SSY News & Events - Archive
SSY News
 INDIA’S CRUDE IMPORTS RISE IN MAY |
30-06-2009 |
India’s crude imports rose 19% in May y-o-y to 12.02 million tons, or 2.84m b/d, after declining 12% y-o-y in April after refineries re-opened after maintenance shutdowns, reports Bloomberg. Fuel sales in India, which imports over 75% of its crude requirements, fell 1.4% to 11.5 million tons, or 2.72m b/d. Fuel exports were down 33% to 1.9 million tons in May. ... [more]
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| INDIAN IRON ORE SPOT PRICE CLIMBS |
30-06-2009 |
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The FOB price of Indian iron ore of 63.5% Fe content has risen to $62/t this week, with the delivered price into China climbing to $80/t, according to data from U-Metal. The delivered price is now $20/t above the level seen at the end of March. ... [more]
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 NEW REFINERIES LIFT ASIA-PACIFIC DEMAND |
29-06-2009 |
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Asia-Pacific demand for West African crude is increasing in July on the back of new refining capacity and improving margins, reports Argus. Around 1.38 m b/d of July-loading crude is expected to head east from West Africa, 280,000 b/d lower than in June but similar to May exports. West African volumes to China are expected to reach 735,000 b/d, down on June but similar to May’s volumes.By ... [more]
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 EAST AUSTRALIAN PORT CONGESTION ON THE RISE AGAIN |
29-06-2009 |
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The SSY Australian Coal Port Congestion Index has climbed above 12 days once again, as vessel queues lengthen at coal load terminals on the east coast of the country. This is the first time since May 2008 that the index has reached this level. According to local sources, around 125 dry bulk carriers are now waiting to berth at Australia’s coal ports. ... [more]
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| IRAN BECOMES CHINA’S LARGEST CRUDE SUPPLIER |
26-06-2009 |
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Chinese crude imports rose by 5.5% year-on-year to 4.04 m b/d in May, with Iran becoming the largest supplier, Energy Intelligence reports. Imports from Iran almost doubled to 730,000 b/d, while imports from Saudi Arabia reached 653,000 b/d, down by 15.5% year-on-year. Imports from Angola dropped 35.5% to 483,000 b/d, while volumes from Oman rose 70% to 319,000 b/d and imports from Kuwait almost ... [more]
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| IGC CUTS ARGENTINA’S GRAIN EXPORT FORECASTS FOR 2009/10 |
26-06-2009 |
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The International Grains Council has made further cuts to its grain export projections for Argentina in 2009/10 (July-June). Dry weather conditions have impacted exportable supplies, prompting a 2009/10 wheat export forecast of 4.0 Mt (-3.3 Mt on 2008/09 and -0.5 Mt on last month’s projection for 09/10). The IGC also expects Argentina’s corn exports in the new trade year to stand at 9.0 Mt (-3.0 ... [more]
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| NIGERIA’S CRUDE EXPORTS TO FALL |
25-06-2009 |
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Nigeria is forecast to export around 1.4m b/d of crude in August due to cuts in production caused by militant attacks, reports Bloomberg. This rate is for shipments of Nigeria’s 10 biggest crude grades and compares with 2.07m b/d from 13 crude varieties due to be shipped in July. In the latest of attacks in Nigeria the Billie-Krakama pipeline, which supplies one of the country’s main export ... [more]
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 COAL IMPORTS INTO SOUTH KOREA |
25-06-2009 |
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At 7.4 Mt, South Korean coal imports during May were down 13% on last year, trade data reveal. Coking coal shipments to South Korea were down 0.3 Mt to 1.0 Mt, while combined steam coal and anthracite imports dropped 0.7 Mt to 6.4 Mt.A shift in trading patterns over the past year emerges from the data: coal imports from China have fallen (from 2.1 Mt in May 2008 to 0.6 Mt in May this ... [more]
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 US CRUDE STOCKS FELL |
24-06-2009 |
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US crude inventories fell by 3.9 m bbl to 353.9 m bbl last week, but still were 17% higher year-on-year, while crude imports grew by 247k b/d to 9.28 m b/d and crude oil production reached 5.26 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks rose by 3.87 m bbl to 208.9 m bbl, steady year-on-year, while refinery utilisation grew by 1.15% to 87.1%, the ... [more]
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 GLOBAL STEEL PRICES RISE |
24-06-2009 |
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According to the latest SteelBenchmarker from US consultancy World Steel Dynamics, global hot rolled band export prices have risen to $446/tonne, up by $44/t from two weeks ago and the highest level since January. However, while the latest rise implies that global steel demand is beginning to recover, the current price remains 60% lower than the record high of $1,113/t seen at the end of July ... [more]
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 SSY CAPESIZE IRON ORE PORT CONGESTION INDEX FOR CHINA |
23-06-2009 |
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The number of Capesizes waiting at China’s iron ore ports stands at 88, a record high for this year. SSY’s new Capesize Iron Ore Port Congestion Index for China, which provides a weighted average of berthing delays at China’s leading iron ore discharge terminals, now stands at 16.2 days. This compares with just 1.6 days at the beginning of 2009. ... [more]
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 REFINERY OUTAGE AFFECTS INDONESIA’S CRUDE DEMAND |
23-06-2009 |
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Indonesia bought 95,000 b/d of crude for August, down from 170,000 b/d in July. This as demand was hit by a week’s unplanned shutdown at a 200,000 b/d crude unit at Indonesia’s 350,000 b/d Cilacap refinery, reports Argus. Meanwhile, Forties output will fall to 345,000 b/d in August, down from 675,000 b/d in July, before rising to 555,000 b/d in September.By late afternoon in London, ICE ... [more]
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 FSU GASOLINE EXPORTS ON THE RISE |
22-06-2009 |
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FSU gasoline exports increased in May as FSU refiners boosted exports on the back of higher US and European demand, after maintenance reduced production levels in April, reports Argus. Exports rose by around 50% month-on-month to 315k b/d, having grown by 70% compared with the same month last year. Most of the volumes were destined to US ahead of the start of the summer driving season.By ... [more]
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| GRADUAL RISE FOR INDIAN IRON ORE PRICE |
22-06-2009 |
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The spot FOB price of Indian iron ore is maintaining its gradual rise, according to data from U-Metal. The FOB price for ore with Fe-content of 63.5% is currently $60/t, having slowly risen from a low of $50/t in March. Although this level is still far below last year’s record high of $150/t, it does indicate some stabilisation following rapid falls during the 2h08 and 1q09. ... [more]
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 WORLD STEEL PRODUCTION |
19-06-2009 |
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World steel output in May totalled 95.6 Mt, up by 7% on the previous month, according to data from the World Steel Association. The world total for May marks a decline of 21% year-on-year.Production in China reached 46.5 Mt, up just 0.6% on May 2008. In contrast, production in the rest of the world dropped by 34% year-on-year to 49.1 Mt during the same month. Of the major steelmaking ... [more]
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 BTC CRUDE EXPORTS TO RISE IN JULY |
19-06-2009 |
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Exports of BTC Blend crude from the Turkish Mediterranean port of Ceyhan are expected to increase by 10% in July, compared with June, to around 877,000 b/d, according to the loading programme, reports Argus. This is partly due to increased Tengiz crude being injected into BTC Blend. Meanwhile, Kazakh crude exports fell by 3.8% to 1.41 m b/d in May month-on-month, reflecting reduced exports along ... [more]
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| RUSSIAN CRUDE EXPORTS INCREASE |
18-06-2009 |
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Russian crude exports through the Transneft system to non-CIS countries increased by 0.8% to 4.28 m b/d in May, compared with April, reports Argus. A rise in shipments from Black Sea ports and along the Druzbha pipeline offset lower Primorsk exports due to pipeline maintenance. Meanwhile, Norwegian crude output dropped by 205 k b/d to 1.87 m b/d in May, compared with April.By late ... [more]
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 JAPAN’S CRUDE STEEL PRODUCTION |
18-06-2009 |
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According to the latest data from the Japan Iron and Steel Federation, Japan’s crude steel production rose to a year-to-date high in May, up by 13% from the previous month to 6.5 Mt. This represents a 38% fall year-on-year. Year-to-date output was 29.8 Mt, bringing the annualised rate to 71.5 Mt, which would represent a fall of 40% from 2008 total production of 118.7 Mt. ... [more]
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| US CRUDE STOCKS FELL |
17-06-2009 |
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US crude inventories fell by 3.9 m bbl to 357.7 m bbl last week, but still were 19% higher year-on-year, while crude imports grew by 67k b/d to 9.04 m b/d and crude oil production reached 5.27 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks rose by 3.39 m bbl to 205.0 m bbl, 1.8% lower year-on-year, while refinery utilisation remained steady at 85.9%. ... [more]
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| CHINA’S COAL IMPORTS HIT NEW RECORD IN MAY |
17-06-2009 |
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China imported 9.43 Mt of coal in May, representing a massive 127% increase year-on-year, according to China’s Customs Statistics. The record levels of coal volumes have been spurred by lower overseas prices. The first five months of 2009 have seen imports rise by almost 14 Mt (+71%) over the same period last year. ... [more]
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 PORT QUEUES COMPRISE 18% OF WORLD’S CAPESIZE FLEET |
16-06-2009 |
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There is currently a total of 154 Capesize vessels waiting to berth at load and discharge ports in Australia, Brazil and China, according to the latest data from local sources. This equates to around 18% of the world’s Capesize fleet.The chart below demonstrates the swings in the number of Capes waiting to berth at terminals in these three countries, which have corresponded to gains and ... [more]
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| PORT QUEUES COMPRISE 18% OF WORLD’S CAPESIZE FLEET |
16-06-2009 |
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There is currently a total of 154 Capesize vessels waiting to berth at load and discharge ports in Australia, Brazil and China, according to the latest data from local sources. This equates to around 18% of the world’s Capesize fleet. ... [more]
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| GLOBAL OIL SURPLUS NARROWS IN MAY |
16-06-2009 |
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Global oil supply is estimated to have outstripped demand by 2 m b/d in May, as demand rose by 700,000 b/d compared with April and supply increased by 100,000 b/d, held back by heavy maintenance and unplanned outages in Norway, according to Energy Intelligence. This surplus was estimated at 1.7 m b/d and 2.6 m b/d in March and April, respectively. In the 2H09, the surplus is expected to ... [more]
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| US COKING COAL EXPORTS FALL IN APRIL |
15-06-2009 |
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US coking coal exports in April fell to 1.33 Mt, down by 56% from the previous month, representing a massive 63% fall year-on-year. That represents the lowest monthly total since August 2006. ... [more]
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| GLOBAL OIL DEMAND REVISED DOWNWARDS BY OPEC |
15-06-2009 |
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OPEC has revised global oil demand projection for 2009 down by 50,000 b/d, reports Argus, citing the latest OPEC Monthly Oil Market report. Demand is now projected to fall by 1.62 m b/d in 2009. Demand forecast for OPEC’s crude has been revised downwards by 200,000 b/d to 28.6 m b/d, compared with its previous estimation.By late afternoon in London, ICE Brent was trading at $ ... [more]
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| CHINA’S CRUDE STEEL PRODUCTION RISES TO AN 11-MONTH HIGH |
12-06-2009 |
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China’s steel output rose to a year-to-date high of 46.5 Mt in May, up by 7% from April and close to the record monthly volume of 46.9 Mt set in June 2008. This brings the first fifth months of output to a new record of 216.9 Mt, 1 Mt higher than the previous high from the same period last year. ... [more]
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| CHINA’S CRUDE IMPORTS ROSE 5.5% |
12-06-2009 |
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China’s crude imports rose 5.5% y-o-y in May to 4.05m b/d, the second highest daily rate on record, having risen 2.3% on a daily basis from April levels, according to the latest data from China Customs. Year-to-date levels averaged 3.60m b/d, down 1.9% y-o-y. Product imports were down 28.3% on the year at 791k b/d having dropped 13% from April. Year-to-date levels were 781k b/d, down by 54k ... [more]
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| CONGESTION PERSISTS AT CHINA’S IRON ORE PORTS |
11-06-2009 |
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Congestion at China’s iron ore discharge terminals is remaining stubbornly high, with 84 Capesizes waiting to berth, according to local sources. This is the highest tally to date and indicates a rise of 50 Capes since late March.Meanwhile, preliminary customs statistics reveal that China imported 53.46 Mt of iron ore in May, the second-highest monthly import total. This marks a 37% ... [more]
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| GLOBAL OIL DEMAND REVISED UPWARDS |
11-06-2009 |
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Global oil demand for 2009 was revised upwards by 0.12 m b/d to 83.3 mb/d, 2.5 mb/d lower year-on-year, according to the latest IEA Oil Market Report. Global oil supply for May fell month-on-month by 0.21 mb/d to 83.7mb/d. Non-OPEC supply growth in 2009 was revised upwards by 170kb/d, on stronger growth at new Russian fields, more robust North Sea production and higher crude output in Colombia ... [more]
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| US OIL STOCKS DECLINE |
10-06-2009 |
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US crude stocks slumped 4.4m bbl last week to 361.6m bbl but remained 20% higher year-on-year, as imports fell 676k b/d to 8.97m b/d, according to the latest data from the US Department of Energy. Gasoline inventories decreased 1.6m bbl to 201.6m bbl, 4% lower on the year, as imports declined 77k b/d to 872k b/d and demand rose 121k b/d to 9.14m b/d. Distillate stocks were down 0.3m bbl at 149.7m ... [more]
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| BRAZILIAN IRON ORE CONTRACT PRICE AGREEMENT |
10-06-2009 |
