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SSY News & Events - Archive
SSY News
 RUSSIAN CRUDE EXPORTS SET TO FALL IN JANUARY |
28-12-2007 |
Russian seaborne crude exports are set to drop 27k b/d month-on-month in January to 2.92m b/d, 6.3% lower y-o-y, reports Energy Intelligence. The start of operations by the new Baltimax tankers - which have capacities of 160kt – planned for the first time next month at Primorsk, helped volumes there rise 43k b/d to almost 1.57m b/d. The new, larger tankers would help stem congestion problems at ... [more]
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 US CRUDE STOCKS FALL FURTHER |
27-12-2007 |
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US crude stocks fell another 3.3m bbl to 293.6m bbl last week, the lowest since Jan 2005, according to the latest data from the US Department of Energy. The fall came despite imports rising 694k b/d to 9.8m b/d, 7.4% higher y-o-y. Gasoline inventories were up 0.7m bbl at 205.9m bbl, with imports dropping 93k b/d to just over 1m b/d and demand growing 159k b/d to 9.45m b/d. Distillate stocks were ... [more]
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 AUSTRALIAN PORT CONGESTION |
24-12-2007 |
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The SSY Australian Coal Port Congestion Index finished the year at 14.8 days. This compares with an average of close to 17 days for the year and an average of around 8 days for 2006. According to local agents, over 70 Panamaxes and over 40 Capesizes are currently waiting to berth off the country’s coal and iron ore ports. ... [more]
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 FSU NOV CRUDE EXPORTS 425K B/D HIGHER Y-O-Y |
24-12-2007 |
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Crude exports from the FSU were 425K b/d higher year-on-year in November to 6.29m b/d, although slightly down from October, reports Petroleum Argus. The increase came mainly from shipments of Azeri Light crude via the Baku-Tbilisi-Ceyhan pipeline, which were up nearly 200K b/d year-on-year to just over 700K b/d and from higher Sokolexports from the Dekastri Terminal in Russia’s Far East, ... [more]
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 BEDI MORE THAN DOUBLE YEAR-AGO LEVEL |
24-12-2007 |
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Despite some softening in freight rates towards the year-end, the dry freight market ended 2007 far above the levels seen this time last year.On the last trading day of the year (24 December), the Baltic Exchange Dry Index stood at 9,143 points, more than double the year-ago reading of 4,397 points. The BEDI averaged 7,071 points during 2007, almost 4,000 points higher than the 2006 ... [more]
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| US CONSUMER SPENDING BEAT EXPECTATIONS IN NOVEMBER |
21-12-2007 |
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Positive data regarding the US economy was released today, as consumer spending in November rose ahead of market expectations, Reuters reports. November personal spending climbed by an annual rate of 1.1%, the fastest pace in two years, according to the US Department of Commerce. A Reuters survey of economists had projected a 0.6% growth rate. ... [more]
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 WORLD OIL DEMAND +1.8% Y-O-Y IN NOV |
20-12-2007 |
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World oil demand was up 1.8% year-on-year in November to 87.2m b/d with non-OECD countries driving the growth, reports Oil Intelligence. Chinese demand was 8% higher in November but for OECD countries, high oil prices were impacting on consumption with just a 0.1% increase registered in the US while OECD Europe demand slipped 1.7%. OECD oil inventories continued to fall in November, down 104m bbl ... [more]
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 NEWCASTLE QUOTA SYSTEM |
20-12-2007 |
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Australian media sources report that the current quota system at Newcastle, the current Capacity Balancing System (CBS) will be extended into next year. This draws to a close a period of uncertainty following the rejection by competition authorities of a proposed new quota system based on the lesser of rail contracts and nominated vessels. This week the SSY Coal Port Congestion Index stood at ... [more]
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| US CONSTRUCTION SLOWDOWN HITS CEMENT IMPORTS |
19-12-2007 |
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The number of new housing starts in the US in November sank to its lowest level in 16 years (an annualised rate of 1.187 million), according to the US Department of Commerce. The slowdown in the US construction sector has already impacted the dry bulk market. Last year, cement imports into the US reached their highest level (35.9 Mt). However, in 2007 imports are on course for a 9-year ... [more]
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| US CRUDE STOCKS AT LOWEST LEVEL SINCE FEB 2005 |
19-12-2007 |
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US crude stocks fell 7.6m bbl to 296.9m bbl last week, the lowest level since Feb 2005, according to preliminary data from the US Department of Energy. Fog delays in the Houston ship channel were largely blamed for a 925k b/d fall in crude imports to 9.11m b/d. Gasoline stocks rose 3m bbl while distillate stocks were down 2.1m bbl. Product imports last week were up by 70k b/d to 3.5m b/d. Over ... [more]
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| NOVEMBER WORLD STEEL PRODUCTION |
18-12-2007 |
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World steel production grew at an annual rate of 4.0% to 109.0 Mt in November, according to the International Iron and Steel Institute. The data presents a mixed picture of output growth around the world. Although slower annual rates of expansion were recorded in China (+4.3% to 39.7 Mt), Japan (+1.1% to 10.1 Mt) and South Korea (+0.8% to 4.2 Mt), year-on-year growth of some 8.5% (8.0 Mt) was ... [more]
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 CHINA SUSPENDS DIESEL IMPORT TAX FOR 4 MONTHS |
18-12-2007 |
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China has suspended a major tax on imported diesel for the next 4 months to encourage refiners to increase supplies as China faces its worst fuel crisis in 4 years, reports Reuters. Beijing opted to eliminate the 17% value added tax (VAT) charged on imported fuel rather than raise domestic fuel rates. Two of China’s top refiners have boosted their foreign diesel purchases in recent months, ... [more]
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 IRON ORE SUPPLY TIGHTENS |
17-12-2007 |
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Brazilian mining company, Vale (formerly CVRD), confirmed on 14 December its force majeure declaration on iron ore shipments from its terminal at Sepetiba/Itaguai following an accident in the port. The company also advised that limited operations would be able to commence from 15 December, while full operations would resume within 40 days. The terminal has a capacity of 25 Mtpa. Reuters reports ... [more]
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| ASIAN DEMAND FOR W.AFRICAN CRUDE FOR JAN DECLINES |
17-12-2007 |
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Asian purchases of West African crude for January loading of 1.13m b/d were 100k b/d lower than the volume bought for December loading, reports Reuters. This was mainly due to a 122k b/d fall in China’s buying to 797k b/d, equivalent to 26 cargoes compared with 30 in December. India, meanwhile, marginally increased its crude volumes to 7 cargoes of 215k b/d in January compared with 6 ... [more]
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| IEA RAISES ITS 2008 DEMAND GROWTH FORECAST |
14-12-2007 |
