US President Donald Trump’s tweet last week that he will raise U.S. tariffs on $200 billion worth of Chinese imports to 25 per cent from 10 per cent has rattled oil and commodity markets the world over. Oil prices reacted with a sharp drop in prices. Brent crude futures offered an early verdict to Trump’s […]
Iran’s armed forces should prepare as if an attack were imminent, General Abdolrahim Mousavi instructed on Thursday just as the US waivers on Iranian crude oil sanctions expired, according to Iran’s Radio Farda. “All forces should prepare themselves as though an attack can occur tomorrow and continuously engage in war exercises,” Mousavi told IRNA, the official […]
India’s Steel Ministry is seeking to simplify and further liberate mining policy, including combining the two-stage auction of mineral blocks into a single stage bidding process. The Steel Ministry feels that single stage bidding for mineral blocks will lower the impact of skyrocketing premiums that result from the multiple stage bid process as followed at […]
The recent announcement of withdrawal of waiver (which allowed India to continue to import crude oil from Iran despite imposition of trade sanctions on Iran) by the US government in the first week of May has led to uncertainty over India importing crude oil from Iran. This can in turn skittle the exports of commodities […]
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020, a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated U.S. production, the World Bank said. Metal prices are expected to continue a recovery in 2019 that follows a sharp drop […]
Brent Crude prices are expected to average $62.50 a barrel next year, down from $65 this year as slowing global economic growth could impact oil demand growth, Dmitry Marinchenko, senior director at Fitch Ratings, told Reuters in an interview published on Friday. Fitch sees Brent Crude prices falling further down in coming years, to average $57.50 a […]
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel under pressure from green-minded investors. Indonesia is on track for the third-largest coal-fired power capacity of new plants under development, behind China and India. Vietnam follows in fourth place, while the Philippines […]
Saudi Arabia has threatened to use the “nuclear option” of undermining the petro-dollar if the U.S. moves forward with the NOPEC bill. The U.S. Congress has been mulling legislation, known as the NOPEC bill, which would allow the US Justice Department to take antitrust action against OPEC for manipulating the oil market. Specifically, the bill would […]
The World Steel Association (WSA) has revised the October 2018 forecasts of country-wise steel consumption and these figures are being formally announced in April 2019 meeting. The global demand for finished steel at 1,711.6 million tonnes (MT) in 2018 is slated to reach 1,734 MT (+1.3%) and 1,750 MT in 2020. The volume growth in […]
The FAO Food Price Index held broadly stable in March, as a jump in dairy prices was offset by drops in cereal, vegetable oil and sugar price quotations, according to the latest benchmark UN report. The index, which tracks monthly changes in international prices of a basket of food commodities, averaged 167 points, down two […]