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Vale has announced that a 28.2% drop in the contract price for iron ore fines for the 2009 financial year has been agreed with Nippon Steel and POSCO. This is accompanied by a 44.47% fall in the FY 2009 iron ore lump price. The agreement was followed by the Japanese steelmakers Sumitomo Metal, Kobe Steel and Nisshin Steel. ... [more]
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| RUSSIAN CRUDE PRODUCTION RISES |
09-06-2009 |
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Russian crude and condensate production increased to a record high in April, after the economic crisis had caused a decline, reports Argus. Total output reached 9.77 m b/d in April, 1.5% higher than last April. Meanwhile, National Iranian Oil Company (NIOC) has set up its first Beijing office to push for crude sales in China, reports Reuters. Iran sold about 500,000 b/d of crude to China in the ... [more]
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| COLOMBIAN COAL EXPORTS FALL TO A 3-YEAR LOW |
09-06-2009 |
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Colombian coal exports in April totalled 4.5 Mt, down by 0.8 Mt (-15%) from March and the lowest monthly total since June 2006. This shows a 26% fall year-on-year, according to McCloskey. Year-to-date exports were 20 Mt, bringing the annualised rate to 60 Mt, which would represent a fall of 13% from 2008 total exports of 68.7 Mt. ... [more]
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| EAST ASIAN REFINERS CUT RUNS |
08-06-2009 |
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North East Asian refiners are cutting runs as a result of weaker middle distillate margins, reports Argus. Production at South Korea’s SK Energy in May-June are estimated at 770,000 – 780,000 b/d, compared with 815,000 b/d in April and 830,000 b/d in March. Japan’s Nippon Oil has reduced runs to 640,000 b/d, down by 30,000 b/d compared to year-earlier data. Idemitsu is cutting runs by 75,000 b/d ... [more]
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| CHINA RAISES TAX REBATE ON STEEL EXPORTS |
08-06-2009 |
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According to a statement from China’s Ministry of Finance, China has introduced a 9% export tax rebate on hot rolled coil steel products, effective from 1st June in order to help tumbling exports. China’s steel exports in the first four months of the year fell to a 5-year low. ... [more]
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| RICHARDS BAY COAL EXPORTS IN MAY AT A 16-MONTH LOW |
05-06-2009 |
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Coal exports from Richards Bay Coal Terminal (RBCT) fell for the third consecutive month to a 16-month low of 3.8 Mt in May, representing a 21% decline year-on-year, according to RBCT statistics. This brings exports in the first five months of the year to just 22.5 Mt, the lowest level for this period since 2001. ... [more]
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| BLACK SEA CRUDE EXPORTS FALL |
05-06-2009 |
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Shipments to ports along the Transneft system in June are expected to fall by 7.3% to 2.71 m b/d compared with May, reports Argus. Exports through Novorossiysk are scheduled to drop by 99,000 b/d month-on-month to 808,000 b/d, while deliveries to Pivdenne are expected to fall by 81,000 b/d to 162,000 b/d. Exports of Kazakh crude to Odessa are expected to drop by about 50% to 47,000. A rise in ... [more]
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| CHINESE APPARENT OIL DEMAND AT A 12-MONTH HIGH |
04-06-2009 |
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Chinese apparent oil demand increased to a 12-month high reaching about 8.2 m b/d in April, reports Argus. However, demand for the first four month of 2009 was down by 2% compared with the same period last year, due to weak global economy. The rise in apparent oil demand is partly a result of China stimulating domestic consumption.By late afternoon in London, ICE Brent was trading at $ ... [more]
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 AUSTRALIAN IRON ORE EXPORTS REMAIN HIGH IN APRIL |
04-06-2009 |
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Australia iron ore exports maintained their strong pace in April, reaching 29.0 Mt for the month. This takes the year-to-date export total to 111.0 Mt, up 8% year-on-year. The annual increase was driven by increased shipments to China. Some 88.3 Mt of iron ore were shipped to China in Jan-April, up a substantial 49% year-on-year. ... [more]
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| SOUTH KOREAN COKING COAL IMPORTS DROP TO ALMOST FOUR-YEAR LOW |
03-06-2009 |
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South Korea’s coking coal imports in April fell to the lowest level since July 2005, according to trade data. South Korea imported 0.95 Mt of coal in April, representing an 18% month-on-month decline from March and a massive 56% fall year-on-year. This puts South Korea’s coking coal imports at 4.4 Mt in the first four months of the year, down by 35% from a year earlier. ... [more]
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| US CRUDE STOCKS ON THE RISE |
03-06-2009 |
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US crude inventories rosel by 2.9 m bbl to 366 m bbl last week, and were 19% higher year-on-year, while crude imports grew by 868k b/d to 9.65 m b/d and crude oil production reached 5.36 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 0.22 m bbl to 203.2 m bbl, 2.8% lower year-on-year, while refinery utilisation rose by 1.2% to 86.3%, the ... [more]
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| PMIS IN ADVANCED ECONOMIES IMPROVE IN MAY |
02-06-2009 |
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The Purchasing Managers’ Indices for the US, Japan and the Eurozone have improved in May, showing potential for an easing in the rate of economic contraction in the major economies, according to data quoted by Macquarie Bank. The PMI in the US rose for the fifth consecutive month, standing at 42.8 in May, the highest level since October 2008. Japan’s PMI jumped to a 9-month high at 46.6 ... [more]
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| SAUDI ARABIAN CRUDE EXPORTS TO US DROP TO 21-YEAR LOW |
02-06-2009 |
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US crude imports from Saudi Arabia dropped to 944,000 b/d in March, reaching the lowest level since November 1988, reports Energy Intelligence, citing data from the US Energy Information Administration. Exports from Saudi Arabia were slightly lower than Venezuelan exports, which reached 949,000 b/d. In 1Q09, Saudi Arabia exported 1.12 m b/d of crude to US, 413,000 b/d less than in Q108.By ... [more]
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| JAPAN’S POWER USAGE DECLINES AGAIN IN APRIL |
01-06-2009 |
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According to the Federation of Electric Power Companies, coal consumption in Japan fell by 13% year-on-year to 3.19 Mt in April, due to lower industrial usage and improved nuclear performance. Nuclear output jumped to 8.65 bn kWh, representing a 8.3% increase year-on-year. ... [more]
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| SOUTH KOREAN CRUDE IMPORTS ROSE |
29-05-2009 |
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South Korean crude imports grew by 4.3% to 2.35 m b/d in April month-on-month, reports Energy Intelligence, citing data from the State Korea National Oil Corp. Imports from Saudi Arabia fell by 3.5% to 656,000 b/d, while imports from Iran rose by more than 80% to 318,000 b/d. Imports from UAE dropped by almost 33% to 277,000 b/d. Total Middle East imports rose by 4.1% to 1.98 m b/d, as volumes ... [more]
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| IGC GRAIN MARKET OUTLOOK |
29-05-2009 |
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According to the International Grains Council (IGC), the latest world wheat trade forecast for 2009/10 is unchanged from the first projection, down by 10 Mt from a record volume of 122 Mt set in 2008/09 to 112 Mt. Because of firmer world demand, world maize trade is expected to increase by 2 Mt to 83 Mt, mainly due to a rebound in US exports. ... [more]
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| US STEEL IMPORTS IN APRIL AT 16-YEAR LOW |
28-05-2009 |
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US steel imports in April fell by 21% from the previous month to 1.1 Mt, representing a 37% fall year-on-year, and the lowest monthly level since May 1993, according to the American Iron and Steel Institute (AISI). Imports from leading supplier China dropped by 50% from March to 0.09 Mt. ... [more]
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| US CRUDE STOCKS CONTINUE TO DROP |
28-05-2009 |
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US crude inventories fell by 5.4 m bbl to 363.1 m bbl last week, but still were 17% higher year-on-year, while crude imports fell slightly by 13k b/d to 8.78 m b/d and crude oil production reached 5.36 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 0.54 m bbl to 203.4 m bbl, 1.3% lower year-on-year, while refinery utilisation rose by 3.3% to ... [more]
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| CHINA’S IRON ORE IMPORTS BY SOURCE IN APRIL |
27-05-2009 |
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China’s iron ore imports rose by 9% month-on-month to 57 Mt in April, hitting a new monthly record. Imports from leading supplier Australia jumped by 15% m-o-m to 22.65 Mt. Volumes from India fell by 14% to 11.16 Mt, making India the third biggest supplier in April. A record volume of 12.78 Mt was shipped into China from Brazil, making Brazil the second largest supplier for the first time ... [more]
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| JAPAN’S CRUDE IMPORTS FALL |
27-05-2009 |
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Japan’s crude imports fell 11.1% to 3.97 m b/d in April compared with the same month last year, reports Reuters, citing preliminary data from the Japanese Ministry of Finance. In March, Japanese crude oil imports fell by 18.4% to 3.68 m/b year-on-year. Meanwhile, FSU gasoil exports rose by 39,000 b/d to 866,000 b/d in April year-on-year and fuel oil exports rose by 115,000 b/d to 1.14 m b/d ... [more]
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| IRON ORE CONTRACT PRICE AGREEMENT |
26-05-2009 |
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Rio Tinto has announced that a 33% drop in the contract price for iron ore fines for the 2009 financial year has been agreed with Nippon Steel. This is accompanied by a 45% fall in the FY 2009 iron ore lump price. As yet there has been no settlement involving Chinese steel mills. Despite the decline, this would still leave the iron ore contract price above the level of the FY 2007 ... [more]
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| FSU CRUDE EXPORTS INCREASE MONTH-ON-MONTH |
26-05-2009 |
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FSU crude exports rose in April month-on-month, reports Argus. Specifically, exports through the Black Sea ports increased by 65,000 b/d to 1.25 m b/d compared with March, although they were down 123,000 b/d on the year. Exports through the Baltic ports in April increased by 73,000 b/d to 1.66 m b/d compared with March, having fallen by 52,000 b/d compared with the same month last year.By ... [more]
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| CHINESE DIESEL AND GASOLINE EXPORTS RISE |
22-05-2009 |
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China increased diesel exports eight-fold in April, while Chinese gasoline exports rose to the highest level since mid-2007, as refiners sought to reduce record-high inventories, reports Reuters, citing the Chinese General Administration of Customs. Specifically, diesel exports rose 761.5% to 510,000 tonnes, compared with the same month last year and were 27% higher compared with March. Gasoline ... [more]
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| CHINESE STEEL PRICES REMAIN FIRM |
22-05-2009 |
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The price of Chinese wire rod has risen for the seventh consecutive week. Chinese wire rod prices increased to $508/t at the end of this week, representing the highest level in 14 weeks. This is still below the $560/t year-to-date high set in mid-February. ... [more]
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| GLOBAL CRUDE INVENTORIES ON THE RISE |
21-05-2009 |
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Global oil inventories rose by 32 m bbl in April, compared with March, reaching 6,887 m bbl, reports Energy Intelligence. North American crude inventories rose by 21 m bbl month-on-month to 1,361 m bbl at the end of April, having grown by 138 m bbl compared with April 2008. Europe’s crude inventories stood at 342 m bbl at the end of April, 3 m bbl lower than in March and 6 m bbl higher than in ... [more]
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| INDIAN IRON ORE EXPORTS SEE FURTHER DECLINE |
21-05-2009 |
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Iron ore exports at Indian’s major ports in April fell for the third consecutive month, according to data from the Indian Port’s Association. Some 8.63 Mt of iron ore was handled at Indian’s major ports in April, down by 3% from the previous month and representing a 12% fall year-on-year. Exports from Port Mormugao rose by 11% year-on-year to 4.51 Mt, while the rest of major ports has reported ... [more]
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| FURTHER DECLINES IN STEEL OUTPUT |
20-05-2009 |
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World steel output in April totalled 89.5 Mt, down 3% on the previous month, according to data from the World Steel Association. The world total for April marks a decline of 23.6% year-on-year.Substantial year-on-year falls in steel production were still in evidence in many traditional steelmaking centres, such as the US (down 53% to 3.9 Mt), the EU-27 (down 49% to 9.5 Mt) and Japan (down ... [more]
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| US CRUDE STOCKS FALL FOR A 2ND WEEK - PETROBRAS TO SUPPLY SINOPEC |
20-05-2009 |
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US crude inventories fell by 2.1 m bbl to 368.5 m bbl last week, and were 15% higher year-on-year, while crude imports grew by 83k b/d to 8.79 m b/d and crude oil production reached 5.35 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 4.38 m bbl to 204.0 m bbl, 2.6% lower year-on-year, while refinery utilisation fell by 1.89% to 81.8%. Gasoline ... [more]
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| CHINA’S COAL IMPORTS AT NEW RECORD |
19-05-2009 |
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China’s coal imports soared to an all-time high of 9.16 Mt in April, according to China’s Customs Statistics. This is some 3.4 Mt higher than the March import total, itself a record at the time. As a result January-April imports climbed to 22.77 Mt, up around 52% on the same period last year. ... [more]
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| SAUDIS TO REDUCE GASOLINE IMPORTS |
19-05-2009 |
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Saudi Aramco’s gasoline imports in June are expected to drop to almost 50,000 b/d, compared with 80,000 b/d in May, reports Argus. The drop is mainly due to Aramco’s new 92,000 b/d catalytic cracker coming on stream at its 400,000 b/d Rabigh refinery, which is to produce up to 60,000 b/d of gasoline. Moreover, Ras Tanura 325,000 b/d refinery is expected to return to full throughputs on 20 ... [more]
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| ASIA-PACIFIC IMPORTS OF WEST AFRICAN CRUDE TO RISE |
18-05-2009 |
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Asia-Pacific imports of West African crude are expected to reach a 3-year high of 1.66 m b/d in June, mainly due to demand from China, India and Taiwan, reports Argus. West African crude exports to China are expected to rise to 880,000 b/d in 2Q09, up by 300,000 b/d compared with Q109. China is to take some of the additional Angolan crude exports in June, which are projected to rise to 1.84 m ... [more]
