Chinese futures rallied on better steel margins, which prompted more mills to ramp up production. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, hiked by 2.14% to RMB 645.50 per tonne at Wednesday However, the steel rebar contract on the Shanghai Futures Exchange was mostly flat throughout the …
Category archives: News
Capesize rates drag down by ballasters
It was another ugly day for the Capesize market as rates continued to deteriorate from oversupply of vessels and low shipping demand. The Capesize 5 time charter average plunged further by $949 on-day to $2,893 on Tuesday, due to sell off on the paper market. With the massive sell off, the market sentiment has become …
Indonesia Revamps Law to Unlock Billions of Mineral Riches
Indonesia’s parliament approved sweeping changes to the nation’s mining law, allowing the world’s top nickel and coal producer to hand out longer contracts to companies pledging to invest billions of dollars to develop the industry. The amendments, cleared by lawmakers on Tuesday, will help Indonesia create a supply chain of mineral resources for industries such …
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Australian Weekly Exports Drop to 16.8 Mln Tons
Shipments from Australia including Port Hedland total 16.8 million tons in week to May 8, compared with 18.9 million tons a week earlier, according to Global Ports data in AHOY compiled by Bloomberg. * From Port Hedland: 9.7 million tons ** NOTE: Port Hedland used by miners including BHP Group, Fortescue Metals Group Ltd. and …
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Wheat Extends Losses to March Lows on Record Global Stockpiles
Wheat futures in Chicago were on track for the lowest close in almost two months after the U.S. Department of Agriculture predicted record global supplies, topping analyst expectations. Corn fell and soybeans were flat. Wheat prices dropped for a fourth day, the worst losing streak since the middle of April, as the agency said world …
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China Increases 2019-20 Soybean Import Forecast to 91m Tons
China boosted its estimate for soybean imports for the current marketing year to 91m tons, citing better crushing profits and the implementation of the phase-1 trade deal with the U.S., according to China Agricultural Supply and Demand Estimates (CASDE). * That’s 3.32m tons higher than last month’s projection SOYBEANS * China’s 2020-21 soybean imports are …
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Aussie Pressured by Fed’s Push Back and China Beef Ban
Aussie Pressured by Fed’s Push Back and China Beef Ban The Australian dollar briefly rose above its 100-day moving average again this week in what appears to be a false break after Federal Reserve officials pushed back on the notion of negative U.S. rates. The currency had been stuck below the rolling gauge since January …
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Iron Ore Tests key Support But Refusing to Buckle
Iron Ore Tests key Support But Refusing to Buckle Onshore iron ore futures have held above key support levels this morning, having failed to break below the weekly pivot point at RMB 625.7. Fundamentally vulnerable on the back of a global slowdown due to the COVID-19 pandemic, there is increasing bearish rhetoric regarding the performance …
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Iron Rises With Brazil Flows, Australian Spat in Focus
Iron Rises With Brazil Flows, Australian Spat in Focus Iron ore futures gained as major producer Brazil continued to post lower shipment figures and investors tracked escalating trade tensions between China, the top iron ore buyer, and Australia, its largest supplier. Brazil’s daily average exports of iron ore and concentrated products was 1.04 million tons …
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China imports more energy products, soybeans in January-April
China imports more energy products, soybeans in January-April China, the world’s leading energy and food importer, bought more crude oil, natural gas and soybeans in the first fou r months of the year, customs data showed. The country imported some 170 million tonnes of crude oil in the period, up 1.7 percen t year on …
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