Category Archives: General News

Average iron ore price to hit record low in 2015 as supply soars

A deepening iron ore glut and worries over a sharper economic slowdown in top buyer China will drive the average 2015 price for the steelmaking ingredient to a record low, a Reuters poll showed. With a handful of large, low-cost … Continue reading

Posted in General News | Leave a comment

Oil Will Recover Once Producers Quit Spending, Hamm Says

Oil prices will recover as early as the first half of this year as producers cut back, Continental Resources Inc. founder and CEO Harold Hamm said. Hamm said Continental, the largest leaseholder and producer in the Bakken shale play of … Continue reading

Posted in General News | Leave a comment

Green light for some would-be US oil exporters; more questions for others

U.S. export regulators are seeking more information from at least three would-be exporters of domestic condensate, including Marathon Oil, while half a dozen other firms have recently been cleared to sell the abundant ultra-light oil abroad, people familiar with the … Continue reading

Posted in General News | Leave a comment

Ukrainian Grain Traders Agree to Limit Milling Wheat Shipments

Grain traders in Ukraine signed an agreement controlling exports of wheat used to make flour as the country grapples with preserving food supplies in a worsening conflict with Russia. Exports of 900,000 metric tons of milling wheat will be allowed … Continue reading

Posted in General News | Leave a comment

China’s Oil demand hit historic high of 10.63b/d; Overall demand in 2014 increased 3%

China’s apparent oil demand* in December rose 5.3% year over year to 44.96 million metric tons (mt), or an average 10.63 million barrels per day (b/d) – hitting the highest absolute demand on record – according to a just-released Platts … Continue reading

Posted in General News | Leave a comment

Iron ore exports from Brazil to China rise 10.3 pct in 2014

Chinese imports of iron ore from Brazil, the second largest supplier to the country, increased 10.3 percent in 2014 to 170.96 million tons, according to figures from China’s customs services, cited by Reuters. From Australia, its main supplier, China imported … Continue reading

Posted in General News | Leave a comment

2014 crude oil exports from Russia’s Novorossiisk, Primorsk down 20.7%: operator

Crude exports from the key Russian ports of Novorossiisk and Primorsk fell 20.7% year-on-year in 2014 to 72.7 million mt, operator Novorossiisk Commercial Sea Port (NMTP) said Tuesday. The drop reflected factors beyond the group’s control, such as a significant … Continue reading

Posted in General News | Leave a comment

Weekly coal stocks at key Indian ports rise 0.1% to 15.48 mil mt: Interocean

Coal stocks at 16 major Indian ports were at 15.48 million mt as of January 24, up by a marginal 0.1% from a week ago, according to data released by Indian shipbroker Interocean. The stockpiles comprised 12.38 million mt of … Continue reading

Posted in General News, Local News | Leave a comment

Iron ore hits 5-/12 yr low as China mills cut output

Iron ore prices hit their lowest in 5-1/2 years on Monday as some loss-making Chinese steel mills curbed output, ore supplies remained abundant and concerns persisted about the outlook for economic growth in China this year. Cooling Chinese steel demand … Continue reading

Posted in General News | Leave a comment

Japan exports grow most in year, signalling steady recovery from recession

Japan’s exports grew the most in a year in December, helped by a weak yen and a pick-up in overseas demand led by the US, an encouraging sign for the recession-hit economy even as doubts persist about the strength of … Continue reading

Posted in General News | Leave a comment

U.S. Oil Exporter Scouting for Buyers Signals OPEC Test

Enterprise Product Partners LP is looking to sell a year’s supply of U.S. ultra-light oil to the global market, signaling another challenge for OPEC as it contends with the U.S. shale boom. The company in Texas is offering to export … Continue reading

Posted in General News | Leave a comment

China’s Record Russian Crude Imports Erode Saudi Market Share

China bought a record volume of crude from Russia last year while shipments from Saudi Arabia shrank for a second year as the Asian nation took steps to diversify its sources of oil supply. China’s imports from its northern neighbor … Continue reading

