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China Daily Crude Steel Output
Daily crude steel production at China Iron and Steel Association (CISA) member mills fell to 1.69 Mt in the period 11-20 January, down from 1.79 in the first 10 days of the month, according to data from the industry association reported by SteelFirst. This is the lowest daily total since mid-November when output was 1.64 Mt.
29/01/2015
US Weekly Grain Exports
US exports of corn, wheat and soyabeans combined rose to a five-week high of 2.91 Mt in the week ending 22 January, up from 2.67 Mt in the preceding week, according to data from the US Department of Agriculture. Weekly corn exports rose to their highest level since early October 2014, at 0.94 Mt, while shipments of wheat and soyabeans totalled 0.34 and 1.63 Mt, respectively.
29/01/2015
World Steel Prices Continue Falling
The domestic price of Chinese hot rolled band (HRB) plunged in the second half of January, falling $31/t from the mid-month level and $114/t from a year ago to $361/t, according to the latest World Steel Dynamics SteelBenchmarker. There were similarly sharp falls in US and Western European HRB prices which both fell by $30/t, to $640/t and $457/t, respectively.
28/01/2015
US crude inventories surge to record high
US crude oil inventories increased by 8.9M bbls w-o-w to a record 406.7M bbls in the week ending 23 January, the US Energy Information Administration said. This includes i) a 5.5M bbl w-o-w jump in Gulf Coast crude stocks to 202.3M bbls, the highest since June 2014, ii) a 2.1M bbl climb in Cushing, Oklahoma stocks to 38.9M bbls, the highest since January 2014 and iii) a 1.1M bbls rise in Midwest crude stocks to a record 120M bbls. Total US crude stocks have now increased by 24.3M bbls since the start of January. US crude refinery runs were up 347K b/d from the previous week at an average of 15.3M b/d, with refineries operating at 88% of capacity. Notably, this is the first time they have spent consecutive weeks operating below 90% since October. US crude imports rose by 204K b/d w-o-w to average 7.2M b/d. US distillate fuel oil stocks dropped by 3.9M bbls from the previous week to total 132.7M bbls. This was driven by a 3.2M bbls decline in Gulf Coast stocks to 43.1M bbls. US total gasoline inventories fell 2.6M bbls w-o-w to 238.3M bbls, including a 1.7M bbls reduction in East Coast supplies.
28/01/2015
Russia’s Urals crude exports from Baltic ports set to fall
Russia’s exports of Urals crude oil in February from its Baltic ports are set to fall by 5% m-o-m to 193K tonnes a day (1.41M b/d), Reuters reports, citing a preliminary loading schedule. This includes loadings from Primorsk of 864K b/d and loadings from Ust Luga of 550K b/d.
27/01/2015
Japanese Trade Data
Japan imported 136.4 Mt of iron ore in 2014, up 0.5% year-on-year, according to official data. This total was pushed higher by a strong end to the year with December imports up 8.7% on the same month in 2013, at 12.1 Mt. In contrast, Japanese coal imports fell 1.7% in 2014, to 188.4 Mt, with volumes in December down 5.2% year-on-year at 16.6 Mt.
26/01/2015
West Africa’s crude exports to Asia scheduled to decline in February
West African exports of crude oil to Asia in February are expected to fall to by 90K b/d to their lowest since May at 1.7M b/d, Argus reports. The fall includes a scheduled drop in China’s loadings of West African crude to 922K b/d, down from a revised 1.22M b/d in January and the lowest since September 2013. Firmer demand from India, Taiwan and Indonesia helped to partially offset the fall in Chinese demand.
