But iron ore, which hit a 2-1/2 year trough of $115.20 per tonne last week, is unlikely to fall below $110, traders say, as some Chinese mills could pick up cargoes to replenish run-down stocks.
"At current levels, there are still some mills willing to take some cargoes because the lower prices mean they can reduce their losses from weaker steel prices or at least break even," said a shipping manager for an iron ore trading company in Shanghai. "I think it will be quite difficult to break $110 and the market could stabilise at current levels."
Benchmark iron ore with 62 percent iron content .IO62-CNI=SI eased 0.3 percent to $116.70 per tonne on Friday, according to the Steel Index. It fell 7 percent last week, its biggest weekly drop since late October. Source: Reuters
Cheap steel imports from Japan, S.Korea affect Indian steel industry
![Cheap steel imports from Japan, S.Korea affect Indian steel industry](https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fhiweb.blob.core.windows.net%2Fhellenicshippingnewsbody%2Ftemp%2Fimages%2Fstories%2Fcommodities%2Fcrude-steel-a1%2FthumbNail_120x0.jpg)
The Comprehensive Economic Partnership Agreement (Cepa) with Korea and Japan is turning out to be a curse in disguise for the Indian steel industry, which is already saddled with serious problems, such as mining and land acquisition, some industry experts here noted.
They said the cheap imports from the two countries will seriously affect the local steel industry as the market now is weak and act as a disincentive for foreign direct investment (FDI).
Source: Xinhua
They said the cheap imports from the two countries will seriously affect the local steel industry as the market now is weak and act as a disincentive for foreign direct investment (FDI).
Source: Xinhua
Australia coal: Newcastle high ash cargo trades in spot market at $69.50/mt FOB
![Australia coal: Newcastle high ash cargo trades in spot market at $69.50/mt FOB](https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fhiweb.blob.core.windows.net%2Fhellenicshippingnewsbody%2Ftemp%2Fimages%2Fstories%2Fports%2FNewcastle_coal_port_01%2FthumbNail_120x0.jpg)
Higher ash Newcastle, Australia thermal coal prices slipped further Monday after a prompt Capesize cargo of 5,500 kcal/kg net as-received fuel was found to have traded at $69.50/mt FOB Newcastle in the past week.
The spot transaction for the China-bound cargo is the first confirmed trade this year for Newcastle 5,500 kcal/kg NAR, 23% ash thermal coal at a price of just under $70/mt FOB.
Chinese traders said the cargo's price of accurately reflected spot market values. "That is the current market level," said a trader familiar with details of the transaction. Platts assessed the price of Newcastle 5,500 kcal/kg NAR thermal coal with typical ash of 20%, normalized from 17-23% and for loading within the next 7-45 days, August 12-September 19, at $70.75/mt FOB and down 50 cents from Friday.
Source: Platts
The spot transaction for the China-bound cargo is the first confirmed trade this year for Newcastle 5,500 kcal/kg NAR, 23% ash thermal coal at a price of just under $70/mt FOB.
Chinese traders said the cargo's price of accurately reflected spot market values. "That is the current market level," said a trader familiar with details of the transaction. Platts assessed the price of Newcastle 5,500 kcal/kg NAR thermal coal with typical ash of 20%, normalized from 17-23% and for loading within the next 7-45 days, August 12-September 19, at $70.75/mt FOB and down 50 cents from Friday.
Source: Platts
Are miners betting the house on iron ore prices?
![Are miners betting the house on iron ore prices?](https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fhiweb.blob.core.windows.net%2Fhellenicshippingnewsbody%2Ftemp%2Fimages%2Fstories%2Fcommodities%2FKennecott-Copper-Mine-22%2FthumbNail_120x0.jpg)
Fortescue Metals Group has announced that it has arranged more debt financing for its Pilbara iron ore expansion, at a time when iron ore prices are hovering near a 30-month low. Profits at Chinese steel mills have fallen 96% since the previous year, due to weak demand according to the China Iron and Steel Association, with iron ore a major input used in steel making.
