Category Archives: General News

Iraq’s oil exports rising in October despite unrest

Iraq’s oil exports from its southern terminals are holding close to a record high in October and Kurdish shipments are climbing, a further sign that fighting has not derailed an expansion of supplies from OPEC’s second-largest producer. Four months after … Continue reading

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South Africa’s Richards Bay Coal Exports Poised for Record Year

South Africa’s Richards Bay Coal Terminal, the world’s biggest standalone facility for the fuel, plans record shipments this year after battling a power cut. “We are still on track to ship 72 million tons in 2014” compared with 70.2 million … Continue reading

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Saudi Arabia supplies less oil in September despite output rise

Saudi Arabia supplied less crude oil to the market in September than a month earlier, an industry source said, at a time when some OPEC members are calling on the top oil exporter to cut back output to lift prices. … Continue reading

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China iron ore concentrates: Downward pressure from steel output cuts

The Chinese domestic iron ore concentrate price remained flat over the week for the second week in a row, but is expected to be under downward pressure from steel output cuts in north China’s Hebei province because of smog and … Continue reading

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China steel, iron ore futures widen losses as oversupply weighs

Chinese steel and iron ore futures dropped on Thursday, extending losses from the previous session as growth in supply continued to outpace demand in the world’s top consumer of the two commodities. Amid slowing economic growth in China, demand for … Continue reading

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JSW Steel to boost iron ore imports by up to 80 percent

JSW Steel Ltd, India’s No. 3 maker of the alloy, said it expects to increase imports of iron ore by up to 80 percent to 900,000 tonnes a month due to a domestic shortage and a slump in international prices. … Continue reading

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OPEC needs oil cut of at least 500,000 bpd – Libyan OPEC governor

OPEC should cut its oil output by at least 500,000 barrels per day (bpd), a Libyan oil official said, to tackle oversupply and support prices that have slid to a four-year low. The 12-member Organization of the Petroleum Exporting Countries … Continue reading

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India Steel output up by 2.5% in September,slight dip in Global output

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 134 million tonnes (Mt) in September 2014, a slight decrease of -0.1% compared to September 2013. India produced 6.8 Mt of crude steel, an … Continue reading

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Indian refiners boost product exports 10% despite slump in European buying

Indian refiners managed to export 10% more oil products in the first eight months of 2014, compared with a year ago, amid an increasingly challenging environment of declining demand and rising competition for the export markets, and despite a 12% … Continue reading

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Prices, time, expectations: the oil market’s fuzzy price floor: Kemp

How far do oil prices need to fall to curb the investment in shale production and stem the destruction of demand? As the price of benchmark Brent has plummeted almost 30 percent from $114 per barrel in June to just … Continue reading

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India: Steel imports down 28% in September

India imported 3.86 lakh tonne (provisional) steel in September, down 28.1 per cent y-o-y due to weak demand, according to mjunction services. Steel imports in September last year stood at 5.37 lakh tonne, it said.“The steel import has come down … Continue reading

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India’s first merchant terminal for LNG to come up in Ratnagiri

India’s first merchant terminal for eight million tonnes LNG import, storage and regasification will be set up at Jaigadh Port in Ratnagiri district. An agreement has been signed between H-Energy Gateway Pvt Ltd (HEGPL), a Hiranandani Group company, and Sener-Afcons … Continue reading

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Iron ore falls further as Chinese buying interest stalls

Spot iron ore prices pulled further away from 3-1/2-week highs as buyers from top importer China stepped back after restocking inventories. “Some mills did replenish some stocks after the National Day holidays, but after that the buying interest has slowed,” … Continue reading

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Australian Newcastle coal may slip below $60/mt on falling oil prices: S&P analyst

A further drop in Newcastle 6,300 kcal/kg GAR coal prices to below $60/mt FOB is possible as falling oil prices are resulting in cost savings for Australian producers and providing a buffer for them to accept lower FOB prices, Xavier … Continue reading

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Indonesia signs five gas supply agreements, including LNG deal with BP

Indonesia on Friday signed five natural gas agreements for domestic supply that are expected to increase state revenues by up to $10.5 billion, a statement from the state energy regulator SKKMigas said. Buyers include state power utility Perusahaan Listrik Negara … Continue reading

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Judge LNG shipping industry on its record: shipping chamber

The Canadian shipping industry made a pre-emptive defensive move October 15 at a Vancouver symposium aimed at dispelling fears about the dangers posed by liquefied natural gas tankers. There are officially 18 LNG plants proposed for the British Columbia coast, … Continue reading

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Fall in Oil prices will pull down India CAD to $32bn: CRISIL

India’s Current account deficit(CAD) is set to widen around $10 billion in Q2 from $7.8 billion in Q1 due to higher core (non-oil non-gold) imports, reflecting a gradual revival i ndomestic demand. But CAD is likely to come down in 2014-15 on … Continue reading

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China’s inland mills could be in market for 300mt seaborne iron ore

With prices down 40% since the start of the year it’s easy to lose sight of the fact that the global iron ore trade is still growing robustly. New and significant market opportunities can still open up, even in China … Continue reading

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India’s Jan-Sept Iran oil imports up 38 pct y/y -trade

India’s oil imports from Iran rose 38 percent in the first nine months of the year as shipments surged with an easing of Western sanctions over Tehran’s suspected nuclear activities, tanker arrival data obtained from trade sources shows. Diplomats from … Continue reading

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Northwest European middle distillate outright prices hit new lows as gasoil futures plunge

Outright prices for all middle distillates hit new lows in Europe Tuesday as ICE 0.1% gasoil futures fell to their lowest level since end of November 2010, following a continuing decline in the ICE Brent crude contract. The ICE 0.1% … Continue reading

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Indian Steel Demand Said to Expand at Slowest Pace in Decade

Indian steel demand may have grown at the slowest pace in at least a decade as a new government under Prime Minister Narendra Modi struggles to revive industrial output, people familiar with the development said. The nation’s alloy consumption expanded … Continue reading

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In shift, OPEC price hawk Iran says can live with lower oil

Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf OPEC members and reducing the likelihood of any collective cut in OPEC output to … Continue reading

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Iron Price War Deepens Crisis in Ebola-Stricken Sierra Leone

In Sierra Leone, one of the poorest countries in Africa, the hardships of Ebola hit at victims and non-victims alike. Sulaiman Kamara, a handcart pusher in Freetown before the outbreak began in May, used to earn 50,000 leones ($11) a … Continue reading

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Bearish Crude oil: Suppliers look to Asia to absorb surplus

In view of bearishness in Crude Oil, suppliers are focussing on Asian markets to absorb surplus. Barclays noted in a weekly report that global oil consumption has slowed down to 0.61 mn barrels per day in in 2014, the slowest … Continue reading

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