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| CHINA’S IRON ORE PORT STOCKPILES INCREASE TO A SIX-MONTH HIGH |
18-05-2009 |
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Iron ore stockpiles at China’s discharge ports have risen for the fourth consecutive week, and are up by 10 Mt in the past four months to over 71 Mt by the end of last week. However, this is still lower than the 4q08 peak of 74.4 Mt. ... [more]
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| BTC EXPORTS TO DROP |
15-05-2009 |
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BTC Blend exports from the Turkish port of Ceyhan in June are scheduled to be 800,000 b/d, down by more than 70,000 b/d compared with May, reports Argus. Exports of CPC Blend from the CPC oil terminal near Novorossiysk are scheduled to reach 678,000 b/d in June, up by 29,000 b/d compared with May export programme. Meanwhile, Turkmen crude production is expected to rise to 218,000 b/d in 2009, up ... [more]
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| CHINESE PORT CONGESTION REMAINS AT HIGH LEVEL |
15-05-2009 |
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Congestion at China’s iron ore ports eased slightly this week, although with some 66 Capesizes waiting to berth, queues remain at historically high levels. Furthermore, this would imply that some 11-12 Mt of iron ore is effectively being held offshore while vessels wait to berth. ... [more]
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| GLOBAL OIL DEMAND REVISED DOWNWARDS |
14-05-2009 |
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Global oil demand for 2009 was again revised downwards by 0.2 m b/d to 83.2 mb/d, 2.6mb/d lower year-on-year, according to the latest IEA Oil Market Report. Global oil supply for April rose month-on-month by 0.23 mb/d to 83.6mb/d, having dropped by 2.8mb/d on the year. Non-OPEC supply growth in 2009 was revised upwards by 50kb/d, after stable North Sea production and higher-than-expected Russian ... [more]
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| WORLD STEEL PRICE SLIDES AGAIN IN MAY |
14-05-2009 |
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According to the World Steel Dynamics’ SteelBenchmarker, the World export price for Hot Rolled Band edged lower once again this week, slipping by $1/t over the last two weeks to stand at $394/t. This represents a massive 63% fall year-on-year. ... [more]
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| CHINA’S CRUDE IMPORTS JUMP 14% |
13-05-2009 |
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China’s crude imports rose 13.5% y-o-y in April to 16.17Mt, or 3.96m b/d, the second highest daily rate on record, having risen 2.2% on a daily basis from March levels, according to the latest data from China Customs. Year-to-date levels averaged 3.48m b/d, down 3.9% y-o-y. Product imports were up 2.7% on the year at 881k b/d having risen 19% from March. However, year-to-date levels were ... [more]
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| CHINA’S NET STEEL IMPORTS EXPAND FURTHER IN APRIL |
13-05-2009 |
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China’s steel exports sank to the lowest level since June 2004, falling by 16% from the previous month to 1.41 Mt in April and representing a massive 71% fall year-on-year, according to data from China’s General Administration of Customs. At 2.3 Mt, imports of steel to China in April reached a 3.5-year high, jumping by 32% from a month earlier and representing a massive 51% increase ... [more]
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| CHINESE CAR SALES RECORD HIGH – US CRUDE STOCKS DOWN |
13-05-2009 |
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Chinese passenger car sales reached a record high of 831,000 in April, 37% higher year-on-year, having increased by 7.6% compared with March, according to China’s Association of Automobile Manufacturers.Meanwhile, US crude inventories fell by 4.6 m bbl to 370.6 m bbl last week, and were 14% higher year-on-year, while crude imports fell by 1.21 m b/d to 8.70 m b/d and crude oil production ... [more]
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| CHINA’S APRIL IRON ORE IMPORTS HIT NEW RECORD |
12-05-2009 |
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China imported a record 57 Mt of iron ore in April, up by 5 Mt (+10%) from the previous record set in March and representing a 33% increase year-on-year, latest customs data reveal. Year-to-date imports of 188.6 Mt were 35.1 Mt (+23%) higher than the same period last year. ... [more]
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 VENEZUELAN OIL PRODUCTION ESTIMATES NOT IN LINE WITH SECONDARY SOURCES |
12-05-2009 |
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Venezuelan oil ministry published records of oil shipments, which show a discrepancy compared with production estimated by the IEA and other secondary sources, Argus reports. Domestic consumption data from the oil ministry combined with crude and product trade by UK-based inspection company Inspectorate bring Venezuelan oil production at 2.9m b/d, compared with 2.2 m b/d secondary sources ... [more]
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| BRAZIL ORE MINER VALE’S SUPPLY HIT BY BAD WEATHER |
11-05-2009 |
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Severe flooding has been reported in northern Brazil, causing the disruption of iron ore supply from the Carajas mining region. Vale declared force majeure last Friday on iron ore deliveries to the domestic market, Bloomberg reports. Ore mined in Carajas is shipped via the port of Ponta da Madeira (PDM). If the weather conditions persist, the force majeure declaration could be extended to ... [more]
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| INDIA’S VADINAR REFINERY EXPANDS |
11-05-2009 |
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Indian refiner Essar has expanded crude capacity at its Vadinar refinery by 70,000 b/d to 280,000 b/d, reports Argus. Plans to boost capacity to 680,000 b/d by 2010 have been postponed on the back of weak demand and poor refining margins. Meanwhile, Ekofisk output was reduced after a small pipeline leak disrupted output of 40,000 b/d. Ekofisk production was 420,000 b/d in Q109.By late ... [more]
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| AUSTRALIAN IRON ORE EXPORTS IN MARCH SURGE BY 20% MONTH-ON-MONTH |
08-05-2009 |
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Australian iron ore exports rose by 4.8 Mt from the previous month to 29.3 Mt in March, according to trade data. This marks a sharp rebound from November’s 20.3 Mt and is also up 1.8 Mt on the same month last year. Exports in the 1q09 totalled 82 Mt, up by 6% from the same quarter last year. ... [more]
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| AZERI OUTPUT INCREASES |
08-05-2009 |
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The BP-led AIOC consortium produced 900,000 b/d of Azeri Light in April, the highest level since output was disrupted at two key platforms after a gas leak at the Azeri-Chirag-Guneshli (ACG) block in September, reports Argus. About 800,000 b/d are exported through the Baku-Tbilisi-Ceyhan (BTC) pipeline, while the remainder is exported through the Baku-Supsa route. BP plans to increase output ... [more]
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| JAPAN’S COAL IMPORTS IN MARCH |
07-05-2009 |
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According to the latest trade data from Japan’s Ministry of Finance, Japan imported 12.4 Mt of coal (including anthracite) in March, compared with 14.9 Mt in the same month last year, the lowest level since May 2005. Imports for the 1q09 totalled 41.2 Mt, representing a 13% fall year-on-year. Japan’s steam coal imports in March fell to a 20-month low, at 7.6 Mt. This brings ... [more]
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| US CRUDE AND DISTILLATE STOCKS RISE, GASOLINE FALLS |
06-05-2009 |
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US crude stocks remained at their 19 year high last week having risen another 0.6m bbl to 375.3m bbl, 15% higher y-o-y, as imports rose 96k b/d to 9.92m b/d, according to the latest data from the US Department of Energy. Distillate inventories grew 2.4m bbl to 146.5m bbl as imports rose 42k b/d to 165k b/d and demand remained relatively unchanged. Gasoline stocks were down 0.2m bbl at 212.4m bbl, ... [more]
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| FURTHER INCREASE IN CHINESE PORT CONGESTION |
06-05-2009 |
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Congestion at China’s iron ore ports has risen to new extremes. At the beginning of this week, some 71 Capesize vessels were waiting to berth at the country’s iron ore discharge ports, according to local sources. The longest vessel queues were seen at Rizhao, Tianjin-Xingang, Caofeidian and Beilun. This week’s total surpasses the previous high of 65 in February this year and marks a substantial ... [more]
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| SOUTH KOREAN COAL IMPORTS IN MARCH AT A 5-MONTH HIGH |
05-05-2009 |
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Coal imports into South Korea reached a five-month high in March, according to the trade data. Total imports for the month hit 8.5 Mt, largely as a result of steam coal imports hitting the highest level for eight months with 6.7 Mt. Combined coal imports into South Korea for the 1q09 were 24.0 Mt, up 1.2 Mt on the same quarter last year. Over this period shipments from Australia jumped ... [more]
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| RUSSIAN FUEL OIL EXPORTS TO US INCREASE |
05-05-2009 |
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Russian fuel oil exports to US have increased so far in 2009, compared to 2008, Argus reports. At least 110,000 b/d of high-sulphur fuel oil was exported to the US, mostly to the Gulf coast, from Baltic or northwest European ports in April, while exports reached 85,000 b/d in March and 185,000 b/d in February, compared with around 60,000 b/d in 2008. These exports are typically made on Suezmax ... [more]
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| IGC CUTS WORLD WHEAT TRADE FORECAST FOR 2009/10 |
01-05-2009 |
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The International Grains Council has raised its wheat trade forecast for 2008/09 (July-June) to a record 122.1 Mt as a result of increased exports from Black Sea suppliers to Egypt, Iran, Pakistan and Turkey. Consequently, the IGC now expects 2008/09 wheat exports to exceed the 2007/08 total by 12 Mt.Next year, however, improved harvest prospects in countries such as Iran, Syria and ... [more]
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| SOUTH KOREAN CRUDE IMPORTS FELL IN MARCH |
01-05-2009 |
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South Korean crude imports fell by 15% to less than 2 m b/d in March year-on-year on the back of negative refining margins, according to data from state Korean National Oil Corp., reports Energy Intelligence. However, for 1Q09, imports were 2.56 m b/d, up by 4.5% year-on-year. March imports from Saudi Arabia fell by 37% to 445,000 b/d, and from UAE by 26% to 340,000 b/d. Shipments from Kuwait and ... [more]
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| FSU SHIPMENTS ROSE IN Q109 |
30-04-2009 |
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FSU crude exports to non-CIS countries rose by 560,000 b/d to 6.6 m b/d in the first quarter year-on-year, reports Argus. This was mainly due to higher Caspian crude exports on the back of production increases in Kazakhstan and Azerbaijan. Light sweet BTC Blend and CPC Blend pipeline shipments increased by more than 200,000 b/d in the first quarter. However, March exports fell by 125,000 b/d ... [more]
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| US STEEL IMPORTS IN MARCH AT 5-YEAR LOW |
30-04-2009 |
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US steel imports in March were 1.4 Mt, down by 5.3% from the previous month, and the lowest since December 2003, according to the American Iron and Steel Institute (AISI). Imports in the 1q09 totalled 5.0 Mt, representing an annual fall of 29%. The largest volume of finished steel shipments into the US in March was from China. ... [more]
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| US CRUDE STOCKS INCREASE CONTINUOUSLY |
29-04-2009 |
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US crude inventories increased by 4.1 m bbl to 374.7 m bbl last week, and were 17% higher year-on-year, while crude imports fell by 31k b/d to 9.82 m b/d and crude oil production reached 5.27 m b/d, down by 152k b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 4.70 m bbl to 212.6 m bbl, roughly unchanged year-on-year, while refinery utilisation ... [more]
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| WORLD STEEL PRICE SLIDE CONTINUES |
29-04-2009 |
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Weak steel demand around the world has led to a continued slide in international steel prices. According to the World Steel Dynamics’ SteelBenchmarker, the World export price for Hot Rolled Band slipped by $5/t over the last two weeks to $395/t, the lowest level since August 2005. This represents a massive 64.5% fall from the peak of $1,113/t set in July 2008. ... [more]
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| CHINA’S IRON ORE PORT STOCKPILES INCREASE TO A 20-WEEK HIGH |
28-04-2009 |
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Iron ore stockpiles at China’s discharge ports have risen by 10 Mt over the past two months to over 68 Mt at the end of last week - the first time since November 2008. However, this is still lower than the 4q08 peak of 74.4 Mt. Meanwhile, the spot fob price of iron ore from India is around $53/t compared with $73/t in mid-February. ... [more]
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| SAUDIS TO ALMOST DOUBLE GASOLINE IMPORTS IN MAY |
28-04-2009 |
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Saudi Aramco will almost double gasoline imports in May, compared with April, to compensate for shortfalls caused by refinery disruptions, reports Argus. The partial shutdown of the 325,000 b/d Ras Tanura refinery caused this unusual request for gasoline imports. Imports will mainly come from Mediterranean and Black Sea refineries. Meanwhile, Mexico’s crude output dropped by 225,000 b/d to ... [more]
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| GLOBAL STEEL USE PROJECTIONS FOR 2009 |
27-04-2009 |
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The World Steel Association forecasts that world apparent steel use (ASU) will fall 14.9% this year to 1.019 billion tonnes. This represents a sharp slowing from 2008, when deteriorating economic conditions towards the end of the year contributed to an overall annual decline of 1.4%.The World Steel Association also outlines differing projections for China and the rest of the world. In ... [more]
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| CHINA BECAME A NET GASOLINE IMPORTER IN MARCH |
27-04-2009 |
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China became a net importer of gasoline in March, with net imports at 10,000 b/d, compared with 85,000 b/d net exports in February, reports Argus. New car sales increased by 10% year-on-year in March boosted by lower sales taxes. Chinese net diesel exports fell to 40,000 b/d in March, compared with 55,000 b/d in February. Meanwhile, India has permitted refiner Reliance to sell products to the ... [more]
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| CHINESE IRON ORE IMPORT BY SOURCE IN MARCH |
24-04-2009 |
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China imported a total of 19.64 Mt of iron ore from Australia during March, down by 2.4% MoM. The second largest supplier was India, with 12.93 Mt of iron ore exports into China, up by 9.3% MoM, while imports from Brazil rose by 21% to 9.84 Mt, according to Umetal. ... [more]
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| CHINA’S SAUDI CRUDE IMPORTS FALL |
24-04-2009 |
