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Indonesian Coal Exports Fall
Indonesian coal exports slumped to their lowest level since February 2012 in May at 28.3 Mt, down 22% year-on-year, according to Bank Indonesia data. Coal exports for January-May were down 10% on the same period in 2014 at 158.6 Mt.
US trade deficit widens
The US trade deficit widened in May by $1.2bn (or 2.9%) m-o-m to $41.9bn, data from the country’s Department of Commerce shows. The rise was fuelled by a drop in exports, which slipped $1.5bn (or 0.8%) from the prior month to $188.6bn, as overseas demand for US made capital goods softened. However, the decrease in exports was limited by an increase in sales of US oil products and chemicals.
Colombian Steam Coal Exports
Steam coal exports from Colombia rose 12% year-on-year to 7.4 Mt in May, according to data from IHS McCloskey. This was primarily due to a 17% rise in shipments to Europe, particularly Portugal and Spain, to 5.3 Mt. Exports to the Americas rose 2% year-on-year in May, to 2.1 Mt, while no coal was exported to the Far East.
Ukrainian Seaborne Steel Exports Fall
Ukraine’s seaborne steel exports fell 14% year-on-year in the 1h15 to 6.2 Mt, according to data from the country’s Sea Trade Ports Administration reported by SteelFirst. Exports from the ports of Mariupol (-41% to 1.0 Mt), Nikolaev (-12% to 1.5 Mt) and Oktayabrsk (-6% to 0.9 Mt) all fell year-on-year, however, shipments from the Black Sea port of Odessa rose 49%, to 2.4 Mt.
Brazil’s naphtha imports spike
Brazil’s naphtha imports from Europe in June rose to an 18-month high of almost 120K b/d, Argus reports. Surging domestic gasoline demand has seen the country’s imports of both naphtha and gasoline firm markedly this year.
Saudi Arabia lowers Arab Light OSP for Asian refiners
Saudi Arabia has lowered the official selling price (OSP) of Arab Light crude oil (its benchmark grade) in August for Asian refiners by 10 cents per barrel m-o-m to a discount of $0.10/bbl to the Oman/Dubai average, Reuters reports. The OSP for Northwest European refiners was increased by 25 cents per barrel m-o-m to a discount of $2.65/bbl to the Brent Weighted Average. Prices for US refiners were unchanged from July at a premium of $1.55/bbl to the Argus Sour Crude Index.
Singapore fuel oil stocks ease after hitting record in June
Singapore’s stocks of fuel oil surged to a record of over 27M bbls in June, Reuters reports, citing International Enterprise data. However, stocks eased to 25M bbls in the week to 1 July.  A record of approximately 39M bbls of fuel oil was traded in Singapore last month.  
Australian Trade Data
Australian iron ore exports rose to a five-month high of 66.1 Mt (wet basis) in May, up 1.8 Mt year-on-year, according to official data. Exports for January-May were up 23.1 Mt on the same period in 2014 at 317.1 Mt. Australia’s coal exports increased slightly year-on-year in May to 31.6 Mt, as a rise in coking coal exports (+3% to 15.6 Mt) countered a small fall in steam coal shipments (-1% to 16.0 Mt).
Brazil’s oil output jumps y-o-y
Brazil’s oil output in May increased by 10% y-o-y and 0.7% m-o-m to average 2.4M b/d, data from industry regulator ANP shows. Oil output from pre-salt wells averaged 896K b/d.
South Korea’s crude imports fall from May’s multi-year high
South Korea’s crude oil imports in June fell by 519K b/d m-o-m to 2.6M b/d, Reuters reports, citing preliminary data from the country’s Ministry of Trade, industry and Energy. However, this was still up by 153K b/d y-o-y.
Port Hedland Iron Ore Exports
Australia’s Port Hedland exported a record 38.4 Mt of iron ore in June, up 14% year-on-year, according to port authority data. Of this, a record 32.6 Mt was shipped to China, while 2.0 Mt and 2.6 Mt was exported to Japan and South Korea, respectively. 1h15 iron ore exports from Port Hedland totalled 220.8 Mt, up 13% year-on-year.
Brazilian Trade Data
Brazilian iron ore exports increased 8% year-on-year in June to a six-month high of 32.0 Mt, according to official data. Iron ore exports in the 1h15 were up 7% on the same period in 2014 at 167.8 Mt. Meanwhile, Brazil’s soyabean exports rose to an all-time high of 9.8 Mt in June, up 42% year-on-year, while soya meal exports were down 3% to 1.6 Mt.
China Daily Steel Output
Daily crude steel output at China Iron and Steel Association member mills rose slightly to 1.76 Mt in the period 11-20 June, according to data from the industry body. This is up from 1.74 Mt/day in the preceding ten days but compares with 1.84 Mt/day for the same period in 2014.