Posted in General News | Leave a comment

China Nickel Ore Imports Fall to Four-Year Low on Indonesia Ban

Imports of nickel ore by China, the world’s largest consumer of industrial metals, slumped to the lowest in four years as an Indonesian ban on unprocessed minerals tightened global supply. Purchases last year fell 33 percent to 47.76 million metric … Continue reading

Posted in General News | Leave a comment

World crude steel output increases by 1.2% in 2014

World crude steel production reached 1,662 million tonnes (Mt) for the year 2014, up by 1.2% compared to 2013. In 2014, the Middle East, the smallest region for crude steel production had the most robust growth. Crude steel production in … Continue reading

Posted in General News | Leave a comment

China’s Dec Russian crude imports hit record as prices fall

China’s crude oil imports from Russia surged to a record 876,000 barrels per day in December, Chinese customs data showed on Friday, as refiners took advantage of multi-year low spot prices for Russian oil. For 2014 as a whole, imports … Continue reading

Posted in General News | Leave a comment

India: Competition blues for government ports.

A slowdown in India’s international trade and rising competition from private ports is forcing major government-owned ports such as Mumbai Port Trust, JNPT and Kandla to change their business models. Long used to near monopoly revenues and profits, port trusts … Continue reading

Posted in General News, Local News, Port News | Leave a comment

China’s 2014 iron ore imports from Australia rise 31.6 pct

China’s iron ore imports from Australia rose 31.6 percent to 548.4 million tonnes last year, customs data showed on Friday, as a soaring production by big miners drove down prices and eliminated some smaller suppliers. Shipment from Australia accounted for … Continue reading

Posted in General News | Leave a comment

Iron ore closes in on 2009 low, set for third weekly fall

Spot iron ore prices fell to near their lowest level since 2009 and are set to stretch losses to a third week, hurt by bountiful supply at a time of slower steel demand in top consumer China. Iron ore futures … Continue reading

Posted in General News | Leave a comment

Can India afford to miss the LNG shipbuilding bus?

India’s bid to build locally three of the nine liquefied natural gas (LNG) carriers required by state-run natural gas firm GAIL (India) Ltd to haul gas from the US beginning September 2017 is in danger of running aground. Experienced LNG … Continue reading

Posted in Energy News, General News, Local News, Shipping News | Leave a comment

India asks refiners to cut Iran oil imports ahead of Obama visit – sources

India has asked its refiners to slash oil buys from Iran in the next two months to keep the imports in line with the previous fiscal year’s levels, sources with knowledge of the matter said, days ahead of President Barack … Continue reading

Posted in General News, Local News | Leave a comment

OPEC’s El-Badri Says Oil Will Rebound Instead of Fall to $20

Oil prices will rebound rather than extend their decline to as low as $20 a barrel because a collapse since June isn’t merited by global supply and demand, OPEC’s Secretary-General said. Producers outside the Organization of Petroleum Exporting Countries should … Continue reading

Posted in General News | Leave a comment

Oil export losses to reach $300 billion in Middle East

Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund said on Wednesday. Economies … Continue reading

Posted in General News, Shipping News | Leave a comment

Oil Won’t Recover Until Supply Growth Slows, Says Yergin

Oil prices won’t rebound until production growth slows, as even political risks in the Middle East and Africa remain secondary to the glut on crude markets, said Pulitzer Prize-winning oil historian Daniel Yergin. “There is a surplus of geopolitical risk, … Continue reading

Posted in General News | Leave a comment

South African Richards Bay Coal Exports Climb to Record in 2014

Exports from South Africa’s Richards Bay Coal Terminal, the world’s largest single facility for the fuel, rose to a record in 2014. The terminal shipped 71.2 million metric tons last year compared with 70.2 million tons 12 months earlier, Chief … Continue reading

Posted in General News | Leave a comment