Category Archives: General News

Iron Ore Extends Rout as Miners Reject Fortescue’s Call for Cap

Iron ore retreated to the lowest level in more than six years to head for a record quarterly loss after data signaled a further slowdown in China, while producers in Australia affirmed plans to boost supplies, expanding a glut. Ore … Continue reading

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Global LNG-Asia prices lower on piecemeal demand

Asian spot liquefied naturalgas prices slipped on Friday as disappointing demand weighed onthe market, traders said. The price of spot LNG for May delivery eased to $7.50 permillion British thermal units (mmBtu) from $7.70 last week. Thomson Reuters Point Carbon … Continue reading

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UPDATE 10-Oil dives 5 pct as worries about Iran talks trump Yemen

Oil tumbled 5 percent on Friday, erasing the previous session’s gains, as Yemen’s conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more … Continue reading

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Nigeria: Bonny Light Under Pressure of Crude Oil Price Decline

Nigeria’s crude oil grade, bonny light is under pressure of price decline and insufficient export, due to force majeure regularly declared by Nigerian oil companies as a result of vandalism. Besides, the Shell Petroleum Development Company of Nigeria Limited (SPDC), … Continue reading

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Indian Demand For Energy Is Good News For Coal Miners

India appears set to achieve its decades-long goal of overtaking China as the Asian giant with the fastest growing economy and if that achievement can be sustained it could be the spark which re-ignites the fading Australian coal mining industry. … Continue reading

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India’s Coal imports to rise to 200Mt this fiscal

As the government is working on Prime Minister Narendra Modi’s promise to provide power for all, India’s coal imports may touch a record 200 million tonnes in the current fiscal. This signals a 19 per cent rise in imports, media … Continue reading

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Billionaire Forrest Urges Iron Ore Curbs as Prices Slump

The call by the billionaire founder of the world’s fourth-biggest iron ore exporter for producers to agree to cap production will be examined by Australia’s competition regulator. Fortescue Metals Group Ltd. Chairman Andrew Forrest urged major competitors Tuesday to limit … Continue reading

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THERMAL COAL-Australian coal prices fall to pre-2008 crisis levels

Australian physical coal prices have fallen to levels not seen since before the 2008/2009 financial crisis as Chinese demand suffers from slower economic growth and new environmental rules, with analysts predicting the market could slump further. China’s slowdown, which has … Continue reading

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India’s Feb crude imports fall 16.4% on year to 3.58 mil b/d: shipping data

India’s crude oil imports in February fell 16.4% year on year to 13.69 million mt, or an average 3.58 million b/d, according to shipping data obtained by Platts. Imports in February were down 21% from January. Saudi Arabia was India’s … Continue reading

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Iron Ore Cut 28% at Morgan Stanley on China’s Loss of Confidence

Morgan Stanley, which began the year saying the worst was probably over for iron ore prices, cut forecasts for the raw material through 2017, citing weak conditions in China and a seaborne surplus that’ll more than double. The steel-making commodity … Continue reading

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Commodity price boom over, volume boom gathers pace: Russell

It’s become conventional wisdom that the commodities boom is over, and while the era of rising prices is gone, figures from the Australian government suggest the surge in volumes is well under way. Exports of iron ore will jump 22.5 … Continue reading

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World Steel Association: February 2015 crude steel production

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 128 million tonnes (Mt) in February 2015, a 0.6% increase compared to February 2014. China’s crude steel production for February 2015 was estimated at … Continue reading

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US Fed norms will have limited impact on Oil, Gas: Barclays

The Obama administration released a new rulemaking on Friday that would have limited applicability on existing US oil and natural gas production, but the impact would be more extensively felt if states chose to adopt the standards, Barclays says in … Continue reading

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India’s Feb fuel demand jumps highest since Jan 2013

India’s annual local oil product sales rose 9.3 percent in February, the highest growth since January 2013, driven by robust demand for gasoline and gasoil, government data showed. Local oil product sales, a proxy for oil demand in the world’s … Continue reading

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Japan utilities seek steeper coal import discount as glut mounts

Japanese utilities are seeking a steeper discount on next year’s thermal coal price contracts than the 15 percent foreign mining companies are willing to accept, sources said on Friday. The contracts, covering around 50 million tonnes of Australian thermal coal … Continue reading

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World Steel production rises 0.6% to touch 128Mt in Feb

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 128 million tonnes (Mt) in February 2015, a 0.6% increase compared to February 2014. China’s crude steel production for February 2015 was estimated at … Continue reading

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Seaborne iron ore price hit near 6.5-year low on bearish China steel sector

Seaborne iron ore prices hit a near 6.5-year nadir Thursday, March 19, with the benchmark Platts 62% Fe Iron Ore Index losing $0.75/dmt on the day to be assessed at $55.50/dmt CFR North China. The last time the 62% Fe … Continue reading

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OPEC’s Gulf core steels for longer wait, lower prices in shale struggle

U.S. shale drilling may be slowing, but not fast enough for OPEC to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group’s Gulf members. Actual oil output from the … Continue reading

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India’s edible oil imports likely to cross 12.5 mln tons

India’s edible oil imports for the oil marketing year 2014-15 are likely to cross 12.5 mln tons due to lower production estimates. Edible oil imports in the first four months of current oil marketing year from November 2014 to February … Continue reading

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Dalian iron ore slips to new record low as glut weighs

Chinese iron ore futures dropped on Thursday to a fresh record low, hurt by a global glut that has slashed spot prices by another quarter this year with further downside risk seen ahead. Dalian futures slumped as much as 4 … Continue reading

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India Iron Ore consumption to touch 218 Mt by 2016-17

India’s iron ore consumption may rise at 8% growth rate to touch 218 million tonnes by 2016-17, an official statement revealed. Export of minerals including iron ore is guided by the Export-Import policy of Government. To conserve natural resources and … Continue reading

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Iron Ore Outlook Cut by Australia as Global Shipments Surge

Australia, the world’s biggest iron ore exporter, lowered its outlook for prices this year as rising shipments expand a global glut. Rates will average $60 a metric ton this year, the Department of Industry and Science said in a report. … Continue reading

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Nearly 17% of US coal production uneconomic

Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mine’s total cash costs plus sustaining capital expenditures exceed current market pricing, according to Wood Mackenzie’s … Continue reading

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India: Mining halt fuels iron ore imports

There has been a sudden spurt in import of iron ore in Odisha this year apparently due to shortage of raw material from local sources due to slowdown in mining activities. According to recent written reply submitted by steel and … Continue reading

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