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In its latest monthly report, the IEA has raised its 2008 demand forecast by 115k b/d to 87.8m b/d, or 2.5%, with growth driven by non-OECD countries, as well as an assumption of normal weather in the OECD. Demand growth in 2007 has been revised down to 85.7m b/d, or 1.1% above 2006. OECD stocks fell 22.4m bbl in October, lowering demand cover to 52.6 days, just below the 5-year average, due to a ... [more]
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| FIXED ASSET INVESTMENT IN CHINA |
14-12-2007 |
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Chinese fixed asset investment grew at an annual rate of 26.8% in January-November this year, the latest official statistics show. This represents a faster pace than last year, when FAI expanded by 24.5%. Bloomberg reports that FAI comprises 42.5% of GDP in China, higher than the respective shares in Japan (24%) and the US (20%). Meanwhile, Chinese industrial production rose 17.3% in November. ... [more]
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| CHINA’S REFINERY RUNS RISE IN NOVEMBER |
13-12-2007 |
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China’s refinery runs rose 3.8% in November to 6.73m b/d, the weakest annual rise in 15 months, a possible sign that mainstream refiners are failing to build new capacity fast enough to meet demand, reports Reuters. This was despite heavy pressure from Beijing for state-owned refiners to increase output due to a fuel shortage. The limited growth was possibly due to maintenance at a top plant, but ... [more]
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| US COAL EXPORTS |
13-12-2007 |
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US coal exports (excluding to Canada) in the first ten months of 2007 were up 6.7 Mt year-on-year to 28.3 Mt, according to data from the US Department of Commerce. Steam coal exports (excl. to Canada) climbed to 7.1 Mt in Jan-Oct compared with 4.4 Mt in the same period last year, with an upsurge in shipments to European and Mediterranean markets accounting for the increase. Meanwhile, US ... [more]
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| US CORN EXPORT FORECAST RAISED |
12-12-2007 |
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Strong overseas demand and a lack of competition has led the US Department of Agriculture to raise its 2007/08 forecast for US corn exports to a record 62.0 Mt. This would represent a rise of 7.9 Mt on the 06/07 total. World corn trade in 07/08 is now projected at 92.9 Mt compared with 90.7 Mt in the last trade year. ... [more]
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| US CRUDE AND DISTILLATE STOCKS FALL, GASOLINE GROW |
12-12-2007 |
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US crude stocks dipped another 0.7m bbl last week to 304.5m bbl, 9.2% lower y-o-y, despite imports rising 689k b/d to just over 10m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 1.6m bbl to 202.2m bbl, while imports fell 184k b/d to 985k b/d. Gasoline demand was up 82k b/d at 9.3m b/d, and production increased 63k b/d to almost 9.2m b/d. Distillate ... [more]
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| CHINESE IRON ORE IMPORTS |
11-12-2007 |
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Chinese iron ore imports in November climbed to 35.5 Mt, the second-highest monthly total, according to preliminary customs data. If confirmed, November imports would be up 5.7 Mt on the previous month, with the year-to-date total of 349.5 Mt running some 17% above last year’s level. Meanwhile, the preliminary data indicate that soyabean imports in November were the highest for 17 months. ... [more]
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| CHINA’S CRUDE IMPORTS RISE IN NOVEMBER |
11-12-2007 |
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China’s crude imports rose 11.5% in November month-on-month to 3.31m b/d, but just 0.5% higher on the year, according to preliminary data from China Customs. The rise comes as China suffers a domestic fuel shortage causing the government to increase pressure on refiners to raise supplies. Imports in the Jan-Nov period rose 12.5% on the year to an average 3.3m b/d. Product imports were relatively ... [more]
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| NAPHTHA CARGOES FROM EUROPE TO ASIA RISE |
10-12-2007 |
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Rising Asia-Pacific naphtha demand is drawing in European cargoes to offset falling exports from Indian and Mideast Gulf refiners, reports Petroleum Argus. Northeast Asian petrochemical firms need to buy 70-85k b/d of naphtha in Jan just to offset the reduced supplies from the Mideast Gulf and India. India refiners have cut exports due to robust domestic demand. East Asian petrochemical firms are ... [more]
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 HIGH IRON ORE IMPORTS INTO JAPAN IN OCTOBER |
10-12-2007 |
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Japanese iron ore imports totalled 13.2 Mt in October, up 2.2 Mt on the previous month, according to the Tex Report. This takes the year-to-date total to 115.8 Mt, almost 4 Mt higher year-on-year. While imports from Australia and Brazil continued to grow in the YTD (+3.8% and +3.3% respectively), shipments from India registered a YoY decline (-8.7%). ... [more]
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 S. KOREA SUFFERS OIL SPILL |
07-12-2007 |
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The VLCC Hebei Spirit, built 1993, collided with a barge off the west coast of South Korea, causing the world’s largest oil spill in 4.5 years, reports Bloomberg. The collision caused 3 holes in the side of the single-hulled tanker, spilling over 9,000t of crude. The Hebei Ocean Shipping (HOSCO) owned vessel has since stopped leaking, leaving a slick that is 7.4km (4.6 miles) and 2km wide. It was ... [more]
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| CHINA TO SUBSIDISE OIL FIRMS AND SUSPEND IMPORT TARIFFS |
06-12-2007 |
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China is to offer subsidies to domestic oil companies to offset high international oil prices amid efforts to ensure market supplies, reports Xinhua News Agency. Companies will receive rebates and will be exempt from paying oil import duties to compensate them for losses at their refinery units. China is currently experiencing shortages, with refineries unwilling to raise output due to the low, ... [more]
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| RICHARDS BAY THROUGHPUT |
06-12-2007 |
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Coal exports through Richards Bay in November were 5.57 Mt, according to official data quoted by Platts. This brings the annualised total to 64.73 Mt, slightly behind the 2006 calendar year total of 66.47 Mt. ... [more]
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| INDONESIAN COAL EXPORTS |
05-12-2007 |
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Improved weather conditions helped Indonesian coal exports reach the highest monthly total this year in October. McCloskey reports that, according to data received from shipping sources, October exports were 15.1 Mt, compared with 13.6 Mt in September. Shipments to China increased to 1.1 Mt in October from 0.8 Mt in the previous month. There were also significant monthly increases in exports to ... [more]
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| US CRUDE STOCKS PLUMMET |
05-12-2007 |
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US crude stocks slumped 8m bbl to 305.2m bbl last week, the lowest since March 2005 and 10% lower y-o-y, as imports dropped 980k b/d to 9.37m b/d following the temporary closure of the Enbridge pipeline, according to the latest data from the US Department of Energy. Gasoline inventories rose 4m bbl to 200.6m bbl as imports rose 334k b/d to 1.17m b/d, 33% higher on the year. Gasoline demand fell ... [more]
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| COLOMBIAN COAL EXPORTS |
04-12-2007 |