Fortescue has arranged a US$750 million term loan and a revolving credit facility also for US$750 million. It’s a short term loan due to mature in December 2013, so the company will need to have the funds available to repay the loan by then, as well as meet the ongoing interest payments. Source: The Motley Fool
Fortescue has arranged a US$750 million term loan and a revolving credit facility also for US$750 million. It’s a short term loan due to mature in December 2013, so the company will need to have the funds available to repay the loan by then, as well as meet the ongoing interest payments. Source: The Motley Fool
Oil exports soar for OPEC countries
![Oil exports soar for OPEC countries](https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fhiweb.blob.core.windows.net%2Fhellenicshippingnewsbody%2Ftemp%2Fimages%2Fstories%2Ftankers%2Fcrude-oil-tanker%2FthumbNail_120x0.jpg)
The total revenue of the 11 members of the Organisation of Arab Petroleum Exporting Countries (OAPEC) soared to $624.8 billion in 2011, according to the latest data.
OAPEC data for the oil income generated in the year 2010 was announced as $450bn.
In real terms, the combined Arab income stood at $479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around $107 per barrel in 2011 its real value averaged about $88 in 1995 prices. The oil price in 2010 also averaged nearly $60 far below the level in current prices.
Kuwait-based OAPEC is a multi-governmental organisation which coordinates energy policies between oil-producing Arab nations, and whose main purpose is developmental.
The members are: Saudi Arabia, Algeria, Bahrain, Egypt, United Arab Emirates, Iraq, Kuwait, Libya, Qatar, Tunisia and Syria.
Source: Albawaba
OAPEC data for the oil income generated in the year 2010 was announced as $450bn.
In real terms, the combined Arab income stood at $479bn in 2011 taking into account the real dollar value and global inflation. While the nominal price of OPEC's basket of crudes stood at around $107 per barrel in 2011 its real value averaged about $88 in 1995 prices. The oil price in 2010 also averaged nearly $60 far below the level in current prices.
Kuwait-based OAPEC is a multi-governmental organisation which coordinates energy policies between oil-producing Arab nations, and whose main purpose is developmental.
The members are: Saudi Arabia, Algeria, Bahrain, Egypt, United Arab Emirates, Iraq, Kuwait, Libya, Qatar, Tunisia and Syria.
Source: Albawaba
Myanmar exports over 3 M tons of rice in four months
![Myanmar exports over 3 M tons of rice in four months](https://img1.daumcdn.net/relay/cafe/original/?fname=http%3A%2F%2Fhiweb.blob.core.windows.net%2Fhellenicshippingnewsbody%2Ftemp%2Fimages%2Fstories%2FFreight_News%2Frice-exported%2FthumbNail_120x0.jpg)
Myanmar exported 3.323 million tons of rice in the first four months (April-July) of the fiscal year 2012-13, local media reported Sunday.
During the period, earning from exporting 34,973 tons of broken rice amounted to $10.46 million, said the First Weekly News.
In 2011-12, earning through export of 53,106 tons of broken rice was registered as $16.049 million.
The export were mainly done through border trade with China and Thailand as well as the Philippines and Indonesia.
In 2011-12, Myanmar exported over 800,500 tons of rice, of which 75 percent were sold to Africa, Bangladesh, Indonesia and the Philippines.
In January, a memorandum of understanding was signed between Myanmar and Indonesia on exporting 200,000 tons of Myanmar rice in a year.
Myanmar has a total area of 8.1 million hectares for paddy cultivation with 17 million acres for monsoon cultivation and 3 million acres for summer cultivation.
The ministry of commerce said, every year Myanmar produces about 27,170 kilogram of paddy, which is equivalent to about 13 to 14 tons of milled rice.
Source: Philstar
During the period, earning from exporting 34,973 tons of broken rice amounted to $10.46 million, said the First Weekly News.
In 2011-12, earning through export of 53,106 tons of broken rice was registered as $16.049 million.
The export were mainly done through border trade with China and Thailand as well as the Philippines and Indonesia.
In 2011-12, Myanmar exported over 800,500 tons of rice, of which 75 percent were sold to Africa, Bangladesh, Indonesia and the Philippines.
In January, a memorandum of understanding was signed between Myanmar and Indonesia on exporting 200,000 tons of Myanmar rice in a year.
Myanmar has a total area of 8.1 million hectares for paddy cultivation with 17 million acres for monsoon cultivation and 3 million acres for summer cultivation.
The ministry of commerce said, every year Myanmar produces about 27,170 kilogram of paddy, which is equivalent to about 13 to 14 tons of milled rice.
Source: Philstar
첫댓글 철광석 62%가 116$... 110$ 이하로는 떨어지지 않을 것이라고 전망.
지난 주 정통한 소식통에 따르면 64.5%가 123불로 수입되었다고 하네요. 63%는 118불.
유연탄 NAR 5500 이 69.5불. CFR 가격으로 보자면 77~78불선이네요.