Category Archives: General News

Indonesia delays implementation of coal export license ruling to Oct 1

Indonesia’s Ministry of Trade has decided to delay the implementation of its coal export license regulation to October 1 from September 1, to provide additional time for more license applications to be processed, a ministry official said Friday, August 22. … Continue reading

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Iron ore hits 2-month low, headed for second weekly fall

Iron ore dropped below $92 a tonne to its lowest since June and is poised to stretch its losses to a second straight week, under pressure from plentiful supply and tougher credit conditions. Some iron ore trading firms are having … Continue reading

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Mozambique sees $30 bln investment for 2018 LNG exports startup

More than $30 billion will be invested initially in Mozambique’s natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG), with the first exports due to start in 2018, the national oil … Continue reading

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China to Fine Coal Miners Exceeding Output Limits as Prices Drop

China will fine coal miners as much as 2 million yuan ($325,200) if they exceed national production limits after prices fell to the lowest in almost seven years. Miners in the world’s largest coal consumer that exceed their annual registered … Continue reading

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Platts Analysis of U.S. EIA Data: U.S. Gulf Coast (USGC) crude oil runs highest on record; crude oil stocks draw

Crude oil runs at USGC refineries hit a record high the week ended August 15, up 177,000 barrels per day (b/d) to 8.74 million b/d, weekly U.S. Energy Information Administration (EIA) oil data showed. This helped to push USGC refinery … Continue reading

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Permian oil push threatens longer slump for Midland crude

An unprecedented slump in price differentials for the thriving Permian Basin oil patch in Texas may persist far longer than initially expected, handing a windfall to nearby refiners at the expense of producers. Oil production from the region has overtaken … Continue reading

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Mideast crude pushed into deep discounts by African, LATAM supply

Crude cargoes from Africa and Latin America heading to Asia are butting up against Middle East supply, pushing differentials for October-loading barrels from Gulf producers into deep discounts. With margins persistently low, Asian refiners are also processing less crude, cutting … Continue reading

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World Crude Steel production surges 1.7% in July

World crude steel production totalled 137 million tonnes (Mt) in July 2014, for the 65 countries reporting to the World Steel Association (worldsteel), according to the association. This indicates an increase of 1.7% compared to July 2013. China’s crude steel … Continue reading

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Indian utilities’ April-July coal imports down 1.5% on year: CEA

Indian utilities imported 29.69 million mt of steam coal in April-July, down 1.5% from 30.15 million mt from the same period a year ago, according to the Central Electricity Authority’s latest data seen by Platts Tuesday. Of 29.69 million mt, … Continue reading

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India Tea exports gain 6.7% in H1 2014 on UK, Pakistan demand

Increased purchases by UK and Pakistan enhanced India’s Tea exports during the Jan-June period in 2014. According to India Tea Board, the exports rose 6.7 percent from a year earlier to 94.53 million kg. In the January to June period, … Continue reading

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Brent Falls Amid Signs of Waning Oil-Supply Threats; WTI Drops

Brent crude fell amid speculation that threats to Middle East oil supplies are easing. West Texas Intermediate declined in New York. Futures dropped as much as 0.7 percent in London, extending a 1.4 percent loss last week. Kurdish forces took … Continue reading

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Rising supply to pressure copper prices in 2014

Supply growth is seen putting downward pressure on copper prices this year, but the falls are expected to be cushioned by steady demand for the metal used in power and construction as the global economy recovers, a Reuters poll showed. … Continue reading

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Commodities: Crude oil at 13-month low, Copper weak, Gold, Silver flat

Crude oil prices hit a 13-month low and WTI crude oil dropped to levels not seen since February due to subdued demand growth amidst rising supplies. Ole S Hansen, Head of Commodity Strategy at Saxo Bank said in a weekly … Continue reading

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Suspension of gas supplies to Jordan and liquefaction factories leads to 75% decline in exports

Egyptian exports of natural gas and derivatives declined by approximately 75% during June to $19m, said a statement issued by the cabinet’s Information and Decision Support Centre (IDSC). Egypt’s export rates for natural gas dropped dramatically resulting from the suspension … Continue reading

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Brazilian steel association revises down production sales and consumption forecasts

BNamericas reported that Brazil’s steel industry association IABr revised down its production, sales and consumption forecasts for 2014, as negative systemic factors impact the sector’s competitiveness and affect its main customers. The association said it expects crude steel output to … Continue reading

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Corn Declines as Rain Seen Boosting Crop Outlook in U.S.

Corn slipped and soybeans touched the lowest since 2010 as rain forecast in the U.S. is expected to boost crops already seen at a record. Rain forecast for the Midwest, particularly Iowa, will be beneficial for corn and soybeans next … Continue reading

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India Iron Ore output slightly up in 2013-14, Steel use dips

India’s Iron Ore production, which was in decline for the past three years due to mining bans in some states, have shown a slight increase in the year 2013-14, while Per Capita Steel consumption has seen a decline in the … Continue reading

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Oil Prices Jump as Attack on Convoy Boosts Ukraine Fears

Brent and West Texas Intermediate crudes advanced after Ukraine said its forces attacked and partially destroyed a convoy entering the country from Russia. Ukrainian troops engaged the vehicles that had arrived overnight through a rebel-held section of the border, Andriy Lysenko, … Continue reading

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Export deals boost US domestic steel scrap pricing views

An increase in US ferrous scrap export tonnage and prices to Turkey this week have bolstered pricing views for September domestic scrap procurement, market sources said Wednesday. On Tuesday, a US supplier sold a bulk cargo of scrap to a … Continue reading

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Russia to boost trade with Egypt after Western food ban

Russia will increase exports of wheat to Egypt and imports of other agriculture products from it, Russian officials said on Tuesday as the two countries discussed the potential for free trade. The move comes as Russia seeks new sources of … Continue reading

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India says Iraq tension made no impact on Crude Oil imports

India announced on Wednesday that the political tension in Iraq has not made any major impact on Indian Crude Oil imports from the country. But the Government has issued directives for public sector oil companies to make contingency plans. Dharmendra … Continue reading

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India: Wheat and rice exports may fall 15% this year

Wheat and rice export from India are likely to fall about 15 per cent this year due to lower prices in global markets, experts say. It is expected the export will also be affected by a steep rise in import … Continue reading

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Grains trading outlook: wheat, corn and soybeans futures in the red ahead of USDA outlook

Grains prices were in the negative midday in Europe today, as traders await the crucial monthly global crop outlook report by the US Department of Agriculture. Yesterday the Department released its reading on domestic crop progress report, to pressure wheat … Continue reading

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IndianOil reports net profit of Rs. 2,523 crore for the quarter ended 30th June, 2014

IOC has reported a net profit of Rs. 2,523 crore on Income from Operations of Rs. 1,24,957 crore for the quarter ended 30.6.2014. During the corresponding period in the previous year, the Corporation reported a net loss of Rs. 3,093 … Continue reading

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