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China’s crude imports from Saudi Arabia fell over 27% y-o-y to 589k b/d in March while volumes from Angola were down 37% at 544k b/d in line with OPEC cuts, reports Energy Intelligence. Shipments from the Middle East accounted for 45% of the total 3.86m b/d imported in March while volumes from Africa made up 27%. However, Russian imports rose 23% to 322k b/d. In the Jan-Mar period China’s imports ... [more]
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| WORLD STEEL PRODUCTION |
23-04-2009 |
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World steel production data for March highlight contrasting production levels in China and the rest of the world. According to the World Steel Association, global output totalled 91.7 Mt in March, down 23.5% year-on-year. Production in China reached 45.1 Mt (down just 0.3% on March 2008), which represents almost half of world output. In contrast, production in the rest of the ... [more]
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| CPC EXPORTS TO FALL IN MAY |
23-04-2009 |
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Exports from the Caspian Pipeline Consortium (CPC) terminal near Novorossiysk are set to fall about 3% month-on-month in May to 652k b/d, according to preliminary loading schedules, reports Bloomberg. 674k b/d are scheduled to be shipped in April. CPC shipped an average of 673k b/d in 2008. ... [more]
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| CHINA BECOMES A NET STEEL IMPORTER IN MARCH |
23-04-2009 |
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China’ steel exports fell by 60% year-on-year to 1.67 in March, according to data from China’s General Administration of Customs. China’s steel imports in March hit a 3-year high, up by 13% year-on-year to 1.73 Mt. As a result, China became a marginal net steel importer for the first time since November 2005. ... [more]
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| US OIL STOCKS CONTINUE TO GROW |
22-04-2009 |
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US crude stocks grew another 3.86m bbl to 370.6m bbl, the highest since Sept 1990 and 17% higher y-o-y, after imports rose 464k b/d to 9.86m b/d, according to the latest data from the US Department of Energy. Gasoline inventories increased 0.8m bbl to 217.3m bbl after imports inched 43k b/d higher to 1.12m b/d while demand was up 192k b/d at 9.14m b/d. Distillate stocks grew 2.68m bbl to 142.3m ... [more]
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| ANOTHER GLOOMY ECONOMIC FORECAST FROM IMF |
22-04-2009 |
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The International Monetary Fund (IMF) has revised down its projection for world economic growth for 2009 for the fourth time since October. According to the latest update, world economic growth is now forecast to contract by 1.3% in 2009, compared with negative growth between 1% and 0.5% in March’s forecast. Among the advanced economies, the sharpest contractions are predicted for Japan ... [more]
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 MARCH GLOBAL STEEL PRODUCTION DOWN 23.5% YOY |
21-04-2009 |
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World steel production data for March highlight contrasting production levels in China and the rest of the world. According to the World Steel Association, global output totalled 91.7 Mt in March, down 23.5% year-on-year. Production in China reached 45.1 Mt (down just 0.3% on March 2008), which represents almost half of world output. In contrast, production in the rest of the world dropped 38% ... [more]
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| US GASOLINE DEMAND FORECAST TO RISE |
21-04-2009 |
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The Energy Intelligence Administration has forecast US gasoline consumption to rise 90k b/d y-o-y to 9.1m b/d in the peak summer driving season (2Q and 3Q09), reports Petroleum Argus. However, overall US product demand this year is still expected to fall by over 425k b/d to just under 19m b/d as economic weakness offsets the effects of lower prices. Domestic gasoline production is expected to ... [more]
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| US STEAM COAL IMPORTS FALL TO A 5-YEAR LOW |
20-04-2009 |
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According to customs statistics, US steam coal imports decreased by 22% from the previous month to 1.61 Mt in February, falling to the lowest monthly level since March 2004, down by 50% compared with a record monthly high of 3.21 Mt set in August 2007, McCloskey reports. ... [more]
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| RUSSIAN MAINTENANCE WILL CUT EXPORTS |
20-04-2009 |
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Russian refinery maintenance will cut crude runs by at least 420k b/d in April-May and secondary unit throughputs by at least 170k b/d, reports Petroleum Argus. Fuel oil exports through the Black Sea ports of Odessa and Sevastopol will be halved to 55k b/d this month due to work at two Rosneft units, with a combined capacity of 330k b/d. Maintenance at another two plants with combined capacity of ... [more]
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| SAUDI ARABIAN CRUDE EXPORTS TO US LOWEST IN 16 YEARS |
17-04-2009 |
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Saudi Arabia’s exports to the US fell 200k b/d month-on-month in February to 1.12m b/d, the lowest since June 1996, as OPEC cut output to offset falling demand and lower high commercial crude inventories, reports Energy Intelligence. The low volume was 380k b/d below the 2008 average of 1.5m b/d and puts Saudi behind Canada and Mexico in terms of crude shipped to the US in February. Overall, US ... [more]
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| FSU CRUDE EXPORTS DROP IN MARCH |
16-04-2009 |
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FSU seaborne crude oil exports dropped by 68,000 b/d month-on-month in March, partly due to disruptions to shipments from the Black Sea and a slight rise in Russian export duties, Energy Intelligence reports. Total seaborne crude exports reached 2.407 m b/d, compared with 2.475 m b/d in February. Shipments through Novorossiysk fell by 28,000 b/d month-on-month to 618,000 b/d, having dropped by ... [more]
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| CHINA MARCH COAL IMPORTS SURGE TO A RECORD |
16-04-2009 |
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According to data from China’s General Administration of Customs, China’s coal imports in March increased for the fourth consecutive month. China imported 5.72 Mt of coal in March, representing a 17.2% increase from February and a 37.4% rise year-on-year. This puts China’s coal imports at 13.59 Mt in the first quarter of the year, up by 21% from a year earlier. ... [more]
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| US CRUDE STOCKS HIGHEST SINCE 1990 |
15-04-2009 |
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US crude inventories increased by 5.7 m bbl to 366.7 m bbl last week, their highest level since 1990, and were 17% higher year-on-year, while crude imports rose by 59k b/d to 9.39 m b/d and crude oil production reached 5.48 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 944k bbl to 216.5m bbl, roughly unchanged year-on-year, while refinery ... [more]
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| CHINA’S SOYABEAN IMPORTS RISE BY 66% Y-O-Y |
15-04-2009 |
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China’s soyabean imports rose for the third consecutive month to 3.86 Mt, representing a 66% increase from a year earlier. That represents the highest monthly imports in six months, down by 7% compared with the previous record of 4.13 Mt set in September 2008. ... [more]
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| CHINA IMPORTS HISTORIC HIGH VOLUME OF IRON ORE IN MARCH |
14-04-2009 |
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China’s iron ore imports totalled 52.08 Mt in March, hitting an all-time high, customs data show. This represents an 11% increase from the previous monthly record of 46.74 Mt set in February. The first three months of imports totalled 131.47 Mt, up by 19% compared with 110.69 Mt in the 1q08. ... [more]
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| GLOBAL OIL DEMAND REVISED DOWNWARDS |
14-04-2009 |
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Global oil demand for 2009 was again revised downwards by 1 m b/d to 83.4 mb/d, 2.4mb/d lower year-on-year, according to the latest IEA Oil Market Report. Global oil supply for February fell month-on-month by 0.4 mb/d at 83.4mb/d, having dropped by 3.4mb/d on the year. Non-OPEC supply growth in 2009 was revised downwards by 320kb/d, partly due to downward-adjusted biofuels production and supply ... [more]
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| GLOBAL OIL SUPPLY SURPLUS RE-EMERGES |
09-04-2009 |
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Global oil demand reached 84.12 m b/d in March, having dropped by 1.4 m b/d or 1.6% year-on-year, according to preliminary assessments by Energy Intelligence. OECD demand is estimated to have fallen by 3%. A supply surplus re-emerged last month, as global oil supply grew by about 200,000 b/d to 84.7 m b/d. For the first quarter of 2009, global oil consumption fell by more than 2.1 m b/d, ... [more]
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| GERMAN CRUDE STEEL OUTPUT FALLS TO 2.1 MT IN MARCH |
09-04-2009 |
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Germany’s crude steel production fell by 50% year-on-year to 2.1 Mt in March, representing the lowest level since German reunification in 1990, according to data from the Federal Statistical Office, Metal Bulletin reports. ... [more]
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| BRAZILIAN IRON ORE EXPORTS TO CHINA HIT RECORD IN MARCH |
08-04-2009 |
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Brazil’s iron ore exports fell by 4.7% y-o-y to 22.8 Mt in March. However, this represented a 6-month high. Some 15.5 Mt of iron ore were shipped to China, hitting an all-time high, according to Macquarie. This puts Brazilian exports to China at 40.2 Mt in the first three months of the year, representing a massive 47.7% jump year-on-year. ... [more]
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| US CRUDE STOCKS CONTINUE TO RISE |
08-04-2009 |
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US crude inventories increased by 1.6 m bbl to 361.1 m bbl last week, their highest level since 1993, and were 14% higher year-on-year, while crude imports fell by 222k b/d to 9.33 m b/d and crude oil production reached 5.47 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks rose by 656k bbl to 217.4m bbl, 2% lower year-on-year, while refinery utilisation ... [more]
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| SULLOM VOE’S BRENT EXPORTS TO NORTH AMERICA FALL |
07-04-2009 |
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Brent shipments from UK’s Sullom Voe terminal moving transatlantic fell to less than 10% of loadings in the first quarter, Argus reports. Of the total 188,000 b/d exported through Sullom Voe, 17,000 b/d were shipped to North America in the first quarter. In February, 20,000 b/d out of 177,000 b/d was exported to North America, while no exports were fixed in March. For the second quarter, it is ... [more]
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| RICHARDS BAY COAL EXPORTS IN MARCH DOWN ON PREVIOUS MONTH |
07-04-2009 |
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Richards Bay exported 4.9 Mt of coal in March, down by 0.3 Mt from the previous month, Bloomberg reports. However, this puts exports at 14.2 Mt in the first three months of the year, showing a 7% increase year-on-year. ... [more]
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| SUPSA’S CRUDE EXPORTS RISE |
06-04-2009 |
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Azeri Light exports from the Georgian port of Supsa in March reached 115,200 b/d, compared with 112,900 b/d in February and 90,000 b/d in January, Argus reports. This was mainly due to the increase in production at the Azeri-Chirag-Guneshli (ACG) block in the Azeri sector of the Caspian Sea. Supsa’s exports have risen since the reopening of the 150,000 Baku-Supsa pipeline in October, after the ... [more]
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| AUSTRALIA’S IRON ORE EXPORTS FALL IN FEBRUARY |
03-04-2009 |
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Australia’s iron ore exports have declined in February after a big increase in the first month of 2009. Some 24.5 Mt of iron ore (wet basis) were exported from Australia in February, representing a 12.8% fall from the previous month, trade data show. ... [more]
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| JAPAN’S CRUDE IMPORTS STEADY |
03-04-2009 |
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Japanese crude imports reached 4.39 m b/d in February, steady year-on-year, according to Ministry of Economy, Trade and Industry (METI), Energy Intelligence reports. Imports from Saudi Arabia increased by 1.7% to 1.26 m b/d, while imports from UAE fell 18.5% to 917,000 b/d. Total imports from Middle East dropped slightly to 3.92 m b/d. Imports from Asia-Pacific region fell by 24.7%, although ... [more]
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| PMIS RISE SLIGHTLY IN MARCH |
02-04-2009 |
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The Purchasing Managers Indices for the US, Japan and Eurozone increased slightly in March, at 34.6 compared with 33.9 in February. This is still far below the key level of 50 (any reading less than 50 indicates a contraction in manufacturing activity), and represents a continuation of the downturn in industrial production in these regions. ... [more]
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| CHINESE CRUDE IMPORTS FROM WEST AFRICA RISE |
02-04-2009 |
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Chinese imports of West African crude are estimated to increase to a 14-month high in April, Argus reports. Volumes are scheduled to rise by 400,000 b/d to 950,000 b/d in April, compared with March, as refiners are taking advantage of low oil prices to build up their storage, despite Chinese inventories being reported to be firm. Chinese commercial crude stocks increased for a six consecutive ... [more]
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| GDP TO SHRINK BY 4.3% IN 2009, SAYS OECD |
01-04-2009 |
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The Organisation for Economic Cooperation (OECD) expects the economy across OECD countries to contract by 4.3% in 2009 as the unemployment rate climbs sharply, according to its latest report. The sharpest fall for 2009 is predicted for Japan at -6.6%, with the EU at -4.1% and the US -4.0%. Growth in China is forecast at 6.3%. ... [more]
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| US CRUDE STOCKS CONTINUE TO RISE |
01-04-2009 |
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US crude inventories increased by 2.8 m bbl to 359.4 m bbl last week, their highest level since 1993, and were 13% higher year-on-year, while crude imports grew by 170k b/d to 9.55 m b/d and crude oil production reached 5.48 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks rose by 2.22 m bbl to 216.8m bbl, 4% lower year-on-year, while refinery utilisation ... [more]
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| JAPAN’S STEEL EXPORTS IN FEBRUARY HIT AN 8-YEAR LOW |
31-03-2009 |
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Japan’s steel exports fell below 2 Mt in February for the first time since 2001, at 1.9 Mt, according to the Japan Iron and Steel Federation. This brings the annualised rate to only 23.3 Mt compared with the record high of 38.4 Mt in 2008. ... [more]
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| SAUDIS EXPECTED TO INCREASE GASOLINE EXPORTS |
31-03-2009 |
