Category Archives: General News

Iron ore ends 9-day slide but buyers remain cautious

Iron ore prices inched up overnight to halt a nine-day slide, amid buying interest from Chinese customers looking to restock, but a sustained recovery remained unlikely, traders said. Buyers in China, the world’s biggest steelmaking country, remain cautious, and freight … Continue reading

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Thermal coal stocks at Indian power plants slip 20.6% on year: CEA

Combined stocks of thermal coal at 100 Indian power plants were 20.6% lower on the year Wednesday at 12.6 million mt, enough supply for eight days of coal burn, according to data released by India’s Central Electricity Authority Friday. However, … Continue reading

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Russia Wheat Restrictions Spell Opportunity for France, Germany

European wheat shippers will be the winners if Russia continues to restrict grain supplies leaving the country. Exports from Russia may be less than U.S. government forecasts this season as the nation adds rules to make shipments more difficult, according … Continue reading

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Low oil price implications for corporate spend and M&A

A 37% drop in spend across the sector will be needed relative to 2014 to maintain current debt levels if Brent remains at US$60 per barrel in 2015 according to Wood Mackenzie’s latest outlook. This is in addition to the … Continue reading

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Brent forecast at $83 in 2015 not to alarm GCC oil majors

Falling oil prices, the policy response of oil exporters, reform momentum and politics, will be the main influence on ratings in the Middle East and Africa (MEA) in 2015, said Fitch Ratings in its 2015 Outlook for the region. High … Continue reading

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India joins iron ore output surge

China already ore than two-thirds of the 1.2 billion seaborne trade, a proportion that continues to rise. The price of iron ore, down nearly 50% this year, slid to a fresh 2009 low on Wednesday after worries about Chinese demand … Continue reading

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Saudi crude oil exports rise to almost 6.9 mln bpd in Oct -data

Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday. The OPEC member exported 6.897 million barrels … Continue reading

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India imports 38 pct more Iranian oil in Jan-Nov -trade

India imported about 38 percent more oil from Iran in the eleven months to November as an easing of Western sanctions earlier in the year over Tehran’s disputed nuclear activities helped boost shipments, trade sources said. Iran and six powers, … Continue reading

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India to increase annual Iron Ore output to 75mt by 2018-19

Narendra Singh Tomar, India Minister of Steel and Mines, has directed National Mineral Development Corporation (NMDC) to enhance production incrementally and aim for annual production of 75 million tonnes iron ore by 2018-19 and 100 million tonnes by 2020-21, to … Continue reading

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India’s Nov crude oil imports jump 17.3% on year to 4.2 mil b/d

India imported 17.25 million mt, or an average 4.21 million b/d, of crude oil in November, up 17.3% year on year, latest data obtained by shipping sources showed. The November crude imports were up 14.9% from October. India imported 1.46 … Continue reading

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India: Government says no plans to ban export of iron ore

The government has no plans to ban export of iron ore but conservation of the steel-making raw material is of “paramount importance”, Parliament was informed today. To a written question in Lok Sabha on if the government proposes to ban … Continue reading

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China steel, iron futures prolong rebound but spot ore down

Chinese rebar and iron ore futures inched up on Monday morning, prolonging a rebound that began last Wednesday amid thin trading volumes, but with spot iron ore down over 3 percent last week, few expect any sustained upturn in fortunes. … Continue reading

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Russia set to cut Jan crude export duty by 38.7% from Dec to $23.3/b

Russia’s export duty on its main Urals crude and other crude blends — except those enjoying a more favorable tax regime — will be set at $170.2/mt, or $23.3/b, for January, down 38.7% from $277.5/m in December, as recently approved … Continue reading

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Big miners’ coal M&A activity points to price bottoming out: Russell

If you were looking for a sign that coal prices have finally bottomed out, then the ramping up of merger and acquisition activity is often a good indicator. Just as major mining companies tend to buy assets at inflated prices … Continue reading

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Badri says OPEC has no target price, but oil slide beyond fundamentals

The head of OPEC said on Sunday the group had no target price for oil, and urged Gulf states to continue investing in exploration and production, saying the United States would continue to rely on Middle East crude for many … Continue reading

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Oil price slump sorts the hedged from the unhedged

Oil’s slide to the lowest price in more than five years is carving a divide between U.S. shale drillers who heavily hedged future production and those who didn’t. While financial hedges are commonly required by many oilfield lenders, the industry’s … Continue reading

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IEA releases Oil Market Report for December: Sees Lower Oil Demand

The IEA Oil Market Report (OMR) for December cut the outlook for 2015 global oil demand growth by 230 000 barrels per day (230 kb/d) to 0.9 million barrels per day (mb/d) on lower expectations for the Former Soviet Union … Continue reading

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Chinese Refiners Pump Out Fuel Near Record Pace Amid Oil Slump

Refiners in China, the world’s second-biggest oil consumer, processed near-record volumes of crude last month as global prices slumped to the lowest level in five years amid a glut. Refiners increased crude processing by 5.5 percent from a year earlier … Continue reading

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India’s steel consumption grows 1.3% in Apr-Nov

India’s steel consumption grew by a moderate 1.3 per cent to 48.62 million tonnes during the April-November period of current fiscal on lingering effect of the economic slowdown and slow growth in production. The country, the world’s fourth largest steel … Continue reading

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BHP Billiton sees China steel consumption slowing in 2015

Iron ore giant BHP Billiton expects Chinese steel consumption growth to slow next year and has already adjusted its strategy to cope with a supply glut that has caused global prices to collapse, executives said. “We anticipated the change towards … Continue reading

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Drop in commodity prices, price discovery and influence of big finance

The drop in commodity, and especially oil prices, has been spectacular. The price action has generated a wide range of commentary. Some say this is a reflection of the true state of the global economy. Like the Baltic dry goods … Continue reading

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Iron ore slips to near 2009 low as glut weighs on market

Iron ore fell to its weakest level in more than five years as a supply glut continued to weigh on the commodity that has nearly halved in value this year. But some buyers in China, which imports two-thirds of the … Continue reading

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OPEC forecast puts a further dampener on Oil prices

The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC’s latest forecast. And that’s just one of several sour estimates. … Continue reading

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Iron Ore Miners Battling Price Slump Halt Exports From India

Iron ore exports from India have halted as a global price slump and an increase in royalty fees made shipments unviable for miners battling high taxes levied on overseas sales. The third-biggest iron-ore exporting nation until three years ago didn’t … Continue reading

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