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Colombian steam coal exports increased in the first ten months of this year, despite rain affecting production and port loadings, reports McCloskey. In Jan-Oct, Colombia exported 54.5 Mt of coal, compared with 47.8 Mt in the same period last year. Shipments to Europe increased by 3.5 Mt to 29.3 Mt, with largest increases into the Netherlands (up 3.0 Mt to 10.6 Mt) and Spain (up 0.7 Mt to 1.9 Mt), ... [more]
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| AUSTRALIAN IRON ORE EXPORTS |
03-12-2007 |
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Australia exported 24.3 Mt of iron ore in October, 1.0 Mt more than in the previous month, according to the latest trade data. In the first ten months of this year, exports were 227.4 Mt, compared with 213.4 Mt in the same period last year. Year-to-date shipments to China increased by 9.5% to 118.4 Mt, while shipments to Japan rose by 3.5% to 67.4 Mt. Meanwhile, coal exports in January-October ... [more]
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| W. AFRICAN CRUDE EXPORTS TO CHINA SET TO RISE |
03-12-2007 |
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West African exports to China are set to surge to 950k b/d in December, boosting eastbound crude exports to 1.26m b/d, slightly more than November volumes, reports Petroleum Argus. The rise comes as US refiners cut December-loading W. African crude buying as they run down stocks, in part for year-end tax reasons. Record W. African exports to China are being offset by thin demand from Taiwan and ... [more]
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| INDIAN ECONOMY |
30-11-2007 |
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India’s economy expanded by 8.9% in the 3q07, compared with 9.3% in the previous quarter, according to official statistics. This was the slowest rate of growth since the 4q06 in Asia’s third largest economy and Bloomberg reports that the central bank could soon end three years of interest rate increases. Interest rates have been raised nine times since 2004. Despite the latest easing, the Indian ... [more]
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| US ECONOMY |
29-11-2007 |
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According to revised data from the Commerce Department, the US economy grew at an annual rate of 4.9% in the 3q07, the most in four years. Bloomberg reports that the latest surge occurred before the full impact of the worsening housing market and turmoil in the credit markets took hold. In October, despite house prices falling by the most in nearly four decades, fewer new homes than forecast were ... [more]
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| US GASOLINE STOCKS RISE, CRUDE AND DISTILLATE FALL |
28-11-2007 |
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US gasoline stocks grew 1.4m bbl to 196.6m bbl last week, despite imports falling 289k b/d to 835k b/d and demand rising 134k b/d to 9.4m b/d due to the Thanksgiving holiday, according to the latest data from the US Department of Energy. However, gasoline production increased 56k b/d to just over 9m b/d as refinery utilisation rose 2.4% to 89.4%. Distillate inventories dipped 0.1m bbl to 130.9m ... [more]
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| US STEEL IMPORTS |
28-11-2007 |
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US steel imports in October increased to 2.4 Mt, compared with 2.0 Mt in the previous month, according to preliminary data from the American Iron and Steel Institute. This brings the year-to-date imports to 25.8 Mt, 9.2 Mt less than during the same period last year. In the first ten months, the three largest suppliers of finished steel from offshore were China (4.1 Mt, down 6% y-o-y), South Korea ... [more]
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| RECORD JAPANESE IRON ORE IMPORTS |
27-11-2007 |
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Japan imported a record amount of iron ore in October, according to preliminary trade data quoted in the Tex Report. October imports were 13.3 Mt, up 2.2 Mt on the previous month and around 1.3 Mt more than in the same month last year. In the first ten months of this year, imports totalled 115.8 Mt, up 3.9 Mt on the same period last year. Much of the additional iron ore has come from Australia, ... [more]
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| INDIA’S CRUDE IMPORTS FALL IN OCTOBER |
27-11-2007 |
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India’s crude imports in October fell 1.4% y-o-y to 9.79mt (2.31m b/d) as Reliance shut a 330k b/d unit in Jamnagar for maintenance, reports Reuters. Overall refinery runs in October grew 2.8%, the lowest rise since November 2005, while oil product demand rose 9.9% y-o-y during the month, the fastest pace in the last 11 months, to 2.53m b/d. Total consumption is forecast to rise 4.5% in 2007 to ... [more]
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| CAPACITY DECREASE AT DALRYMPLE BAY |
26-11-2007 |
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Capacity at Dalrymple Bay is set to decrease in the 1q08 by 4.1 Mt as the port is expanded, reports Bloomberg. As result of the expansion works, there has been a significant reduction in throughput capacity since May. In May-Sep 2007, 18.7 Mt of coal were exported, 2.3 Mt less than during the same period last year. By the end of 2008, the annual capacity at Australia’s second biggest coal ... [more]
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| IRON ORE SHIPMENTS FROM BRAZIL |
23-11-2007 |
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According to a CVRD spokesman quoted by Bloomberg, the company will postpone around 20 iron ore shipments in December. CVRD said that as a result of seasonal rains and the blocking of a railroad by protestors output has been reduced and shipments from the Carajas mine have been disrupted. This has led to increased delays at the company’s Ponta da Madeira port, where the vessel queue has ... [more]
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| S. KOREA’S CRUDE IMPORTS FALL IN OCTOBER |
22-11-2007 |
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South Korea’s crude imports fell 3.8% y-o-y in October to 2.3m b/d, as volumes from Saudi Arabia, the country’s largest supplier dropped 16.1% to 578k b/d, reports Energy Intelligence. Imports from Australia and the Neutral Zone also declined 32.2% and 49.1% respectively. However, supplies from the UAE rose 20.3% to 457k b/d, and those from Iraq more than doubled to 167k b/d. Only 67k b/d of ... [more]
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| RECORD WORLD CORN TRADE |
22-11-2007 |
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According to the latest trade projections from the International Grains Council, world corn trade is forecast to reach a new record in the 2007/08 crop year (July-June) of 95 Mt. The latest forecast is up 2 Mt from last month’s projections due to higher purchases by Near East Asia, especially Saudi Arabia, and strong EU imports from Brazil and is up 8 Mt from last year’s trade estimate. Corn ... [more]
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| US HOUSING DATA |
21-11-2007 |
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US housing starts in October unexpectedly increased 3% from the previous month to 1.229 million units but were 16.4% lower than the same month last year, according to the US Department of Commerce. Bloomberg reports that the latest increase in privately-owned housing starts was against market expectations of a fall to 1.17 million homes and was spurred by more activity in work on condominium ... [more]
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| CHINESE COAL EXPORTS |
20-11-2007 |
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Coal exports from China in October increased to 5.3 Mt, 0.8 Mt more than in September and 0.8 Mt more than the same month last year, according to the latest customs data. October was the fourth consecutive month when China was a net exporter of coal, compared to the situation in the 1h07 when it was a coal net importer. In January-October, coal exports reached 43.3 Mt, 9.2 Mt less than the same ... [more]