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Saudi Arabia is expected to increase gasoline exports in summer, as a refinery expansion of 50,000 b/d at its 400,000 b/d Rabigh unit is to be brought online in July, Argus reports. Saudi Aramco expects to cut gasoline imports from the Mediterranean market once the Rabigh reformer comes on stream. Moreover, it is well located to export gasoline to Eastern and Southern African markets. Before ... [more]
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| IRON ORE SPOT PRICE FALLS TO A 34-MONTH LOW |
30-03-2009 |
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FOB iron ore prices from India fell for the sixth consecutive week, down from $73/t at the year-to-date’s peak in mid-February to $50/t at the end of last week, according to data from Umetal . That represents the lowest level since May 2006 and compares with $150/t one year ago. ... [more]
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| JAPANESE REFINERY RUN CUTS TO BE CONTINUED |
30-03-2009 |
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Run cuts by Japanese refineries will be extended into 2Q09, due to faltering demand, Argus reports. Idemitsu’s crude throughputs will be decreased by 120,000 b/d to 430,000 b/d in April. Japan Energy will cut runs by 7% to 360,000 b/d in 2Q09, while Cosmo Oil will cut runs by over 9% to 430,000 b/d for the same period. Nippon Oil will cut runs by 230,000 b/d year-on-year to 765,000 b/d in April, ... [more]
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| CHINESE CRUDE IMPORTS FALL LED BY ANGOLAN DECLINE |
27-03-2009 |
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Chinese crude imports dropped by 15% year-on-year in February to 3.07 m b/d, led by a decline of 45%, to 331,000 b/d, in Angolan exports, Energy Intelligence reports. Imports from Sudan and Kazakhstan fell by 44,000 and 16,000 b/d, respectively. On the contrary, imports from Saudi Arabia increased by 28% to 835,000 b/d, while imports from Iran rose by 22% to 501,000 b/d. Overall imports from ... [more]
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| IGC CUTS WORLD GRAIN EXPORTS FORECAST |
27-03-2009 |
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According to the International Grains Council, the total forecast export volume from the five major exporting countries has fallen to 159 Mt for this marketing year from 180.9 Mt a year earlier, down by 1.2 Mt from the previous forecast last month. Year-on-year increases in export volumes for other major grain exporters are projected in Ukraine (+16.5 Mt to 20.4 Mt) and Russia (+5.1 Mt to 18.5 ... [more]
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| PRODUCTION FROM NORWAY’S AND UK’S MAIN SYSTEMS TO RISE IN APRIL |
26-03-2009 |
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The eight principal Norwegian and UK crude oil systems will produce 2.208 m b/d in April, 73,000 b/d or 3.4% higher than in March, according to loading schedules, Energy Intelligence reports. Production of other streams will contribute about 37% of total expected production in the UK and 41% for Norway in April. It is projected that total crude production from the two sectors will increase by ... [more]
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| US CRUDE STOCKS HIGHEST SINCE 1993 |
25-03-2009 |
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US crude inventories increased by 3.30 m bbl to 356.6 m bbl last week, their highest level since 1993, and were 14% higher year-on-year, while crude imports grew by 204k b/d to 9.38 m b/d and crude oil production reached 5.43 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 1.14 m bbl to 215.7m bbl, 6% lower year-on-year, while refinery ... [more]
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| VENEZUELA IMPORTS GASOLINE |
24-03-2009 |
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Venezuela will import 100,000 b/d of gasoline to cover low domestic output due to refinery maintenance that will be completed at the end of May, reports Argus. Specifically, imports will replace output from 305,000 b/d Cardon and 140,000 b/d El Palito refineries, which usually produce 60,000 b/d and 40,000 b/d of gasoline, respectively. Meanwhile, China’s net gasoline and diesel exports increased ... [more]
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| CHINA’S IRON ORE PORT STOCKPILES SURGE TO A 12-WEEK HIGH |
23-03-2009 |
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Iron ore stockpiles at China’s discharge ports have risen to a 12-week high of 64.5 Mt, representing a gain of 7 Mt month-on-month. However, this is still lower than the 4q08 peak of 74.4 Mt. ... [more]
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| FSU CRUDE EXPORTS RISE |
23-03-2009 |
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FSU crude exports increased by 270,000 b/d in February compared with January, reports Argus. Exports of Caspian light sweet BTC crude was the main reason behind this increase, reaching 180,000 b/d, with exports to long-haul destinations rising in particular. Exports through the Baltic ports increased by about 100,000, while shipments through the Black Sea ports remained rather steady. Meanwhile, ... [more]
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| GLOBAL STEEL OUTPUT SLUMP CONTINUES |
20-03-2009 |
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February world steel production fell for the third consecutive month with global output down by 22% year-on-year to 83.8 Mt, according to data from the World Steel Association released today. Production cuts were most severe in the US (-54.2% yr-on-yr to 3.8 Mt), the EU (-41.5% to 10 Mt) and Japan (-44.2% to 5.5 Mt). China’s steel production showed growth of 4.9% yr-on-yr with monthly ... [more]
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| GLOBAL OIL INVENTORIES PROJECTED TO DECLINE SLIGHTLY IN 2009 |
20-03-2009 |
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According to the latest projections by Energy Intelligence, OPEC production cuts combined with a decline in non-OPEC supply growth will result in a negligible reduction in global oil inventories this year, after global oil demand and supply have converged. For 1H09, global supply running ahead of demand is expected to translate into a stockbuild of 822,000 b/d, while during 2H09, global supply ... [more]
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| IMF REVISES GDP FORECAST DOWN |
19-03-2009 |
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The International Monetary Fund (IMF) has revised its forecast for world GDP down to negative growth of between 1 and 0.5% in 2009, the heaviest fall in 60 years. Among the key economies, the sharpest fall is predicted for Japan (-5.8%), with substantial declines forecast in the US (-2.6%) and Eurozone (-3.2%). For 2010, however, the IMF projects a rebound in annual growth between 1.5% and 2.5% ... [more]
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| BTC EXPORTS THROUGH CEYHAN TO DROP |
19-03-2009 |
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BTC shipments through Ceyhan are expected to decline by about 160,000 b/d to 540,000 b/d in April, compared with March, reports Argus. This is mainly due to increased volumes of Azeri-Chirag-Guneshli (ACG) block in the Azeri section of the Caspian Sea being put into storage to replenish Baku storage tanks. Meanwhile, Kazakh crude exports through Russia along the Atyrau-Samara pipeline are ... [more]
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| JAPAN’S CRUDE STEEL OUTPUT PLUNGES TO A 40-YEAR LOW |
18-03-2009 |
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Japan’s crude steel production in February fell for the fifth consecutive month to 5.48 Mt, the lowest level since 1968, according to the latest data from the Japan Iron and Steel Federation. Year to date production totalled 11.86 Mt, this brings the annualised rate to 71.16 Mt, far below crude steel output in 2008 of 118.74 Mt. ... [more]
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| US CRUDE STOCKS ON THE RISE |
18-03-2009 |
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US crude inventories increased by 1.94 m bbl to 353.3 m bbl last week, their highest level since June 2007, and were 13% higher year-on-year, while crude imports grew by 59k b/d to 9.18 m b/d and crude oil production reached 5.414 m b/d, the highest level since August 2005, according to the latest data from the US Department of Energy. US gasoline stocks increased by 3.2 m bbl to 215.7m bbl, ... [more]
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| EASING IN CONGESTION |
17-03-2009 |
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An easing of congestion at iron ore load ports in Western Australia and iron ore discharge ports in China has reduced the number of Capesizes waiting to berth by 38 over the past three weeks. According to local sources, there are currently a combined 53 Capesizes waiting to berth at these terminals compared with 91 three weeks ago. ... [more]
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| ECUADOR’S OUTPUT FALLS |
17-03-2009 |
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Ecuador’s crude output is set to decline, as investment by private-sector firms is waning, reports Argus. Crude production is expected to fall by 13,000 b/d to 482,000 b/d in 2009, with private sector’s output projected to drop by 7% from 202,000 b/d it produced in 2008, as contracts are being renegotiated and firms are resisting acceptance of Quito’s new deals. Meanwhile, Saudi Arabia’s 500,000 ... [more]
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| CHINA’S COAL IMPORTS HIT A 22-MONTH HIGH |
16-03-2009 |
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China’s coal imports in February rose for the third consecutive month, up by 63% from the previous month to 4.88 Mt, hitting a 22-month peak. Imports of 7.87 Mt during the first two months of the year were up by 11% year-on-year. ... [more]
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| ASIAN REFINERY SHUTDOWNS TO PEAK IN APRIL |
16-03-2009 |
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Asia-Pacific refinery shutdowns are estimated to peak in April, when about 1 mb/d crude distillation capacity in China and Japan will be off line, Argus reports. China will shut about 600,000 b/d of its 8.9 mb/d crude capacity. More than 330,000 b/d refinery capacity will be shut-in for maintenance in Japan in April, followed by another 500,000 b/d in May. South Korea’s largest refiner SK will ... [more]
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| GLOBAL OIL DEMAND REVISED DOWNWARDS |
13-03-2009 |
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Global oil demand for 2009 was again revised downwards by 200kb/d to 84.4mb/d, 1.2mb/d or 1.5% lower year-on-year, according to the latest IEA Oil Market Report. Global oil supply for February fell month-on-month by 1.0mb/d at 83.9mb/d, having dropped by 3.4mb/d on the year. Non-OPEC supply growth for 2009 was revised downwards by 380kb/d to zero, mainly due to disruptions in Azeri crude ... [more]
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| CHINA’S COAL EXPORTS DOWN TO AN 11-YEAR LOW |
13-03-2009 |
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China’s coal exports in February slumped by 61% from the previous month to 1.44 Mt, hitting an 11-year low. Exports of 5.1 Mt in the first two months of the year were down by 42% year-on-year. ... [more]
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| CHINESE CRUDE IMPORTS FALL Y-O-Y |
12-03-2009 |
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China’s crude imports dropped by 15% y-o-y in February to 3.08 m b/d, having slightly increased 1% from January levels, according to the latest data from China Customs. Product imports were up 2% on the year at 886,000 b/d having risen 57% from January. Meanwhile, Japanese crude imports declined by 19% to 3.8 mb/d in January, compared with the same month last year, Energy Intelligence ... [more]
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| CHINESE CRUDE STEEL OUTPUT SLIGHTLY UP IN FEBRUARY |
12-03-2009 |
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China’s February crude steel production was up by 4.9% year-on-year to 40.42 Mt, according to preliminary National Bureau of Statistics data. If confirmed, that would put year-to-date total output of 81.62 Mt up by 2.4% on the same period last year. ... [more]
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| US GASOLINE STOCKS DROP |
11-03-2009 |
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US gasoline stocks decreased by 3.0 m bbl to 212.5m bbl, 10% lower year-on-year, while refinery utilisation fell by 0.4% to 82.7%, according to the latest data from the US Department of Energy. Gasoline imports grew by 87k b/d to 1.25 m b/d, while demand dropped by 232k b/d to 9.0 m b/d and production dropped by 464k b/d to 8.54 m b/d. US crude inventories increased by 749k bbl to 351.3 m bbl ... [more]
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| CHINA’S IRON ORE IMPORTS HIT NEW HIGH IN FEBRUARY |
11-03-2009 |
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China imported a massive 46.7 Mt of iron ore in February, customs data show. This is almost 4 Mt above the previous monthly record set in April last year and marks a jump of 14 Mt from January. ... [more]
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| SOUTH KOREA IMPORTS A RECORD VOLUME OF STEAM COAL FROM AUSTRALIA |
10-03-2009 |
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South Korea’s steam coal imports in January fell by 5% month-on-month to 6.4 Mt, according to Customs statistics. Some 3.5 Mt of steam coal from Australia were shipped to South Korea in January, hitting a record monthly total. Meanwhile coking coal imports in January fell by 32% from the previous month to 1.3 Mt, compared with 1.9 Mt in the same month last year. Shipments of coking ... [more]
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| RUSSIA COAL EXPORTS |
09-03-2009 |
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According to the latest trade figures, Russia‘s January and February coal exports were down by 8% year-on-year to 14.48 Mt. However, total coal exports to non-CIS countries grew to 13.94 Mt. Steam coal exports surged by 0.83 Mt to 13.73 Mt, McCloskey reported. ... [more]
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| NEW ASIAN REFINERIES TO CREATE A SURPLUS |
09-03-2009 |
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New refining capacity to come in stream during the 1st half of the year is estimated to be more than 1 m b/d, Energy Intelligence reports. Reliance’s Jamnagar of 580,000 b/d in India is to reach full capacity in April, while Petrovietnam’s 140,000 b/d Dung Quat should reach full capacity in August. In China, CNOOC 240,000 b/d refinery at Huizhou is expected to start production in the end of ... [more]
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| JAPAN’S COAL IMPORTS IN JANUARY |
06-03-2009 |
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According to the latest trade data from Japan’s Ministry of Finance, Japan imported 16.1 Mt of coal (including anthracite coal) in January, some 3% more than the previous month, compared with 17.7 Mt in the same month last year. Coal shipments to Japan from China in January were down significantly by 36% m-o-m to 0.8 Mt as a result of higher domestic use. Some strong gains were reported from ... [more]
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| AUSTRALIA IRON ORE EXPORTS RISE 14% IN JANUARY |
05-03-2009 |
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Australia iron ore exports have climbed strongly after a big fall in November 2008. Some 27.92 Mt of iron ore (wet basis) were exported from Australia in January, representing a 14% increase from the previous month, trade data show. Most of the monthly rise was due to increased exports to China. More than 20 Mt of Australian iron ore were shipped to China in January, up by 27% from December. ... [more]
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| FSU PRODUCT EXPORTS INCREASE |
05-03-2009 |
