Category Archives: General News

India Sep Minerals production sees 0.7% growth

The index of mineral production of India mining and quarrying sector for the month of September (new Series 2004-05=100) 2014 at 116.0, was 0.7% higher as compared to September 2013. The cumulative growth for the period April-September 2014-15 over the … Continue reading

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Confused OPEC Watchers Are More Divided Than Ever

To understand just how contentious next week’s OPEC meeting will be, take a look at the confusion it’s created among professionals paid to predict the outcome. The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting … Continue reading

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Shell launches Naturelle S4 Stern Tube Fluid 100 to meet revised US EPA regulations

Shell has launched its new range of Environmentally Acceptable Lubricants (EALs), including Shell Naturelle S4 Stern Tube Fluid 100. The Shell Naturelle range of products enables ships entering US waters to comply with the revised 2013 Vessel General Permit (VGP). … Continue reading

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Iron ore delivered to China falls below $70/dmt for first time in 5.5 years

Seaborne iron ore prices tumbled below the $70/dry mt CFR North China mark for the first time since June 2009, with the benchmark Platts 62% Fe Iron Ore Index being assessed at $69.75/dmt CFR North China Friday, November 21. The … Continue reading

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Tight Oil Test: U.S. Production Growth Remains Resilient Amid Lower Crude Oil Prices

The vast majority of potential U.S. tight oil production growth remains economical in the current crude oil price environment, according to a new report by IHS IHS, -0.15% the leading global source of critical information and insight. About 80 percent … Continue reading

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Mediterranean, Black Sea FOB crude oil markets plunge as freight rates soar

Soaring freight rates in the Mediterranean and Black Sea over the last week have pushed FOB crude differentials in the region to multi-month lows. On Wednesday, Aframax cargoes of CPC Blend, FOB basis the CPC Blend terminal North of Novorossiisk, … Continue reading

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World Steel output at 137Mt in Oct, same as last year

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 137 million tonnes (Mt) in October 2014, the same compared to October 2013. China’s crude steel production for October 2014 was 67.5 Mt, a … Continue reading

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Crude Oil prices: Much depends on OPEC action

Cooling Crude brought spring in winter for some countries economy. Global crude oil prices have dropped 35% to $75 per barrel from a high of $115.7 in June. Simultaneously in MCX this year crude made high of 6499 on July … Continue reading

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Iron Ore Extends Decline to Five-Year Low as Global Glut Builds

Iron ore extended a drop to the lowest level in five years as slowing economic growth in China increased concern that demand from the biggest user may weaken, expanding a global oversupply. Ore with 62 percent content delivered to Qingdao … Continue reading

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India’s Oct Iran oil imports rise 60 pct y/y -trade

India bought 60 percent more Iranian oil in October than a year ago as refiners held to higher volumes despite signs that world powers and Iran might not reach a final agreement on Tehran’s disputed nuclear programme before a Nov. … Continue reading

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Vale Iron-Ore Head Martins Leaves as Price Collapses

Vale SA’s longest-serving executive director, ferrous business head Jose Carlos Martins, is leaving the world’s top iron-ore producer after prices for the steelmaking material fell to five-year lows. Martins left the company to pursue new challenges and is being replaced … Continue reading

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S.Korea’s Iran oil imports drop in Oct; imports from US at 119,439 T

South Korea’s imports of Iranian crude in the first 10 months of 2014 were below the 2013 average, meeting international sanction requirements, and it imported nearly 120,000 tonnes from the United States as it brought the first Alaskan crude in … Continue reading

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Condensate Exports Without U.S. Approval Seen as Norm

No government approval for U.S. condensate exports? No problem, says the lawyer who has been instrumental in poking a hole in the 39-year-old ban on most crude oil shipments. By early next year, most companies will be following the lead … Continue reading

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Crude Oil: Real challenge to begin when shale revolutions peters out

Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades. In its latest annual World Energy Outlook, the International Energy Agency (IEA) warned … Continue reading

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End of US export ban doesn’t signal an Oil flood:Deutsche Bank

The US ending a ban on crude oil exports will not trigger a large volume of exports, according to Deutsche Bank. A relatively tight Brent-WTI spread and OPEC’s public recognition of the threat of US tight oil production growth suggest … Continue reading

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Iron ore trapped near 5-year lows, but decline stalls

Iron ore was stuck near its lowest level since 2009, but was on course to end the week flat as the price slide in the commodity eased amid hopes that signs of improvement in China’s property sales may revive demand … Continue reading

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India says may stop thermal coal imports in 2-3 yrs

India, the world’s third-largest buyer of overseas coal, may be able to stop imports of power-generating thermal coal in the next three years as state behemoth Coal India steps up production, the country’s power and coal minister said. Prime Minister … Continue reading

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Iron ore stuck at 5-year low, but mills may start restocking

Benchmark spot iron ore prices stood at their lowest level since 2009, but appear set for a recovery as Chinese mills return to the market after being shut in order to cut pollution during a global summit in Beijing. Industrial … Continue reading

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Seaborne iron ore lump spot prices rise near record high on strong demand

Spot prices of seaborne iron ore lump have risen for the sixth week to just shy of a record high, lifted by overall strength in demand. Platts assessed the weekly spot lump premium at $0.26/dry mt unit, up $0.045/dmtu week … Continue reading

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India buys 4.8 mil barrels of WAF crude oil in tenders for Dec, down sharply from November

State-owned Indian refiners bought only 4.8 million barrels of West African crudes through tenders for December loading, down almost half compared with November when they bought 8.625 million barrels, Platts data showed Wednesday. The huge fall was driven by decreased … Continue reading

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NYMEX Crude Oil prices may head lower towards $74: Angel

NYMEX crude oil l(CMP:$77) prices can possibly head lower towards $74, while crude prices on the MCX(CMP: Rs.4762) can head lower towards Rs.4550/bbl, according to Angel Commodities. Crude oil prices have been falling since last four months and this trend will continue in … Continue reading

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Iron ore languishes at five-year lows as Citi sees deeper slide

Iron ore prices held at their lowest level since 2009 with buying interest for spot cargoes scarce as steel mills in top importer China still shut with the APEC meeting underway in Beijing. Steel producers surrounding the country’s capital were … Continue reading

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OPEC delegates start whispering about potential oil cut

A subtle shift may be taking place within OPEC as it heads into its most important meeting in years, according to delegates with the producer group, as the discussion over whether it needs to cut output to defend oil revenues … Continue reading

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Chinese steel export surge hurting other producers

China is likely to end the year with record steel exports of 85 million tonnes (mt), a rise of 40 per cent over 2013. In the first nine months of 2014, Chinese steel exports advanced 39.3 per cent to 65.34 … Continue reading

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