China Steel Prices Slide as output Hits Record, GDP Slows

Chinese steel prices fell on Friday after data showed daily output in the world’s top steel producer climbed to a record in September and China’s economy slowed to the weakest pace since 2009. The increased steel production came as mills chased strong prices and ahead of China-led output curbs during winter as the country aims
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Spot LNG prices in east Asia fell back slightly over the four weeks from mid-September to mid-October, according to the ICIS East Asia Index (EAX). A softer market in Asia reduced the region’s premium to European gas prices and helped to attract increased flows of LNG into the northern European gas markets for early winter.
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Fourth-quarter Pacific basin thermal coal prices will likely average 8% more than forecast last month, due to the prospect of strong Chinese demand and limited Australian output, economic analysis firm FocusEconomics said. It estimated Asia-Pacific benchmark Newcastle prices to average USD 105/t in October-December, up from a forecast of USD 97/t a month ago but
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Crude oil prices may be seeing the end of its faster-than-expected hike in the near term, said asset management firm Aberdeen Standard Investment. “Going forward, we believe that global demand and supply numbers are pretty much lined up. We do believe that we will not get excessive pressure from demand outstripping supply,” Aberdeen Asia-Pacific head
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Oil prices rose last week to more than $80 per barrel for the first time since November 2014. Rather than rising on the back of strong demand growth and a positive outlook for the global economy, the recent move in prices has been catalysed by growing market anxiety over supply. In a reversal of the
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China’s steel and iron ore prices finished trading up more than 1 percent on Tuesday, with Beijing announcing after the close that it would take countermeasures in response to the latest round of U.S. trade tariffs. China’s commerce ministry said in a statement that it had “no choice but to retaliate” to the latest move
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HSBC has warned a lack of spare oil capacity could push Brent crude to $100/b as the bank raised its price forecasts for the benchmark through to 2020. Europe’s largest bank is the latest global institution to revise its oil price assumptions as concerns grow over how Iranian crude will be replaced by the market
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A looming shortage of Iranian oil supplies has hedge funds switching gears. Money managers raised bets on rising Brent crude prices by the most since 2016 after three weeks of cutting wagers. The shift comes as Iran’s oil exports are shrinking, with key buyers in Asia taking fewer cargoes weeks before U.S.-imposed sanctions take full
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Brazilian distributors are extremely reluctant to purchase material in, what they deem as, precarious business conditions. End-user groups are acquiring material only for their short-term needs. Price support from export demand is negligible. The Instituto Aço Brasil (IABr) reports that, in July, domestic production of finished steel totalled 1.903 million tonnes – up 2.7 percent
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South African thermal coal is becoming a more attractive option to traders and buyers as prices for all grades ease from record highs in July, sources told S&P Global Platts. Platts FOB Richards Bay 5,500 kcal/kg NAR price was assessed at $90.40/mt on July 9, the highest value since the assessment began in 2013. The
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