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| RECORD WORLD STEEL PRODUCTION IN OCTOBER |
19-11-2007 |
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World steel production in October expanded 6.6% year-on-year, slightly higher than the 6.2% growth seen in September, to reach a new monthly record of 114 Mt, according to the latest data from the International Iron and Steel Institute. Chinese output in October reached 42.9 Mt, representing growth of 13.5% YOY, but slightly slower than the 14.8% growth in September. Sound annual growth rates ... [more]
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| CONGESTION AT LAGOS INCREASES |
16-11-2007 |
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The ongoing tanker backlog at the Nigerian port of Lagos has started to grow again due to problems with the single buoy mooring there, reports Platts. Recent reports put the queue at 22 vessels as the SBM is down and causing disruptions. Tanker congestion at Lagos, through which around 95% of Nigeria’s clean petroleum product imports enter, has been an ongoing issue due to the port’s inadequate ... [more]
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| FASTER ECONOMIC GROWTH FOR EAST ASIA |
16-11-2007 |
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The World Bank has lifted its forecast for economic growth in East Asian economies for 2007 to 8.4% from its previous projection of 7.3%. If realised, this would be the fastest expansion in nearly ten years and compares with expansion of 8.3% in 2006. The growth is expected to slow to 8.2% in 2008. Strong macroeconomic fundamentals, particularly strong expansion in China, are helping East Asian ... [more]
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| UK COAL IMPORTS |
15-11-2007 |
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Coal imports into the UK in the first nine months of the year totalled 31.6 Mt, down 14.6% year-on-year, according to the latest trade data from the UK Customs Statistics. Despite lower Russian shipments in January-September (14.9 Mt, -13.3% y-o-y), Russia continued to be the largest importer, accounting for about 47% of total coal imports. Shipments from South Africa declined by 42.8% to 5.0 Mt, ... [more]
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| US CRUDE AND GASOLINE STOCKS RISE, DISTILLATE FALL |
15-11-2007 |
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US crude stocks grew 2.8m bbl last week to 314.7m bbl but remained 6.3% lower y-o-y, according to the latest data from the US Department of Energy. The rise came as crude imports jumped 831k b/d week-on-week to 10.49m b/d, 11% higher on the year. Gasoline inventories increased 0.7m bbl to 195m bbl, despite imports falling 117k b/d to just over 1m b/d, as demand dropped 180k b/d to 9.19m b/d. ... [more]
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| INDIAN IRON ORE EXPORTS DECLINE IN 1H OF FISCAL YEAR |
14-11-2007 |
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High-quality iron ore exports from India in the first six months of the 2007/08 fiscal year were 14.9 Mt, 23% less than the same time last year, reports Reuters. In April-September 2007, total iron ore exports declined by 3% to 37 Mt, mainly due to the introduction of export tax on iron ore exports and a weak dollar. Meanwhile, spot prices for Indian iron ore fines (fob) continue to rise. ... [more]
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| AUSTRALIAN COAL PORT CONGESTION |
13-11-2007 |
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The SSY Australian Coal Port Congestion Index rose to 14.9 days, following a brief reduction to 14.2 days last week. Congestion increased at Dalrymple Bay (where Berth 1 is closed for maintenance until approximately Nov 15) and Newcastle. According to the Hunter Valley Coal Chain Logistics Team, the operator body that co-ordinates rail and port cargo movements through Newcastle, the current ... [more]
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| IEA LOWERS WORLD OIL DEMAND GROWTH FORECAST |
13-11-2007 |
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In its latest monthly report the IEA has revised down global oil demand for the 4Q07 by 0.5m b/d due to high oil prices, weaker-than-expected demand from the US and FSU, and delays to European heating oil restocking. Average demand for 2007 is now forecast at 85.7m b/d, 1.2% up on 2006. The 2008 forecast has also been lowered 0.3m b/d to 87.7m b/d. OECD stocks dropped 29.5m bbl in September, with ... [more]
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| US COAL EXPORTS |
12-11-2007 |
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According to data from the US Department of Commerce, combined coking and steam coal exports from the US (excluding those to Canada) totalled 25.6 Mt in January-September 2007, some 5.9 Mt more than in the same period last year. Annualised exports now stand at 34.2 Mt, which, if realised, would be the highest total since 2000. Year-to-date shipments to Europe have risen significantly from 13.7 Mt ... [more]
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| CHINA’S CRUDE IMPORTS RISE IN OCTOBER |
12-11-2007 |
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China’s crude imports rose 16.5% y-o-y in October to 2.99m b/d, despite falling 10.7% on the month to the lowest daily volumes this year, according to preliminary data from China customs. From Jan-Oct, imports totalled 136.68mt (3.3m b/d), up 13.8% on the year. Imports of oil products were down 18.8% y-o-y having dropped 17% from September to 519k b/d, the lowest level this year. In the Jan-Sept ... [more]
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| USDA RAISES 2007/08 COARSE GRAIN TRADE FORECAST |
09-11-2007 |
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The US Department of Agriculture has raised its forecast for the 2007/08 world coarse grain trade by 1.8 Mt to 119.4 Mt from the October’s forecast. The latest forecast is 6.0 Mt higher than last trade year. US coarse grain exports are expected to rise by 9.1 Mt year-on-year to 68.0 Mt, while Argentinean exports are set to total 18.5 Mt (+1.7 Mt). Shipments from China are predicted at 1.5 Mt, 3.9 ... [more]
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 JAPAN’S EXPORTS TO CHINA SURPASS US |
08-11-2007 |
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China is likely to replace the US as Japan’s biggest export destination this year for the first time in modern history, reports Reuters. In Jan-Sep, exports to China reached 12.8 trillion yen ($113.1 billion), slightly higher than 12.7 trillion yen of exports to the US. Shipments to China are expected to reach 16.0 trillion yen in 2007, double the level of five years ago, offering much needed ... [more]
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| WORLD OIL DEMAND GROWTH AT 1.3% IN OCTOBER |
08-11-2007 |
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World oil demand grew at 1.3% year-on-year in October to 85.06m b/d (but fell 0.2m b/d from September) despite oil prices being in the $90/bbl region, reports Energy Intelligence. Non-OECD countries’ demand rose 3.7% on the year, while OECD’s was down by 0.43%. For the first 10 months of 2007, total world oil demand was up 1.1% (or almost 1m b/d) over 2006. Global supply outpaced demand again in ... [more]
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| JAPANESE STEAM COAL IMPORTS |
07-11-2007 |
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High levels of demand from Japan’s utilities pushed the country’s steam coal imports in the 3q07 to 26.8 Mt, up some 4.8 Mt on the previous quarter, according to the latest trade data. This puts Japanese steam coal imports on course for a record year. Ongoing safety issues in the country’s nuclear power sector have contributed to the increased shipments. ... [more]
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| US CRUDE AND GASOLINE STOCKS FALL, DISTILLATE RISE |
07-11-2007 |