26/01/2015
US grain exports in the 4q14 hit a record
Recent trade data from the US Department of Agricultural indicate that the 4q14 saw a new quarterly high for the country’s grain exports, up by 6.1% on the previous peak in the 4q13, to approximately 47.0 Mt. This was been supported by a surge in the country’s soyabean shipments. According to customs statistics data released today, China imported 12.7 Mt of US soyabeans in the 4q14, up by 30% year-on-year,
23/01/2015
Chinese trade data
Data released today show that of China’s record 933.2 Mt of iron ore imports in 2014 some 59% was sourced from Australia, as volumes leapt to 548.4 Mt from 417.1 Mt in 2013. Brazil’s share declined slightly to 18% (171 Mt), despite increased volumes, while India’s share shrank to less than 1% (7.9 Mt). South Africa remained China’s third largest supplier at 5% (43.6 Mt) but lost market share in 2014. China’s combined imports of bauxite, alumina, fertiliser, steel scrap and wood pulp plus nickel, manganese, copper and chromium ores fell by 57.4 Mt (or 27%) year-on-year to 157.2 Mt in 2014. This was the lowest annual total in the past three years, with the decline primarily due to sharp falls in bauxite and nickel ore volumes, down 58.5 Mt (or 41%) on 2013 to a 4-year low of 84.3 Mt.
23/01/2015
China’s crude imports from the Middle East rise in 2014
China’s imports of crude oil from the Middle East in 2014 rose by 329K b/d y-o-y to average 3.34M b/d, according to the country’s General Administration of Customs. The rise came despite an 84K b/d y-o-y fall in imports from Saudi Arabia to 998K b/d, with higher imports from Iraq, Iran and Oman more than compensating for the decline. Imports from West Africa climbed 87K b/d y-o-y to average 1.15M b/d. This was driven by smaller nominal increases in imports from a range of oil exporters in the region, with China’s largest source of West Africa crude, Angola, only registering a 15K b/d y-o-y increase to 818K b/d. Imports from Latin America and the Caribbean, were up 108K b/d y-o-y at 665K b/d, as lower imports from Venezuela were outweighed by higher volumes from Colombia and Brazil. Meanwhile, Russian exports to China surged 174K b/d y-o-y to 665K b/d.
23/01/2015
US crude inventories surge as crude runs fall
US crude oil inventories increased by 10M bbls w-o-w to total 397.9M bbls in the week ending 16 January, the US Energy Information Administration said. This is the highest total since May. Midwest crude stocks jumped up 7.29M bbls w-o-w to a record 118.9M bbls. US crude refinery inputs were down 984K b/d from the previous week at an average of 14.9M b/d, the lowest since October 2013. This follows drops in refinery throughputs of more than 300K b/d in the Midwest and over 400K b/d in the Gulf Coast. Notably, a number of US refineries were temporarily closed during the period due to cold weather and a number of fires, Reuters reports. Total US crude imports were down 274K b/d w-o-w at 7.2M b/d.
22/01/2015
World Steel Production in 2014
Crude steel production for the 65 countries reporting to the World Steel Association totalled 1,637.0 Mt in 2014, up 1.1% year-on-year. EU steel output rose by 1.8%, to 169.2 Mt, with production growth in Germany (+0.7% to 42.9 Mt) and France (+2.9% to 16.1 Mt), although output in Italy (-1.4% to 23.7 Mt) fell. US steel production grew 1.7% to 88.3 Mt in 2014, while output in Russia saw a stronger increase of 2.6%, to 70.7 Mt. In Asia, South Korean steel production grew 7.5%, to 71.0 Mt, while in Japan there was a slight increase to 110.7 Mt. As previously reported, China produced 822.7 Mt of crude steel in 2014, up 0.9% year-on-year.
22/01/2015
South Korean Coal Imports
South Korea imported 130.8 Mt of coal in 2014, up from 126.5 Mt in 2013, according to data from McCloskey. Coking coal imports were up 13% on 2013 at 29.9 Mt, with imports in December up 5% year-on-year at 2.2 Mt. Imports of steam coal and anthracite combined were up 15% year-on-year in December at 9.3 Mt, with imports for the whole of 2014 up 1% at 100.9 Mt.
21/01/2015
Richards Bay Coal Exports
Richards Bay Coal Terminal (RBCT) exported 71.3 Mt of coal in 2014, up from 70.2 Mt in 2013 and an all-time high, according to terminal authority data reported by Reuters. However, this was still below the target of 73.0 Mt it had set for shipments in 2014.
21/01/2015
Canadian Iron Ore Exports
Canadian iron ore exports (excl. cargoes to the US) fell to an eight-month low of 2.7 Mt in November 2014, down 8% year-on-year, according to the Tex Report. In spite of this, total exports in the period January-November were still up 6% on the same 11 months in 2013 at 34.2 Mt.
