FIS Fuel Oil Morning Report 24/06/2020

Good morning all. Brent crude was down 29 cents, or 0.7%, at $42.34 a barrel by 0335 GMT, while U.S. WTI crude futures fell 35 cents, or 0.9%, to $40.02 a barrel. The market has continued to come off recent highs after the API predicted a build of 1.7 million bbls for last week. It …

Capesize rallies on high iron ore prices

Capesize rates rallied on bullish market sentiments after strong gains seen in both the Pacific and Atlantic basins. The Capesize 5 time charter average surged by $1,308 day-on-day to $26,672 on Tuesday, despite the lagging Q4 and Cal 21 contracts in the future market. Buoyed by the Capesize rally, the Baltic Dry Index (BDI) continued …

FIS Daily Physical Review Jun 24th

Ferrous Market Updates –    ​BHP narrowed JMBF discount from 7% in June to 4.5% in July, Yandi discount from 5.5% to 3.5%. MAC fines discount unchanged at 0.5%. The adjustment on discount is due to enhancement on ferrous, silicon and aluminum. –    Brazil iron ore shipments to China significantly increase in June. In addition, northern …

Capesize lead the way

Another strong day in the dry freight market with the Capesize index up 5.16% due to Chinese iron ore restocking and increased infrastructure spending. The index out outperformed the Baltic Dry Index which rose 3.79% after positive performances from the Panamax index at + 1.65% and Supramax Index + 0.77%.   The continued upside moves …

Pre-holiday restocking lifts iron ore futures

Iron ore futures moved above $99 on restocking ahead of the Chinese holiday.   It was a busy day for iron ore traders as a flurry of trades were transacted as steel mills look to restock ahead of the Dragonboat festival holiday on Thursday and Friday.   Some trade sources are expecting more spot supply …