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US crude stocks fell another 0.8m bbl last week to 311.9m bbl, the lowest since the week ending 7 October 2005, and 6.8% lower year-on-year, according to the latest data from the US Department of Energy. The fall came despite imports rising 275k b/d to 9.7m b/d. Gasoline inventories also fell 0.8m bbl to 194.3m bbl, 4.8% lower on the year, as imports dropped 107k b/d to 1.13m b/d. Distillate ... [more]
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| RICHARDS BAY EXPORTS DOWN IN OCTOBER |
06-11-2007 |
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Coal exports from Richards Bay in October fell from the previous month, Barlow Jonker reports. October shipments were 5.53 Mt as opposed to 6.25 Mt in September. This brings the year-to-date total to 53.81 Mt (annualising to near 64.4 Mt), which remains far short of the budgeted annual target of 74 Mt. A derailment on October 9 reportedly caused an estimated 0.5 Mt of lost railings. ... [more]
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| BRENT CRUDE REACHES RECORD HIGH |
06-11-2007 |
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Brent crude rose to a record for a fifth day at over $93/bbl, the highest since trading began in 1988, as a storm forecast to produce 36-foot waves to the North Sea forced BP and ConocoPhillips to close production platforms, reports Bloomberg. The North Sea Sullom Voe terminal suspended berthing as high wind speeds hampered operations. Crude oil for December delivery rose to $96.44 today on the ... [more]
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| CHINA RAISES OIL PRODUCT PRICES AMID GASOIL SHORTAGE |
06-11-2007 |
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China is facing its worse gasoil shortage in 4 years as refiners have kept runs low to stem losses, reports Petroleum Argus. Economic planning agency the NDRC has raised the prices of major oil prices by 8% from 1 November to encourage loss-making refiners to increase production and reduce shortages. Chinese product imports climbed above 400k b/d in September with refiners stockpiling gasoil, ... [more]
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 DELIVERED PRICE OF INDIAN IRON ORE CLIMBS ABOVE $200/T |
05-11-2007 |
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Spot prices for Indian iron ore fines (fob) continue to surge higher. The latest price is $155/t, marking a jump of $13 on the previous week, according to data supplied from U-Metal. This takes the Indian iron ore price to double the mid-July level. As a result the delivered price at Chinese ports is now $210/t. ... [more]
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| JAPAN’S CRUDE IMPORTS FALL IN SEPTEMBER |
02-11-2007 |
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Japan’s crude imports in September fell 13% year-on-year to 3.56m b/d as volumes from top suppliers Saudi Arabia and the UAE dropped more than 10% to 1.01m b/d and 1m b/d respectively, reports Energy Intelligence. Supplies from Iran fell nearly 40% to 296k b/d, while those from Sudan and Oman declined over 40%. Russia saw volumes more than double to 117k b/d, while levels from Australia and ... [more]
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| CHINESE COAL IMPORTS |
02-11-2007 |
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Chinese coal imports in September totalled 3.6 Mt, 0.5 Mt more than the same month last year, according to trade data quoted in the Tex Report. Vietnam accounted for 1.8 Mt of Chinese imports, while imports from Indonesia increased by 0.6 Mt from last September to 0.9 Mt. Total coal imports into China in the first nine months of 2007 reached 38.6 Mt, 12.4 Mt more than during the same period last ... [more]
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| AUSTRALIAN IRON ORE EXPORTS |
01-11-2007 |
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Australian iron ore exports reached 24.3 Mt in September, according to the latest trade data. This brings the 3q07 exports total to a new quarterly record of 72.4 Mt, 5.1 Mt more than the same quarter last year. Shipments in the first nine months of the year are up 8% on the same period last year at 203.9 Mt, with the majority of shipments going to China (52%), Japan (29%) and S. Korea (12%). ... [more]
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| FSU SEABORNE EXPORTS TO FALL IN NOVEMBER |
01-11-2007 |
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FSU seaborne crude exports are set to fall 3.7% month-on-month in November to 2.83m b/d due to reductions at Primorsk and Yuzhnyy, reports Petroleum Argus. However, shipments will be 9.3% higher on the year. Exports from Baltic ports are scheduled to drop 6.1% to 1.55m b/d, with Primorsk shipments to fall by just over 100k b/d to 1.38m b/d. This reflects planned repairs to the pipeline serving ... [more]
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| INDIAN IRON ORE SPOT PRICE SURGE |
31-10-2007 |
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Further indication of the current strength of iron ore import demand is provided by news that the fob price of Indian iron ore fines has leapt to $142/t, marking a jump of around 70% in the last three months, according to data from U-Metal. The latest price jump takes the delivered price at Chinese ports to $192/t, which compares with an end-July level of $113/t.Meanwhile, China’s customs ... [more]
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| US CRUDE STOCKS AT 2 YEAR LOW |
31-10-2007 |
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US crude stocks slumped another 3.9m bbl last week to 312.7, the lowest since the week ending 21 October 2005, and 6.5% lower year-on-year, according to the latest data from the US Department of Energy. The fall came despite imports rising 278k b/d to 9.38m b/d. Gasoline inventories rose 1.3m bbl to 195.1m bbl as imports increased 400k b/d to 1.24m b/d. Distillate stocks grew 0.8m bbl to 135.3m ... [more]
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| IRAQI CRUDE EXPORTS REACH NEW RECORD |
30-10-2007 |
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Iraqi crude exports are set to reach a new high of 1.85m b/d in October, 45k b/d up on the month, due to increased tender sales from Iraq’s northern fields, reports Energy Intelligence. Exports from the southern Basrah Oil Terminal were kept constant at 1.5m b/d, while those through the northern pipeline were seen growing well beyond 300k b/d as the number of attacks fell. Volumes to N. America ... [more]
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| INDIA’S IRON ORE EXPORTS |
29-10-2007 |
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Indian iron ore exports are likely to be limited by operational difficulties at two of the country’s key load ports, Reuters reports. The Federation of Indian Mineral Industries reportedly advised that a damaged shiploader at Mormugao and problems with an ore handling plant at Paradip have reduced throughput by 1.0-1.5 Mt per month. With high iron ore import demand from such countries as China ... [more]
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| US WHEAT EXPORTS |
26-10-2007 |
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US wheat exports are continuing at a historically high pace, according to the latest US Department of Agriculture data. Weekly exports since the beginning of September this year have averaged 939,000 tonnes compared with 405,000 tonnes during the same period in 2006. The atypical strength in wheat cargoes has been one of the supporting factors for the freight market ex-US Gulf in recent weeks. ... [more]
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| CHINA RATIONING DIESEL KEEPS DEMAND DOWN |
26-10-2007 |
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China is rationing diesel at service stations in at least 4 coastal provinces in the widest-scale rationing seen since 2003, as record high global oil prices cut output at loss-making Chinese refiners, reports Reuters. The rationing, which started a week ago, came as China’s apparent oil demand growth nearly halted in September, growing at just 0.3% year-on-year, the slowest rate in 20 months. In ... [more]
