Iron Ore Stumbles as Rising Supply Runs into China Steel Discipline
Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play - Chinese steel producer discipline and a recovery in supply of ore.The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract, dropped around 10% in the week to July 23, the worst weekly performance since February last year.The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid about 17% from its record high in May.Benchmark spot 62% iron ore for delivery to north China , as assessed by co
Baltic Index Ticks Up on Capesize Gains
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, ticked up on Wednesday on gains in the capesize segment.The index, which factors in rates for capesize, panamax and supramax shipping vessels, added 5 points, or 0.2%, to 3,058.The capesize index rose 8 points, or 0.2%, to 3,513.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, were up $64 at $29,135.The gains came even as benchmark…
China's Fuel Clampdown Curbs Its LCO Imports
China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…
Cosco Opens New International Hainan-ASEAN Liner Route
The New International Land-Sea Trade Corridor (ILSTC) and COSCO Shipping 'Hainan-ASEAN (Singapore)' Liner Route, co-hosted by Hainan Provincial People’s Government and COSCO Shipping, was launched at Hainan Yangpu Xiaochantan Terminal owned by Hainan Harbor & Shipping Holding.Hainan Governor Shen Xiaoming announced the launch of the maiden voyage.The “Hainan-ASEAN (Singapore)” Liner Route opens a direct passage through which goods from China’s western regions can be shipped southward to Singapore via Yangpu Port, as well as a new channel for transferring cargo from China’s coastal ports to Southeast Asia via Yangpu.It declares that Yangpu Port in Hainan has turned to a new pivot of ILSTC and marks that ILSTC…
China Surpasses US as Largest Crude Oil Importer
China took the crown as the world’s largest crude oil importer in 2017, according to U.S. Energy Information Administration press release. China imported 8.4 million barrels per day, and the United States imported 7.9 million barrels per day. China had become the world’s largest net importer (imports minus exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China’s crude oil imports. In 2017, 56 percent of China’s crude oil imports came from countries within the Organization of the Petroleum Exporting Countries (OPEC), a decline from the peak of 67 percent in 2012.
Dangerous Goods Restriction in South China Outports
In view of the forthcoming China National Day Holiday from October 1 - 7, 2014 please be informed that operation restrictions will be in place for import shipments to South China (including Guangdong, Guangxi, Hainan and Yunnan Province). Import operations remain unchanged for Shenzhen ports including Yantian, Shekou, Chiwan and Da Chan Bay. Please note that should any demurrage and/or detention charges be incurred at the transshipment port due to the restrictions during the China National Day Holiday period, the applicable fees will be on the account of the cargo.
Quake Leaves at Least 367 Dead in Southwestern China
A 6.3 magnitude earthquake that struck southwest China on Sunday left at least 367 dead and 1,881 wounded in a remote mountainous area of ​​Yunnan province, and caused some buildings to collapse , including a school. The United States Geological Survey said the quake struck at a shallow depth, less than 1.6 miles. Chinese state media reported that the quake was felt strongest in Yunnan, as well as in the adjacent provinces of Guizhou and Sichuan. The official Xinhua news agency said the epicenter was in the village of Longtoushan, Ludian County of Yunnan Province. Communications have been severely affected and rescuers are coming to the site, the report said. Photos uploaded to Internet by state media showed soldiers carrying the wounded and damaged by bricks that fell from buildings cars.