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FSU product exports increased by 282,000 b/d to 2.93 m b/d in January, compared with December, having grown by 497,000 b/d compared with January 2008, Argus reports. Gasoil exports increased by 135,000 b/d to 1.11 m b/d month-on-month mainly due to colder weather in western Europe and a fall in export duties. Gasoline exports grew by 75,000 b/d to 370,000 b/d month-on-month, while naphtha exports ... [more]
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| PMIS REMAIN AT LOW LEVELS |
04-03-2009 |
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The Purchasing Managers’ Indices for the US, Japan and the Eurozone remained at historically low levels in February, according to data quoted by Macquarie Bank. Although the indices for the US and Japan improved slightly on January, at 35.8 and 31.6 respectively, they remain far below the key level of 50 (any reading less than 50 indicates a contraction in manufacturing activity). The ... [more]
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| US CRUDE STOCKS STABILISE AROUND 350 M BBL |
04-03-2009 |
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US crude inventories decreased by 757k bbl to 350.6 m bbl last week, but still were 15% higher year-on-year, while crude imports grew by 259k b/d to 9.03 m b/d and crude oil production reached 5.37 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks increased slightly by 168k bbl to 215.5m bbl, 8% lower year-on-year, while refinery utilisation rose by 1.8% to ... [more]
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| CHINESE STEEL PRICES RESUME FALL |
03-03-2009 |
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Signs are emerging from China of a renewed weakening in steel demand, as domestic steel prices begin to slip. For example, the price of Chinese wire rod has slipped $86/t over the last three weeks to $474/t following a period of stabilisation since October 2008. This is now 44% below the all-time high seen in June last year. Meanwhile, World Steel Dynamics recorded last week that the ... [more]
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| JAPAN STEEL EXPORTS HIT A 3-MONTH LOW |
03-03-2009 |
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Japan’s steel exports in January fell by 24% from the previous month to 2 Mt, representing a massive 35% year-on-year fall, according to the Japan Iron and Steel Federation. ... [more]
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| PRODUCTION FROM NORWAY’S AND UK’S MAIN SYSTEMS TO FALL IN MARCH |
03-03-2009 |
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Norwegian and UK production from the 8 principal crude oil systems is estimated to fall by about 60,000 b/d or 2.7% to 2.135 m b/d in March, compared with February, Energy Intelligence reports. These main streams account for 57% of Norway’s crude production and 63% of the UK’s. For the Norwegian sector, production from Statfjord, Oseberg and Ekofisk is expected to drop by about 60,000 b/d, while ... [more]
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| CHINA WIRE ROD PRICE FALLS TO AN 18-WEEK LOW |
02-03-2009 |
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After climbing to $560/t at the start of February, the highest level for four months, China wire rod prices have slipped to $474/t at the end of last week, down by 30% year-on-year compared with $681/t last year, according to data from U-Metal. This is down 44% on last year’s peak and is the lowest since mid-October in 2008. ... [more]
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| MEXICO’S CRUDE OUTPUT FALLS |
02-03-2009 |
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Mexican crude output fell by 8% to 2.68 m b/d year-on-year in January, Argus reports. Cantarell field output decreased to 772,000 b/d, overtaken by Ku-Maloob-Zaap complex, whose output rose to 787,000 b/d. Mexican crude exports dropped by 5% to 1.36 m b/d. Meanwhile, Chilean product demand reached 340,000 b/d in 2008, compared with 325,000 b/d in 2007. Diesel demand rose by about 10,000 b/d to ... [more]
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| RISE IN SOUTH AFRICAN COAL SHIPMENTS TO GERMANY |
27-02-2009 |
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Despite a small overall decline in import volumes, shipments of South African coal into Germany increased 2.2 Mt on the previous year to 8.0 Mt in 2008, customs data show. German coal imports from all sources slipped marginally to 41.9 Mt. Annual imports from the US also increased significantly (+2.9 Mt to 5.4 Mt), whereas coal cargoes from Australia, Canada, Colombia, Indonesia and other ... [more]
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| RUSSIAN CRUDE OUTPUT KEEPS FALLING |
27-02-2009 |
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Russian crude and gas condensate production continued its downward trend in January, with output falling by 0.9% to 40.01 mt compared with January 2008, Argus reports. Meanwhile, there is rising interest from Singapore to increase fuel imports from Russia through Black Sea ports, with volumes expected to reach 300,000t in March. Argus also reports crude exports from Kazakhstan increased in ... [more]
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| US CRUDE IMPORTS DROP, SHARE OF MIDDLE EAST RISES |
26-02-2009 |
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According to the US Department of Energy, US crude oil imports dropped by 314,000 b/d to 9.717 m b/d in 2008 compared with 2007, Energy Intelligence reports. The share of imports from Middle East increased to 24%, 2% higher compared with 2007, with volumes increasing by 195,000 b/d to reach 2.357 m b/d. Saudi Arabia delivered 1.504 m b/d, up by 57,000 b/d from 2007. Imports from Mexico fell by ... [more]
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| IGC CUTS WORLD GRAIN TRADE FORECAST |
26-02-2009 |
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World grain trade in the 2008/09 marketing year (July-June) is expected to fall by 12 Mt to 226 Mt, according to the latest forecast from the International Grain Council. World wheat exports are unchanged at 118 Mt from last month’s forecast, up by 8 Mt compared to 110 Mt in the 2007/08. World maize exports are projected to decrease to 79 Mt in the current marketing year from 100 Mt in ... [more]
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| WORLD STEEL PRODUCTION CUTS DEEPEN IN JANUARY |
26-02-2009 |
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January world steel production fell 24% year-on-year to 85.8 Mt, according to data from the World Steel Association. In the 4q08 global output fell 20% annually, having risen by 4% annually in the first nine months of the year.Production cuts were most severe in the US (down 53% annually to 4.1 Mt), the countries of the former Soviet Union (-47% to 5.8 Mt), the EU (-46% to 9.5 Mt) and ... [more]
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| US STEEL IMPORTS IN JANUARY FALL BY 12% YEAR-ON-YEAR |
25-02-2009 |
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US steel imports in January were 2.1 Mt, up by 13.4% from the previous month, however, representing a 12% fall year-on-year, according to the American Iron and Steel Institute (AISI). Total imports of finished steel were up by 15.3% month-on-month to 1.9 Mt in January compared to 1.6Mt a month earlier. The largest volume of finished steel shipments was from China, slipping by 10.4% from December ... [more]
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| US CRUDE STOCKS RISE AGAIN |
25-02-2009 |
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US crude inventories increased by 717k bbl to 351.3 m bbl last week,their highest level since July 2007, and were 14% higher year-on-year, while crude imports fell slightly by 24k b/d to 8.77 m b/d and crude oil production reached 5.30 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks dropped by 3.32 m bbl to 215.3 m bbl, 8% lower year-on-year, while ... [more]
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| MIDDLE EAST GULF GASOLINE DEMAND TO REMAIN STRONG |
24-02-2009 |
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Middle East Gulf gasoline demand is expected to remain strong in the first quarter, reports Argus. Iranian gasoline imports in January reached 140,000 b/d, of which nearly 40,000 b/d has gone to floating storage, with February levels expected to remain relatively high but lower than January’s levels. Iranian gasoline consumption has been about 400,000 b/d since the beginning of the year. Saudi ... [more]
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| CONGESTION AT AUSTRALIA’S COAL, IRON ORE AND GRAIN PORTS |
24-02-2009 |
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Congestion at key iron ore load ports in Western Australia has risen to a 22-month high partly as a result of rain and flooding severely affecting iron ore production, railing and loading at the terminals of Dampier and Port Walcott. SSY’s Australian Iron Ore Port Congestion Index has leapt to 10.9 days from 6.0 days last week. Furthermore, disruption at both ports is likely to persist over ... [more]
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| ANGOLA’S CRUDE EXPORTS TO RISE SLIGHTLY |
23-02-2009 |
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Angolan crude exports are estimated to reach 1.64 m b/d in April, compared with 1.59 m b/d in March, according to preliminary loading schedules, reports Argus. The production volumes in April should be 120,000 b/d higher than OPEC’s quota of 1.517m b/d. However, Angola has already implemented significant output cuts since the end of last year, when production was 1.9 m b/d. In the meantime, ... [more]
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| INDONESIAN COAL EXPORTS DECREASE TO 18-MONTH LOW |
23-02-2009 |
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Indonesia’s coal exports in January were down by 1.1 Mt month-on-month to 13.09 Mt, the lowest level since July 2007, McCloskey reported. Decreasing shipments to Taiwan and China have impacted negatively on its exports. However, shipments to India in January witnessed a record monthly volume. Some 2.68 Mt of coal were shipped to India, compared to 1.32 Mt in December. The January total ... [more]
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| GLOBAL STEEL PRODUCTION DOWN 24% YEAR-ON-YEAR IN JANUARY |
20-02-2009 |
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January world steel production fell 24% year-on-year to 85.8 Mt, according to data from the World Steel Association released today. This is the second month in a row when global output fell 24% annually.Production cuts were most severe in the US (down 53% annually to 4.1 Mt), the countries of the former Soviet Union (-47% to 5.8 Mt), the EU (-46% to 9.5 Mt) and Japan (-38% to 6.4 Mt). Chinese ... [more]
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| VIETNAM’S DUNG QUAT BROUGHT ON LINE |
20-02-2009 |
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Vietnam’s first-ever refinery, state-owned Petrovietnam’s 140,000 b/d Dung Quat has commenced operation, reports Petroleum Intelligence. A crude distillation unit started up in mid-February, while the plant’s remaining 10 units will be brought on line over the next months. Kerosene, gas oil and naphtha have already reached the market, with production of gasoline expected to start in the second ... [more]
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| SOUTH AFRICAN COAL SHIPMENTS TO UK DECLINE IN 2008 |
19-02-2009 |
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UK coal imports in 2008 increased by a modest 1.5% to 43.2 Mt, customs statistics show. The year saw shipments from the UK’s main supplier, Russia, rise by 1.4 Mt to 21.1 Mt, with US exports to the UK climbing 1.6 Mt to 4.3 Mt and imports from Colombia up 1.5 Mt to 5.3 Mt. At the same time, shipments of South African coal to UK destinations declined by 3.1 Mt to 4.2 Mt. ... [more]
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| US CRUDE STOCKS STEADY AFTER A 7-WEEK RISE |
19-02-2009 |
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US crude inventories decreased slightly by 138k bbl to 350.6 m bbl last week, but were still 15% higher year-on-year, while crude imports fell by 859k b/d to 8.8 m b/d and crude oil production reached 5.32 m b/d, according to the latest data from the US Department of Energy. US gasoline stocks rose by 1.11 m bbl to 218.7 m bbl, still 5% lower year-on-year, while refinery utilisation increased by ... [more]
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| JAPAN’S STOCKS RISE Y-O-Y |
18-02-2009 |
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Japanese crude stocks reached 124.1 m bbl in November, compared with 123.5 m bbl in October, having increased 5.2% year-on-year, according to lEA. Japanese motor gasoline stocks reached 13.7 m bbl in November, relatively steady compared with October’s levels, but 16.1% higher compared with the same month last year. Middle distillate stocks in November increased by 6.3% year-on-year to 49.1 m bbl, ... [more]
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| JAPAN CRUDE STEEL OUTPUT DECLINES DRAMATICALLY |
18-02-2009 |
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Japan crude steel production slumped by 14.9% from the previous month to 6.37 Mt in January, according to the latest data from the Japan Iron and Steel Federation. The January total represents a massive 37.8% year-on-year fall as cuts were implemented in response to collapsing demand. ... [more]
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| WEST AFRICAN CRUDE EXPORTS TO CHINA FALL |
17-02-2009 |
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Chinese demand for West African crude wanes, with exports estimated to reach 580,000 b/d in the first quarter of 2009, Argus reports. This is compared with 960,000 b/d in the same period in 2008, when robust demand for distillates boosted Chinese imports. Faltering demand for West African crude has been partly offset by lower supply, with Angola’s crude exports estimated to reach 1.5 m b/d in ... [more]
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| AUSTRALIAN COAL PORT CONGESTION DECLINES |
17-02-2009 |
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The SSY Australian Coal Port Congestion Index fell to show average waiting times of 6.16 days at the end of last week. According to the Hunter Valley Coal Chain Logistics Team (HVCC), the Newcastle vessel queue stood at around 17 at the end of last week. HVCC expects the queue to decrease to 9 by the end of February. ... [more]
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| WEST AUSTRALIAN IRON ORE PORTS HIT BY BAD WEATHER |
16-02-2009 |
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More flooding has been reported in the Pilbara region of West Australia, causing the disruption of iron ore loading and berthing at Dampier and Cape Lamber ports operations by Rio Tinto. The region has been impacted by heavy storms, according to the state’s Fire & Emergency Services. ... [more]
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 OMANI OUTPUT TO EXCEED 800,000 B/D |
16-02-2009 |
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Omani crude and condensate output is expected to rise by about 50,000 b/d to 805,000 b/d in 2009, Argus reports. Output in 2008 reached 760,000 b/d compared with 710,000 b/d in 2007. Omani state-controlled PDO’s crude production dropped 5,000 b/d to 555,000 b/d in 2008, with enhanced oil recovery projects expected to stabilise production at this level until 2012. PDO’s condensate production ... [more]
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| US ANNUAL STEAM COAL EXPORTS HIT 11-YEAR HIGH |
13-02-2009 |
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US steam coal exports in December totalled 2.5 Mt (excluding exports to Canada), compared to 1.8 Mt in the same month in 2007, the highest level since December 1996. Annual steam coal exports in 2008 increased for the fourth consecutive time, at 17.6 Mt, the highest level since 1999.US coking coal exports in December were down by 45% from November to 1.6 Mt, the lowest monthly total in 2008. ... [more]