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| CORN TRADE IN 2007/08 |
25-10-2007 |
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The International Grains Council has again increased its projection for the world corn trade in 2007/08 (July-June). The IGC expects global trade to reach a record 93 Mt, up 2 Mt from the previous 07/08 forecast and up 6 Mt from last year’s trade estimate. Higher expectations for import demand from the EU, Brazil and Canada combined with a record US crop forecast prompted the latest upward ... [more]
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| US STEEL IMPORTS |
24-10-2007 |
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US steel imports in September declined to the lowest monthly level for three and a half years, according to data from the American Iron and Steel Institute. September imports totalled 1.99 Mt, under 2 Mt for the first time since February 2004. This brings January-September imports to 23.3 Mt, down 8.2 Mt on the same period last year. Despite the slowdown in US steel imports, latest ... [more]
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| US OIL STOCKS FALL |
24-10-2007 |
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US crude stocks slumped 5.3m bbl last week to 316.6m bbl, the lowest since the start of the year and 4.7% lower year-on-year, as imports fell 1.3m b/d to 9.1m b/d, according to the latest data from the US Department of Energy. Gasoline inventories dropped 2m bbl to 193.8m bbl, 6.5% lower on the year, due to imports declining 255k b/d to 838k b/d and demand growing 120k b/d to 9.37m b/d. ... [more]
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| CHINESE STEEL TRADE |
23-10-2007 |
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Chinese exports of steel (semi-finished and finished steel products) in the first three quarters of 2007 climbed to 55.5 Mt, an increase of over 20 Mt on the same period last year, according to China’s Customs Statistics. With steel imports in January-September at 13.2 Mt, this puts China on course to be a net steel exporter of over 50 Mt in 2007. As recently as 2004, China was a net steel ... [more]
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| FSU CRUDE EXPORTS LOWEST SINCE JANUARY |
22-10-2007 |
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FSU crude exports in September totalled 6.15m b/d, the lowest since January, reports Petroleum Argus, as the Sakhalin project and BTC pipeline underwent maintenance. Exports dropped 73k b/d month-on-month but remained 270k b/d higher on the year. The BTC pipeline saw volumes drop 44% from August to 380k b/d, while levels from Sakhalin dipped 37% to 57k b/d. These falls were partly offset by a ... [more]
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| SSY AUSTRALIAN COAL PORT CONGESTION INDEX |
22-10-2007 |
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The SSY Australian Coal Port Congestion Index rose to 15.3 days, the highest level for five weeks. Meanwhile, McCloskey reports that “worse-than-expected system performance issues” have caused some 880,000 tonnes to be removed from the declared capacity at Newcastle, lowering the 4q07 capacity to 23.1 Mt. At the end of last month it was announced that some 2.2 Mt would be cut from the ... [more]
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| JAPANESE COAL IMPORTS |
19-10-2007 |
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Japan is sourcing more coal from Australia, Canada and the former Soviet Union, as coal imports from China decrease, according to Japanese Ministry of Finance data. In January-August this year shipments from China totalled 10.0 Mt, down 3.4 Mt from the same period last year. Conversely, imports of Australian coal rose 4.3 Mt year-on-year to 74.3 Mt in Jan-Aug, while shipments from Canada were up ... [more]
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| ASIAN DEMAND FOR W. AFRICAN CRUDE RISES |
19-10-2007 |
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Asian demand for W. African crude in November rose 100k b/d month-on-month to 1.17m b/d as China boosted its purchases, taking advantage of arbitrage opportunities, reports Reuters. China’s buying was above average this month at 760k b/d as the arb opened temporarily, up from 552k b/d in October. India reduced its buying, taking eight 950k bbl cargoes, down from 10 stems in October. Taiwan ... [more]
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| SEPTEMBER WORLD STEEL PRODUCTION |
18-10-2007 |
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World steel output grew 6.2% year-on-year during September to 110.1 Mt, according to the latest data from the International Iron and Steel Institute. Sound annual rates of growth were recorded among key Asian steel producers, such as China (+14.8% to 41.5 Mt), Japan (+3.4% to 9.9 Mt) and India (+6.9% to 4.3 Mt). However, production in the US in September was down 3.0% on the same month last year, ... [more]
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| US OIL STOCKS GROW |
17-10-2007 |
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US crude stocks grew 1.8m bbl last week to 321.9m bbl, as imports rose 539k b/d to 10.4m b/d, but remained 4% lower year-on-year, according to the latest data from the US Department of Energy. Gasoline inventories rose another 2.8m bbl to 195.8m bbl, 7% lower on the year, despite imports falling 230k b/d to under 1.1m b/d and demand increasing 53k b/d to 9.3m b/d. Distillate stocks grew 1m bbl to ... [more]
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| AUSTRALIAN COAL PORT CONGESTION |
17-10-2007 |
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The SSY Australian Coal Port Congestion Index rose for the second successive week to 14.0 days. Although this is substantially below the all-time high of 22.9 days recorded in July, it is still almost double the year-ago level, with queues of over 40 vessels at both Dalrymple Bay and Newcastle.Quoting statistics from port operator Port Waratah Coal Services, Reuters reports that the week ... [more]
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| ANGOLA’S CRUDE OUTPUT TO EXCEED 2M B/D IN DECEMBER |
16-10-2007 |
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Angola’s crude production is set to rise above 2m b/d for the first time in December, as new fields come online and others increase output, reports Reuters. The country has set fresh record output highs in 6 of the last 7 months. Angola is forecast to export a record 1.95m b/d of crude in December, up 150k b/d from its forecasted peak in November according to the latest loading schedules. It ... [more]
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| US CORN EXPORTS FORECAST AT 60 MT IN 2007/08 |
15-10-2007 |
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The quantity of corn forecast by the US Department of Agriculture as required for ethanol production this year has been reduced due to the high price of corn eroding manufacturers’ profit margins. As a result of this development - together with a high US corn crop - the USDA now projects US corn exports at 60 Mt in 2007/08 (Oct-Sep), up 3 Mt from the previous forecast made last month and some 6 ... [more]
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| ASIA-PACIFIC REFINERY MAINTENANCE HIGH IN OCTOBER |
15-10-2007 |
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Asia-Pacific refinery turnarounds are set to peak this month, as China continues its heavier maintenance schedule from the 3Q07 into October, reports Petroleum Argus. Total shutdowns in the region are forecast at over 1m b/d in October as China closes 440k b/, up from 400k b/d in September and none in October a year earlier. The intensive Chinese shutdown during 3Q07 turned the country into an ... [more]
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| CHINESE IRON ORE IMPORTS |
12-10-2007 |
