HMS 80:20 Scrap *Turkish import prices fall $10 over the last week* Following a proactive procurement plan over the last month on Turkish Scrap, Turkish mills now appear to have taken to the sidelines with ample stock. Turkish import prices have gradually drifted down over the last week from the 3-month high of $270/t. The …
Category archives: Products
Ferts in Focus 24/6/20
Focus in international urea markets has been on India’s most recent purchasing tender by RCF, and whether it would support the recent rebound in global urea prices. Early reports of sub $240/t cfr being offered for both east and west coast India point to softer prices globally. The question now, is how much volume will …
Will the Panamax Trend Continue?
Unpredictable and volatile is the life of a shipowner. Five weeks ago the Panamax index was at USD 4,054, the US and China were trading insults over the origin of the COVID-19 pandemic leaving the phase 1 trade deal to exist on paper only. The index is now 138% higher at USD 9,661, China …
Steel futures up on mixed Coronavirus news
Iron ore futures extended gains on Wednesday as investors assessed risks from the Coronavirus pandemic. There are worrying signs that the outbreak has worsened in Brazil, with the nation recently surpassing the mark of one million confirmed cases and 50,000 deaths. Latest figures showed that Brazil added new deaths, bringing the total to …
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Steel & Scrap 24-06-20
Oil off highs on API build, awaiting EIA data
The oil market has continued to come off recent highs after the API predicted a build of 1.7 million bbls for last week. It did, however, also predict a draw in gasoline and distillate levels. But let’s keep an eye on for later this afternoon when the EIA will confirm the actual stats. …
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Oil Through the Looking Glass 24/6/20
*API FYI, but WBU EIA* The American Petroleum Institute (API) has predicted that crude stocks rose by 1.7 mil bbls last week. This isn’t exactly the greatest news on the demand front, something which is sorely needed by producers to help drive up prices after such historic lows in April. That being said, they have …
DCE rebounds from corrections
Chinese futures rebounded from recent corrections after a late rally seen in the afternoon session, prompted by a flurry of trades done at higher levels. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, jumped by 2.05% day-on-day to RMB 771 per tonne on Wednesday. The steel rebar …
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 …