21/01/2015
Venezuela’s oil exports fall in 2014
Venezuela’s oil exports fell to 2.33M b/d in 2014, down from 2.43M b/d in the previous year, Reuters reports, citing the country’s oil minister Asdrubal Chavez. Meanwhile, Colombia’s oil output in 2015 is expected to rise by 3% y-o-y to 1.02M b/d, said the ACP association of oil producers. However, production is expected to decline to 785K b/d by 2018.
21/01/2015
Chinese GDP Grows 7.4% in 2014
Chinese GDP growth slowed to 7.4% in 2014, below the official target of 7.5% and the slowest rate of growth since 1990, according to official data reported by Reuters. China recorded GDP growth of 7.7% in 2013. Growth in the 4q14 was 7.3%, the same as the 4q13, and was boosted by strong December industrial production (+7.9%) and retail sales (+11.9%) data.
20/01/2015
Chinese Steel Crude Steel Output
China produced 822.7 Mt of crude steel in 2014, up 0.9% year-on-year, according to official data. China’s December steel output was a four-month high of 68.1 Mt, up 1.5% on the same month in 2013.
20/01/2015
South African Steam Coal Exports
Steam coal exports from South Africa fell to a three-month low of 6.1 Mt in November 2014, although they were still up 5% year-on-year, according to official data reported by IHS. Reflecting the changing pattern of South Africa’s coal trade, exports to India of 2.6 Mt were up 60% year-on-year. In contrast, shipments to Europe were down 18% in November, at 1.6 Mt, while the same month saw zero exports to China compared with 1.2 Mt in November 2013. Total South African exports for the period January-November totalled 67.6 Mt, up 3% on the same period in 2013.
20/01/2015
China’s crude runs hit record
China’s crude oil refinery throughputs in December hit a record 10.54M b/d, according to the country’s National Bureau of Statistics. The volume is up 218K b/d m-o-m and 624K b/d y-o-y. For 2014, crude runs averaged a record 10.01M b/d, up 509K b/d y-o-y.
20/01/2015
Chinese Economic Update
The decline in average new home prices in China continued in December, falling 4.3% year-on-year compared with a decline of 3.7% in November, according to National Bureau of Statistics data reported by Reuters. Home prices fell in 68 of the 70 major Chinese cities surveyed, although property sales reached the highest levels of 2014 in December.
19/01/2015
Pilbara Ports Close
Port Hedland and Port Dampier have commenced port and anchorage evacuation procedures and are to close in advance of a potential tropical cyclone that is forecast to develop over the evening and night of 19 January, according to the Pilbara Ports Authority. This is anticipated to be a relatively short closure due to the predicted low intensity of the forecast storm.
19/01/2015
India’s crude imports from Iran surge y-o-y in December
India’s imports of crude oil from Iran in December surged by 84% y-o-y to a nine-month high of 349K b/d, Reuters reports, citing tanker arrival data. Total imports jumped by 9.4% from the previous year to average 3.84M b/d. Across 2014, India’s crude imports from Iran were up 42% y-o-y at 277K b/d (despite total imports edging downwards by 1.4% y-o-y to 3.81M b/d).
19/01/2015
Global refinery crude runs in December hit record high
Global refinery crude throughputs in December rose by 370K b/d m-o-m and 1.2M b/d y-o-y to a new record of 78.9M b/d, according to the International Energy Agency’s (IEA) monthly oil market report. The rise “extended November’s gains of 1.5M b/d, as plants returned from seasonal maintenance, with stronger than expected runs in the US and OECD Asia-Oceania”. The forecast for global oil demand in 2015 remains unchanged from last month’s report at 0.9M b/d. Non-OPEC crude oil supply projections for 2015 were cut by 350K b/d to 950K b/d.
16/01/2015
Canadian Coking Coal Exports
Canadian coking coal exports (excl. cargoes to the US) plunged 33% year-on-year in November to 2.0 Mt, according to data from McCloskey. This was the lowest export total for November since 2010. Total coking coal exports for January-November were down 10% on the same 11 months in 2013 at 28.3 Mt.
16/01/2015
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