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Chinese iron ore imports reached 33.24 Mt in September, according to preliminary customs data. This marks a rebound of 4 Mt from August’s total and is up 5.1 Mt year-on-year. The import total for the first three quarters of 2007 is 284 Mt, some 15% higher than the same period last year. The high September import total follows record months for iron ore exports from both Australia and Brazil. ... [more]
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| CHINA’S CRUDE IMPORTS RISE IN SEPTEMBER |
12-10-2007 |
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China’s crude imports rose 1.5% y-o-y in September to 13.66mt, or 3.34m b/d, preliminary data from China Customs show. However, volumes were down slightly from August. From Jan-Sept, imports totalled 124.07mt, up 13.6% on the year. Imports of oil products were up 4.5% on the month at 626k b/d, but down 25% y-o-y. In the Jan-Sept period China imported 8% less oil products versus a year ago. ... [more]
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| US CRUDE AND DISTILLATE STOCKS FALL, GASOLINE GROW |
11-10-2007 |
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US crude stocks fell 1.7m bbl last week to 320.1m bbl, 3.2% lower year-on-year, as imports dropped 384k b/d to under 9.9m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 1.7m bbl to 193m bbl, but remained 10.3% lower on the year, as imports increased 169k b/d to over 1.3m b/d, 23.6% higher than the same week last year. Distillate stocks dropped 0.6m ... [more]
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 OECD OIL STOCKS FALL IN AUGUST |
11-10-2007 |
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In the IEA’s latest monthly report, preliminary data show OECD industry stocks fell 21m bbl in August and 27.4m bbl in September, implying a counter-seasonal 3Q stock draw of 360k b/d. As a result end-August forward cover fell below the 5-year average to 53.5 days. Although global oil demand remained virtually unchanged at 85.9m b/d in 2007 (1.5% over 2006) and 88m b/d in 2008, there were ... [more]
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| SAUDI ARABIA TO INCREASE CRUDE EXPORTS TO CHINA |
10-10-2007 |
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Saudi Arabia plans to increase crude exports to China by at least 9% this year to over 26mt to meet rising demand from refiners in the world’s fastest-growing major economy, reports Bloomberg. Last year Saudi Arabia’s exports to China rose 7.6% to 23.87mt. In Jan-Aug Saudi Arabia shipped 16.91mt to China, 8% higher year-on-year, accounting for 15% of the nations total overseas crude purchases. ... [more]
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| IMF CUTS GDP FORECASTS |
09-10-2007 |
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The IMF has cut its forecast for economic growth in the US in 2008 to 1.9%, compared with its previous 2.8% projection in July, according to a draft version of its latest outlook due next week, reports Reuters. World growth next year is now expected to be 4.8%, down from 5.2%, with output supported by emerging economies. The IMF’s forecast for euro zone growth was cut to 2.1% from 2.5%, while its ... [more]
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 GLOBAL OIL DEMAND TO RISE 2.1% IN 4Q07 |
09-10-2007 |
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The EIA has forecast global oil demand in the 4Q07 to rise 2.1%, or 1.78m b/d, year-on-year, reports Dow Jones. Global demand for the full year 2007 is expected to grow by 1.3%, or 1.1m b/d, to 85.78m b/d, with growth estimated at 1.4% for 2008. US oil demand for 2008 is forecast to grow 0.9% to 20.99m b/d. China’s oil demand is expected to average 7.97m b/d in the 4Q07, up 5.8% y-o-y, with 2007 ... [more]
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| IISI LIFTS GLOBAL STEEL CONSUMPTION FORECASTS |
08-10-2007 |
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The International Iron and Steel Institute has raised its forecasts for world steel consumption growth to 6.8% in both 2007 and 2008. This compares with the previous respective projections of 5.9% and 6.1%. China’s steel demand is expected to grow by 12.8% this year and by 11.8% in 2008. Consumption in North America (NAFTA trade region) is forecast to rebound next year, growing by 4.0% after ... [more]
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 EUROPE UNDERGOES HEAVY REFINERY MAINTENANCE |
08-10-2007 |
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European refiners are currently undergoing heavy maintenance as margins have fallen after a highly profitable first half of the year, reports Petroleum Argus. Over 5% of European crude capacity is set to be down in October at 917k b/d, compared with just 635k b/d idled this time last year. Planned maintenance for the last 4 months of the year is nearly 4% higher year-on-year, mainly due to the ... [more]
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| SOUTH KOREAN COAL IMPORTS HEADING FOR RECORD |
05-10-2007 |
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South Korean coal imports are on course for a record year, according to trade data. In January-August imports (of coking and steam coal combined) into the country totalled 58.1 Mt, up 5.0 Mt on the same period last year. Much of the year-on-year increase consists of a jump in steam coal imports from Indonesia, which have climbed 3.1 Mt from Jan-Aug 2006 to 16.7 Mt in the first eight months of ... [more]
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| JAPAN’S CRUDE IMPORTS RISE IN AUGUST |
05-10-2007 |
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Japan’s crude imports in August rose 3% to 4.18m b/d, despite Saudi Arabia and the UAE cutting supply by 19% and 13 % respectively, reports Petroleum Argus. Imports from Oman more than tripled to 102k b/d, while those from Iran were up 32.9% to 529k b/d. Volumes from Kuwait rose 20.6% to 322k b/d. Total crude imports from the Middle East were 3.67m b/d, accounting for 87.8% of total imports, ... [more]
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| S. KOREA’S CRUDE IMPORTS FALL IN AUGUST |
05-10-2007 |
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S. Korean crude imports in August fell nearly 12% to 2.24m b/d, reports Petroleum Argus. Volumes from Saudi Arabia and the UAE fell to 733k b/d and 423k b/d respectively, while levels from Iran and Iraq surged 27.3% to 219k b/d and 60.9% to 103k b/d respectively. Russian imports almost doubled to 113k b/d. Mideast crudes made up 1.85m b/d, or 83% of total imports, while Asian crudes totalled 308k ... [more]
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| WORLD OIL DEMAND GROWTH REACHES 1.7% |
04-10-2007 |
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World oil demand growth reached 1.7% year-on-year in September (but fell 545k b/d from August) with non-OECD countries growing at 4.28%, while OECD countries were down 0.15%, reports Energy Intelligence. Global oil demand totalled 85.41m b/d in September, up 1.43m b/d on the year, with Chinese consumption coming in at a record 7.9m b/d, 7.9% up from the previous year. Global supply rose following ... [more]
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| RECORD IRON ORE EXPORTS FROM BRAZIL |
04-10-2007 |
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Brazil exported a record 23.8 Mt of iron ore in August, according to the latest trade data from Sinferbase. This is 2.2 Mt up on the same month last year and brings the year-to-date export total from Brazil to 167.4 Mt (+10.6 Mt year-on-year). Yesterday, trade data showed record monthly exports from Australia in August, with some 25.9 Mt shipped. ... [more]
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| RECORD AUSTRALIAN IRON ORE EXPORTS |
03-10-2007 |
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Australian iron ore exports in August reached a record 25.9 Mt, up 3.6 Mt on the same month last year, according to the latest trade data. This brings the exports for the first eight months of the year to 180.8 Mt, compared with 166.9 Mt in the same period last year. During Jan-Aug 2007, China was the biggest importer of Australian iron ore (94.1 Mt, +9.5 Mt year-on-year), followed by Japan (54.0 ... [more]