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| ARA GASOIL AND JET FUEL STOCKS RISE |
13-02-2009 |
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Stocks of gasoil and jet fuel in the Amsterdam-Rotterdam-Antwerp (ARA) area rose to their highest level since 2003 on January 29, with inventories of gasoil at 2.55 million tons, and jet fuel at 832,000 tons, Energy Intelligence reports.Middle distillate inventories increased by 0.5% to 370.13 million bbl month-on-month in January, having increased by 1.4% compared with thesame month last ... [more]
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| EUROZONE INDUSTRIAL PRODUCTION SLUMPS |
12-02-2009 |
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According to the latest data from the European Union statistics office, Eurozone industrial production has shown further evidence of deepening recession. Industrial production in the 15 European countries in December contracted by 2.6% from November and 12% year-on-year, the most rapid monthly and annual falls since data has been recorded. ... [more]
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| CHINESE CRUDE AND PRODUCT IMPORTS DROPPED IN JANUARY |
12-02-2009 |
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China’s crude imports dropped by 8.0% y-o-y in January to 3.04m b/d, having decreased 10.8% from December levels according to the latest data from China Customs. Product imports were down 26% on the year at 566,000 b/d having dropped 34% from December.Meanwhile, Argus reports that Iran is currently holding about 1.5 m bbl of 0.5% sulphur gasoil in floating storage off the Kharg island ... [more]
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| GLOBAL OIL DEMAND FURTHER REVISED DOWNWARDS |
11-02-2009 |
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According to IEA’s latest Oil Market Report, global oil demand is projected to contract by 1.0 m b/d (1.1%) to 84.7 m b/d in 2009, revised downwards by 570,000 b/d. Global oil supply fell by 520,000 b/d in January to 85.2 m b/d, mainly due to lower OPEC output, which fell by an estimated 950,000 b/d to 29 m b/d. OECD stocks fell by 20.1 m bbl to 2,673 m bbl in December with the forward cover at ... [more]
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| CHINA’S PRELIMINARY TRADE DATA IN JANUARY |
11-02-2009 |
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Preliminary customs data show that China imported 32.65 Mt of iron ore in January. This was less than the (surprisingly high) December total of 34.53 Mt and is well below the monthly average of 37 Mt for 2008.Exports of steel products (excluding semi-finished steel) fell to just 1.91 Mt in January. This marks a severe decline from the peak of 7.68 Mt in August. ... [more]
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| ASIAN TOP CRUDE IMPORTERS’ UPDATE |
10-02-2009 |
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Asia’s leading importers, Japan, China and South Korea increased crude imports by 3.6% year-on-year to average 10.1 m b/d in 2008, reports Energy Intelligence. However, there was a marked slowdown in the second half of 2008, compared with imports in the first half, which reached 10.4 m b/d. In 2008, China’s crude imports increased by 9.3% to 3.58 m b/d, while Japanese imports increased by 1.6% to ... [more]
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| USDA SLASHES ARGENTINA’S WHEAT AND CORN EXPORTS FORECASTS |
10-02-2009 |
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In its latest update, the US Department of Agriculture (USDA) maintained its forecast for Argentina’s wheat exports of just 5.8 Mt for the current marketing year (July/June), compared with 10.2 Mt exported during 2007/08 and 12.2 Mt in 2006/07. That would be the lowest export volume for 13 years due to drought conditions affecting the crop. Meanwhile, USDA has cut its forecast for ... [more]
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| RICHARDS BAY COAL EXPORTS DECLINE IN JANUARY |
09-02-2009 |
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Richards Bay Coal Terminal exports only 4.1 Mt of coal in January, Bloomberg reports. This marks a decline of 2.0 Mt from December and compared to 3.6 Mt in the same month last year, and was the lowest monthly total in 12 months. In spite of the low shipments in January, an upgrade to increase port capacity to 91 Mtpy will be completed by July this year, according to the chief operating officer ... [more]
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| CHINA’S IMPORTS OF INDIAN IRON ORE JUMP IN DECEMBER |
06-02-2009 |
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Chinese imports of Indian iron ore jumped to 10.2 Mt in December, customs data reveal. Although still below the 2008 monthly peak of 12.6 Mt set in April, the December total was 6.1 Mt higher than November’s 4.1 Mt. China imported 34.5 Mt from all sources during the month. ... [more]
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| SAUDIS INCREASE CRUDE PRICES |
06-02-2009 |
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Saudi Arabia raised prices for both light and heavy grades to all key regions, Asia, the US and Europe, Energy Intelligence reports. It is reported that prices for the US were set high in order to discourage buying, in an effort to reduce US crude stocks, which have risen rapidly over the previous weeks. Meanwhile, the steep contango in oil prices has made building stocks financially attractive ... [more]
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| CHINESE PRODUCT OUTPUT FALLS |
05-02-2009 |
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Chinese production of middle distillates was particularly hit by the reduced refining operations in December, reports Argus. Jet-kerosene production dropped by about 10% in December, compared with November, to 225,000 b/d, while gasoil output fell by also 10% to 2.4 m b/d. Gasoline production fell by 2.5% to 1.6 m b/d. Gasoline commercial stocks in China amounted to 35 m bbl at the end of ... [more]
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| AUSTRALIA COAL EXPORTS IN DECEMBER DECREASE BY 7% Y-O-Y |
05-02-2009 |
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Australia coal exports in December totalled 21.5 Mt, declining by 0.3 Mt from the previous month, representing a 7% year-on-year fall. This takes total 2008 exports to a new high of 261 Mt, an increase of 4.1 % on 2007. Most of the rise was due to increased steam coal exports: Australian steam coal exports in 2008 were up by 12.3% from 2007 to 126 Mt. ... [more]
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| JAPAN’S STEEL EXPORTS IN DECEMBER |
04-02-2009 |
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According to the latest report from the Japan Iron and Steel Federation, Japan’s steel exports in December rose by 7.9% from the previous month to 2.63 Mt, but showed a massive 24.2% year-on-year fall. Some 0.44 Mt of steel was shipped to China in the last month of 2008, representing a 6% decrease month-on-month due to the global financial crisis continuing to affect demand. However, annual ... [more]
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| RUSSIAN PRODUCTION EXPECTED TO DECLINE STEEPLY |
03-02-2009 |
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Russian crude output drop is expected to accelerate in 2009, as lower prices discourage investment. Crude production is projected to fall by more than 150,000 b/d to 9.6 m b/d in 2009, according to an updated economic development ministry forecast, Argus reports. This projection comes after the first drop in output in the last 10 years in 2008, when production declined by 40,000 b/d. Under a ... [more]
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| AUSTRALIA IRON ORE EXPORTS RISE 26% IN DECEMBER |
03-02-2009 |
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Australia iron ore exports in December have rebounded strongly after a big fall the previous month, up by 26% to 24.35 Mt compared with19.4 Mt in November. Most of the monthly rise was due to increased shipments to China. Some 16.5 Mt of iron ore were exported to China from Australia in December, up by 80% month-on-month. Annual Australian iron ore exports of 309.62 Mt in 2008 were up ... [more]
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| INDUSTRIAL PRODUCTION COLLAPSES |
02-02-2009 |
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According to data published by Macquarie Research, industrial production in most countries contracted in December as demand continued to weaken. In Japan IP for the month dropped by a massive 22.5% year-on-year, the most severe cut in the major developed economies, while US output was down by 7.8% over the same period. IP growth in China has also seen a heavy fall, from 16% in mid-2008 to just ... [more]
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| INDONESIA TO EXPORT DIESEL |
02-02-2009 |
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Indonesia should export diesel in February, as domestic demand wanes and inventories rise, reports Argus. Asia-Pacific largest diesel importer is likely to sell over 35,000 b/d of February-loading gasoil. It also plans to import 85,000 b/d in February, the lowest monthly level in a year, compared with about 100,000 b/d in January. Meanwhile, Singapore’s middle distillate inventories were 12.8 m ... [more]
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| IGC SLASHES WORLD GRAIN EXPORTS |
30-01-2009 |
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The latest International Grains Council grain trade forecast for 2008/09 (July-June) has been revised down by 10 Mt to 228 Mt and compares with an estimate of 238 Mt for the 2007/08 crop year.The total forecast export volume from the five major exporting countries has fallen to 162.3 Mt for this marketing year from 180.7 Mt a year earlier, down by 3 Mt from the previous forecast last ... [more]
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| SOUTH KOREAN CRUDE IMPORTS DROP AS DOMESTIC DEMAND WANES |
30-01-2009 |
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South Korean crude imports dropped 1.1% to 2.36 m b/d in 2008, as domestic product demand fell 4.3% to 2.08 million b/d, reports Energy Intelligence. Imports from the Middle East grew 6.1% to 2.04 m b/d in 2008 and accounted for 86.3% of the total, up from 80.7% in 2007. Imports from Asia declined by 17.4% to 296,000 b/d, from West Africa by 72.1% to 27,100 b/d, and from Russia by 38.5% to 64,100 ... [more]
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| IMF REVISES DOWN WORLD ECONOMIC GROWTH FOR 2009 IN 60 YEARS LOW |
29-01-2009 |
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The International Monetary Fund (IMF) has revised sharply down its projection for world economic growth for 2009 from 2.2% in its last forecast in November, to 0.5%, the slowest pace since World War II. The UK would suffer the worst slump of all developed economics in the deepest recession all over the world, it would shrink by 2.8% in 2009, more than twice as severe as previous forecast. ... [more]
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| CHILEAN DIESEL IMPORTS FROM US TO DROP |
29-01-2009 |
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Chilean diesel demand and imports from US is expected to contract in 2009, due to weaker Chilean economy and rains providing more hydroelectric power, reports Argus. Chilean diesel demand is projected to be 160,000 b/d in 2009, down by 20,000 b/d compared with 2008.But tighter sulphur specifications from 2010 should boost imports from US Gulf coast. Specifically, from 2010, all Chilean diesel ... [more]
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| US CRUDE STOCKS CONTINUE TO GROW |
28-01-2009 |
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US gasoline stocks dropped slightly by 121k bbl last week to 219.9 m bbl, 2% lower year-on-year while refinery utilisation dropped by 0.8% to 82.5%, according to the latest data from the US Department of Energy. Gasoline imports remained steady at 1.15 m b/d, while demand also remained almost unchanged at 8.65 m b/d and production dropped by 69k b/d to 8.66 m b/d. Crude inventories increased by ... [more]
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| US STEAM COAL EXPORTS IN NOVEMBER HIT 11-YEAR HIGH |
27-01-2009 |
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US steam coal exports in November totalled 2.07 Mt (excluding exports to Canada), the highest monthly total since February 1997, according to the latest data from US Customs. Year-to-date exports (excluding exports to Canada) of 15.08 Mt were up by 70% compared to the same period in 2007.On an annualised basis, January-November data imply a further annual rise for US steam coal exports ... [more]
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| EAST ASIAN SUPPLY TO DROP DUE TO SHUTDOWNS |
27-01-2009 |
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East Asia refinery shutdowns will reduce product supply in the following months, reports Argus. Taiwan’s CPC will have no spot gasoline in March, and possibly in April-May, as it will close a 50,000 b/d capacity at its 550,000 b/d refinery in February for up to three months for maintenance and expansion. Formosa Petrochemical’s 520,000 b/d Mailiao refinery in Taiwan will probably not export ... [more]
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| MEXICAN OUTPUT FALLS SIGNIFICANTLY |
26-01-2009 |
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Mexican firm’s Pemex output fell by 9.2% to 2.8 m b/d in 2008, to the lowest level in over a decade, reports Argus. The main reason behind the drop was the decline of the Cantarell oil field. Crude exports fell by 240,000 b/d to 1.4 m b/d, while refinery throughput remained unchanged at just under 1.5 m b/d. Meanwhile, Indian refiner Reliance will ship its first oil products from its 580,000 b/d ... [more]
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| 2008 RUSSIA COAL PRODUCTION AND EXPORTS |
26-01-2009 |
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According to the latest data from the industry and energy ministry quoted by McCloskey, Russian total coal output in 2008 was 329.51 Mt, a 4.9% year-on-year increase. Russian annual coal exports in 2008 reached 94.92 Mt, representing an increase of 1.49 Mt on the previous year. Shipments of coal to outside the CIS increased by 1.99 Mt to 85.65 Mt in 2008, with coking coal exports declining by ... [more]
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| RUSSIAN OUTPUT DROPS FOR THE FIRST TIME IN A DECADE |
23-01-2009 |
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Russia produced 7.71 m b/d of crude and condensate last year, down by just under 1% on 2007, according to preliminary data from the energy ministry, reports Argus. This was the first drop in 10 years. Increased production from Surgutneftegaz’s Talakan field in East Siberia was not enough to offset falling output at its mature fields in East Siberia. Rosneft increased production by 1.5%, while ... [more]
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| CHINA’S GDP GROWTH DOWN TO SLOWEST LEVEL IN 7 YEARS |
23-01-2009 |
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According to the National Bureau of Statistics (NBS), China’s gross domestic product slowed to 6.8% in the 4q08 compared with 9% in the 3q08. Annual GDP growth in 2008 was up 9% year-on-year, the slowest growth in 7 years and the first time it fell to the single-digit level since 2003 due to the global financial crisis continuing to affect China’s economy.The NBS also announced ... [more]
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| US CRUDE STOCKS CONTINUE TO GROW |
22-01-2009 |
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US gasoline stocks grew further by 6.5 m bbl last week to 220.0 m bbl, still steady y-o-y, while refinery utilisation dropped by 2% to 83.2%, according to the latest data from the US Department of Energy. Gasoline imports increased by 357 k b/d to 1.15 m b/d, while demand slid by 117 k b/d to 8.64 m b/d and production dropped by 84k b/d to 8.73 m b/d. Crude inventories increased by 6.1 m bbl to ... [more]
