mounting supply pressures from Libya, following the lifting of the 8-month blockade on oil exports …

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Declining trade volumes due to slow steel demand

A total of 1.39 million mt of iron ores was traded for the week ended Oct 23, down almost 7.33% week-on-week as compared to the 1.5 million mt recorded last week. The decline in trading volumes was due to slowing steel demand as the peak construction came to end, while trade participants prepared for the …

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DCE closes lower on high port inventory

Iron ore futures slumped throughout the session and closed lower due to high iron ore port inventory and output restriction in Tangshan. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange nosedived since market opening by 3.14% day-on-day to RMB 771.50 per mt on Friday. The steel rebar contract on …

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Capesize rates hike up on better shipping fundamentals

Capesize freight rates rebounded from the slump on bullish sentiments with a wave of buying activities for November contracts. The Capesize 5 time charter average rose by $1,386 day-on-day to $17,151 on Thursday, thanks to flurry of purchases in the earlier session, then followed by selling pressures from some profit-takers near the closing session. The …

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