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| US CRUDE STOCKS GROW, GASOLINE AND DISTILLATES FALL |
03-10-2007 |
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US crude stocks rose another 1.2m bbl last week to 321.8m bbl, but remained 1.9% lower year-on-year, according to the latest data from the US Department of Energy. The rise came despite imports falling 189k b/d to 10.3m b/d. Distillate inventories dropped 1.2m bbl to 135.9m bbl, 10% lower on the year, as imports fell 122k b/d to 192k b/d and demand rose 208k b/d to almost 4.3m b/d. Gasoline ... [more]
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| BP STARTS OIL PRODUCTION IN ANGOLA |
02-10-2007 |
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BP started pumping crude from Angola’s Greater Plutonio field on 1 October, with production expected to exceed 200k b/d, reports Bloomberg. Angola pumped 1.4m b/d in 2006 and is forecast to increase output to 2m b/d by the end of 2007. Oil production in Angola will probably remain at 2m b/d in coming years as some fields age and others come on stream, reports Bloomberg. BP has several projects ... [more]
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| AUSTRALIAN COAL PORT CONGESTION |
02-10-2007 |
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The SSY Australian Coal Port Congestion Index fell 1.8 days from last week to 13.7 days after a pause in the downward trend during September. Last week it was announced that shipping allocations from Newcastle during the 4q07 would be cut by 2.2 Mt in a further bid to reduce the vessel queue, which currently stands at 38, according to the Hunter Valley Coal Chain Logistics Team, representing ... [more]
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| IRAQ’S CRUDE EXPORTS UP IN 3Q07 |
01-10-2007 |
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Iraq’s crude exports have reached their highest quarterly level since the US-led invasion in 2003, reports Petroleum Argus. 3Q07 southern exports were just below 1.6m b/d, up 3% from the 2Q07, and 5% higher year-on-year, as output and tanker loadings from the south have increased steadily. Recent production levels have kept exports steady at well above 1.5m b/d since February. The resumption of ... [more]
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| AUSTRALIAN WHEAT EXPORT FORECAST CUT |
28-09-2007 |
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As a result of dry conditions in Australia, the International Grains Council has sharply cut its wheat export forecast for the country in 2007/08 (July-June). The IGC now expects 10.3 Mt to be exported from Australia in this trade year as opposed to last month’s projection of 14.0 Mt. This would be even lower than the weather-affected export estimate of 11.4 Mt for 06/07. Meanwhile, the IGC ... [more]
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| ASIAN REFINERS CUT W. AFRICAN CRUDE IMPORTS IN OCTOBER |
27-09-2007 |
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Asian refiners are set to cut imports of W. African crude in October by about 15%, or 230k b/d, to 1.1m b/d, as prices of benchmark Brent rose, reports Bloomberg. The decline came as prices were considered too high by Chinese buyers, Pertamina opted for Brunei crude instead, and refineries were undergoing maintenance. Brent has gained more than 14% in relation to Dubai crude in the past month, ... [more]
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| IGC GRAIN TRADE FORECASTS |
27-09-2007 |
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The latest trade projections from the International Grains Council forecast a record world corn trade in the 2007/08 crop year (July-June) of 91 Mt. If realised, this would be 4 Mt higher than the 06/07 total and would be up 3 Mt on the IGC’s August forecast. US corn exports are projected to reach an all-time high of 57 Mt. In comparison, the global wheat trade in 07/08 is now expected to total ... [more]
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| US STEEL IMPORTS |
26-09-2007 |
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The US imported 2.3 Mt of steel in August, the lowest monthly total since November 2005, according to data from the American Iron and Steel Institute. This represents a decline of 22% on the previous month and brings the year-to-date imports to 21. 3 Mt, 24% below the same period last year. In August, supplies from China declined 26% month-on-month to 0.33 Mt, but China continues to be the ... [more]
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| US OIL STOCKS RISE |
26-09-2007 |
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US crude stocks recovered with a 1.8m bbl rise last week to 320.6m bbl as imports increased 637k b/d to 10.4m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 0.6m bbl to 191.4m bbl but remained 10.5% lower year-on-year as imports stayed 28% lower on the year at just over 1m b/d, only 41k b/d up from the previous week. Distillate stocks increased 1.6m ... [more]
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| INDIA’S CRUDE IMPORTS RISE IN AUGUST |
25-09-2007 |
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India’s crude imports increased 9.7% in August year-on-year to 2.38m b/d as strong margins overseas made oil product exports attractive while domestic demand grew at a modest rate, reports Reuters. Indian refiners processed 3.1m b/d of crude in August, up 8.2% year-on-year. Oil demand rose 3.5% on the year, largely due to higher consumption of transport fuels. Total oil product demand in India is ... [more]
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| WORLD OIL TANKER TRENDS 2007, VOL 2 |
25-09-2007 |
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During Q307 tanker rates across most sectors fell to multi-year lows while global oil prices surged to record highs and concerns emerged about the pace of the global economy in the wake of the US "sub-prime" mortgage crisis. In its latest publication of World Oil Tanker Trends (WOTT), SSY highlights the factors that contributed to the weaker tanker market conditions and examines ... [more]
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| INDONESIAN PRODUCT IMPORTS RISING IN 2007 |
25-09-2007 |
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Indonesian product imports have risen this year, increasing the subsidy burden on the state, reports Petroleum Argus. Gasoil imports have grown to nearly 300k b/d so far this year, up from 250k b/d in 2006, with October gasoil imports set to rise to 345k b/d. Gasoline imports are predicted to hit a high of almost 180k b/d in October, but are estimated to average only 130k b/d this year, versus ... [more]
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| INDIAN IRON ORE EXPORTS TO CHINA |
25-09-2007 |
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Indian iron ore exports to China in August declined from the same month last year, according to the latest customs data quoted by Metal Bulletin. China imported 29.3 Mt during the month, with shipments from India down 31% year-on-year to 4.6 Mt. Australian exports to China registered a more moderate YoY decline of 17% to 11.3 Mt, whereas shipments from Brazil were up 8% to 8.3 Mt. While the ... [more]
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| RECORD DAY IN DRY BULK FREIGHT MARKET |
21-09-2007 |
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The Baltic Exchange Dry Index recorded the biggest daily gain in its history on 21 September 2007, leaping 337 points to within 45 points of the 9,000-point mark. This surpassed the previous record daily jump of 250 points on 22 June 2007. The dramatic rise in the BEDI was primarily driven by massive gains in the Capesize spot market. The Baltic Capesize Index leapt 780 points in one day ... [more]
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