Iron ore prices fell this week on signs of continuing economic weakness in China. The drop came despite a surprise easing of monetary policy by the Chinese central bank and also weighed on other Dalian steelmaking inputs and steel futures in Shanghai. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were […]
China said it would raise domestic soybean output sharply in the next four years, in a drive to boost self sufficiency in supply of the oilseed, according to an official document. The country has set a goal to produce about 23 million tonnes of soybeans by end of 2025, up 40% from current output levels […]
India’s government has decided not to impose anti-dumping duty on certain steel products being imported from countries like China, Japan, and Korea, as the finance ministry has not accepted the recommendations of the directorate general of trade remedies (DGTR). The commerce ministry’s investigation arm DGTR had conducted a probe against imports of ‘Cold Rolled/cold reduced […]
Costs of aluminium for European consumers are scaling record highs due to soaring energy costs and production cuts, which have exacerbated deficits of the metal used in the power, construction and packaging industries. Consumers buying aluminium on the physical market usually pay the benchmark price on the London Metal Exchange — around $ 2,950 a […]
The newly resurrected Iraqi National Oil Company (INOC) has been given government approval to acquire ExxonMobil’s 32.7 percent stake in the supergiant West Qurna 1 oil field for up to $350 million. West Qurna 1, located around 65 kilometres from southern Iraq’s principal oil and export hub of Basra, holds a considerable portion of the […]
Indian steel makers seem to be resigned to price swings in iron ore. Indian iron ore producers take the pricing cue from the global market. Much to the surprise of miners and traders, iron ore prices in swung from an all-time high of $235.55 a tonne on May 12 to slide to 16-month low of […]
The amount of electricity generated by coal jumped to all-time highs in 2021, according to the International Energy Agency. After falling in the previous two years — because of environmental factors in 2019 and economic recession in 2020 — coal-fired generation rose by 9 per cent in 2021. Overall use of coal, includingareas such as […]
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $ 100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a “particularly bad patch” in their relations due to a set of actions by Beijing in […]
China’s embassy in Afghanistan warned its companies and citizens not to “blindly” visit the country to inspect mineral resources, after reports of foreigners being detained without exploration permits. Afghanistan’s Ministry of Mines and Petroleum has “extremely strict” standards for issuing permits for prospecting for minerals, the embassy said, adding that companies and individuals that do […]
Independent Chinese refineries increased its crude oil imports from Iran last month as the Chinese government issued a new batch of import quotas. Total crude imports were up by almost 40 per cent from October 2021 to an average of 600,000 barrels per day (bpd), Bloomberg reported, citing data from Kpler. The new quotas were issued […]