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| JAPAN’S CRUDE STEEL PRODUCTION |
21-01-2009 |
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Japanese crude steel output in December was down by 15% month-on-month to 7.48 Mt, the lowest level since April 1999, according to the latest data from Japan’s Ministry of Economy, Trade and Industry. The December total represents a massive 28% year-on-year fall, compared with 10.38 Mt in the same month in 2007, in response to the collapse in steel demand. As a result annual Japanese crude steel ... [more]
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| US CRUDE OIL IMPORTS EXPECTED TO FALL BELOW 10 M B/D IN 2008 |
21-01-2009 |
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US crude oil imports are expected to have fallen below 10 m b/d in 2008, with November’s figure reaching 9.8 m b/d, 294,000 b/d less than October 2008 and 140,000 b/d less than November 2007, reports Energy Intelligence. The top 10 crude import sources supplied 86% of the total imported crude. Canada, the largest import source, provided about 2 m b/d, while Saudi Arabia, the second largest ... [more]
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| SOUTH KOREA’S 2008 ANNUAL COAL IMPORTS |
20-01-2009 |
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According to the latest customs statistics, South Korea imported 9.2 Mt of coal in December, representing an increase of 0.8 Mt on the previous month and up 1.5 Mt on the same month in 2007. As a result the annual coal import total is 99.6 Mt (including 19.7 Mt of coking coal and 74 Mt of steam coal) compared with 88.3 Mt the previous year, up by 12.8% year-on-year.Annual imports from ... [more]
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| NORTH SEA OUTPUT FALLS |
20-01-2009 |
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North Sea output declined by 240,000 b/d or about 6% in 2008 year-on-year, reports Argus. UK output fell by 115,000 b/d, as declining Brent output outweighed the increase from Buzzard, which was added to the Forties stream. The Norwegian production also decreased in 2008, to a lesser extent, though, with the exception of Oseberg, and it is expected to fall by about 10% in 2009. Exports to the US ... [more]
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| CHINA’S 2008 DRY BULK IMPORTS SHOW 4Q SLIDE |
19-01-2009 |
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China’s imports of main dry bulk commodities (including iron ore, coal, steel and grains) totalled 539.8 Mt in 2008 compared with 484.1 Mt in 2007, up by 11.5%. Imports peaked at a record 50.4 Mt in April. However, imports fell to 118.4 Mt in the 4q08, the lowest level for the past five quarters. The 4q08 total represented a decline of 6% on the same quarter in 2007. ... [more]
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| EIA EXPECTS US OIL DEMAND TO REBOUND IN 2010 |
19-01-2009 |
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US oil demand is expected to rebound in 2010, after 2 consecutive years of falling trend, according to the latest Short-Term Energy Outlook by the US Energy Information Administration (EIA). Demand will grow by 150,000 b/d or 0.8% in 2010, after having fallen by almost 400,000 or 2% in 2009, due to continued economic malaise. Gasoline and distillate consumption are each expected to increase by ... [more]
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| IEA EXPECTS GLOBAL OIL DEMAND TO CONTRACT IN 2009 |
16-01-2009 |
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Global oil demand is forecast to decrease by 0.5 m b/d or 0.6% to 85.3 m b/d in 2009, revised downwards by 1 m b/d, according to the latest IEA monthly Oil Market Report. 2008 oil demand is estimated to have contracted by 0.3% or 0.3 m b/d to 85.8 m b/d. On the supply side, non-OPEC output is expected to grow by 0.5 m b/d to 50 m b/d in 2009. 1Q09 global refinery throughput is forecast at 72.3 m ... [more]
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| PROPOSED $825BN ECONOMIC STIMULUS PACKAGE FOR US |
16-01-2009 |
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The US Democrats have proposed a $825bn stimulus package to help the US economy, Financial Times reported. The package comprises $275bn in tax cuts and $550bn in public spending. The Democrats are reportedly aiming for the bill to become law by mid-February. ... [more]
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 HIGHEST MONTHLY US STEAM COAL EXPORTS SINCE 1997 |
15-01-2009 |
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In a strong end to the year, US coal exports in November hit 5.1 Mt (excluding cargoes to Canada), up 0.8 Mt year-on-year, according to the country’s National Mining Association. Volumes were boosted by the largest monthly steam coal export total since 1997 (at 2.1 Mt). The month’s coking coal total of 3.0 Mt was up 0.4 Mt on November 2007. ... [more]
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| US CRUDE STOCKS AT THEIR HIGHEST LEVEL SINCE AUGUST 2007 |
14-01-2009 |
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US gasoline stocks grew by 2.1 m bbl last week to 213.5 m bbl, their highest level since July 2008, but still 0.8% lower y-o-y, while refinery utilisation improved by 0.7% to 85.2%, according to the latest data from the US Department of Energy. Gasoline imports decreased by 55 k b/d to 797 k b/d, while demand slid by 232 k b/d to 8.76 m b/d and production dropped by 300k b/d to 8.81 m b/d. Crude ... [more]
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| USDA CUTS WORLD COARSE GRAIN TRADE FORECAST |
14-01-2009 |
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The US Department of Agriculture (USDA) has revised its forecast for world coarse grain trade during the 2008/09 marketing year down by 2.5 Mt from last month to 105 Mt. This would represent a fall of 22 Mt from 2007/08. The US, Argentina and Russia are predicted to supply less coarse grain into the international market, with export forecasts down from December’s estimates by 1.0 Mt, 0.8 Mt ... [more]
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| CHINA’S DECEMBER TRADE DATA |
13-01-2009 |
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Imports of iron ore into China reached a surprisingly high 34.53 Mt in December, according to official customs data. This marks an increase of 2.0 Mt on the previous month and was up 0.3 Mt on the same month in 2007. As a result the annual 2008 iron ore import total is 443.7 Mt compared with 383.7 Mt the previous year.Coal exports surged to 4.47 Mt in December, the highest monthly total ... [more]
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| CHINESE CRUDE AND PRODUCT IMPORTS GREW IN DECEMBER |
13-01-2009 |
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China’s crude imports rose 11.6% y-o-y in December to 13.89Mt, or 3.40m b/d, having increased 4.1% from November levels according to the latest data from China Customs. 2008 as a whole averaged 3.6m b/d, up 9% from a year earlier. Product imports were up 37% on the year at 859 b/d having increased 82% from November. 2008 volumes were 14% higher on the year, averaging 778k b/d. In the ... [more]
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| NEW RELIANCE PLANT TARGETS ASIA-PACIFIC MARKETS |
12-01-2009 |
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Reliance is having to target Asia-Pacific markets after the start up of its new 580k b/d Jamnagar refinery late December coincided with the global economic slump, reports Argus. Reliance had originally planned the second plant as a long-haul export refinery but the firm has had to look to outlets in Asia-Pacific for its ultra-clean transport fuels due to weak demand in Europe and the US. The ... [more]
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| IRON ORE STOCKPILES AT CHINESE PORTS |
12-01-2009 |
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Stockpiles of iron ore at China’s discharge ports have declined to 56.9 Mt, according to data from U-Metal. As recently as November 2008, stockpiles reached a high of 74 Mt before entering a period of drawdown. The data show that inventories are around 8 Mt higher than at the same time last year. ... [more]
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| RUSSIA’S SEABORNE EXPORTS TO FALL |
09-01-2009 |
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January crude exports to sea ports through the Transneft pipeline are scheduled to fall 7% month-on-month to 2.68m b/d, reports Argus. Shipments from Primorsk are set to fall 10.3% to 1.44m b/d due to pipeline maintenance on 15-20 January, while no crude will be delivered to Gdansk in the 1Q09. Kazakh exports through Odessa will be cut by 60% to 255kt, or 60k b/d, with oil diverted from Odessa to ... [more]
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| AUSTRALIAN COAL EXPORTS |
09-01-2009 |
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November shipments of steam coal from Australia were just short of the all-time high at 11.3 Mt, and were up 2.8 Mt on the same month last year, according to the Australian Bureau of Statistics. Exports of coking coal on the other hand were down 1.4 Mt year-on-year to 10.6 Mt. Total coal exports for the first eleven months of 2008 hit 239.7 Mt, up 11.8 Mt on the same period in 2007. ... [more]
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| GLOBAL OIL DEMAND FALLS IN 2008 |
08-01-2009 |
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In December, global oil demand decreased by 2 mb/d to average 84.7 mb/d. For 2008 as a whole, demand was 85.57 mb/d, down by 270,000 b/d year-on-year, the first fall since 1983, reports Energy Intelligence. Non-OECD demand grew by 3.5% led by China, India and Middle East, while OECD demand fell by 3.1%. In 4Q08, world demand fell by 2% or 1.8 mb/d. US demand fell by 1.1 mb/d year-on-year to 19.5 ... [more]
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| NOVEMBER AUSTRALIAN IRON ORE EXPORTS SLIDE |
08-01-2009 |
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Iron ore exports from Australia in November fell to their lowest level since March 2007, according to the Australian Bureau of Statistics. Exports for the month (basis wet) totalled just 21.0 Mt, which was down 16% year-on-year and 24% on the previous month. A breakdown of the data by destination shows that shipments to China accounted for the vast majority of the month-on-month decline, dropping ... [more]
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| US OIL STOCKS RISE |
07-01-2009 |
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US crude stocks surged 6.7m bbl last week to 325.4m bbl, 15% higher y-o-y as imports rose 1.2m b/d to almost 10.5m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 3.3m bbl to 211.4m bbl despite imports falling 293k b/d to 852k b/d, while demand was down 116k b/d to just under 9m b/d. Distillate stocks were up 1.8m bbl to 137.8m bbl, their highest ... [more]
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 LOWEST QUARTERLY STEEL OUTPUT IN JAPAN SINCE 1969 FORECAST |
07-01-2009 |
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Japan’s government forecasts that steel output in the 1q09 will reach 21.1 Mt, which, if realised, would be the lowest quarterly total since 1969, according to Macquarie Bank. The projection from the Ministry of Economics, Trade and Industry would also be 32% below the same quarter last year. In the first eleven months of last year Japanese steel mills produced 111.3 Mt, data from the World Steel ... [more]
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| CHINA CUTS PURCHASES OF W. AFRICAN CRUDE |
06-01-2009 |
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China’s W. African crude purchases have fallen to their lowest in over 3 years due to falling product demand and narrower middle distillate crack spreads, reports Petroleum Argus. Chinese refiners are expected to load 430k b/d of W. African crude in Jan, down by 30k b/d from Dec, and a fall of 55% y-o-y. The fall in Chinese demand has taken Asia-Pacific imports of W. African crude to a 17-month ... [more]
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| RICHARDS BAY EXPORTS IN 2008 |
06-01-2009 |
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Richards Bay exported 61.79 Mt of coal in 2008 with 6.11 Mt shipped in December. This represents a significant decline from the export total of 66.16 Mt in 2007. The 2008 total marks the fourth successive annual fall in export volumes despite a reported new nameplate capacity of 76 Mtpa at the port. ... [more]
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| RUSSIA’S OIL OUTPUT FALLS IN 2008 |
05-01-2009 |
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Russia’s oil output fell 0.9% in 2008 to 9.78m b/d, the country’s first annual decline in a decade after large rises in previous years, reports Reuters. December crude and gas condensate output fell 1.6% month-on-month to 9.66m b/d. The decline is expected to continue due to ageing reserves and falling oil prices, which combined with heavy taxation is leaving producers with limited profits to ... [more]
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| INDUSTRIAL PRODUCTION SLUMP |
05-01-2009 |
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Further evidence of the impact of the economic weakness during the 4q08 was provided by the latest data on industrial production in the world’s key economies. According to data published in The Economist, annual growth in India, Japan and the US all contracted in November. In Japan industrial output for the month dropped by a massive 16.2% on November 2007, while US production was down 5.5% over ... [more]
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 DRY BULK FREIGHT RATES EXPERIENCE VOLATILE YEAR IN 2008 |
02-01-2009 |
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2008 was a dramatic year for dry bulk freight rates, which peaked at record levels in the 2q before sliding in the 2h to some of their lowest levels ever recorded. The Baltic Exchange Dry Index (BEDI) ended the year at 774 points, down from the record high of 11,793 in May and almost 92% lower than the end-2007 level. However, the end-year level was up by 17% on the year’s low of 663 in early ... [more]
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SSY Events
| COALTRANS 2002: SHIPPING MARKETS - POSITIONING FOR RECOVERY? |
29-10-2002 - 01-11-2002 |
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John Kearsey, Senior Director, SSY Consultancy & Research Ltd made a presentation at Coaltrans 2002 on prospects for the dry bulk freight market in 2003.The annual Coaltrans conference in Europe was run from 28-30 October 2002 in Berlin. This 22nd annual event is the largest annual gathering of the international coal industry and in recent years has attracted over 1,300 delegates from ... [more]
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| AFA 9TH INTERNATIONAL ANNUAL CONFERENCE |
28-01-2003 - 30-01-2003 |
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Robin Thomas, SSY’s Business Development Manager, addressed the 9th Arab Fertilizer Association Conference which was held in Cairo between 28-30 January. This is the premier gathering for companies producing, trading and consuming fertilizers in the Middle East and attracted over 400 delegates from regional and international companies and institutions. Robin gave a paper entitled "Shipping ... [more]
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| ANNUAL OBTAINING FINANCE FOR SHIPPING |
03-03-2003 - 05-03-2003 |
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This year’s 7th Annual Obtaining Finance For Shipping event in London hosted three presentations from SSY. Louisa Follis and Peter Norfolk from SSY Consultancy & Research identified trends in the current tanker and dry bulk markets, as well as giving their outlooks and predictions for the coming years. Mark Richardson, Senior Director of SSY Futures gave a presentation explaining cash flow ... [more]
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