US crude stocks increase for first time since April
US crude oil inventories rose by 2.4M bbls w-o-w to total 465.4M bbls in the week ending 26 June, according to the US Energy Information Administration. US crude imports jumped by 748K b/d from the previous week to average 7.5M b/d, the highest since April. US crude runs averaged 16.5M b/d, almost unchanged from the prior week. US gasoline stocks fell by 1.8M bbls w-o-w to total 216.7M bbls, the lowest since November 2014. US distillate fuel oil stocks edged up by 392K bbls to total 135.8M bbls. US East Coast distillate fuel oil stocks rose by 1.25M bbls from the prior week to total 44.5M bbls, the highest since April 2012.
China Steel PMI Falls
According to data from the China Federation of Logistics & Purchasing, China’s steel sector Purchasing Managers’ Index (PMI) fell 5 points month-on-month in June to a six and a half year low of 37.4, SteelFirst reports. China’s official manufacturing PMI for June was unchanged from the previous month at 50.2 according to the National Bureau of Statistics.
Asia’s imports of Iranian crude hit year-to-date high
Imports of Iranian crude by China, India, Japan and South Korea in May averaged 1.21M b/d, the highest since December 2014, Reuters reports, citing government and tanker tracking data. However, this is down from imports of 1.23M b/d in May 2014. The y-o-y fall in overall purchases was the result of lower Chinese imports, which dropped by almost a third to 518K b/d.
South Korean Iron Ore Imports
South Korea’s iron ore imports fell 8% year-on-year in May, to 5.9 Mt, as shipments from Brazil dropped sharply, official data shows. Imports from Brazil fell by nearly 50% to 1.0 Mt in May, while shipments from Australia were unchanged at 4.3 Mt. Imports in January-May were down 2% year-on-year at 30.5 Mt.
Japanese Car Production
Japanese passenger car production fell 18% year-on-year in May to 0.54 million units, according to data from the Japan Automobile Manufacturers Association. This is the eleventh consecutive month output has fallen. Passenger car exports fell 11% year-on-year in May to 0.25 million units on weak demand in all export markets outside of North America.
People’s Bank of China Cuts Interest Rates
In an apparent reaction to falls in the Shanghai Composite, China’s central bank has cut benchmark one-year lending rates by 0.25 percentage points on Saturday to 4.85%, the fourth such cut since November, Reuters reports. Lending rates are now 1.15 percentage points below the year-ago level. The central bank also cut one-year deposit rates by 0.25 percentage points, to 2.0%, and the required reserve ratio for larger banks by 1.0 percentage point to 18.5%.
Japanese Steel Exports
Japan’s steel exports fell to a three-month low of 3.5 Mt in May, down 1% year-on-year, according to the Japan Iron and Steel Federation. Shipments to China fell slightly in May, to 0.5 Mt, while there was a larger drop in exports to other destinations in Asia (-8% to 2.0 Mt). In contrast, steel shipments to the Middle East (+95% to 0.2 Mt), North America (+14% to 0.3 Mt) and Latin America (+7% to 0.2 Mt) all rose.
Mexico’s long-haul crude exports rise in May
Mexico's crude oil exports to Asia in May jumped by 140K b/d m-o-m and 148K b/d y-o-y to 222K b/d, the second highest volume in more than a decade, data from state oil firm Pemex shows. Exports to Europe rose by 58K b/d m-o-m and were marginally higher y-o-y at 241K b/d. Exports to the Americas slipped by 118K b/d m-o-m and 153K b/d y-o-y to a multi-decade low of 651K b/d. Overall, Mexican exports of crude oil in May increased by 79K b/d m-o-m to average 1.11M b/d, down by 2K b/d compared with May 2014.
Chinese Iron Ore Imports Breakdown
Annual increases in Chinese iron ore imports from Australia (+0.5 Mt to 45.9 Mt) and Brazil (+1.0 Mt to 13.4 Mt) meant they accounted for 84% of China’s imports in May, up from 75% in May 2014, according to China Customs data. Imports from West Africa fell 2.2 Mt to 1.1 Mt, while imports from Iran (-1.6 Mt to 0.9 Mt) and India (-1.3 Mt to 0.02 Mt) also fell.
Russian crude exports from Western ports set to fall in July
Russia’s crude oil exports from Baltic ports are scheduled to fall 13% m-o-m to 1.7M b/d, Argus reports. Exports of Urals crude from Baltic ports are expected to fall 22% m-o-m to 1.18M b/d, with terminal maintenance scheduled at Primorsk for 7-13 July and at Ust Luga for 14-21 July. Crude exports from Novorossiysk on the Black Sea are expected to increase by 16% m-o-m to 585K b/d (which includes four cargoes of Siberian Light).
Japan’s JX set to increase crude processing m-o-m in July
Japan’s largest refiner JX Nippon Oil and Energy Corporation announced on Friday that it expected to increase crude processing for domestic use in July to 954K b/d, up from 803K b/d in June, Reuters reports. This is down by 1% from the same period a year ago. The company also noted that it expected to restart a fire-hit crude distillation unit at its Kashima refinery soon.   
Nigeria’s crude exports expected to rise in August
Nigeria’s crude exports appear set to rise m-o-m in August, Argus reports. Provisional loading programmes show 64 cargoes for June or 1.89M b/d, with the Bonny Light programme yet to be published. This compares with 66 cargoes in July or 1.97M b/d.
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