Chinese Buyers Snap up Indian Steel in Face of Trade Tensions
India's steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi.Traders said reduced prices had driven the purchases as Indian sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income.It was unclear whether the sales broke any trade rules, but the China Iron and Steel Association…
Iran's Oil Exports Dwindle to Record Low
Iran's oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC's second-largest producer.Exports averaged 70,000 barrels per day in April, down from 287,000 bpd in March according to Kpler, which tracks the flows. The difficulty assessing volumes means the total may be revised higher and Kpler told Reuters that could possibly be to as much as around 200…
Gdynia May Take Stake in Kvaerner Masa-Yards
Poland's Gdynia shipyard is likely to take a percentage of shares in the Finnish Kvaerner Masa-Yards, Gdynia's officials said. Negotiations with other investors are still under way, they said, but all indicators suggest that Gdynia will take up a stake of between 20 and 25 percent. Apart from Gdynia, Masa-Yards investors include a group of the Finnish shipyard's management, suppliers and insurer Sampo, Kvaerner and Royal Caribbean, a regular buyer of the shipyard's vessels. After radical restructuring in he early 1990s, Gdynia is now the world's eighth biggest shipyard and through buying into Masa-Yards wants to diversify its production.
